UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(Mark One)

ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to                   

Commission file number 1-15525

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Edwards Lifesciences Corporation

One Edwards Way

Irvine, California 92614

(949) 250-2500

Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

Index to Financial Statements and Supplemental Schedule

	Page
Report of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2022 and 2021	2
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2022 and 2021	3
Notes to Financial Statements	4
Supplementary Information
Schedule H, Line 4a - Schedule of Delinquent Participant Contributions	10
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	11
Signature	12
Exhibits:
23—Consent of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Administrative and Investment Committee and Plan Participants

Edwards Lifesciences Corporation 401(k) Savings and Investment Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Edwards Lifesciences Corporation 401(k) Savings and Investment Plan (the “Plan”) as of December 31, 2022 and 2021, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB), and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws, and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Opinion on the Supplementary Information

The supplementary information included in Schedule H, Line 4(a) – Schedule of Delinquent Participant Contributions for the year ended December 31, 2022 and the Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2022, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementary information are the responsibility of the Plan's management. Our audit procedures included determining whether the supplementary information reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplementary information. In forming our opinion on the supplementary information in the accompanying schedule, we evaluated whether the supplementary information, including its form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under Employee Retirement Income Security Act. In our opinion, the supplementary information in the accompanying schedule are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Moss Adams LLP

San Francisco, California

June 15, 2023

We have served as the Plan's auditor since 2018.

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Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

Statements of Net Assets Available for Benefits

	December 31,
	2022		2021
Investments in Master Trust	$	1,406,038,761	$	1,811,987,114
Notes receivable from participants	14,522,431		12,943,063
Dividends and interest receivable	6,111		5,965
Contributions receivable	2,481,750		2,148,880
NET ASSETS AVAILABLE FOR BENEFITS	$	1,423,049,053	$	1,827,085,022

The accompanying notes are an integral part of these financial statements.

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Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

Statements of Changes in Net Assets Available for Benefits

	Years Ended December 31,
	2022		2021
Additions to (losses in) net assets attributed to:
Net investment (loss) income from Master Trust (Note 2)	$	(473,425,725)	$	341,139,731
Interest income on notes receivable from participants	653,353		637,166
Contributions:
Participant contributions	75,391,905		65,940,885
Company contributions, net of forfeitures	43,290,303		35,550,537
Rollover contributions	15,993,405		17,989,945
Total contributions	134,675,613		119,481,367
Total (losses) additions	(338,096,759)		461,258,264
Deductions from net assets attributed to:
Benefits paid to participants	64,863,038		92,336,005
Administrative expenses	1,076,172		1,060,082
Total deductions	65,939,210		93,396,087
Net (decrease) increase in net assets available for benefits prior to transfers	(404,035,969)		367,862,177
Transfers of assets out of Plan (Note 1)	—		(3,232,840)
Net assets available for benefits:
Beginning of year	1,827,085,022		1,462,455,685
End of year	$	1,423,049,053	$	1,827,085,022

The accompanying notes are an integral part of these financial statements.

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Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

Notes to Financial Statements

1. Description of the Plan

The following description of the Edwards Lifesciences Corporation 401(k) Savings and Investment Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General

The Plan is a defined contribution retirement plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Participation in the Plan is available to employees of Edwards Lifesciences Corporation (the “Company” or "Edwards") who have met certain eligibility requirements, as described below.

Eligibility

All regular, nonunion employees receiving United States sourced compensation are eligible to participate in the Plan on the thirty-first day after an employee is credited with an hour of service, unless the employee is otherwise not eligible for participation under the Plan.

Plan Administration

The Plan is administered by the Administrative and Investment Committee for the Edwards Lifesciences Corporation Employee Benefit Plans (the “Committee”). The Committee has authority, responsibility, and control over the management of the assets of the Plan. Members of the Committee are appointed by the Board of Directors of the Company and are employees of the Company. Voya Institutional Trust Company (“Trustee”) serves as trustee and custodian of the Plan’s assets, and Voya Institutional Plan Services, LLC provides record keeping services for the Plan.

Contributions

The Plan allows tax deferred contributions intended to qualify under Section 401(k) of the Internal Revenue Code (“IRC”). Eligible participants may make pre-tax and/or Roth contributions up to 25% of their eligible annual compensation within certain limitations. The Company matches the first 4% of the participant’s annual eligible compensation contributed to the Plan on a dollar-for-dollar basis, and the next 2% of the participant’s annual eligible compensation to the Plan on a 50% basis.

