XML 69 R39.htm IDEA: XBRL DOCUMENT
v3.20.4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Financial Instruments Used to Manage Currency Exchange and Interest Rate Risk | The Company uses derivative financial instruments to manage its currency exchange rate risk and its interest rate risk as summarized below. Notional amounts are stated in United States dollar equivalents at spot exchange rates at the respective dates. The Company does not enter into these arrangements for trading or speculation purposes.
| Notional Amount
| December 31, 2020 |  | December 31, 2019
| (in millions)
Foreign currency forward exchange contracts | $ | 1,525.5 |  |  | $ | 1,336.5 |
Cross currency swap contracts | 300.0 |  |  | 300.0 |
Schedule of Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments reported in the consolidated balance sheets (in millions):
|  |  | Fair Value
| Balance Sheet Location |  | December 31, 2020 |  | December 31, 2019
Derivatives designated as hedging instruments |  |  |  |  |
Assets |  |  |  |  |
Foreign currency contracts | Other current assets |  | $ | 7.3 |  |  | $ | 14.2 |
Foreign currency contracts | Other assets |  | $ | — |  |  | $ | 3.2 |
Cross currency swap contracts | Other assets |  | $ | 0.8 |  |  | $ | 13.3 |
Liabilities |  |  |  |  |
Foreign currency contracts | Accrued and other liabilities |  | $ | 39.3 |  |  | $ | 6.4 |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Assets | The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
December 31, 2020 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 7.3 |  |  | $ | — |  |  | $ | 7.3 |  |  | $ | (6.1) |  |  | $ | — |  |  | $ | 1.2 |
Cross currency swap contracts | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 39.3 |  |  | $ | — |  |  | $ | 39.3 |  |  | $ | (6.1) |  |  | $ | — |  |  | $ | 33.2 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 17.4 |  |  | $ | — |  |  | $ | 17.4 |  |  | $ | (5.7) |  |  | $ | — |  |  | $ | 11.7 |
Cross currency swap contracts | $ | 13.3 |  |  | $ | — |  |  | $ | 13.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.3 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 6.4 |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | (5.7) |  |  | $ | — |  |  | $ | 0.7 |
Schedule of Effect of Master-Netting Agreements and Rights of Offset, Liabilities | The following table presents the effect of master-netting agreements and rights of offset on the consolidated balance sheets (in millions):
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |  |
|  |  | Gross Amounts Offset in the Consolidated Balance Sheet |  | Net Amounts Presented in the Consolidated Balance Sheet |  |
December 31, 2020 | Gross Amounts |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 7.3 |  |  | $ | — |  |  | $ | 7.3 |  |  | $ | (6.1) |  |  | $ | — |  |  | $ | 1.2 |
Cross currency swap contracts | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 39.3 |  |  | $ | — |  |  | $ | 39.3 |  |  | $ | (6.1) |  |  | $ | — |  |  | $ | 33.2 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 17.4 |  |  | $ | — |  |  | $ | 17.4 |  |  | $ | (5.7) |  |  | $ | — |  |  | $ | 11.7 |
Cross currency swap contracts | $ | 13.3 |  |  | $ | — |  |  | $ | 13.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.3 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | $ | 6.4 |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | (5.7) |  |  | $ | — |  |  | $ | 0.7 |
Schedule of Effect of Derivative Instruments | The following tables present the effect of derivative and non-derivative hedging instruments on the consolidated statements of operations and consolidated statements of comprehensive income:
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (in millions) |  |  |  | (in millions)
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | $ | (33.7) |  |  | $ | 23.5 |  |  | Cost of sales |  | $ | 18.4 |  |  | $ | 40.9 |
|  |  |  |  |  | Selling, general, and administrative expenses |  | $ | 2.2 |  |  | $ | 1.9 |
|  | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income |  | Amount of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|  | 2020 |  | 2019 |  |  | 2020 |  | 2019
|  | (in millions) |  |  |  | (in millions)
Net investment hedges |  |  |  |  |  |  |  |  |  |
Cross currency swap contracts |  | $ | (12.6) |  |  | $ | 12.5 |  |  | Interest expense |  | $ | 6.4 |  |  | $ | 6.6 |
The cross currency swaps have an expiration date of June 15, 2028. At maturity of the cross currency swap contracts, the Company will deliver the notional amount of €257.2 million and will receive $300.0 million from the counterparties. The Company will receive semi-annual interest payments from the counterparties based on a fixed interest rate until maturity of the agreements.
|  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
| Location of Gain or (Loss) Recognized in Income on Derivative |
| 2020 |  | 2019 |  | 2018
|  |  | (in millions)
Fair value hedges |  |  |  |  |  |  |
Foreign currency contracts | Other income, net |  | $ | (1.4) |  |  | $ | 1.4 |  |  | $ | 0.5 |
|  |  | Amount of Gain or (Loss) Recognized in Income on Derivative
| Location of Gain or (Loss) Recognized in Income on Derivative |
| 2020 |  | 2019 |  | 2018
|  |  | (in millions)
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Foreign currency contracts | Other income, net |  | $ | (15.1) |  |  | $ | 0.3 |  |  | $ | 9.7 |
Schedule of the Effect of Fair Value and Cash Flow Hedge | The following table presents the effect of fair value and cash flow hedge accounting on the consolidated statements of operations:
| Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
| Twelve Months Ended December 31, 2020
| Cost of sales |  | Selling, general, and administrative expenses |  |  |  | Other Income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded | $ | (1,080.6) |  |  | $ | (1,228.4) |  |  |  |  | $ | 11.5 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships: |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  |  |  | 4.8 |
Derivatives designated as hedging instruments | — |  |  | — |  |  |  |  | (4.8) |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach | — |  |  | — |  |  |  |  | 3.4 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated OCI into income | 18.4 |  |  | 2.2 |  |  |  |  | — |
| Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
| Twelve Months Ended December 31, 2019
| Cost of sales |  | Selling, general, and administrative expenses |  |  |  | Other Income, net
Total amounts of income and expense line items shown in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded | $ | (1,114.4) |  |  | $ | (1,242.2) |  |  |  |  | $ | 8.2 |
The effects of fair value and cash flow hedging: |  |  |  |  |  |  |
Gain (loss) on fair value hedging relationships: |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  |  |  | 2.9 |
Derivatives designated as hedging instruments | — |  |  | — |  |  |  |  | (2.9) |
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach | — |  |  | — |  |  |  |  | 4.3 |
Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |
Foreign currency contracts: |  |  |  |  |  |  |
Amount of gain (loss) reclassified from accumulated OCI into income | 40.9 |  |  | 1.9 |  |  |  |  | — |

X
- Definition Disclosure Of Fair Value Hedging Instruments And Cash Flow Hedging Instruments, Statements Of Financial Performance And Financial Position, Location [Table Text Block] + References No definition available. + Details
Name: | ew_DisclosureOfFairValueHedgingInstrumentsAndCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | ew_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration