Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Entity Registrant Name | 'BIO RAD LABORATORIES INC | ' | ' |
Entity Central Index Key | '0000012208 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,727,428 | 5,091,890 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $364,507 | $331,551 |
Short-term investments | 276,826 | 277,369 |
Accounts Receivable, Net | 383,928 | 422,660 |
Inventories: | ' | ' |
Raw materials | 108,549 | 105,708 |
Work in process | 145,172 | 129,894 |
Finished goods | 260,131 | 265,689 |
Total inventories | 513,852 | 501,291 |
Prepaid expenses, taxes and other current assets | 227,697 | 214,985 |
Total current assets | 1,766,810 | 1,747,856 |
Property, plant and equipment, at cost | 1,105,803 | 1,087,315 |
Less: accumulated depreciation and amortization | -674,927 | -657,960 |
Property, plant and equipment, net | 430,876 | 429,355 |
Goodwill, net | 520,525 | 517,770 |
Purchased intangibles, net | 256,444 | 266,188 |
Other investments | 420,241 | 377,870 |
Other assets | 46,482 | 49,751 |
Total assets | 3,441,378 | 3,388,790 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' |
Accounts payable | 130,864 | 148,510 |
Accrued payroll and employee benefits | 133,048 | 130,658 |
Notes payable and current maturities of long-term debt | 1,732 | 1,786 |
Income and other taxes payable | 32,596 | 33,555 |
Estimated loss contingency | 39,800 | 30,000 |
Other current liabilities | 143,211 | 142,963 |
Total current liabilities | 481,251 | 487,472 |
Long-term debt, net of current maturities | 435,611 | 435,615 |
Other long-term liabilities | 291,913 | 278,981 |
Total liabilities | 1,208,775 | 1,202,068 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 247,318 | 239,986 |
Retained earnings | 1,612,785 | 1,606,117 |
Accumulated other comprehensive income | 372,598 | 340,717 |
Total stockholders' equity | 2,232,603 | 2,186,722 |
Total liabilities and stockholders' equity | 3,441,378 | 3,388,790 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 2 | 2 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 1 | 1 |
Treasury Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Treasury Stock, Value | -12 | -12 |
Treasury Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Treasury Stock, Value | ($89) | ($89) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical | Mar. 31, 2014 | Dec. 31, 2013 |
Common Class A [Member] | ' | ' |
Common Stock, Shares, Issued | 23,727,025 | 23,680,749 |
Common Stock, Shares, Outstanding | 23,726,903 | 23,680,627 |
Common Class B [Member] | ' | ' |
Common Stock, Shares, Issued | 5,092,907 | 5,096,780 |
Common Stock, Shares, Outstanding | 5,091,990 | 5,095,863 |
Treasury Class A [Member] | ' | ' |
Treasury Stock, Shares | 122 | 122 |
Treasury Class B [Member] | ' | ' |
Treasury Stock, Shares | 917 | 917 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $509,344 | $499,672 |
Cost of goods sold | 234,055 | 228,260 |
Gross profit | 275,289 | 271,412 |
Selling, general and administrative expense | 202,275 | 185,917 |
Research and Development Expense | 52,543 | 50,343 |
Segment profit (loss) | 20,471 | 35,152 |
Interest expense | 3,857 | 10,977 |
Foreign exchange losses, net | 2,737 | 1,528 |
Other (income) expense, net | -661 | -1,400 |
Income before income taxes | 14,538 | 24,047 |
Provision for income taxes | -7,870 | -3,875 |
Net income including noncontrolling interests | 6,668 | 20,172 |
Net loss (income) attributable to noncontrolling interests | 0 | -21 |
Net income attributable to Bio-Rad | $6,668 | $20,151 |
Basic earnings per share: | ' | ' |
Net income per share basic attributable to Bio-Rad | $0.23 | $0.71 |
Weighted average common shares - basic | 28,791 | 28,494 |
Diluted earnings per share: | ' | ' |
Net income per share diluted attributable to Bio-Rad | $0.23 | $0.70 |
Weighted average common shares - diluted | 29,059 | 28,817 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income including noncontrolling interests | $6,668 | $20,172 |
Foreign currency translation adjustments | 5,527 | -34,392 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 61 | 309 |
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense | 26,293 | 29,152 |
Total other comprehensive income (loss) net of tax | 31,881 | -4,931 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 38,549 | 15,241 |
Comprehensive loss attributable to noncontrolling interests | 0 | -185 |
Comprehensive income (loss) attributable to Bio-Rad net of tax | $38,549 | $15,056 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $544,447 | $504,158 |
Cash paid to suppliers and employees | -468,101 | -460,093 |
Interest paid | -292 | -11,675 |
Income tax payments | -6,909 | -14,195 |
Investment proceeds and miscellaneous receipts, net | 1,283 | 1,985 |
Excess tax benefits from share-based compensation | -182 | -106 |
(Payments for) proceeds from forward foreign exchange contracts, net | -1,325 | 3,943 |
Net cash provided by operating activities | 68,921 | 24,017 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -25,932 | -34,103 |
Proceeds from dispositions of property, plant and equipment | 114 | 26 |
Payments for acquisitions, net of cash received, and long-term investments | -1,364 | -64,056 |
Payments for purchases of intangible assets | -12,358 | -463 |
Payments for purchases of marketable securities and investments | -45,273 | -146,971 |
Proceeds from sales of marketable securities and investments | 24,402 | 60,185 |
Proceeds from maturities of marketable securities and investments | 21,490 | 77,100 |
Net cash used in investing activities | -38,921 | -108,282 |
Cash flows from financing activities: | ' | ' |
Net payments on line-of-credit arrangements and notes payable | -50 | -19 |
Payments on long-term borrowings | -66 | -74 |
Payments of contingent consideration | 0 | -10,574 |
Proceeds from issuance of common stock | 3,424 | 3,135 |
Excess tax benefits from share-based compensation | 182 | 106 |
Net cash provided by (used in) financing activities | 3,490 | -7,426 |
Effect of foreign exchange rate changes on cash | -534 | -3,068 |
Net increase (decrease) in cash and cash equivalents | 32,956 | -94,759 |
Cash and cash equivalents at beginning of period | 331,551 | 463,388 |
Cash and cash equivalents at end of period | 364,507 | 368,629 |
Reconciliation of net income including noncontrolling interests to net cash provided by operating activities: | ' | ' |
Net income including noncontrolling interests | 6,668 | 20,172 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities excluding the effects of acquisitions: | ' | ' |
Depreciation and amortization | 36,671 | 33,290 |
Share-based compensation | 3,701 | 3,482 |
Losses (gains) on dispositions of securities | 100 | -190 |
Excess tax benefits from share-based compensation | -182 | -106 |
Changes in fair value of contingent consideration | -4,893 | -711 |
Decrease in accounts receivable | 39,569 | 14,454 |
Increase in inventories | -11,429 | -18,350 |
Increase in other current assets | -11,390 | -11,161 |
Increase (decrease) in accounts payable and other current liabilities | 7,318 | -9,151 |
Increase (decrease) in income taxes payable | 1,621 | -9,684 |
Net decrease/increase in other long-term assets/liabilities | 1,167 | 1,972 |
Net cash provided by operating activities | $68,921 | $24,017 |
1_Organization_Consolidation_a
1. Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure | ' |
1.BASIS OF PRESENTATION AND USE OF ESTIMATES | |
Basis of Presentation | |
In this report, “Bio-Rad,” “we,” “us,” "the Company" and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature, with the exception to the adjustments noted below. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. | |
Use of Estimates | |
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. | |
CORRECTION OF IMMATERIAL ERRORS, AND RECLASSIFICATION OF CERTAIN AMOUNTS | |
Statement of Cash Flows | |
During the first quarter of 2013, we reported payments for contingent consideration as cash outflows from investing activities in error. Amounts paid pertaining to the purchase accounting contingent liability should have been classified as cash outflows from financing activities. Amounts paid in excess of the purchase accounting contingent liability should have been classified as cash outflows from operating activities. We have adjusted the amounts previously reported in our Form 10-Q for the three-month period ended March 31, 2013 in conjunction with the filing of this 10-Q by reducing cash outflows from investing activities by $11.0 million and increasing cash outflows from financing activities and operating activities by $10.6 million and $0.4 million, respectively. | |
During the first quarter of 2013, we reported payments for/proceeds from forward foreign exchange contracts as cash flows from investing activities in error. Cash flows from forward foreign exchange contracts should have been classified as cash flows from operating activities. We have adjusted the amounts previously reported in our Form 10-Q for the three-month period ended March 31, 2013 in conjunction with the filing of this 10-Q by reducing cash inflows from investing activities by $3.9 million and increasing cash inflows from operating activities by $3.9 million. | |
Research and Development (R&D) Tax Credit | |
During the third quarter of 2013, we revised the classification of one item for all periods presented from “Provision for income taxes” to “Research and development expense” in our Condensed Consolidated Statements of Income to conform to the current year presentation. The item reclassified pertains to a refundable French R&D tax credit, which after the reclassification reduces Research and development expense. We believe this presentation is appropriate as we are not required to have taxable income in order to earn the credits. As a result of recording this reclassification, there is an additional impact to our income tax provision due to the application of our effective income tax rate throughout the year. This causes the income tax provision impact to not always equal the pre-tax impact on a quarterly basis, but it does equal on an annual basis. The effect of these items for the first quarter of 2013 were as follows: a reduction of $1.6 million to Research and development expense, an increase of $0.9 million to Provision for income taxes, and an increase of $0.7 million to Net income attributable to Bio-Rad. | |
Management evaluated the materiality of all the errors described above from a qualitative and quantitative perspective. Based on such evaluation, we have concluded that while these errors were significant to the quarter ended March 31, 2013, their correction impacted only the March 31, 2013 presentation and did not have an effect on the trend of financial results, taking into account the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108). Accordingly, we are correcting these errors in the first quarter of the 2014 Condensed Consolidated Financial Statements included in this Form 10-Q. |
