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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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36-4316614
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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One Edwards Way, Irvine, California
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92614
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(Address of principal executive offices)
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(Zip Code)
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(949) 250-2500
(Registrant's telephone number, including area code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller
reporting company)
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Smaller Reporting Company
o
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Page
Number
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June 30,
2016 |
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December 31,
2015 |
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ASSETS
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Current assets
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|
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Cash and cash equivalents
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$
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369.9
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$
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718.4
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Short-term investments (Note 4)
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690.3
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506.3
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|
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Accounts and other receivables, net of allowances of $6.7 and $6.8, respectively
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425.8
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344.1
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|
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Inventories (Note 2)
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367.6
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339.9
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|
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Prepaid expenses
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50.0
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45.1
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|
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Other current assets
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81.5
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94.1
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Total current assets
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1,985.1
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2,047.9
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Long-term accounts receivable, net of allowances of $6.6 and $6.3, respectively
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5.3
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3.6
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Long-term investments (Note 4)
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391.7
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379.9
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Property, plant, and equipment, net
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516.2
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482.5
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Goodwill
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629.4
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628.3
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Other intangible assets, net
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208.7
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205.4
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Deferred income taxes
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188.6
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180.5
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Other assets
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126.4
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131.2
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Total assets
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$
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4,051.4
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$
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4,059.3
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LIABILITIES AND STOCKHOLDERS' EQUITY
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|
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Current liabilities
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|
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Accounts payable and accrued liabilities (Note 2)
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$
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478.2
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$
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476.2
