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SEGMENT INFORMATION | 12 Months Ended
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Dec. 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. The accounting policies of the segments are the same as those described in Note 2. 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 corporate research and development expenses, manufacturing variances, corporate headquarters costs, net interest income, global marketing expenses, 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):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Segment Net Sales |  |  |  |  |
United States | $ | 3,508.7 |  |  | $ | 3,132.6 |  |  | $ | 2,963.1 |
Europe | 1,337.4 |  |  | 1,213.7 |  |  | 1,099.6 |
Japan | 436.7 |  |  | 559.3 |  |  | 528.0 |
Rest of World | 716.9 |  |  | 610.7 |  |  | 533.2 |
Total segment net sales | $ | 5,999.7 |  |  | $ | 5,516.3 |  |  | $ | 5,123.9 |
Segment Operating Income |  |  |  |  |
United States | $ | 2,306.1 |  |  | $ | 2,130.9 |  |  | $ | 2,051.0 |
Europe | 709.5 |  |  | 652.2 |  |  | 569.1 |
Japan | 259.1 |  |  | 376.7 |  |  | 348.0 |
Rest of World | 310.4 |  |  | 247.7 |  |  | 185.2 |
Total segment operating income | $ | 3,585.1 |  |  | $ | 3,407.5 |  |  | $ | 3,153.3 |
The table below presents reconciliations of segment net sales to consolidated net sales and segment operating income to consolidated pre-tax income (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Net Sales Reconciliation |  |  |  |  |
Segment net sales | $ | 5,999.7 |  |  | $ | 5,516.3 |  |  | $ | 5,123.9 |
Foreign currency | 5.1 |  |  | (133.9) |  |  | 108.6 |
Consolidated net sales | $ | 6,004.8 |  |  | $ | 5,382.4 |  |  | $ | 5,232.5 |
Pre-tax Income Reconciliation |  |  |  |  |
Segment operating income | $ | 3,585.1 |  |  | $ | 3,407.5 |  |  | $ | 3,153.3 |
Unallocated amounts: |  |  |  |  |
Corporate items | (1,920.9) |  |  | (1,714.1) |  |  | (1,613.8) |
Special charge and separation costs | (17.2) |  |  | (60.7) |  |  | — |
Intellectual property agreement and litigation expense | (203.5) |  |  | (15.8) |  |  | (20.6) |
Change in fair value of contingent consideration liabilities | 26.2 |  |  | 35.8 |  |  | 124.1 |
Foreign currency | 64.4 |  |  | 95.8 |  |  | 47.3 |
Consolidated operating income | 1,534.1 |  |  | 1,748.5 |  |  | 1,690.3 |
Non-operating income | 64.0 |  |  | 18.9 |  |  | 11.7 |
Consolidated pre-tax income | $ | 1,598.1 |  |  | $ | 1,767.4 |  |  | $ | 1,702.0 |
Enterprise-Wide Information (in millions) Enterprise-wide information is based on actual foreign exchange rates used in the Company's consolidated financial statements.
| As of or for the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Net Sales by Geographic Region |  |  |  |  |
United States | $ | 3,508.7 |  |  | $ | 3,132.6 |  |  | $ | 2,963.1 |
Europe | 1,334.5 |  |  | 1,174.8 |  |  | 1,190.3 |
Japan | 452.4 |  |  | 473.6 |  |  | 528.9 |
Rest of World | 709.2 |  |  | 601.4 |  |  | 550.2 |
| $ | 6,004.8 |  |  | $ | 5,382.4 |  |  | $ | 5,232.5 |
Net Sales by Major Product Group |  |  |  |  |
Transcatheter Aortic Valve Replacement | $ | 3,879.8 |  |  | $ | 3,518.2 |  |  | $ | 3,422.5 |
Transcatheter Mitral and Tricuspid Therapies | 197.6 |  |  | 116.1 |  |  | 86.0 |
Surgical Structural Heart | 999.3 |  |  | 893.1 |  |  | 889.1 |
Critical Care | 928.1 |  |  | 855.0 |  |  | 834.9 |
| $ | 6,004.8 |  |  | $ | 5,382.4 |  |  | $ | 5,232.5 |
Long-lived Tangible Assets by Geographic Region |  |  |  |  |
United States | $ | 1,269.7 |  |  | $ | 1,188.5 |  |  | $ | 1,195.8 |
Europe | 196.4 |  | 191.8 |  | 197.9
Japan | 23.8 |  | 13.2 |  | 19.7
Rest of World | 353.5 |  | 331.6 |  | 335.5
| $ | 1,843.4 |  |  | $ | 1,725.1 |  |  | $ | 1,748.9 |

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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