2_Acquisitions
2. Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
2.ACQUISITIONS | |
In January 2013, we acquired 100% of the outstanding shares of AbD Serotec, a division of MorphoSys AG, for total consideration of $62.2 million (net of cash received of $7.3 million). This acquisition was accounted for as a business combination as AbD Serotec represented an integrated set of activities and assets that was capable of being conducted and managed for the purpose of providing a return and therefore constitutes a business in accordance with GAAP. The amount of acquisition-related costs was minimal as Bio-Rad primarily represented itself during the acquisition process. This business acquisition is included in our Life Science segment's results of operations from the acquisition date. We believe that with AbD Serotec's comprehensive catalog of antibodies, we are able to offer our customers total assay solutions that can be validated on many of our research platforms for western blotting, multiplex protein expression, ELISA and cell sorting. | |
The final fair values of the net assets acquired consist of definite-lived intangible assets of $44.0 million, goodwill of $14.9 million and net tangible assets of $3.3 million. A portion of the goodwill recorded may be deductible for income tax purposes. |
3_Fair_Value_Measurements
3. Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
3.FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: | ||||||||||||||||||||
• | Level 1: Quoted prices in active markets for identical instruments | |||||||||||||||||||
• | Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) | |||||||||||||||||||
• | Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) | |||||||||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2014 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 7.5 | $ | — | $ | 7.5 | ||||||||||||
U.S. government sponsored agencies | — | 1.2 | — | 1.2 | ||||||||||||||||
Foreign time deposits | 19 | — | — | 19 | ||||||||||||||||
Money market funds | 2.4 | — | — | 2.4 | ||||||||||||||||
Total cash equivalents (a) | 21.4 | 8.7 | — | 30.1 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 134.5 | — | 134.5 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.1 | — | 5.1 | ||||||||||||||||
U.S. government sponsored agencies | — | 41.3 | — | 41.3 | ||||||||||||||||
Foreign government obligations | — | 3.2 | — | 3.2 | ||||||||||||||||
Municipal obligations | — | 10.2 | — | 10.2 | ||||||||||||||||
Marketable equity securities | 366.5 | — | — | 366.5 | ||||||||||||||||
Asset-backed securities | — | 50.6 | — | 50.6 | ||||||||||||||||
Total available-for-sale investments (b) | 366.5 | 244.9 | — | 611.4 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.4 | — | 0.4 | ||||||||||||||||
Total financial assets carried at fair value | $ | 387.9 | $ | 254 | $ | — | $ | 641.9 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 0.4 | $ | — | $ | 0.4 | ||||||||||||
Contingent consideration (e) | — | — | 15.9 | 15.9 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 0.4 | $ | 15.9 | $ | 16.3 | ||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2013 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 7 | $ | — | $ | 7 | ||||||||||||
Foreign time deposits | 11.1 | — | — | 11.1 | ||||||||||||||||
U.S. government sponsored agencies | — | 1.2 | — | 1.2 | ||||||||||||||||
Money market funds | 1.2 | — | — | 1.2 | ||||||||||||||||
Total cash equivalents (a) | 12.3 | 8.2 | — | 20.5 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 132.5 | — | 132.5 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 8.9 | — | 8.9 | ||||||||||||||||
U.S. government sponsored agencies | — | 39.1 | — | 39.1 | ||||||||||||||||
Foreign government obligations | — | 5.6 | — | 5.6 | ||||||||||||||||
Municipal obligations | — | 11 | — | 11 | ||||||||||||||||
Marketable equity securities | 325.2 | — | — | 325.2 | ||||||||||||||||
Asset-backed securities | — | 48.6 | — | 48.6 | ||||||||||||||||
Total available-for-sale investments (b) | 325.2 | 245.7 | — | 570.9 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets carried at fair value | $ | 337.5 | $ | 254.5 | $ | — | $ | 592 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||||||
Contingent consideration (e) | — | — | 20.8 | 20.8 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.1 | $ | 20.8 | $ | 21.9 | ||||||||||||
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(b) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Short-term investments | $ | 276.8 | $ | 277.4 | ||||||||||||||||
Other investments | 334.6 | 293.5 | ||||||||||||||||||
Total | $ | 611.4 | $ | 570.9 | ||||||||||||||||
(c) | Forward foreign exchange contracts in an asset position are included in Prepaid expenses, taxes and other current assets in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(e) | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Other current liabilities | $ | 3 | $ | 6.1 | ||||||||||||||||
Other long-term liabilities | 12.9 | 14.7 | ||||||||||||||||||
Total | $ | 15.9 | $ | 20.8 | ||||||||||||||||
During the third quarter of 2012, we recognized a contingent consideration liability upon our acquisition of a new cell sorting system from Propel Labs, Inc. The fair value of the contingent consideration was based on a probability-weighted income approach related to the achievement of certain development and sales milestones. The development milestone was achieved and paid in 2013. Based on the most recent valuation, the sales milestones could potentially range from $0 to a maximum of 60.0%, 51.32% and 50.38% of annual cell sorting system purchase orders starting September 2013, September 2014 and September 2015, with payment to occur upon the anniversary of the completion of a certain number of cell sorting systems for three consecutive years, respectively. These maximum payout ratios begin at annual cell sorting system purchase orders in excess of $20 million, $30 million and $45 million for the three consecutive years, respectively. The contingent consideration was revalued by a reduction of $4.9 million in 2014 to Selling, general and administrative expense to its estimated fair value of $15.9 million as of March 31, 2014. | ||||||||||||||||||||
The following table provides a reconciliation of the Level 3 contingent consideration liability measured at estimated fair value based on original valuations and updated quarterly for the three months ended March 31, 2014 (in millions): | ||||||||||||||||||||
2014 | ||||||||||||||||||||
1-Jan | $ | 20.8 | ||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense - Cell sorting system | (4.9 | ) | ||||||||||||||||||
31-Mar | $ | 15.9 | ||||||||||||||||||
The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liability as of March 31, 2014. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement. | ||||||||||||||||||||
Range | ||||||||||||||||||||
Valuation Technique | Unobservable Input | From | To | |||||||||||||||||
Cell sorting system | Probability-weighted income approach | Sales milestones: | ||||||||||||||||||
Credit adjusted discount rates | 0.67% | 1.45% | ||||||||||||||||||
Projected volatility of growth rate | 13% | 20% | ||||||||||||||||||
Market price of risk | 1.25% | N/A | ||||||||||||||||||
To estimate the fair value of Level 2 debt securities as of March 31, 2014 and December 31, 2013, our primary pricing provider uses S&P Capital IQ as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. The chosen pricing hierarchy for our Level 2 securities, other than certificates of deposit and commercial paper, is S&P Capital IQ as the primary pricing source and then our custodian as the secondary pricing source. If S&P Capital IQ does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing. | ||||||||||||||||||||
For commercial paper as of March 31, 2014 and December 31, 2013, pricing is determined by a straight-line calculation, starting with the purchase price on the date of purchase and increasing to par at maturity. Interest bearing certificates of deposit and commercial paper are priced at par. | ||||||||||||||||||||
In addition to the above, our primary pricing provider performed daily reasonableness testing of the S&P Capital IQ prices to custodian reported prices. Prices outside a tolerable variance of approximately 1% are investigated and resolved. | ||||||||||||||||||||
Available-for-sale investments consist of the following (in millions): | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 134.3 | $ | 0.4 | $ | (0.2 | ) | $ | 134.5 | |||||||||||
Foreign brokered certificates of deposit | 5.1 | — | — | 5.1 | ||||||||||||||||
Municipal obligations | 10.3 | — | (0.1 | ) | 10.2 | |||||||||||||||
Asset-backed securities | 50.4 | — | (0.1 | ) | 50.3 | |||||||||||||||
U.S. government sponsored agencies | 41.3 | — | — | 41.3 | ||||||||||||||||
Foreign government obligations | 3.2 | — | — | 3.2 | ||||||||||||||||
Marketable equity securities | 26.6 | 5.6 | — | 32.2 | ||||||||||||||||
271.2 | 6 | (0.4 | ) | 276.8 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 279.8 | — | 334.3 | ||||||||||||||||
Asset-backed securities | 0.4 | — | (0.1 | ) | 0.3 | |||||||||||||||
54.9 | 279.8 | (0.1 | ) | 334.6 | ||||||||||||||||
Total | $ | 326.1 | $ | 285.8 | $ | (0.5 | ) | $ | 611.4 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 132.6 | $ | 0.3 | $ | (0.4 | ) | $ | 132.5 | |||||||||||
Foreign brokered certificates of deposit | 8.9 | — | — | 8.9 | ||||||||||||||||
Municipal obligations | 11.1 | — | (0.1 | ) | 11 | |||||||||||||||
Asset-backed securities | 48.4 | 0.1 | (0.2 | ) | 48.3 | |||||||||||||||
U.S. government sponsored agencies | 39.1 | 0.1 | (0.1 | ) | 39.1 | |||||||||||||||
Foreign government obligations | 5.6 | — | — | 5.6 | ||||||||||||||||
Marketable equity securities | 26.6 | 5.4 | — | 32 | ||||||||||||||||
272.3 | 5.9 | (0.8 | ) | 277.4 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 238.7 | — | 293.2 | ||||||||||||||||
Asset-backed securities | 0.4 | — | (0.1 | ) | 0.3 | |||||||||||||||
54.9 | 238.7 | (0.1 | ) | 293.5 | ||||||||||||||||
Total | $ | 327.2 | $ | 244.6 | $ | (0.9 | ) | $ | 570.9 | |||||||||||
The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): | ||||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 4.2 | $ | 2.3 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 58.1 | $ | 73.9 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.1 | $ | 0.1 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.4 | $ | 0.8 | ||||||||||||||||
