Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 28, 2014 | Oct. 28, 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 | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,862,625 | 5,097,303 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $424,593 | $331,551 |
Short-term investments | 277,985 | 277,369 |
Accounts Receivable, Net | 354,401 | 422,660 |
Inventories: | ' | ' |
Raw materials | 119,667 | 105,708 |
Work in process | 135,524 | 129,894 |
Finished goods | 260,856 | 280,643 |
Total inventories | 516,047 | 516,245 |
Prepaid expenses, taxes and current assets | 191,419 | 209,654 |
Total current assets | 1,764,445 | 1,757,479 |
Property, plant and equipment, at cost | 1,088,124 | 1,059,828 |
Less: accumulated depreciation and amortization | -667,227 | -645,427 |
Property, plant and equipment, net | 420,897 | 414,401 |
Goodwill, net | 513,454 | 517,770 |
Purchased intangibles, net | 273,527 | 266,188 |
Other investments | 364,129 | 377,870 |
Other assets | 49,572 | 55,082 |
Total assets | 3,386,024 | 3,388,790 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' |
Accounts payable | 126,640 | 148,510 |
Accrued payroll and employee benefits | 148,283 | 130,658 |
Notes payable and current maturities of long-term debt | 1,471 | 1,786 |
Income and other taxes payable | 24,399 | 33,555 |
Accrued legal settlements | 49,450 | 30,000 |
Other current liabilities | 153,540 | 142,963 |
Total current liabilities | 503,783 | 487,472 |
Long-term debt, net of current maturities | 435,739 | 435,615 |
Other long-term liabilities | 269,772 | 278,981 |
Total liabilities | 1,209,294 | 1,202,068 |
Stockholders' equity: | ' | ' |
Additional paid-in capital | 259,865 | 239,986 |
Retained earnings | 1,655,925 | 1,606,117 |
Accumulated other comprehensive income | 261,038 | 340,717 |
Total stockholders' equity | 2,176,730 | 2,186,722 |
Total liabilities and stockholders' equity | 3,386,024 | 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 | Sep. 30, 2014 | Dec. 31, 2013 |
Common Class A [Member] | ' | ' |
Common Stock, Shares, Issued | 23,862,747 | 23,680,749 |
Common Stock, Shares, Outstanding | 23,862,625 | 23,680,627 |
Common Class B [Member] | ' | ' |
Common Stock, Shares, Issued | 5,098,220 | 5,096,780 |
Common Stock, Shares, Outstanding | 5,097,303 | 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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $530,644 | $505,066 | $1,576,820 | $1,530,059 |
Cost of goods sold | 242,068 | 220,850 | 715,713 | 674,330 |
Gross profit | 288,576 | 284,216 | 861,107 | 855,729 |
Selling, general and administrative expense | 202,550 | 202,238 | 600,663 | 583,486 |
Research and Development Expense | 52,786 | 52,920 | 161,046 | 155,104 |
Segment profit (loss) | 33,240 | 29,058 | 99,398 | 117,139 |
Interest expense | 7,710 | 31,611 | 17,131 | 54,252 |
Foreign exchange losses, net | 3,667 | 3,330 | 6,118 | 5,723 |
Other (income) expense, net | -613 | -667 | -9,662 | -10,711 |
Income before income taxes | 22,476 | -5,216 | 85,811 | 67,875 |
Provision for income taxes | -10,967 | -1,883 | -36,003 | -20,200 |
Net income including noncontrolling interests | 11,509 | -7,099 | 49,808 | 47,675 |
Net loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | -21 |
Net income attributable to Bio-Rad | $11,509 | ($7,099) | $49,808 | $47,654 |
Basic earnings per share: | ' | ' | ' | ' |
Net income per share basic attributable to Bio-Rad | $0.40 | ($0.25) | $1.73 | $1.67 |
Weighted average common shares - basic | 28,884 | 28,603 | 28,834 | 28,545 |
Diluted earnings per share: | ' | ' | ' | ' |
Net income per share diluted attributable to Bio-Rad | $0.39 | ($0.25) | $1.71 | $1.65 |
Weighted average common shares - diluted | 29,141 | 28,603 | 29,097 | 28,870 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income including noncontrolling interests | $11,509 | ($7,099) | $49,808 | $47,675 |
Foreign currency translation adjustments | -77,956 | 40,668 | -70,322 | 5,078 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 716 | -246 | 895 | 45 |
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense | -13,007 | 8,510 | -10,252 | 36,835 |
Total other comprehensive income (loss) net of tax | -90,247 | 48,932 | -79,679 | 41,958 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -78,738 | 41,833 | -29,871 | 89,633 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | -185 |
Comprehensive income (loss) attributable to Bio-Rad net of tax | ($78,738) | $41,833 | ($29,871) | $89,448 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Cash received from customers | $1,613,723 | $1,531,251 |
Cash paid to suppliers and employees | -1,352,654 | -1,335,844 |
Interest paid | -10,757 | -50,188 |
Income tax payments | -31,105 | -59,720 |
Investment proceeds and miscellaneous receipts, net | 11,363 | 12,926 |
Excess tax benefits from share-based compensation | -766 | -808 |
Proceeds from forward foreign exchange contracts, net | 3,292 | 969 |
Net cash provided by operating activities | 233,096 | 98,586 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -80,865 | -78,938 |
Proceeds from dispositions of property, plant and equipment | 381 | 1,252 |
Payments for acquisitions, net of cash received, and long-term investments | -43,645 | -68,510 |
Payments for purchases of intangible assets | -15,488 | -500 |
Payments for purchases of marketable securities and investments | -159,607 | -325,036 |
Proceeds from sales of marketable securities and investments | 58,691 | 277,389 |
Proceeds from maturities of marketable securities and investments | 99,466 | 234,707 |
Net cash (used in) provided by investing activities | -141,067 | 40,364 |
Cash flows from financing activities: | ' | ' |
Net payments on line-of-credit arrangements and notes payable | -362 | -18 |
Payments on long-term borrowings | -181 | -300,178 |
Payments of contingent consideration | 0 | -25,474 |
Proceeds from issuance of common stock | 8,365 | 9,397 |
Payments of debt issuance costs for credit agreement | -524 | 0 |
Excess tax benefits from share-based compensation | 766 | 808 |
Net cash provided by (used in) financing activities | 8,064 | -315,465 |
Effect of foreign exchange rate changes on cash | -7,051 | 4,920 |
Net increase (decrease) in cash and cash equivalents | 93,042 | -171,595 |
Cash and cash equivalents at beginning of period | 331,551 | 463,388 |
Cash and cash equivalents at end of period | 424,593 | 291,793 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net income including noncontrolling interests | 49,808 | 47,675 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Depreciation and amortization | 110,129 | 105,181 |
Share-based compensation | 10,714 | 9,894 |
Losses on dispositions of securities | 329 | 408 |
Excess tax benefits from share-based compensation | -766 | -808 |
Changes in fair value of contingent consideration | -8,378 | -1,347 |
Decrease in accounts receivable | 51,149 | 14,803 |
Increase in inventories | -28,881 | -61,580 |
Decrease (increase) in other current assets | 354 | -5,748 |
Increase in accounts payable and other current liabilities | 39,743 | 19,272 |
Decrease in income taxes payable | -593 | -30,710 |
Net decrease/increase in other long-term assets/liabilities | 9,488 | 1,546 |
Net cash provided by operating activities | $233,096 | $98,586 |
1_Organization_Consolidation_a
1. Organization, Consolidation and Presentation of Financial Statements | 9 Months Ended |
Sep. 30, 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 | |
Balance Sheet and Statement of Cash Flows | |
During the current quarter we identified errors in the Consolidated Balance Sheet at December 31, 2013 and the Consolidated Statements of Cash Flows for the years ending December 31, 2012 and 2013 (and for all interim periods therein) and in the Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2014 and June 30, 2014 related to the recorded amounts of Net inventory and Net property, plant and equipment. We inappropriately reduced Inventory by all of the intercompany profit on intercompany transactions related to certain equipment when a portion of that profit should have reduced capital additions included in Property, plant and equipment. The equipment in question is a Bio-Rad product provided to customers in reagent rental agreements, whereby Bio-Rad retains ownership of the equipment and charges the customer for test kits purchased for use with this equipment. Depreciation was calculated correctly, and there is no impact to Net income (loss) for any historic period. | |
The effect of correcting these errors was to increase Net inventory and lower Property, plant and equipment, net at December 31, 2013 by $15.0 million. As a result of these changes, $5.3 million of Prepaid income taxes were reclassified from short-term to long-term. The reclassification within the Statement of Cash Flows was to decrease Net cash provided by operating activities and increase Net cash provided by investing activities by $4.4 million for the nine months ended September 30, 2013. There is no change to the net increase or decrease in Cash and cash equivalents for any historic period. | |