In addition, if a participant is age 50 or older, the participant is allowed to make additional catch-up contributions within certain IRC limitations. Certain employees are also eligible for transitional contributions related to the Company’s spin-off from Baxter International, as described more fully in the Plan document.

The Plan has an automatic enrollment feature whereby eligible employees are automatically enrolled in the Plan at a pre-tax contribution rate of 3% of eligible pay. Participant contribution rates are automatically increased by 1% each year thereafter until they reach 6% of eligible pay. Employees may opt out of the automatic enrollment, stop contributions, or modify their contribution rate at any time.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s matching contributions, and the allocation of the participant’s share of the Plan’s net earnings and losses, net of certain investment management fees and administrative expenses. Allocations are based on participant account balances, as defined.

Vesting

Participants are immediately fully vested in their Plan accounts (other than their Company matching contributions) plus actual earnings thereon. Vesting in a participant’s Company matching contributions plus actual earnings thereon is based on years of continuous service. Participants are vested 100% in Company matching contributions after three years of credited service (100% after five years of credited service prior to January 1, 2022). Upon termination of service due to death, disability, or attainment of normal retirement age, a participant shall become fully vested.

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Notes Receivable from Participants

Participants may borrow an amount ranging from a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balances. The notes bear interest based on the applicable prime rate at the time of issuance plus 1%, and have a maximum term of five years (or ten years if used to acquire a home). The loans are collateralized by the participants’ vested interest in their accounts and any additional collateral as the Committee may require. Principal and interest are generally paid ratably through payroll deductions.

Payment of Benefits

Upon termination of service or otherwise becoming eligible to receive benefits, a participant may elect to (1) receive a lump-sum amount equal to the value of the participant’s vested account, (2) receive periodic installments, or (3) transfer the balance in the participant’s vested account to another qualified plan. Vested accounts of $1,000 or less will be automatically paid in a lump-sum amount. Vested accounts between $1,000 and $5,000 will be automatically distributed into an individual retirement account designated by the Committee if the participant does not elect within 90 days to (1) have such distribution paid directly to an eligible retirement plan specified by the participant or (2) receive the distribution directly in accordance with the Plan.

A participant may make withdrawals from the participant’s vested accounts (except as provided in the Plan document) if the participant is over age 59 ½, is fully vested, and has completed five years of Plan participation. Withdrawals may also be made for financial hardship, which is determined pursuant to the provisions of the IRC.

Administrative Expenses

Substantially all costs and expenses incurred in the administration of the Plan are paid from the assets of the Plan.

Forfeitures

A participant’s non-vested balance is forfeited at the time of termination of employment. Forfeitures may be used to offset future Company matching contributions. Forfeitures of $960,562 and $1,852,459 were used to offset Company matching contributions during 2022 and 2021, respectively. Forfeitures outstanding were $24,945 and $16,913 at December 31, 2022 and 2021, respectively.

Transfer of Plan Assets

In February 2021, Edwards divested its CardioCare business. In connection with this divestiture, during 2021 the Plan transferred total assets of $3,232,840 out of the Plan.

2. Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

Investment Valuation and Income Recognition

The Plan’s investment in the Master Trust (see Note 4) is recorded at the net asset value ("NAV") of the underlying investments within the Master Trust. The Master Trust’s assets are primarily invested in funds managed by the Trustee through a commingled employee benefit funds trust.  Units have been purchased in funds which invest primarily in securities of major U.S. companies, international equity securities in both developed and emerging markets, and government agency fixed income securities. These investments are stated at fair value.

Purchases and sales of securities are recorded by the Master Trust on a trade-date basis.  Realized gains and losses for security transactions are reported using the average cost method.  Net (depreciation) appreciation in the Master Trust includes realized gains and losses on the sale of investments, and unrealized appreciation or depreciation.  Interest and dividend income are recorded on an accrual basis, and dividends are recorded on the ex-dividend date.

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Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus accrued interest.  Delinquent participant loans are treated as distributions based upon the terms of the Plan document.

Payment of Benefits

Benefits to participants are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and related notes to the financial statements.  Changes in such estimates may affect amounts reported in future periods.

Risks and Uncertainties

The Plan provides for various investment options in any combination of investment securities.  Investment securities are exposed to various risks, such as interest rate, market, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits.

The Plan’s Stable Value Fund, a common collective trust fund, invests in a variety of investment contracts such as guaranteed investment contracts, bank investment contracts, and a wrapped portfolio of fixed income instruments. Certain events may limit the ability of the Plan to transact at contract value with the issuer. The Plan administrator does not believe that the occurrence of any such event is probable.

