Edwards Lifesciences Corp

Previous wording

We are the leading global structural heart disease innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. We conduct operations worldwide and are managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Our products are categorized into the following groups: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), and Surgical.

Current wording

We are the leading global structural heart disease innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. We conduct operations worldwide that are managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Our products are categorized into the following groups: Transcatheter Aortic Valve Replacement (“TAVR”), Transcatheter Mitral and Tricuspid Therapies (“TMTT”), and Surgical.

Previous wording

In February 2026, we acquired Autus Valve Technologies, Inc. (“Autus”) for total consideration of $128.9 million with contingent consideration of up to $132.5 million payable based on the achievement of certain regulatory and sales milestones. The results of Autus have been included in our condensed consolidated financial statements from the date of the acquisition.

Current wording

In February 2026, we acquired Autus Valve Technologies, Inc. (“Autus”) for total consideration of $128.9 million with contingent consideration of up to $132.5 million payable based on the achievement of certain regulatory and sales milestones.

Previous wording

Our net sales for the first three months of 2026 were $1.6 billion, representing an increase of $235.9 million compared to the first three months of 2025, driven primarily by sales of our TAVR and TMTT products.

Current wording

Our net sales for the first six months of 2026 were $3.4 billion, representing an increase of $444.7 million compared to the first six months of 2025, driven primarily by sales of our TAVR and TMTT products.

Previous wording

Our gross profit increased in the three months ended March 31, 2026, driven primarily by our sales growth. Gross profit as a percentage of sales decreased primarily due to the impact from foreign currency rate fluctuations and additional manufacturing expenses related to expansion of new therapies. The increase in our diluted earnings per share in the three months ended March 31, 2026, was driven by our aforementioned operational performance.

Current wording

Our gross profit increased in the six months ended June 30, 2026, driven primarily by our sales growth. Gross profit as a percentage of sales decreased primarily due to the impact from foreign currency rate fluctuations partially offset by lower manufacturing expenses. The decrease in our diluted earnings per share in the six months ended June 30, 2026, was driven by an increase in our tax expense partially offset by our aforementioned operational performance.

Previous wording

Net sales of TAVR products increased for the three months ended March 31, 2026, driven by higher sales of the Edwards SAPIEN platform in 2026, primarily due to higher sales of the Edwards SAPIEN 3 Ultra RESILIA valve in the United States, Europe, and Japan. In addition, during the three months ended March 31, 2026, foreign currency exchange rate fluctuations increased net sales outside of the United States by $32.0 million, primarily due to the strengthening of the Euro against the United States dollar.

Current wording

Net sales of TAVR products increased for the three and six months ended June 30, 2026, driven by higher sales of the Edwards SAPIEN platform in 2026, primarily due to higher sales of the Edwards SAPIEN 3 Ultra RESILIA valve in the United States, Europe, and Japan. In addition, during the three and six months ended June 30, 2026, foreign currency exchange rate fluctuations increased net sales outside of the United States by $8.4 million and $40.4 million, respectively, primarily due to the strengthening of the Euro against the United States dollar.

Previous wording

In January 2026, we received United States Food and Drug Administration approval for the SAPIEN 3 transcatheter pulmonic valve delivery system, an advancement designed specifically to support pediatric and adult patients living with congenital heart disease.

Current wording

In January 2026, we received United States Food and Drug Administration (“FDA”) approval for the SAPIEN 3 transcatheter pulmonic valve delivery system, an advancement designed specifically to support pediatric and adult patients living with congenital heart disease.

Previous wording

Net sales of TMTT products increased for the three months ended March 31, 2026, primarily due to higher sales of our PASCAL transcatheter edge-to-edge repair system and EVOQUE tricuspid valve replacement system in the United States and Europe.

Current wording

Net sales of TMTT products increased for the three and six months ended June 30, 2026, primarily due to higher sales of our PASCAL transcatheter edge-to-edge repair system, EVOQUE tricuspid valve replacement system, and SAPIEN M3 mitral valve replacement system in the United States and Europe.

Previous wording

Net sales of Surgical products increased for the three months ended March 31, 2026, primarily due to higher sales of the INSPIRIS RESILIA aortic valve, the MITRIS RESILIA valve, and KONECT RESILIA tissue valved conduit in the United States and Europe.

