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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
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Smaller reporting company
o
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Emerging growth company
o
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Page
Number
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March 31,
2019 |
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December 31,
2018 |
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ASSETS
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|
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Current assets
|
|
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|
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Cash and cash equivalents
|
$
|
709.2
|
|
|
$
|
714.1
|
|
Short-term investments (Note 6)
|
253.8
|
|
|
242.4
|
|
||
Accounts and other receivables, net of allowances of $8.6 and $8.9, respectively
|
578.0
|
|
|
537.3
|
|
||
Inventories (Note 2)
|
630.9
|
|
|
607.0
|
|
||
Prepaid expenses
|
55.4
|
|
|
54.3
|
|
||
Other current assets
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141.5
|
|
|
131.8
|
|
||
Total current assets
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2,368.8
|
|
|
2,286.9
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|
||
Long-term investments (Note 6)
|
453.7
|
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506.3
|
|
||
Property, plant, and equipment, net
|
892.2
|
|
|
867.5
|
|
||
Operating lease right-of-use assets (Note 4)
|
69.9
|
|
|
—
|
|
||
Goodwill
|
1,103.4
|
|
|
1,112.2
|
|
||
Other intangible assets, net
|
341.3
|
|
|
343.2
|
|
||
Deferred income taxes
|
164.5
|
|
|
174.0
|
|
||
Other assets
|
75.5
|
|
|
33.6
|
|
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Total assets
|
$
|
5,469.3
|
|
|
$
|
5,323.7
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities (Note 2)
|
$
|
623.9
|
|
|
$
|
876.6
|
|
Operating lease liabilities (Note 4)
|
22.6
|
|
|
—
|
|
||
Total current liabilities
|
646.5
|
|
|
876.6
|
|
||
Long-term debt
|
593.9
|
|
|
593.8
|
|
||
Contingent consideration liabilities (Note 8)
|
185.3
|
|
|
178.6
|
|
||
Taxes payable
|
259.4
|
|
|
259.4
|
|
||
Operating lease liabilities (Note 4)
|
49.7
|
|
|
—
|
|
||
Uncertain tax positions
|
130.3
|
|
|
124.9
|
|
||
Other long-term liabilities
|
156.7
|
|
|
150.0
|
|
||
Commitments and contingencies (Note 11)
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|
|
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|
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Stockholders' equity
|
|
|
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|
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Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding
|
—
|
|
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—
|
|
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Common stock, $1.00 par value, 350.0 shares authorized, 216.0 and 215.2 shares issued, and 208.4 and 207.7 shares outstanding, respectively
|
216.0
|
|
|
215.2
|
|
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Additional paid-in capital
|
1,449.4
|
|
|
1,384.4
|
|
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Retained earnings
|
2,944.4
|
|
|
2,694.7
|
|
||
Accumulated other comprehensive loss (Note 12)
|
(141.2
|
)
|
|
(138.5
|
)
|
||
Treasury stock, at cost, 7.6 and 7.5 shares, respectively
|
(1,021.1
|
)
|
|
(1,015.4
|
)
|
||
Total stockholders' equity
|
3,447.5
|
|
|
3,140.4
|
|
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Total liabilities and stockholders' equity
|
$
|
5,469.3
|
|
|
$
|
5,323.7
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Three Months Ended
March 31, |
||||||
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2019
|
|
2018
|
||||
Net sales
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$
|
993.0
|
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$
|
894.8
|
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Cost of sales
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231.8
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|
233.6
|
|
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Gross profit