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Long-term debt
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602.5
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599.9
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Other long-term liabilities
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499.5
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480.1
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Commitments and contingencies (Note 9)
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Stockholders' equity
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Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding
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—
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—
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Common stock, $1.00 par value, 350.0 shares authorized, 241.0 and 239.1 shares issued, and 212.7 and 215.4 shares outstanding, respectively
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241.0
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239.1
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Additional paid-in capital
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1,020.2
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946.8
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Retained earnings
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3,606.4
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3,336.8
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Accumulated other comprehensive loss
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(178.7
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)
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(182.6
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)
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Treasury stock, at cost, 28.3 and 23.7 shares, respectively
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(2,217.7
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)
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(1,837.0
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)
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Total stockholders' equity
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2,471.2
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2,503.1
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Total liabilities and stockholders' equity
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$
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4,051.4
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$
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4,059.3
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
||||||||||||
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2016
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2015
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2016
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2015
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||||||||
Net sales
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$
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759.3
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$
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616.8
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$
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1,456.6
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$
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1,207.1
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Cost of sales
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202.5
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158.6
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382.8
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294.6
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Gross profit
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556.8
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458.2
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1,073.8
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912.5
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Selling, general, and administrative expenses
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228.8
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213.9
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441.5
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416.4
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Research and development expenses
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112.9
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97.5
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215.3
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183.9
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Intellectual property litigation expenses
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9.1
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1.0
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21.3
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1.3
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Special charges (Note 3)
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34.5