Current wording

Net sales of Surgical products increased for the three and six months ended June 30, 2026, primarily due to higher sales of the INSPIRIS RESILIA aortic valve, the MITRIS RESILIA valve, and KONECT RESILIA tissue valved conduit in the United States and Europe.

Previous wording

Our gross profit increased in the three months ended March 31, 2026, primarily driven by our sales growth discussed above. Gross profit as a percentage of net sales decreased for the three months ended March 31, 2026, primarily driven by a 0.3 percentage point negative impact from foreign currency rate fluctuations, including the settlement of foreign currency hedging contracts, and additional manufacturing expenses related to expansion of new therapies.

Current wording

Our gross profit increased in the three and six months ended June 30, 2026, primarily driven by our sales growth discussed above. The change in gross profit as a percentage of net sales for the three and six months ended June 30, 2026 was primarily driven by a 0.7 percentage point and 0.5 percentage point negative impact, respectively, from foreign currency rate fluctuations, including the settlement of foreign currency hedging contracts, partially offset by lower manufacturing expenses.

Previous wording

SG&A expenses increased for the three months ended March 31, 2026, primarily due to higher headcount related expenses to support patient care. Foreign currency exchange rate fluctuations increased expenses by $14.6 million during the three months ended March 31, 2026, primarily due to the weakening of United States dollar against the Euro.

Current wording

SG&A expenses increased for the three and six months ended June 30, 2026, primarily due to higher headcount related expenses and commercial activities to support patient care. Foreign currency exchange rate fluctuations increased expenses by $6.0 million and $20.6 million during the three and six months ended June 30, 2026, respectively, primarily due to the weakening of United States dollar against the Euro.

Previous wording

R&D expenses increased for the three months ended March 31, 2026, primarily due to increased investments in implantable heart failure management and advanced technology innovation.

Current wording

R&D expenses increased for the three and six months ended June 30, 2026, primarily due to increased investments in implantable heart failure management and advanced technology innovation.

Previous wording

We incurred certain litigation expenses related to legal proceedings, intellectual property litigation and tax litigation of $37.1 million and $10.9 million during the three months ended March 31, 2026 and 2025, respectively (see Note 12 to the Condensed Consolidated Financial Statements).

Current wording

We incurred certain litigation expenses related to legal proceedings, intellectual property litigation and tax litigation of $6.3 million and $15.5 million during the three months ended June 30, 2026 and 2025, respectively and $43.4 million and $26.4 million during the six months ended June 30, 2026 and 2025, respectively (see Note 12 to the Condensed Consolidated Financial Statements).

Previous wording

Other operating income of $14.2 million and $19.1 million in the three months ended March 31, 2026 and 2025, included income from transition services agreements of $13.2 million and $17.9 million, respectively (see Note 4 to the Condensed Consolidated Financial Statements).

Current wording

Other operating income of $11.0 million and $25.2 million in the three and six months ended June 30, 2026, included income from transition services agreements of $11.5 million and $24.7 million, respectively (see Note 4 to the Condensed Consolidated Financial Statements).

Previous wording

Interest income was $33.5 million and $36.5 million for the three months ended March 31, 2026 and 2025, respectively. The decrease in interest income was primarily due to a lower average investment balance and lower yield during the three months ended March 31, 2026.

Current wording

Interest income, net was $30.0 million and $63.5 million for the three and six months ended June 30, 2026, respectively, and $37.4 million and $73.9 million for the three and six months ended June 30, 2025, respectively. The decrease in interest income was primarily due to a lower average investment balance and lower yield during the three and six months ended June 30, 2026.

Previous wording

Loss on impairment of $123.6 million in the three months ended March 31, 2026 was due to the carrying amount of one of our VIE investments not being recoverable (see Note 6 to the Condensed Consolidated Financial Statements).

Current wording

Loss on impairment of $40.0 million and $163.6 million in the three and six months ended June 30, 2026, respectively, were due to the termination of the option agreement to acquire one of our VIE investments and the carrying amount of another VIE investment not being recoverable (see Note 6 to the Condensed Consolidated Financial Statements).

Previous wording

Other non-operating income, net

Current wording

Other non-operating (income) expense, net

Previous wording

Other non-operating income, net was $71.5 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively. The increase in other non-operating income was driven primarily by a gain from the remeasurement of our previously held interest upon acquisition of Autus (see Note 7 to the Condensed Consolidated Financial Statements).