|
761.2
|
|
|
661.2
|
|
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Selling, general, and administrative expenses
|
280.3
|
|
|
256.0
|
|
||
Research and development expenses
|
171.4
|
|
|
143.2
|
|
||
Intellectual property litigation expenses
|
4.6
|
|
|
5.7
|
|
||
Change in fair value of contingent consideration liabilities, net (Note 8)
|
6.7
|
|
|
3.8
|
|
||
Special charge (Note 5)
|
24.0
|
|
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—
|
|
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Operating income
|
274.2
|
|
|
252.5
|
|
||
Interest income, net
|
(2.0
|
)
|
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(0.8
|
)
|
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Special gain (Note 5)
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—
|
|
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(7.1
|
)
|
||
Other income, net
|
(1.8
|
)
|
|
(3.1
|
)
|
||
Income before provision for income taxes
|
278.0
|
|
|
263.5
|
|
||
Provision for income taxes
|
28.3
|
|
|
56.9
|
|
||
Net income
|
$
|
249.7
|
|
|
$
|
206.6
|
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Share information
(Note 13)
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|
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|
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Earnings per share:
|
|
|
|
|
|
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Basic
|
$
|
1.20
|
|
|
$
|
0.98
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Diluted
|
$
|
1.18
|
|
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$
|
0.96
|
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Weighted-average number of common shares outstanding:
|
|
|
|
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|
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Basic
|
207.9
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|
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210.2
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Diluted
|
212.2
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215.1
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|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
249.7
|
|
|
$
|
206.6
|
|
Other comprehensive income (loss), net of tax (Note 12):
|
|
|
|
||||
Foreign currency translation adjustments
|
(13.1
|
)
|
|
33.3
|
|
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Unrealized gain (loss) on cash flow hedges
|
7.2
|
|
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(9.7
|
)
|
||
Defined benefit pension plans
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(0.1
|
)
|
|
0.3
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|
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Unrealized gain (loss) on available-for-sale investments
|
3.3
|
|
|
(6.1
|
)
|
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Reclassification of net realized investment loss to earnings
|
—
|
|
|
1.4
|
|
||
Other comprehensive (loss) income
|
(2.7
|
)
|
|
19.2
|
|
||
Comprehensive income
|
$
|
247.0
|
|
|
$
|
225.8
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
249.7
|
|
|
$
|
206.6
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
20.6
|
|
|
19.1
|
|
||
Amortization of right-of-use-assets
|
5.7
|
|
|
—
|
|
||
Stock-based compensation (Note 10)
|
20.8
|
|
|
18.4
|
|
||
Change in fair value of contingent consideration liabilities, net (Note 8)
|
6.7
|
|
|
3.8
|
|
||
Deferred income taxes
|
5.8
|
|
|
(15.5
|
)
|
||
Purchase of intellectual property (Note 5)
|
24.0
|
|
|
—
|
|
||
Other
|
(7.0
|
)
|
|
1.0
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts and other receivables, net
|
(45.8
|
)
|
|
27.4
|
|
||
Inventories
|
(29.4
|
)
|
|
(3.3
|
)
|
||
Accounts payable and accrued liabilities
|
(242.2
|
)
|
|
(115.5
|
)
|
||
Income taxes
|
(16.3
|
)
|
|
39.9
|
|
||
Prepaid expenses and other current assets
|
2.8
|
|
|
(26.4
|
)
|
||
Other
|
6.1
|
|
|
(4.2
|
)
|
||
Net cash provided by operating activities
|
1.5
|
|
|
151.3
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(42.2
|
)
|
|
(43.2
|
)
|
||
Purchases of held-to-maturity investments (Note 6)
|
(30.0
|
)
|
|
—
|
|
||
Proceeds from held-to-maturity investments (Note 6)