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—
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34.5
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—
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Interest expense, net
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2.4
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1.8
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4.8
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4.2
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Other expenses, net
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0.1
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1.8
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4.1
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2.0
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Income before provision for income taxes
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169.0
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142.2
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352.3
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304.7
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Provision for income taxes
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42.4
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29.5
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82.7
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68.6
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Net income
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$
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126.6
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$
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112.7
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$
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269.6
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$
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236.1
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Share information
(Note 11)
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Earnings per share:
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Basic
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$
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0.60
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$
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0.52
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$
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1.27
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$
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1.10
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Diluted
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$
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0.58
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$
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0.51
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$
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1.24
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$
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1.07
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Weighted-average number of common shares outstanding:
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Basic
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212.2
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215.3
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212.6
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215.4
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|
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Diluted
|
217.3
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219.9
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|
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217.6
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220.3
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2016
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2015
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2016
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2015
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||||||||
Net income
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$
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126.6
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$
|
112.7
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$
|
269.6
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$
|
236.1
|
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Other comprehensive (loss) income, net of tax (Note 10):
|
|
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||||||||
Foreign currency translation adjustments
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(6.7
|
)
|
|
18.4
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20.9
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(46.3
|
)
|
||||
Unrealized (loss) gain on cash flow hedges
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(1.2
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)
|
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(16.5
|
)
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(20.8
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)
|
|
0.7
|
|
||||
