Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 10, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | BIO RAD LABORATORIES INC | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Entity Central Index Key | 12,208 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 4,795,291,430 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 24,701,407 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 5,103,283 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Cash and cash equivalents | $ 383,824 | $ 456,264 |
Short-term investments | 371,154 | 383,176 |
Restricted investments | 5,560 | 4,560 |
Accounts receivable, less allowance for doubtful accounts | 464,847 | 372,348 |
Inventories: | ||
Raw materials | 113,925 | 116,540 |
Work in process | 142,589 | 125,982 |
Finished goods | 338,290 | 282,439 |
Total inventories | 594,804 | 524,961 |
Prepaid expenses | 146,135 | 91,014 |
Other current assets | 10,325 | 12,201 |
Total current assets | 1,976,649 | 1,844,524 |
Property, plant and equipment: | ||
Land and improvements | 18,026 | 17,895 |
Buildings and leasehold improvements | 315,984 | 300,834 |
Equipment | 971,140 | 908,659 |
Total property, plant and equipment | 1,305,150 | 1,227,388 |
Less: accumulated depreciation and amortization | (811,654) | (738,774) |
Property, plant and equipment, net | 493,496 | 488,614 |
Goodwill, net | 506,069 | 477,115 |
Purchased intangibles, net | 174,113 | 161,609 |
Other investments | 1,027,736 | 830,790 |
Other assets | 94,949 | 47,852 |
Total assets | 4,273,012 | 3,850,504 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 135,182 | 133,109 |
Accrued payroll and employee benefits | 171,632 | 163,364 |
Notes payable and current maturities of long-term debt | 420 | 334 |
Income and other taxes payable | 39,941 | 28,124 |
Deferred revenue | 28,233 | 31,003 |
Other current liabilities | 127,288 | 115,388 |
Total current liabilities | 502,696 | 471,322 |
Long-term debt, net of current maturities | 434,581 | 434,186 |
Deferred income taxes | 222,209 | 225,299 |
Other long-term liabilities | 183,276 | 140,537 |
Total liabilities | 1,342,762 | 1,271,344 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 361,231 | 332,911 |
Retained earnings | 1,830,439 | 1,828,581 |
Accumulated other comprehensive income | 738,794 | 417,766 |
Total stockholders' equity | 2,930,250 | 2,579,160 |
Total liabilities and stockholders' equity | 4,273,012 | 3,850,504 |
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 | (128) | (12) |
Treasury Class B [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Value | $ (89) | $ (89) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 25,549 | $ 23,367 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock authorized | 7,500,000 | 7,500,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 80,000,000 | 80,000,000 |
Common stock issued | 24,679,127 | 24,454,048 |
Common stock outstanding | 24,678,545 | 24,453,926 |
Common Class B [Member] | ||
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 20,000,000 | 20,000,000 |
Common stock issued | 5,107,674 | 5,123,883 |
Common stock outstanding | 5,106,757 | 5,122,966 |
Treasury Class-A [Member] | ||
Treasury Stock, Shares | 582 | 122 |
Treasury Class B [Member] | ||
Treasury Stock, Shares | 917 | 917 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 2,160,153 | $ 2,068,172 | $ 2,019,441 |
Cost of goods sold | 972,754 | 930,085 | 897,771 |
Gross profit | 1,187,399 | 1,138,087 | 1,121,670 |
Selling, general and administrative expense | 808,942 | 816,724 | 761,990 |
Research and development expense | 250,301 | 205,864 | 192,972 |
Impairment losses on goodwill and long-lived assets | 11,506 | 62,305 | 0 |
Income from operations | 116,650 | 53,194 | 166,708 |
Interest expense | 21,914 | 21,942 | 21,692 |
Foreign exchange losses, net | 9,128 | 4,542 | 10,249 |
Other (income) expense, net | (12,197) | (14,850) | (11,080) |
Income before income taxes | 97,805 | 41,560 | 145,847 |
Provision for income taxes | 24,444 | (15,560) | (36,608) |
Net Income (Loss) Attributable to Parent | $ 122,249 | $ 26,000 | $ 109,239 |
Basic earnings per share: | |||
Earnings Per Share, Basic | $ 4.12 | $ 0.88 | $ 3.74 |
Weighted average common shares - basic | 29,655 | 29,440 | 29,186 |
Diluted earnings per share: | |||
Earnings Per Share, Diluted | $ 4.07 | $ 0.88 | $ 3.71 |
Weighted average common shares - diluted | 30,034 | 29,646 | 29,409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 2,093,948 | $ 2,074,024 | $ 1,956,084 |
Cash paid to suppliers and employees | (1,918,971) | (1,810,844) | (1,730,062) |
Interest paid | (21,124) | (21,318) | (20,793) |
Income tax payments | (52,136) | (38,442) | (31,715) |
Investment proceeds and miscellaneous receipts, net | 19,892 | 15,683 | 11,953 |
Excess tax benefits from share-based compensation | 0 | (1,506) | (3,610) |
(Payments for) proceeds from forward foreign exchange contracts, net | (17,724) | (1,164) | 4,353 |
Net cash provided by operating activities | 103,885 | 216,433 | 186,210 |
Cash flows from investing activities: | |||
Capital expenditures | (111,332) | (141,436) | (112,000) |
Proceeds from dispositions of property, plant and equipment | 86 | 398 | 79 |
Payments for acquisitions, net of cash received, and long-term investments | (76,645) | (14,165) | (4,356) |
Payments for purchases of intangible assets | (3,795) | (135) | (1,372) |
Payments for purchases of restricted investment | (1,000) | (350) | (4,210) |
Payments for purchases of marketable securities and investments | (282,656) | (278,071) | (294,497) |
Proceeds from sales of marketable securities and investments | 97,523 | 76,859 | 78,664 |
Proceeds from maturities of marketable securities and investments | 202,247 | 143,020 | 170,823 |
Net cash used in investing activities | (175,572) | (213,880) | (166,869) |
Cash flows from financing activities: | |||
Net (payments) borrowings on line-of-credit arrangements and notes payable | (36) | 37 | 0 |
Payments on long-term borrowings | (316) | (303) | (282) |
Proceeds from issuance of common stock | 7,294 | 11,280 | 8,236 |
Payments for Repurchase of Common Stock | (2,920) | 0 | 0 |
Payment for Contingent Consideration Liability, Financing Activities | 3,681 | 3,500 | 2,983 |
Excess tax benefits from share-based compensation | 0 | 1,506 | 3,610 |
Net cash provided by financing activities | 341 | 9,020 | 8,581 |
Effect of foreign exchange rate changes on cash | (1,094) | (12,858) | 16,376 |
Net (decrease) increase in cash and cash equivalents | (72,440) | (1,285) | 44,298 |
Cash and cash equivalents at beginning of year | 456,264 | 457,549 | 413,251 |
Cash and cash equivalents at end of year | $ 383,824 | $ 456,264 | $ 457,549 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total Bio Rad [Member] |
Balance at Dec. 31, 2014 | $ 2,183,535 | $ 3 | $ 271,346 | $ (101) | $ 1,693,342 | $ 218,945 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 109,239 | 109,239 | |||||
Other comprehensive income, net of tax | 163,193 | ||||||
Issuance of common stock | 8,236 | 8,236 | |||||
Stock compensation expense | 16,983 | ||||||
Tax benefit-exercise stock options | 3,843 | ||||||
Balance at Dec. 31, 2015 | 2,485,029 | 3 | 300,408 | (101) | 1,802,581 | 382,138 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 26,000 | 26,000 | |||||
Other comprehensive income, net of tax | 35,628 | ||||||
Issuance of common stock | 11,280 | 11,280 | |||||
Stock compensation expense | 19,730 | ||||||
Tax benefit-exercise stock options | 1,493 | ||||||
Balance at Dec. 31, 2016 | 2,579,160 | 3 | 332,911 | (101) | 1,828,581 | 417,766 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 135 | 391 | (256) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 122,249 | 122,249 | |||||
Other comprehensive income, net of tax | 200,893 | ||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | (120,135) | 120,135 | $ 120,100 | |||
Issuance of common stock | 7,294 | 4,490 | |||||
Stock compensation expense | 23,439 | ||||||
Treasury Stock, Value, Acquired, Cost Method | (2,920) | ||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 2,804 | ||||||
Balance at Dec. 31, 2017 | $ 2,930,250 | $ 3 | $ 361,231 | $ (217) | $ 1,830,439 | $ 738,794 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income (Loss) Attributable to Parent | $ 122,249 | $ 26,000 | $ 109,239 |
Foreign currency translation adjustments | 76,050 | (32,394) | (37,536) |
Other post-employment benefits adjustments, net of tax | (3,767) | 2,086 | (4,403) |
Net unrealized holding gains on available-for-sale investments, net of tax | 248,745 | 65,936 | 205,132 |
Other comprehensive income, net of tax | 321,028 | 35,628 | 163,193 |
Comprehensive income attributable to Bio-Rad | $ 443,277 | $ 61,628 | $ 272,432 |
1. Significant Accounting Polic
1. Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less which are readily convertible into cash. Cash equivalents are stated at cost, which approximates fair value. Short-term Restricted Investments Short-term restricted investments of $5.6 million and $4.6 million at December 31, 2017 and 2016 , respectively, represent a money market fund that is renewed annually for collateral that secures worker's compensation and general liability insurance. Investment income accrues to Bio-Rad and is recorded in Cash and cash equivalents in the Consolidated Balance Sheets. Available-for-Sale Investments Available-for-sale investments consist of corporate obligations, municipal securities, asset backed securities, U.S. government sponsored agencies and marketable equity securities. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income, net of any related tax effect. Unrealized losses are charged against income when a decline in the fair value of an individual security is determined to be other-than-temporary. We review our available-for-sale investments for other-than-temporary losses on a quarterly basis. Realized gains and losses and other-than-temporary impairments on investments are included in Other (income) expense, net (see Note 10). Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts and trade accounts receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions. Bio-Rad has not sustained significant losses from instruments held at financial institutions. The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying values of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end. However, we do not expect to record any losses as a result of counterparty default. We perform credit evaluation procedures related to our trade receivables and with the exception of certain developing countries, generally do not require collateral. As a result of increased risk in certain developing countries, some Bio-Rad sales are subject to collateral letters of credit from our customers. Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade receivables are with national healthcare systems in countries within the European Union. Accounts Receivable We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The amount of the allowance is determined by analyzing known uncollectible accounts, aged receivables, economic conditions in the customers’ country or industry, historical losses and our customers’ credit-worthiness. Amounts later determined and specifically identified to be uncollectible are charged or written off against this allowance. Inventory Inventories are valued at the lower of actual cost or market (net realizable value) and include material, labor and overhead costs. The first-in, first-out method is used to relieve inventory for products sold. Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and amortization. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use. Property, plant and equipment are assessed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Buildings and leasehold improvements are amortized over 15 - 30 years or the term of the leases or life of the improvements, whichever is shorter. With the exception of reagent rental equipment, which is amortized over a 1 - 5 year period, equipment and capitalized software is depreciated over 3 - 12 years. Goodwill Goodwill represents the excess of the cost over the fair value of net tangible and identifiable intangible assets of acquired businesses. Goodwill is assessed for impairment by applying fair value based tests annually in the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We perform impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. Our reporting units are identified as components for which discrete financial information is available and is regularly reviewed by management. Goodwill amounts are assigned to reporting units at the time of acquisition. Effective January 1, 2017 in accordance with Accounting Standards Update No. 2017-04, "Simplifying the Test for Goodwill Impairment," the goodwill impairment amount will be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We use a projected discounted cash flow model to determine the fair value of a reporting unit. Prior to January 1, 2017, the goodwill impairment test consisted of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compared the fair value of a reporting unit to its carrying value, including goodwill. We used a projected discounted cash flow model to determine the fair value of a reporting unit. If the fair value of the reporting unit exceeded its carrying amount, goodwill of the reporting unit was considered not impaired, and the second step of the impairment test was not required. The second step, if required, compared the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit was allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit’s goodwill exceeded its implied fair value, an impairment charge is recognized in an amount equal to that excess. Long-Lived Assets For purposes of recognition and measurement of an impairment loss, a long-lived asset or assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We assess the impairment of long-lived assets (including identifiable intangible assets) quarterly or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that we consider important that could trigger an impairment review include: • significant under-performance relative to expected, historical or projected future operating results; • significant changes in the manner of use of the long-lived assets, intangible assets or the strategy for our overall business; • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of at a loss before the end of its previously estimated useful life; and • significant negative industry, legal, regulatory or economic trends. When management determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment, we test for any impairment based on a projected undiscounted cash flow method. Projected future operating results and cash flows of the asset or asset group are used to establish the fair value used in evaluating the carrying value of long-lived and intangible assets. We estimate the future cash flows of the long-lived assets using current and long-term financial forecasts. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If this is the case, an impairment loss would be recognized. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. To the extent we determine that we are able to realize our deferred income tax assets in the future in excess of their net recorded amount, we make an adjustment to the valuation allowance which may reduce the provision for income taxes. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in the provision for income taxes. On December 22, 2017, the U.S. enacted comprehensive tax legislation (the “Tax Act”). The new legislation contains significant tax provisions that affect us, including a one-time mandatory deemed repatriation tax on certain unrepatriated foreign earnings ("Transition Tax"), a reduction of the corporate income tax rate from 35% to 21% effective January 1, 2018, and a change from a worldwide tax system to a modified territorial system. We are required to recognize the effect of the tax law changes in the period of enactment, such as the computation of the Transition Tax, remeasurement of our U.S. deferred tax assets and liabilities, as well as reassessment of the net realizability of our deferred tax assets and liabilities. Subsequent to the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification ("ASC") 740, "Income Taxes." In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but a reasonable estimate can be determined, the company must record a provisional estimate in the financial statements. For the year ended December 31, 2017, we recorded those amounts for which the accounting was complete or for which we were able to make reasonable estimates. The provisional estimates of the Transition Tax and remeasurement of our deferred tax assets and liabilities will be adjusted as additional information and guidance become available. We expect to complete the relevant analysis no later than December 31, 2018. Revenue Recognition Revenue is recognized when pervasive evidence of an arrangement exists, the price to the buyer is fixed or determinable, collectability is reasonably assured and title has passed to the customer or product has been delivered absent specific contractual specifications. Revenue associated with equipment that requires factory installation is not recorded until installation is complete and customer acceptance, if required contractually, has occurred. At the time revenue is recognized, a provision is recognized for estimated product returns. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement, or as services are performed if not under contract. Net sales are the actual selling price of products to customers. Any taxes billed to the customer (sales tax, value added tax, etc.) shall be credited to the tax liability accounts and excluded from net sales. Reagent agreements are a diagnostic industry sales method that provides use of an instrument and consumables (reagents) to a customer on a per test basis. We evaluate our reagent agreements and account for these contracts under the guidance pertaining to accounting for revenue arrangements with multiple deliverables. Our reagent agreements represent one unit of accounting as the instrument and consumables are interdependent in producing a diagnostic result that neither has a stand-alone value with respect to these agreements. All revenues that we earn under our reagent agreements are recognized pursuant to the terms of each agreement and are based and entirely contingent upon either (i) when the consumables to conduct a fixed number of tests are delivered or (ii) cost per test conducted and reported. Revenue on a cost per reported basis is estimated in the current period, and billed at actual in the month reported by our customer. Shipping and Handling We classify all freight costs billed to customers as Net sales. Related freight costs are included in Cost of goods sold. Warranty We warrant certain equipment against defects in design, materials and workmanship, mostly 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. Changes in the warranty accrual, included in Other current liabilities and Other long-term liabilities, were as follows (in millions): 2017 2016 January 1 $ 17.6 $ 17.4 Provision for warranty 29.9 33.4 Actual warranty costs (28.8 ) (33.2 ) December 31 $ 18.7 $ 17.6 Research and Development Internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed. Foreign Currency Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included in Foreign exchange losses, net in the Consolidated Statements of Income. Transaction gains and losses result primarily from fluctuations in exchange rates when intercompany receivables and payables are denominated in currencies other than the functional currency of our subsidiary that recorded the transaction. Forward Foreign Exchange Contracts 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 exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes, nor do we seek hedge accounting treatment for any of our 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 as an asset or liability measured at their fair value at each balance sheet date. The resulting gains or losses offset exchange gains or losses, on the related receivables and payables, all of which are recorded in Foreign exchange losses, net in the Consolidated Statements of Income. Share-Based Compensation Plans Stock-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. We recognize these compensation costs net of forfeitures over the requisite service period of the award, which is generally the vesting term of the share-based payment awards. Starting in 2017, we recognize forfeitures as they occur due to a change in accounting principle, and in prior periods we estimated the forfeiture rate based on our historical experience. These plans are described more fully in Note 9. 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 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 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Basic weighted average shares outstanding 29,655 29,440 29,186 Effect of potentially dilutive stock options and restricted stock awards 379 206 223 Diluted weighted average common shares 30,034 29,646 29,409 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 13 113 109 Fair Value of Financial Instruments For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, marketable securities, notes payable, accounts payable and foreign exchange contracts, the carrying amounts approximate fair value. The estimated fair value of financial instruments is based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) using available market information or other appropriate valuation methodologies in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. 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 (see Note 3). RECLASSIFICATION OF CERTAIN AMOUNTS, AND CORRECTION OF IMMATERIAL ERRORS 2016 Reclassification of Buildings and leasehold improvements, and Equipment Upon our implementation of our global single instance enterprise resource planning ("ERP") platform in Europe during the second quarter of 2017, $10.5 million of assets in France were misclassified as Equipment that should have been reported as Buildings and leasehold improvements in periods prior to 2017. The reclassification on the 2016 balance conforms to the correct balance sheet presentation as of December 31, 2017, and there was no impact on the Consolidated Statements of Income or Cash Flows. Please see the table below for the corrected amounts for Buildings and leasehold improvements, and Equipment. 2016 and 2015 Misstatement of Income Taxes During 2016 and 2015, there were three different misstatements associated with income taxes. The first misstatement was related to our second implementation of our global single instance ERP platform in the U.S. in the third quarter of 2015. Part of the data migrated was not reconciled timely, resulting in the double counting of a deferred tax asset. As a consequence, Deferred income taxes in 2016 were understated by $2.4 million and the Provision for income taxes was understated by $2.4 million in 2015. The second misstatement was related to the misapplication of a tax rule related to foreign dividend income. As a consequence, Retained earnings were overstated by $1.4 million in 2015, Other tax liabilities - noncurrent, reported in Other long-term liabilities, were understated by $4.6 million in 2016 and the Provision for income taxes was understated by $1.9 million and $1.3 million in 2016 and 2015, respectively. The third misstatement was related to a design deficiency associated with transfer pricing. As a consequence, our Retained earnings were overstated by $0.2 million in 2015, Other tax liabilities - noncurrent, reported in Other long-term liabilities, were understated by $0.6 million in 2016 and the Provision for income taxes was understated by $0.2 million in both 2016 and 2015. The impact of the reclassification, and the immaterial error corrections, both described above on our Consolidated Balance Sheet and Consolidated Statements of Income for the periods presented is as follows (in thousands, except per share data): December 31, 2016 As reported Adjustment As revised Buildings and leasehold improvements $ 290,367 $ 10,467 $ 300,834 Equipment 919,126 (10,467 ) 908,659 Deferred income taxes 222,919 2,380 225,299 Other long-term liabilities 135,318 5,219 140,537 Total liabilities 1,263,745 7,599 1,271,344 Retained earnings 1,836,180 (7,599 ) 1,828,581 Total stockholders' equity $ 2,586,759 $ (7,599 ) $ 2,579,160 Year ended December 31, 2016 2015 As reported Adjustment As revised As reported Adjustment As revised Provision for income taxes $ (13,435 ) $ (2,125 ) $ (15,560 ) $ (32,754 ) $ (3,854 ) $ (36,608 ) Net income $ 28,125 $ (2,125 ) $ 26,000 $ 113,093 $ (3,854 ) $ 109,239 Net income per basic share $ 0.96 $ (0.08 ) $ 0.88 $ 3.87 $ (0.13 ) $ 3.74 Net income per diluted share $ 0.95 $ (0.07 ) $ 0.88 $ 3.85 $ (0.14 ) $ 3.71 Management evaluated the materiality of all the errors described above from a qualitative and quantitative perspective. Based on such evaluation, we have concluded that they are not material to any individual prior period, nor did they have an effect on the trend of financial results, taking into account the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 108, Considering the Effect of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108). Accordingly, we are correcting these errors in every affected period in the 2015 and 2016 consolidated financial statements included in this Form 10-K. Recent Accounting Standards Updates In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-03, "Technical Corrections and Improvements to Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2018-03 amends certain items in ASU 2016-01 (see below) such as equity securities without a readily determinable fair value. ASU 2018-03 clarifies that an entity that uses the measurement alternative for equity securities without readily determinable fair values can change its measurement approach to fair value and once made the election is irrevocable. If an entity measures equity securities without readily determinable fair values at fair value, it must record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is adopted. ASU 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years beginning after June 15, 2018, with early adoption permitted. As of December 31, 2017, we accounted for our investment of the ordinary shares of Sartorius AG at cost and the fair value is not readily determinable as the stock is too thinly traded (see Note 3 to the consolidated financial statements). Under ASU 2016-01 (see below), we will account for the ordinary shares of Sartorius AG at cost, less any impairment, and plus or minus subsequent adjustments for observable price changes as we do not anticipate a material transaction that would provide an observable price change to the ordinary shares of Sartorius AG based on the current ownership interests by the Sartorius family trust, Sartorius family members, and Bio-Rad Laboratories, Inc. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 gives entities the option to reclassify to retained earnings tax effects related to items in Accumulated other comprehensive income ("OCI") that the FASB refers to as having been stranded in Accumulated OCI as a result of the Tax Act. We early adopted ASU 2018-02 in the period of adoption of the Tax Act during the fourth quarter of 2017. We elected to reclassify the income tax effects of the Tax Act on the remeasurement of our deferred tax liabilities related to our available-for-sale equity securities, including our preferred shares in Sartorius AG, by increasing OCI and decreasing Retained earnings by $120.1 million . In May 2017, the FASB issued ASU 2017-09, "Scope of Modification Accounting." ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 will allow companies to make certain changes to awards, such as vesting conditions, without accounting for them as modifications. It does not change the accounting for modifications. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. We early adopted ASU 2017-09 during the second quarter of 2017, which has not affected our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." ASU 2017-07 will change how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost, which is comprised of several components, in the income statement. Under ASU 2017-07, employers will present the service cost component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period, and will be the only costs eligible for capitalization. Employers will present the other components separately from the line item(s) that includes the service cost outside of the subtotal of Income from operations. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. We do not expect ASU 2017-07 to have a material impact to our financial statements. In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment." ASU 2017-04 removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 provides a more stream-lined approach to evaluating goodwill impairment and we early adopted on January 1, 2017 on a prospective basis as a change in accounting principle. See Note 4 to the consolidated financial statements for an update on goodwill impairment. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value is concentrated in a single asset or a group of similar assets, the acquired set is not a business. If this is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Determining whether a set constitutes a business is critical because the accounting for a business combination differs significantly from that of an asset acquisition. We early adopted ASU 2017-01 on January 1, 2017 on a prospective basis, and it has not had a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. We do not expect ASU 2016-18 |
2. Acquisitions
2. Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 2. ACQUISITIONS RainDance Technologies, Inc. In February 2017, we acquired all the issued and outstanding stock of RainDance Technologies, Inc. (RainDance) for approximately $72.7 million . Cash payments at closing were $72.9 million . In addition, we had a cash payment of $10.0 million for a preexisting condition concurrent with the acquisition that was recorded in Cost of goods sold. The acquisition was included in our Life Science segment’s results of operations from the acquisition date and was accounted for as a business combination. The amount of acquisition-related costs was minimal as Bio-Rad primarily represented itself during the acquisition process. The goodwill related to this acquisition is not deductible for income tax purposes. Pro forma financial statements are not provided as the acquisition is immaterial to Bio-Rad taken as a whole for the periods presented. The final allocation for the payments of $72.9 million was $37.6 million to definite-lived intangibles, $0.2 million to acquired net assets, $26.2 million to goodwill, a deferred tax liability of $13.6 million primarily related to the purchased intangibles and a deferred tax asset of $22.5 million primarily related to the acquired net operating losses. The final allocation of the payments reflect the effects of correcting an error that were recorded in the fourth quarter of 2017. These corrections reduced goodwill, deferred revenue and deferred tax assets by $1.9 million , $3.3 million and $1.4 million , respectively, and had no significant impact on our Consolidated Statements of Income. RainDance's foundational intellectual property portfolio and product lines encompass a wide range of biological reactions in droplets, with potential applications in life science research and clinical research. These genomic tools provide ultra-sensitive detection of genetic variations in cancer as well as inherited and infectious diseases, enabling research in areas such as non-invasive liquid biopsy. We believe that RainDance's droplet-based solutions will extend our reach into next-generation sequencing applications and strengthen our position in the area of Droplet Digital™ PCR, offering customers solutions for a wide range of nucleic acid detection applications. Propel Labs, Inc. In January 2016, we acquired a high performance analytical flow cytometer platform from Propel Labs (Propel) that will enable advanced and novice users to perform basic and multi-parameter cytometry for a wide range of applications and chemistries. This asset acquisition was accounted for as a business combination, as the new analytical flow cytometer platform represented an integrated set of activities and assets that is 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 the acquisition-related cost was minimal as Bio-Rad primarily represented itself during the acquisition process. This business acquisition is included in our Life Science segment’s results of operations from the acquisition date. The fair value of the consideration as of the acquisition date was $32.8 million , which included $9.5 million paid in cash at the closing date and $23.3 million in contingent consideration potentially payable to Propel. The amount of contingent consideration was determined based on a probability-weighted income approach related to the achievement of sales milestones, and was recognized at its estimated fair value of $16.7 million as of December 31, 2017 (see Note 3, "Fair Value Measurements"). The fair values of the net assets acquired from Propel as of the acquisition date were determined to be $32.7 million of definite-lived intangible assets and $0.1 million of goodwill. The goodwill related to this acquisition is deductible for income tax purposes. The acquired analytical flow cytometer platform fits well into Bio-Rad’s existing Life Science segment product offerings and may offer researchers greater access to this technology. |