The unrealized losses on these securities are due to a number of factors, including changes in interest rates, changes in economic conditions and changes in market outlook for various industries, among others. Because Bio-Rad has the ability and intent to hold these investments with unrealized losses until a recovery of fair value, or for a reasonable period of time sufficient for a forecasted recovery of fair value, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at March 31, 2014 or at December 31, 2013. | ||||||||||||||||||||
As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded at their fair value at each balance sheet date. The notional principal amounts provide one measure of the transaction volume outstanding as of March 31, 2014 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was derived using the spot rates from Reuters on the last business day of the quarter and the points provided by counterparties. The resulting gains or losses offset exchange gains or losses on the related receivables and payables, both of which are included in Foreign exchange losses, net in the unaudited interim Condensed Consolidated Statements of Income. | ||||||||||||||||||||
The following is a summary of our forward foreign exchange contracts (in millions): | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Contracts maturing in April through June 2014 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 82.5 | ||||||||||||||||||
Unrealized gain or loss | $ | — | ||||||||||||||||||
Contracts maturing in April through June 2014 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 373.5 | ||||||||||||||||||
Unrealized gain or loss | $ | — | ||||||||||||||||||
The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2014 by contractual maturity date (in millions): | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 95.4 | $ | 95.5 | ||||||||||||||||
Mature in one to five years | 110 | 110 | ||||||||||||||||||
Mature in more than five years | 39.6 | 39.4 | ||||||||||||||||||
Total | $ | 245 | $ | 244.9 | ||||||||||||||||
The estimated fair value of financial instruments that are not recognized at fair value in the Condensed Consolidated Balance Sheets and are included in Other investments, are presented in the table below. Fair value has been determined using significant observable inputs, including quoted prices in active markets for similar instruments. Estimates are not necessarily indicative of the amounts that could be realized in a current market exchange as considerable judgment is required in interpreting market data used to develop estimates of fair value. The use of different market assumptions or estimation techniques could have a material effect on the estimated fair value. Other investments include financial instruments, the majority of which have fair value based on similar, actively traded stock adjusted for various discounts, including a discount for marketability. Long-term debt, excluding leases and current maturities, has an estimated fair value based on quoted market prices for the same or similar issues. | ||||||||||||||||||||
The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions): | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 78.9 | $ | 439.9 | 2 | $ | 77.5 | $ | 382.9 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities (a) | $ | 423.3 | $ | 444.6 | 2 | $ | 423.2 | $ | 433 | 2 | ||||||||||
(a) The carrying amount of our capital leases at March 31, 2014 and December 31, 2013 was approximately $12.5 million and $12.6 million respectively. We believe these amounts approximate fair value due to the market rates inherent in the leases. | ||||||||||||||||||||
We own shares of ordinary voting stock of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own over 35% of the outstanding voting shares (excluding treasury shares) of Sartorius as of March 31, 2014. The Sartorius family trust and Sartorius family members hold a controlling interest of the outstanding voting shares. We do not have any representative or designee on Sartorius’ Board of Directors, nor do we have the ability to exercise significant influence over the operating and financial policies of Sartorius. We account for this investment using the cost method. The carrying value of this investment is included in Other investments in our Condensed Consolidated Balance Sheets. Because the stock is thinly traded and in conjunction with the valuation method discussed above, we have classified the estimated fair value as Level 2. The Level 2 classification is appropriate given the valuation method employed, which incorporates an observable input of the fair value of the Sartorius’ actively traded preferred stock. |
4_Intangible_Assets_Goodwill_a
4. Intangible Assets, Goodwill and Other | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||||
4.GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS | ||||||||||||||
Changes to goodwill by segment were as follows (in millions): | ||||||||||||||
Life | Clinical | Total | ||||||||||||
Science | Diagnostics | |||||||||||||
Balances as of January 1, 2014: | ||||||||||||||
Goodwill | $ | 209 | $ | 337 | $ | 546 | ||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | 181.8 | 336 | 517.8 | |||||||||||
Currency fluctuations | 0.1 | 2.6 | 2.7 | |||||||||||
Balances as of March 31, 2014: | ||||||||||||||
Goodwill | 209.1 | 339.6 | 548.7 | |||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | $ | 181.9 | $ | 338.6 | $ | 520.5 | ||||||||
Other than goodwill, we have no intangible assets with indefinite lives. Information regarding our identifiable purchased intangible assets with definite lives is as follows (in millions): | ||||||||||||||
March 31, 2014 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 11-Jan | $ | 100.8 | $ | (43.4 | ) | $ | 57.4 | ||||||
Know how | 12-Feb | 195.5 | (95.2 | ) | 100.3 | |||||||||
Developed product technology | 13-Jan | 110 | (39.1 | ) | 70.9 | |||||||||
Licenses | 12-Jan | 45 | (23.3 | ) | 21.7 | |||||||||
Tradenames | 9-Jan | 4.3 | (2.2 | ) | 2.1 | |||||||||
Covenants not to compete | 8-May | 4.9 | (0.9 | ) | 4 | |||||||||
Other | — | 0.6 | (0.6 | ) | — | |||||||||
$ | 461.1 | $ | (204.7 | ) | $ | 256.4 | ||||||||
December 31, 2013 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 11-Jan | $ | 99.8 | $ | (41.1 | ) | $ | 58.7 | ||||||
Know how | 12-Feb | 194.6 | (89.3 | ) | 105.3 | |||||||||
Developed product technology | 13-Jan | 109.5 | (36.2 | ) | 73.3 | |||||||||
Licenses | 12-Jan | 44.9 | (22.4 | ) | 22.5 | |||||||||
Tradenames | 9-Jan | 4.3 | (2.1 | ) | 2.2 | |||||||||
Covenants not to compete | 9-May | 4.9 | (0.7 | ) | 4.2 | |||||||||
Other | — | 0.6 | (0.6 | ) | — | |||||||||
$ | 458.6 | $ | (192.4 | ) | $ | 266.2 | ||||||||
Amortization expense related to purchased intangible assets is as follows (in millions): | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amortization expense | $ | 10.9 | $ | 11.1 | ||||||||||
5_Product_Warranty_Liability
5. Product Warranty Liability | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Product Warranty Liability | ' | |||
5.PRODUCT WARRANTY LIABILITY | ||||
We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. Upon delivery of that equipment, we establish, as part of Cost of goods sold, a provision for the expected costs of such warranty based on historical experience, specific warranty terms and customer feedback. A review is performed on a quarterly basis to assess the adequacy of our warranty accrual. | ||||
Components of the warranty accrual, included in Other current liabilities and Other long-term liabilities in the Condensed Consolidated Balance Sheets, were as follows (in millions): | ||||
1-Jan-14 | $ | 15.6 | ||
Provision for warranty | 5.3 | |||
Actual warranty costs | (4.2 | ) | ||
March 31, 2014 | $ | 16.7 | ||
6_LongTerm_Debt
6. Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
6. LONG-TERM DEBT | ||||||||
The principal components of long-term debt are as follows (in millions): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.3 | $ | 423.2 | ||||
Capital leases and other debt | 12.5 | 12.6 | ||||||
435.8 | 435.8 | |||||||
Less current maturities | (0.2 | ) | (0.2 | ) | ||||
Long-term debt | $ | 435.6 | $ | 435.6 | ||||
Senior Notes due 2020 | ||||||||
In December 2010, Bio-Rad sold $425.0 million principal amount of Senior Notes due 2020 (4.875% Notes). The sale yielded net cash proceeds of $422.6 million at an effective rate of 4.946%. The 4.875% Notes pay a fixed rate of interest of 4.875% per year. We have the option to redeem any or all of the 4.875% Notes at any time at a redemption price of 100% of the principal amount (plus a specified make-whole premium as defined in the indenture governing the 4.875% Notes) and accrued and unpaid interest thereon to the redemption date. Our obligations under the 4.875% Notes are not secured and rank equal in right of payment with all of our existing and future unsubordinated indebtedness. Certain covenants apply to the 4.875% Notes including limitations on the following: liens, sale and leaseback transactions, mergers, consolidations or sales of assets and other covenants. There are no restrictive covenants relating to total indebtedness, interest coverage, stock repurchases, recapitalizations, dividends and distributions to shareholders or current ratios. | ||||||||
Amended and Restated Credit Agreement (Credit Agreement) | ||||||||
In June 2010, Bio-Rad entered into a $200.0 million Credit Agreement. Borrowings under the Credit Agreement are on a revolving basis and can be used for acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Credit Agreement as of March 31, 2014 or December 31, 2013. The Credit Agreement expires on June 21, 2014. | ||||||||
The Credit Agreement is secured by substantially all of our personal property assets, the assets of our domestic subsidiaries and 65% of the capital stock of certain of our foreign subsidiaries. It is guaranteed by all of our existing and future material domestic subsidiaries. The Credit Agreement requires Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments, create liens and prepay subordinated debt. We were in compliance with all of these ratios and covenants as of March 31, 2014. |
7_Accumulated_Other_Comprehens
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||
accumulated other comprehensive income [Text Block] | ' | ||||||||||||||||||
7. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||
Accumulated other comprehensive income included in our Condensed Consolidated Balance Sheets consists of the following components (in millions): | |||||||||||||||||||
Foreign currency translation adjustments | Foreign Other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Bio-Rad Accumulated other comprehensive income | Non-controlling interests | Total Accumulated other comprehensive income | ||||||||||||||