The global economy, including the financial and credit markets, has recently experienced extreme volatility and disruptions, including increases to inflation rates, rising interest rates, declines in consumer confidence, declines in economic growth, and uncertainty about economic stability. The severity and duration of the impact of these conditions on the Plan cannot be predicted.

3.      Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  The Company prioritizes the inputs used to determine fair values in one of the following three categories:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable, either directly or indirectly.

Level 3 – Unobservable inputs that are not corroborated by market data.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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The following table summarizes the Master Trust’s financial instruments which are measured at fair value on a recurring basis as of December 31, 2022 and 2021:

December 31, 2022

	Level 1		Level 2		Level 3		Total
Common stock	$	405,658,396	$	—	$	—	$	405,658,396
Mutual funds	430,592,297		—		—		430,592,297
Certificates of deposit	—		229,776		—		229,776
Subtotal	$	836,250,693	$	229,776	$	—	836,480,469
Cash and cash equivalents							4,710,646
Common/collective trust funds measured at NAV (a)							604,263,990
Total investments (b)							$	1,445,455,105

December 31, 2021

	Level 1		Level 2		Level 3		Total
Common stock	$	682,919,472	$	—	$	—	$	682,919,472
Mutual funds	505,763,250		—		—		505,763,250
Certificates of deposit	—		54,998		—		54,998
Subtotal	$	1,188,682,722	$	54,998	$	—	1,188,737,720
Cash and cash equivalents							7,702,179
Common/collective trust funds measured at NAV (a)							670,171,613
Total investments (b)							$	1,866,611,512

 _______________________________________

(a)     In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

(b)    The Plan's interests within the Master Trust (see Note 4) are leveled in the same manner as the Master Trust investment categories presented above.

Common stock and mutual fund investments are valued at fair value based on quoted market prices reported on the active markets on which the individual securities are traded, and are categorized as Level 1. 

Certificates of deposit are measured at amortized cost, which approximates fair value, and are categorized as Level 2.

Cash and cash equivalents consist of money market funds and monies on deposit for transactions pending settlement.

Common/collective trust funds and money market funds are valued using the NAV provided by the administrator of the fund.  The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.  As of December 31, 2022, there were no unfunded commitments related to common/collective trust funds or money market funds.  Investments in these funds can be redeemed by participants daily and, in general, do not have a redemption notification period.  However, the Plan may be required to provide a one-year redemption notice to fully or partially liquidate its share in the funds. It is not probable that investments in these funds would be sold at amounts that differ materially from the NAV of the units held.

During the years ended December 31, 2022 and 2021, there were no transfers in or out of Levels 1 or 2 of the fair value hierarchy.

4. Investments

The Master Trust, administered by Voya Institutional Trust Company, holds the assets of the Plan and the Edwards Lifesciences Technology SARL Retirement Savings Plan.

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The accompanying Statements of Net Assets Available for Benefits reflect the apportioned share of the underlying Plan assets and liabilities of the Trust.  Allocations of net income from the Trust are based on the Plan’s net assets at the beginning of the year with adjustments for contributions and benefit payments made during the year.

Summarized financial information for the Trust as of December 31, 2022 and 2021 is as follows:

	Master Trust				Plan's Interest in Master Trust Assets
	2022		2021		2022		2021
Net assets held by Master Trust:
Common stock funds	$	405,658,396	$	682,919,472	$	397,938,598	$	667,078,129
Mutual funds	430,592,297		505,763,250		410,331,633		480,792,082
Common/collective trusts	604,263,990		670,171,613		592,828,114		656,359,741
Certificates of deposit	229,776		54,998		229,776		54,998
Cash and cash equivalents	4,710,646		7,702,179		4,710,640		7,702,164
Net assets held by Master Trust	1,445,455,105		1,866,611,512		1,406,038,761		1,811,987,114
Plus:
Accrued interest and dividends	6,112		5,967		6,111		5,965
Total	$	1,445,461,217	$	1,866,617,479	$	1,406,044,872	$	1,811,993,079

Investment (loss) income from the Master Trust's investments for the years ended December 31, 2022 and 2021 is as follows:

	Years Ended December 31,
	2022		2021
Net (depreciation) appreciation in fair value	$	(509,832,903)	$	303,426,027
Dividend income	18,816,370		23,942,882
Interest income	6,691,731		22,270,863
Investment (loss) income from the Master Trust	$	(484,324,802)	$	349,639,772

5. Distribution Priorities upon Termination of the Plan

Although it has not expressed any intent to do so, the Company has the right under the Plan to reduce, suspend, or discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.  Upon termination of the Plan, the account balance of each participant will become 100% vested and all assets, net of expenses, will be distributed to the participants or the participants’ beneficiaries.