3. Fair Value Measurements
3. Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial Assets Carried at Fair Value: Cash equivalents (a): Commercial paper $ — $ 36.0 $ — $ 36.0 Time deposits 43.7 10.0 — 53.7 U.S. government sponsored agencies — 11.2 — 11.2 Money market funds 3.4 — — 3.4 Total cash equivalents 47.1 57.2 — 104.3 Restricted investment: 5.6 — — 5.6 Available-for-sale investments (b): Corporate debt securities — 185.7 — 185.7 U.S. government sponsored agencies — 67.6 — 67.6 Foreign government obligations — 3.4 — 3.4 Brokered certificates of deposit — 0.7 — 0.7 Municipal obligations — 15.0 — 15.0 Marketable equity securities 973.4 — — 973.4 Asset-backed securities — 55.6 — 55.6 Total available-for-sale investments 973.4 328.0 — 1,301.4 Forward foreign exchange contracts (c) — 0.5 — 0.5 Total financial assets carried at fair value $ 1,026.1 $ 385.7 $ — $ 1,411.8 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (d) $ — $ 1.6 $ — $ 1.6 Contingent consideration (e) — — 16.7 16.7 Total financial liabilities carried at fair value $ — $ 1.6 $ 16.7 $ 18.3 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2016 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial Assets Carried at Fair Value: Cash equivalents (a): Commercial paper $ — $ 14.1 — $ 14.1 Foreign time deposits 11.8 — — 11.8 Domestic time deposits — $ 20.0 — 20.0 U.S. government sponsored agencies — 1.1 — 1.1 Money market funds 5.9 — — 5.9 Total cash equivalents 17.7 35.2 — 52.9 Restricted investment: 4.6 — — 4.6 Available-for-sale investments (b): Corporate debt securities — 179.4 — 179.4 U.S. government sponsored agencies — 82.5 — 82.5 Foreign government obligations — 4.4 — 4.4 Brokered certificates of deposit — 3.6 — 3.6 Municipal obligations — 15.4 — 15.4 Marketable equity securities 767.8 — — 767.8 Asset-backed securities — 62.5 — 62.5 Total available-for-sale investments 767.8 347.8 — 1,115.6 Forward foreign exchange contracts (c) — 0.6 — 0.6 Total financial assets carried at fair value $ 790.1 $ 383.6 — $ 1,173.7 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (d) $ — $ 1.3 — $ 1.3 Contingent consideration (e) — — 38.5 38.5 Total financial liabilities carried at fair value $ — $ 1.3 $ 38.5 $ 39.8 (a) Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets. (b) Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2016 Short-term investments $ 371.2 $ 383.2 Other investments 930.2 732.4 Total $ 1,301.4 $ 1,115.6 (c) Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets. (d) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets. (e) Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2017 December 31, 2016 Other current liabilities $ 2.7 $ 14.5 Other long-term liabilities 14.0 24.0 Total $ 16.7 $ 38.5 In 2012, we recognized a contingent consideration liability for certain milestones of $44.6 million upon our acquisition of a new cell sorting system from Propel. Since 2012, we have paid $32.0 million upon reaching the milestones and have reduced the valuation of the milestones by $12.6 million . The remaining liability of $3.1 million was paid in February 2017 . During the first quarter of 2016, we recognized a contingent consideration liability upon our acquisition of a high performance analytical flow cytometer platform from Propel. At the acquisition date, the amount of contingent consideration was determined based on a probability-weighted income approach related to the achievement of sales milestones, ranging from 39% to 20% for the calendar years 2017 through 2020 . The sales milestones could potentially range from $0 to an unlimited amount. The current contingent consideration is built on a sales forecast of $78 million through December 31, 2020 . In the third quarter of 2017, we paid $0.6 million upon reaching the first milestone and since 2016 we have decreased the valuation of the sales milestones by $6.0 million . The contingent consideration was accrued at its estimated fair value of $16.7 million as of December 31, 2017 . The following table provides a reconciliation of the Level 3 cell sorting system and analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value based on original valuations and updated quarterly for the year ended December 31, 2017 (in millions): 2017 January 1 $ 28.5 Cell sorting system: Payment of sales milestone (3.1 ) Analytical flow cytometer platform: Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense (8.1 ) Payment of sales milestone $ (0.6 ) December 31 $ 16.7 The following table provides quantitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of December 31, 2017 . Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement. Valuation Technique Unobservable Input Percentage Analytical flow cytometer platform Probability-weighted income approach Sales milestones: Discount rate 10.8 % Cost of debt 4.2 % In 2014, we recognized a contingent consideration liability upon our acquisition of GnuBIO, Inc. The contingent consideration for the 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. This amount had been accounted for as a contingent liability as of December 31, 2016 in the amount of $10.0 million and was reversed to selling, general and administrative expense during the first quarter of 2017 due to reaching a favorable resolution of the contingency with the previous owners of GnuBIO, Inc. To estimate the fair value of Level 2 debt securities as of December 31, 2017 and 2016 , our primary pricing provider uses Securities Evaluations 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 Securities Evaluations as the primary pricing source and then our custodian as the secondary pricing source. If Securities Evaluations 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 December 31, 2017 and 2016 , 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 the event that an additional lot of the same commercial paper issue has been purchased within the same account, then the price of all holdings of that issue in that account will be the price of the most recent lot purchased. Our primary pricing provider performs daily reasonableness testing of the Securities Evaluations prices. Price changes of 5% or greater are investigated and resolved. In addition, we perform a quarterly testing of the Securities Evaluations 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): December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 185.9 $ 0.3 $ (0.5 ) $ 185.7 Brokered certificates of deposit 0.7 — — 0.7 Municipal obligations 15.1 — (0.1 ) 15.0 Asset-backed securities 55.6 — (0.2 ) 55.4 U.S. government sponsored agencies 68.3 — (0.7 ) 67.6 Foreign government obligations 3.4 — — 3.4 Marketable equity securities 34.4 9.0 — 43.4 363.4 9.3 (1.5 ) 371.2 Long-term investments: Marketable equity securities 54.5 875.5 — 930.0 Asset-backed securities 0.2 — — 0.2 54.7 875.5 — 930.2 Total $ 418.1 $ 884.8 $ (1.5 ) $ 1,301.4 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 179.7 $ 0.2 $ (0.5 ) $ 179.4 Brokered certificates of deposit 3.6 — — $ 3.6 Municipal obligations 15.5 — (0.1 ) 15.4 Asset-backed securities 62.2 0.1 (0.1 ) 62.2 U.S. government sponsored agencies 83.1 0.1 (0.7 ) 82.5 Foreign government obligations 4.4 — — 4.4 Marketable equity securities 32.4 3.7 (0.4 ) 35.7 380.9 4.1 (1.8 ) 383.2 Long-term investments: Marketable equity securities 54.5 677.6 — 732.1 Asset-backed securities 0.3 — — 0.3 54.8 677.6 — 732.4 Total $ 435.7 $ 681.7 $ (1.8 ) $ 1,115.6 The unrealized gains of our long-term marketable equity securities are primarily due to our investment in Sartorius AG preferred shares. The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): December 31, December 31, 2016 Fair value of investments in a loss position 12 months or more $ 43.9 $ 11.8 Fair value of investments in a loss position less than 12 months $ 168.7 $ 160.5 Gross unrealized losses for investments in a loss position 12 months or more $ 0.7 $ 0.3 Gross unrealized losses for investments in a loss position less than 12 months $ 0.8 $ 1.5 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 December 31, 2017 or at December 31, 2016 . 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 December 31, 2017 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 Consolidated Statements of Income. The following is a summary of our forward foreign currency exchange contracts (in millions): December 31, 2017 Contracts maturing in January through March 2018 to sell foreign currency: Notional value $ 52.0 Unrealized loss $ 0.1 Contracts maturing in January through March 2018 to purchase foreign currency: Notional value $ 413.2 Unrealized loss $ 1.0 The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2017 by contractual maturity date (in millions): Amortized Cost Estimated Fair Value Mature in less than one year $ 126.3 $ 126.1 Mature in one to five years 157.9 157.2 Mature in more than five years 45.0 44.7 Total $ 329.2 $ 328.0 The estimated fair value of financial instruments that are not recognized at fair value in the 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 has 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): December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Fair Value Hierarchy Level Carrying Amount Estimated Fair Value Fair Value Hierarchy Level Other investments $ 91.8 $ 1,249.4 2 $ 92.8 $ 984.2 2 Total long-term debt, excluding leases and current maturities $ 423.1 $ 449.8 2 $ 422.5 $ 454.2 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 December 31, 2017 |
4. Intangible Assets, Goodwill
4. Intangible Assets, Goodwill and Other | 12 Months Ended |
Dec. 31, 2017 | |
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): 2017 2016 Life Clinical Total Life Clinical Total Balances as of January 1: Goodwill $ 207.1 $ 311.7 $ 518.8 $ 207.2 $ 316.9 $ 524.1 Accumulated impairment losses and write-offs (27.2 ) (14.5 ) (41.7 ) (27.2 ) (1.0 ) (28.2 ) Goodwill, net 179.9 297.2 477.1 180.0 315.9 495.9 Acquisitions 26.2 — 26.2 0.1 — 0.1 Impairment (8.7 ) (2.8 ) (11.5 ) — (13.5 ) (13.5 ) Currency fluctuations 1.4 12.9 14.3 (0.2 ) (5.2 ) (5.4 ) Balances as of December 31: Goodwill 234.7 324.6 559.3 207.1 311.7 518.8 Accumulated impairment losses and write-offs (35.9 ) (17.3 ) (53.2 ) (27.2 ) (14.5 ) (41.7 ) Goodwill, net $ 198.8 $ 307.3 $ 506.1 $ 179.9 $ 297.2 $ 477.1 In conjunction with the purchase of all the issued and outstanding stock of RainDance Technologies, Inc. in February 2017 (see Note 2, "Acquisitions"), we recorded $26.2 million of goodwill and $37.6 million of definite-lived intangible assets: $36.4 million of licenses, $1.0 million of developed product technology and $0.2 million of tradenames. In conjunction with the purchase of certain assets from Propel in January 2016 (see Note 2, "Acquisitions"), we recorded $0.1 million of goodwill and $32.7 million of definite-lived intangible assets: $29.7 million of developed product technology and $3.0 million of covenants not to compete. In 2017, we impaired goodwill associated with our 1999 acquisition of Pasteur Sanofi Diagnostics S.A. and with our 2013 acquisition of AbD Serotec in the amounts of $2.8 million and $8.7 million , respectively. Impairment for the Pasteur Sanofi Diagnostics S.A. was included in our Clinical Diagnostics segment's results of operations, and the impairment for AbD Serotec was included in our Life Science segment's results of operations. In 2016, we fully impaired goodwill and in-process research and development in the amounts of $13.5 million and $46.4 million , respectively, associated with our 2014 acquisition of GnuBIO, Inc., which is included in our Clinical Diagnostics segment's results of operations. The impairments were based upon a revision of our Level 3 valuation inputs, i.e., expected future cash flows. Other than goodwill, we have no intangible assets with indefinite lives. Information regarding our identifiable purchased intangible assets with definite lives is as follows (in millions): December 31, 2017 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-7 $ 92.3 $ (64.4 ) $ 27.9 Know how 1-8 194.9 (157.9 ) 37.0 Developed product technology 1-12 133.3 (70.3 ) 63.0 Licenses 1-12 76.7 (36.0 ) 40.7 Tradenames 1-6 3.9 (3.0 ) 0.9 Covenants not to compete 1-8 7.9 (3.3 ) 4.6 Total definite-lived intangible assets $ 509.0 $ (334.9 ) $ 174.1 December 31, 2016 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-8 $ 84.4 $ (52.8 ) $ 31.6 Know how 1-9 182.6 (136.9 ) 45.7 Developed product technology 3-12 125.9 (56.3 ) 69.6 Licenses 1-9 39.0 (30.6 ) 8.4 Tradenames 4-8 3.5 (2.5 ) 1.0 Covenants not to compete 2-9 7.8 (2.5 ) 5.3 Total definite-lived intangible assets $ 443.2 $ (281.6 ) $ 161.6 Amortization expense related to purchased intangible assets for the years ended December 31, 2017 , 2016 and 2015 was $30.8 million , $35.2 million and $36.5 million , respectively. Estimated future amortization expense (based on existing purchased intangible assets) for the years ending December 31, 2018 , 2019 , 2020 , 2021 , 2022 and thereafter is $28.4 million , $25.0 million , $22.9 million , $22.1 million , $18.0 million , and $57.7 million |
5. Notes Payable and Long-Term
5. Notes Payable and Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-term Debt | 5. NOTES PAYABLE AND LONG-TERM DEBT Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $208.4 million available for borrowing and usage as of December 31, 2017 , which was reduced by $4.2 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations. The principal components of long-term debt are as follows (in millions): December 31, December 31, 2016 4.875% Senior Notes due 2020, net of discount $ 425.0 $ 425.0 Less unamortized discount and debt issuance costs (1.9 ) (2.5 ) Long-term debt less unamortized discount and debt issuance costs 423.1 422.5 Capital leases and other debt 11.9 12.0 435.0 434.5 Less current maturities (0.4 ) (0.3 ) Long-term debt $ 434.6 $ 434.2 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. We were in compliance with these covenants as of December 31, 2017 . 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. 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 December 31, 2017 or 2016 , however, $0.5 million and $0.8 million were utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2017 and 2016 , respectively. The Credit Agreement matures in June 2019 . If we had borrowed against our Credit Agreement, the borrowing rate would have been 2.94% at December 31, 2017 . 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 December 31, 2017 . Maturities of long-term debt at December 31, 2017 are as follows: 2018 - $0.4 million ; 2019 - $0.3 million ; 2020 - $425.3 million ; 2021 - $0.3 million ; 2022 - $0.3 million ; thereafter - $10.3 million . |