Balances as of January 1, 2014: | $ | 189.4 | $ | (8.1 | ) | $ | 159.4 | $ | 340.7 | $ | — | $ | 340.7 | ||||||
Other comprehensive income, before reclassifications | 5.5 | — | 41.6 | 47.1 | — | 47.1 | |||||||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||
Income tax effects | — | — | (15.3 | ) | (15.3 | ) | — | (15.3 | ) | ||||||||||
Other comprehensive income, net of income taxes | 5.5 | 0.1 | 26.3 | 31.9 | — | 31.9 | |||||||||||||
Balances as of March 31, 2014: | $ | 194.9 | $ | (8.0 | ) | $ | 185.7 | $ | 372.6 | $ | — | $ | 372.6 | ||||||
Foreign currency translation adjustments | Foreign Other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Bio-Rad Accumulated other comprehensive income | Non-controlling interests | Total Accumulated other comprehensive income | ||||||||||||||
Balances as of January 1, 2013: | $ | 172.9 | $ | (8.1 | ) | $ | 109.7 | $ | 274.5 | $ | (0.2 | ) | $ | 274.3 | |||||
Other comprehensive (loss) income, before reclassifications | (34.4 | ) | 0.2 | 46.3 | 12.1 | — | 12.1 | ||||||||||||
Amounts reclassified from Accumulated other comprehensive income | (0.2 | ) | 0.1 | (0.2 | ) | (0.3 | ) | 0.2 | (0.1 | ) | |||||||||
Income tax effects | — | — | (16.9 | ) | (16.9 | ) | — | (16.9 | ) | ||||||||||
Other comprehensive income (loss), net of income taxes | (34.6 | ) | 0.3 | 29.2 | (5.1 | ) | 0.2 | (4.9 | ) | ||||||||||
Balances as of March 31, 2013: | $ | 138.3 | $ | (7.8 | ) | $ | 138.9 | $ | 269.4 | $ | — | $ | 269.4 | ||||||
The amounts reclassified out of Accumulated other comprehensive income into the Condensed Consolidated Statements of Income, with presentation location, were as follows: | |||||||||||||||||||
Income before taxes impact (in millions) | |||||||||||||||||||
March 31, | |||||||||||||||||||
Components of Comprehensive income | 2014 | 2013 | Location | ||||||||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.1 | ) | $ | (0.1 | ) | Selling, general and administrative expense | ||||||||||||
Net holding gains on available-for-sale investments | $ | — | $ | 0.2 | Other (income) expense, net | ||||||||||||||
8_Earnings_Per_Share
8. Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
8. EARNINGS PER SHARE | |||||||
Basic earnings per share is computed by dividing net income attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options and restricted stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings per share calculation if the effect of including such securities would be anti-dilutive. | |||||||
The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Basic weighted average shares outstanding | 28,791 | 28,494 | |||||
Effect of potentially dilutive stock options and restricted stock awards | 268 | 323 | |||||
Diluted weighted average common shares | 29,059 | 28,817 | |||||
Anti-dilutive shares | 94 | 92 | |||||
9_Other_Income_and_Expenses
9. Other Income and Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other Income and Other Expense Disclosure | ' | ||||||||
9. OTHER INCOME AND EXPENSE, NET | |||||||||
Other (income) expense, net includes the following components (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest and investment income | $ | (0.7 | ) | $ | (1.3 | ) | |||
Net realized losses gains on investments | — | (0.2 | ) | ||||||
Miscellaneous other expense items, net | — | 0.1 | |||||||
Other (income) expense, net | $ | (0.7 | ) | $ | (1.4 | ) |
10_Income_Taxes
10. Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
10. INCOME TAXES | |
Our effective income tax rate was 54% and 16% for the three months ended March 31, 2014 and 2013, respectively. The effective tax rate for the first quarter of 2014 was higher than expected due to losses incurred in foreign jurisdictions for which no income tax benefit is expected, and due to adjustments principally related to state taxes. In addition, our effective income tax rate for the first quarter of 2014 does not include a benefit of the U.S. federal research credit as it has not been extended beyond 2013. The effective tax rate for the first quarter of 2013 reflected a significant tax benefit related to the 2012 U.S. federal research credit, which was retroactively reinstated on January 2, 2013. | |
Our foreign taxes for all periods resulted primarily from taxable income earned in France and Switzerland. Switzerland's statutory tax rate is significantly lower than the U.S. statutory tax rate of 35%. Also, our effective tax rates for all periods are also generally reduced by French tax incentives related to our research and development activities. | |
We file federal, state and foreign income tax returns in many jurisdictions in the United States and abroad. Our income tax returns are audited by federal, state and foreign tax authorities. We are currently under examination by the Internal Revenue Service (IRS) for the 2009 and 2010 tax years and by various state and foreign jurisdictions. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We periodically evaluate our exposures associated with our tax filing positions. | |
As of March 31, 2014, based on the expected outcome of certain examinations or as a result of the expiration of statute of limitations for certain jurisdictions, we believe that within the next 12 months it is reasonably possible that our previously unrecognized tax benefits could decrease by approximately $1.5 million. Substantially all such amounts will impact our effective income tax rate. | |
We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. |
11_Segment_Information
11. Segment Information | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
11. SEGMENT INFORMATION | |||||||||||||
Information regarding industry segments for the three months ended March 31, 2014 and 2013 is as follows (in millions): | |||||||||||||
Life | Clinical | Other | |||||||||||
Science | Diagnostics | Operations | |||||||||||
Segment net sales | 2014 | $ | 161.5 | $ | 344.3 | $ | 3.5 | ||||||
2013 | $ | 156.3 | $ | 339.9 | $ | 3.5 | |||||||
Segment (loss) profit | 2014 | $ | (6.6 | ) | $ | 32.4 | $ | 0.1 | |||||
2013 | $ | (12.8 | ) | $ | 37.7 | $ | 0.1 | ||||||
Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Net corporate operating, interest and other expense for segment results consists of receipts and expenditures that are not the primary responsibility of segment operating management and therefore are not allocated to the segments for performance assessment by our chief operating decision maker. The three months ended March 31, 2014 included an additional accrual of $8.0 million in connection with our ongoing efforts to resolve the SEC and DOJ investigations relating to the FCPA (see Note 12). Interest expense is charged to segments based on the carrying amount of inventory and receivables employed by that segment. The following reconciles total segment profit to consolidated income before taxes (in millions): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Total segment profit | $ | 25.9 | $ | 25 | |||||||||
Foreign exchange losses, net | (2.7 | ) | (1.5 | ) | |||||||||
Net corporate operating, interest and other expense not allocated to segments | (9.4 | ) | (0.9 | ) | |||||||||
Other income (expense), net | 0.7 | 1.4 | |||||||||||
Consolidated income before income taxes | $ | 14.5 | $ | 24 | |||||||||
12_Legal_Proceedings
12. Legal Proceedings | 3 Months Ended |
Mar. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ' |
Legal Proceedings. | ' |
12. LEGAL PROCEEDINGS | |
Based on an internal investigation, we identified conduct in certain of our overseas operations that may have violated the anti-bribery provisions of the United States Foreign Corrupt Practices Act (FCPA) and is likely to have violated the FCPA's books and records and internal controls provisions and our own internal policies. In May 2010, we voluntarily disclosed these matters to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), each of which commenced an investigation. The Audit Committee of our Board of Directors (Audit Committee) assumed direct responsibility for reviewing these matters and hired experienced independent counsel to conduct an investigation and provide legal advice. We provided additional information to the DOJ and the SEC as the Audit Committee's investigation progressed. We continue to cooperate with the DOJ and SEC investigations and to provide information to them. | |
The DOJ and SEC investigations are continuing and we are presently unable to predict the duration, scope or results of these investigations or whether either agency will commence any legal actions. The DOJ and the SEC have a broad range of civil and criminal sanctions under the FCPA and other laws and regulations including, but not limited to, injunctive relief, disgorgement, fines, penalties, modifications to business practices including the termination or modification of existing business relationships, the imposition of compliance programs and the retention of a monitor to oversee compliance with the FCPA. While we have been engaged in discussions with the DOJ and SEC concerning a resolution of these matters, we are unable to estimate a range of reasonably possible outcomes of this matter that differs from our aggregate accrual for the Estimated loss contingency recorded as of March 31, 2014 of $43.0 million, including $3.2 million of accrued interest. The amount that was accrued during the first quarter of 2014 for the Estimated loss contingency was $8.0 million, of which $9.8 million was expensed to Selling, general and administrative expense and $1.8 million reduced Interest expense. The imposition of any of these sanctions or remedial measures could have a material adverse effect on our business or financial condition. We have not to date determined whether any of the activities in question violated the laws of the foreign jurisdictions in which they took place. | |
On April 13, 2011, a shareholder derivative lawsuit was filed against each of our directors in the Superior Court for Contra Costa County, California. The case, which also names the Company as a nominal defendant, is captioned City of Riviera Beach General Employees' Retirement System v. David Schwartz, et al., Case No. MSC11-00854. In the complaint, the plaintiff alleges that our directors breached their fiduciary duties by failing to ensure that we had sufficient internal controls and systems for compliance with the FCPA. Purportedly seeking relief on our behalf, the plaintiff seeks an award of unspecified compensatory and punitive damages, costs and expenses (including attorneys' fees), and a declaration that our directors have breached their fiduciary duties. We and the individual defendants filed a demurrer requesting dismissal of the complaint in this case, as well as a motion to stay this matter pending resolution of the above-referenced investigations by the DOJ and SEC. Following a hearing on September 30, 2011, the court sustained our demurrer and dismissed the complaint, without prejudice, and granted the plaintiff additional time to file an amended complaint. The court denied our motion to stay this matter because it dismissed the complaint. The parties have agreed to a stipulated dismissal of this case, without prejudice, and to a tolling of the statute of limitations pending the resolution of the DOJ and SEC investigations. | |
