Company: ISRG
Filing Date: 2025-01-31
Form Type: 10-K
Source: 0001035267-25-000017
Chunk: 126

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-01-31
Form: 10-K
Item: Item 8
Chunk 126
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 earnings. The amounts reclassified to revenue and expenses related to the hedged transactions and the ineffective portions of cash flow hedges were not material for the periods presented.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, CHF, TWD, INR, and the Chinese Yuan (“CNY”).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 31,202420232022Recognized gains in interest and other income, net$43.2 $4.8 $26.9 Foreign exchange losses related to balance sheet re-measurement$(45.9)$(8.5)$(54.2)The notional amounts for derivative instruments provide one measure of the transaction volume. Total gross notional amounts (in USD) for outstanding derivatives and the aggregate gross fair value at the end of each period were as follows (in millions):Derivatives Designated as Hedging InstrumentsDerivatives Not Designated as Hedging InstrumentsDecember 31,2024December 31,2023December 31,2024December 31,2023Notional amounts:Forward contracts$382.2 $292.1 $693.5 $699.7 Gross fair value recorded in:Prepaids and other current assets$14.9 $3.1 $13.0 $5.0 Other accrued liabilities$2.1 $5.9 $2.4 $6.6 

NOTE 4.    CONSOLIDATED FINANCIAL STATEMENT DETAILS

Balance Sheet DetailsThe following tables provide details of selected consolidated financial statement items (in millions): December 31,Accounts receivable, net20242023Trade accounts receivable, net$1,117.2 $1,042.2 Unbilled accounts receivable and other138.7 105.0 Sales returns and allowances(30.5)(17.0)Total accounts receivable, net$1,225.4 $1,130.2  December 31,Inventory20242023Raw materials$563.9 $454.7 Work-in-process205.