Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Entity Registrant Name | BIO RAD LABORATORIES INC | |
Entity Central Index Key | 12208 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 24,017,399 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 5,116,828 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Cash and cash equivalents | $425,728 | $413,251 |
Short-term investments | 284,958 | 284,384 |
Accounts Receivable, Net | 342,223 | 377,640 |
Inventories: | ||
Raw materials | 108,616 | 106,028 |
Work in process | 126,436 | 131,783 |
Finished goods | 243,323 | 233,186 |
Total inventories | 478,375 | 470,997 |
Other current assets | 170,560 | 170,095 |
Total current assets | 1,701,844 | 1,716,367 |
Property, plant and equipment, at cost | 1,076,843 | 1,089,098 |
Less: accumulated depreciation and amortization | -648,543 | -660,262 |
Property, plant and equipment, net | 428,300 | 428,836 |
Goodwill, net | 503,422 | 500,441 |
Purchased intangibles, net | 242,970 | 254,228 |
Other investments | 400,262 | 389,309 |
Other assets | 49,398 | 52,097 |
Total assets | 3,326,196 | 3,341,278 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable, accrued payroll and employee benefits | 250,813 | 282,034 |
Current maturities of long-term debt | 264 | 265 |
Income and other taxes payable | 31,926 | 35,165 |
Other current liabilities | 133,879 | 129,297 |
Total current liabilities | 416,882 | 446,761 |
Long-term debt, net of current maturities | 435,661 | 435,710 |
Other long-term liabilities | 275,140 | 273,652 |
Total liabilities | 1,127,683 | 1,156,123 |
Stockholders' equity: | ||
Additional paid-in capital | 278,385 | 271,346 |
Retained earnings | 1,712,780 | 1,694,962 |
Accumulated other comprehensive income | 207,446 | 218,945 |
Total stockholders' equity | 2,198,513 | 2,185,155 |
Total liabilities and stockholders' equity | 3,326,196 | 3,341,278 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 2 | 2 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | 1 | 1 |
Treasury Class A [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Value | -12 | -12 |
Treasury Class B [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Value | ($89) | ($89) |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical | Mar. 31, 2015 | Dec. 31, 2014 |
Common Class A [Member] | ||
Common Stock, Shares, Issued | 24,016,121 | 23,971,808 |
Common Stock, Shares, Outstanding | 24,015,999 | 23,971,686 |
Common Class B [Member] | ||
Common Stock, Shares, Issued | 5,118,745 | 5,098,799 |
Common Stock, Shares, Outstanding | 5,117,828 | 5,097,882 |
Treasury Class A [Member] | ||
Treasury Stock, Shares | 122 | 122 |
Treasury Class B [Member] | ||
Treasury Stock, Shares | 917 | 917 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $472,821 | $509,344 |
Cost of goods sold | 202,715 | 234,055 |
Gross profit | 270,106 | 275,289 |
Selling, general and administrative expense | 188,555 | 202,275 |
Research and Development Expense | 47,202 | 52,543 |
Segment profit (loss) | 34,349 | 20,471 |
Interest expense | 5,002 | 3,857 |
Foreign exchange losses, net | 3,806 | 2,737 |
Other (income) expense, net | -1,153 | -661 |
Income before income taxes | 26,694 | 14,538 |
Provision for income taxes | -8,876 | -7,870 |
Net income including noncontrolling interests | 17,818 | 6,668 |
Net income attributable to Bio-Rad | $17,818 | $6,668 |
Basic earnings per share: | ||
Net income per share basic attributable to Bio-Rad | $0.61 | $0.23 |
Weighted average common shares - basic | 29,092 | 28,791 |
Diluted earnings per share: | ||
Net income per share diluted attributable to Bio-Rad | $0.61 | $0.23 |
Weighted average common shares - diluted | 29,289 | 29,059 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income including noncontrolling interests | $17,818 | $6,668 |
Foreign currency translation adjustments | -19,470 | 5,527 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 1,041 | 61 |
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense | 6,930 | 26,293 |
Total other comprehensive income (loss) net of tax | -11,499 | 31,881 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $6,319 | $38,549 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Cash received from customers | $478,479 | $544,447 |
Cash paid to suppliers and employees | -453,986 | -471,452 |
Interest received (paid), net | 471 | -292 |
Income tax refunds (payments) | 1,503 | -6,909 |
Investment proceeds and miscellaneous receipts, net | 1,175 | 1,283 |
Excess tax benefits from share-based compensation | -1,212 | -182 |
Proceeds from (payments for) forward foreign exchange contracts, net | 3,016 | -1,325 |
Net cash provided by operating activities | 29,446 | 65,570 |
Cash flows from investing activities: | ||
Capital expenditures | -27,080 | -22,581 |
Proceeds from dispositions of property, plant and equipment | 4 | 114 |
Payments for purchases of long-term investments | -895 | -1,364 |
Payments for purchases of intangible assets | -1,307 | -12,358 |
Payments for purchases of marketable securities and investments | -66,568 | -45,273 |
Proceeds from sales of marketable securities and investments | 27,356 | 24,402 |
Proceeds from maturities of marketable securities and investments | 40,499 | 21,490 |
Net cash used in investing activities | -27,991 | -35,570 |
Cash flows from financing activities: | ||
Net payments on line-of-credit arrangements and notes payable | 0 | -50 |
Payments on long-term borrowings | -66 | -66 |
Payments of contingent consideration | -2,983 | 0 |
Proceeds from issuance of common stock | 1,506 | 3,424 |
Excess tax benefits from share-based compensation | 1,212 | 182 |
Net cash (used in) provided by financing activities | -331 | 3,490 |
Effect of foreign exchange rate changes on cash | 11,353 | -534 |
Net increase in cash and cash equivalents | 12,477 | 32,956 |
Cash and cash equivalents at beginning of period | 413,251 | 331,551 |
Cash and cash equivalents at end of period | 425,728 | 364,507 |
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities [Abstract] | ||
Net income | 17,818 | 6,668 |
Adjustments, Noncash Items, to Reconcile Net Income to Cash Provided by Operating Activities [Abstract] | ||
Depreciation and amortization | 32,283 | 36,671 |
Share-based compensation | 4,071 | 3,701 |
(Gains) losses on dispositions of securities | -214 | 100 |
Excess tax benefits from share-based compensation | -1,212 | -182 |
Changes in fair value of contingent consideration | -1,192 | -4,893 |
Decrease in accounts receivable | 15,567 | 39,569 |
Increase in inventories | -29,469 | -14,780 |
Increase in other current assets | -5,076 | -11,390 |
(Decrease) increase in accounts payable and other current liabilities | -7,747 | 7,318 |
Increase in income taxes payable | 6,106 | 1,621 |
Net decrease/increase in other long-term assets/liabilities | -1,489 | 1,167 |
Net cash provided by operating activities | $29,446 | $65,570 |
1_Organization_Consolidation_a
1. Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
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 of 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, 2014 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, 2014. | |
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 - Statement of Cash Flows | |
During the third quarter of 2014, we identified errors in the Consolidated Balance Sheet at December 31, 2013, the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012 (and for all interim periods therein), and in the Unaudited Condensed Consolidated Balance Sheets and Statements of Cash Flows as of and for the three months ended March 31, 2014 and the three and six months ended June 30, 2014, all related to the recorded amounts of Inventories and Property, plant and equipment, net. During these periods, we inappropriately reduced Inventories by all of the profit on intercompany transactions related to certain equipment, however, a portion of that profit should have reduced capital additions and been reflected in Property, plant and equipment, net. The equipment is a Bio-Rad product provided to customers under 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 was no impact to Net income for any period presented. | |
The associated reclassification entries within the Statements of Cash Flows were to increase Cash paid to suppliers and employees, and decrease Capital expenditures by $3.4 million for the three months ended March 31, 2014. These reclassifications resulted in a decrease in Net cash provided by operating activities and a decrease in Net cash used in investing activities by $3.4 million for the three months ended March 31, 2014. There was no change to the net increase or decrease in Cash and cash equivalents for any period presented. | |
Management evaluated the materiality of the errors described above from a qualitative and quantitative perspective in accordance with the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality (SAB 99). Based on such evaluation, we have concluded that while these errors were significant to the periods impacted, their correction would not be material to any individual prior period nor did they have an effect on financial results. | |