|
20.0
|
|
|
238.5
|
|
||
Proceeds from available-for-sale investments (Note 6)
|
56.1
|
|
|
42.3
|
|
||
Investments in intangible assets
|
(16.8
|
)
|
|
(3.0
|
)
|
||
Investments in trading securities, net
|
(1.9
|
)
|
|
(3.1
|
)
|
||
Investments in unconsolidated affiliates, net (Note 6)
|
(1.3
|
)
|
|
(1.8
|
)
|
||
Payment of contingent consideration
|
—
|
|
|
(10.0
|
)
|
||
Payment for acquisition option
|
(35.0
|
)
|
|
—
|
|
||
Other
|
1.6
|
|
|
0.6
|
|
||
Net cash (used in) provided by investing activities
|
(49.5
|
)
|
|
220.3
|
|
||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from issuance of debt, net
|
3.7
|
|
|
5.1
|
|
||
Payments on debt and capital lease obligations
|
(4.0
|
)
|
|
(5.1
|
)
|
||
Purchases of treasury stock
|
(5.7
|
)
|
|
(2.1
|
)
|
||
Proceeds from stock plans
|
45.0
|
|
|
44.8
|
|
||
Other
|
5.4
|
|
|
(1.8
|
)
|
||
Net cash provided by financing activities
|
44.4
|
|
|
40.9
|
|
||
Effect of currency exchange rate changes on cash and cash equivalents
|
(1.3
|
)
|
|
(3.8
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(4.9
|
)
|
|
408.7
|
|
||
Cash and cash equivalents at beginning of period
|
714.1
|
|
|
818.3
|
|
||
Cash and cash equivalents at end of period
|
$
|
709.2
|
|
|
$
|
1,227.0
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2018
|
215.2
|
|
|
215.2
|
|
|
7.5
|
|
|
(1,015.4
|
)
|
|
1,384.4
|
|
|
2,694.7
|
|
|
(138.5
|
)
|
|
3,140.4
|
|
||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
249.7
|
|
|
|
|
|
249.7
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.7
|
)
|
|
(2.7
|
)
|
||||||
Common stock issued under equity plans
|
0.8
|
|
|
0.8
|
|
|
|
|
|
|
|
|
44.2
|
|
|
|
|
|
|
|
|
45.0
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
20.8
|
|
|
|
|
|
|
|
|
20.8
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
0.1
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
|
|
(5.7
|
)
|
|||||||
Balance at March 31, 2019
|
216.0
|
|
|
$
|
216.0
|
|
|
7.6
|
|
|
$
|
(1,021.1
|
)
|
|
$
|
1,449.4
|
|
|
$
|
2,944.4
|
|
|
$
|
(141.2
|
)
|
|
$
|
3,447.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2017
|
212.0
|
|
|
212.0
|
|
|
2.3
|
|
|
(252.1
|
)
|
|
1,166.9
|
|
|
1,962.1
|
|
|
(132.7
|
)
|
|
2,956.2
|
|
||||||
Impact to retained earnings from adoption of ASU 2016-16 and ASU 2018-02
|
|
|
|
|
|
|
|
|
|
|
10.4
|
|
|
(7.8
|
)
|
|
2.6
|
|
|||||||||||
Balance at January 1, 2018
|
212.0
|
|
|
212.0
|
|
|
2.3
|
|
|
(252.1
|
)
|
|
1,166.9
|
|
|
1,972.5
|
|
|
(140.5
|
)
|
|
2,958.8
|
|
||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
206.6
|
|
|
|
|
|
206.6
|
|
||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19.2
|
|
|
19.2
|
|
||||||
Common stock issued under equity plans
|
1.0
|
|
|
1.0
|
|
|
|
|
|
|
|
|
43.8
|
|
|
|
|
|
|
|
|
44.8
|
|
||||||
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
18.4
|
|
|
|
|
|
|
|
|
18.4
|
|
||||||
Purchases of treasury stock
|
|
|
|
|
|
|
|
|
|
(2.1
|
)
|
|
|
|
|
|
|
|
|
|
(2.1
|
)
|
|||||||
Balance at March 31, 2018
|
213.0
|
|
|
$
|
213.0
|
|
|
2.3
|
|
|
$
|
(254.2
|
)
|
|
$
|
1,229.1
|
|
|
$
|
2,179.1
|
|
|
$
|
(121.3
|
)
|
|
$
|
3,245.7
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Inventories
|
|
|
|
||||
Raw materials
|
$
|
112.3
|
|
|
$
|
111.5
|
|
Work in process
|
161.2
|
|
|
144.8
|
|
||
Finished products
|
357.4
|
|
|
350.7
|
|
||
|
$
|
630.9
|
|
|
$
|
607.0
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Accounts payable and accrued liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
147.2
|
|
|
$
|
134.0
|
|
Employee compensation and withholdings
|
152.7
|
|
|
226.1
|
|
||
Taxes payable (Note 14)
|
6.9
|
|
|
31.3
|
|
||
Property, payroll, and other taxes
|
42.2
|
|
|
39.5
|
|
||
Research and development accruals
|
55.7
|
|
|
48.9
|
|
||
Accrued rebates
|
72.4
|
|
|
80.0
|
|
||
Fair value of derivatives
|
4.0
|
|
|
4.4
|
|
||
Accrued marketing expenses
|
18.3
|
|
|
22.3
|
|
||
Litigation and insurance reserves
|
18.6
|
|
|
196.7
|
|
||
Accrued relocation costs
|
12.1
|
|
|
11.3
|
|
||
Accrued professional services
|
7.5
|
|
|
11.0
|
|
||
Accrued technology purchases
|
7.2
|
|
|
—
|
|
||
Other accrued liabilities
|
79.1
|
|
|
71.1
|
|
||
|
$
|
623.9
|
|
|
$
|