Unrealized gain (loss) on available-for-sale investments
|
1.5
|
|
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(0.8
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)
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3.2
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(0.5
|
)
|
||||
Reclassification of net realized investment loss to earnings
|
0.3
|
|
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0.2
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0.6
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0.4
|
|
||||
Other comprehensive (loss) income
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(6.1
|
)
|
|
1.3
|
|
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3.9
|
|
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(45.7
|
)
|
||||
Comprehensive income
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$
|
120.5
|
|
|
$
|
114.0
|
|
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$
|
273.5
|
|
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$
|
190.4
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
|
|
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Net income
|
$
|
269.6
|
|
|
$
|
236.1
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
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|
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|
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Depreciation and amortization
|
33.9
|
|
|
32.8
|
|
||
Stock-based compensation (Note 7)
|
28.6
|
|
|
24.4
|
|
||
Excess tax benefit from stock plans
|
(37.2
|
)
|
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(19.7
|
)
|
||
Gain on investments
|
(1.0
|
)
|
|
(1.4
|
)
|
||
Deferred income taxes
|
0.2
|
|
|
2.2
|
|
||
Purchased in-process research and development (Note 3)
|
34.5
|
|
|
—
|
|
||
Other
|
2.8
|
|
|
0.7
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts and other receivables, net
|
(64.7
|
)
|
|
(39.5
|
)
|
||
Inventories
|
(14.7
|
)
|
|
(32.3
|
)
|
||
Accounts payable and accrued liabilities
|
(12.9
|
)
|
|
(19.3
|
)
|
||
Income taxes
|
60.9
|
|
|
44.9
|
|
||
Prepaid expenses and other current assets
|
(14.0
|
)
|
|
9.6
|
|
||
Other
|
11.4
|
|
|
4.9
|
|
||
Net cash provided by operating activities
|
297.4
|
|
|
243.4
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(64.8
|
)
|
|
(39.2
|
)
|
||
Purchases of held-to-maturity investments (Note 4)
|
(454.5
|
)
|
|
(553.4
|
)
|
||
Proceeds from held-to-maturity investments (Note 4)
|
347.3
|
|
|
562.6
|
|
||
Purchases of available-for sale investments (Note 4)
|
(174.8
|
)
|
|
(206.6
|
)
|
||
Proceeds from available-for-sale investments (Note 4)
|
94.8
|
|
|
78.0
|
|
||
Investments in intangible assets and in-process research and development
|
(41.1
|
)
|
|
—
|
|
||
Investments in trading securities, net
|
(5.2
|
)
|
|
(4.8
|
)
|
||
Investments in unconsolidated affiliates, net (Note 4)
|
(2.0
|
)
|
|
0.7
|
|
||
Other
|
4.5
|
|
|
(5.1
|
)
|
||
Net cash used in investing activities
|
(295.8
|
)
|
|
(167.8
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from issuance of debt
|
15.9
|
|
|
13.3
|
|
||
Payments on debt and capital lease obligations
|
(19.3
|
)
|
|
(14.7
|
)
|
||
Purchases of treasury stock (Note 8)
|
(380.7
|
)
|
|
(179.9
|
)
|
||
Excess tax benefit from stock plans
|
37.2
|
|
|
19.7
|
|
||
Proceeds from stock plans
|
44.6
|
|
|
42.5
|
|
||
Equity forward contract related to accelerated share repurchase agreement (Note 8)
|
(35.0
|
)
|
|
—
|
|
||
Other
|
(0.1
|
)
|
|
(3.4
|
)
|
||
Net cash used in financing activities
|
(337.4
|
)
|
|
(122.5
|
)
|
||
Effect of currency exchange rate changes on cash and cash equivalents
|
(12.7
|
)
|
|
(9.3
|
)
|
||
Net decrease in cash and cash equivalents
|
(348.5
|
)
|
|
(56.2
|
)
|
||
Cash and cash equivalents at beginning of period
|
718.4
|
|
|
653.8
|
|
||
Cash and cash equivalents at end of period
|
$
|
369.9
|
|
|
$
|
597.6
|
|
Supplemental disclosures:
|
|
|
|
|
|
||
Non-cash investing and financing transactions:
|
|
|
|
|
|
||
Capital expenditures accruals
|
$
|
17.2
|
|
|
$
|
8.8
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Inventories
|
|
|
|
||||
Raw materials
|
$
|
60.5
|
|
|
$
|
63.8
|
|
Work in process
|
86.5
|
|
|
64.1
|
|
||
Finished products
|
220.6
|
|
|
212.0
|
|
||
|
$
|
367.6
|
|
|
$
|
339.9
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Accounts payable and accrued liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
83.4
|
|
|
$
|
63.9
|
|
Employee compensation and withholdings
|
170.9
|
|
|
209.4
|
|
||
Property, payroll, and other taxes
|
35.3
|
|
|
34.5
|
|
||
Research and development accruals
|
35.1
|
|
|
38.6
|
|
||
Accrued rebates
|
27.3
|
|
|
23.9
|
|
||
Fair value of derivatives
|
24.1
|
|
|
4.2
|
|
||
Accrued marketing expenses
|
11.8
|
|
|
9.6
|
|
||
Severance and realignment reserves
|
11.3
|
|
|
19.1
|
|
||
Taxes payable
|
8.7
|
|
|
14.5
|
|
||
Litigation reserves
|
7.2
|
|
|
5.6
|
|
||
Other accrued liabilities
|
63.1
|
|
|
52.9
|
|
||
|
$
|
478.2
|
|
|
$
|
476.2
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
Held-to-maturity
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||||||
Bank time deposits
|
$
|
565.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
565.8
|
|
|
$
|