Current wording

Other non-operating income, net was $16.6 million and $88.1 million for the three and six months ended June 30, 2026, respectively. The increase in other non-operating income was driven primarily by a gain from the remeasurement of our previously held interest upon acquisition of Autus and Consolidated VIE (see Note 7 to the Condensed Consolidated Financial Statements).

Previous wording

Our effective income tax rate attributable to continuing operations was 17.1% and 16.2% for the three months ended March 31, 2026 and 2025, respectively. The increase in the effective rate between the three months ended March 31, 2026 and 2025 was primarily due to a decrease in the benefit from foreign earnings taxed at a lower rate, an increase in global minimum tax (“Pillar Two,” as noted below), and a decrease in the tax benefit from employee share-based compensation. In addition, the effective rates for the three months ended March 31, 2026 and 2025 were lower than the federal statutory rate of 21.0% primarily due to (1) foreign earnings taxed at lower rates, (2) United States federal and California research and development credits, and (3) the tax benefit from foreign-derived deduction eligible income.

Current wording

Our effective income tax rate attributable to continuing operations was 53.6% and 16.1% for the three months ended June 30, 2026 and 2025, respectively and 36.4% and 16.1% for the six months ended June 30, 2026 and 2025, respectively. The increase in the effective rate between the six months ended June 30, 2026 and 2025 was primarily dueto (1) a $188.2 million valuation allowance recorded against certain deferred tax assets in the second quarter of 2026 as a result of enactment of California budget legislation on June 29, 2026, which, as noted below, permanently limits the utilization of most business tax credits, including carryovers of research and development tax credits, (2) a decrease in the benefit from foreign earnings taxed at lower rates, and (3) an increase in global minimum tax ("Pillar Two," as noted below), partially offset by (4) an increase in the tax benefit from employee share-based compensation. As a result, the effective tax rate for the six months ended June 30, 2026 was higher than the federal statutory rate of 21.0%. For the six months ended June 30, 2025, the effective tax rate was lower than the federal statutory rate of 21.0% primarily due to (1) foreign earnings taxed at lower rates, (2) United States federal and California research and development credits, and (3) the tax benefit from foreign-derived deduction eligible income.

Previous wording

Many countries are implementing some or all of the Organisation for Economic Co-operation and Development’s (“OECD”) Base Erosion and Profit Shifting Pillar Two (“Pillar Two”) rules that impose a global minimum tax of 15.0% on reported profits. Although Pillar Two provides a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two. In January 2026, the OECD released its Side-by-Side Safe Harbour package, intended to reduce double taxation and compliance burdens by deeming Pillar Two top-up tax to be zero under the Income Inclusion Rule (“IIR”) and Undertaxed Profits Rule (“UTPR”) for groups headquartered in the United States while preserving application of local Qualified Domestic Minimum Top-up Taxes (“QDMTT”). As countries continue to enact and refine the Pillar Two rules, including jurisdictional enactment of the Side-by-Side Safe Harbour through the course of 2026, we will evaluate the potential effects of Pillar Two on our effective tax rate. In 2026, we expect the Pillar Two provisions to result in additional tax expense of approximately $70.0 million prior to offsets under current law. As countries enact the Side-by-Side Safe Harbour, the Pillar Two UTPR tax expense will be reduced accordingly.

Current wording

Many countries are implementing some or all of the Organisation for Economic Co-operation and Development’s (“OECD”) Base Erosion and Profit Shifting Pillar Two (“Pillar Two”) rules that impose a global minimum tax of 15.0% on reported profits. Although Pillar Two provides a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two. In January 2026, the OECD released its Side-by-Side Safe Harbour package, intended to reduce double taxation and compliance burdens by deeming Pillar Two top-up tax to be zero under the Income Inclusion Rule (“IIR”) and Undertaxed Profits Rule (“UTPR”) for groups headquartered in the United States while preserving application of local Qualified Domestic Minimum Top-up Taxes (“QDMTT”). As countries continue to enact and refine the Pillar Two rules, including jurisdictional enactment of the Side-by-Side Safe Harbour through the course of 2026, we will evaluate the potential effects of Pillar Two on our effective tax rate. In 2026, we expect the Pillar Two provisions to result in additional tax expense of approximately $50.0 million prior to offsets under current law. As countries enact the Side-by-Side Safe Harbour, the Pillar Two UTPR tax expense will be reduced accordingly.

