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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On June 3, 2024, the Company entered into a definitive agreement to sell Critical Care to BD. In addition, as a next step in the Company's disposal plan to exit businesses that are not focused on implantable medical innovations for structural heart disease, the Company has committed to a plan to sell a non-core product group, with the sale expected to occur in 2025.

Critical Care and the aforementioned non-core product group (collectively, the "discontinued product groups") were historically reported in each of the Company's segments (United States, Europe, Japan, and Rest of World).

The Company concluded that Critical Care met the criteria to be classified as held-for-sale in June 2024 and that the non-core product group met the criteria to be classified as held-for-sale in September 2024. The Company determined that, when considered together, the conditions for discontinued operations presentation had been met with respect to the discontinued product groups. A component of an entity is reported in discontinued operations after meeting the criteria for held-for-sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. The Company analyzed the quantitative and qualitative factors relevant to the discontinued product groups, including their significance to the Company’s overall net income and total assets, and determined that those conditions for discontinued operations presentation had been met. As such, the historical financial condition and results of the discontinued product groups have been reflected as discontinued operations in the Company's Consolidated Financial Statements. The assets and liabilities associated with discontinued product groups are classified as assets and liabilities of discontinued operations in the Company's consolidated balance sheets. Prior period amounts have been adjusted to reflect the discontinued operations presentation.
On September 3, 2024, Critical Care was sold for $4.2 billion, which is subject to a further working capital adjustment, resulting in a gain of $3.3 billion (included in Income from Discontinued Operations, net of tax).

In connection with the sale of Critical Care, the Company entered into a transition services agreement ("TSA") to provide certain support services for up to 36 months from the closing date of the sale (with certain extension rights as provided therein). These support services may be in the areas of accounting, information technology, human resources, quality assurance, regulatory affairs, customer support, and global supply chain, among others. In connection with the TSA, the Company recognized an unfavorable contract liability of $115.1 million that will be recognized over the TSA term. As of December 31, 2024, the remaining unfavorable contract liability was $88.8 million, included in Accrued and Other Liabilities and Other Liabilities.

In addition, Edwards and BD entered into other agreements to provide a framework for the ongoing activities between the Company and BD after the sale and until the end of the TSA including, but not limited to, interim operating model agreements to support the commercial operations until there has been a full transfer of all regulatory licenses to BD and completion of services under the TSA agreement, a manufacturing and supply agreement, and a quality agreement. Under these agreements, the Company will continue to provide certain services to BD during the term of these agreements including serving as an undisclosed selling and purchasing agent for the Critical Care business on behalf of BD for a period of up to 36 months.

As of December 31, 2024, the Company had a net receivable of approximately $28.8 million from BD related to the services under the agreements. The Company recorded income from the TSA of $30.3 million during the year ended December 31, 2024, which was recorded in Other Operating Income, net on the Company's consolidated statements of operations.

Details of Income from Discontinued Operations are as follows (in millions):

 Twelve Months Ended
December 31,
 202420232022
Net sales$730.7 $994.8 $918.4 
Cost of sales276.8 401.4 356.7 
Gross profit453.9 593.4 561.7 
Selling, general, and administrative expenses169.0 242.1 210.0 
Research and development expenses82.2 108.9 101.6 
Separation costs and other
221.8 17.2 — 
Operating (loss) income, net(19.1)225.2 250.1 
Other non-operating (income) expense, net(3,348.3)(0.5)2.2 
Income from discontinued operations before provision for income taxes3,329.2 225.7 247.9 
Provision for income taxes from discontinued operations555.5 46.3 50.0 
Net income from discontinued operations2,773.7 179.4 197.9 

Separation costs primarily related to consulting, legal, tax, and other professional advisory services associated with the sale of Critical Care.
Details of assets and liabilities of discontinued operations are as follows (in millions):

As of December 31,
 20242023
Cash and cash equivalents$9.6 $11.7 
Accounts receivable, net of allowances— 3.6 
Other receivables— 5.2 
Inventories15.1 264.7 
Prepaid expenses2.1 18.0 
Other current assets— 14.4 
Total current assets of discontinued operations$26.8 $317.6 
Property, plant, and equipment, net3.4 158.4 
Operating lease right-of-use assets — 9.6 
Goodwill 7.4 108.4 
Other intangible assets, net— 29.0 
Deferred income taxes— 5.2 
Other assets— 0.5 
Total non-current assets of discontinued operations$10.8 $311.1 
Accounts payable$— $14.8 
Accrued and other liabilities2.0 112.7 
Operating lease liabilities— 2.0 
Total current liabilities of discontinued operations$2.0 $129.5 
Operating lease liabilities — 7.8 
Uncertain tax positions— 4.3 
Other liabilities— 13.0 
Total non-current liabilities of discontinued operations$— $25.1 

Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following (in millions):

 Years Ended December 31,
 202420232022
Depreciation and amortization12.0 22.9 22.7 
Stock-based compensation16.8 14.6 13.1 
Inventory write off8.2 23.5 6.2 
Capital expenditures16.6 35.4 36.3