440.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
440.1
|
|
U.S. government and agency securities
|
23.4
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
23.4
|
|
|
32.5
|
|
|
—
|
|
|
(0.2
|
)
|
|
32.3
|
|
||||||||
Asset-backed securities
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||||||
Corporate debt securities
|
10.0
|
|
|
—
|
|
|
—
|
|
|
10.0
|
|
|
16.4
|
|
|
—
|
|
|
—
|
|
|
16.4
|
|
||||||||
Municipal securities
|
4.4
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
5.2
|
|
||||||||
Total
|
$
|
604.4
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
604.4
|
|
|
$
|
495.4
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
495.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial paper
|
$
|
36.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36.4
|
|
|
$
|
28.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28.1
|
|
U.S. government and agency securities
|
77.5
|
|
|
0.5
|
|
|
—
|
|
|
78.0
|
|
|
38.7
|
|
|
—
|
|
|
(0.2
|
)
|
|
38.5
|
|
||||||||
Asset-backed securities
|
61.3
|
|
|
0.2
|
|
|
—
|
|
|
61.5
|
|
|
62.8
|
|
|
—
|
|
|
(0.2
|
)
|
|
62.6
|
|
||||||||
Corporate debt securities
|
264.1
|
|
|
1.5
|
|
|
(0.2
|
)
|
|
265.4
|
|
|
230.0
|
|
|
—
|
|
|
(1.3
|
)
|
|
228.7
|
|
||||||||
Municipal securities
|
4.6
|
|
|
0.1
|
|
|
—
|
|
|
4.7
|
|
|
4.7
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
||||||||
Total
|
$
|
443.9
|
|
|
$
|
2.3
|
|
|
$
|
(0.2
|
)
|
|
$
|
446.0
|
|
|
$
|
364.3
|
|
|
$
|
—
|
|
|
$
|
(1.7
|
)
|
|
$
|
362.6
|
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Due in 1 year or less
|
$
|
593.4
|
|
|
$
|
593.4
|
|
|
$
|
97.0
|
|
|
$
|
96.9
|
|
Due after 1 year through 5 years
|
0.9
|
|
|
0.9
|
|
|
285.6
|
|
|
287.5
|
|
||||
Instruments not due at a single maturity date
|
10.1
|
|
|
10.1
|
|
|
61.3
|
|
|
61.6
|
|
||||
|
$
|
604.4
|
|
|
$
|
604.4
|
|
|
$
|
443.9
|
|
|
$
|
446.0
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
|
(in millions)
|
||||||
Available-for-sale investments
|
|
|
|
|
|
||
Cost
|
$
|
—
|
|
|
$
|
—
|
|
Unrealized gains
|
0.2
|
|
|
0.2
|
|
||
Fair value of available-for-sale investments
|
0.2
|
|
|
0.2
|
|
||
Equity method investments
|
|
|
|
|
|
||
Cost
|
10.7
|
|
|
10.9
|
|
||
Equity in losses
|
(3.3
|
)
|
|
(4.2
|
)
|
||
Carrying value of equity method investments
|
7.4
|
|
|
6.7
|
|
||
Cost method investments
|
|
|
|
|
|
||
Carrying value of cost method investments
|
24.0
|
|
|
21.3
|
|
||
Total investments in unconsolidated affiliates
|
$
|
31.6
|
|
|
$
|
28.2
|
|
June 30, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
$
|
24.9
|
|
|
$
|
10.0
|
|
|
$
|
—
|
|
|
$
|
34.9
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
|
|||||||
Corporate debt securities
|
—
|
|
|
265.4
|
|
|
—
|
|
|
265.4
|
|
||||
Asset-backed securities
|
—
|
|
|
61.5
|
|
|
—
|
|
|
61.5
|
|
||||
U.S. government and agency securities
|
47.2
|
|
|
30.8
|
|
|
—
|
|
|
78.0
|
|
||||
Commercial paper
|
—
|
|
|
36.4
|
|
|
—
|
|
|
36.4
|
|
||||
Municipal securities
|
—
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
||||
Equity investments in unconsolidated affiliates
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
Investments held for deferred compensation plans
|
40.7
|
|
|
—
|
|
|
—
|
|
|
40.7
|
|
||||
Derivatives
|
—
|
|
|
14.6
|
|
|
—
|
|
|
14.6
|
|
||||
|
$
|
113.0
|
|
|
$
|
423.4
|
|
|
$
|
—
|
|
|
$
|
536.4
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
24.1
|
|
|
$
|
—
|
|
|
$
|
24.1
|
|
Deferred compensation plans
|
40.7
|
|
|
—
|
|
|
—
|
|
|
40.7
|
|
||||
Contingent consideration obligation
|
—
|
|
|
—
|
|
|
31.5
|
|
|
31.5
|
|
||||
|
$
|
40.7
|
|
|
$
|
24.1
|
|
|
$
|
31.5
|
|
|
$
|
96.3
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
3.5
|
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
12.0
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
228.7
|
|
|
—
|
|
|
228.7
|
|
||||
Asset-backed securities
|
—
|
|
|
62.6
|
|
|
—
|
|
|
62.6
|
|
||||
U.S. government and agency securities
|
9.6
|
|
|
28.9
|
|
|
—
|
|
|
38.5
|
|
||||
Commercial paper
|
—
|
|
|
28.1
|
|
|
—
|
|
|
28.1
|
|
||||
Municipal securities
|
—
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
||||
Equity investments in unconsolidated affiliates
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Investments held for deferred compensation plans
|
35.3
|
|
|
—
|
|
|
—
|
|
|
35.3
|
|
||||
Derivatives
|
—
|
|
|
23.3
|
|
|
—
|
|
|
23.3
|
|
||||
|
$
|
48.5
|
|
|
$
|
384.8
|
|
|
$
|
—
|
|
|
$
|
433.3
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
4.2
|
|
|
$
|
—
|
|
|
$
|
4.2
|
|
Deferred compensation plans
|
35.5
|
|
|
—
|
|
|
—
|
|
|
35.5
|
|
||||
Contingent consideration obligation
|
—
|
|
|
—
|
|
|
30.5
|
|
|
30.5
|
|
||||
|
$
|
35.5
|
|
|
$
|
4.2
|
|
|
$
|
30.5
|
|
|
$
|
70.2
|
|
Balance at December 31, 2015
|
|
$
|
30.5
|
|
Changes in fair value (recorded in "
Research and Development Expenses
")
|
|
1.0
|
|
|
Balance at June 30, 2016
|
|
$
|
31.5
|
|
|
Notional Amount
|
||||||
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
Foreign currency forward exchange contracts
|
$
|
1,110.3
|
|
|
$
|
1,061.6
|
|
Interest rate swap agreements
|
300.0
|
|
|
300.0
|
|
|
|
|
|
Fair Value
|
||||||
Derivatives designated as hedging instruments
|
|
Balance Sheet
Location
