Document


			Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2021 and 2020			2
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2021 and 2020			3
Notes to Financial Statements			4
Supplemental Schedule			10
Signature			11
Exhibits:
23—Consent of Independent Registered Public Accounting Firm

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, 2021 and 2020, 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, 2021 and 2020, 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.

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.

The supplemental schedule included in Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles 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 supplemental schedule. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


	December 31,
	2021		2020
Investments in Master Trust	$	1,811,987,114	$	1,447,267,774
Notes receivable from participants	12,943,063		12,883,019
Dividends and interest receivable	5,965		6,128
Contributions receivable	2,148,880		2,298,764
NET ASSETS AVAILABLE FOR BENEFITS	$	1,827,085,022	$	1,462,455,685


	Years Ended December 31,
	2021		2020
Additions to net assets attributed to:
Net investment income from Master Trust (Note 2)	$	341,139,731	$	198,337,704
Interest income on notes receivable from participants	637,166		682,317
Contributions:
Participant contributions	65,940,885		61,014,034
Company contributions, net of forfeitures	35,550,537		35,191,408
Rollover contributions	17,989,945		10,910,189
Total contributions	119,481,367		107,115,631
Total additions	461,258,264		306,135,652
Deductions from net assets attributed to:
Benefits paid to participants	92,336,005		57,303,630
Administrative expenses	1,060,082		885,238
Total deductions	93,396,087		58,188,868
Net increase in net assets available for benefits prior to transfers	367,862,177		247,946,784
Transfers of assets out of Plan (Note 1)	(3,232,840)		—
Net assets available for benefits:
Beginning of year	1,462,455,685		1,214,508,901
End of year	$	1,827,085,022	$	1,462,455,685

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.

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.

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.

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.

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.

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.

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. A participant vests in Company matching contributions in annual increments of 20% and, therefore, is 100% vested after five years of credited service. Beginning January 1, 2022, a participant will become 100%

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.

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.

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 $1,852,459 and $1,622,342 were used to offset Company matching contributions during 2021 and 2020, respectively. Forfeitures outstanding were $16,913 and $7,365 at December 31, 2021 and 2020, respectively.

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 appreciation in the Master Trust includes realized gains

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.

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 COVID-19 pandemic has led to significant volatility in the financial markets. The full extent to which the pandemic will directly or indirectly impact the financial markets will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak (including new and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, and the associated impact on economic and operating conditions.

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:

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.


	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


	Level 1		Level 2		Level 3		Total
Common stock	$	503,927,957	$	—	$	—	$	503,927,957
Mutual funds	522,873,965		—		—		522,873,965
Certificates of deposit	—		15,209		—		15,209
Subtotal	$	1,026,801,922	$	15,209	$	—	1,026,817,131
Cash and cash equivalents							7,678,238
Common/collective trust funds measured at NAV (a)							457,558,150
Total investments (b)							$	1,492,053,519

(a) In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share 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.

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, 2021, 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.

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.


	Master Trust				Plan's Interest in Master Trust Assets
	2021		2020		2021		2020
Net assets held by Master Trust:
Common stock funds	$	682,919,472	$	503,927,957	$	667,078,129	$	491,279,417
Mutual funds	505,763,250		522,873,965		480,792,082		514,548,437
Common/collective trusts	670,171,613		457,558,150		656,359,741		433,746,489
Certificates of deposit	54,998		15,209		54,998		15,209
Cash and cash equivalents	7,702,179		7,678,238		7,702,164		7,678,222
Net assets held by Master Trust	1,866,611,512		1,492,053,519		1,811,987,114		1,447,267,774
Plus:
Accrued interest and dividends	5,967		6,130		5,965		6,128
Total	$	1,866,617,479	$	1,492,059,649	$	1,811,993,079	$	1,447,273,902


	Years Ended December 31,
	2021		2020
Net appreciation in fair value	$	303,426,027	$	184,779,774
Dividend income	23,942,882		13,636,611
Interest income	22,270,863		4,724,535
Investment income of the Master Trust	$	349,639,772	$	203,140,920

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.

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, 2021, 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.

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, 2021 and 2020, the Plan, through its investment in the Master Trust, held shares of common stock of the Company, as follows:


	2021			2020
Shares of Edwards Lifesciences stock held by Plan	4,840,277			5,015,547
Value of Edwards Lifesciences stock held by Plan	$	627,057,933		$	457,568,406
Plan’s investment in Edwards Lifesciences stock as percentage of total net assets available for benefits	34.3		%	31.3		%


	2021		2020
Statement of Net Assets Available for Benefits:
Net assets available for benefits per the financial statements	$	1,827,085,022	$	1,462,455,685
Deemed distributions	(478,877)		(418,880)
Participant withdrawals payable	(490,260)		(85,166)
Net assets available for benefits per Form 5500	$	1,826,115,885	$	1,461,951,639


	2021		2020
Statement of Changes in Net Assets Available for Benefits:
Net increase in net assets available for benefits prior to transfers per the financial statements	$	367,862,177	$	247,946,784
Deemed distributions	(59,997)		(190,486)
Participant withdrawals payable	(405,094)		68,918

Net income per Form 5500	$	367,397,086	$	247,825,216

(a)

(b) Identity of issue,
borrower, lessor
or similar party

(d) Cost
**

(e) Current
value

Notes Receivable from Participants

Varying maturity dates with interest rates ranging from 4.3% to 6.5%

—

12,943,063

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 16, 2022	By:	/s/ CHRISTINE Z. MCCAULEY
		Christine Z. McCauley
		Member of the Administrative and Investment Committee for the Edwards Lifesciences Corporation Employee Benefit Plans

We consent to the incorporation by reference in the Registration Statements (No. 333-33056, No. 333-52346, and No. 333-98219) on Form S-8 of Edwards Lifesciences Corporation of our report dated June 16, 2022, relating to the statements of net assets available for benefits of Edwards Lifesciences Corporation 401(k) Savings and Investment Plan as of December 31, 2021 and 2020, the related statements of changes in net assets available for benefits for the years then ended, and the related supplemental schedule as of December 31, 2021, appearing in this Annual Report on Form 11-K of Edwards Lifesciences Corporation 401(k) Savings and Investment Plan for the year ended December 31, 2021.


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


/s/ Moss Adams LLP
San Francisco, California
June 16, 2022


/s/ Moss Adams LLP
San Francisco, California
June 16, 2022