In addition, we are party to various other claims, legal actions and complaints arising in the ordinary course of business. We do not believe, at this time, that any ultimate liability resulting from any of these other matters will have a material adverse effect on our results of operations, financial position or liquidity. However, we cannot give any assurance regarding the ultimate outcome of these other matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period. |
13_Subsequent_Event_Notes
13. Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
13. SUBSEQUENT EVENT | |
In April 2014, we acquired GnuBIO, Inc. (GnuBIO) for approximately $40 million in cash at the closing date, exclusive of contingent consideration related to the achievement of certain milestones, which per the acquisition agreement could total as much as $70 million. The acquisition will be included in our Clinical Diagnostics segment's results of operations from the acquisition date and will be accounted for as a business combination. The amount of acquisition-related cost was minimal as Bio-Rad primarily represented itself during the acquisition process. The goodwill to be recorded will not be deductible for income tax purposes. We are presently unable to report the fair value assessment of the net assets acquired, as more time is needed to complete the information transfer from the seller and include all information into a valuation of individual assets and liabilities, including the contingent consideration. We believe GnuBIO's innovative DNA workflow is well-suited for the clinical diagnostics sequencing market and will leverage our leadership role in the area of droplet digital PCR. |
3_Fair_Value_Measurements_Tabl
3. Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of financial assets and liabilities carried at fair value on a recurring basis | ' | |||||||||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2014 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 7.5 | $ | — | $ | 7.5 | ||||||||||||
U.S. government sponsored agencies | — | 1.2 | — | 1.2 | ||||||||||||||||
Foreign time deposits | 19 | — | — | 19 | ||||||||||||||||
Money market funds | 2.4 | — | — | 2.4 | ||||||||||||||||
Total cash equivalents (a) | 21.4 | 8.7 | — | 30.1 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 134.5 | — | 134.5 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.1 | — | 5.1 | ||||||||||||||||
U.S. government sponsored agencies | — | 41.3 | — | 41.3 | ||||||||||||||||
Foreign government obligations | — | 3.2 | — | 3.2 | ||||||||||||||||
Municipal obligations | — | 10.2 | — | 10.2 | ||||||||||||||||
Marketable equity securities | 366.5 | — | — | 366.5 | ||||||||||||||||
Asset-backed securities | — | 50.6 | — | 50.6 | ||||||||||||||||
Total available-for-sale investments (b) | 366.5 | 244.9 | — | 611.4 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.4 | — | 0.4 | ||||||||||||||||
Total financial assets carried at fair value | $ | 387.9 | $ | 254 | $ | — | $ | 641.9 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 0.4 | $ | — | $ | 0.4 | ||||||||||||
Contingent consideration (e) | — | — | 15.9 | 15.9 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 0.4 | $ | 15.9 | $ | 16.3 | ||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2013 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 7 | $ | — | $ | 7 | ||||||||||||
Foreign time deposits | 11.1 | — | — | 11.1 | ||||||||||||||||
U.S. government sponsored agencies | — | 1.2 | — | 1.2 | ||||||||||||||||
Money market funds | 1.2 | — | — | 1.2 | ||||||||||||||||
Total cash equivalents (a) | 12.3 | 8.2 | — | 20.5 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 132.5 | — | 132.5 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 8.9 | — | 8.9 | ||||||||||||||||
U.S. government sponsored agencies | — | 39.1 | — | 39.1 | ||||||||||||||||
Foreign government obligations | — | 5.6 | — | 5.6 | ||||||||||||||||
Municipal obligations | — | 11 | — | 11 | ||||||||||||||||
Marketable equity securities | 325.2 | — | — | 325.2 | ||||||||||||||||
Asset-backed securities | — | 48.6 | — | 48.6 | ||||||||||||||||
Total available-for-sale investments (b) | 325.2 | 245.7 | — | 570.9 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets carried at fair value | $ | 337.5 | $ | 254.5 | $ | — | $ | 592 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||||||
Contingent consideration (e) | — | — | 20.8 | 20.8 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.1 | $ | 20.8 | $ | 21.9 | ||||||||||||
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(b) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Short-term investments | $ | 276.8 | $ | 277.4 | ||||||||||||||||
Other investments | 334.6 | 293.5 | ||||||||||||||||||
Total | $ | 611.4 | $ | 570.9 | ||||||||||||||||
(c) | Forward foreign exchange contracts in an asset position are included in Prepaid expenses, taxes and other current assets in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(e) | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Other current liabilities | $ | 3 | $ | 6.1 | ||||||||||||||||
Other long-term liabilities | 12.9 | 14.7 | ||||||||||||||||||
Total | $ | 15.9 | $ | 20.8 | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||
The following table provides a reconciliation of the Level 3 contingent consideration liability measured at estimated fair value based on original valuations and updated quarterly for the three months ended March 31, 2014 (in millions): | ||||||||||||||||||||
2014 | ||||||||||||||||||||
1-Jan | $ | 20.8 | ||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense - Cell sorting system | (4.9 | ) | ||||||||||||||||||
31-Mar | $ | 15.9 | ||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | ' | |||||||||||||||||||
The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liability as of March 31, 2014. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement. | ||||||||||||||||||||
Range | ||||||||||||||||||||
Valuation Technique | Unobservable Input | From | To | |||||||||||||||||
Cell sorting system | Probability-weighted income approach | Sales milestones: | ||||||||||||||||||
Credit adjusted discount rates | 0.67% | 1.45% | ||||||||||||||||||
Projected volatility of growth rate | 13% | 20% | ||||||||||||||||||
Market price of risk | 1.25% | N/A | ||||||||||||||||||
Discussion of current derivative risk management | ' | |||||||||||||||||||
The following is a summary of our forward foreign exchange contracts (in millions): | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Contracts maturing in April through June 2014 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 82.5 | ||||||||||||||||||
Unrealized gain or loss | $ | — | ||||||||||||||||||
Contracts maturing in April through June 2014 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 373.5 | ||||||||||||||||||
Unrealized gain or loss | $ | — | ||||||||||||||||||
Schedule of available-for-sale investments | ' | |||||||||||||||||||
Available-for-sale investments consist of the following (in millions): | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 134.3 | $ | 0.4 | $ | (0.2 | ) | $ | 134.5 | |||||||||||
Foreign brokered certificates of deposit | 5.1 | — | — | 5.1 | ||||||||||||||||
Municipal obligations | 10.3 | — | (0.1 | ) | 10.2 | |||||||||||||||
Asset-backed securities | 50.4 | — | (0.1 | ) | 50.3 | |||||||||||||||
U.S. government sponsored agencies | 41.3 | — | — | 41.3 | ||||||||||||||||
Foreign government obligations | 3.2 | — | — | 3.2 | ||||||||||||||||
Marketable equity securities | 26.6 | 5.6 | — | 32.2 | ||||||||||||||||
271.2 | 6 | (0.4 | ) | 276.8 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 279.8 | — | 334.3 | ||||||||||||||||
Asset-backed securities | 0.4 | — | (0.1 | ) | 0.3 | |||||||||||||||
54.9 | 279.8 | (0.1 | ) | 334.6 | ||||||||||||||||
Total | $ | 326.1 | $ | 285.8 | $ | (0.5 | ) | $ | 611.4 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 132.6 | $ | 0.3 | $ | (0.4 | ) | $ | 132.5 | |||||||||||
Foreign brokered certificates of deposit | 8.9 | — | — | 8.9 | ||||||||||||||||
Municipal obligations | 11.1 | — | (0.1 | ) | 11 | |||||||||||||||
Asset-backed securities | 48.4 | 0.1 | (0.2 | ) | 48.3 | |||||||||||||||
U.S. government sponsored agencies | 39.1 | 0.1 | (0.1 | ) | 39.1 | |||||||||||||||
Foreign government obligations | 5.6 | — | — | 5.6 | ||||||||||||||||
Marketable equity securities | 26.6 | 5.4 | — | 32 | ||||||||||||||||
272.3 | 5.9 | (0.8 | ) | 277.4 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 238.7 | — | 293.2 | ||||||||||||||||
Asset-backed securities | 0.4 | — | (0.1 | ) | 0.3 | |||||||||||||||
54.9 | 238.7 | (0.1 | ) | 293.5 | ||||||||||||||||
Total | $ | 327.2 | $ | 244.6 | $ | (0.9 | ) | $ | 570.9 | |||||||||||
Summary of fair value of gross unrealized losses for investments with unrealized losses | ' | |||||||||||||||||||
The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): | ||||||||||||||||||||
March 31, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 4.2 | $ | 2.3 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 58.1 | $ | 73.9 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.1 | $ | 0.1 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.4 | $ | 0.8 | ||||||||||||||||
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | ' | |||||||||||||||||||
The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2014 by contractual maturity date (in millions): | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 95.4 | $ | 95.5 | ||||||||||||||||
Mature in one to five years | 110 | 110 | ||||||||||||||||||
Mature in more than five years | 39.6 | 39.4 | ||||||||||||||||||
Total | $ | 245 | $ | 244.9 | ||||||||||||||||
Estimated fair value of financial instruments | ' | |||||||||||||||||||
The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions): | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 78.9 | $ | 439.9 | 2 | $ | 77.5 | $ | 382.9 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities (a) | $ | 423.3 | $ | 444.6 | 2 | $ | 423.2 | $ | 433 | 2 | ||||||||||