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
7.6
|
|
|
$
|
15.0
|
|
Interest rate swap agreements
|
|
Other assets
|
|
$
|
6.4
|
|
|
$
|
1.6
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Accrued and other liabilities
|
|
$
|
24.1
|
|
|
$
|
4.2
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
0.6
|
|
|
$
|
—
|
|
Foreign currency contracts
|
|
Other assets
|
|
$
|
—
|
|
|
$
|
6.7
|
|
|
|
|
|
|
|
|
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
|
|
|
||||||||||||||||||
June 30, 2016
|
Gross
Amounts
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net
Amount
|
||||||||||||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
8.2
|
|
|
$
|
—
|
|
|
$
|
8.2
|
|
|
$
|
(3.4
|
)
|
|
$
|
—
|
|
|
$
|
4.8
|
|
Interest rate swap agreements
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
24.1
|
|
|
$
|
—
|
|
|
$
|
24.1
|
|
|
$
|
(3.4
|
)
|
|
$
|
—
|
|
|
$
|
20.7
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
21.7
|
|
|
$
|
—
|
|
|
$
|
21.7
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
17.7
|
|
Interest rate swap agreements
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
4.2
|
|
|
$
|
—
|
|
|
$
|
4.2
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
0.2
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Three Months Ended
June 30, |
|
|
|
Three Months Ended
June 30, |
||||||||||||
|
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
|||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
0.5
|
|
|
$
|
(7.4
|
)
|
|
Cost of sales
|
|
$
|
3.2
|
|
|
$
|
19.0
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
Other expenses, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Six Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
||||||||||||
|
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
|||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(20.5
|
)
|
|
$
|
28.9
|
|
|
Cost of sales
|
|
$
|
14.6
|
|
|
$
|
29.5
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
(3.8
|
)
|
|
$
|
—
|
|
|
Other expenses, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Three Months Ended
June 30, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
Fair value hedges
|
|
2016
|
|
2015
|
||||||
Interest rate swap agreements
|
|
Interest expense, net
|
|
$
|
(0.1
|
)
|
|
$
|
(2.6
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of sales
|
$
|
2.1
|
|
|
$
|
1.6
|
|
|
$
|
4.1
|
|
|
$
|
3.4
|
|
Selling, general, and administrative expenses
|
9.4
|
|
|
7.1
|
|
|
19.1
|
|
|
16.7
|
|
||||
Research and development expenses
|
2.8
|
|
|
2.1
|
|
|
5.4
|
|
|
4.3
|
|
||||
Total stock-based compensation expense
|
$
|
14.3
|
|
|
$
|
10.8
|
|
|
$
|
28.6
|
|
|
$
|
24.4
|
|
Option Awards
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Average risk-free interest rate
|
1.2
|
%
|
|
1.4
|
%
|
|
1.2
|
%
|
|
1.4
|
%
|
||||
Expected dividend yield
|
None
|
|
|
None
|
|
|
None
|
|
|
None
|
|
||||
Expected volatility
|
33.1
|
%
|
|
29.7
|
%
|
|
33.1
|
%
|
|
29.8
|
%
|
||||
Expected term (years)
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
||||
Fair value, per option
|
$
|
31.08
|
|
|
$
|
17.70
|
|
|
$
|
30.99
|
|
|
$
|
17.82
|
|
ESPP
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Average risk-free interest rate
|
0.3
|
%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
||||
Expected dividend yield
|
None
|
|
|
None
|
|
|
None
|
|
|
None
|
|
||||
Expected volatility
|
32.8
|
%
|
|
26.5
|
%
|
|
29.0
|
%
|
|
27.6
|
%
|
||||
Expected term (years)
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
||||
Fair value, per share
|
$
|
24.92
|
|
|
$
|
16.51
|
|
|
$
|
20.85
|
|
|
$
|
15.43
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Unrealized Gain (Loss) on Cash Flow Hedges
|
|
Unrealized (Loss) Gain on Available-for-sale Investments
|
|
Unrealized
Pension
Costs
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||
December 31, 2015
|
$
|
(181.5
|
)
|
|
$
|
11.8
|
|
|
$
|
(1.5
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
(182.6
|
)
|
Other comprehensive gain (loss) before reclassifications
|
19.5
|
|
|
(20.5
|
)
|
|
3.2
|
|
|
—
|
|
|
2.2
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
(14.3
|
)
|
|
0.6
|
|
|
—
|
|
|
(13.7
|
)
|
|||||
Deferred income tax benefit
|
1.4
|
|
|
14.0
|
|
|
—
|
|
|
—
|
|
|
15.4
|
|
|||||
June 30, 2016
|
$
|
(160.6
|
)
|
|
$
|
(9.0
|
)
|
|
$
|
2.3
|
|
|
$
|
(11.4
|
)
|
|
$
|
(178.7
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
|
||||||||||||
|
Affected Line on Consolidated Condensed
Statements of Operations
|
||||||||||||||||
Details about Accumulated Other
Comprehensive Loss Components
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|||||||||
Gain (loss) on cash flow hedges
|
$
|
2.9
|
|
|
$
|
19.0
|
|
|
$
|
14.3
|
|
|
$
|
29.5
|
|
|
Cost of sales
|
|
(1.3
|
)
|
|
(6.9
|
)
|
|
(5.7
|
)
|
|
(10.7
|
)
|
|
Provision for income taxes
|
||||
|
$
|
1.6
|
|
|
$
|
12.1
|
|
|
$
|
8.6
|
|
|
$
|
18.8
|
|
|
Net of tax
|
(Loss) gain on available-for-sale investments
|
$
|
(0.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(0.4
|
)
|
|
Other expenses, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Provision for income taxes
|
||||
|
$
|
(0.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(0.4
|
)
|
|
Net of tax
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