6. Tax Status of the Plan

The Company has received a favorable determination letter from the Internal Revenue Service (“IRS”) on the Plan’s federal income tax status.  Although the Plan has since been amended, the Plan Administrator believes the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and the related trust is tax exempt.

Accounting principles generally accepted in the United States require the Plan’s management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Department of Labor or IRS.  The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.  The Plan is subject to routine audits by taxing jurisdictions.

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7. Exempt Party-in-Interest Transactions

Parties-in-interest are defined under the Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, an employer whose employees are covered by the Plan, and certain others.  At December 31, 2022 and 2021, the Plan, through its investment in the Master Trust, held shares of common stock of the Company, as follows:

	2022			2021
Shares of Edwards Lifesciences stock held by Plan	4,941,490			4,840,277
Value of Edwards Lifesciences stock held by Plan	$	368,684,583		$	627,057,933
Plan’s investment in Edwards Lifesciences stock as percentage of total net assets available for benefits	25.9		%	34.3		%

Plan assets include loans to participants.  These transactions are allowable party-in-interest transactions under ERISA and the regulations promulgated thereunder.

8. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of amounts reported in the financial statements to amounts reported on Form 5500 as of and for the years ended December 31, 2022 and 2021:

	2022		2021
Statement of Net Assets Available for Benefits:
Net assets available for benefits per the financial statements	$	1,423,049,053	$	1,827,085,022
Deemed distributions	(545,165)		(478,877)
Participant withdrawals payable	—		(490,260)
Net assets available for benefits per Form 5500	$	1,422,503,888	$	1,826,115,885

	2022		2021
Statement of Changes in Net Assets Available for Benefits:
Net (decrease) increase in net assets available for benefits prior to transfers per the financial statements	$	(404,035,969)	$	367,862,177
Deemed distributions	(66,288)		(59,997)
Participant withdrawals payable	490,260		(405,094)
Net (loss) income per Form 5500	$	(403,611,997)	$	367,397,086

9. Delinquent Participant Contributions

Certain participant contributions and loan repayments totaling $33,997 related to the 2021 Plan tax year were not remitted to the Plan within the timeframe prescribed by the Department of Labor. This was due to an isolated administrative error and was deemed to be a prohibited transaction in accordance with ERISA and the Internal Revenue Code. The Company corrected the prohibited transaction during 2022, including depositing the lost earnings and, relying on Prohibited Transaction Exemption 2002-51, contributing the amount of the excise tax to the Plan.

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Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

EIN: 36-4316614, Plan #: 001

Schedule H – line 4a – Schedule of Delinquent Participant Contributions

As of December 31, 2022

Participant Contributions Transferred Late to Plan		Total that Constitute Nonexempt Prohibited Transactions
Check Here if Late Participant Loan Repayments are Included: ý		Contributions Not Corrected		Contributions Corrected Outside VFCP1		Contributions Pending Corrections in VFCP1		Total Fully Corrected Under VFCP1 and PTE2 2002-51
$	33,997	$	—	$	—	$	—	$	33,997

1 Voluntary Fiduciary Correction Program

2 Prohibited Transaction Exemption

10

Edwards Lifesciences Corporation

401(k) Savings and Investment Plan

EIN: 36-4316614, Plan #: 001

Schedule H – line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2022

(a)	(b) Identity of issue, borrower, lessor or similar party	(c) Description of investment including maturity date, rate of interest, collateral, par or maturity value	(d) Cost **	(e) Current value
*	Notes Receivable from Participants	Varying maturity dates with interest rates ranging from 4.25% to 8.0%	—	$	14,522,431

* Party-in-interest for which a statutory exemption exists.

** Cost information is not required for participant-directed investments and, therefore, has not been included in this schedule.

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SIGNATURE

The Plan.    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

	EDWARDS LIFESCIENCES CORPORATION 401(K) SAVINGS AND INVESTMENT PLAN
June 15, 2023	By:	/s/ CHRISTINE Z. MCCAULEY
		Christine Z. McCauley
		Member of the Administrative and Investment Committee for the Edwards Lifesciences Corporation Employee Benefit Plans

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EXHIBIT INDEX

Exhibit No.	Description
23	Consent of Independent Registered Public Accounting Firm