876.6
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Cash paid during the year for:
|
|
|
|
||||
Amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
6.1
|
|
|
$
|
—
|
|
Non-cash investing and financing transactions:
|
|
|
|
|
|
||
Right-of-use assets obtained in exchange for new lease liabilities
|
$
|
16.3
|
|
|
$
|
—
|
|
Capital expenditures accruals
|
$
|
15.7
|
|
|
$
|
15.8
|
|
|
March 31,
2019 |
||
Operating lease ROU assets
|
$
|
69.9
|
|
|
|
||
Operating lease liabilities, current portion
|
22.6
|
|
|
Operating lease liabilities, long-term portion
|
49.7
|
|
|
Total operating lease liabilities
|
$
|
72.3
|
|
2019
|
$
|
18.8
|
|
2020
|
21.1
|
|
|
2021
|
13.9
|
|
|
2022
|
9.5
|
|
|
2023
|
6.9
|
|
|
Thereafter
|
8.2
|
|
|
Total lease payments
|
$
|
78.4
|
|
Less: imputed interest
|
(6.1
|
)
|
|
Total lease liabilities
|
$
|
72.3
|
|
|
|
||
Weighted-average remaining lease term (in years)
|
4.5
|
|
|
Weighted-average discount rate
|
3.0
|
%
|
|
Operating
Leases |
||
2019
|
$
|
25.6
|
|
2020
|
21.5
|
|
|
2021
|
13.5
|
|
|
2022
|
9.9
|
|
|
2023
|
6.4
|
|
|
Thereafter
|
14.3
|
|
|
Total obligations and commitments
|
$
|
91.2
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
Held-to-maturity
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||||||
Bank time deposits
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30.0
|
|
|
$
|
20.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial paper
|
$
|
36.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36.0
|
|
|
$
|
56.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56.7
|
|
U.S. government and agency securities
|
79.7
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
79.5
|
|
|
79.7
|
|
|
0.2
|
|
|
(0.7
|
)
|
|
79.2
|
|
||||||||
Foreign government bonds
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
||||||||
Asset-backed securities
|
102.2
|
|
|
0.3
|
|
|
(0.3
|
)
|
|
102.2
|
|
|
110.6
|
|
|
0.1
|
|
|
(0.5
|
)
|
|
110.2
|
|
||||||||
Corporate debt securities
|
432.2
|
|
|
1.0
|
|
|
(1.5
|
)
|
|
431.7
|
|
|
459.8
|
|
|
0.1
|
|
|
(4.3
|
)
|
|
455.6
|
|
||||||||
Municipal securities
|
2.8
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
||||||||
Total
|
$
|
654.6
|
|
|
$
|
1.5
|
|
|
$
|
(2.2
|
)
|
|
$
|
653.9
|
|
|
$
|
711.3
|
|
|
$
|
0.4
|
|
|
$
|
(5.5
|
)
|
|
$
|
706.2
|
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Due in 1 year or less
|
$
|
30.0
|
|
|
$
|
30.0
|
|
|
$
|
224.5
|
|
|
$
|
223.8
|
|
Due after 1 year through 5 years
|
—
|
|
|
—
|
|
|
340.9
|
|
|
340.9
|
|
||||
Instruments not due at a single maturity date
|
—
|
|
|
—
|
|
|
89.2
|
|
|
89.2
|
|
||||
|
$
|
30.0
|
|
|
$
|
30.0
|
|
|
$
|
654.6
|
|
|
$
|
653.9
|
|
|
March 31, 2019
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
U.S. government and agency securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56.7
|
|
|
$
|
(0.4
|
)
|
|
$
|
56.7
|
|
|
$
|
(0.4
|
)
|
Asset-backed securities
|
—
|
|
|
—
|
|
|
53.7
|
|
|
(0.3
|
)
|
|
53.7
|
|
|
(0.3
|
)
|
||||||
Corporate debt securities
|
56.1
|
|
|
(0.2
|
)
|
|
189.1
|
|
|
(1.3
|
)
|
|
245.2
|
|
|
(1.5
|
)
|
||||||
|
$
|
56.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
299.5
|
|
|
$
|
(2.0
|
)
|
|
$
|
355.6
|
|
|
$
|
(2.2
|
)
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
U.S. government and agency securities
|
$
|
0.7
|
|
|
$
|
(0.1
|
)
|
|
$
|
56.5
|
|
|
$
|
(0.6
|
)
|
|
$
|
57.2
|
|
|
$
|
(0.7
|
)
|
Asset-backed securities
|
4.0
|
|
|
0.1
|
|
|
61.3
|
|
|
(0.6
|
)
|
|
65.3
|
|
|
(0.5
|
)
|
||||||
Corporate debt securities
|
177.4
|
|
|
(1.1
|
)
|
|
203.7
|
|
|
(3.2
|
)
|
|
381.1
|
|
|
(4.3
|
)
|
||||||
|
$
|
182.1
|
|
|
$
|
(1.1
|
)
|
|
$
|
321.5
|
|
|
$
|
(4.4
|
)
|
|
$
|
503.6
|
|
|
$
|
(5.5
|
)
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Equity method investments
|
|
|
|
|
|
||
Cost
|
$
|
10.3
|
|
|
$
|
9.1
|
|
Equity in losses
|
(4.8
|
)
|
|
(4.7
|
)
|
||
Carrying value of equity method investments
|
5.5
|
|
|
4.4
|
|
||
Equity securities
|
|
|
|
|
|
||
Carrying value of non-marketable equity securities
|
18.1
|
|
|
18.1
|
|
||
Total investments in unconsolidated affiliates
|
$
|
23.6
|
|
|
$
|
22.5
|
|
March 31, 2019
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
