v3.24.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Stockholders Equity
The following tables present the changes in stockholders’ equity (in millions):
Three Months Ended June 30, 2024
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance354.7 $0.4 $8,903.0 $5,067.9 $(8.7)$13,962.6 $83.8 $14,046.4 
Issuance of common stock through employee stock plans0.6 — 71.5 — — 71.5 — 71.5 
Shares withheld related to net share settlement of equity awards— — (0.4)(13.1)— (13.5)— (13.5)
Share-based compensation expense related to employee stock plans— — 175.6 — — 175.6 — 175.6 
Net income attributable to Intuitive Surgical, Inc.— — — 526.9 — 526.9 — 526.9 
Other comprehensive income (loss)— — — — (14.8)(14.8)(0.2)(15.0)
Net income attributable to noncontrolling interest in joint venture— — — — — — 4.6 4.6 
Ending balance355.3 $0.4 $9,149.7 $5,581.7 $(23.5)$14,708.3 $88.2 $14,796.5 
Three Months Ended June 30, 2023
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
350.4 $0.4 $7,928.4 $3,397.4 $(108.5)$11,217.7 $76.5 $11,294.2 
Issuance of common stock through employee stock plans1.0 — 74.6 — — 74.6 — 74.6 
Shares withheld related to net share settlement of equity awards(0.1)— (0.4)(10.5)— (10.9)— (10.9)
Share-based compensation expense related to employee stock plans— — 148.2 — — 148.2 — 148.2 
Net income attributable to Intuitive Surgical, Inc.— — — 420.8 — 420.8 — 420.8 
Other comprehensive income (loss)— — — — 28.7 28.7 (1.1)27.6 
Net income attributable to noncontrolling interest in joint venture— — — — — — 5.2 5.2 
Ending balance
351.3 $0.4 $8,150.8 $3,807.7 $(79.8)$11,879.1 $80.6 $11,959.7 
Six Months Ended June 30, 2024
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
352.3 $0.4 $8,576.4 $4,743.0 $(12.2)$13,307.6 $89.7 $13,397.3 
Issuance of common stock through employee stock plans3.6 — 251.9 — — 251.9 — 251.9 
Shares withheld related to net share settlement of equity awards(0.6)— (7.0)(233.1)— (240.1)— (240.1)
Share-based compensation expense related to employee stock plans— — 328.4 — — 328.4 — 328.4 
Net income attributable to Intuitive Surgical, Inc.— — — 1,071.8 — 1,071.8 — 1,071.8 
Other comprehensive income (loss)— — — — (11.3)(11.3)(0.6)(11.9)
Cash dividends declared and paid by joint venture
— — — — — — (8.0)(8.0)
Net income attributable to noncontrolling interest in joint venture— — — — — — 7.1 7.1 
Ending balance
355.3 $0.4 $9,149.7 $5,581.7 $(23.5)$14,708.3 $88.2 $14,796.5 
Six Months Ended June 30, 2023
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Intuitive Surgical, Inc. Stockholders’ EquityNoncontrolling Interest in Joint VentureTotal Stockholders’ Equity
SharesAmount
Beginning balance
350.0 $0.4 $7,703.9 $3,500.1 $(162.5)$11,041.9 $70.7 $11,112.6 
Issuance of common stock through employee stock plans3.4 — 174.8 — — 174.8 — 174.8 
Shares withheld related to net share settlement of equity awards(0.6)— (6.3)(134.3)— (140.6)— (140.6)
Share-based compensation expense related to employee stock plans— — 294.2 — — 294.2 — 294.2 
Repurchase and retirement of common stock(1.5)— (15.8)(334.2)— (350.0)— (350.0)
Net income attributable to Intuitive Surgical, Inc.— — — 776.1 — 776.1 — 776.1 
Other comprehensive income (loss)— — — — 82.7 82.7 (0.8)81.9 
Net income attributable to noncontrolling interest in joint venture— — — — — — 10.7 10.7 
Ending balance
351.3 $0.4 $8,150.8 $3,807.7 $(79.8)$11,879.1 $80.6 $11,959.7 
Schedule of Share Repurchase Activities
The following table summarizes stock repurchase activities (in millions, except per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Shares repurchased— — — 1.5 
Average price per share$— $— $— $238.1 
Value of shares repurchased$— $— $— $350.0 
Components of Accumulated Other Comprehensive Income, Net of Tax
The components of accumulated other comprehensive loss, net of tax, attributable to Intuitive Surgical, Inc. are as follows (in millions):
 Three Months Ended June 30, 2024
 Gains on Hedge InstrumentsUnrealized Losses on Available-for-Sale SecuritiesForeign Currency Translation Gains (Losses)Employee Benefit PlansTotal
Beginning balance$3.1 $(33.9)$21.6 $0.5 $(8.7)
Other comprehensive income (loss) before reclassifications1.1 5.4 (25.1)— (18.6)
Amounts reclassified from accumulated other comprehensive income3.7 0.1 — — 3.8 
Net current-period other comprehensive income (loss)4.8 5.5 (25.1)— (14.8)
Ending balance$7.9 $(28.4)$(3.5)$0.5 $(23.5)
 Three Months Ended June 30, 2023
 Gains (Losses) on Hedge InstrumentsUnrealized Losses on Available-for-Sale SecuritiesForeign Currency Translation GainsEmployee Benefit PlansTotal
Beginning balance$(0.4)$(116.6)$7.3 $1.2 $(108.5)
Other comprehensive income before reclassifications6.9 13.1 9.6 — 29.6 
Amounts reclassified from accumulated other comprehensive income (loss)(0.9)— — — (0.9)
Net current-period other comprehensive income6.0 13.1 9.6 — 28.7 
Ending balance$5.6 $(103.5)$16.9 $1.2 $(79.8)
Six Months Ended June 30, 2024
Gains (Losses) on Hedge InstrumentsUnrealized Losses on Available-for-Sale SecuritiesForeign Currency Translation Gains (Losses)Employee Benefit PlansTotal
Beginning balance$(2.5)$(29.7)$19.4 $0.6 $(12.2)
Other comprehensive income (loss) before reclassifications5.2 1.1 (22.9)— (16.6)
Amounts reclassified from accumulated other comprehensive income (loss)5.2 0.2 — (0.1)5.3 
Net current-period other comprehensive income (loss)10.4 1.3 (22.9)(0.1)(11.3)
Ending balance$7.9 $(28.4)$(3.5)$0.5 $(23.5)
Six Months Ended June 30, 2023
Gains (Losses) on Hedge InstrumentsUnrealized Losses on Available-for-Sale SecuritiesForeign Currency Translation Gains (Losses)Employee Benefit PlansTotal
Beginning balance$(2.9)$(154.2)$(6.6)$1.2 $(162.5)
Other comprehensive income before reclassifications10.6 50.9 23.5 — 85.0 
Amounts reclassified from accumulated other comprehensive income (loss)(2.1)(0.2)— — (2.3)
Net current-period other comprehensive income8.5 50.7 23.5 — 82.7 
Ending balance$5.6 $(103.5)$16.9 $1.2 $(79.8)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The tax impacts for amounts recognized in other comprehensive income (loss) before reclassifications were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
Available-for-sale securities2024202320242023
Income tax benefit (expense) for net gains (losses) recorded in other comprehensive income (loss)
$(1.6)$(3.7)$(0.3)$(14.6)