During the nine month-period ended September 30, 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 nine-month period ended September 30, 2013 in conjunction with the filing of this 10-Q by reducing cash inflows from investing activities by $1.0 million and increasing cash inflows from operating activities by $1.0 million. | |
Recent Accounting Standards Updates | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. We are currently evaluating the impact of the adoption of this accounting standard update on our consolidated financial statements. |
2_Acquisitions
2. Acquisitions | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
2.ACQUISITIONS | |
GnuBIO, Inc. | |
In April 2014, we acquired 100% of the issued and outstanding stock of GnuBIO, Inc. (GnuBIO). This acquisition was accounted for as a business combination as GnuBIO represents an integrated set of activities and assets 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 Clinical Diagnostics segment's results of operations from the acquisition date. We believe that 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. | |
The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions. The deferred tax liability established was primarily a result of the difference in the book basis and tax basis related to the identifiable intangible assets. The estimated fair values of assets acquired and liabilities assumed, specifically deferred taxes, may be subject to change as additional information is received and certain tax returns are finalized. Thus the provisional measurements of fair value set forth below are subject to change. We expect to finalize the allocation once all relevant information is obtained by management, but will not extend beyond one year from the closing date of acquisition. | |
The preliminary fair values of the net assets acquired from GnuBIO as of the acquisition date were determined to be $46.4 million of indefinite-lived intangible assets (specifically in-process research and development or "IPR&D"), $15.2 million of goodwill and $11.2 million of net tangible liabilities. We do not expect the goodwill recorded to be deductible for income tax purposes. | |
Accounting guidance requires that the fair value of IPR&D acquired in a business combination be recorded on the balance sheet as of the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until completion or abandonment of the related project. During the period the assets are considered indefinite-lived, they will not be amortized but will be tested for impairment on an annual basis and between annual tests if we become aware of any events occurring or changes in circumstances that would indicate a reduction in the fair value of the projects below their respective carrying amounts. We perform our annual impairment tests at December 31. If and when it is determined that identified intangible assets are impaired, an impairment charge would be recorded. If and when development is considered complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective remaining estimated useful lives. | |
The fair value of the consideration as of the acquisition date was $50.4 million, which includes $39.7 million paid in cash at the closing date and $10.7 million in contingent consideration potentially payable to GnuBIO's shareholders. The contingent consideration was based on a probability-weighted income approach that could reach $70.0 million upon the achievement of all development/regulatory and sales milestones. The contingent consideration for the development/regulatory milestones was valued at $10.7 million, based on assumptions regarding the probability of achieving the milestones, with such amounts discounted to present value. The contingent consideration for the sales milestones was determined to be negligible, using the risk-neutral probability of being in the money based on a Black-Scholes framework. The contingent consideration was recognized at its estimated fair value of $7.2 million as of September 30, 2014. See Note 3 for further discussion of the contingent consideration valuation and underlying assumptions. | |
AbD Serotec | |
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 is deductible for income tax purposes. |
3_Fair_Value_Measurements
3. Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 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 September 30, 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 | $ | — | $ | 8.4 | $ | — | $ | 8.4 | ||||||||||||
Foreign time deposits | 14.9 | — | — | 14.9 | ||||||||||||||||
Money market funds | 2.5 | — | — | 2.5 | ||||||||||||||||
Total cash equivalents (a) | 17.4 | 8.4 | — | 25.8 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 132.6 | — | 132.6 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 46 | — | 46 | ||||||||||||||||
Foreign government obligations | — | 4.4 | — | 4.4 | ||||||||||||||||
Municipal obligations | — | 7.8 | — | 7.8 | ||||||||||||||||
Marketable equity securities | 308.6 | — | — | 308.6 | ||||||||||||||||
Asset-backed securities | — | 50.1 | — | 50.1 | ||||||||||||||||
Total available-for-sale investments (b) | 308.6 | 246.1 | — | 554.7 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 1 | — | 1 | ||||||||||||||||
Total financial assets carried at fair value | $ | 326 | $ | 255.5 | $ | — | $ | 581.5 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 0.3 | $ | — | $ | 0.3 | ||||||||||||
Contingent consideration (e) | — | — | 23.1 | 23.1 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 0.3 | $ | 23.1 | $ | 23.4 | ||||||||||||
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): | |||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Short-term investments | $ | 278 | $ | 277.4 | ||||||||||||||||
Other investments | 276.7 | 293.5 | ||||||||||||||||||
Total | $ | 554.7 | $ | 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): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Other current liabilities | $ | 9.6 | $ | 6.1 | ||||||||||||||||
Other long-term liabilities | 13.5 | 14.7 | ||||||||||||||||||
Total | $ | 23.1 | $ | 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. In the third quarter of 2014, the first sales milestone was reached with cell sorting system purchase orders resulting in a commitment to pay $2.4 million during the fourth quarter of 2014. Based on the most recent valuation, the sales milestones could potentially range from $0 to a maximum of 51.32% and 50.38% of annual cell sorting system purchase orders for September 2014 and September 2015, respectively, with payment to occur upon the anniversary of the completion of a certain number of cell sorting systems for two consecutive years, respectively. These maximum payout ratios begin at annual cell sorting system purchase orders in excess of $30 million and $45 million for the two 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 September 30, 2014. | ||||||||||||||||||||
During the second quarter of 2014, we recognized a contingent consideration liability upon our acquisition of GnuBIO. At the acquisition date, the contingent consideration was based on a probability-weighted income approach that could reach $70.0 million upon the achievement of all development/regulatory and sales milestones. The contingent consideration for the development/regulatory milestones was valued at $10.7 million at the acquisition date based on assumptions regarding the probability of achieving the milestones, with such amounts discounted to present value. During the third quarter of 2014, the development/regulatory milestones were revalued to a fair value of $7.2 million as of September 30, 2014. The contingent consideration for the sales milestones at the acquisition date was determined to be negligible, using the risk-neutral probability of being in the money based on a Black-Scholes framework. | ||||||||||||||||||||
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 nine months ended September 30, 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 | ) | ||||||||||||||||||
Acquisition of GnuBIO | 10.7 | |||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense - GnuBIO | (3.5 | ) | ||||||||||||||||||
30-Sep | $ | 23.1 | ||||||||||||||||||
The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liability as of September 30, 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 | 0.82% | 1.29% | ||||||||||||||||||
Projected volatility of growth rate | 20% | NA | ||||||||||||||||||
Market price of risk | 1.90% | N/A | ||||||||||||||||||
GnuBIO | Probability-weighted income approach | Development/regulatory milestones: | ||||||||||||||||||
Cumulative milestones probability | 50.00% | 28.10% | ||||||||||||||||||
Discount Rate | 0.10% | 0.54% | ||||||||||||||||||
Sales milestones: | ||||||||||||||||||||
Cumulative milestones probability | 0.00% | 0.00% | ||||||||||||||||||
Discount Rate | 0.98% | 2.22% | ||||||||||||||||||
To estimate the fair value of Level 2 debt securities as of September 30, 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 September 30, 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): | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 132.3 | $ | 0.4 | $ | (0.1 | ) | $ | 132.6 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 7.9 | — | (0.1 | ) | 7.8 | |||||||||||||||
Asset-backed securities | 49.8 | — | (0.1 | ) | 49.7 | |||||||||||||||