(a) The carrying amount of our capital leases at March 31, 2014 and December 31, 2013 was approximately $12.5 million and $12.6 million respectively. We believe these amounts approximate fair value due to the market rates inherent in the leases. |
4_Intangible_Assets_Goodwill_a1
4. Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Changes to goodwill by segment | ' | |||||||||||||
Changes to goodwill by segment were as follows (in millions): | ||||||||||||||
Life | Clinical | Total | ||||||||||||
Science | Diagnostics | |||||||||||||
Balances as of January 1, 2014: | ||||||||||||||
Goodwill | $ | 209 | $ | 337 | $ | 546 | ||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | 181.8 | 336 | 517.8 | |||||||||||
Currency fluctuations | 0.1 | 2.6 | 2.7 | |||||||||||
Balances as of March 31, 2014: | ||||||||||||||
Goodwill | 209.1 | 339.6 | 548.7 | |||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | $ | 181.9 | $ | 338.6 | $ | 520.5 | ||||||||
Schedule of identifiable purchased intangible assets with definite lives | ' | |||||||||||||
Other than goodwill, we have no intangible assets with indefinite lives. Information regarding our identifiable purchased intangible assets with definite lives is as follows (in millions): | ||||||||||||||
March 31, 2014 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 11-Jan | $ | 100.8 | $ | (43.4 | ) | $ | 57.4 | ||||||
Know how | 12-Feb | 195.5 | (95.2 | ) | 100.3 | |||||||||
Developed product technology | 13-Jan | 110 | (39.1 | ) | 70.9 | |||||||||
Licenses | 12-Jan | 45 | (23.3 | ) | 21.7 | |||||||||
Tradenames | 9-Jan | 4.3 | (2.2 | ) | 2.1 | |||||||||
Covenants not to compete | 8-May | 4.9 | (0.9 | ) | 4 | |||||||||
Other | — | 0.6 | (0.6 | ) | — | |||||||||
$ | 461.1 | $ | (204.7 | ) | $ | 256.4 | ||||||||
December 31, 2013 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 11-Jan | $ | 99.8 | $ | (41.1 | ) | $ | 58.7 | ||||||
Know how | 12-Feb | 194.6 | (89.3 | ) | 105.3 | |||||||||
Developed product technology | 13-Jan | 109.5 | (36.2 | ) | 73.3 | |||||||||
Licenses | 12-Jan | 44.9 | (22.4 | ) | 22.5 | |||||||||
Tradenames | 9-Jan | 4.3 | (2.1 | ) | 2.2 | |||||||||
Covenants not to compete | 9-May | 4.9 | (0.7 | ) | 4.2 | |||||||||
Other | — | 0.6 | (0.6 | ) | — | |||||||||
$ | 458.6 | $ | (192.4 | ) | $ | 266.2 | ||||||||
5_Product_Warranty_Liability_T
5. Product Warranty Liability (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Product Warranties Disclosures [Abstract] | ' | |||
Components of warranty accrual | ' | |||
Components of the warranty accrual, included in Other current liabilities and Other long-term liabilities in the Condensed Consolidated Balance Sheets, were as follows (in millions): | ||||
1-Jan-14 | $ | 15.6 | ||
Provision for warranty | 5.3 | |||
Actual warranty costs | (4.2 | ) | ||
March 31, 2014 | $ | 16.7 | ||
6_LongTerm_Debt_Tables
6. Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
The principal components of long-term debt are as follows (in millions): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.3 | $ | 423.2 | ||||
Capital leases and other debt | 12.5 | 12.6 | ||||||
435.8 | 435.8 | |||||||
Less current maturities | (0.2 | ) | (0.2 | ) | ||||
Long-term debt | $ | 435.6 | $ | 435.6 | ||||
7_Accumulated_Other_Comprehens1
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
Foreign currency translation adjustments | Foreign Other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Bio-Rad Accumulated other comprehensive income | Non-controlling interests | Total Accumulated other comprehensive income | ||||||||||||||
Balances as of January 1, 2014: | $ | 189.4 | $ | (8.1 | ) | $ | 159.4 | $ | 340.7 | $ | — | $ | 340.7 | ||||||
Other comprehensive income, before reclassifications | 5.5 | — | 41.6 | 47.1 | — | 47.1 | |||||||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||
Income tax effects | — | — | (15.3 | ) | (15.3 | ) | — | (15.3 | ) | ||||||||||
Other comprehensive income, net of income taxes | 5.5 | 0.1 | 26.3 | 31.9 | — | 31.9 | |||||||||||||
Balances as of March 31, 2014: | $ | 194.9 | $ | (8.0 | ) | $ | 185.7 | $ | 372.6 | $ | — | $ | 372.6 | ||||||
Foreign currency translation adjustments | Foreign Other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Bio-Rad Accumulated other comprehensive income | Non-controlling interests | Total Accumulated other comprehensive income | ||||||||||||||
Balances as of January 1, 2013: | $ | 172.9 | $ | (8.1 | ) | $ | 109.7 | $ | 274.5 | $ | (0.2 | ) | $ | 274.3 | |||||
Other comprehensive (loss) income, before reclassifications | (34.4 | ) | 0.2 | 46.3 | 12.1 | — | 12.1 | ||||||||||||
Amounts reclassified from Accumulated other comprehensive income | (0.2 | ) | 0.1 | (0.2 | ) | (0.3 | ) | 0.2 | (0.1 | ) | |||||||||
Income tax effects | — | — | (16.9 | ) | (16.9 | ) | — | (16.9 | ) | ||||||||||
Other comprehensive income (loss), net of income taxes | (34.6 | ) | 0.3 | 29.2 | (5.1 | ) | 0.2 | (4.9 | ) | ||||||||||
Balances as of March 31, 2013: | $ | 138.3 | $ | (7.8 | ) | $ | 138.9 | $ | 269.4 | $ | — | $ | 269.4 | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
The amounts reclassified out of Accumulated other comprehensive income into the Condensed Consolidated Statements of Income, with presentation location, were as follows: | |||||||||||||||||||
Income before taxes impact (in millions) | |||||||||||||||||||
March 31, | |||||||||||||||||||
Components of Comprehensive income | 2014 | 2013 | Location | ||||||||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.1 | ) | $ | (0.1 | ) | Selling, general and administrative expense | ||||||||||||
Net holding gains on available-for-sale investments | $ | — | $ | 0.2 | Other (income) expense, net | ||||||||||||||
8_Earnings_Per_Share_Tables
8. Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares | ' | ||||||
The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Basic weighted average shares outstanding | 28,791 | 28,494 | |||||
Effect of potentially dilutive stock options and restricted stock awards | 268 | 323 | |||||
Diluted weighted average common shares | 29,059 | 28,817 | |||||
Anti-dilutive shares | 94 | 92 | |||||
9_Other_Income_and_Expenses_Ta
9. Other Income and Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Schedule of other income (expense), net | ' | ||||||||
Other (income) expense, net includes the following components (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest and investment income | $ | (0.7 | ) | $ | (1.3 | ) | |||
Net realized losses gains on investments | — | (0.2 | ) | ||||||
Miscellaneous other expense items, net | — | 0.1 | |||||||
Other (income) expense, net | $ | (0.7 | ) | $ | (1.4 | ) |
11_Segment_Information_Tables
11. Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Information regarding industry segments | ' | ||||||||||||
Information regarding industry segments for the three months ended March 31, 2014 and 2013 is as follows (in millions): | |||||||||||||
Life | Clinical | Other | |||||||||||
Science | Diagnostics | Operations | |||||||||||
Segment net sales | 2014 | $ | 161.5 | $ | 344.3 | $ | 3.5 | ||||||
2013 | $ | 156.3 | $ | 339.9 | $ | 3.5 | |||||||
Segment (loss) profit | 2014 | $ | (6.6 | ) | $ | 32.4 | $ | 0.1 | |||||
2013 | $ | (12.8 | ) | $ | 37.7 | $ | 0.1 | ||||||
Reconciliation of segment profit to consolidated income before taxes | ' | ||||||||||||
The following reconciles total segment profit to consolidated income before taxes (in millions): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Total segment profit | $ | 25.9 | $ | 25 | |||||||||
Foreign exchange losses, net | (2.7 | ) | (1.5 | ) | |||||||||
Net corporate operating, interest and other expense not allocated to segments | (9.4 | ) | (0.9 | ) | |||||||||
Other income (expense), net | 0.7 | 1.4 | |||||||||||
Consolidated income before income taxes | $ | 14.5 | $ | 24 | |||||||||
1_Basis_of_Presentation_and_Us
1. Basis of Presentation and Use of Estimates Immaterial Errors (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Payments for Acquisitions, Net of Cash Received, and Long-Term Investments | $1,364,000 | $64,056,000 |
Payments of contingent consideration | 0 | 10,574,000 |
Payments to Suppliers and Employees | 468,101,000 | 460,093,000 |
Payments for (proceeds from) derivative instruments, operating activities | 1,325,000 | -3,943,000 |
Scenario, Previously Reported [Member] | Immaterial Error [Member] | ' | ' |
Payments for Acquisitions, Net of Cash Received, and Long-Term Investments | ' | -11,000,000 |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | ' | -3,900,000 |
Restatement Adjustment [Member] | Immaterial Error [Member] | ' | ' |
Payments of contingent consideration | ' | 10,600,000 |
Payments to Suppliers and Employees | ' | 400,000 |
Payments for (proceeds from) derivative instruments, operating activities | ' | $3,900,000 |
1_Basis_of_Presentation_and_Us1
1. Basis of Presentation and Use of Estimates Reclassification R&D Credits (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Research and Development Expense | $52,543 | $50,343 |
Net income attributable to Bio-Rad | 6,668 | 20,151 |
Income Tax Expense (Benefit) | 7,870 | 3,875 |
Prior Period Reclassification Adjustment [Member] | Restatement Adjustment [Member] | ' | ' |
Research and Development Expense | ' | -1,600 |
Net income attributable to Bio-Rad | ' | 700 |
Income Tax Expense (Benefit) | ' | $900 |
2_Acquisitions_Details
2. Acquisitions (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 10, 2013 | Mar. 31, 2013 |
AbD Serotec [Member] | AbD Serotec [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | $7,300,000 |
Business Combination, Consideration Transferred | ' | ' | 62,200,000 | ' |
Goodwill | 520,525,000 | 517,770,000 | 14,900,000 | ' |
Finite-lived Intangible Assets Acquired | ' | ' | 44,000,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | $3,300,000 | ' |
3_Fair_Value_Measurements_Fair