$
|
7.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.0
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
|
|||||||
Corporate debt securities
|
—
|
|
|
431.7
|
|
|
—
|
|
|
431.7
|
|
||||
Asset-backed securities
|
—
|
|
|
102.2
|
|
|
—
|
|
|
102.2
|
|
||||
U.S. government and agency securities
|
19.7
|
|
|
59.8
|
|
|
—
|
|
|
79.5
|
|
||||
Foreign government bonds
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
||||
Commercial paper
|
—
|
|
|
36.0
|
|
|
—
|
|
|
36.0
|
|
||||
Municipal securities
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
||||
Investments held for deferred compensation plans
|
76.0
|
|
|
—
|
|
|
—
|
|
|
76.0
|
|
||||
Derivatives
|
—
|
|
|
37.9
|
|
|
—
|
|
|
37.9
|
|
||||
|
$
|
102.7
|
|
|
$
|
672.1
|
|
|
$
|
—
|
|
|
$
|
774.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
4.0
|
|
Deferred compensation plans
|
76.1
|
|
|
—
|
|
|
—
|
|
|
76.1
|
|
||||
Contingent consideration liabilities
|
—
|
|
|
—
|
|
|
185.3
|
|
|
185.3
|
|
||||
|
$
|
76.1
|
|
|
$
|
4.0
|
|
|
$
|
185.3
|
|
|
$
|
265.4
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
—
|
|
|
$
|
11.8
|
|
|
$
|
—
|
|
|
$
|
11.8
|
|
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
455.6
|
|
|
—
|
|
|
455.6
|
|
||||
Asset-backed securities
|
—
|
|
|
110.2
|
|
|
—
|
|
|
110.2
|
|
||||
U.S. government and agency securities
|
19.6
|
|
|
59.6
|
|
|
—
|
|
|
79.2
|
|
||||
Foreign government bonds
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
||||
Commercial paper
|
—
|
|
|
56.7
|
|
|
—
|
|
|
56.7
|
|
||||
Municipal securities
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
||||
Investments held for deferred compensation plans
|
67.6
|
|
|
—
|
|
|
—
|
|
|
67.6
|
|
||||
Derivatives
|
—
|
|
|
29.9
|
|
|
—
|
|
|
29.9
|
|
||||
|
$
|
87.2
|
|
|
$
|
728.3
|
|
|
$
|
—
|
|
|
$
|
815.5
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
Deferred compensation plans
|
68.5
|
|
|
—
|
|
|
—
|
|
|
68.5
|
|
||||
Contingent consideration liabilities
|
|
|
|
—
|
|
|
178.6
|
|
|
178.6
|
|
||||
|
$
|
68.5
|
|
|
$
|
5.2
|
|
|
$
|
178.6
|
|
|
$
|
252.3
|
|
Balance at December 31, 2018
|
|
$
|
178.6
|
|
Changes in fair value
|
|
6.7
|
|
|
Balance at March 31, 2019
|
|
$
|
185.3
|
|
|
Notional Amount
|
||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Foreign currency forward exchange contracts
|
$
|
1,326.1
|
|
|
$
|
1,378.2
|
|
Cross currency swap contracts
|
300.0
|
|
|
300.0
|
|
|
|
|
|
Fair Value
|
||||||
Derivatives designated as hedging instruments
|
|
Balance Sheet
Location
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
30.2
|
|
|
$
|
29.1
|
|
Foreign currency contracts
|
|
Other assets
|
|
$
|
1.6
|
|
|
$
|
—
|
|
Cross currency swap contracts
|
|
Other assets
|
|
$
|
6.1
|
|
|
$
|
0.8
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||
Foreign currency contracts
|
|
Accounts payable and accrued liabilities
|
|
$
|
4.0
|
|
|
$
|
4.4
|
|
Foreign currency contracts
|
|
Other long-term liabilities
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
|
|
|
|
|
|
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
|
|
|
||||||||||||||||||
March 31, 2019
|
Gross
Amounts
|
|
Financial
Instruments
|
|
Cash
Collateral
Received
|
|
Net
Amount
|
||||||||||||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
31.8
|
|
|
$
|
—
|
|
|
$
|
31.8
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
27.8
|
|
Cross currency swap contracts
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.1
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
4.0
|
|
|
$
|
(4.0
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
29.1
|
|
|
$
|
—
|
|
|
$
|
29.1
|
|
|
$
|
(3.6
|
)
|
|
$
|
—
|
|
|
$
|
25.5
|
|
Cross currency swap contracts
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.2
|
|
|
$
|
(3.6
|
)
|
|
$
|
—
|
|
|
$
|
1.6
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
|
|
|
|
Amount of Gain or (Loss)
Reclassified from
Accumulated OCI
into Income
|
||||||||||||
|
|
Three Months Ended
March 31, |
|
Location of Gain or
(Loss) Reclassified from
Accumulated OCI
into Income
|
|
Three Months Ended
March 31, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
12.9
|
|
|
$
|
(15.4
|
)
|
|
Cost of sales
|
|
$
|
7.6
|
|
|
$
|
(1.5
|
)
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
0.3
|
|
|
$
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in OCI
on Derivative
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on Derivative (Amount Excluded from
Effectiveness Testing)
|
||||||||||||
|
|
Three Months Ended
March 31, |
|
Location of Gain or
(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
|
|
Three Months Ended
March 31, |
||||||||||||
|
|
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Net investment hedges
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cross currency swap contracts
|
|
$
|
5.3
|
|
|
$
|
—
|
|
|
Interest income, net
|
|
$
|
1.6
|
|
|
$
|
—
|
|
Foreign currency denominated debt
|
|
$
|
—
|
|
|
$
|
(20.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Gain or (Loss)
Recognized in Income on
Derivative
|
||||||
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
Location of Gain or (Loss)
Recognized in Income on
Derivative
|
|
|||||||
Fair value hedges
|
|
2019
|
|
2018
|
||||||
Foreign currency contracts
|
|
Other income, net
|
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships
|
||||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
|
Interest expense (income), net
|
|
Other Income, net
|
||||||||
|
|
|
|
||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded
|
$
|
(231.8
|
)
|
|
$
|
(280.3
|
)
|
|
$
|
2.0
|
|
|
$
|
1.8
|
|
The effects of fair value and cash flow hedging:
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on fair value hedging relationships:
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
||||||||
Hedged items
|
—
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
||||
Derivatives designated as hedging instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
||||
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
||||
Gain (loss) on cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|||||||
Foreign currency contracts:
|
|
|
|
|
|
|
|
|
|||||||
Amount of gain (loss) reclassified from accumulated OCI into income
|
$
|
7.6
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships
|
||||||
|
Three Months Ended March 31, 2018
|
||||||
|
Cost of sales
|
|
Selling, general, and administrative expenses
|
||||
|
|
||||||
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of fair value or cash flow hedges are recorded
|
$
|
(233.6
|
)
|
|
$
|
(256.0
|
)
|
The effects of fair value and cash flow hedging:
|
|
|
|
||||
Gain (loss) on cash flow hedging relationships:
|
|
|
|
||||
Foreign currency contracts:
|
|
|
|
||||
Amount of gain (loss) reclassified from accumulated OCI into income
|
$
|
(1.5
|
)
|
|
$
|
(1.1
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Cost of sales
|
$
|
4.0
|
|
|
$
|
3.0
|
|
Selling, general, and administrative expenses
|
12.7
|
|
|
11.8
|
|
||
Research and development expenses
|
4.1
|
|
|
3.6
|
|
||
Total stock-based compensation expense
|
$
|
20.8
|
|
|
$
|
18.4
|
|
Option Awards
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Average risk-free interest rate
|
2.5
|
%
|
|
2.6
|
%
|
||
Expected dividend yield
|
None
|
|
|
None
|
|
||
Expected volatility
|
29.2
|
%
|
|
33.2
|
%
|
||
Expected term (years)
|
5.2
|
|
|
4.7
|
|
||
Fair value, per option
|
$
|
54.03
|
|
|
$
|
43.45
|
|
ESPP
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Average risk-free interest rate
|
2.4
|
%
|
|
1.5
|
%
|
||
Expected dividend yield
|
None
|
|
|
None
|
|
||
Expected volatility
|
32.6
|
%
|
|
32.6
|
%
|
||
Expected term (years)
|
0.6
|
|
|
0.6
|
|
||
Fair value, per share
|
$
|
48.83
|
|
|
$
|
35.07
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
Unrealized Gain on Cash Flow Hedges
|
|
Unrealized Loss on Available-for-sale Investments
|
|
Unrealized
Pension
Costs
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||||
December 31, 2018
|
$
|
(143.6
|
)
|
|
$
|
23.6
|
|
|
$
|
(5.0
|
)
|
|
$
|
(13.5
|
)
|
|
$
|
(138.5
|
)
|
Other comprehensive (loss) gain before reclassifications
|
(10.2
|
)
|
|
15.6
|
|
|
4.4
|
|
|
(0.1
|
)
|
|
9.7
|
|
|||||
Amounts reclassified from accumulated other comprehensive loss
|
(1.6
|
)
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
(8.6
|
)
|
|||||