U.S. government sponsored agencies | 46 | 0.1 | (0.1 | ) | 46 | |||||||||||||||
Foreign government obligations | 4.4 | — | — | 4.4 | ||||||||||||||||
Marketable equity securities | 26.7 | 5.7 | (0.1 | ) | 32.3 | |||||||||||||||
272.3 | 6.2 | (0.5 | ) | 278 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 221.8 | — | 276.3 | ||||||||||||||||
Asset-backed securities | 0.4 | — | — | 0.4 | ||||||||||||||||
54.9 | 221.8 | — | 276.7 | |||||||||||||||||
Total | $ | 327.2 | $ | 228 | $ | (0.5 | ) | $ | 554.7 | |||||||||||
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): | ||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 12.6 | $ | 2.3 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 56.8 | $ | 73.9 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.2 | $ | 0.1 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.3 | $ | 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 September 30, 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 September 30, 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 Condensed Consolidated Statements of Operations. | ||||||||||||||||||||
The following is a summary of our forward foreign exchange contracts (in millions): | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Contracts maturing in October through December 2014 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 89.4 | ||||||||||||||||||
Unrealized gain | $ | 0.3 | ||||||||||||||||||
Contracts maturing in October through December 2014 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 345 | ||||||||||||||||||
Unrealized gain | $ | 0.3 | ||||||||||||||||||
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2014 by contractual maturity date (in millions): | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 96 | $ | 96.1 | ||||||||||||||||
Mature in one to five years | 110.5 | 110.6 | ||||||||||||||||||
Mature in more than five years | 39.5 | 39.4 | ||||||||||||||||||
Total | $ | 246 | $ | 246.1 | ||||||||||||||||
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): | ||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 81.6 | $ | 367.9 | 2 | $ | 77.5 | $ | 382.9 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities | $ | 423.4 | $ | 452.3 | 2 | $ | 423.2 | $ | 433 | 2 | ||||||||||
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 September 30, 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. As 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 | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | |||||||||||||
Acquisitions | — | 15.2 | 15.2 | |||||||||||||
Currency fluctuations | (0.9 | ) | (18.6 | ) | (19.5 | ) | ||||||||||
Balances as of September 30, 2014: | ||||||||||||||||
Goodwill | 208.1 | 333.6 | 541.7 | |||||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||||
Goodwill, net | $ | 180.9 | $ | 332.6 | $ | 513.5 | ||||||||||
In conjunction with the acquisition of GnuBIO (see Note 2), we have preliminarily recorded $15.2 million of goodwill and $46.4 million of in-process research and development, an indefinite-lived intangible asset. These amounts may change upon completion of the allocation. | ||||||||||||||||
Information regarding our identifiable purchased intangible assets with definite and indefinite lives is as follows (in millions): | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||||
Life (years) | Amount | |||||||||||||||
Customer relationships/lists | 11-Mar | $ | 93.2 | $ | (43.1 | ) | $ | 50.1 | ||||||||
Know how | 11-Jan | 188.3 | (100.3 | ) | 88 | |||||||||||
Developed product technology | 13-May | 106.5 | (42.3 | ) | 64.2 | |||||||||||
Licenses | 12-Jan | 44.2 | (24.9 | ) | 19.3 | |||||||||||
Tradenames | 10-Jan | 4.2 | (2.5 | ) | 1.7 | |||||||||||
Covenants not to compete | 8-May | 4.9 | (1.1 | ) | 3.8 | |||||||||||
Other | — | 0.5 | (0.5 | ) | — | |||||||||||
Total definite-lived intangible assets | 441.8 | (214.7 | ) | $ | 227.1 | |||||||||||
In-process research and development | 46.4 | — | $ | 46.4 | ||||||||||||
Total purchased intangible assets | $ | 488.2 | $ | (214.7 | ) | $ | 273.5 | |||||||||
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 | ) | — | |||||||||||
Total purchased intangible assets | $ | 458.6 | $ | (192.4 | ) | $ | 266.2 | |||||||||
Amortization expense related to purchased intangible assets is as follows (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amortization expense | $ | 10.9 | $ | 11.1 | $ | 32.8 | $ | 33.5 | ||||||||
5_Product_Warranty_Liability
5. Product Warranty Liability | 9 Months Ended | |||
Sep. 30, 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 | 15.7 | |||
Actual warranty costs | (15.9 | ) | ||
September 30, 2014 | $ | 15.4 | ||
6_LongTerm_Debt
6. Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
6. LONG-TERM DEBT | ||||||||
The principal components of long-term debt are as follows (in millions): | ||||||||
September 30, | December 31, 2013 | |||||||
2014 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.4 | $ | 423.2 | ||||
Capital leases and other debt | 12.6 | 12.6 | ||||||
436 | 435.8 | |||||||
Less current maturities | (0.3 | ) | (0.2 | ) | ||||
Long-term debt | $ | 435.7 | $ | 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 at each year end 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. | ||||||||
Credit Agreement | ||||||||
In June 2014, Bio-Rad entered into a $200.0 million unsecured Credit Agreement, replacing the Amended and Restated Credit Agreement of June 2010, which expired on June 21, 2014. Borrowings under the Credit Agreement are on a revolving basis and can be used to make permitted acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Credit Agreement as of September 30, 2014, however $5.0 million was utilized for domestic standby letters of credit that reduced our borrowing availability. The Credit Agreement matures in June 2019. If we had borrowed against our Credit Agreement, the borrowing rate would have been 1.5% at September 30, 2014 . | ||||||||
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 and create liens. We were in compliance with all of these ratios and covenants as of September 30, 2014. |
7_Accumulated_Other_Comprehens
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 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 (loss) income, before reclassifications | (70.3 | ) | 0.6 | (16.3 | ) | (86.0 | ) | — | (86.0 | ) | |||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.4 | — | 0.4 | — | 0.4 | |||||||||||||
Income tax effects | — | (0.1 | ) | 6 | 5.9 | — | 5.9 | ||||||||||||
Other comprehensive (loss) income, net of income taxes | (70.3 | ) | 0.9 | (10.3 | ) | (79.7 | ) | — | (79.7 | ) | |||||||||
Balances as of September 30, 2014: | $ | 119.1 | $ | (7.2 | ) | $ | 149.1 | $ | 261 | $ | — | $ | 261 | ||||||
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 income, before reclassifications | 5.1 | — | 58.1 | 63.2 | — | 63.2 | |||||||||||||
Amounts reclassified from Accumulated other comprehensive income | (0.2 | ) | — | 0.2 | — | 0.2 | 0.2 | ||||||||||||
Income tax effects | — | — | (21.4 | ) | (21.4 | ) | — | (21.4 | ) | ||||||||||
Other comprehensive income, net of income taxes | 4.9 | — | 36.9 | 41.8 | 0.2 | 42 | |||||||||||||
Balances as of September 30, 2013: | $ | 177.8 | $ | (8.1 | ) | $ | 146.6 | $ | 316.3 | $ | — | $ | 316.3 | ||||||
The amounts reclassified out of Accumulated other comprehensive income into the Condensed Consolidated Statements of Operations, with presentation location, were as follows: | |||||||||||||||||||
Income before taxes impact (in millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Components of Comprehensive income | 2014 | 2013 | 2014 | 2013 | Location | ||||||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.2 | ) | $ | — | $ | (0.4 | ) | $ | (0.2 | ) | Selling, general and administrative expense | |||||||
Net holding losses on available-for-sale investments | $ | — | $ | (0.4 | ) | $ | — | $ | (0.2 | ) | Other (income) expense, net | ||||||||
Reclassification adjustments are calculated using the specific identification method. |
8_Earnings_Per_Share
8. Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
8. EARNINGS (LOSS) PER SHARE | ||||||||||||
Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings (loss) 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 (loss) per share calculation if the effect of including such securities would be anti-dilutive. For the three months ended September 30, 2013, net loss per basic share was the same as net loss per diluted share because all potentially dilutive shares were anti-dilutive due to the net loss for the period. | ||||||||||||
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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic weighted average shares outstanding | 28,884 | 28,603 | 28,834 | 28,545 | ||||||||
Effect of potentially dilutive stock options and restricted stock awards | 257 | — | 263 | 325 | ||||||||
Diluted weighted average common shares | 29,141 | 28,603 | 29,097 | 28,870 | ||||||||
Anti-dilutive shares | 117 | 416 | 111 | 95 | ||||||||
9_Other_Income_and_Expenses
9. Other Income and Expenses | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest and investment income | $ | (0.8 | ) | $ | (1.1 | ) | $ | (10.0 | ) | $ | (10.2 | ) | ||||