6. Income Taxes
6. Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 6. INCOME TAXES On December 22, 2017, comprehensive tax legislation (the “Tax Act”) was enacted into law. The Tax Act made broad and complex changes to the U.S. tax code that affect our 2017 financial statements, including, but not limited to, (1) a one-time mandatory deemed repatriation tax on certain unrepatriated foreign earnings (“Transition Tax”) that is payable over eight years; (2) bonus depreciation that allows for full expensing of qualified property; and (3) a reduction in the U.S. federal corporate tax rate from 35% to 21% effective in 2018, which requires us to remeasure our deferred tax assets and liabilities as of December 31, 2017. The Tax Act also includes provisions that may affect our 2018 financial statements, including, but not limited to, (1) the elimination of the corporate alternative minimum tax; (2) the creation of the base erosion anti-abuse tax, a new minimum tax; (3) a change from a worldwide tax system to a modified territorial system; (4) a new provision designed to tax global intangible low-taxed income, which allows for the possibility of using foreign tax credits and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (5) a new limitation on deductible interest expense; (6) the repeal of the domestic production activity deduction; (7) limitations on the deductibility of certain executive compensation; (8) limitations on the use of foreign tax credits to reduce the U.S. income tax liability; and (9) limitations on net operating losses generated after December 31, 2017 to 80 percent of taxable income. We are currently reviewing and evaluating the Tax Act and its impacts to our financial statements. Subsequent to the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification ("ASC") 740, "Income Taxes." In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but a reasonable estimate can be determined, the company must record a provisional estimate in the financial statements. For the year ended December 31, 2017, we recorded those amounts for which the accounting was complete or for which we were able to make reasonable estimates. The provisional estimates of the Transition Tax and remeasurement of our deferred tax assets and liabilities will be adjusted as additional information and guidance become available. The U.S. and international components of income before taxes are as follows (in millions): Year Ended December 31, 2017 2016 2015 U.S. $ 72.8 $ (38.5 ) $ 48.4 International 25.0 80.1 97.4 Income before taxes $ 97.8 $ 41.6 $ 145.8 The provision for income taxes consists of the following (in millions): Year Ended December 31, 2017 2016 2015 Current tax expense: U.S. Federal $ 6.7 $ 16.1 $ 8.7 State 3.4 3.1 1.7 International 32.0 30.4 34.1 Current tax expense 42.1 49.6 44.5 Deferred tax (benefit) expense: U.S. Federal (69.8 ) (42.4 ) 2.0 State 4.3 (2.8 ) 1.4 International (19.3 ) (6.0 ) (7.1 ) Deferred tax benefit (84.8 ) (51.2 ) (3.7 ) Non-current tax expense (benefit) 18.3 17.2 (4.2 ) (Benefit from) provision for income taxes $ (24.4 ) $ 15.6 $ 36.6 Prior year amounts have been revised (see Note 1 to the consolidated financial statements). The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows: Year Ended December 31, 2017 2016 2015 U. S. statutory tax rate 35 % 35 % 35 % Impact of foreign operations 7 (15 ) (4 ) Foreign dividends, net — (40 ) (4 ) Research tax credits (4 ) (9 ) (2 ) Nontaxable subsidies (2 ) (4 ) (1 ) Tax settlements and changes to unrecognized tax benefits — 47 (3 ) Goodwill impairment — 11 — Domestic manufacturing deduction — (4 ) (2 ) Stock-based compensation (5 ) 3 1 Nondeductible executive compensation 2 3 1 Fines and penalties — 2 — Prior period adjustments — 4 3 U.S. taxation of foreign income 3 2 — Acquisition-related 10 — — U.S. tax reform (71 ) — — State taxes 3 1 1 Other (3 ) 1 — (Benefit from) provision for income taxes (25 )% 37 % 25 % Prior year amounts have been revised (see Note 1 to the consolidated financial statements). Our effective income tax rate was (25)% , 37% and 25% in 2017 , 2016 and 2015 , respectively. The lower effective tax rate in 2017 is primarily due to an estimated provisional tax benefit from the Tax Act of approximately $70 million . The effective tax rates for 2016 and 2015 included tax benefits from the repatriation of foreign earnings. The effective tax rate for 2016 included additional tax liabilities for unrecognized tax benefits related to the non-deductibility of interest expense in our foreign jurisdictions. In accordance with SAB 118, our accounting for the following elements of the Tax Act is incomplete. However, we were able to make reasonable estimates of certain effects and, therefore, recorded provisional estimates as follows: – Our deferred tax assets and liabilities are measured at the enacted tax rate that will apply when these temporary differences are expected to be realized or settled. In connection with the Tax Act, we have provisionally recorded a deferred income tax benefit of $125 million for the statutory corporate tax rate reduction as our U.S. federal deferred tax liabilities exceed our deferred tax assets. This deferred tax benefit is primarily related to the remeasurement of the deferred tax liability for our investment in the preferred shares of Sartorius AG. – The Tax Act imposes a Transition Tax payable over eight years. The Transition Tax is assessed on the U.S. shareholders’ share of certain foreign corporations’ accumulated untaxed foreign earnings. Earnings in the form of cash and cash equivalents are taxed at a rate of 15.5% and all other earnings are taxed at a rate of 8.0%. We recorded a provisional income tax expense of $55 million for Transition Tax. As additional information and guidance become available, the determination of the Transition Tax will be completed within the measurement period in accordance with SAB 118. Our accounting for certain other elements of the Tax Act is incomplete, and we are not yet able to make reasonable estimates of those effects. For example, we have not made a determination as to our accounting policy with respect to the new Global Intangible Low Tax Income ("GILTI"). Therefore, no provisional adjustments were recorded. Many jurisdictions in which we operate have statutory tax rates that are significantly lower than the U.S. statutory tax rate of 35%. Our effective tax rate is impacted, either favorably or unfavorably, by many factors including, but not limited to the jurisdictional mix of income before tax, changes to statutory tax rates, changes in tax laws or regulations, tax audits and settlements, and generation of tax credits. Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions): December 31, 2017 2016 Deferred tax assets: Bad debt, inventory and warranty accruals $ 28.6 $ 25.8 Other post-employment benefits, vacation and other reserves 24.0 26.3 Tax credit and net operating loss carryforwards 73.3 96.4 Other 19.7 35.7 Total gross deferred tax assets 145.6 184.2 Valuation allowance (66.4 ) (66.4 ) Total deferred tax assets 79.2 117.8 Deferred tax liabilities: Property and equipment 33.5 22.2 Investments and intangible assets 219.1 287.8 Total deferred tax liabilities 252.6 310.0 Net deferred tax liabilities $ (173.4 ) $ (192.2 ) Prior year amounts have been revised (see Note 1 to the consolidated financial statements). At December 31, 2017 , Bio-Rad’s international subsidiaries had combined net operating loss carryforwards of $207.2 million . Of these loss carryforwards, $150.6 million have no expiration date. We believe that it is more likely than not that the benefit from approximately half of these net operating loss carryforwards will not be realized. We have provided a valuation allowance of $27.8 million relating to these net operating loss carryforwards. At December 31, 2017 , Bio-Rad had approximately $53 million of California net operating loss carryforwards related to the acquisition of QuantaLife. We believe that it is more likely than not that the benefit from these net operating loss carryforwards will not be realized and have recorded a full valuation allowance against these losses. At December 31, 2017 , Bio-Rad had a deferred tax asset of $29.6 million relating to California research tax credit carryforwards, including $2.0 million from the acquisition of QuantaLife, which may be carried forward indefinitely. Based on our judgment and consistent with prior years, we have recorded a full valuation allowance against the deferred tax asset. Although we believe that it is more likely than not that certain of these deferred tax assets described above will not be realized in the foreseeable future, if or when recognized, the tax benefits relating to any reversal of the valuation allowance will be recognized as a reduction of income tax expense. Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2014 and forward for the U.S. and the years 2012 and forward for certain foreign jurisdictions including France, Germany, India and Switzerland. 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 an d allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis. We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): 2017 2016 2015 Unrecognized tax benefits – January 1 $ 21.1 $ 11.9 $ 15.8 Additions to tax positions related to prior years 1.3 10.4 0.7 Reductions to tax positions related to prior years (1.0 ) — (0.2 ) Additions to tax positions related to the current year 34.8 3.4 2.9 Settlements (0.2 ) (2.4 ) (0.5 ) Lapse of statute of limitations (3.4 ) (2.3 ) (6.3 ) Currency translation 2.3 0.1 (0.5 ) Unrecognized tax benefits – December 31 $ 54.9 $ 21.1 $ 11.9 Prior year amounts have been revised (see Note 1 to the consolidated financial statements). Bio-Rad recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted above, the cumulative amount of accrued interest and penalties as of December 31, 2017, 2016 and 2015, respectively was $10.9 million , $11.8 million and $3.1 million . Bio-Rad accrued interest and penalties of $(0.9) million , $8.7 million , and $(0.7) million in 2017 , 2016 , and 2015 , respectively. The total unrecognized tax benefits and interest and penalties of $65.8 million in 2017 was partially offset by deferred tax assets of $2.8 million and prepaid taxes of $14.5 million , for a net amount of $48.5 million . As of December 31, 2017 , based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by approximately $2.3 million . Substantially all such amounts will impact our effective income tax rate if recognized. |
7. Stockholders' Equity
7. Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7. STOCKHOLDERS' EQUITY Bio-Rad’s issued and outstanding stock consists of Class A Common Stock (Class A) and Class B Common Stock (Class B). Each share of Class A and Class B participates equally in the earnings of Bio-Rad, and is identical in all respects except as follows. Class A has limited voting rights. Each share of Class A is entitled to one tenth of a vote on most matters, and each share of Class B is entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the Board of Directors and Class B stockholders are entitled to elect 75% of the directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares but no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise significant influence over Bio-Rad. Changes to Bio-Rad's issued common stock shares are as follows (in thousands): Class A Shares Class B Shares Balance at January 1, 2015 23,972 5,099 B to A conversions 18 (18 ) Issuance of common stock 240 50 Balance at December 31, 2015 24,230 5,131 B to A conversions 13 (13 ) Issuance of common stock 211 6 Balance at December 31, 2016 24,454 5,124 B to A conversions 34 (34 ) Issuance of common stock 191 18 Balance at December 31, 2017 24,679 5,108 Treasury Shares On November 28, 2017, we announced that the Board of Directors authorized a new share repurchase program, granting Bio-Rad authority to repurchase, on a discretionary basis, up to $250.0 million of outstanding shares of our common stock. This new authorization superseded the prior authorization of up to $18.0 million of Bio-Rad's common stock. During the second and third quarters of 2017, we made open market purchases of 13,200 shares of our Class A common stock. In September 2017, we used 12,740 of the repurchased shares in connection with the vesting of restricted stock units under the 2007 Incentive Award Plan in order to obtain a tax deduction in some of our foreign entities. The Credit Agreement may limit our ability to repurchase our stock. In accordance with the terms of awards under the 2007 Incentive Award Plan, in June 2012, we withheld 122 shares of our Class A common stock and 917 shares of our Class B common stock to satisfy tax obligations due upon the vesting of restricted stock of certain of our employees, which is considered a repurchase of our stock. We had no other repurchases of our stock during 2017 or 2016 |
8. Accumulated Other Comprehens
8. Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
accumulated other comprehensive income [Text Block] | 8. ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income included in our Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders' Equity 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, 2016 $ 33.7 $ (20.7 ) $ 369.1 $ 382.1 Other comprehensive (loss) income, before reclassifications (32.4 ) 0.5 105.1 73.2 Amounts reclassified from Accumulated other comprehensive income — 2.5 (0.8 ) 1.7 Income tax effects — (0.9 ) (38.4 ) (39.3 ) Other comprehensive (loss) income, net of income taxes (32.4 ) 2.1 65.9 35.6 Balances as of December 31, 2016 $ 1.3 $ (18.6 ) $ 435.0 $ 417.7 Other comprehensive income (loss), before reclassifications 76.1 (6.5 ) 203.6 273.2 Amounts reclassified from Accumulated other comprehensive income — 2.1 (0.1 ) 2.0 Income tax effects — 0.7 (74.9 ) (74.2 ) Effect of adoption of ASU 2018-02** — — 120.1 120.1 Other comprehensive income (loss), net of income taxes 76.1 (3.7 ) 248.7 321.1 Balances as of December 31, 2017 $ 77.4 $ (22.3 ) $ 683.7 $ 738.8 * *See Note 1, "Significant Accounting Policies" under "Recent Accounting Standards Update" The increases in 2017 and 2016 for net unrealized holding gains on available-for-sale investments were primarily from our ownership in the preferred shares of Sartorius. The amounts reclassified out of Accumulated other comprehensive income into the Consolidated Statements of Income, with presentation location, were as follows: Income before taxes impact (in millions): December 31, Components of Comprehensive income 2017 2016 Location Amortization of foreign other post-employment benefit items $ (2.1 ) $ (2.5 ) Selling, general and administrative expense Net holding gains on available for sale investments $ 0.1 $ 0.8 Other (income) expense, net |
9. Share-based Compensation
9. Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | 9. SHARE-BASED COMPENSATION/EQUITY AWARD AND PURCHASE PLANS Description of Share-Based Compensation Plans We believe our share-based compensation plans align the interests of our employees with those of our shareholders. Equity Award Plans We have three equity award plans for officers and certain other employees: the 2003 Stock Option Plan (2003 Plan), the 2007 Incentive Award Plan (2007 Plan) and the 2017 Incentive Award Plan (2017 Plan). The 2003 Plan authorized the grant of incentive stock options and non-qualified stock options to employees. The 2007 Plan authorized the grant of stock options, restricted stock, restricted stock units, stock appreciation rights and other types of equity awards to employees. We no longer grant equity under the 2003 Plan or 2007 Plan. From 2007 through 2016, all share-based compensation grants were from the 2007 Plan. In April 2017, our stockholders approved the 2017 Plan. The 2017 Plan authorizes the grant to employees of stock options, stock appreciation rights, restricted stock, restricted stock units, and other types of equity awards. A total of 1,999,714 shares have been reserved for issuance of equity awards under the 2017 Plan and may be of either Class A or Class B common stock. At December 31, 2017, there were 1,771,794 shares available to be granted. Under the above plans, Class A and Class B options are granted at prices not less than fair market value of the underlying common stock on the date of grant. Generally, options granted have a term of 10 years and vest in increments of 20% per year over a five -year period on the yearly anniversary date of the grant. Stock awards issued under the 2007 Plan and 2017 Plan generally vest in increments of 20% per year over a five -year period on the yearly anniversary date of the grant. Employee Stock Purchase Plans Our 2011 Employee Stock Purchase Plan (2011 ESPP) provides that eligible employees may contribute up to 10% of their compensation up to $25,000 annually toward the quarterly purchase of our Class A common stock. The employees’ purchase price is 85% of the lesser of the fair market value of the stock on the first business day or the last business day of each calendar quarter. The 2011 ESPP includes two components: a Code Section 423 Component that we intend to qualify as an “employee stock purchase plan” under Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and a Non-423 Component, which authorizes the grant of purchase rights that does not qualify as an “employee stock purchase plan” under Section 423 of the Code. We have authorized the sale of 1,300,000 shares of Class A common stock under the 2011 ESPP. Share-Based Compensation Included in our share-based compensation expense is the cost related to stock option grants, ESPP stock purchases and restricted stock unit awards. Share-based compensation expense is allocated to Cost of goods sold, Research and development expense, and Selling, general and administrative expense in the Consolidated Statements of Income. For 2017 , 2016 and 2015 , we recognized share-based compensation expense of $23.4 million , $19.7 million and $17.0 million , respectively. The income tax benefit related to share-based compensation expense was $5.8 million , $5.1 million and $4.3 million for 2017 , 2016 and 2015, respectively. We did not capitalize any share-based compensation expense in inventory. The tax benefit from share-based compensation vested or exercised during 2017 , 2016 and 2015 was $6.3 million , $1.5 million , and $3.6 million , respectively. The actual tax benefit realized for the tax deductions from share-based compensation vested or exercised, including excess tax benefits that were recognized in stockholders’ equity, totaled $6.0 million and $9.3 million in 2016 and 2015, respectively. For options and awards, we amortize the fair value on a straight-line basis. All stock compensation awards are amortized over the requisite service periods of the awards, which are generally the vesting periods. Stock Options The following table summarizes stock option activity: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding, December 31, 2016 449,570 $ 106.52 Granted 44,000 $ 215.98 Exercised (78,890 ) $ 89.41 Forfeited/expired (7,200 ) $ 177.99 Outstanding, December 31, 2017 407,480 $ 120.39 5.09 $ 48.2 Unvested, December 31, 2017 125,720 $ 164.84 8.29 $ 9.3 Exercisable, December 31, 2017 281,760 $ 100.56 3.66 $ 38.9 Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value on the date of exercise of stock options exercised during 2017 , 2016 and 2015 was approximately $10 million , $1 million and $13 million , respectively. The total fair value of options vested during 2017 , 2016 and 2015 was $4.2 million , $2.1 million and $1.6 million , respectively. Cash received from stock options exercised during 2017 , 2016 and 2015 was $1.6 million , $1.2 million and $2.9 million , respectively. As of December 31, 2017 , there was $5.5 million of total unrecognized compensation cost from stock options. This amount is expected to be recognized in the future over a weighted-average period of approximately 3 years. The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Expected volatility 20 % 21 % 23 % Risk-free interest rate 1.87 % 1.35 % 1.90 % Expected life (in years) 7.2 7.4 7.7 Expected dividend — — — Weighted-average fair value of options granted $ 58.65 $ 42.40 $ 42.74 Volatility is based on the historical volatilities of our common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the number of years that we estimate, based primarily on historical experience, that the options will be outstanding prior to exercise. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. Restricted Stock Units Restricted stock units, which are rights to receive shares of company stock, were granted from 2009 through 2016 under the 2007 Plan and in 2017 under the 2017 Plan. The fair value of a restricted stock unit is the market value as determined by the closing price of the stock on the day of grant. The following table summarizes restricted stock unit activity: Restricted Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding, December 31, 2016 448,822 $ 141.09 Granted 192,860 $ 215.98 Vested (127,189 ) $ 133.54 Forfeited (41,263 ) $ 151.36 Outstanding, December 31, 2017 473,230 $ 172.75 2.14 $ 112.9 The total fair value of restricted stock units vested in 2017 , 2016 and 2015 was $27.7 million , $18.7 million and $15.8 million , respectively. As of December 31, 2017 , there was approximately $74.7 million of total unrecognized compensation cost related to restricted stock units. This amount is expected to be recognized over a remaining weighted-average period of approximately 4 years. Employee Stock Purchase Plans The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Expected volatility 19 % 20 % 18 % Risk-free interest rate 0.83 % 0.26 % 0.02 % Expected life (in years) 0.24 0.25 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 38.86 $ 27.36 $ 25.08 The major assumptions are primarily based on historical data. Volatility is based on the historical volatilities of our common stock for a period equal to the expected life of the purchase rights. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. We sold 74,409 shares for $13.0 million , 93,605 shares for $11.5 million and 96,634 shares for $10.8 million under the 2011 ESPP to employees in 2017 , 2016 and 2015 , respectively. At December 31, 2017 , 721,712 shares remain authorized and available for issuance under the 2011 ESPP. |
10. Other Income and Expenses
10. Other Income and Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | 10. OTHER INCOME AND EXPENSE, NET Other (income) expense, net includes the following components (in millions): Year Ended December 31, 2017 2016 2015 Interest and investment income $ (19.1 ) $ (14.7 ) $ (10.1 ) Net realized gains on investments (0.1 ) (0.8 ) (1.6 ) Other-than-temporary impairment losses on investments 7.0 0.6 0.6 Other (income) expense, net $ (12.2 ) $ (14.9 ) $ (11.1 ) Other-than-temporary impairment losses on investments were recorded in 2017 , 2016 and 2015 |
11. Supplemental Cash Flow Inf
11. Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 11. SUPPLEMENTAL CASH FLOW INFORMATION The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Year Ended December 31, 2017 2016 2015 Net income $ 122.2 $ 26.0 $ 109.2 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 148.7 142.9 131.8 Share-based compensation 23.4 19.7 17.0 Gains on dispositions of securities (0.1 ) (0.8 ) (1.6 ) Other-than-temporary impairment losses on investments 7.0 0.6 0.6 Losses on dispositions of fixed assets 8.1 0.6 0.3 Excess tax benefits from share-based compensation — (1.5 ) (3.6 ) Changes in fair value of contingent consideration (18.1 ) (0.4 ) (5.6 ) (Increase) decrease in accounts receivable, net (64.1 ) 12.5 (39.0 ) Increase in inventories, net (47.7 ) (57.1 ) (54.2 ) (Increase) decrease in other current assets (36.1 ) (6.6 ) 0.1 Increase in accounts payable and other current liabilities 7.8 30.1 28.6 (Decrease) increase in income taxes payable (22.4 ) 10.7 12.7 Decrease in deferred income taxes (82.0 ) (51.4 ) (4.0 ) Decrease in other long term assets 2.4 12.7 0.3 Increase (decrease) in other long term liabilities 38.1 10.4 (10.7 ) Impairment losses on goodwill and long-lived assets 11.5 62.3 — Other 5.2 5.7 4.3 Net cash provided by operating activities $ 103.9 $ 216.4 $ 186.2 Non-cash investing activities: Purchased property, plant and equipment — 7.2 — Purchased marketable securities and investments $ 2.8 $ 0.6 $ 2.2 |
12. Commitments & Contingent Li
12. Commitments & Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENT LIABILITIES Rents and Leases Rental expense under operating leases was $43.6 million , $44.4 million and $45.0 million in 2017 , 2016 and 2015 , respectively. Leases are principally for facilities and automobiles. We had no sublease income. Annual future minimum lease payments at December 31, 2017 under operating leases are as follows: 2018 - $39.3 million ; 2019 - $33.2 million ; 2020 - $27.1 million ; 2021 - $17.8 million ; and 2022 and beyond - $27.5 million . Deferred Profit Sharing Retirement Plan We have a profit sharing plan covering substantially all U.S. employees. Contributions are made at the discretion of the Board of Directors. Bio-Rad has no liability other than for the current year’s contribution. Contribution expense was $16.0 million , $15.1 million and $14.7 million in 2017 , 2016 and 2015 , respectively. Other Post-Employment Benefits In several foreign locations we are statutorily required to provide retirement benefits or a lump sum termination indemnity to our employees upon termination for virtually any reason. These plans are accounted for as defined benefit plans and the associated net benefit obligation at December 31, 2017 and 2016 of $74.9 million and $63.9 million , respectively, has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Most plans are not required to be funded, and as such, there is no trust or other device used to accumulate assets or settle these obligations. However, some of these plans require funding based on local laws in which there is a trust or other device administered by an external plan manager that is used to accumulate assets to assist in settling these obligations. The following disclosures include such plans, which are located in France, Switzerland, Germany, Korea, India, Thailand, Italy, Dubai and Japan. Obligations and Funded Status The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions): Change in benefit obligation: 2017 2016 Benefit obligation at beginning of year $122.7 $120.8 Service cost 6.5 6.1 Interest cost 1.1 1.4 Plan participants' contributions 2.8 2.6 Actuarial (gain) loss 3.3 — Gross benefits paid (3.2 ) (3.3 ) Plan amendments 1.1 — Special termination benefits (2.0 ) — Settlements (5.1 ) (2.5 ) Change attributable to foreign exchange 9.4 (2.4 ) Benefit obligation at end of year 136.6 122.7 Change in plan assets: Fair value of plan assets at beginning year 58.8 56.7 Actual return on plan assets 0.5 1.3 Employer contributions 4.0 4.7 Plan participants' contributions 2.8 2.6 Gross benefits paid (2.3 ) (2.9 ) Settlements (5.1 ) (2.5 ) Change attributable to foreign exchange 3.0 (1.1 ) Fair value of plan assets at end of year 61.7 58.8 Under funded status of plans $(74.9) $(63.9) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.1) $(0.5) Noncurrent liabilities (Other long-term liabilities) (73.8 ) (63.4 ) Net liability, end of fiscal year $(74.9) $(63.9) Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions): 2017 2016 2015 Service costs $6.5 $6.1 $5.3 Interest costs 1.1 1.4 1.4 Expected returns on plan assets (1.1 ) (1.0 ) (1.2 ) Amortization of actuarial losses 1.4 1.7 0.8 Amortization of prior service costs — — 0.4 Settlements 1.2 0.4 — Net periodic benefit costs $9.1 $8.6 $6.7 Assumptions The weighted-average assumptions used in computing the benefit obligations are as follows: 2017 2016 Discount rate 0.8 % 0.9 % Compensation rate increase 1.8 % 1.6 % The weighted-average assumptions used in computing the net periodic benefit costs are as follows: 2017 2016 2015 Discount rate 0.9 % 1.1 % 1.3 % Expected long-term rate of return on plan assets 1.9 % 1.6 % 2.3 % In some foreign locations we have service award plans that are paid based upon the number of years of employment. Under these plans, the liability at December 31, 2017 and 2016 was $3.7 million and $3.5 million , respectively, and has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Purchase Obligations As of December 31, 2017 , we had obligations that have been recognized on our balance sheet of $131.2 million , which include purchases of goods and services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. These obligations also include other post-employment benefits in some of our foreign locations as indicated above. The annual future fixed and determinable portion of our purchase obligations that have been recognized on our balance sheet as of December 31, 2017 are as follows: 2018 - $10.3 million , 2019 - $14.3 million , 2020 - $10.6 million , 2021 - $6.9 million , 2022 - $2.6 million and after 2022 - $86.5 million . As of December 31, 2017 , we had purchase obligations that have not been recognized on our balance sheet of $24.5 million , which include agreements to purchase goods or services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2017 are as follows: 2018 - $3.7 million , 2019 - $3.8 million , 2020 - $3.7 million , 2021 - $3.8 million , 2022 - $3.7 million and after 2022 - $5.8 million . Letters of Credit/Guarantees In the ordinary course of business, we are at times required to post letters of credit/guarantees. The letters of credit/guarantees are issued by financial institutions to guarantee our obligations to various parties. We were contingently liable for $4.2 million of standby letters of credit/guarantees with financial institutions as of December 31, 2017 . Contingent Consideration During the first quarter of 2016, we recognized a contingent consideration liability upon our acquisition of a high performance analytical flow cytometer platform from Propel. At the acquisition date, the amount of contingent consideration was determined based on a probability-weighted income approach related to the achievement of sales milestones, ranging from 39% to 20% for the calendar years 2017 through 2020 . The sales milestones could potentially range from $0 to an unlimited amount. The current contingent consideration is built on a sales forecast of $78 million through December 31, 2020 . In the third quarter of 2017, we paid $0.6 million upon reaching the first milestone and since 2016 we have decreased the valuation of the sales milestones by $6.0 million . The contingent consideration was accrued at its estimated fair value of $16.7 million as of December 31, 2017 . In 2014, we recognized a contingent consideration liability upon our acquisition of GnuBIO, Inc. The contingent consideration for the 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. This amount had been accounted for as a contingent liability as of December 31, 2016 in the amount of $10.0 million and was reversed to selling, general and administrative expense during the first quarter of 2017 due to reaching a favorable resolution of the contingency with the previous owners of GnuBIO, Inc. In 2012, we recognized a contingent consideration liability for certain milestones of $44.6 million upon our acquisition of a new cell sorting system from Propel. Since 2012, we have paid $32.0 million upon reaching the milestones and have reduced the valuation of the milestones by $12.6 million . The remaining liability of $3.1 million was paid in February 2017 . Concentrations of Labor Subject to Collective Bargaining Agreements At December 31, 2017 , approximately seven percent of Bio-Rad's approximately 3,270 |
13. Legal Proceedings
13. Legal Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Legal Proceedings [Abstract] | |
Legal Matters and Contingencies | 13. LEGAL PROCEEDINGS On January 23, 2015, the City of Riviera Beach General Employees’ Retirement System filed a shareholder derivative lawsuit in the Superior Court of California, Contra Costa County, against three of our then current directors and one former director. We were also named as a nominal defendant. In the complaint, the plaintiff alleged 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 Foreign Corrupt Practices Act ("FCPA"); that we failed to provide adequate training on the FCPA; and that based on these actions, the directors had been unjustly enriched. Purportedly seeking relief on our behalf, the plaintiff sought an award of restitution and unspecified damages, costs and expenses (including attorneys’ fees). On April 23, 2015, we and the individual defendants filed a demurrer requesting dismissal of the complaint in this case. The demurrer was heard on August 6, 2015, and the Court granted the demurrer for failure to make a demand on our Board of Directors on August 17, 2015, but provided leave to amend. On September 4, 2015, the plaintiff filed an amended complaint and simultaneously served a litigation demand letter on our Board of Directors ("Board") via its counsel in this action. The letter demanded that we investigate and bring appropriate legal action against certain individuals, including the defendants in the City of Riviera Beach case and six current and former employees. The plaintiff also moved for a temporary stay in the proceedings, purportedly to enable the Board to respond to the demand. The Board formed a Demand Review Committee to respond to the demand. On February 24, 2016, the Demand Review Committee reported to the Board that it had concluded its investigation and unanimously determined that it was not in the best interests of the Company and its stockholders to pursue litigation against any individuals named in the City of Riviera Beach’s litigation demand letter. On October 6, 2015, we and the individual defendants filed a second demurrer, seeking to dismiss the case for failure to make a timely pre-suit demand. The case was stayed pending mediation. The caption was City of Riviera Beach General Employees’ Retirement System v. Schwartz et al., Case No. C-15-00140. The lawsuit and demand letter are referred to collectively as the “California Action”. On August 13, 2015 and August 18, 2015, respectively, each of International Brotherhood of Electrical Workers Local 38 Pension Fund and Wayne County Employees’ Retirement System filed a stockholder derivative complaint in the Delaware Court of Chancery against four of our then current directors and one former director. We were named as a nominal defendant in the complaints. The complaints alleged that the defendants failed to cause us to develop internal controls sufficient to ensure our compliance with the FCPA. The plaintiffs asserted claims for breach of fiduciary duty and unjust enrichment and requested an award of the damages we sustained as a result of the alleged violations, among other relief. The two lawsuits were consolidated on August 27, 2015. The case was stayed pending mediation. The caption of the consolidated case is In re Bio-Rad Laboratories, Inc. Stockholder Litigation, Consol. C.A. No. 11387-VCN (Del. Ch.). The cases filed in the Delaware Court of Chancery, together with the California Action, are referred to collectively as the “Derivative Actions”. The parties filed a Stipulation dated November 4, 2016 with the Superior Court of California for Contra Costa County that set forth the terms of a proposed settlement of the Derivative Actions. The proposed settlement included the dismissal with prejudice of all claims asserted in the Derivative Actions, an agreed-upon set of revised corporate procedures, and no monetary payment other than an award of attorneys’ fees and costs to the plaintiffs’ counsel. We and the other defendants did not admit any liability or fault in connection with the proposed settlement. On December 22, 2016 the Superior Court of California for Contra Costa County issued an order granting preliminary approval of this proposed settlement. The Court held a hearing for final approval of the settlement on March 2, 2017, and the Court approved the settlement. On May 27, 2015, our former general counsel, Sanford S. Wadler, filed a lawsuit in the U.S. District Court, Northern District of California, against us and four of our then current directors and one former director. The plaintiff’s suit alleged whistleblower retaliation in violation of the Sarbanes-Oxley Act and the Dodd-Frank Act for raising FCPA-related concerns. Mr. Wadler also alleged wrongful termination in violation of public policy, non-payment of wages and waiting time penalties in violation of the California Labor Code. The plaintiff sought back pay, compensatory damages for lost wages, earnings, retirement benefits and other employee benefits, compensation for mental pain and anguish and emotional distress, waiting time penalties, punitive damages, litigation costs (including attorneys’ fees) and reinstatement of employment. On July 28, 2015 we filed a motion to dismiss the plaintiff's complaint and specifically requested dismissal of the claims alleged against us under the Dodd-Frank Act and California Labor Code 1102.5 and the claims against the directors under the Sarbanes-Oxley Act and the Dodd-Frank Act. On October 23, 2015, the District Court granted our motion with respect to the alleged violations of the Sarbanes-Oxley Act against all the director defendants except Norman Schwartz with prejudice. The Court denied our motion to dismiss the claims under the Dodd-Frank Act as against both us and the director defendants. The trial commenced on January 17, 2017 and concluded on February 6, 2017. Mr. Wadler was awarded $10.92 million , plus prejudgment interest of $141,608 , post-judgment interest, and Mr. Wadler’s litigation costs, expert witness fees, and reasonable attorneys’ fees as approved by the Court. We have provided for the judgment, interest and Mr. Wadler's litigation costs. On June 6, 2017 we filed a notice of appeal with the United States Court of Appeals for the Ninth Circuit. Bio-Rad received three notices of violations from the Bay Area Air Quality Management District (“District”). The District alleged that we operated three (3) power generation units without appropriate monitoring and recordkeeping and exceeded permissible levels of emissions during those operations. In January 2018, we entered into a settlement agreement with the District pursuant to which we paid the District $990,000 to settle all claims and/or potential claims arising out of our use of the three power generation units. This settlement amount was accrued for as of December 31, 2017. We are also party to various other claims, legal actions and complaints arising in the ordinary course of business. We cannot at this time reasonably estimate a range of exposure, if any, of the potential liability with respect to these matters. While 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, 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. |
14. Segment Reporting
14. Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 14. SEGMENT INFORMATION Bio-Rad is a multinational manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 9,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve. The Life Science segment develops, manufactures, sells and services reagents, apparatus and instruments used for biological research. These products are sold to university and medical school laboratories, pharmaceutical and biotechnology companies, food testing laboratories and government and industrial research facilities. The Clinical Diagnostics segment develops, manufactures, sells and services automated test systems, informatics systems, test kits and specialized quality controls for the healthcare market. These products are sold to reference laboratories, hospital laboratories, state newborn screening facilities, physicians’ office laboratories, transfusion laboratories and insurance and forensic testing laboratories. Other Operations include the remainder of our Analytical Instruments segment. Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). Segment profit or loss includes an allocation of corporate expense based upon sales and an allocation of interest expense based upon accounts receivable and inventories. The difference between total segment allocated interest expense, depreciation and amortization, and capital expenditures and the corresponding consolidated amounts is attributable to our corporate headquarters. Segments are expected to manage only assets completely under their control. Accordingly, segment assets include primarily accounts receivable, inventories and gross machinery and equipment. Goodwill balances have been included in corporate for segment reporting purposes. Information regarding industry segments at December 31, 2017 , 2016 , and 2015 and for the years then ended is as follows (in millions): Life Science Clinical Diagnostics Other Operations Segment net sales 2017 $ 785.2 $ 1,360.8 $ 14.2 2016 730.7 1,323.3 14.2 2015 695.0 1,310.4 14.0 Allocated interest expense 2017 $ 7.0 $ 14.9 $ — 2016 6.4 15.5 — 2015 6.1 15.4 0.1 Depreciation and amortization 2017 $ 36.2 $ 80.2 $ — 2016 31.7 80.5 — 2015 30.7 77.8 0.1 Segment (loss) profit 2017 $ (10.1 ) $ 112.5 $ 1.4 2016 (19.2 ) 57.0 0.9 2015 (0.7 ) 152.4 0.7 Segment assets 2017 $ 453.0 $ 1,038.4 $ 4.8 2016 380.8 909.1 4.9 Capital expenditures 2017 $ 12.6 $ 59.0 $ — 2016 14.3 67.1 — Prior year amounts have been revised (see Note 1 to the consolidated financial statements). Net corporate operating expense 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 following reconciles total segment profit to consolidated income before taxes (in millions): Year Ended December 31, 2017 2016 2015 Total segment profit $ 103.8 $ 38.7 $ 152.4 Foreign exchange losses (9.1 ) (4.5 ) (10.2 ) Net corporate operating, interest and other expense, net not allocated to segments (9.1 ) (7.5 ) (7.5 ) Other income (expense), net 12.2 14.9 11.1 Consolidated income before taxes $ 97.8 $ 41.6 $ 145.8 The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2017 2016 Total segment assets $ 1,496.2 $ 1,294.8 Cash and other current assets 965.8 980.3 Property, plant and equipment, net, excluding segment specific gross machinery and equipment 57.0 91.1 Goodwill, net 506.1 477.1 Other long-term assets 1,247.9 1,007.2 Total assets $ 4,273.0 $ 3,850.5 Prior year amounts have been revised (see Note 1 to the consolidated financial statements). The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions): Year Ended December 31, 2017 2016 2015 Europe $ 758.5 $ 742.2 $ 763.7 Pacific Rim 461.3 427.1 392.2 United States 800.2 770.6 735.0 Other (primarily Canada and Latin America) 140.2 128.3 128.5 Total net sales $ 2,160.2 $ 2,068.2 $ 2,019.4 The following presents Property, plant and equipment, net, Other investments and other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions): December 31, 2017 2016 Europe $ 230.6 $ 221.1 Pacific Rim 18.4 16.1 United States 1,305.2 1,084.7 Other (primarily Canada and Latin America) 13.1 12.3 Total Property, plant and equipment, net, Other investments and other assets, excluding deferred income taxes $ 1,567.3 $ 1,334.2 |
15. Restructuring Costs (Notes)
15. Restructuring Costs (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTS Restructuring Costs for European Reorganization In May 2016, we announced that we would take certain actions in our Europe geographic region designed to better align expenses to our revenue and gross margin profile and position us for improved operating performance. These actions, aligned with creation and evolution of our organization structure and coordinated with the implementation of our global single instance ERP platform, are expected to be incurred through 2019. As a result, we recorded approximately $0.5 million and $12.5 million in restructuring charges related to severance and other employee benefits for the years ended December 31, 2017 and 2016 , respectively. The liability of $6.3 million as of December 31, 2017 consisted of $6.2 million recorded in Accrued payroll and employee benefits and $0.1 million recorded in Other long-term liabilities in the Consolidated Balance Sheets. The amounts recorded were reflected in Cost of goods sold of $(0.2) million and $2.1 million , and in Selling, general and administrative expense of $0.7 million and $10.4 million in the Consolidated Statements of Income for the years ended December 31, 2017 and 2016 , respectively. The amounts adjusted were primarily for additional positions identified for elimination, partially offset by employees finding other positions within Bio-Rad or leaving prematurely. The following table summarizes the activity of our European reorganization restructuring reserves for severance (in millions): 2017 2016 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balance as of January 1 $ 3.2 $ 5.8 $ 9.0 $ — $ — $ — Charged to expense — — — 4.1 7.6 11.7 Adjustment to expense 0.2 0.3 0.5 0.3 0.5 0.8 Cash payments (1.5 ) (2.7 ) (4.2 ) (1.0 ) (2.0 ) (3.0 ) Foreign currency translation losses (gains) 0.3 0.7 1.0 (0.2 ) (0.3 ) (0.5 ) Balance as of December 31 $ 2.2 $ 4.1 $ 6.3 $ 3.2 $ 5.8 $ 9.0 Restructuring Costs for GnuBIO, Inc. In 2014, we acquired GnuBIO, Inc. (GnuBIO) as a business acquisition. It is included in our Clinical Diagnostics segment’s results of operations as a division, and is primarily based in Massachusetts. In September 2017, we announced that we are closing the GnuBIO research program facilities in Massachusetts. As a result, we recorded restructuring charges in September 2017 related to severance and employee benefits of $2.9 million and asset write-offs of $5.5 million . The amounts recorded were reflected in Selling, general and administrative expense of $0.8 million and in Research and development expense of $7.6 million in the Consolidated Statements of Income for the year ended December 31, 2017 . The liability balance as of December 31, 2017 was $1.4 million and is recorded in Accrued payroll and employee benefits in the Consolidated Balance Sheets. We expect the remainder to be paid in early 2018. Restructuring Costs for Termination of an Infectious Disease Research and Development Project In December 2017, we announced the termination of an infectious disease research and development project, which is included in our Clinical Diagnostics segment's results of operations. As a result, we recorded restructuring charges related to severance and employee benefits of $11.0 million , and asset write-offs and exit costs of $10.1 million for the year ended December 31, 2017 . The amounts recorded were reflected in Cost of goods sold of $2.3 million , in Selling, general and administrative expense of $3.3 million , and in Research and development expense of $15.5 million in the Consolidated Statements of Income for the year ended December 31, 2017 . The liability of $14.1 million as of December 31, 2017 consisted of $11.1 million recorded in Accrued payroll and employee benefits and $3.0 million recorded in Other current liabilities in the Consolidated Balance Sheets. The following table summarizes the activity for the termination of the infectious disease research and development project restructuring reserves for severance and exit costs (in millions): 2017 Balance as of January 1 $ — Charged to expense 14.0 Cash payments — Foreign currency translation losses 0.1 Balance as of December 31 $ 14.1 |