Deferred income tax expense
|
(1.3
|
)
|
|
(1.4
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(3.8
|
)
|
|||||
March 31, 2019
|
$
|
(156.7
|
)
|
|
$
|
30.8
|
|
|
$
|
(1.7
|
)
|
|
$
|
(13.6
|
)
|
|
$
|
(141.2
|
)
|
|
Three Months Ended
March 31, |
|
|
||||||
|
Affected Line on Consolidated Condensed
Statements of Operations
|
||||||||
Details about Accumulated Other
Comprehensive Loss Components
|
2019
|
|
2018
|
|
|||||
Foreign currency translation adjustments
|
$
|
1.6
|
|
|
$
|
—
|
|
|
Other income, net
|
|
(0.4
|
)
|
|
—
|
|
|
Provision for income taxes
|
||
|
$
|
1.2
|
|
|
$
|
—
|
|
|
Net of tax
|
Gain on hedges
|
$
|
7.6
|
|
|
$
|
(1.5
|
)
|
|
Cost of sales
|
|
0.3
|
|
|
(1.1
|
)
|
|
Selling, general, and administrative expenses
|
||
|
(0.9
|
)
|
|
—
|
|
|
Other income, net
|
||
|
7.0
|
|
|
(2.6
|
)
|
|
Total before tax
|
||
|
(2.0
|
)
|
|
0.7
|
|
|
Provision for income taxes
|
||
|
$
|
5.0
|
|
|
$
|
(1.9
|
)
|
|
Net of tax
|
Loss on available-for-sale investments
|
$
|
—
|
|
|
$
|
(1.4
|
)
|
|
Other income, net
|
|
—
|
|
|
0.1
|
|
|
Provision for income taxes
|
||
|
$
|
—
|
|
|
$
|
(1.3
|
)
|
|
Net of tax
|
Unrealized pension costs
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
Other income, net
|
|
—
|
|
|
0.1
|
|
|
Provision for income taxes
|
||
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Basic:
|
|
|
|
|
|
||
Net income
|
$
|
249.7
|
|
|
$
|
206.6
|
|
Weighted-average shares outstanding
|
207.9
|
|
|
210.2
|
|
||
Basic earnings per share
|
$
|
1.20
|
|
|
$
|
0.98
|
|
Diluted:
|
|
|
|
|
|
||
Net income
|
$
|
249.7
|
|
|
$
|
206.6
|
|
Weighted-average shares outstanding
|
207.9
|
|
|
210.2
|
|
||
Dilutive effect of stock plans
|
4.3
|
|
|
4.9
|
|
||
Dilutive weighted-average shares outstanding
|
212.2
|
|
|
215.1
|
|
||
Diluted earnings per share
|
$
|
1.18
|
|
|
$
|
0.96
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Segment Net Sales
|
|
|
|
|
|
||
United States
|
$
|
562.8
|
|
|
$
|
479.5
|
|
Europe
|
227.3
|
|
|
205.3
|
|
||
Japan
|
99.2
|
|
|
91.1
|
|
||
Rest of World
|
96.8
|
|
|
91.7
|
|
||
Total segment net sales
|
$
|
986.1
|
|
|
$
|
867.6
|
|
Segment Operating Income
|
|
|
|
|
|
||
United States
|
$
|
383.3
|
|
|
$
|
313.8
|
|
Europe
|
119.4
|
|
|
103.0
|
|
||
Japan
|
61.0
|
|
|
54.8
|
|
||
Rest of World
|
30.8
|
|
|
29.0
|
|
||
Total segment operating income
|
$
|
594.5
|
|
|
$
|
500.6
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net Sales Reconciliation
|
|
|
|
|
|
||
Segment net sales
|
$
|
986.1
|
|
|
$
|
867.6
|
|
Foreign currency
|
6.9
|
|
|
27.2
|
|
||
Consolidated net sales
|
$
|
993.0
|
|
|
$
|
894.8
|
|
Pre-tax Income Reconciliation
|
|
|
|
|
|
||
Segment operating income
|
$
|
594.5
|
|
|
$
|
500.6
|
|
Unallocated amounts:
|
|
|
|
|
|
||
Corporate items
|
(306.5
|
)
|
|
(248.1
|
)
|
||
Special charge (Note 5)
|
(24.0
|
)
|
|
—
|
|
||
Intellectual property litigation expenses
|
(4.6
|
)
|
|
(5.7
|
)
|
||
Foreign currency
|
14.8
|
|
|
5.7
|
|
||
Consolidated operating income
|
274.2
|
|
|
252.5
|
|
||
Non-operating income
|
3.8
|
|
|
11.0
|
|
||
Consolidated pre-tax income
|
$
|
278.0
|
|
|
$
|
263.5
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Net Sales by Geographic Area
|
|
|
|
|
|
||
United States
|
$
|
562.8
|
|
|
$
|
479.5
|
|
Europe
|
234.7
|
|
|
230.0
|
|
||
Japan
|
98.4
|
|
|
92.7
|
|
||
Rest of World
|
97.1
|
|
|
92.6
|
|
||
|
$
|
993.0
|
|
|
$
|
894.8
|
|
Net Sales by Major Product and Service Area
|
|
|
|
|
|
||
Transcatheter Aortic Valve Replacement
|
$
|
597.7
|
|
|
$
|
551.1
|
|
Transcatheter Mitral and Tricuspid Therapies
|
4.3
|
|
|
0.5
|
|
||
Surgical Structural Heart
|
214.7
|
|
|
179.5
|
|
||
Critical Care
|
176.3
|
|
|
163.7
|
|
||
|
$
|
993.0
|
|
|
$
|
894.8
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Long-lived Tangible Assets by Geographic Area
|
|
|
|
|
|
||
United States
|
$
|
727.3
|
|
|
$
|
642.1
|
|
Europe
|
51.4
|
|
|
36.6
|
|
||
Japan
|
16.7
|
|
|
6.7
|
|
||
Rest of World
|
242.1
|
|
|
214.4
|
|
||
|
$
|
1,037.5
|
|
|
$
|
899.8
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|||||||||
|
|
|
Percent Change
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
||||||||
United States
|
$
|
562.8