Net realized losses on investments | — | 0.5 | — | 0.2 | ||||||||||||
Miscellaneous other expense (income) items, net | 0.2 | (0.1 | ) | 0.3 | (0.7 | ) | ||||||||||
Other (income) expense, net | $ | (0.6 | ) | $ | (0.7 | ) | $ | (9.7 | ) | $ | (10.7 | ) |
10_Income_Taxes
10. Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
10. INCOME TAXES | |
Our effective income tax rate was 49% and (36)% for the three months ended September 30, 2014 and 2013, respectively. Our effective income tax rate was 42% and 30% for the first nine months of 2014 and 2013, respectively. The effective tax rate for the third quarter of 2014 was higher primarily due to losses incurred in foreign jurisdictions for which no income tax benefit is expected and due to nondeductible penalties. The effective tax rate for the third quarter of 2013 was higher than expected due to discrete items related primarily to tax liabilities for unrecognized tax benefits and audit settlements in our foreign jurisdictions. The effective tax rate for the third quarter of 2013 was negative because of the pretax loss incurred in the third quarter of 2013. | |
The effective income tax rate for the first nine months of 2014 does not include a benefit of the U.S. federal research credit as it has not been extended beyond 2013. In addition, the effective tax rate for the first nine months of 2014 includes adjustments principally related to state taxes. The effective tax rate for the first nine months 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 income earned in France and Switzerland. Many jurisdictions in which we operate including Switzerland, Russia, the U.K. and Singapore have statutory tax rates that are significantly lower than the U.S. statutory tax rate of 35%. | |
We file federal and state income tax returns in the United States and foreign income tax returns in many jurisdictions abroad. Our income tax returns are audited by federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. 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 evaluate our exposures associated with our tax filing positions on a quarterly basis. | |
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. | |
As of September 30, 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 $5.9 million. Substantially all such amounts will impact our effective income tax rate. |
11_Segment_Information
11. Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
11. SEGMENT INFORMATION | ||||||||||||||||
Information regarding industry segments for the three months ended September 30, 2014 and 2013 is as follows (in millions): | ||||||||||||||||
Life | Clinical | Other | ||||||||||||||
Science | Diagnostics | Operations | ||||||||||||||
Segment net sales | 2014 | $ | 172.8 | $ | 354.7 | $ | 3.1 | |||||||||
2013 | $ | 162.9 | $ | 338.8 | $ | 3.4 | ||||||||||
Segment net (loss) profit | 2014 | $ | (10.6 | ) | $ | 47.8 | $ | 0.1 | ||||||||
2013 | $ | (8.5 | ) | $ | 43 | $ | — | |||||||||
Information regarding industry segments for the nine months ended September 30, 2014 and 2013 is as follows (in millions): | ||||||||||||||||
Life | Clinical | Other | ||||||||||||||
Science | Diagnostics | Operations | ||||||||||||||
Segment net sales | 2014 | $ | 504.6 | $ | 1,062.00 | $ | 10.2 | |||||||||
2013 | $ | 489.5 | $ | 1,030.20 | $ | 10.4 | ||||||||||
Segment net (loss) profit | 2014 | $ | (24.5 | ) | $ | 130.3 | $ | 0.4 | ||||||||
2013 | $ | (28.9 | ) | $ | 130.6 | $ | 0.3 | |||||||||
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 and nine months ended September 30, 2014 included additional accrual adjustments of $12.1 million and $20.1 million, respectively, in connection with reaching our final settlement with the SEC and DOJ investigations relating to the United States Foreign Corrupt Practices Act (FCPA) (see Note 12). The three and nine months ended September 30, 2013 included the accrual of $20.0 million in connection with our initial efforts to resolve the SEC and DOJ investigations relating to the FCPA and a $15.6 million loss on extinguishment of our 8.0% Senior Subordinated Notes. 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 (loss) before taxes (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total segment profit | $ | 37.3 | $ | 34.5 | $ | 106.2 | $ | 102 | ||||||||
Foreign currency exchange losses, net | (3.7 | ) | (3.3 | ) | (6.1 | ) | (5.7 | ) | ||||||||
Net corporate operating, interest and other expense not allocated to segments | (11.7 | ) | (37.1 | ) | (24.0 | ) | (39.1 | ) | ||||||||
Other income (expense), net | 0.6 | 0.7 | 9.7 | 10.7 | ||||||||||||
Consolidated income (loss) before income taxes | $ | 22.5 | $ | (5.2 | ) | $ | 85.8 | $ | 67.9 | |||||||
12_Legal_Proceedings
12. Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ' |
Legal Proceedings. | ' |
12. LEGAL PROCEEDINGS | |
As previously disclosed, in May 2010 we voluntarily disclosed to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) certain likely or potential violations of the United States Foreign Corrupt Practices Act (FCPA). 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. The SEC and DOJ each commenced its own investigation. During and following the completion of the Audit Committee’s investigation, we provided information to the DOJ and SEC and cooperated with their investigations. | |
Effective November 3, 2014, we entered into a non-prosecution agreement (NPA) with the DOJ and consented to the entry of an Order by the SEC (SEC Order), which actions resolve both the DOJ and the SEC investigations. The NPA concerns violations of the FCPA’s books and records and internal control provisions related to Russia during 2005-2010. Pursuant to the NPA, we agreed to pay a penalty of $14.4 million and to certain compliance, reporting and cooperation obligations, and the DOJ agreed that it will not criminally prosecute us for any crimes related to conduct disclosed to the DOJ, provided that we perform our obligations under the NPA for two years. | |
The SEC Order concerns violations of the FCPA’s books and records, internal controls, and anti-bribery provisions related to Russia, and violations of the FCPA’s books and records and internal controls provisions related to Vietnam and certain of our Thailand operations during 2005-2010. Pursuant to the SEC Order, we will pay $40.7 million in disgorgement and interest, make certain reports to the SEC on our anti-corruption compliance and remediation efforts over the next two years, and cease and desist any violations of the FCPA. | |
In the NPA and the SEC Order, the DOJ and the SEC, respectively, took into account our initial voluntary self-disclosure of the potential FCPA violations, our own extensive investigation and cooperation with their investigations and our extensive and significant remediation efforts to date. Neither the NPA nor the SEC Order requires the appointment of an independent external monitor to oversee our activities or our compliance with applicable laws. | |
As a result of the settlements with the DOJ and the SEC, we recorded an aggregate accrual as of September 30, 2014 of $55.1 million, which includes $5.6 million of accrued interest and an additional $12.1 million that we accrued during the third quarter of 2014. We will pay the aggregate settlement amounts in the fourth quarter of 2014. | |
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, which has now occurred. | |
In May of 2014, the General Inspection Team of the Shanghai Administration for Industry and Commerce (the “Shanghai AIC”), which is the local counterpart of China’s State Administration for Industry and Commerce, commenced an investigation of certain of our business practices in China. Specifically, the Shanghai AIC was investigating whether certain of our selling arrangements may have violated China’s Anti-Unfair-Competition Law and other relevant laws and regulations. The investigation was concluded in September of 2014. As a result of the investigation, our selling subsidiary in China was subject to an administrative penalty and disgorgement of profits of $0.3 million for providing free products pursuant to contractual obligations with customers during years 2012 and 2013, which was deemed to be in violation of the Anti-Unfair-Competition Law. We had discontinued this practice in China in 2013, prior to the commencement of the Shanghai AIC investigation in May 2014. In addition, China’s Bureau of Market Supervision and Administration, through its local counterpart in Pudong New District, Shanghai (“Bureau”) has begun a review of our importation practices with respect to certain of our products. At this time, we cannot predict whether the review will culminate into a formal investigation. We are cooperating with the Bureau’s review. This authority has the power to impose fines, penalties, seek disgorgement of profits and cause us to modify our business practices in China. However, the review has not concluded and therefore, we are not in a position to assess whether it will affect our business or operating results in China. | |
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. |
3_Fair_Value_Measurements_Tabl
3. Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 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 September 30, 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 | $ | — | $ | 8.4 | $ | — | $ | 8.4 | ||||||||||||
Foreign time deposits | 14.9 | — | — | 14.9 | ||||||||||||||||
Money market funds | 2.5 | — | — | 2.5 | ||||||||||||||||
Total cash equivalents (a) | 17.4 | 8.4 | — | 25.8 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 132.6 | — | 132.6 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 46 | — | 46 | ||||||||||||||||
Foreign government obligations | — | 4.4 | — | 4.4 | ||||||||||||||||
Municipal obligations | — | 7.8 | — | 7.8 | ||||||||||||||||
Marketable equity securities | 308.6 | — | — | 308.6 | ||||||||||||||||
Asset-backed securities | — | 50.1 | — | 50.1 | ||||||||||||||||
Total available-for-sale investments (b) | 308.6 | 246.1 | — | 554.7 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 1 | — | 1 | ||||||||||||||||
Total financial assets carried at fair value | $ | 326 | $ | 255.5 | $ | — | $ | 581.5 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 0.3 | $ | — | $ | 0.3 | ||||||||||||
Contingent consideration (e) | — | — | 23.1 | 23.1 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 0.3 | $ | 23.1 | $ | 23.4 | ||||||||||||
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): | |||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Short-term investments | $ | 278 | $ | 277.4 | ||||||||||||||||
Other investments | 276.7 | 293.5 | ||||||||||||||||||
Total | $ | 554.7 | $ | 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): | |||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Other current liabilities | $ | 9.6 | $ | 6.1 | ||||||||||||||||
Other long-term liabilities | 13.5 | 14.7 | ||||||||||||||||||
Total | $ | 23.1 | $ | 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 nine months ended September 30, 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 | ) | ||||||||||||||||||
Acquisition of GnuBIO | 10.7 | |||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense - GnuBIO | (3.5 | ) | ||||||||||||||||||
30-Sep | $ | 23.1 | ||||||||||||||||||
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 September 30, 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 | 0.82% | 1.29% | ||||||||||||||||||
Projected volatility of growth rate | 20% | NA | ||||||||||||||||||
Market price of risk | 1.90% | N/A | ||||||||||||||||||
GnuBIO | Probability-weighted income approach | Development/regulatory milestones: | ||||||||||||||||||
Cumulative milestones probability | 50.00% | 28.10% | ||||||||||||||||||
Discount Rate | 0.10% | 0.54% | ||||||||||||||||||
Sales milestones: | ||||||||||||||||||||
Cumulative milestones probability | 0.00% | 0.00% | ||||||||||||||||||
Discount Rate | 0.98% | 2.22% | ||||||||||||||||||
Schedule of available-for-sale investments | ' | |||||||||||||||||||
Available-for-sale investments consist of the following (in millions): | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 132.3 | $ | 0.4 | $ | (0.1 | ) | $ | 132.6 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 7.9 | — | (0.1 | ) | 7.8 | |||||||||||||||
Asset-backed securities | 49.8 | — | (0.1 | ) | 49.7 | |||||||||||||||
U.S. government sponsored agencies | 46 | 0.1 | (0.1 | ) | 46 | |||||||||||||||
Foreign government obligations | 4.4 | — | — | 4.4 | ||||||||||||||||
Marketable equity securities | 26.7 | 5.7 | (0.1 | ) | 32.3 | |||||||||||||||
272.3 | 6.2 | (0.5 | ) | 278 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 221.8 | — | 276.3 | ||||||||||||||||
Asset-backed securities | 0.4 | — | — | 0.4 | ||||||||||||||||
54.9 | 221.8 | — | 276.7 | |||||||||||||||||
Total | $ | 327.2 | $ | 228 | $ | (0.5 | ) | $ | 554.7 | |||||||||||
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): | ||||||||||||||||||||
September 30, | December 31, 2013 | |||||||||||||||||||
2014 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 12.6 | $ | 2.3 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 56.8 | $ | 73.9 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.2 | $ | 0.1 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.3 | $ | 0.8 | ||||||||||||||||
Discussion of current derivative risk management | ' | |||||||||||||||||||
The following is a summary of our forward foreign exchange contracts (in millions): | ||||||||||||||||||||
September 30, | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Contracts maturing in October through December 2014 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 89.4 | ||||||||||||||||||
Unrealized gain | $ | 0.3 | ||||||||||||||||||
Contracts maturing in October through December 2014 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 345 | ||||||||||||||||||
Unrealized gain | $ | 0.3 | ||||||||||||||||||
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 September 30, 2014 by contractual maturity date (in millions): | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 96 | $ | 96.1 | ||||||||||||||||
Mature in one to five years | 110.5 | 110.6 | ||||||||||||||||||
Mature in more than five years | 39.5 | 39.4 | ||||||||||||||||||
Total | $ | 246 | $ | 246.1 | ||||||||||||||||
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): | ||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 81.6 | $ | 367.9 | 2 | $ | 77.5 | $ | 382.9 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities | $ | 423.4 | $ | 452.3 | 2 | $ | 423.2 | $ | 433 | 2 | ||||||||||
4_Intangible_Assets_Goodwill_a1
4. Intangible Assets, Goodwill and Other (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 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 | |||||||||||
Acquisitions | — | 15.2 | 15.2 | |||||||||||
Currency fluctuations | (0.9 | ) | (18.6 | ) | (19.5 | ) | ||||||||
Balances as of September 30, 2014: | ||||||||||||||
Goodwill | 208.1 | 333.6 | 541.7 | |||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | $ | 180.9 | $ | 332.6 | $ | 513.5 | ||||||||
Schedule of identifiable purchased intangible assets with definite lives | ' | |||||||||||||
Information regarding our identifiable purchased intangible assets with definite and indefinite lives is as follows (in millions): | ||||||||||||||
September 30, 2014 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 11-Mar | $ | 93.2 | $ | (43.1 | ) | $ | 50.1 | ||||||
Know how | 11-Jan | 188.3 | (100.3 | ) | 88 | |||||||||
Developed product technology | 13-May | 106.5 | (42.3 | ) | 64.2 | |||||||||
Licenses | 12-Jan | 44.2 | (24.9 | ) | 19.3 | |||||||||
Tradenames | 10-Jan | 4.2 | (2.5 | ) | 1.7 | |||||||||
Covenants not to compete | 8-May | 4.9 | (1.1 | ) | 3.8 | |||||||||
Other | — | 0.5 | (0.5 | ) | — | |||||||||
Total definite-lived intangible assets | 441.8 | (214.7 | ) | $ | 227.1 | |||||||||
In-process research and development | 46.4 | — | $ | 46.4 | ||||||||||
Total purchased intangible assets | $ | 488.2 | $ | (214.7 | ) | $ | 273.5 | |||||||
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 | ) | — | |||||||||
Total purchased intangible assets | $ | 458.6 | $ | (192.4 | ) | $ | 266.2 | |||||||
5_Product_Warranty_Liability_T
5. Product Warranty Liability (Tables) | 9 Months Ended | |||
Sep. 30, 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 | 15.7 | |||
Actual warranty costs | (15.9 | ) | ||
September 30, 2014 | $ | 15.4 | ||
6_LongTerm_Debt_Tables
6. Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 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): | ||||||||
September 30, | December 31, 2013 | |||||||
2014 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.4 | $ | 423.2 | ||||
Capital leases and other debt | 12.6 | 12.6 | ||||||
436 | 435.8 | |||||||
Less current maturities | (0.3 | ) | (0.2 | ) | ||||
Long-term debt | $ | 435.7 | $ | 435.6 | ||||
7_Accumulated_Other_Comprehens1
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 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 (loss) income, before reclassifications | (70.3 | ) | 0.6 | (16.3 | ) | (86.0 | ) | — | (86.0 | ) | |||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.4 | — | 0.4 | — | 0.4 | |||||||||||||
Income tax effects | — | (0.1 | ) | 6 | 5.9 | — | 5.9 | ||||||||||||
Other comprehensive (loss) income, net of income taxes | (70.3 | ) | 0.9 | (10.3 | ) | (79.7 | ) | — | (79.7 | ) | |||||||||
Balances as of September 30, 2014: | $ | 119.1 | $ | (7.2 | ) | $ | 149.1 | $ | 261 | $ | — | $ | 261 | ||||||
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 income, before reclassifications | 5.1 | — | 58.1 | 63.2 | — | 63.2 | |||||||||||||
Amounts reclassified from Accumulated other comprehensive income | (0.2 | ) | — | 0.2 | — | 0.2 | 0.2 | ||||||||||||
Income tax effects | — | — | (21.4 | ) | (21.4 | ) | — | (21.4 | ) | ||||||||||
Other comprehensive income, net of income taxes | 4.9 | — | 36.9 | 41.8 | 0.2 | 42 | |||||||||||||
Balances as of September 30, 2013: | $ | 177.8 | $ | (8.1 | ) | $ | 146.6 | $ | 316.3 | $ | — | $ | 316.3 | ||||||
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 Operations, with presentation location, were as follows: | |||||||||||||||||||
Income before taxes impact (in millions) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Components of Comprehensive income | 2014 | 2013 | 2014 | 2013 | Location | ||||||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.2 | ) | $ | — | $ | (0.4 | ) | $ | (0.2 | ) | Selling, general and administrative expense | |||||||