16. Quarterly Financial Data
16. Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data [Text Block] | 16. QUARTERLY FINANCIAL DATA (UNAUDITED) During 2016 and 2015, there were three different misstatements associated with income taxes. The first misstatement was related to our second implementation of our global single instance ERP platform in the U.S. in the third quarter of 2015. Part of the data migrated was not reconciled timely, resulting in the double counting of a deferred tax asset. The second misstatement was related to the misapplication of a tax rule related to foreign dividend income. The third misstatement was related to a design deficiency associated with transfer pricing. Management evaluated the materiality of all the errors described above from a qualitative and quantitative perspective. Based on such evaluation, we have concluded that they are not material to any individual prior period, nor did they have an effect on the trend of financial results, taking into account the requirements of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 108, Considering the Effect of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108). Accordingly, we are correcting these errors in every affected period in the 2015 and 2016 consolidated financial statements included in this Form 10-K. During the fourth quarter of 2017, we identified errors in the unaudited interim condensed consolidated financial statements for the three months ended September 30, 2017. We identified an error in the recording of deferred revenue acquired in our acquisition of RainDance (see Note 2, "Acquisitions"). This resulted in an overstatement of revenue recorded in the third quarter of 2017 of $0.9 million that was corrected in the fourth quarter of 2017. In addition, we identified an error in an estimated employee benefit expense that resulted in an understatement of expenses reported in Cost of goods sold, Selling, general and administrative expense and Research and development expense, net, in the third quarter of 2017 of $3.8 million that was corrected in the fourth quarter of 2017. Finally, we identified an error during our reconciliation of various inventory accounts which resulted in an understatement of Cost of goods sold in the third quarter of 2017 of $3.5 million that was corrected in the fourth quarter of 2017. The impact of these errors resulted in an overstatement of our Provision for income taxes reported in the third quarter of 2017 of $2.9 million that was corrected in the fourth quarter of 2017. Management evaluated the materiality of all the errors described in the previous paragraph from a qualitative and quantitative perspective. Based on such evaluation, we have concluded that they are not material to any individual prior period, nor did they have an effect on the trend of financial results, taking into account the requirements of SAB 108. Accordingly, we are correcting these errors in the financial statements for the quarter ended September 30, 2017 included in this Form 10-K. The impact of the immaterial error corrections described above are presented on a as reported, adjustment and as revised basis in the following summarized quarterly financial data for 2017 and 2016 (in millions, except per share data): As reported: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 500.1 $ 504.7 $ 535.0 $ 620.4 Cost of goods sold 230.1 231.4 230.5 280.8 Gross profit 270.0 273.3 304.5 339.6 Selling, general and administrative expense 194.9 213.0 196.8 204.2 Research and development expense 49.5 62.6 61.4 76.8 Income before income taxes 20.1 1.1 38.9 37.7 (Provision for) benefit from income taxes (7.7 ) 3.9 (11.5 ) 32.2 Net income 12.4 5.0 27.4 69.9 Basic earnings per share $ 0.42 $ 0.17 $ 0.92 $ 2.35 Diluted earnings per share $ 0.41 $ 0.17 $ 0.91 $ 2.32 2016 Net sales $ 471.2 $ 516.8 $ 508.7 $ 571.5 Cost of goods sold 207.2 236.6 229.2 257.1 Gross profit 264.0 280.2 279.5 314.4 Selling, general and administrative expense 189.7 205.5 201.5 220.0 Research and development expense 48.6 49.8 49.9 57.6 Income (loss) before income taxes 20.2 26.9 22.7 (28.2 ) (Provision for) benefit from income taxes (7.9 ) (8.9 ) (4.3 ) 7.6 Net income (loss) 12.3 18.0 18.4 (20.6 ) Basic earnings (loss) per share $ 0.42 $ 0.61 $ 0.63 $ (0.70 ) Diluted earnings (loss) per share $ 0.42 $ 0.61 $ 0.62 $ (0.70 ) Adjustments: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ — $ — $ (0.9 ) $ 0.9 Cost of goods sold — — 4.7 (4.7 ) Gross profit — — (5.6 ) 5.6 Selling, general and administrative expense — — 1.9 (1.9 ) Research and development expense — — 0.7 (0.7 ) Income before income taxes — — (8.2 ) 8.2 (Provision for) benefit from income taxes — — 2.9 4.6 Net income — — (5.3 ) 12.8 Basic earnings per share $ — $ — $ (0.18 ) $ 0.43 Diluted earnings per share $ — $ — $ (0.18 ) $ 0.43 2016 Net sales $ — $ — $ — $ — Cost of goods sold — — — — Gross profit — — — — Selling, general and administrative expense — — — — Research and development expense — — — — Income (loss) before income taxes — — — — (Provision for) benefit from income taxes (1.3 ) (1.4 ) (1.3 ) 1.9 Net income (loss) (1.3 ) (1.4 ) (1.3 ) 1.9 Basic earnings (loss) per share $ (0.04 ) $ (0.05 ) $ (0.05 ) $ 0.07 Diluted earnings (loss) per share $ (0.05 ) $ (0.05 ) $ (0.04 ) $ 0.07 As revised: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 500.1 $ 504.7 $ 534.1 $ 621.3 Cost of goods sold 230.1 231.4 235.2 276.1 Gross profit 270.0 273.3 298.9 345.2 Selling, general and administrative expense 194.9 213.0 198.7 202.3 Research and development expense 49.5 62.6 62.1 76.1 Income before income taxes 20.1 1.1 30.7 45.9 (Provision for) benefit from income taxes (7.7 ) 3.9 (8.6 ) 36.8 Net income 12.4 5.0 22.1 82.7 Basic earnings per share $ 0.42 $ 0.17 $ 0.74 $ 2.78 Diluted earnings per share $ 0.41 $ 0.17 $ 0.73 $ 2.75 2016 Net sales $ 471.2 $ 516.8 $ 508.7 $ 571.5 Cost of goods sold 207.2 236.6 229.2 257.1 Gross profit 264.0 280.2 279.5 314.4 Selling, general and administrative expense 189.7 205.5 201.5 220.0 Research and development expense 48.6 49.8 49.9 57.6 Income (loss) before income taxes 20.2 26.9 22.7 (28.2 ) (Provision for) benefit from income taxes (9.2 ) (10.3 ) (5.6 ) 9.5 Net income (loss) 11.0 16.6 17.1 (18.7 ) Basic earnings (loss) per share $ 0.38 $ 0.56 $ 0.58 $ (0.63 ) Diluted earnings (loss) per share $ 0.37 $ 0.56 $ 0.58 $ (0.63 ) Note: As a result of the net loss for the three months ended December 31, 2016, all potentially issuable common shares have been excluded from the diluted shares |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accoutns | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | BIO-RAD LABORATORIES, INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2017 , 2016 , and 2015 (in thousands) Allowance for doubtful accounts receivable Balance at Beginning of Year Additions Charged to Costs and Expenses Deductions Balance at End of Year 2017 $ 23,367 $ 11,174 $ (8,992 ) $ 25,549 2016 $ 24,418 $ 3,785 $ (4,836 ) $ 23,367 2015 $ 27,973 $ 8,783 $ (12,338 ) $ 24,418 Valuation allowance for long-term deferred tax assets Balance at Beginning of Year Additions Charged (Credited) to Income Tax Expense Deductions Balance at End of Year 2017 $ 66,403 $ (47 ) $ — $ 66,356 2016 $ 58,277 $ 8,126 $ — $ 66,403 2015 $ 58,615 $ (338 ) $ — $ 58,277 |
17. Subsequent Event (Notes)
17. Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENT |
1. Significant Accounting Pol26
1. Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Restricted Investments [Policy Text Block] | Short-term Restricted Investments Short-term restricted investments of $5.6 million and $4.6 million at December 31, 2017 and 2016 |
Available-for-sale Investments | Available-for-Sale Investments Available-for-sale investments consist of corporate obligations, municipal securities, asset backed securities, U.S. government sponsored agencies and marketable equity securities. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income, net of any related tax effect. Unrealized losses are charged against income when a decline in the fair value of an individual security is determined to be other-than-temporary. We review our available-for-sale investments for other-than-temporary losses on a quarterly basis. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts and trade accounts receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions. Bio-Rad has not sustained significant losses from instruments held at financial institutions. The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying values of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end. However, we do not expect to record any losses as a result of counterparty default. We perform credit evaluation procedures related to our trade receivables and with the exception of certain developing countries, generally do not require collateral. As a result of increased risk in certain developing countries, some Bio-Rad sales are subject to collateral letters of credit from our customers. Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade receivables are with national healthcare systems in countries within the European Union. |
Accounts Receivable | Accounts Receivable |
Inventory | Inventory |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation and amortization. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use. Property, plant and equipment are assessed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Buildings and leasehold improvements are amortized over 15 - 30 years or the term of the leases or life of the improvements, whichever is shorter. With the exception of reagent rental equipment, which is amortized over a 1 - 5 year period, equipment and capitalized software is depreciated over 3 - 12 |
Goodwill | Goodwill Goodwill represents the excess of the cost over the fair value of net tangible and identifiable intangible assets of acquired businesses. Goodwill is assessed for impairment by applying fair value based tests annually in the fourth quarter or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We perform impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. Our reporting units are identified as components for which discrete financial information is available and is regularly reviewed by management. Goodwill amounts are assigned to reporting units at the time of acquisition. Effective January 1, 2017 in accordance with Accounting Standards Update No. 2017-04, "Simplifying the Test for Goodwill Impairment," the goodwill impairment amount will be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We use a projected discounted cash flow model to determine the fair value of a reporting unit. Prior to January 1, 2017, the goodwill impairment test consisted of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compared the fair value of a reporting unit to its carrying value, including goodwill. We used a projected discounted cash flow model to determine the fair value of a reporting unit. If the fair value of the reporting unit exceeded its carrying amount, goodwill of the reporting unit was considered not impaired, and the second step of the impairment test was not required. The second step, if required, compared the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit was allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit’s goodwill exceeded its implied fair value, an impairment charge is recognized in an amount equal to that excess. |
Long-Lived Assets | Long-Lived Assets For purposes of recognition and measurement of an impairment loss, a long-lived asset or assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We assess the impairment of long-lived assets (including identifiable intangible assets) quarterly or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors that we consider important that could trigger an impairment review include: • significant under-performance relative to expected, historical or projected future operating results; • significant changes in the manner of use of the long-lived assets, intangible assets or the strategy for our overall business; • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of at a loss before the end of its previously estimated useful life; and • significant negative industry, legal, regulatory or economic trends. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. To the extent we determine that we are able to realize our deferred income tax assets in the future in excess of their net recorded amount, we make an adjustment to the valuation allowance which may reduce the provision for income taxes. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made. |
Revenue Recognition | Revenue Recognition Revenue is recognized when pervasive evidence of an arrangement exists, the price to the buyer is fixed or determinable, collectability is reasonably assured and title has passed to the customer or product has been delivered absent specific contractual specifications. Revenue associated with equipment that requires factory installation is not recorded until installation is complete and customer acceptance, if required contractually, has occurred. At the time revenue is recognized, a provision is recognized for estimated product returns. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement, or as services are performed if not under contract. Net sales are the actual selling price of products to customers. Any taxes billed to the customer (sales tax, value added tax, etc.) shall be credited to the tax liability accounts and excluded from net sales. Reagent agreements are a diagnostic industry sales method that provides use of an instrument and consumables (reagents) to a customer on a per test basis. We evaluate our reagent agreements and account for these contracts under the guidance pertaining to accounting for revenue arrangements with multiple deliverables. Our reagent |
Shipping and Handling | Shipping and Handling |
Warranty | Warranty We warrant certain equipment against defects in design, materials and workmanship, mostly 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. Changes in the warranty accrual, included in Other current liabilities and Other long-term liabilities, were as follows (in millions): 2017 2016 January 1 $ 17.6 $ 17.4 Provision for warranty 29.9 33.4 Actual warranty costs (28.8 ) (33.2 ) December 31 $ 18.7 $ 17.6 |
Foreign Currency | Foreign Currency Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity. |
Forward Foreign Exchange Contracts | Forward Foreign Exchange Contracts |
Share-based Compensation Plans | Share-Based Compensation Plans |