Recent Accounting Standards Updates | |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement." ASU 2015-05 was issued to include specific guidance about a customer's accounting for fees paid in a cloud computing arrangement. The guidance indicates that hosting arrangements that do not meet both the following criteria are service contracts and hence ASU 2015-05 is not applicable. The following criteria must be met to account for fees paid in a cloud computing arrangement as a purchase of, or convey a license to, software: (a) the customer has the contractual right to take possession of the software at any time during the contract period without significant penalty, and (b) it is feasible for the customer to either run the software on its own hardware or contract with another party to host the software. ASU 2015-05 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2015-05 will have, if any, on our consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. Under ASU 2015-03, debt issuance costs will continue to be amortized to interest expense using the effective interest method. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. ASU 2015-03 will affect our presentation of our debt and we do not plan to early adopt. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles when it becomes effective. On April 29, 2015, the FASB issued a proposal to defer the effective date for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption would be permitted as of the original effective date in ASU 2014-09, which is annual reporting periods beginning after December 15, 2016, including interim reporting periods within the annual periods. Comments on the proposal are due by May 29, 2015. The new standard is to be applied retrospectively and permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
2_Acquisitions
2. Acquisitions | 3 Months Ended |
Mar. 31, 2015 | |
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 final 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"), $13.5 million of goodwill and $9.5 million of net tangible liabilities. We do not expect the goodwill recorded to be deductible for income tax purposes. | |
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 $9.0 million as of March 31, 2015 See Note 3 for further discussion of the contingent consideration valuation and underlying assumptions. |
3_Fair_Value_Measurements
3. Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | 3.FAIR VALUE MEASUREMENTS | |||||||||||||||||||
We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: | ||||||||||||||||||||
• | Level 1: Quoted prices in active markets for identical instruments | |||||||||||||||||||
• | Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) | |||||||||||||||||||
• | Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) | |||||||||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2015 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 | $ | — | $ | 5.1 | $ | — | $ | 5.1 | ||||||||||||
Municipals | — | 0.3 | — | 0.3 | ||||||||||||||||
Bonds | — | 0.6 | — | 0.6 | ||||||||||||||||
U.S. government sponsored agencies | — | 0.8 | — | 0.8 | ||||||||||||||||
Foreign time deposits | 55.8 | — | — | 55.8 | ||||||||||||||||
Money market funds | 1.5 | — | — | 1.5 | ||||||||||||||||
Total cash equivalents (a) | 57.3 | 6.8 | — | 64.1 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 138.7 | — | 138.7 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 50 | — | 50 | ||||||||||||||||
Foreign government obligations | — | 3.8 | — | 3.8 | ||||||||||||||||
Municipal obligations | — | 6.5 | — | 6.5 | ||||||||||||||||
Marketable equity securities | 345.2 | — | — | 345.2 | ||||||||||||||||
Asset-backed securities | — | 47.1 | — | 47.1 | ||||||||||||||||
Total available-for-sale investments (b) | 345.2 | 251.3 | — | 596.5 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 1.5 | — | 1.5 | ||||||||||||||||
Total financial assets carried at fair value | $ | 402.5 | $ | 259.6 | $ | — | $ | 662.1 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.6 | $ | — | $ | 1.6 | ||||||||||||
Contingent consideration (e) | — | — | 23.5 | 23.5 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.6 | $ | 23.5 | $ | 25.1 | ||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2014 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||||||
Foreign time deposits | 16.5 | — | — | 16.5 | ||||||||||||||||
Money market funds | 2.2 | — | — | 2.2 | ||||||||||||||||
Total cash equivalents (a) | 18.7 | 4 | — | 22.7 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 139.9 | — | 139.9 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 47.5 | — | 47.5 | ||||||||||||||||
Foreign government obligations | — | 4 | — | 4 | ||||||||||||||||
Municipal obligations | — | 6.5 | — | 6.5 | ||||||||||||||||
Marketable equity securities | 334.4 | — | — | 334.4 | ||||||||||||||||
Asset-backed securities | — | 48.4 | — | 48.4 | ||||||||||||||||
Total available-for-sale investments (b) | 334.4 | 251.5 | — | 585.9 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets carried at fair value | $ | 353.1 | $ | 256.1 | $ | — | $ | 609.2 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||||||
Contingent consideration (e) | — | — | 27.7 | 27.7 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.7 | $ | 27.7 | $ | 29.4 | ||||||||||||
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(b) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, | December 31, 2014 | |||||||||||||||||||
2015 | ||||||||||||||||||||
Short-term investments | $ | 285 | $ | 284.4 | ||||||||||||||||
Other investments | 311.5 | 301.5 | ||||||||||||||||||
Total | $ | 596.5 | $ | 585.9 | ||||||||||||||||
(c) | Forward foreign exchange contracts in an asset position are included in Other current assets in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(e) | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Other current liabilities | $ | 15.6 | $ | 13.1 | ||||||||||||||||
Other long-term liabilities | 7.9 | 14.6 | ||||||||||||||||||
Total | $ | 23.5 | $ | 27.7 | ||||||||||||||||
During the third quarter of 2012, we recognized a contingent consideration liability of $44.6 million 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 payments of $2.4 million and $3.0 million in the fourth quarter of 2014 and the first quarter of 2015, respectively. During the first quarter of 2015, the contingent consideration was revalued by a reduction of $0.2 million to Selling, general and administrative expense to its estimated fair value of $14.5 million as of March 31, 2015. | ||||||||||||||||||||
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 first quarter of 2015, the development/regulatory contingent consideration was revalued by a reduction of $1.0 million to Selling, general and administrative expense to its estimated fair value of $9.0 million as of March 31, 2015. The contingent consideration for the sales milestones at the acquisition date and at March 31, 2015 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 three months ended March 31, 2015 (in millions): | ||||||||||||||||||||
2015 | ||||||||||||||||||||
1-Jan | $ | 27.7 | ||||||||||||||||||
Cell sorting system: | ||||||||||||||||||||
Payment of sales milestone | (3.0 | ) | ||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (0.2 | ) | ||||||||||||||||||
GnuBIO: | ||||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (1.0 | ) | ||||||||||||||||||
31-Mar | $ | 23.5 | ||||||||||||||||||
The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liability as of March 31, 2015. 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 | 0.93% | 1.34% | ||||||||||||||||||
Projected volatility of growth rate | 9% | 10% | ||||||||||||||||||
Market price of risk | 1.25% | N/A | ||||||||||||||||||
GnuBIO | Probability-weighted income approach | Development/regulatory milestones: | ||||||||||||||||||
Milestones probability | —% | 90% | ||||||||||||||||||
Discount Rate | 0.27% | 0.39% | ||||||||||||||||||
Sales milestones: | ||||||||||||||||||||
Milestones probability | —% | 0.00% | ||||||||||||||||||
Discount Rate | 0.76% | 1.72% | ||||||||||||||||||
To estimate the fair value of Level 2 debt securities as of March 31, 2015 and December 31, 2014, our primary pricing provider uses S&P Capital IQ as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. The chosen pricing hierarchy for our Level 2 securities, other than certificates of deposit and commercial paper, is S&P Capital IQ as the primary pricing source and then our custodian as the secondary pricing source. If S&P Capital IQ does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing. | ||||||||||||||||||||
For commercial paper as of March 31, 2015 and December 31, 2014, pricing is determined by a straight-line calculation, starting with the purchase price on the date of purchase and increasing to par at maturity. Interest bearing certificates of deposit and commercial paper are priced at par. | ||||||||||||||||||||
In addition to the above, our primary pricing provider performed daily reasonableness testing of the S&P Capital IQ prices to custodian reported prices. Prices outside a tolerable variance of approximately 1% are investigated and resolved. | ||||||||||||||||||||
Available-for-sale investments consist of the following (in millions): | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 138.4 | $ | 0.4 | $ | (0.1 | ) | $ | 138.7 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 6.5 | — | — | 6.5 | ||||||||||||||||
Asset-backed securities | 46.9 | — | (0.1 | ) | 46.8 | |||||||||||||||
U.S. government sponsored agencies | 49.7 | 0.3 | — | 50 | ||||||||||||||||
Foreign government obligations | 3.8 | — | — | 3.8 | ||||||||||||||||
Marketable equity securities | 29.3 | 4.9 | (0.2 | ) | 34 | |||||||||||||||
279.8 | 5.6 | (0.4 | ) | 285 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 256.7 | — | 311.2 | ||||||||||||||||
Asset-backed securities | 0.3 | — | — | 0.3 | ||||||||||||||||
54.8 | 256.7 | — | 311.5 | |||||||||||||||||
Total | $ | 334.6 | $ | 262.3 | $ | (0.4 | ) | $ | 596.5 | |||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 139.7 | $ | 0.4 | $ | (0.2 | ) | $ | 139.9 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 6.5 | — | — | 6.5 | ||||||||||||||||
