XML 43 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

SEGMENT INFORMATION | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Edwards Lifesciences conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. All regions sell products that are used to treat advanced cardiovascular disease. The Company's geographic segments are reported based on the financial information provided to the Chief Operating Decision Maker (the Chief Executive Officer). The Company evaluates the performance of its geographic segments based on net sales and operating income. Segment net sales and segment operating income are based on internally derived foreign exchange rates and do not include inter-segment profits. Because of the interdependence of the reportable segments, the operating profit as presented may not be representative of the geographical distribution that would occur if the segments were not interdependent. Net sales by geographic area are based on the location of the customer. There were no customers that represented 10% or more of the Company's total net sales. Certain items are maintained at the corporate level and are not allocated to the segments. The non-allocated items include net interest income, global marketing expenses, corporate research and development expenses, manufacturing variances, corporate headquarters costs, special gains and charges, stock-based compensation, foreign currency hedging activities, certain litigation costs, changes in the fair value of contingent consideration liabilities, and most of the Company's amortization expense. Although most of the Company's depreciation expense is included in segment operating income, due to the Company's methodology for cost build-up, it is impractical to determine the amount of depreciation expense included in each segment and, therefore, a portion is maintained at the corporate level. The Company neither discretely allocates assets to its operating segments, nor evaluates the operating segments using discrete asset information. The table below presents information about Edwards Lifesciences' reportable segments (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Segment Net Sales |  |  |  |  |  |  |
United States |  |  |  |  | $ | 849.1 |  |  | $ | 749.5 |
Europe |  |  |  |  | 335.4 |  |  | 300.1 |
Japan |  |  |  |  | 104.3 |  |  | 140.9 |
Rest of World |  |  |  |  | 165.6 |  |  | 142.3 |
Total segment net sales |  |  |  |  | $ | 1,454.4 |  |  | $ | 1,332.8 |
Segment Operating Income |  |  |  |  |  |  |
United States |  |  |  |  | $ | 563.4 |  |  | $ | 511.5 |
Europe |  |  |  |  | 181.7 |  |  | 166.6 |
Japan |  |  |  |  | 63.4 |  |  | 99.5 |
Rest of World |  |  |  |  | 70.5 |  |  | 59.7 |
Total segment operating income |  |  |  |  | $ | 879.0 |  |  | $ | 837.3 |
The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Net Sales Reconciliation |  |  |  |  |  |  |
Segment net sales |  |  |  |  | $ | 1,454.4 |  |  | $ | 1,332.8 |
Foreign currency |  |  |  |  | 5.2 |  |  | 8.4 |
Consolidated net sales |  |  |  |  | $ | 1,459.6 |  |  | $ | 1,341.2 |
Pre-tax Income Reconciliation |  |  |  |  |  |  |
Segment operating income |  |  |  |  | $ | 879.0 |  |  | $ | 837.3 |
Unallocated amounts: |  |  |  |  |  |  |
Corporate items |  |  |  |  | (468.9) |  |  | (419.4) |
Intellectual property agreement and litigation expenses, net |  |  |  |  | (43.5) |  |  | (7.1) |
Change in fair value of contingent consideration liabilities, net |  |  |  |  | (0.7) |  |  | 2.9 |
Foreign currency |  |  |  |  | 22.5 |  |  | 25.1 |
Consolidated operating income |  |  |  |  | 388.4 |  |  | 438.8 |
Non-operating income (expense) |  |  |  |  | 10.2 |  |  | (2.7) |
Consolidated pre-tax income |  |  |  |  | $ | 398.6 |  |  | $ | 436.1 |
Enterprise-wide Information (in millions) The following enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated condensed financial statements.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Net Sales by Geographic Area |  |  |  |  |  |  |
United States |  |  |  |  | $ | 849.1 |  |  | $ | 749.5 |
Europe |  |  |  |  | 331.1 |  |  | 311.1 |
Japan |  |  |  |  | 114.1 |  |  | 135.5 |
Rest of World |  |  |  |  | 165.3 |  |  | 145.1 |
|  |  |  |  | $ | 1,459.6 |  |  | $ | 1,341.2 |
Net Sales by Major Product Area |  |  |  |  |  |  |
Transcatheter Aortic Valve Replacement |  |  |  |  | $ | 947.9 |  |  | $ | 881.3 |
Transcatheter Mitral and Tricuspid Therapies |  |  |  |  | 41.6 |  |  | 27.0 |
Surgical Structural Heart |  |  |  |  | 248.2 |  |  | 220.8 |
Critical Care |  |  |  |  | 221.9 |  |  | 212.1 |
|  |  |  |  | $ | 1,459.6 |  |  | $ | 1,341.2 |

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration