Edwards Lifesciences Corp
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
EW$104.01-0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $1,399.4 | $1,521.9 | $1,503.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 144.9 | 139.6 | 134.8 |
| Non-cash operating lease cost | 28.2 | 27.2 | 28.5 |
| Stock-based compensation (Notes 2 and 15) | 139.4 | 126.8 | 109.3 |
| Impairment charges (Note 4) | — | 55.1 | 4.0 |
| Change in fair value of contingent consideration liabilities (Note 12) | (26.2) | (35.8) | (124.1) |
| Loss (gain) on investments, net | 0.1 | 51.5 | (36.8) |
| Deferred income taxes | (272.1) | (254.5) | (41.4) |
| Other | 8.4 | 7.8 | 9.4 |
| Changes in operating assets and liabilities: | |||
| Accounts and other receivables, net | (141.2) | (84.1) | (91.1) |
| Inventories | (289.0) | (213.4) | 19.0 |
| Prepaid expenses and other current assets | (81.8) | 0.1 | 7.9 |
| Accounts payable and accrued liabilities | 146.0 | (21.4) | 195.2 |
| Intellectual property agreement accrual | (33.0) | (45.0) | (29.2) |
| Income taxes | (5.8) | (5.6) | 62.0 |
| Long-term prepaid royalties (Note 3) | (109.9) | — | — |
| Other | (11.6) | (52.0) | (18.5) |
| Net cash provided by operating activities | 895.8 | 1,218.2 | 1,732.1 |
| Cash flows from investing activities | |||
| Capital expenditures | (253.0) | (244.6) | (325.8) |
| Purchases of held-to-maturity investments (Note 7) | (66.4) | (353.5) | (250.0) |
| Proceeds from sales and maturities of held-to-maturity investments (Note 7) | 97.9 | 419.5 | 138.0 |
| Purchases of available-for-sale investments (Note 7) | (9.1) | (315.8) | (1,629.3) |
| Proceeds from sales and maturities of available-for-sale investments (Note 7) | 617.9 | 939.6 | 391.2 |
| Business combination, net of cash (Note 9) | (95.2) | — | — |
| Payments for acquisition options (Note 8) | (30.0) | (109.6) | (13.1) |
| Issuances of notes receivable | (62.5) | (52.3) | (5.1) |
| Collections of notes receivable | — | 18.0 | 20.0 |
| Investments in intangible assets | (13.3) | (20.2) | (4.0) |
| Other | (12.5) | (28.8) | (44.4) |
| Net cash provided by (used in) investing activities | 173.8 | 252.3 | (1,722.5) |
| Cash flows from financing activities | |||
| Proceeds from issuance of debt | — | — | 5.2 |
| Payments on debt and finance lease obligations | (0.3) | (0.2) | (7.0) |
| Purchases of treasury stock | (879.6) | (1,727.1) | (512.8) |
| Proceeds from stock plans | 169.9 | 146.4 | 158.6 |
| Other | (1.0) | (3.6) | (0.3) |
| Net cash used in financing activities | (711.0) | (1,584.5) | (356.3) |
| Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash | 16.8 | 19.2 | 13.9 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 375.4 | (94.8) | (332.8) |
| Cash, cash equivalents, and restricted cash at beginning of year | 772.6 | 867.4 | 1,200.2 |
| Cash, cash equivalents, and restricted cash at end of year (Note 5) | $1,148.0 | $772.6 | $867.4 |
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