Asset-backed securities | 48.2 | — | (0.2 | ) | 48 | |||||||||||||||
U.S. government sponsored agencies | 47.4 | 0.1 | — | 47.5 | ||||||||||||||||
Foreign government obligations | 4 | — | — | 4 | ||||||||||||||||
Marketable equity securities | 29 | 4.5 | (0.2 | ) | 33.3 | |||||||||||||||
280 | 5 | (0.6 | ) | 284.4 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 246.6 | — | 301.1 | ||||||||||||||||
Asset-backed securities | 0.4 | — | — | 0.4 | ||||||||||||||||
54.9 | 246.6 | — | 301.5 | |||||||||||||||||
Total | $ | 334.9 | $ | 251.6 | $ | (0.6 | ) | $ | 585.9 | |||||||||||
The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): | ||||||||||||||||||||
March 31, | December 31, 2014 | |||||||||||||||||||
2015 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 7 | $ | 8.4 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 58.2 | $ | 90.7 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.1 | $ | 0.2 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.3 | $ | 0.4 | ||||||||||||||||
The unrealized losses on these securities are due to a number of factors, including changes in interest rates, changes in economic conditions and changes in market outlook for various industries, among others. Because Bio-Rad has the ability and intent to hold these investments with unrealized losses until a recovery of fair value, or for a reasonable period of time sufficient for a forecasted recovery of fair value, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at March 31, 2015 or at December 31, 2014. | ||||||||||||||||||||
As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded at their fair value at each balance sheet date. The notional principal amounts provide one measure of the transaction volume outstanding as of March 31, 2015 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 Income. | ||||||||||||||||||||
The following is a summary of our forward foreign exchange contracts (in millions): | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2015 | ||||||||||||||||||||
Contracts maturing in April through June 2015 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 75.6 | ||||||||||||||||||
Unrealized loss | $ | 0.8 | ||||||||||||||||||
Contracts maturing in April through June 2015 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 262.3 | ||||||||||||||||||
Unrealized gain | $ | 0.7 | ||||||||||||||||||
The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2015 by contractual maturity date (in millions): | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 108.2 | $ | 108.3 | ||||||||||||||||
Mature in one to five years | 103.9 | 104.1 | ||||||||||||||||||
Mature in more than five years | 38.7 | 38.9 | ||||||||||||||||||
Total | $ | 250.8 | $ | 251.3 | ||||||||||||||||
The estimated fair value of financial instruments that are not recognized at fair value in the Condensed Consolidated Balance Sheets and are included in Other investments, are presented in the table below. Fair value has been determined using significant observable inputs, including quoted prices in active markets for similar instruments. Estimates are not necessarily indicative of the amounts that could be realized in a current market exchange as considerable judgment is required in interpreting market data used to develop estimates of fair value. The use of different market assumptions or estimation techniques could have a material effect on the estimated fair value. Other investments include financial instruments, the majority of which have fair value based on similar, actively traded stock adjusted for various discounts, including a discount for marketability. Long-term debt, excluding leases and current maturities, has an estimated fair value based on quoted market prices for the same or similar issues. | ||||||||||||||||||||
The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions): | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 83.5 | $ | 415.4 | 2 | $ | 82.6 | $ | 401.1 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities | $ | 423.5 | $ | 465.6 | 2 | $ | 423.5 | $ | 454.9 | 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 March 31, 2015. 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 | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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, 2015: | ||||||||||||||
Goodwill | $ | 207.7 | $ | 320.9 | $ | 528.6 | ||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | 180.5 | 319.9 | 500.4 | |||||||||||
Currency fluctuations | (0.3 | ) | 3.3 | 3 | ||||||||||
Balances as of March 31, 2015: | ||||||||||||||
Goodwill | 207.4 | 324.2 | 531.6 | |||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | $ | 180.2 | $ | 323.2 | $ | 503.4 | ||||||||
Information regarding our identifiable purchased intangible assets with definite and indefinite lives is as follows (in millions): | ||||||||||||||
March 31, 2015 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 10-Mar | $ | 87.5 | $ | (43.6 | ) | $ | 43.9 | ||||||
Know how | 10-Jan | 186.7 | (109.1 | ) | 77.6 | |||||||||
Developed product technology | 12-Apr | 102.1 | (44.3 | ) | 57.8 | |||||||||
Licenses | 11-Jan | 39.4 | (26.9 | ) | 12.5 | |||||||||
Tradenames | 10-Jan | 3.5 | (2.2 | ) | 1.3 | |||||||||
Covenants not to compete | 8-Mar | 4.8 | (1.3 | ) | 3.5 | |||||||||
Total definite-lived intangible assets | 424 | (227.4 | ) | 196.6 | ||||||||||
In-process research and development | 46.4 | — | 46.4 | |||||||||||
Total purchased intangible assets | $ | 470.4 | $ | (227.4 | ) | $ | 243 | |||||||
December 31, 2014 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 10-Mar | $ | 89.4 | $ | (43.0 | ) | $ | 46.4 | ||||||
Know how | 11-Jan | 184.7 | (102.5 | ) | 82.2 | |||||||||
Developed product technology | 12-May | 103.9 | (42.8 | ) | 61.1 | |||||||||
Licenses | 11-Jan | 39.4 | (26.5 | ) | 12.9 | |||||||||
Tradenames | 10-Jan | 3.6 | (2.1 | ) | 1.5 | |||||||||
Covenants not to compete | 8-Mar | 4.9 | (1.2 | ) | 3.7 | |||||||||
Total definite-lived intangible assets | 425.9 | (218.1 | ) | 207.8 | ||||||||||
In-process research and development | 46.4 | — | 46.4 | |||||||||||
Total purchased intangible assets | $ | 472.3 | $ | (218.1 | ) | $ | 254.2 | |||||||
Amortization expense related to purchased intangible assets is as follows (in millions): | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Amortization expense | $ | 9.2 | $ | 10.9 | ||||||||||
5_Product_Warranty_Liability
5. Product Warranty Liability | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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): | ||||
January 1, 2015 | $ | 17.8 | ||
Provision for warranty | 8.3 | |||
Actual warranty costs | (10.4 | ) | ||
March 31, 2015 | $ | 15.7 | ||
6_LongTerm_Debt
6. Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term Debt | 6. LONG-TERM DEBT | |||||||
The principal components of long-term debt are as follows (in millions): | ||||||||
March 31, | December 31, 2014 | |||||||
2015 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.5 | $ | 423.5 | ||||
Capital leases and other debt | 12.4 | 12.5 | ||||||
435.9 | 436 | |||||||
Less current maturities | (0.2 | ) | (0.3 | ) | ||||
Long-term debt | $ | 435.7 | $ | 435.7 | ||||
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 March 31, 2015, 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 1.52% at March 31, 2015 . | ||||||||
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 March 31, 2015. |
7_Accumulated_Other_Comprehens
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 | Total accumulated other comprehensive income | ||||||||||
Balances as of January 1, 2015: | $ | 71.2 | $ | (16.3 | ) | $ | 164 | $ | 218.9 | ||||
Other comprehensive (loss) income, before reclassifications | (19.5 | ) | 0.9 | 11.2 | (7.4 | ) | |||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.2 | (0.3 | ) | (0.1 | ) | |||||||
Income tax effects | — | — | (4.0 | ) | (4.0 | ) | |||||||
Other comprehensive (loss) income, net of income taxes | (19.5 | ) | 1.1 | 6.9 | (11.5 | ) | |||||||
Balances as of March 31, 2015: | $ | 51.7 | $ | (15.2 | ) | $ | 170.9 | $ | 207.4 | ||||
Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Total accumulated other comprehensive income | ||||||||||
Balances as of January 1, 2014: | $ | 189.4 | $ | (8.1 | ) | $ | 159.4 | $ | 340.7 | ||||
Other comprehensive income, before reclassifications | 5.5 | — | 41.6 | 47.1 | |||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.1 | — | 0.1 | |||||||||
Income tax effects | — | — | (15.3 | ) | (15.3 | ) | |||||||
Other comprehensive income, net of income taxes | 5.5 | 0.1 | 26.3 | 31.9 | |||||||||
Balances as of March 31, 2014: | $ | 194.9 | $ | (8.0 | ) | $ | 185.7 | $ | 372.6 | ||||
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 | |||||||||||||
March 31, | |||||||||||||
Components of Comprehensive income | 2015 | 2014 | Location | ||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.2 | ) | $ | (0.1 | ) | Selling, general and administrative expense | ||||||
Net holding gains on available-for-sale investments | $ | 0.3 | $ | — | Other (income) expense, net | ||||||||
Reclassification adjustments are calculated using the specific identification method. |
8_Earnings_Per_Share
8. Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | 8. EARNINGS PER SHARE | ||||||
Basic earnings per share is computed by dividing net income attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options and restricted stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings per share calculation if the effect of including such securities would be anti-dilutive. | |||||||