3. Fair Value Measurements Fair Value Level Table (Details) (USD $) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Foreign Time Deposits [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Money Market Funds [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Cash Equivalents [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Other Investments [Member] | Other Investments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Foreign Brokered Certificates of Deposit [Member] | Foreign Brokered Certificates of Deposit [Member] | US Government Sponsored Agencies [Member] | US Government Sponsored Agencies [Member] | Foreign Government Obligations [Member] | Foreign Government Obligations [Member] | Municipal obligations [Member] | Municipal obligations [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | $1,200,000 | [1] | $1,200,000 | [1] | $0 | [1] | $0 | [1] | $1,200,000 | [1] | $1,200,000 | [1] | $0 | [1] | $0 | [1] | $7,500,000 | [1] | $7,000,000 | [1] | $0 | [1] | $0 | [1] | $7,500,000 | [1] | $7,000,000 | [1] | $19,000,000 | [1] | $11,100,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $19,000,000 | [1] | $11,100,000 | [1] | $2,400,000 | [1] | $1,200,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $2,400,000 | [1] | $1,200,000 | [1] | $21,400,000 | [1] | $12,300,000 | [1] | $8,700,000 | [1] | $8,200,000 | [1] | $0 | [1] | $0 | [1] | $30,100,000 | [1] | $20,500,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Fair Value Disclosure | ' | ' | 611,400,000 | 570,900,000 | 366,500,000 | [2] | 325,200,000 | [2] | 244,900,000 | [2] | 245,700,000 | [2] | 0 | [2] | 0 | [2] | 611,400,000 | [2] | 570,900,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 134,500,000 | [2] | 132,500,000 | [2] | 0 | [2] | 0 | [2] | 134,500,000 | [2] | 132,500,000 | [2] | 0 | [2] | 0 | [2] | 5,100,000 | [2] | 8,900,000 | [2] | 0 | [2] | 0 | [2] | 5,100,000 | [2] | 8,900,000 | [2] | 0 | [2] | 0 | [2] | 41,300,000 | [2] | 39,100,000 | [2] | 0 | [2] | 0 | [2] | 41,300,000 | [2] | 39,100,000 | [2] | 0 | [2] | 0 | [2] | 3,200,000 | [2] | 5,600,000 | [2] | 0 | [2] | 0 | [2] | 3,200,000 | [2] | 5,600,000 | [2] | 0 | [2] | 0 | [2] | 10,200,000 | [2] | 11,000,000 | [2] | 0 | [2] | 0 | [2] | 10,200,000 | [2] | 11,000,000 | [2] | 366,500,000 | [2] | 325,200,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 366,500,000 | [2] | 325,200,000 | [2] | 0 | [2] | 0 | [2] | 50,600,000 | [2] | 48,600,000 | [2] | 0 | [2] | 0 | [2] | 50,600,000 | [2] | 48,600,000 | [2] | ' | ' | ' | ' | 276,800,000 | 277,400,000 | 134,500,000 | 132,500,000 | 5,100,000 | 8,900,000 | 41,300,000 | 39,100,000 | 3,200,000 | 5,600,000 | 10,200,000 | 11,000,000 | 32,200,000 | 32,000,000 | 50,300,000 | 48,300,000 | 334,600,000 | 293,500,000 | |||||||||||||||||||||||||||||||||||||||
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 400,000 | [3] | 600,000 | [3] | 0 | [3] | 0 | [3] | 400,000 | [3] | 600,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | ' | ' | ' | ' | 387,900,000 | 337,500,000 | 254,000,000 | 254,500,000 | 0 | 0 | 641,900,000 | 592,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 400,000 | [4] | 1,100,000 | [4] | 0 | [4] | 0 | [4] | 400,000 | [4] | 1,100,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -4,893,000 | -711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Fair Value Disclosure | ' | ' | ' | ' | 0 | 0 | 400,000 | 1,100,000 | 15,900,000 | 20,800,000 | 16,300,000 | 21,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent Consideration at Fair Value | ' | ' | ' | ' | $0 | [5] | $0 | [5] | $0 | [5] | $0 | [5] | $15,900,000 | [5] | $20,800,000 | [5] | $15,900,000 | [5] | $20,800,000 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | $6,100,000 | $12,900,000 | $14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2014B DecemberB 31, 2013Short-term investments$276.8B $277.4Other investments334.6B 293.5Total$611.4B $570.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Forward foreign exchange contracts in an asset position are included in Prepaid expenses, taxes and other current assets in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2014B DecemberB 31, 2013Other current liabilities$3.0B $6.1Other long-term liabilities12.9B 14.7 Total$15.9B $20.8 |
3_Fair_Value_Measurements_3_Co
3. Fair Value Measurements 3. Contingent Consideration (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||||
Sales milestone minimum payment [Member] | Sales milestone year 1 maximum payment percentage [Member] | Sales milestone year 2 maximum payment percentage [Member] | Sales milestone year 3 maximum payment percentage [Member] | Credit Adjusted Discount Rates Lower [Member] | Credit Adjusted Discount Rate Higher [Member] | Market Price of Risk [Member] | Projected Volatility of Growth Rate [Member] | Projected Volatility of Growth Rate Higher [Member] | Sales Milestone year 1 bookings [Member] | Sales milestone year 2 bookings [Member] | Sales milestone year 3 bookings [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
CellSorter [Member] | |||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
(Decrease) increase in fair value of contingent consideration included in SGA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,900,000 | ' | ' | ' | ' | ||||||
Contingent Consideration at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,900,000 | [1] | 20,800,000 | [1] | 15,900,000 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | $30,000,000 | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | ' | 60.00% | 51.32% | 50.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Contingent Consideration Level 3 Inputs | ' | ' | ' | ' | '.0067 | '.0145 | '.0125 | '.13 | '.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2014B DecemberB 31, 2013Other current liabilities$3.0B $6.1Other long-term liabilities12.9B 14.7 Total$15.9B $20.8 |
3_Foreign_Exchange_Forward_Con
3. Foreign Exchange Forward Contracts (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Derivatives, Fair Value [Line Items] | ' |
Unrealized gain or loss on contracts maturing in April through June 2014 to sell foreign currency | $0 |
Unrealized gain or loss on contracts maturing in April through June 2014 to purchase foreign currency | 0 |
Contracts maturing in April through June 2014 to sell foreign currency [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Notional value | 82.5 |
Contracts maturing in April through June 2014 to purchase foreign currency [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Notional value | $373.50 |
3_AvailableforSale_Investments
3. Available-for-Sale Investments (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $326.10 | $327.20 | ||
Unrealized Gains | 285.8 | 244.6 | ||
Unrealized Losses | -0.5 | -0.9 | ||
Estimated Fair Value | 611.4 | 570.9 | ||
Other Long-term Investments [Member] | Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 0.4 | 0.4 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | -0.1 | -0.1 | ||
Estimated Fair Value | 0.3 | 0.3 | ||
Other Long-term Investments [Member] | Marketable Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 54.5 | 54.5 | ||
Unrealized Gains | 279.8 | 238.7 | ||
Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 334.3 | 293.2 | ||
Other Long-term Investments [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 54.9 | 54.9 | ||
Unrealized Gains | 279.8 | 238.7 | ||
Unrealized Losses | -0.1 | -0.1 | ||
Estimated Fair Value | 334.6 | 293.5 | ||
Short-term Investments [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 134.3 | 132.6 | ||
Unrealized Gains | 0.4 | 0.3 | ||
Unrealized Losses | -0.2 | -0.4 | ||
Estimated Fair Value | 134.5 | 132.5 | ||
Short-term Investments [Member] | Foreign Brokered Certificates of Deposit [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5.1 | 8.9 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 5.1 | 8.9 | ||
Short-term Investments [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 10.3 | 11.1 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | -0.1 | -0.1 | ||
Estimated Fair Value | 10.2 | 11 | ||
Short-term Investments [Member] | Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 50.4 | 48.4 | ||
Unrealized Gains | 0 | 0.1 | ||
Unrealized Losses | -0.1 | -0.2 | ||
Estimated Fair Value | 50.3 | 48.3 | ||
Short-term Investments [Member] | Marketable Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 26.6 | 26.6 | ||
Unrealized Gains | 5.6 | 5.4 | ||
Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 32.2 | 32 | ||
Short-term Investments [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 271.2 | 272.3 | ||
Unrealized Gains | 6 | 5.9 | ||
Unrealized Losses | -0.4 | -0.8 | ||
Estimated Fair Value | 276.8 | 277.4 | ||
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 41.3 | 39.1 | ||
Unrealized Gains | 0 | 0.1 | ||
Unrealized Losses | 0 | -0.1 | ||
Estimated Fair Value | 41.3 | 39.1 | ||
Short-term Investments [Member] | Foreign Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 3.2 | 5.6 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | 0 | 0 | ||
Estimated Fair Value | 3.2 | 5.6 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 611.4 | [1] | 570.9 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 134.5 | [1] | 132.5 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Brokered Certificates of Deposit [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 5.1 | [1] | 8.9 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 10.2 | [1] | 11 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 50.6 | [1] | 48.6 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Marketable Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 366.5 | [1] | 325.2 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | US Government Sponsored Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 41.3 | [1] | 39.1 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Foreign Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 3.2 | [1] | 5.6 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Short-term Investments [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | $276.80 | $277.40 | ||
[1] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2014B DecemberB 31, 2013Short-term investments$276.8B $277.4Other investments334.6B 293.5Total$611.4B $570.9 |
3_Amortized_Cost_and_Fair_Valu
3. Amortized Cost and Fair Value of Debt Securities (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Mature in less than one year | $95.40 |
Mature in one to five years | 110 |
Mature in more than five years | 39.6 |
Total Amortized Cost | 245 |
Mature in less than one year | 95.5 |
Mature in one to five years | 110 |
Mature in more than five years | 39.4 |
Estimated Fair Value | $244.90 |
3_Fair_Value_and_Gross_Unreali
3. Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Tolerable variance Level 2 debt security pricing | 1.00% | ' |
Fair Value of Investments with Gross Unrealized Losses in loss position 12 months or more | $4.20 | $2.30 |
Gross unrealized losses for investments in a loss position 12 months or more | 0.1 | 0.1 |
Gross unrealized losses for investments in a loss position less than 12 months | 0.4 | 0.8 |
Cost Method Investment, Percentage Owned | 35.00% | ' |
Fair Value of Investments with Gross Unrealized Losses in loss position less than 12 months | $58.10 | $73.90 |
3_Fair_Value_Financial_Instrum
3. Fair Value Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Capital Lease Obligations | $12.50 | [1] | $12.60 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Other Investments | 78.9 | 77.5 | |