Previous wording

In the first quarter of 2022, we executed an Advance Pricing Agreement (“APA”) between Japan and Switzerland covering distribution transactions for tax years 2020 through 2024, and in 2023, we executed an APA between Japan and the United States covering tax years 2020 through 2024. We also executed an APA in the fourth quarter of 2024 between Japan and Singapore covering tax years 2022 through 2026 with roll-back terms to cover the distribution of TAVR products beginning in 2020 and the distribution of Surgical products beginning in 2018.

Current wording

We executed an Advanced Pricing Agreement in the fourth quarter of 2024 between Japan and Singapore covering tax years 2022 through 2026, with rollback provisions covering the distribution of TAVR products beginning in 2020 and Surgical products beginning in 2018.

Previous wording

During 2021, we received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015 through 2017 tax years relating to transfer pricing involving Surgical/TAVR intercompany royalty transactions between our United States and Switzerland subsidiaries. The NOPA proposed a substantial increase to our United States taxable income, which could result in additional tax expense for the 2015 through 2017 period of approximately $260.0 million and reflects a departure from a transfer pricing method we had previously agreed upon with the IRS. We disagreed with the NOPA and pursued an administrative appeal with the IRS Independent Office of Appeals (“Appeals”). The Appeals process culminated in the third quarter of 2023 when we and Appeals concluded that a satisfactory resolution of the matter at the administrative level was not possible.

Current wording

During 2021, we received a Notice of Proposed Adjustment (“NOPA”) from the IRS for the 2015 through 2017 tax years relating to transfer pricing involving Surgical/TAVR intercompany royalty transactions between our United States and Switzerland subsidiaries. The NOPA proposed a substantial increase to our United States taxable income, which could result in additional tax expense for the 2015 through 2017 period of approximately $265.0 million and reflects a departure from a transfer pricing method we had previously agreed upon with the IRS. We disagreed with the NOPA and pursued an administrative appeal with the IRS Independent Office of Appeals (“Appeals”). The Appeals process culminated in the third quarter of 2023 when we and Appeals concluded that a satisfactory resolution of the matter at the administrative level was not possible.

Previous wording

After the first quarter of 2026, we received two draft Notices of Proposed Adjustment (the “Draft NOPAs”) from the IRS for the 2018 through 2020 tax years. The first of the Draft NOPAs relates to certain tax elections made in 2018 and proposes an increase to our U.S. taxable income in the amount of approximately $233.5 million for 2018. The second of the Draft NOPAs relates to the transfer pricing of certain intercompany royalty transactions related to our Surgical and TAVR product groups and proposes increases to our U.S. taxable income for 2018, 2019, and 2020 in the amounts of $625.3 million, $530.7 million, and $683.6 million, respectively. The proposed increases in the second of the Draft NOPAs will reduce the adjustment in the first of the Draft NOPAs as the two adjustments relate to overlapping income. We are evaluating the Draft NOPAs and intend to engage with the IRS examination function regarding the factual and legal matters described therein. If we and the IRS examination function are unable to agree on a resolution, then we expect to receive final NOPAs by end of the second quarter of 2026 and the related Revenue Agent’s Report by end of the third quarter of 2026. If we receive a Revenue Agent’s Report, we intend to pursue available remedies, including administrative appeals and litigation, which could extend over several years. We believe that the amounts previously accrued related to these uncertain tax positions are adequate and, accordingly, no additional amounts have been recorded.

Current wording

During the second quarter of 2026, we received two draft Notices of Proposed Adjustment that were issued as final (the “Final NOPAs”) prior to the end of the second quarter. The first of the Final NOPAs relates to certain tax elections made in 2018 and proposes an increase to our U.S. taxable income in the amount of approximately $233.5 million for 2018. The second of the Final NOPAs relates to the transfer pricing of certain intercompany license transactions related to our Surgical and TAVR product groups and proposes increases to our U.S. taxable income for 2018, 2019, and 2020 in the amounts of $625.3 million, $530.7 million, and $683.6 million, respectively. We and the IRS examination function (“Exam”) continue to engage in discussions and have adjusted the audit timeline to accommodate a potential resolution. If we do not reach a resolution with Exam, we expect the IRS to issue another NOPA in the third quarter of 2026 imposing 40% transfer pricing penalties on the tax underpayments attributable to the increased taxable income resulting from the IRS’s proposed transfer pricing adjustments received in the second quarter of 2026. We also anticipate receiving the related Revenue Agent’s Report by the end of the third quarter of 2026. With respect to any unagreed issues, we intend to pursue all available remedies, including administrative appeals and litigation, which could extend over several years. We believe that the amounts previously accrued related to these uncertain tax positions are adequate and, accordingly, no additional amounts have been recorded. However, an adverse outcome could have a material adverse impact to our consolidated financial statements in the period of resolution.