|
|
|
$
|
479.5
|
|
|
$
|
83.3
|
|
|
17.4
|
%
|
Europe
|
234.7
|
|
|
230.0
|
|
|
4.7
|
|
|
2.1
|
%
|
|||
Japan
|
98.4
|
|
|
92.7
|
|
|
5.7
|
|
|
6.2
|
%
|
|||
Rest of World
|
97.1
|
|
|
92.6
|
|
|
4.5
|
|
|
4.8
|
%
|
|||
International
|
430.2
|
|
|
415.3
|
|
|
14.9
|
|
|
3.6
|
%
|
|||
Total net sales
|
$
|
993.0
|
|
|
$
|
894.8
|
|
|
$
|
98.2
|
|
|
11.0
|
%
|
|
Three Months Ended
March 31, |
|
|
|
|
|||||||||
|
|
|
Percent Change
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
||||||||
Transcatheter Aortic Valve Replacement
|
$
|
597.7
|
|
|
$
|
551.1
|
|
|
$
|
46.6
|
|
|
8.4
|
%
|
Transcatheter Mitral and Tricuspid Therapies
|
4.3
|
|
|
0.5
|
|
|
3.8
|
|
|
NM
|
|
|||
Surgical Structural Heart
|
214.7
|
|
|
179.5
|
|
|
35.2
|
|
|
19.6
|
%
|
|||
Critical Care
|
176.3
|
|
|
163.7
|
|
|
12.6
|
|
|
7.8
|
%
|
|||
Total net sales
|
$
|
993.0
|
|
|
$
|
894.8
|
|
|
$
|
98.2
|
|
|
11.0
|
%
|
|
|
|
|
|
•
|
higher sales of the
Edwards SAPIEN 3
valve, particularly in the United States, driven by strong therapy adoption; and
|
•
|
higher sales of the
Edwards SAPIEN 3 Ultra System
following its regulatory approval in Europe (November 2018) and the United States (December 2018);
|
•
|
foreign currency exchange rate fluctuations, which decreased net sales for the
three months ended March 31, 2019
by
$14.7 million
, due primarily to the weakening of the Euro against the United States dollar.
|
•
|
increased sales of aortic tissue valves in the United States and Japan, primarily the
INSPIRIS RESILIA
aortic valve;
|
•
|
sales return reserves in the United States in 2018 related to our conversion to a consignment inventory model; and
|
•
|
foreign currency exchange rate fluctuations, which decreased net sales for the
three months ended March 31, 2019
by
$6.8 million
, due primarily to the weakening of the Euro against the United States dollar.
|
•
|
a 1.8 percentage point increase due to the impact of foreign currency exchange rate fluctuations, including the settlement of foreign currency hedging contracts;
|
•
|
a 0.4 percentage point increase due to an improved product mix, primarily in the United States, driven by TAVR products; and
|
•
|
the prior year impact of converting to a consignment inventory model for surgical valves;
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Foreign exchange gains, net
|
$
|
(2.0
|
)
|
|
$
|
(4.2
|
)
|
Loss on investments
|
0.1
|
|
|
0.9
|
|
||
Other
|
0.1
|
|
|
0.2
|
|
||
Other income, net
|
$
|
(1.8
|
)
|
|
$
|
(3.1
|
)
|
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)
|
|
||||||
January 1, 2019 through January 31, 2019
|
|
34,482
|
|
|
$
|
143.73
|
|
|
34,482
|
|
|
$
|
489.6
|
|
|
||
February 1, 2019 through February 28, 2019
|
|
4,270
|
|
|
177.13
|
|
|
—
|
|
|
489.6
|
|
|
||||
March 1, 2019 through March 31, 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
489.6
|
|
|
||||
Total
|
|
38,752
|
|
|
147.41
|
|
|
34,482
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 November 15, 2017, 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 $1.0 billion of our common stock.
|
|
|
EDWARDS LIFESCIENCES CORPORATION
|
|
|
|
(Registrant)
|
|
Date:
|
April 26, 2019
|
By:
|
/s/ SCOTT B. ULLEM
|
|
|
|
Scott B. Ullem
Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
April 26, 2019
|
By:
|
/s/ ROBERT W.A. SELLERS
|
|
|
|
Robert W.A. Sellers
Corporate Controller
(Principal Accounting Officer)
|
Exhibit No.
|
|
Description
|
|
|
* 10.1
|
|
|
||
31.1
|
|
|
||
31.2
|
|
|
||
32
|
|
|
||
101
|
|
|
The following financial statements from Edwards Lifesciences' Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, 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
|
By:
|
/s/ Christine Z. McCauley
|
|
Christine Z. McCauley
|
Its:
|
Chairperson
|
Date:
|
April 26, 2019
|
By:
|
/s/ MICHAEL A. MUSSALLEM
|
|
|
|
Michael A. Mussallem
Chairman of the Board and
Chief Executive Officer
|
Date:
|
April 26, 2019
|
By:
|
/s/ SCOTT B. ULLEM
|
|
|
|
Scott B. Ullem
Chief Financial Officer
|
April 26, 2019
|
/s/ MICHAEL A. MUSSALLEM
|
|
Michael A. Mussallem
Chairman of the Board and
Chief Executive Officer
|
April 26, 2019
|
/s/ SCOTT B. ULLEM
|
|
Scott B. Ullem
Chief Financial Officer
|