Net holding losses on available-for-sale investments | $ | — | $ | (0.4 | ) | $ | — | $ | (0.2 | ) | Other (income) expense, net | ||||||||
Reclassification adjustments are calculated using the specific identification method. |
8_Earnings_Per_Share_Tables
8. Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic weighted average shares outstanding | 28,884 | 28,603 | 28,834 | 28,545 | ||||||||
Effect of potentially dilutive stock options and restricted stock awards | 257 | — | 263 | 325 | ||||||||
Diluted weighted average common shares | 29,141 | 28,603 | 29,097 | 28,870 | ||||||||
Anti-dilutive shares | 117 | 416 | 111 | 95 | ||||||||
9_Other_Income_and_Expenses_Ta
9. Other Income and Expenses (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest and investment income | $ | (0.8 | ) | $ | (1.1 | ) | $ | (10.0 | ) | $ | (10.2 | ) | ||||
Net realized losses on investments | — | 0.5 | — | 0.2 | ||||||||||||
Miscellaneous other expense (income) items, net | 0.2 | (0.1 | ) | 0.3 | (0.7 | ) | ||||||||||
Other (income) expense, net | $ | (0.6 | ) | $ | (0.7 | ) | $ | (9.7 | ) | $ | (10.7 | ) |
11_Segment_Information_Tables
11. Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information regarding industry segments | ' | |||||||||||||||
Information regarding industry segments for the three months ended September 30, 2014 and 2013 is as follows (in millions): | ||||||||||||||||
Life | Clinical | Other | ||||||||||||||
Science | Diagnostics | Operations | ||||||||||||||
Segment net sales | 2014 | $ | 172.8 | $ | 354.7 | $ | 3.1 | |||||||||
2013 | $ | 162.9 | $ | 338.8 | $ | 3.4 | ||||||||||
Segment net (loss) profit | 2014 | $ | (10.6 | ) | $ | 47.8 | $ | 0.1 | ||||||||
2013 | $ | (8.5 | ) | $ | 43 | $ | — | |||||||||
Reconciliation of segment profit to consolidated income before taxes | ' | |||||||||||||||
e following reconciles total segment profit to consolidated income (loss) before taxes (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total segment profit | $ | 37.3 | $ | 34.5 | $ | 106.2 | $ | 102 | ||||||||
Foreign currency exchange losses, net | (3.7 | ) | (3.3 | ) | (6.1 | ) | (5.7 | ) | ||||||||
Net corporate operating, interest and other expense not allocated to segments | (11.7 | ) | (37.1 | ) | (24.0 | ) | (39.1 | ) | ||||||||
Other income (expense), net | 0.6 | 0.7 | 9.7 | 10.7 | ||||||||||||
Consolidated income (loss) before income taxes | $ | 22.5 | $ | (5.2 | ) | $ | 85.8 | $ | 67.9 | |||||||
1_Basis_of_Presentation_and_Us
1. Basis of Presentation and Use of Estimates Immaterial Errors (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment, Net | $420,897,000 | ' | $414,401,000 |
Inventory, Net | 516,047,000 | ' | 516,245,000 |
Payments for (proceeds from) derivative instruments, operating activities | -3,292,000 | -969,000 | ' |
Net Cash Provided by (Used in) Operating Activities | 233,096,000 | 98,586,000 | ' |
Net Cash Provided by (Used in) Investing Activities | -141,067,000 | 40,364,000 | ' |
Scenario, Adjustment [Member] | Immaterial Error [Member] | ' | ' | ' |
Property, Plant and Equipment, Net | ' | ' | -15,000,000 |
Income Taxes Receivable | ' | ' | -5,300,000 |
Inventory, Net | ' | ' | 15,000,000 |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | ' | -1,000,000 | ' |
Payments for (proceeds from) derivative instruments, operating activities | ' | 1,000,000 | ' |
Net Cash Provided by (Used in) Operating Activities | ' | -4,400,000 | ' |
Income Taxes Receivable, Noncurrent | ' | ' | 5,300,000 |
Net Cash Provided by (Used in) Investing Activities | ' | $4,400,000 | ' |
2_Acquisitions_Details
2. Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Apr. 10, 2014 | Jan. 10, 2013 |
GnuBIO [Member] | GnuBIO [Member] | GnuBIO [Member] | AbD Serotec [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets Acquired | ' | ' | $46,400,000 | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | 7,300,000 |
Business Combination, Consideration Transferred | ' | ' | 50,400,000 | ' | ' | 62,200,000 |
Payments to Acquire Businesses, Gross | ' | ' | 39,700,000 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | 7,200,000 | 10,700,000 | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | 70,000,000 | ' |
Goodwill | 513,454,000 | 517,770,000 | ' | ' | 15,200,000 | 14,900,000 |
Finite-lived Intangible Assets Acquired | ' | ' | ' | ' | ' | 44,000,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ($11,200,000) | $3,300,000 |
3_Fair_Value_Measurements_Fair
3. Fair Value Measurements Fair Value Level Table (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $23.10 | $20.80 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 554.7 | 570.9 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 308.6 | [1] | 325.2 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Assets, Fair Value Disclosure | 326 | 337.5 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 0 | [3] | 0 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | [4] | 0 | [4] |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 246.1 | [1] | 245.7 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 1 | [2] | 0.6 | [2] |
Assets, Fair Value Disclosure | 255.5 | 254.5 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 0.3 | [3] | 1.1 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | [4] | 0 | [4] |
Liabilities, Fair Value Disclosure | 0.3 | 1.1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Assets, Fair Value Disclosure | 0 | 0 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 0 | [3] | 0 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 23.1 | [4] | 20.8 | [4] |
Liabilities, Fair Value Disclosure | 23.1 | 20.8 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 554.7 | [1] | 570.9 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 1 | [2] | 0.6 | [2] |
Assets, Fair Value Disclosure | 581.5 | 592 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 0.3 | [3] | 1.1 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 23.1 | [4] | 20.8 | [4] |
Liabilities, Fair Value Disclosure | 23.4 | 21.9 | ||
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 0 | [5] | |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 1.2 | [5] | |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 0 | [5] | |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 1.2 | [5] | |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 8.4 | [5] | 7 | [5] |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 8.4 | [5] | 7 | [5] |
Foreign Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 14.9 | [5] | 11.1 | [5] |
Foreign Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Foreign Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Foreign Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 14.9 | [5] | 11.1 | [5] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 2.5 | [5] | 1.2 | [5] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 2.5 | [5] | 1.2 | [5] |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 17.4 | [5] | 12.3 | [5] |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 8.4 | [5] | 8.2 | [5] |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [5] | 0 | [5] |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 25.8 | [5] | 20.5 | [5] |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 308.6 | [1] | 325.2 | [1] |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 308.6 | [1] | 325.2 | [1] |
Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 7.8 | [1] | 11 | [1] |
Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 7.8 | [1] | 11 | [1] |
Foreign Government Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Foreign Government Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 4.4 | [1] | 5.6 | [1] |
Foreign Government Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Foreign Government Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 4.4 | [1] | 5.6 | [1] |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 132.6 | [1] | 132.5 | [1] |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 132.6 | [1] | 132.5 | [1] |
Foreign Brokered Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Foreign Brokered Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 5.2 | [1] | 8.9 | [1] |
Foreign Brokered Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Foreign Brokered Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 5.2 | [1] | 8.9 | [1] |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 46 | [1] | 39.1 | [1] |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 46 | [1] | 39.1 | [1] |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 50.1 | [1] | 48.6 | [1] |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 50.1 | [1] | 48.6 | [1] |
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 9.6 | 6.1 | ||
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 13.5 | 14.7 | ||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 278 | 277.4 | ||
Short-term Investments [Member] | Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 32.3 | 32 | ||
Short-term Investments [Member] | Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 7.8 | 11 | ||