Previous wording

During the first quarter of 2024, we received a notice of assessment from the Israel Tax Authority (the “ITA”) wherein the ITA claimed that we owe approximately $110.0 million of tax excluding interest and penalties in connection with a claimed 2017 transfer of intellectual property. On July 31, 2025, the ITA formally informed us that it was withdrawing its 2017 assessment but reserves the right to evaluate whether intellectual property was transferred in later years. We maintain that we did not transfer intellectual property outside of Israel and would vigorously defend that position through administrative proceedings including with appeals if the issue is raised in later years. If necessary, we expect to defend that position through judicial proceedings. During the fourth quarter of 2024, we received a notice of assessment from the ITA claiming that we owe additional tax of approximately $16.0 million excluding interest and penalties for the 2018 through 2022 tax years based entirely on the collateral impacts of the 2017 assessment. We filed a formal appeal in the first quarter of 2025. In the third quarter of 2025, the ITA agreed that intellectual property was not transferred in 2017 and withdrew its assessment. In the first quarter of 2026, we were notified that the ITA had withdrawn its assessment for the 2018 and 2019 taxable years. For taxable years 2020-2022, the ITA has until the expiration of each year’s respective statute of limitations to respond to our appeal. If the 2020 through 2022 assessments are not withdrawn, we will defend our position through judicial proceedings.

Current wording

During the first quarter of 2024, we received a notice of assessment from the Israel Tax Authority (the “ITA”) wherein the ITA claimed that we owe approximately $110.0 million of tax excluding interest and penalties in connection with a claimed 2017 transfer of intellectual property. On July 31, 2025, the ITA formally informed us that it was withdrawing its 2017 assessment but reserves the right to evaluate whether intellectual property was transferred in later years. We maintain that we did not transfer intellectual property outside of Israel and would vigorously defend that position through administrative proceedings including with appeals if the issue is raised in later years. If necessary, we expect to defend that position through judicial proceedings. During the fourth quarter of 2024, we received a notice of assessment from the ITA claiming that we owe additional tax of approximately $16.0 million excluding interest and penalties for the 2018 through 2022 tax years based entirely on the collateral impacts of the 2017 assessment. We filed a formal appeal in the first quarter of 2025. In the third quarter of 2025, the ITA agreed that intellectual property was not transferred in 2017 and withdrew its assessment. In the first quarter of 2026, we were notified that the ITA had withdrawn its assessment for the 2018 and 2019 taxable years. For taxable years 2020 through 2022, the ITA has until the expiration of each year’s respective statute of limitations to respond to our appeal. If the 2020 through 2022 assessments are not withdrawn, we will defend our position through judicial proceedings.

Previous wording

As of March 31, 2026, cash and cash equivalents, and short-term investments held in the United States and outside of the United States were $3.2 billion and $436.7 million, respectively.

Current wording

As of June 30, 2026, cash and cash equivalents, and short-term investments held in the United States and outside of the United States were $3.7 billion and $540.5 million, respectively.

Previous wording

In June 2018, we issued $600.0 million of 4.3% fixed-rate unsecured senior notes (the “2018 Notes”) due June 15, 2028. We may redeem the 2018 Notes, in whole or in part, at any time and from time to time at specified redemption prices. As of March 31, 2026, we have not elected to redeem any of the 2018 Notes. As of March 31, 2026, the carrying value of the 2018 Notes was $598.5 million.

Current wording

In June 2018, we issued $600.0 million of 4.3% fixed-rate unsecured senior notes (the “2018 Notes”) due June 15, 2028. We may redeem the 2018 Notes, in whole or in part, at any time and from time to time at specified redemption prices. As of June 30, 2026, we have not elected to redeem any of the 2018 Notes. As of June 30, 2026, the carrying value of the 2018 Notes was $598.7 million.