126.6
|
|
|
$
|
112.7
|
|
|
$
|
269.6
|
|
|
$
|
236.1
|
|
Weighted-average shares outstanding
|
212.2
|
|
|
215.3
|
|
|
212.6
|
|
|
215.4
|
|
||||
Basic earnings per share
|
$
|
0.60
|
|
|
$
|
0.52
|
|
|
$
|
1.27
|
|
|
$
|
1.10
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
126.6
|
|
|
$
|
112.7
|
|
|
$
|
269.6
|
|
|
$
|
236.1
|
|
Weighted-average shares outstanding
|
212.2
|
|
|
215.3
|
|
|
212.6
|
|
|
215.4
|
|
||||
Dilutive effect of stock plans
|
5.1
|
|
|
4.6
|
|
|
5.0
|
|
|
4.9
|
|
||||
Dilutive weighted-average shares outstanding
|
217.3
|
|
|
219.9
|
|
|
217.6
|
|
|
220.3
|
|
||||
Diluted earnings per share
|
$
|
0.58
|
|
|
$
|
0.51
|
|
|
$
|
1.24
|
|
|
$
|
1.07
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Segment Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
401.5
|
|
|
$
|
302.7
|
|
|
$
|
777.1
|
|
|
$
|
586.2
|
|
Europe
|
198.0
|
|
|
213.9
|
|
|
385.1
|
|
|
430.4
|
|
||||
Japan
|
71.9
|
|
|
75.2
|
|
|
135.7
|
|
|
143.9
|
|
||||
Rest of World
|
77.0
|
|
|
80.4
|
|
|
148.5
|
|
|
151.7
|
|
||||
Total segment net sales
|
$
|
748.4
|
|
|
$
|
672.2
|
|
|
$
|
1,446.4
|
|
|
$
|
1,312.2
|
|
Segment Pre-tax Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
260.2
|
|
|
$
|
166.4
|
|
|
$
|
501.8
|
|
|
$
|
333.8
|
|
Europe
|
98.2
|
|
|
103.2
|
|
|
192.9
|
|
|
211.1
|
|
||||
Japan
|
38.6
|
|
|
36.6
|
|
|
68.1
|
|
|
68.0
|
|
||||
Rest of World
|
19.1
|
|
|
21.5
|
|
|
37.0
|
|
|
38.3
|
|
||||
Total segment pre-tax income
|
$
|
416.1
|
|
|
$
|
327.7
|
|
|
$
|
799.8
|
|
|
$
|
651.2
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net Sales Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment net sales
|
$
|
748.4
|
|
|
$
|
672.2
|
|
|
$
|
1,446.4
|
|
|
$
|
1,312.2
|
|
Foreign currency
|
10.9
|
|
|
(55.4
|
)
|
|
10.2
|
|
|
(105.1
|
)
|
||||
Consolidated net sales
|
$
|
759.3
|
|
|
$
|
616.8
|
|
|
$
|
1,456.6
|
|
|
$
|
1,207.1
|
|
Pre-tax Income Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
||||
Segment pre-tax income
|
$
|
416.1
|
|
|
$
|
327.7
|
|
|
$
|
799.8
|
|
|
$
|
651.2
|
|
Unallocated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate items
|
(206.3
|
)
|
|
(178.8
|
)
|
|
(401.5
|
)
|
|
(335.6
|
)
|
||||
Special charges (Note 3)
|
(34.5
|
)
|
|
—
|
|
|
(34.5
|
)
|
|
—
|
|
||||
Intellectual property litigation expenses
|
(9.1
|
)
|
|
(1.0
|
)
|
|
(21.3
|
)
|
|
(1.3
|
)
|
||||
Interest expense, net
|
(2.4
|
)
|
|
(1.8
|
)
|
|
(4.8
|
)
|
|
(4.2
|
)
|
||||
Foreign currency
|
5.2
|
|
|
(3.9
|
)
|
|
14.6
|
|
|
(5.4
|
)
|
||||
Consolidated pre-tax income
|
$
|
169.0
|
|
|
$
|
142.2
|
|
|
$
|
352.3
|
|
|
$
|
304.7
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
|
|
|
|
||||||||||
Net Sales by Geographic Area
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
|
$
|
401.5
|
|
|
$
|
302.7
|
|
|
$
|
777.1
|
|
|
$
|
586.2
|
|
Europe
|
203.6
|
|
|
181.9
|
|
|
392.1
|
|
|
367.2
|
|
||||
Japan
|
79.9
|
|
|
62.3
|
|
|
146.5
|
|
|
120.4
|
|
||||
Rest of World
|
74.3
|
|
|
69.9
|
|
|
140.9
|
|
|
133.3
|
|
||||
|
$
|
759.3
|
|
|
$
|
616.8
|
|
|
$
|
1,456.6
|
|
|
$
|
1,207.1
|
|
Net Sales by Major Product and Service Area
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transcatheter Heart Valve Therapy
|
$
|
418.6
|
|
|
$
|
281.4
|
|
|
$
|
786.4
|
|
|
$
|
549.9
|
|
Surgical Heart Valve Therapy
|
198.7
|
|
|
204.0
|
|
|
394.6
|
|
|
400.9
|
|
||||
Critical Care
|
142.0
|
|
|
131.4
|
|
|
275.6
|
|
|
256.3
|
|
||||
|
$
|
759.3
|
|
|
$
|
616.8
|
|
|
$
|
1,456.6
|
|
|
$
|
1,207.1
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
Long-lived Tangible Assets by Geographic Area
|
|
|
|
|
|
||
United States
|
$
|
507.2
|
|
|
$
|
473.6
|
|
Europe
|
29.3
|
|
|
36.0
|
|
||
Japan
|
10.0
|
|
|
8.1
|
|
||
Rest of World
|
96.1
|
|
|
96.0
|
|
||
|
$
|
642.6
|
|
|
$
|
613.7
|
|
|
Three Months Ended
June 30, |
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
|
|||||||||||||||||
United States
|
$
|
401.5
|
|
|
$
|
302.7
|
|
|
$
|
98.8
|
|
|
32.6
|
%
|
|
$
|
777.1
|
|
|
$
|
586.2
|
|
|
$
|
190.9
|
|
|
32.6
|
%
|
International
|
357.8
|
|
|
314.1
|
|
|
43.7
|
|
|
13.9
|
%
|
|
679.5
|
|
|
620.9
|
|
|
58.6
|
|
|
9.4
|
%
|
||||||
Total net sales
|
$
|
759.3
|
|
|
$
|
616.8
|
|
|
$
|
142.5
|
|
|
23.1
|
%
|
|
$
|
1,456.6
|
|
|
$
|
1,207.1
|
|
|
$
|
249.5
|
|
|
20.7
|
%
|
|
Three Months Ended
June 30, |
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
|
||||||||||||||||||
|
|
|
Percent Change
|
|
|
|
Percent Change
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|
2016
|
|
2015
|
|
Change
|
|
|||||||||||||||||
Transcatheter Heart Valve Therapy
|
$
|
418.6
|
|
|
$
|
281.4
|
|
|
$
|
137.2
|
|
|
48.7
|
%
|
|
$
|
786.4
|
|
|
$
|
549.9
|
|
|
$
|
236.5
|
|
|
43.0
|
%
|
Surgical Heart Valve Therapy
|
198.7
|
|
|
204.0
|
|
|
(5.3
|
)
|
|
(2.6
|
)%
|
|
394.6
|
|
|
400.9
|
|
|
(6.3
|
)
|
|
(1.6
|
)%
|
||||||
Critical Care
|
142.0
|
|
|
131.4
|
|
|
10.6
|
|
|
8.0
|
%
|
|
275.6
|
|
|
256.3
|
|
|
19.3
|
|
|
7.5
|
%
|
||||||
Total net sales
|
$
|
759.3
|
|
|
$
|
616.8
|
|
|
$
|
142.5
|
|
|
23.1
|
%
|
|
$
|
1,456.6
|
|
|
$
|
1,207.1
|
|
|
$
|
249.5
|
|
|
20.7
|
%
|
•
|
the
Edwards SAPIEN 3
valve, driven by its launch in July 2015;
|
•
|
lower sales of the
Edwards SAPIEN XT
valve as customers converted to
Edwards SAPIEN 3
.