The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Basic weighted average shares outstanding | 29,092 | 28,791 | |||||
Effect of potentially dilutive stock options and restricted stock awards | 197 | 268 | |||||
Diluted weighted average common shares | 29,289 | 29,059 | |||||
Anti-dilutive shares | 106 | 94 | |||||
9_Other_Income_and_Expenses
9. Other Income and Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Other Income and Other Expense Disclosure | 9. OTHER INCOME AND EXPENSE, NET | ||||||||
Other (income) expense, net includes the following components (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest and investment income | $ | (0.9 | ) | $ | (0.7 | ) | |||
Net realized gain on investments | (0.3 | ) | — | ||||||
Other (income) expense, net | $ | (1.2 | ) | $ | (0.7 | ) |
10_Income_Taxes
10. Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES |
Our effective income tax rate was 33% and 54% for the three months ended March 31, 2015 and 2014, respectively. The effective tax rate for the first quarter of 2014 was higher primarily due to the low pretax income and the resulting effect of losses incurred in foreign jurisdictions for which no income tax benefit was expected. | |
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%. Our effective tax rate may be impacted in the future, either favorably or unfavorably, by many factors including, but not limited to, changes to statutory tax rates, changes in tax laws or regulations, tax audits and settlements, and generation of tax credits. | |
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. | |
As of March 31, 2015, 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 $6.1 million. Substantially all such amounts will impact our effective income tax rate. |
11_Segment_Information
11. Segment Information | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | 11. SEGMENT INFORMATION | ||||||||||||
Information regarding industry segments for the three months ended March 31, 2015 and 2014 is as follows (in millions): | |||||||||||||
Life | Clinical | Other | |||||||||||
Science | Diagnostics | Operations | |||||||||||
Segment net sales | 2015 | $ | 155.9 | $ | 313.6 | $ | 3.3 | ||||||
2014 | $ | 161.5 | $ | 344.3 | $ | 3.5 | |||||||
Segment net (loss) profit | 2015 | $ | (2.4 | ) | $ | 35.2 | $ | (0.1 | ) | ||||
2014 | $ | (6.6 | ) | $ | 32.4 | $ | 0.1 | ||||||
Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Net corporate operating, interest and other expense for segment results consists of receipts and expenditures that are not the primary responsibility of segment operating management and therefore are not allocated to the segments for performance assessment by our chief operating decision maker. The three months ended March 31, 2014 included an accrual of $8.0 million associated with the U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) investigations relating to the U.S. Foreign Corrupt Practices Act (FCPA), which a final settlement was reached in the fourth quarter of 2014. Interest expense is charged to segments based on the carrying amount of inventory and receivables employed by that segment. The following reconciles total segment profit to consolidated income before taxes (in millions): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Total segment profit | $ | 32.7 | $ | 25.9 | |||||||||
Foreign currency exchange losses, net | (3.8 | ) | (2.7 | ) | |||||||||
Net corporate operating, interest and other expense not allocated to segments | (3.4 | ) | (9.4 | ) | |||||||||
Other income (expense), net | 1.2 | 0.7 | |||||||||||
Consolidated income before income taxes | $ | 26.7 | $ | 14.5 | |||||||||
12_Legal_Proceedings
12. Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings. | 12. LEGAL PROCEEDINGS |
On January 23, 2015, the City of Riviera Beach General Employees’ Retirement System filed a new shareholder derivative lawsuit in the Superior Court of Contra Costa County against three of our current directors and one former director. We are also named as a nominal defendant. In the complaint, the plaintiff alleges that our directors breached their fiduciary duty of loyalty by failing to ensure that we had sufficient internal controls and systems for compliance with the FCPA; that we failed to provide adequate training on the FCPA; and that based on these actions, the directors have been unjustly enriched. Purportedly seeking relief on our behalf, the plaintiff seeks an award of restitution and unspecified damages, costs and expenses (including attorneys’ fees). We and the individual defendants have filed a demurrer requesting dismissal of the complaint in this case. | |
On January 30, 2015, we received a demand pursuant to Section 220 of the Delaware General Corporation Law from the law firm of Scott + Scott LLP on behalf of International Brotherhood of Electrical Workers Local 38 Pension Fund to inspect certain of our books and records. The alleged purpose of the demand is to investigate potential wrongdoing, mismanagement, and breach of fiduciary duties by our directors and executive officers in connection with the matters relating to our FCPA settlement with the SEC and DOJ, and alleged lack of internal controls. We objected to the demand on procedural grounds by letter. On May 1, 2015, International Brotherhood of Electrical Workers Local 38 Pension Fund filed an action against us in the Delaware Court of Chancery to compel the inspection of the requested books and records. | |
On March 13, 2015, we received a demand pursuant to Section 220 of the Delaware General Corporation Law from the law firm of Kirby McInerney LLP on behalf of Wayne County Employees’ Retirement System to inspect certain of our books and records. The alleged purpose of the demand is to investigate potential wrongdoing, mismanagement, and breach of fiduciary duties by our directors and executive officers in connection with the matters relating to our FCPA settlement with the SEC and DOJ, and alleged lack of internal controls. We objected to the demand on procedural grounds by letter. On April 21, 2015, Wayne County Employees’ Retirement System filed an action against us in the Delaware Court of Chancery to compel the inspection of the requested books and records. | |
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) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Schedule of financial assets and liabilities carried at fair value on a recurring basis | Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2015 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 | $ | — | $ | 5.1 | $ | — | $ | 5.1 | ||||||||||||
Municipals | — | 0.3 | — | 0.3 | ||||||||||||||||
Bonds | — | 0.6 | — | 0.6 | ||||||||||||||||
U.S. government sponsored agencies | — | 0.8 | — | 0.8 | ||||||||||||||||
Foreign time deposits | 55.8 | — | — | 55.8 | ||||||||||||||||
Money market funds | 1.5 | — | — | 1.5 | ||||||||||||||||
Total cash equivalents (a) | 57.3 | 6.8 | — | 64.1 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 138.7 | — | 138.7 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 50 | — | 50 | ||||||||||||||||
Foreign government obligations | — | 3.8 | — | 3.8 | ||||||||||||||||
Municipal obligations | — | 6.5 | — | 6.5 | ||||||||||||||||
Marketable equity securities | 345.2 | — | — | 345.2 | ||||||||||||||||
Asset-backed securities | — | 47.1 | — | 47.1 | ||||||||||||||||
Total available-for-sale investments (b) | 345.2 | 251.3 | — | 596.5 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 1.5 | — | 1.5 | ||||||||||||||||
Total financial assets carried at fair value | $ | 402.5 | $ | 259.6 | $ | — | $ | 662.1 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.6 | $ | — | $ | 1.6 | ||||||||||||
Contingent consideration (e) | — | — | 23.5 | 23.5 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.6 | $ | 23.5 | $ | 25.1 | ||||||||||||
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2014 are classified in the hierarchy as follows (in millions): | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial Assets Carried at Fair Value: | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Commercial paper | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||||||
Foreign time deposits | 16.5 | — | — | 16.5 | ||||||||||||||||
Money market funds | 2.2 | — | — | 2.2 | ||||||||||||||||
Total cash equivalents (a) | 18.7 | 4 | — | 22.7 | ||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||
Corporate debt securities | — | 139.9 | — | 139.9 | ||||||||||||||||
Foreign brokered certificates of deposit | — | 5.2 | — | 5.2 | ||||||||||||||||
U.S. government sponsored agencies | — | 47.5 | — | 47.5 | ||||||||||||||||
Foreign government obligations | — | 4 | — | 4 | ||||||||||||||||
Municipal obligations | — | 6.5 | — | 6.5 | ||||||||||||||||
Marketable equity securities | 334.4 | — | — | 334.4 | ||||||||||||||||
Asset-backed securities | — | 48.4 | — | 48.4 | ||||||||||||||||
Total available-for-sale investments (b) | 334.4 | 251.5 | — | 585.9 | ||||||||||||||||
Forward foreign exchange contracts (c) | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets carried at fair value | $ | 353.1 | $ | 256.1 | $ | — | $ | 609.2 | ||||||||||||
Financial Liabilities Carried at Fair Value: | ||||||||||||||||||||
Forward foreign exchange contracts (d) | $ | — | $ | 1.7 | $ | — | $ | 1.7 | ||||||||||||
Contingent consideration (e) | — | — | 27.7 | 27.7 | ||||||||||||||||
Total financial liabilities carried at fair value | $ | — | $ | 1.7 | $ | 27.7 | $ | 29.4 | ||||||||||||
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(b) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, | December 31, 2014 | |||||||||||||||||||
2015 | ||||||||||||||||||||
Short-term investments | $ | 285 | $ | 284.4 | ||||||||||||||||
Other investments | 311.5 | 301.5 | ||||||||||||||||||
Total | $ | 596.5 | $ | 585.9 | ||||||||||||||||
(c) | Forward foreign exchange contracts in an asset position are included in Other current assets in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(d) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
(e) | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions): | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Other current liabilities | $ | 15.6 | $ | 13.1 | ||||||||||||||||
Other long-term liabilities | 7.9 | 14.6 | ||||||||||||||||||
Total | $ | 23.5 | $ | 27.7 | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a reconciliation of the Level 3 contingent consideration liability measured at estimated fair value based on original valuations and updated quarterly for the three months ended March 31, 2015 (in millions): | |||||||||||||||||||
2015 | ||||||||||||||||||||
1-Jan | $ | 27.7 | ||||||||||||||||||
Cell sorting system: | ||||||||||||||||||||
Payment of sales milestone | (3.0 | ) | ||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (0.2 | ) | ||||||||||||||||||
GnuBIO: | ||||||||||||||||||||
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (1.0 | ) | ||||||||||||||||||
31-Mar | $ | 23.5 | ||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table provides quantitative information about Level 3 inputs for fair value measurement of our contingent consideration liability as of March 31, 2015. 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 | 0.93% | 1.34% | ||||||||||||||||||
Projected volatility of growth rate | 9% | 10% | ||||||||||||||||||
Market price of risk | 1.25% | N/A | ||||||||||||||||||
GnuBIO | Probability-weighted income approach | Development/regulatory milestones: | ||||||||||||||||||
Milestones probability | —% | 90% | ||||||||||||||||||
Discount Rate | 0.27% | 0.39% | ||||||||||||||||||
Sales milestones: | ||||||||||||||||||||
Milestones probability | —% | 0.00% | ||||||||||||||||||
Discount Rate | 0.76% | 1.72% | ||||||||||||||||||
Schedule of available-for-sale investments | Available-for-sale investments consist of the following (in millions): | |||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 138.4 | $ | 0.4 | $ | (0.1 | ) | $ | 138.7 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 6.5 | — | — | 6.5 | ||||||||||||||||
Asset-backed securities | 46.9 | — | (0.1 | ) | 46.8 | |||||||||||||||
U.S. government sponsored agencies | 49.7 | 0.3 | — | 50 | ||||||||||||||||
Foreign government obligations | 3.8 | — | — | 3.8 | ||||||||||||||||
Marketable equity securities | 29.3 | 4.9 | (0.2 | ) | 34 | |||||||||||||||
279.8 | 5.6 | (0.4 | ) | 285 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 256.7 | — | 311.2 | ||||||||||||||||
Asset-backed securities | 0.3 | — | — | 0.3 | ||||||||||||||||
54.8 | 256.7 | — | 311.5 | |||||||||||||||||
Total | $ | 334.6 | $ | 262.3 | $ | (0.4 | ) | $ | 596.5 | |||||||||||
December 31, 2014 | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||||||
Value | ||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||
Corporate debt securities | $ | 139.7 | $ | 0.4 | $ | (0.2 | ) | $ | 139.9 | |||||||||||
Foreign brokered certificates of deposit | 5.2 | — | — | 5.2 | ||||||||||||||||
Municipal obligations | 6.5 | — | — | 6.5 | ||||||||||||||||
Asset-backed securities | 48.2 | — | (0.2 | ) | 48 | |||||||||||||||
U.S. government sponsored agencies | 47.4 | 0.1 | — | 47.5 | ||||||||||||||||
Foreign government obligations | 4 | — | — | 4 | ||||||||||||||||
Marketable equity securities | 29 | 4.5 | (0.2 | ) | 33.3 | |||||||||||||||
280 | 5 | (0.6 | ) | 284.4 | ||||||||||||||||
Long-term investments: | ||||||||||||||||||||
Marketable equity securities | 54.5 | 246.6 | — | 301.1 | ||||||||||||||||
Asset-backed securities | 0.4 | — | — | 0.4 | ||||||||||||||||
54.9 | 246.6 | — | 301.5 | |||||||||||||||||
Total | $ | 334.9 | $ | 251.6 | $ | (0.6 | ) | $ | 585.9 | |||||||||||
Summary of fair value of gross unrealized losses for investments with unrealized losses | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): | |||||||||||||||||||
March 31, | December 31, 2014 | |||||||||||||||||||
2015 | ||||||||||||||||||||
Fair value of investments in a loss position 12 months or more | $ | 7 | $ | 8.4 | ||||||||||||||||
Fair value of investments in a loss position less than 12 months | $ | 58.2 | $ | 90.7 | ||||||||||||||||
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.1 | $ | 0.2 | ||||||||||||||||
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.3 | $ | 0.4 | ||||||||||||||||
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions): | |||||||||||||||||||
March 31, | ||||||||||||||||||||
2015 | ||||||||||||||||||||
Contracts maturing in April through June 2015 to sell foreign currency: | ||||||||||||||||||||
Notional value | $ | 75.6 | ||||||||||||||||||
Unrealized loss | $ | 0.8 | ||||||||||||||||||
Contracts maturing in April through June 2015 to purchase foreign currency: | ||||||||||||||||||||
Notional value | $ | 262.3 | ||||||||||||||||||
Unrealized gain | $ | 0.7 | ||||||||||||||||||
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2015 by contractual maturity date (in millions): | |||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
Mature in less than one year | $ | 108.2 | $ | 108.3 | ||||||||||||||||
Mature in one to five years | 103.9 | 104.1 | ||||||||||||||||||
Mature in more than five years | 38.7 | 38.9 | ||||||||||||||||||
Total | $ | 250.8 | $ | 251.3 | ||||||||||||||||
Estimated fair value of financial instruments | The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions): | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Carrying | Estimated | Fair Value Hierarchy Level | Carrying | Estimated | Fair Value Hierarchy Level | |||||||||||||||
Amount | Fair | Amount | Fair | |||||||||||||||||
Value | Value | |||||||||||||||||||
Other investments | $ | 83.5 | $ | 415.4 | 2 | $ | 82.6 | $ | 401.1 | 2 | ||||||||||
Total long-term debt, excluding leases and current maturities | $ | 423.5 | $ | 465.6 | 2 | $ | 423.5 | $ | 454.9 | 2 | ||||||||||
4_Intangible_Assets_Goodwill_a1
4. Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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, 2015: | ||||||||||||||
Goodwill | $ | 207.7 | $ | 320.9 | $ | 528.6 | ||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | 180.5 | 319.9 | 500.4 | |||||||||||
Currency fluctuations | (0.3 | ) | 3.3 | 3 | ||||||||||
Balances as of March 31, 2015: | ||||||||||||||
Goodwill | 207.4 | 324.2 | 531.6 | |||||||||||
Accumulated impairment losses | (27.2 | ) | (1.0 | ) | (28.2 | ) | ||||||||
Goodwill, net | $ | 180.2 | $ | 323.2 | $ | 503.4 | ||||||||
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): | |||||||||||||
March 31, 2015 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 10-Mar | $ | 87.5 | $ | (43.6 | ) | $ | 43.9 | ||||||
Know how | 10-Jan | 186.7 | (109.1 | ) | 77.6 | |||||||||
Developed product technology | 12-Apr | 102.1 | (44.3 | ) | 57.8 | |||||||||
Licenses | 11-Jan | 39.4 | (26.9 | ) | 12.5 | |||||||||
Tradenames | 10-Jan | 3.5 | (2.2 | ) | 1.3 | |||||||||
Covenants not to compete | 8-Mar | 4.8 | (1.3 | ) | 3.5 | |||||||||
Total definite-lived intangible assets | 424 | (227.4 | ) | 196.6 | ||||||||||
In-process research and development | 46.4 | — | 46.4 | |||||||||||
Total purchased intangible assets | $ | 470.4 | $ | (227.4 | ) | $ | 243 | |||||||
December 31, 2014 | ||||||||||||||
Average | Purchase | Accumulated | Net | |||||||||||
Remaining | Price | Amortization | Carrying | |||||||||||
Life (years) | Amount | |||||||||||||
Customer relationships/lists | 10-Mar | $ | 89.4 | $ | (43.0 | ) | $ | 46.4 | ||||||
Know how | 11-Jan | 184.7 | (102.5 | ) | 82.2 | |||||||||
Developed product technology | 12-May | 103.9 | (42.8 | ) | 61.1 | |||||||||
Licenses | 11-Jan | 39.4 | (26.5 | ) | 12.9 | |||||||||
Tradenames | 10-Jan | 3.6 | (2.1 | ) | 1.5 | |||||||||
Covenants not to compete | 8-Mar | 4.9 | (1.2 | ) | 3.7 | |||||||||
Total definite-lived intangible assets | 425.9 | (218.1 | ) | 207.8 | ||||||||||
In-process research and development | 46.4 | — | 46.4 | |||||||||||
Total purchased intangible assets | $ | 472.3 | $ | (218.1 | ) | $ | 254.2 | |||||||
5_Product_Warranty_Liability_T
5. Product Warranty Liability (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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): | |||
January 1, 2015 | $ | 17.8 | ||
Provision for warranty | 8.3 | |||
Actual warranty costs | (10.4 | ) | ||
March 31, 2015 | $ | 15.7 | ||
6_LongTerm_Debt_Tables
6. Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The principal components of long-term debt are as follows (in millions): | |||||||
March 31, | December 31, 2014 | |||||||
2015 | ||||||||
4.875% Senior Notes due 2020, net of discount | $ | 423.5 | $ | 423.5 | ||||
Capital leases and other debt | 12.4 | 12.5 | ||||||
435.9 | 436 | |||||||
Less current maturities | (0.2 | ) | (0.3 | ) | ||||
Long-term debt | $ | 435.7 | $ | 435.7 | ||||
7_Accumulated_Other_Comprehens1
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 | Total accumulated other comprehensive income | ||||||||||
Balances as of January 1, 2015: | $ | 71.2 | $ | (16.3 | ) | $ | 164 | $ | 218.9 | ||||
Other comprehensive (loss) income, before reclassifications | (19.5 | ) | 0.9 | 11.2 | (7.4 | ) | |||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.2 | (0.3 | ) | (0.1 | ) | |||||||
Income tax effects | — | — | (4.0 | ) | (4.0 | ) | |||||||
Other comprehensive (loss) income, net of income taxes | (19.5 | ) | 1.1 | 6.9 | (11.5 | ) | |||||||