Previous wording

From time to time, we repurchase shares of our common stock under share repurchase programs authorized by the Board of Directors. We consider several factors in determining when to execute share repurchases, including, among other things, expected dilution from stock plans, cash capacity, and the market price of our common stock. During the three months ended March 31, 2026, under the Board-authorized repurchase program, we repurchased a total of 4.9 million shares at an aggregate cost of $520.1 million, including pursuant to a $500.0 million accelerated share repurchase agreements executed during the period (see Note 11 to the Condensed Consolidated Financial Statements). As of March 31, 2026, we had remaining authority to purchase $1.5 billion of our common stock under the share repurchase program.

Current wording

From time to time, we repurchase shares of our common stock under share repurchase programs authorized by the Board of Directors. We consider several factors in determining when to execute share repurchases, including, among other things, expected dilution from stock plans, cash capacity, and the market price of our common stock. During the six months ended June 30, 2026, under the Board-authorized repurchase program, we repurchased a total of 6.9 million shares at an aggregate cost of $558.7 million, including pursuant to a $500.0 million accelerated share repurchase agreements executed during the period (see Note 11 to the Condensed Consolidated Financial Statements). As of June 30, 2026, we had remaining authority to purchase approximately $1.5 billion of our common stock under the share repurchase program.

Previous wording

Consolidated Cash Flows - For the three months ended March 31, 2026 and 2025:

Current wording

Consolidated Cash Flows—For the six months ended June 30, 2026 and 2025:

Previous wording

Net cash flows provided byoperating activities of $43.8 million for the three months ended March 31, 2026, decreased $236.6 million over the same period last year primarily due to higher working capital needs, partially offset by improved operating performance.

Current wording

Net cash flows provided byoperating activities of $695.7 million for the six months ended June 30, 2026, increased $125.1 million over the same period last year primarily due to lower tax payments during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, which primarily included $160.0 million of local tax payments associated with the sale of Critical Care and higher tax payments related to the U.S. repatriation tax and federal and state estimated taxes, partially offset by higher working capital needs.

Previous wording

Net cash used ininvesting activities of $92.8 million for the three months ended March 31, 2026, consisted primarily of capital expenditures of $64.9 million, issuance of notes receivables of $55.2 million, and a payment of $35.1 million to acquire a company, partially offset by net proceeds from investments of $62.7 million.

Current wording

Net cash used ininvesting activities of $286.0 million for the six months ended June 30, 2026, consisted primarily of capital expenditures of $131.8 million, issuance of notes receivable of $53.2 million, and net payments of $33.7 million related to business combinations, partially offset by net purchases of investments of $63.0 million.

Previous wording

Net cash provided by investing activities of $85.3 million for the three months ended March 31, 2025, consisted primarily of net proceeds from investments of $198.4 million, partially offset by capital expenditures of $56.0 million and a payment for a net working capital adjustment of $36.3 million related to the sale of Critical Care.

Current wording

Net cash used in investing activities of $86.8 million for the six months ended June 30, 2025, consisted primarily of capital expenditures of $105.3 million, issuance of notes receivable of $70.6 million, a payment for a net working capital adjustment of $36.3 million related to the sale of Critical Care, and payment of acquisition options of $17.0 million, partially offset by net proceeds from investments of $145.8 million.

Previous wording

Net cash used infinancing activities of $451.2 million for the three months ended March 31, 2026, consisted primarily of purchases of treasury stock of $521.8 million, partially offset by proceeds from stock plans of $68.9 million.

Current wording

Net cash used infinancing activities of $451.5 million for the six months ended June 30, 2026, consisted primarily of purchases of treasury stock of $575.1 million, partially offset by proceeds from stock plans of $122.7 million.

Previous wording

Net cash used in financing activities of $258.0 million for the three months ended March 31, 2025, consisted primarily of purchases of treasury stock of $308.6 million, partially offset by proceeds from stock plans of $49.9 million.

Current wording

Net cash used in financing activities of $205.3 million for the six months ended June 30, 2025, consisted primarily of purchases of treasury stock of $314.1 million, partially offset by proceeds from stock plans of $107.1 million.