Total long-term debt, excluding capital leases and current maturities | 423.3 | 423.2 | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Other Investments | 439.9 | 382.9 | |
Total long-term debt, excluding capital leases and current maturities | $444.60 | $433 | |
[1] | (a) The carrying amount of our capital leases at MarchB 31, 2014 and DecemberB 31, 2013 was approximately $12.5 million and $12.6 million respectively. We believe these amounts approximate fair value due to the market rates inherent in the leases. |
4_Intangible_Assets_Goodwill_a2
4. Intangible Assets, Goodwill and Other (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' |
Goodwill | $548,700,000 | $546,000,000 |
Accumulated impairment loss | -28,200,000 | -28,200,000 |
Goodwill, net | 520,525,000 | 517,770,000 |
Currency fluctuations | 2,700,000 | ' |
Life Science [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 209,100,000 | 209,000,000 |
Accumulated impairment loss | -27,200,000 | -27,200,000 |
Goodwill, net | 181,900,000 | 181,800,000 |
Currency fluctuations | 100,000 | ' |
Clinical Diagnostics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 339,600,000 | 337,000,000 |
Accumulated impairment loss | -1,000,000 | -1,000,000 |
Goodwill, net | 338,600,000 | 336,000,000 |
Currency fluctuations | $2,600,000 | ' |
4_Intangible_Assets_Goodwill_a3
4. Intangible Assets, Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Customer Relationships [Member] | Customer Relationships [Member] | Know how [Member] | Know how [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Trade Names [Member] | Trade Names [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
Customer Relationships [Member] | Customer Relationships [Member] | Know how [Member] | Know how [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Trade Names [Member] | Trade Names [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Know how [Member] | Know how [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Licensing Agreements [Member] | Licensing Agreements [Member] | Trade Names [Member] | Trade Names [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | ||||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Remaining Life (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | '2 years | '2 years | '1 year | '1 year | '1 year | '1 year | '1 year | '1 year | '5 years | '5 years | '0 years | '0 years | '11 years | '11 years | '12 years | '12 years | '13 years | '13 years | '12 years | '12 years | '9 years | '9 years | '8 years | '9 years | '0 years | '0 years |
Purchase Price | $461,100,000 | ' | $458,600,000 | $100,800,000 | $99,800,000 | $195,500,000 | $194,600,000 | $110,000,000 | $109,500,000 | $45,000,000 | $44,900,000 | $4,300,000 | $4,300,000 | $4,900,000 | $4,900,000 | $600,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -204,700,000 | ' | -192,400,000 | -43,400,000 | -41,100,000 | -95,200,000 | -89,300,000 | -39,100,000 | -36,200,000 | -23,300,000 | -22,400,000 | -2,200,000 | -2,100,000 | -900,000 | -700,000 | -600,000 | -600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Carrying Amount | 256,444,000 | ' | 266,188,000 | 57,400,000 | 58,700,000 | 100,300,000 | 105,300,000 | 70,900,000 | 73,300,000 | 21,700,000 | 22,500,000 | 2,100,000 | 2,200,000 | 4,000,000 | 4,200,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $10,900,000 | $11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
5_Product_Warranty_Liability_D
5. Product Warranty Liability (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Accrual at beginning of period | $15.60 |
Provision for warranty | 5.3 |
Actual warranty costs | -4.2 |
Accrual at end of period | $16.70 |
6_LongTerm_Debt_Details
6. Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2010 | Mar. 31, 2014 |
Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Line of Credit [Member] | Line of Credit [Member] | |||
Senior Notes 4.875% [Member] | Senior Notes 4.875% [Member] | Senior Notes 4.875% [Member] | Debt 6 [Member] | Debt 6 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 4.88% | ' | ' | ' | ' |
Long-term debt | $435,800,000 | $435,800,000 | $423,300,000 | $423,200,000 | $422,600,000 | $12,500,000 | $12,600,000 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | 4.95% | ' | ' | ' | ' |
Less current maturities | -200,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt sold | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' |
Line of credit maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 |
Percentage of capital stock of certain foreign subsidiaries securing part of Credit Agreement | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Long-term Debt, Excluding Current Maturities | $435,611,000 | $435,615,000 | ' | ' | ' | ' | ' | ' | ' |
7_Accumulated_Other_Comprehens2
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expense | $202,275,000 | $185,917,000 | ' | ' |
Other (income) expense, net | -661,000 | -1,400,000 | ' | ' |
Accumulated other comprehensive income | 372,598,000 | ' | 340,717,000 | ' |
Total other comprehensive income (loss) net of tax | 31,881,000 | -4,931,000 | ' | ' |
Net Income (Loss) Attributable to Parent | -6,668,000 | -20,151,000 | ' | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 194,900,000 | 138,300,000 | 189,400,000 | 172,900,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 5,500,000 | -34,400,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | -200,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | 0 | 0 | ' | ' |
Total other comprehensive income (loss) net of tax | 5,500,000 | -34,600,000 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | -8,000,000 | -7,800,000 | -8,100,000 | -8,100,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 200,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 100,000 | 100,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | 0 | 0 | ' | ' |
Total other comprehensive income (loss) net of tax | 100,000 | 300,000 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expense | 100,000 | 100,000 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 185,700,000 | 138,900,000 | 159,400,000 | 109,700,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 41,600,000 | 46,300,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | -200,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | -15,300,000 | -16,900,000 | ' | ' |
Total other comprehensive income (loss) net of tax | 26,300,000 | 29,200,000 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other (income) expense, net | 0 | -200,000 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 372,600,000 | 269,400,000 | 340,700,000 | 274,500,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 47,100,000 | 12,100,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 100,000 | -300,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | -15,300,000 | -16,900,000 | ' | ' |
Total other comprehensive income (loss) net of tax | 31,900,000 | -5,100,000 | ' | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 0 | 0 | 0 | -200,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 200,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | 0 | 0 | ' | ' |
Total other comprehensive income (loss) net of tax | 0 | 200,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive income | 372,600,000 | 269,400,000 | 340,700,000 | 274,300,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 47,100,000 | 12,100,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 100,000 | -100,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | -15,300,000 | -16,900,000 | ' | ' |
Total other comprehensive income (loss) net of tax | $31,900,000 | ($4,900,000) | ' | ' |
8_Earnings_Per_Share_Details
8. Earnings Per Share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic weighted average shares outstanding | 28,791 | 28,494 |
Effect of potentially dilutive stock options and restricted stock awards | 268 | 323 |
Diluted weighted average common shares | 29,059 | 28,817 |
Anti-dilutive shares | 94 | 92 |
9_Other_Income_and_Expenses_De
9. Other Income and Expenses (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest and investment income | ($700,000) | ($1,300,000) |
Net realized losses (gains) on investments | 0 | -200,000 |
Miscellaneous other (income) expense items, net | 0 | 100,000 |
Other (income) expense, net | $661,000 | $1,400,000 |
10_Income_Taxes_Details
10. Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Effective tax rate | 54.00% | 16.00% |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $1.50 | ' |
U.S. Federal [Member] | ' | ' |
Statutory Rates | 35.00% | 35.00% |
11_Segment_Information_Details
11. Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $509,344 | $499,672 |
Income before income taxes | 14,538 | 24,047 |
Life Science [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 161,500 | 156,300 |
Income before income taxes | -6,600 | -12,800 |
Clinical Diagnostics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 344,300 | 339,900 |
Income before income taxes | 32,400 | 37,700 |
All Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 3,500 | 3,500 |
Income before income taxes | $100 | $100 |
11_Segment_Profit_Reconciliati
11. Segment Profit Reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | ($14,538) | ($24,047) |
NonAllocated Expense Loss Contingency [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | 8,000 | ' |
Other Income and Expense Non Operating [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | -700 | -1,400 |
Foreign Currency Gain (Loss) [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | 2,700 | 1,500 |
Corporate, Non-Segment [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | -9,400 | -900 |
Operating Segments [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income before income taxes | ($25,900) | ($25,000) |
12_Legal_Proceedings_12_Contin
12. Legal Proceedings 12. Contingent Liability (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Estimated loss contingency | $39,800,000 | $30,000,000 |
Loss Contingency Accrual, Provision | 8,000,000 | ' |
Including Interest [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated loss contingency | 43,000,000 | ' |
Interest Expense [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency Accrual, Provision | -1,800,000 | ' |
Selling, General and Administrative Expenses [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency Accrual, Provision | 9,800,000 | ' |
Accrued Interest [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated loss contingency | $3,200,000 | ' |
13_Subsequent_Event_Details
13. Subsequent Event (Details) (GnuBIO [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
GnuBIO [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Business Combination, Consideration Transferred | $40 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $70 |