Balances as of March 31, 2015: | $ | 51.7 | $ | (15.2 | ) | $ | 170.9 | $ | 207.4 | ||||
Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains on available-for-sale investments | Total accumulated other comprehensive income | ||||||||||
Balances as of January 1, 2014: | $ | 189.4 | $ | (8.1 | ) | $ | 159.4 | $ | 340.7 | ||||
Other comprehensive income, before reclassifications | 5.5 | — | 41.6 | 47.1 | |||||||||
Amounts reclassified from Accumulated other comprehensive income | — | 0.1 | — | 0.1 | |||||||||
Income tax effects | — | — | (15.3 | ) | (15.3 | ) | |||||||
Other comprehensive income, net of income taxes | 5.5 | 0.1 | 26.3 | 31.9 | |||||||||
Balances as of March 31, 2014: | $ | 194.9 | $ | (8.0 | ) | $ | 185.7 | $ | 372.6 | ||||
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 | |||||||||||||
March 31, | |||||||||||||
Components of Comprehensive income | 2015 | 2014 | Location | ||||||||||
Amortization of foreign other post-employment benefit items | $ | (0.2 | ) | $ | (0.1 | ) | Selling, general and administrative expense | ||||||
Net holding gains on available-for-sale investments | $ | 0.3 | $ | — | Other (income) expense, net | ||||||||
Reclassification adjustments are calculated using the specific identification method. |
8_Earnings_Per_Share_Tables
8. Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares | The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Basic weighted average shares outstanding | 29,092 | 28,791 | |||||
Effect of potentially dilutive stock options and restricted stock awards | 197 | 268 | |||||
Diluted weighted average common shares | 29,289 | 29,059 | |||||
Anti-dilutive shares | 106 | 94 | |||||
9_Other_Income_and_Expenses_Ta
9. Other Income and Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Schedule of other income (expense), net | Other (income) expense, net includes the following components (in millions): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest and investment income | $ | (0.9 | ) | $ | (0.7 | ) | |||
Net realized gain on investments | (0.3 | ) | — | ||||||
Other (income) expense, net | $ | (1.2 | ) | $ | (0.7 | ) |
11_Segment_Information_Tables
11. Segment Information (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Information regarding industry segments | Information regarding industry segments for the three months ended March 31, 2015 and 2014 is as follows (in millions): | ||||||||||||
Life | Clinical | Other | |||||||||||
Science | Diagnostics | Operations | |||||||||||
Segment net sales | 2015 | $ | 155.9 | $ | 313.6 | $ | 3.3 | ||||||
2014 | $ | 161.5 | $ | 344.3 | $ | 3.5 | |||||||
Segment net (loss) profit | 2015 | $ | (2.4 | ) | $ | 35.2 | $ | (0.1 | ) | ||||
2014 | $ | (6.6 | ) | $ | 32.4 | $ | 0.1 | ||||||
Reconciliation of segment profit to consolidated income before taxes | e following reconciles total segment profit to consolidated income before taxes (in millions): | ||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Total segment profit | $ | 32.7 | $ | 25.9 | |||||||||
Foreign currency exchange losses, net | (3.8 | ) | (2.7 | ) | |||||||||
Net corporate operating, interest and other expense not allocated to segments | (3.4 | ) | (9.4 | ) | |||||||||
Other income (expense), net | 1.2 | 0.7 | |||||||||||
Consolidated income before income taxes | $ | 26.7 | $ | 14.5 | |||||||||
1_Basis_of_Presentation_and_Us
1. Basis of Presentation and Use of Estimates Immaterial Errors (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Payments to Suppliers and Employees | $453,986 | $471,452 |
Net Cash Provided by (Used in) Operating Activities | 29,446 | 65,570 |
Payments to Acquire Property, Plant, and Equipment | 27,080 | 22,581 |
Net Cash Provided by (Used in) Investing Activities | -27,991 | -35,570 |
Scenario, Adjustment [Member] | Immaterial Error [Member] | ||
Payments to Suppliers and Employees | -3,400 | |
Net Cash Provided by (Used in) Operating Activities | -3,400 | |
Payments to Acquire Property, Plant, and Equipment | 3,400 | |
Net Cash Provided by (Used in) Investing Activities | $3,400 |
2_Acquisitions_Details
2. Acquisitions (Details) (USD $) | 3 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 10, 2014 | |
Business Acquisition [Line Items] | ||||
Goodwill | $503,422,000 | $500,441,000 | ||
GnuBIO [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | 46,400,000 | |||
Business Combination, Consideration Transferred | 50,400,000 | |||
Payments to Acquire Businesses, Gross | 39,700,000 | |||
Business Combination, Contingent Consideration, Liability | 9,000,000 | 10,700,000 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 70,000,000 | |||
Goodwill | 13,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ($9,500,000) |
3_Fair_Value_Measurements_Fair
3. Fair Value Measurements Fair Value Level Table (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
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 | $23.50 | $27.70 | ||
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 | 596.5 | [1] | 585.9 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 1.5 | [2] | 0.6 | [2] |
Assets, Fair Value Disclosure | 662.1 | 609.2 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 1.6 | [3] | 1.7 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 23.5 | [4] | 27.7 | [4] |
Liabilities, Fair Value Disclosure | 25.1 | 29.4 | ||
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 | 345.2 | [1] | 334.4 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Assets, Fair Value Disclosure | 402.5 | 353.1 | ||
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 | 251.3 | [1] | 251.5 | [1] |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | 1.5 | [2] | 0.6 | [2] |
Assets, Fair Value Disclosure | 259.6 | 256.1 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | 1.6 | [3] | 1.7 | [3] |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | [4] | 0 | [4] |
Liabilities, Fair Value Disclosure | 1.6 | 1.7 | ||
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 | 23.5 | [4] | 27.7 | [4] |
Liabilities, Fair Value Disclosure | 23.5 | 27.7 | ||
US Government Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.8 | [5] | ||
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 and Cash Equivalents, Fair Value Disclosure | 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 and Cash Equivalents, Fair Value Disclosure | 0.8 | [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 and Cash Equivalents, Fair Value Disclosure | 0 | [5] | ||
Corporate Bond Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.6 | [5] | ||
Corporate Bond 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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [5] | ||
Corporate Bond 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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.6 | [5] | ||
Corporate Bond 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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [5] | ||
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 5.1 | [5] | 4 | [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 and Cash Equivalents, Fair Value Disclosure | 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 and Cash Equivalents, Fair Value Disclosure | 5.1 | [5] | 4 | [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 and Cash Equivalents, Fair Value Disclosure | 0 | [5] | 0 | [5] |
Municipal Obligations (Member) | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.3 | [5] | ||
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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [5] | ||
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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.3 | [5] | ||
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] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [5] | ||
Foreign Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 55.8 | [5] | 16.5 | [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 and Cash Equivalents, Fair Value Disclosure | 55.8 | [5] | 16.5 | [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 and Cash Equivalents, Fair Value Disclosure | 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 and Cash Equivalents, Fair Value Disclosure | 0 | [5] | 0 | [5] |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1.5 | [5] | 2.2 | [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 and Cash Equivalents, Fair Value Disclosure | 1.5 | [5] | 2.2 | [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 and Cash Equivalents, Fair Value Disclosure | 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 and Cash Equivalents, Fair Value Disclosure | 0 | [5] | 0 | [5] |
Cash Equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 64.1 | [5] | 22.7 | [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 and Cash Equivalents, Fair Value Disclosure | 57.3 | [5] | 18.7 | [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 and Cash Equivalents, Fair Value Disclosure | 6.8 | [5] | 4 | [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 and Cash Equivalents, Fair Value Disclosure | 0 | [5] | 0 | [5] |
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 | 345.2 | [1] | 334.4 | [1] |
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 | 345.2 | [1] | 334.4 | [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] |
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 | 6.5 | [1] | 6.5 | [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 | 6.5 | [1] | 6.5 | [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] |
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 | 3.8 | [1] | 4 | [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 | 3.8 | [1] | 4 | [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] |