Short-term Investments [Member] | Foreign Government Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 4.4 | 5.6 | ||
Short-term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 132.6 | 132.5 | ||
Short-term Investments [Member] | Foreign Brokered Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 5.2 | 8.9 | ||
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 46 | 39.1 | ||
Short-term Investments [Member] | Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | 49.7 | 48.3 | ||
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available-for-sale Securities, Fair Value Disclosure | $276.70 | $293.50 | ||
[1] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B SeptemberB 30, 2014B DecemberB 31, 2013Short-term investments$278.0B $277.4Other investments276.7B 293.5Total$554.7B $570.9 | |||
[2] | Forward foreign exchange contracts in an asset position are included in Prepaid expenses, taxes and other current assets in the Condensed Consolidated Balance Sheets. | |||
[3] | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||
[4] | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B SeptemberB 30, 2014B DecemberB 31, 2013Other current liabilities$9.6B $6.1Other long-term liabilities13.5B 14.7 Total$23.1B $20.8 | |||
[5] | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. |
3_Fair_Value_Measurements_3_Co
3. Fair Value Measurements 3. Contingent Consideration (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 10, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||||
CellSorter [Member] | GnuBIO [Member] | GnuBIO [Member] | probability lower [Member] | Discount Rate Lower [Member] | Sales milestone minimum payment [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] | Probability Higher [Member] | Sales milestone year 2 bookings [Member] | Sales milestone year 3 bookings [Member] | Discount Rate Higher [Member] | probability lower1 [Member] | Probability Higher 1 [Member] | Discount Rate Lower 1 [Member] | Discount Rate Higher 1 [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] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | |||||||||
GnuBIO [Member] | GnuBIO [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | CellSorter [Member] | GnuBIO [Member] | CellSorter [Member] | CellSorter [Member] | GnuBIO [Member] | GnuBIO [Member] | GnuBIO [Member] | GnuBIO [Member] | GnuBIO [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, 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] | 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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $23,100,000 | $20,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,100,000 | [1] | $20,800,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $13,500,000 | $14,700,000 | $9,600,000 | $6,100,000 |
Contingent consideration milestone payments | ' | ' | -2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
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 | -3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Contingent Consideration, Liability | ' | ' | 15,900,000 | 7,200,000 | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | ' | ' | ' | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | ' | ' | ' | ' | ' | ' | ' | ' | 51.32% | 50.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Contingent Consideration Level 3 Inputs | ' | ' | ' | ' | ' | '.50 | '.0010 | ' | ' | ' | '0.0082 | '0.0129 | '0.019 | '0.2 | '.281 | ' | ' | '.0054 | '.0000089 | '0 | '.0098 | '.0222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B SeptemberB 30, 2014B DecemberB 31, 2013Other current liabilities$9.6B $6.1Other long-term liabilities13.5B 14.7 Total$23.1B $20.8 |
3_Foreign_Exchange_Forward_Con
3. Foreign Exchange Forward Contracts (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Derivatives, Fair Value [Line Items] | ' |
Unrealized gain or loss on contracts maturing in October through December 2014 to sell foreign currency | $0.30 |
Unrealized gain or loss on contracts maturing in October through December 2014 to purchase foreign currency | 0.3 |
Forward foreign exchange contract to sell foreign currency [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Notional value | 89.4 |
Forward foreign exchange contract to purchase foreign currency [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Notional value | $345 |
3_AvailableforSale_Investments
3. Available-for-Sale Investments (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $327.20 | $327.20 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 228 | 244.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.5 | 0.9 | ||
Estimated Fair Value | 554.7 | 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 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0.1 | ||
Estimated Fair Value | 0.4 | 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 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 221.8 | 238.7 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 276.3 | 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 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 221.8 | 238.7 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0.1 | ||
Estimated Fair Value | 276.7 | 293.5 | ||
Short-term Investments [Member] | Corporate Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 132.3 | 132.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.4 | 0.3 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.4 | ||
Estimated Fair Value | 132.6 | 132.5 | ||
Short-term Investments [Member] | Foreign Brokered Certificates of Deposit [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5.2 | 8.9 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 5.2 | 8.9 | ||
Short-term Investments [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 7.9 | 11.1 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.1 | ||
Estimated Fair Value | 7.8 | 11 | ||
Short-term Investments [Member] | Asset-backed Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 49.8 | 48.4 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0.1 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.2 | ||
Estimated Fair Value | 49.7 | 48.3 | ||
Short-term Investments [Member] | Marketable Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 26.7 | 26.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5.7 | 5.4 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0 | ||
Estimated Fair Value | 32.3 | 32 | ||
Short-term Investments [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 272.3 | 272.3 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6.2 | 5.9 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.5 | 0.8 | ||
Estimated Fair Value | 278 | 277.4 | ||
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 46 | 39.1 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.1 | 0.1 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.1 | ||
Estimated Fair Value | 46 | 39.1 | ||
Short-term Investments [Member] | Foreign Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 4.4 | 5.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 4.4 | 5.6 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Estimated Fair Value | 554.7 | [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 | 132.6 | [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 | 5.2 | [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 | 7.8 | [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 | 50.1 | [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 | 308.6 | [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 | 46 | [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 | 4.4 | [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 | $278 | $277.40 | ||
[1] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B SeptemberB 30, 2014B DecemberB 31, 2013Short-term investments$278.0B $277.4Other investments276.7B 293.5Total$554.7B $570.9 |
3_Amortized_Cost_and_Fair_Valu
3. Amortized Cost and Fair Value of Debt Securities (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Mature in less than one year | $96 |
Mature in one to five years | 110.5 |
Mature in more than five years | 39.5 |
Total Amortized Cost | 246 |
Mature in less than one year | 96.1 |
Mature in one to five years | 110.6 |
Mature in more than five years | 39.4 |
Estimated Fair Value | $246.10 |
3_Fair_Value_and_Gross_Unreali
3. Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 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 | $12.60 | $2.30 |
Cost Method Investment, Percentage Owned | 35.00% | ' |
Fair Value of Investments with Gross Unrealized Losses in loss position less than 12 months | 56.8 | 73.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.2 | 0.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $0.30 | $0.80 |
3_Fair_Value_Financial_Instrum
3. Fair Value Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Investments | $81.60 | $77.50 |
Total long-term debt, excluding capital leases and current maturities | 423.4 | 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 | 367.9 | 382.9 |
Total long-term debt, excluding capital leases and current maturities | $452.30 | $433 |
4_Intangible_Assets_Goodwill_a2
4. Intangible Assets, Goodwill and Other (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' |
Goodwill | $541,700,000 | $546,000,000 |
Accumulated impairment loss | -28,200,000 | -28,200,000 |