|
•
|
the
Edwards SAPIEN 3
valve, driven primarily by its launch in Europe in January 2014; and
|
•
|
the
Edwards SAPIEN XT
valve, driven primarily by its launch in Japan in October 2013.
|
•
|
lower sales of surgical heart valve products in the United States, primarily mitral tissue valves;
|
•
|
higher sales of surgical heart valve products in Japan and Europe, driven by aortic tissue valves.
|
•
|
a 5.4 percentage point and 4.6 percentage point decrease, respectively, due to the impact of foreign currency exchange rate fluctuations, including the settlement of foreign currency hedging contracts;
|
•
|
a 1.7 percentage point and 0.8 percentage point increase, respectively, due to a prior year THVT sales return reserve and related inventory write-off in connection with our 2015 launch of
SAPIEN 3
in the United States; and
|
•
|
a 1.3 percentage point and 1.5 percentage point increase, respectively, in the United States due to an improved product mix, driven by THVT products.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Foreign exchange losses, net
|
$
|
0.8
|
|
|
$
|
2.8
|
|
|
$
|
0.4
|
|
|
$
|
1.9
|
|
(Gain) loss on investments
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(1.4
|
)
|
|
0.7
|
|
||||
Charitable foundation contribution
|
—
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
||||
Other
|
—
|
|
|
(0.3
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
||||
Other expenses, net
|
$
|
0.1
|
|
|
$
|
1.8
|
|
|
$
|
4.1
|
|
|
$
|
2.0
|
|
Period
|
|
|
|
Total Number
of Shares
(or Units)
Purchased (a)
|
|
Average
Price Paid
per Share
(or Unit)
|
|
Total Number of
Shares (or Units)
Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares that
May Yet Be
Purchased
Under the Plans
or Programs
(in millions) (b) (c)
|
|
||||||
April 1, 2016 through April 30, 2016
|
|
254,241
|
|
|
$
|
84.44
|
|
|
252,283
|
|
|
$
|
277.5
|
|
|
||
May 1, 2016 through May 31, 2016
|
|
134,961
|
|
|
103.12
|
|
|
—
|
|
|
277.5
|
|
|
||||
June 1, 2016 through June 30, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277.5
|
|
|
||||
Total
|
|
389,202
|
|
|
90.92
|
|
|
252,283
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The difference between the total number of shares (or units) purchased and the total number of shares (or units) purchased as part of publicly announced plans or programs is due to shares withheld by us to satisfy tax withholding obligations in connection with the vesting of restricted stock units issued to employees.
|
(b)
|
On July 10, 2014, the Board of Directors approved a stock repurchase program authorizing us to purchase on the open market, including pursuant to a Rule 10b5-1 plan and in privately negotiated transactions, up to $750.0 million of our common stock.
|
(c)
|
In April 2016, one of our ASR agreements concluded, and we received an additional 0.3 million shares of our common stock. Shares purchased pursuant to the ASR agreement are presented in the table above in the periods in which they were received.
|
|
|
EDWARDS LIFESCIENCES CORPORATION
|
|
|
|
(Registrant)
|
|
Date:
|
July 29, 2016
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By:
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/s/ SCOTT B. ULLEM
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Scott B. Ullem
Chief Financial Officer
(Principal Financial Officer)
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Date:
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July 29, 2016
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By:
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/s/ ROBERT W.A. SELLERS
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Robert W.A. Sellers
Corporate Controller
(Principal Accounting Officer)
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Exhibit No.
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Description
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*10.1
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Amendment No. 1 to the Edwards Lifesciences Corporation 401(k) Savings and Investment Plan, dated May 2, 2016
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31.1
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2
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Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32
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Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101
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The following financial statements from Edwards Lifesciences' Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Condensed Statements of Operations, (iii) the Consolidated Condensed Statements of Comprehensive Income, (iv) the Consolidated Condensed Statements of Cash Flows, and (v) Notes to Consolidated Condensed Financial Statements
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* Represents management contract or compensatory plan
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Date:
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July 29, 2016
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By:
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/s/ MICHAEL A. MUSSALLEM
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Michael A. Mussallem
Chairman of the Board and
Chief Executive Officer
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Date:
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July 29, 2016
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By:
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/s/ SCOTT B. ULLEM
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Scott B. Ullem
Chief Financial Officer
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July 29, 2016
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/s/ MICHAEL A. MUSSALLEM
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Michael A. Mussallem
Chairman of the Board and
Chief Executive Officer
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July 29, 2016
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/s/ SCOTT B. ULLEM
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Scott B. Ullem
Chief Financial Officer
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