SEC Filings

10-K
INTUITIVE SURGICAL INC filed this Form 10-K on 02/02/2018
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Other Derivatives Not Designated as Hedging Instruments. Other derivatives not designated as hedging instruments consist primarily of forward contracts that the Company uses to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the USD, primarily the EUR, GBP, JPY, KRW, and CHF.
These derivative instruments are used to hedge against balance sheet foreign currency exposures. The related gains and losses were as follows (in millions):
 
Years Ended December 31,
 
2017
 
2016
 
2015
Recognized gains (losses) in interest and other income, net
$
(9.2
)
 
$
6.4

 
$
7.0

Foreign exchange gains (losses) related to balance sheet re-measurement
$
9.7

 
$
(5.6
)
 
$
(7.9
)
The notional amounts for derivative instruments provide one measure of the transaction volume. Total gross notional amounts (in USD) for derivatives and aggregate gross fair value outstanding at the end of each period were as follows (in millions):
 
Derivatives Designated as Hedging Instruments
 
Derivatives Not Designated as Hedging Instruments
 
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Notional amounts:
 
 
 
 
 
 
 
   Forward contracts
$
128.5

 
$
109.7

 
$
168.4

 
$
143.7

Gross fair value recorded in:
 
 
 
 
 
 
 
   Prepaid and other current assets
$
0.9

 
$
6.2

 
$
1.2

 
$
5.6

   Other accrued liabilities
$
2.9

 
$
1.0

 
$
4.6

 
$
0.6

NOTE 4.    BALANCE SHEET DETAILS AND OTHER FINANCIAL INFORMATION
The following table provides details of the inventories (in millions):
 
December 31,
 
2017

2016
Inventory:
 
 
 
Raw materials
$
80.9

 
$
54.8

Work-in-process
19.7

 
13.4

Finished goods
140.6

 
114.1

Total inventory
$
241.2

 
$
182.3

The following table provides details of the property, plant, and equipment, net (in millions):
 
December 31,
 
2017
 
2016
Property, plant, and equipment, net:
 
 
 
Land
$
174.8

 
$
131.7

Building and building/leasehold improvements
230.5

 
199.5

Machinery and equipment
224.8

 
217.7

Operating lease assets
66.1

 
34.7

Computer and office equipment
44.8

 
41.3

Capitalized software
135.6

 
114.2

Construction-in-process
83.5

 
41.2

Gross property, plant, and equipment
960.1

 
780.3

Less: Accumulated depreciation*
(347.0
)
 
(321.9
)
Total property, plant, and equipment, net
$
613.1

 
$
458.4

 
 
 
 
*Accumulated depreciation associated with operating lease assets
$
(13.8
)
 
$
(6.8
)

76

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