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 | 138.7 | [1] | 139.9 | [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 | 138.7 | [1] | 139.9 | [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] |
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 | [1] | 5.2 | [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] | 5.2 | [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] |
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 | 50 | [1] | 47.5 | [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 | 50 | [1] | 47.5 | [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] |
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 | 47.1 | [1] | 48.4 | [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 | 47.1 | [1] | 48.4 | [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] |
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [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 | 15.6 | 13.1 | ||
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [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 | 7.9 | 14.6 | ||
Short-term Investments [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 | 285 | 284.4 | ||
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 | 34 | 33.3 | ||
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 | 6.5 | 6.5 | ||
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 | 3.8 | 4 | ||
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 | 138.7 | 139.9 | ||
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 | 5.2 | ||
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 | 50 | 47.5 | ||
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 | 46.8 | 48 | ||
Other Investments [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 | $311.50 | $301.50 | ||
[1] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2015B DecemberB 31, 2014Short-term investments$285.0B $284.4Other investments311.5B 301.5Total$596.5B $585.9 | |||
[2] | Forward foreign exchange contracts in an asset position are included in 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 MarchB 31, 2015B DecemberB 31, 2014Other current liabilities$15.6B $13.1Other long-term liabilities7.9B 14.6 Total$23.5B $27.7 | |||
[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 $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2012 | Apr. 10, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $23.50 | $27.70 | ||||
CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration milestone payments | -3 | -2.4 | ||||
(Decrease) increase in fair value of contingent consideration included in SGA | -0.2 | |||||
Business Combination, Contingent Consideration, Liability | 14.5 | 44.6 | ||||
GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
(Decrease) increase in fair value of contingent consideration included in SGA | -1 | |||||
Business Combination, Contingent Consideration, Liability | 9 | 10.7 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 70 | |||||
probability lower [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0 | |||||
Discount Rate Lower [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0027 | |||||
Credit Adjusted Discount Rates Lower [Member] | CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0093 | |||||
Credit Adjusted Discount Rate Higher [Member] | CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0134 | |||||
Market Price of Risk [Member] | CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0125 | |||||
Projected Volatility of Growth Rate [Member] | CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.09 | |||||
Projected Volatility of Growth Rate Higher [Member] | CellSorter [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.1 | |||||
Probability Higher [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.9 | |||||
Discount Rate Higher [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0039 | |||||
probability lower1 [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0 | |||||
Probability Higher 1 [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.000002 | |||||
Discount Rate Lower 1 [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0076 | |||||
Discount Rate Higher 1 [Member] | GnuBIO [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent Consideration Level 3 Inputs | 0.0172 | |||||
Fair Value, Measurements, Recurring [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 | 23.5 | [1] | 27.7 | [1] | ||
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [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 | 7.9 | 14.6 | ||||
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [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 | $15.60 | $13.10 | ||||
[1] | Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2015B DecemberB 31, 2014Other current liabilities$15.6B $13.1Other long-term liabilities7.9B 14.6 Total$23.5B $27.7 |
3_Foreign_Exchange_Forward_Con
3. Foreign Exchange Forward Contracts (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivatives, Fair Value [Line Items] | |
Unrealized loss on contracts maturing in April through June 2015 to sell foreign currency | $0.80 |
Unrealized gain on contracts maturing in April through June 2015 to purchase foreign currency | 0.7 |
Forward foreign exchange contract to sell foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | 75.6 |
Forward foreign exchange contract to purchase foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $262.30 |
3_AvailableforSale_Investments
3. Available-for-Sale Investments (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $334.60 | $334.90 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 262.3 | 251.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.4 | 0.6 | ||
Estimated Fair Value | 596.5 | [1] | 585.9 | [1] |
Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 138.7 | [1] | 139.9 | [1] |
Foreign Brokered Certificates of Deposit [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 5.2 | [1] | 5.2 | [1] |
Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 6.5 | [1] | 6.5 | [1] |
Asset-backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 47.1 | [1] | 48.4 | [1] |
Marketable Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 345.2 | [1] | 334.4 | [1] |
US Government Sponsored Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 50 | [1] | 47.5 | [1] |
Foreign Government Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 3.8 | [1] | 4 | [1] |
Other Long-term Investments [Member] | Asset-backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 0.3 | 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 | ||
Estimated Fair Value | 0.3 | 0.4 | ||
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 | 256.7 | 246.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 311.2 | 301.1 | ||
Other Long-term Investments [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 54.8 | 54.9 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 256.7 | 246.6 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 311.5 | 301.5 | ||
Short-term Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 285 | 284.4 | ||
Short-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 138.4 | 139.7 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.4 | 0.4 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.2 | ||
Estimated Fair Value | 138.7 | 139.9 | ||
Short-term Investments [Member] | Foreign Brokered Certificates of Deposit [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 5.2 | 5.2 | ||
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 | 5.2 | ||
Short-term Investments [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 6.5 | 6.5 | ||
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 | 6.5 | 6.5 | ||
Short-term Investments [Member] | Asset-backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 46.9 | 48.2 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | 0.2 | ||
Estimated Fair Value | 46.8 | 48 | ||
Short-term Investments [Member] | Marketable Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 29.3 | 29 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4.9 | 4.5 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.2 | 0.2 | ||
Estimated Fair Value | 34 | 33.3 | ||
Short-term Investments [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 279.8 | 280 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5.6 | 5 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.4 | 0.6 | ||
Estimated Fair Value | 285 | 284.4 | ||
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 49.7 | 47.4 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.3 | 0.1 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Estimated Fair Value | 50 | 47.5 | ||
Short-term Investments [Member] | Foreign Government Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 3.8 | 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 | ||
Estimated Fair Value | $3.80 | $4 | ||
[1] | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):B MarchB 31, 2015B DecemberB 31, 2014Short-term investments$285.0B $284.4Other investments311.5B 301.5Total$596.5B $585.9 |
3_Amortized_Cost_and_Fair_Valu
3. Amortized Cost and Fair Value of Debt Securities (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Mature in less than one year | $108.20 |
Mature in one to five years | 103.9 |
Mature in more than five years | 38.7 |
Total Amortized Cost | 250.8 |
Mature in less than one year | 108.3 |
Mature in one to five years | 104.1 |
Mature in more than five years | 38.9 |
Estimated Fair Value | $251.30 |
3_Fair_Value_and_Gross_Unreali
3. Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Tolerable variance Level 2 debt security pricing | 1.00% | |
Fair Value of Investments with Gross Unrealized Losses in loss position 12 months or more | $7 | $8.40 |