Goodwill, net | 513,454,000 | 517,770,000 |
Currency fluctuations | -19,500,000 | ' |
Goodwill, Acquired During Period | 15,200,000 | ' |
Life Science [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 208,100,000 | 209,000,000 |
Accumulated impairment loss | -27,200,000 | -27,200,000 |
Goodwill, net | 180,900,000 | 181,800,000 |
Currency fluctuations | -900,000 | ' |
Goodwill, Acquired During Period | 0 | ' |
Clinical Diagnostics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 333,600,000 | 337,000,000 |
Accumulated impairment loss | -1,000,000 | -1,000,000 |
Goodwill, net | 332,600,000 | 336,000,000 |
Currency fluctuations | -18,600,000 | ' |
Goodwill, Acquired During Period | $15,200,000 | ' |
4_Intangible_Assets_Goodwill_a3
4. Intangible Assets, Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
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] | In Process Research and Development [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) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '1 year | '1 year | '2 years | '5 years | '1 year | '1 year | '1 year | '1 year | '1 year | '5 years | '5 years | '0 years | '0 years | '11 years | '11 years | '11 years | '12 years | '13 years | '13 years | '12 years | '12 years | '10 years | '9 years | '8 years | '9 years | '0 years | '0 years | ' |
Purchase Price | $441.80 | ' | $441.80 | ' | $458.60 | $93.20 | $99.80 | $188.30 | $194.60 | $106.50 | $109.50 | $44.20 | $44.90 | $4.20 | $4.30 | $4.90 | $4.90 | $0.50 | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -214.7 | ' | -214.7 | ' | -192.4 | -43.1 | -41.1 | -100.3 | -89.3 | -42.3 | -36.2 | -24.9 | -22.4 | -2.5 | -2.1 | -1.1 | -0.7 | -0.5 | -0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Carrying Amount | 227.1 | ' | 227.1 | ' | ' | 50.1 | 58.7 | 88 | 105.3 | 64.2 | 73.3 | 19.3 | 22.5 | 1.7 | 2.2 | 3.8 | 4.2 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | 10.9 | 11.1 | 32.8 | 33.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.4 |
Intangible Assets, Gross (Excluding Goodwill) | $488.20 | ' | $488.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
5_Product_Warranty_Liability_D
5. Product Warranty Liability (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Accrual at beginning of period | $15.60 |
Provision for warranty | 15.7 |
Actual warranty costs | -15.9 |
Accrual at end of period | $15.40 |
6_LongTerm_Debt_Details
6. Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | 31-May-09 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Line of Credit [Member] | Standby Letters 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 | ' | ' | ' | ' | 8.00% | ' | ' | 4.88% | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | $423,400,000 | $423,200,000 | $422,600,000 | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | ' | ' | ' | ' | ' | ' | ' | ' | 12,600,000 | 12,600,000 | ' | ' |
Debt and Capital Lease Obligations | ' | ' | 436,000,000 | 435,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Less Current Maturities | ' | ' | -300,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | 4.95% | ' | ' | ' | ' |
Long-term debt, net of current maturities | ' | ' | 435,739,000 | 435,615,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt sold | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' |
Loss on Extinguishment of Debt | 15,600,000 | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 5,000,000 |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' |
7_Accumulated_Other_Comprehens2
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expense | ($202,550,000) | ($202,238,000) | ($600,663,000) | ($583,486,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($200,000) | $0 | ($400,000) | ($200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (income) expense, net | -613,000 | -667,000 | -9,662,000 | -10,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 400,000 | 0 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income | 261,038,000 | ' | 261,038,000 | ' | 340,717,000 | 119,100,000 | 177,800,000 | 189,400,000 | 172,900,000 | -7,200,000 | -8,100,000 | -8,100,000 | -8,100,000 | ' | ' | ' | ' | 149,100,000 | 146,600,000 | 159,400,000 | 109,700,000 | ' | ' | ' | ' | 261,000,000 | 316,300,000 | 340,700,000 | 274,500,000 | 0 | 0 | 0 | -200,000 | 261,000,000 | 316,300,000 | 340,700,000 | 274,300,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | ' | ' | ' | ' | ' | -70,300,000 | 5,100,000 | ' | ' | 600,000 | 0 | ' | ' | ' | ' | ' | ' | -16,300,000 | 58,100,000 | ' | ' | ' | ' | ' | ' | -86,000,000 | 63,200,000 | ' | ' | 0 | 0 | ' | ' | -86,000,000 | 63,200,000 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | ' | ' | ' | ' | 0 | -200,000 | ' | ' | 400,000 | 0 | ' | ' | ' | ' | ' | ' | 0 | 200,000 | ' | ' | ' | ' | ' | ' | 400,000 | 0 | ' | ' | 0 | 200,000 | ' | ' | 400,000 | 200,000 | ' | ' |
Other Comprehensive Income (Loss), Tax | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | -100,000 | 0 | ' | ' | ' | ' | ' | ' | 6,000,000 | -21,400,000 | ' | ' | ' | ' | ' | ' | 5,900,000 | -21,400,000 | ' | ' | 0 | 0 | ' | ' | 5,900,000 | -21,400,000 | ' | ' |
Total other comprehensive income (loss) net of tax | ($90,247,000) | $48,932,000 | ($79,679,000) | $41,958,000 | ' | ($70,300,000) | $4,900,000 | ' | ' | $900,000 | $0 | ' | ' | ' | ' | ' | ' | ($10,300,000) | $36,900,000 | ' | ' | ' | ' | ' | ' | ($79,700,000) | $41,800,000 | ' | ' | $0 | $200,000 | ' | ' | ($79,700,000) | $42,000,000 | ' | ' |
8_Earnings_Per_Share_Details
8. Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Basic weighted average shares outstanding | 28,884 | 28,603 | 28,834 | 28,545 |
Effect of potentially dilutive stock options and restricted stock awards | 257 | 0 | 263 | 325 |
Diluted weighted average common shares | 29,141 | 28,603 | 29,097 | 28,870 |
Anti-dilutive shares | 117 | 416 | 111 | 95 |
9_Other_Income_and_Expenses_De
9. Other Income and Expenses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest and investment income | ($800,000) | ($1,100,000) | ($10,000,000) | ($10,200,000) |
Net realized losses on investments | 0 | 500,000 | 0 | 200,000 |
Miscellaneous other expense (income) items, net | 200,000 | -100,000 | 300,000 | -700,000 |
Other (income) expense, net | $613,000 | $667,000 | $9,662,000 | $10,711,000 |
10_Income_Taxes_Details
10. Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Effective tax rate | 49.00% | -36.00% | 42.00% | 30.00% |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $5.90 | ' | $5.90 | ' |
U.S. Federal [Member] | ' | ' | ' | ' |
Statutory Rates | 35.00% | 35.00% | 35.00% | 35.00% |
11_Segment_Information_Details
11. Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $530,644 | $505,066 | $1,576,820 | $1,530,059 |
Income before income taxes | 22,476 | -5,216 | 85,811 | 67,875 |
Life Science [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 172,800 | 162,900 | 504,600 | 489,500 |
Income before income taxes | -10,600 | -8,500 | -24,500 | -28,900 |
Clinical Diagnostics [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 354,700 | 338,800 | 1,062,000 | 1,030,200 |
Income before income taxes | 47,800 | 43,000 | 130,300 | 130,600 |
All Other Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 3,100 | 3,400 | 10,200 | 10,400 |
Income before income taxes | $100 | $0 | $400 | $300 |
11_Segment_Profit_Reconciliati
11. Segment Profit Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 31-May-09 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' |
Income before income taxes | ($22,476,000) | $5,216,000 | ($85,811,000) | ($67,875,000) | ' |
Loss on Extinguishment of Debt | ' | 15,600,000 | ' | 15,600,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 8.00% |
NonAllocated Expense Loss Contingency [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' |
Income before income taxes | 12,100,000 | 20,000,000 | 20,100,000 | 20,000,000 | ' |
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 | -600,000 | -700,000 | -9,700,000 | -10,700,000 | ' |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' |
Income before income taxes | 3,700,000 | 3,300,000 | 6,100,000 | 5,700,000 | ' |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' |
Income before income taxes | -11,700,000 | -37,100,000 | -24,000,000 | -39,100,000 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' |
Income before income taxes | ($37,300,000) | ($34,500,000) | ($106,200,000) | ($102,000,000) | ' |
12_Legal_Proceedings_12_Contin
12. Legal Proceedings 12. Contingent Liability (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Accrued legal settlements | $49,450,000 | $30,000,000 |
Litigation Settlement, Expense | 12,100,000 | ' |
Penalties [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued legal settlements | 14,400,000 | ' |
Disgorgement and interest [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued legal settlements | 40,700,000 | ' |
China [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Litigation Settlement, Expense | 300,000 | ' |
Including Interest [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued legal settlements | 55,100,000 | ' |
Accrued Interest [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Accrued legal settlements | $5,600,000 | ' |