Cost Method Investment, Percentage Owned | 35.00% | |
Fair Value of Investments with Gross Unrealized Losses in loss position less than 12 months | 58.2 | 90.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0.1 | 0.2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $0.30 | $0.40 |
3_Fair_Value_Financial_Instrum
3. Fair Value Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Investments | $83.50 | $82.60 |
Total long-term debt, excluding capital leases and current maturities | 423.5 | 423.5 |
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 | 415.4 | 401.1 |
Total long-term debt, excluding capital leases and current maturities | $465.60 | $454.90 |
4_Intangible_Assets_Goodwill_a2
4. Intangible Assets, Goodwill and Other (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill | $531,600,000 | $528,600,000 |
Accumulated impairment loss | -28,200,000 | -28,200,000 |
Goodwill, net | 503,422,000 | 500,441,000 |
Currency fluctuations | 3,000,000 | |
Life Science [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 207,400,000 | 207,700,000 |
Accumulated impairment loss | -27,200,000 | -27,200,000 |
Goodwill, net | 180,200,000 | 180,500,000 |
Currency fluctuations | -300,000 | |
Clinical Diagnostics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 324,200,000 | 320,900,000 |
Accumulated impairment loss | -1,000,000 | -1,000,000 |
Goodwill, net | 323,200,000 | 319,900,000 |
Currency fluctuations | $3,300,000 |
4_Intangible_Assets_Goodwill_a3
4. Intangible Assets, Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | $424 | $425.90 | ||
Accumulated Amortization | -227.4 | -218.1 | ||
Net Carrying Amount | 196.6 | 207.8 | ||
Amortization [Abstract] | ||||
Amortization expense | 9.2 | 10.9 | ||
Intangible Assets, Gross (Excluding Goodwill) | 470.4 | 472.3 | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 87.5 | 89.4 | ||
Accumulated Amortization | -43.6 | -43 | ||
Net Carrying Amount | 43.9 | 46.4 | ||
Know how [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 186.7 | 184.7 | ||
Accumulated Amortization | -109.1 | -102.5 | ||
Net Carrying Amount | 77.6 | 82.2 | ||
Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 102.1 | 103.9 | ||
Accumulated Amortization | -44.3 | -42.8 | ||
Net Carrying Amount | 57.8 | 61.1 | ||
Licensing Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 39.4 | 39.4 | ||
Accumulated Amortization | -26.9 | -26.5 | ||
Net Carrying Amount | 12.5 | 12.9 | ||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 3.5 | 3.6 | ||
Accumulated Amortization | -2.2 | -2.1 | ||
Net Carrying Amount | 1.3 | 1.5 | ||
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Purchase Price | 4.8 | 4.9 | ||
Accumulated Amortization | -1.3 | -1.2 | ||
Net Carrying Amount | 3.5 | 3.7 | ||
Minimum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 3 years | 3 years | ||
Minimum [Member] | Know how [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 1 year | 1 year | ||
Minimum [Member] | Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 4 years | 5 years | ||
Minimum [Member] | Licensing Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 1 year | 1 year | ||
Minimum [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 1 year | 1 year | ||
Minimum [Member] | Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 3 years | 3 years | ||
Minimum [Member] | Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 0 years | 0 years | ||
Maximum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 10 years | 10 years | ||
Maximum [Member] | Know how [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 10 years | 11 years | ||
Maximum [Member] | Developed Technology Rights [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 12 years | 12 years | ||
Maximum [Member] | Licensing Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 11 years | 11 years | ||
Maximum [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 10 years | 10 years | ||
Maximum [Member] | Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 8 years | 8 years | ||
Maximum [Member] | Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Average Remaining Life (years) | 0 years | 0 years | ||
In Process Research and Development [Member] | ||||
Amortization [Abstract] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $46.40 | $46.40 |
5_Product_Warranty_Liability_D
5. Product Warranty Liability (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Accrual at beginning of period | $17.80 |
Provision for warranty | 8.3 |
Actual warranty costs | -10.4 |
Accrual at end of period | $15.70 |
6_LongTerm_Debt_Details
6. Long-Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2010 |
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $435,900,000 | $436,000,000 | |
Less Current Maturities | -264,000 | -265,000 | |
Long-term debt, net of current maturities | 435,661,000 | 435,710,000 | |
Unsecured Debt [Member] | Senior Notes 4.875% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||
Long-term debt | 423,500,000 | 423,500,000 | 422,600,000 |
Debt Instrument, Interest Rate, Effective Percentage | 4.95% | ||
Face amount of debt sold | 425,000,000 | ||
Capital Lease Obligations [Member] | Debt 6 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 12,400,000 | 12,500,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit maximum borrowing capacity | 200,000,000 | ||
Outstanding borrowings | 0 | ||
Line of Credit Facility, Interest Rate at Period End | 1.52% | ||
Standby Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit maximum borrowing capacity | $5,000,000 |
7_Accumulated_Other_Comprehens2
7. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Selling, general and administrative expense | ($188,555,000) | ($202,275,000) | ||
Other (income) expense, net | -1,153,000 | -661,000 | ||
Accumulated other comprehensive income | 207,446,000 | 218,945,000 | ||
Total other comprehensive income (loss) net of tax | -11,499,000 | 31,881,000 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | 51,700,000 | 194,900,000 | 71,200,000 | 189,400,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -19,500,000 | 5,500,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Total other comprehensive income (loss) net of tax | -19,500,000 | 5,500,000 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | -15,200,000 | -8,000,000 | -16,300,000 | -8,100,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 900,000 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 200,000 | 100,000 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Total other comprehensive income (loss) net of tax | 1,100,000 | 100,000 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Selling, general and administrative expense | -200,000 | -100,000 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | 170,900,000 | 185,700,000 | 164,000,000 | 159,400,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 11,200,000 | 41,600,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -300,000 | 0 | ||
Other Comprehensive Income (Loss), Tax | -4,000,000 | -15,300,000 | ||
Total other comprehensive income (loss) net of tax | 6,900,000 | 26,300,000 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other (income) expense, net | -300,000 | 0 | ||
Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income | 207,400,000 | 372,600,000 | 218,900,000 | 340,700,000 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -7,400,000 | 47,100,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -100,000 | 100,000 | ||
Other Comprehensive Income (Loss), Tax | -4,000,000 | -15,300,000 | ||
Total other comprehensive income (loss) net of tax | ($11,500,000) | $31,900,000 |
8_Earnings_Per_Share_Details
8. Earnings Per Share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic weighted average shares outstanding | 29,092 | 28,791 |
Effect of potentially dilutive stock options and restricted stock awards | 197 | 268 |
Diluted weighted average common shares | 29,289 | 29,059 |
Anti-dilutive shares | 106 | 94 |
9_Other_Income_and_Expenses_De
9. Other Income and Expenses (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Interest and investment income | ($900,000) | ($700,000) |
Net realized gain on investments | -300,000 | 0 |
Other (income) expense, net | $1,153,000 | $661,000 |
10_Income_Taxes_Details
10. Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Effective tax rate | 33.00% | 54.00% |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $6.10 | |
U.S. Federal [Member] | ||
Statutory Rates | 35.00% | 35.00% |
11_Segment_Information_Details
11. Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $472,821 | $509,344 |
Income before income taxes | 26,694 | 14,538 |
Life Science [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 155,900 | 161,500 |
Income before income taxes | -2,400 | -6,600 |
Clinical Diagnostics [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 313,600 | 344,300 |
Income before income taxes | 35,200 | 32,400 |
All Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,300 | 3,500 |
Income before income taxes | ($100) | $100 |
11_Segment_Profit_Reconciliati
11. Segment Profit Reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | ($26,694) | ($14,538) |
NonAllocated Expense Loss Contingency [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | 8,000 | |
Other Income and Expense Non Operating [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | -1,200 | -700 |
Foreign Currency Gain (Loss) [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | 3,800 | 2,700 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | -3,400 | -9,400 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | ($32,700) | ($25,900) |