Earnings Per Share | 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 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 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Basic weighted average shares outstanding 29,655 29,440 29,186 Effect of potentially dilutive stock options and restricted stock awards 379 206 223 Diluted weighted average common shares 30,034 29,646 29,409 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 13 113 109 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, marketable securities, notes payable, accounts payable and foreign exchange contracts, the carrying amounts approximate fair value. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards Updates In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-03, "Technical Corrections and Improvements to Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2018-03 amends certain items in ASU 2016-01 (see below) such as equity securities without a readily determinable fair value. ASU 2018-03 clarifies that an entity that uses the measurement alternative for equity securities without readily determinable fair values can change its measurement approach to fair value and once made the election is irrevocable. If an entity measures equity securities without readily determinable fair values at fair value, it must record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year in which the guidance is adopted. ASU 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years beginning after June 15, 2018, with early adoption permitted. As of December 31, 2017, we accounted for our investment of the ordinary shares of Sartorius AG at cost and the fair value is not readily determinable as the stock is too thinly traded (see Note 3 to the consolidated financial statements). Under ASU 2016-01 (see below), we will account for the ordinary shares of Sartorius AG at cost, less any impairment, and plus or minus subsequent adjustments for observable price changes as we do not anticipate a material transaction that would provide an observable price change to the ordinary shares of Sartorius AG based on the current ownership interests by the Sartorius family trust, Sartorius family members, and Bio-Rad Laboratories, Inc. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 gives entities the option to reclassify to retained earnings tax effects related to items in Accumulated other comprehensive income ("OCI") that the FASB refers to as having been stranded in Accumulated OCI as a result of the Tax Act. We early adopted ASU 2018-02 in the period of adoption of the Tax Act during the fourth quarter of 2017. We elected to reclassify the income tax effects of the Tax Act on the remeasurement of our deferred tax liabilities related to our available-for-sale equity securities, including our preferred shares in Sartorius AG, by increasing OCI and decreasing Retained earnings by $120.1 million . In May 2017, the FASB issued ASU 2017-09, "Scope of Modification Accounting." ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 will allow companies to make certain changes to awards, such as vesting conditions, without accounting for them as modifications. It does not change the accounting for modifications. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. We early adopted ASU 2017-09 during the second quarter of 2017, which has not affected our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." ASU 2017-07 will change how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost, which is comprised of several components, in the income statement. Under ASU 2017-07, employers will present the service cost component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period, and will be the only costs eligible for capitalization. Employers will present the other components separately from the line item(s) that includes the service cost outside of the subtotal of Income from operations. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. We do not expect ASU 2017-07 to have a material impact to our financial statements. In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment." ASU 2017-04 removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 provides a more stream-lined approach to evaluating goodwill impairment and we early adopted on January 1, 2017 on a prospective basis as a change in accounting principle. See Note 4 to the consolidated financial statements for an update on goodwill impairment. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. If substantially all of the fair value is concentrated in a single asset or a group of similar assets, the acquired set is not a business. If this is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Determining whether a set constitutes a business is critical because the accounting for a business combination differs significantly from that of an asset acquisition. We early adopted ASU 2017-01 on January 1, 2017 on a prospective basis, and it has not had a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-18 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. We do not expect ASU 2016-18 to have a material impact to our financial statements and will only impact our statements of cash flows presentation. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory." ASU 2016-16 requires immediate recognition of income tax consequences of intercompany asset transfers, other than inventory transfers. Existing GAAP prohibits recognition of income tax consequences of intercompany asset transfers whereby the seller defers any net tax effect and the buyer is prohibited from recognizing a deferred tax asset on the difference between the newly created tax basis of the asset in its tax jurisdiction and its financial statement carrying amount as reported in the consolidated financial statements. ASU 2016-16 specifically excludes from its scope intercompany inventory transfers whereby the recognition of tax consequences will take place when the inventory is sold to third parties. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. ASU 2016-16 will be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We estimate the impact to be a cumulative-effect decrease to Retained earnings and predominately a decrease to Other assets of approximately $17 million . In August 2016, FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not expect ASU 2016-15 to have a material impact to our statements of cash flows. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 will replace the current incurred loss approach with an expected loss model for instruments measured at amortized cost and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. We are currently evaluating the effect ASU 2016-13 will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than permitted today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. We adopted ASU 2016-09 prospectively as a change in accounting principle on January 1, 2017, and prior periods have not been adjusted. In addition, we made a policy election to account for forfeitures as they occur. ASU 2016-09 also requires to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. As a result of adopting ASU 2016-09 as of January 1, 2017, the cumulative effect of the change on Retained earnings decreased by $0.3 million , and increased Additional paid-in capital and Deferred tax assets by $0.4 million and $0.1 million , respectively, in the Consolidated Balance Sheet. In March 2016, the FASB issued ASU 2016-07, "Simplifying the Transition to the Equity Method of Accounting," which eliminates the requirement to retrospectively apply the equity method in previous periods when an investor initially obtains significant influence over an investee. Under current guidance, an investor that does not consolidate an investment and initially accounts for it under a method other than the equity method is required to retrospectively apply the equity method in prior periods in which it held the investment when it subsequently obtained significant influence. We adopted ASU 2016-07 on January 1, 2017 on a prospective basis, which currently has not affected our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases," which will require, among other items, lease accounting to recognize most leases as assets and liabilities on the balance sheet. Qualitative and quantitative disclosures will be enhanced to better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We do not plan to early adopt. ASU 2016-02 will be adopted on a modified retrospective basis, with elective reliefs, which requires application of ASU 2016-02 for all periods presented. We are currently gathering, documenting and analyzing lease agreements related to this ASU and anticipate material additions to the balance sheet for right-of-use assets, offset by the associated liabilities. In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." Amendments under ASU 2016-01, among other items, require that all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification, for which changes in fair value are reported in other comprehensive income, for equity securities with readily determinable fair values. For equity investments without readily determinable fair values, the cost method is also eliminated. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Changes in the basis of these equity investments will be reported in current earnings. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For equity securities that would be affected by ASU 2016-01, see the available-for-sale investments table in Note 3 to the consolidated financial statements, which primarily consists of our investment in Sartorius AG preferred shares. We expect that the impact of adoption may be material to our consolidated statement of income. In addition to the affected securities per Note 3, we own ordinary voting stock of Sartorius AG and accounted for this investment under the cost method. Effective January 1, 2018 under 2016-01, we will account for our investment of the ordinary shares of Sartorius AG at cost, less any impairment, and plus or minus subsequent adjustments for observable price changes. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” Under current guidance, an entity subsequently measures inventory at the lower of cost or market, with market defined as replacement cost, net realizable value (NRV), or NRV less a normal profit margin. An entity uses current replacement cost provided that it is not above NRV (i.e., the ceiling) or below NRV less an “approximately normal profit margin” (i.e., the floor). ASU 2015-11 eliminates this analysis and requires entities to measure most inventory “at the lower of cost and NRV.” We prospectively adopted ASU 2015-11 as a change in accounting principle on January 1, 2017, which did not have a material impact on our consolidated financial statements. 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 GAAP when it becomes effective. In December 2016, the FASB issued ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers" which affect narrow aspects of the guidance issued in ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients," which amends and clarifies certain aspects in ASU 2014-09 that include collectability, presentation of sales and other taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing," which amends the guidance in ASU 2014-09 on accounting for licenses of intellectual property and identifying performance obligations. In March 2016, the FASB issued ASU 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which amends the principal versus agent guidance in ASU 2014-09. The standards are to be applied retrospectively and permit the use of either the retrospective or cumulative effect transition method. We will use the cumulative effect transition method when we adopt ASUs 2014-09, 2016-20, 2016-12, 2016-10 and 2016-08 on January 1, 2018. Upon adoption, we will recognize the cumulative effect of adopting this guidance as an adjustment to our opening balance of retained earnings. Prior periods will not be retrospectively adjusted. We have completed our preliminary assessment of individual contracts to identify performance obligations under these ASU’s, as compared with the deliverables and separate units of accounting previously identified under current U.S. GAAP. Based on our preliminary assessment we have not identified any material changes in the timing of revenue recognition that could result in a significant transition adjustment upon our adoption of the new accounting standard on January 1, 2018 and the accounting for costs incurred to obtain a contract is immaterial. However, we are still in the process of the following: Assessing the impact of the accounting on our reagent agreements to determine if there are any differences in the timing of revenue recognition; finalizing the required changes to our accounting policies, systems and internal control over financial reporting, and assessing the new disclosure requirements that will be implemented upon our adoption of the new standard. |
1. Significant Accounting Pol27
1. Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | Changes in the warranty accrual, included in Other current liabilities and Other long-term liabilities, were as follows (in millions): 2017 2016 January 1 $ 17.6 $ 17.4 Provision for warranty 29.9 33.4 Actual warranty costs (28.8 ) (33.2 ) December 31 $ 18.7 $ 17.6 |
Schedule of Weighted Average Number of Shares | The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share and the anti-dilutive shares are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Basic weighted average shares outstanding 29,655 29,440 29,186 Effect of potentially dilutive stock options and restricted stock awards 379 206 223 Diluted weighted average common shares 30,034 29,646 29,409 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 13 113 109 |
1. Significant Accounting Pol28
1. Significant Accounting Policies Prior Year Misstatements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements [Table Text Block] | The impact of the reclassification, and the immaterial error corrections, both described above on our Consolidated Balance Sheet and Consolidated Statements of Income for the periods presented is as follows (in thousands, except per share data): December 31, 2016 As reported Adjustment As revised Buildings and leasehold improvements $ 290,367 $ 10,467 $ 300,834 Equipment 919,126 (10,467 ) 908,659 Deferred income taxes 222,919 2,380 225,299 Other long-term liabilities 135,318 5,219 140,537 Total liabilities 1,263,745 7,599 1,271,344 Retained earnings 1,836,180 (7,599 ) 1,828,581 Total stockholders' equity $ 2,586,759 $ (7,599 ) $ 2,579,160 Year ended December 31, 2016 2015 As reported Adjustment As revised As reported Adjustment As revised Provision for income taxes $ (13,435 ) $ (2,125 ) $ (15,560 ) $ (32,754 ) $ (3,854 ) $ (36,608 ) Net income $ 28,125 $ (2,125 ) $ 26,000 $ 113,093 $ (3,854 ) $ 109,239 Net income per basic share $ 0.96 $ (0.08 ) $ 0.88 $ 3.87 $ (0.13 ) $ 3.74 Net income per diluted share $ 0.95 $ (0.07 ) $ 0.88 $ 3.85 $ (0.14 ) $ 3.71 |
3. Fair Value Measurements (Tab
3. Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a reconciliation of the Level 3 cell sorting system and analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value based on original valuations and updated quarterly for the year ended December 31, 2017 (in millions): 2017 January 1 $ 28.5 Cell sorting system: Payment of sales milestone (3.1 ) Analytical flow cytometer platform: Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense (8.1 ) Payment of sales milestone $ (0.6 ) December 31 $ 16.7 |
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 analytical flow cytometer platform contingent consideration liability as of December 31, 2017 . Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement. Valuation Technique Unobservable Input Percentage Analytical flow cytometer platform Probability-weighted income approach Sales milestones: Discount rate 10.8 % Cost of debt 4.2 % |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of our forward foreign currency exchange contracts (in millions): December 31, 2017 Contracts maturing in January through March 2018 to sell foreign currency: Notional value $ 52.0 Unrealized loss $ 0.1 Contracts maturing in January through March 2018 to purchase foreign currency: Notional value $ 413.2 Unrealized loss $ 1.0 |
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 December 31, 2017 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial Assets Carried at Fair Value: Cash equivalents (a): Commercial paper $ — $ 36.0 $ — $ 36.0 Time deposits 43.7 10.0 — 53.7 U.S. government sponsored agencies — 11.2 — 11.2 Money market funds 3.4 — — 3.4 Total cash equivalents 47.1 57.2 — 104.3 Restricted investment: 5.6 — — 5.6 Available-for-sale investments (b): Corporate debt securities — 185.7 — 185.7 U.S. government sponsored agencies — 67.6 — 67.6 Foreign government obligations — 3.4 — 3.4 Brokered certificates of deposit — 0.7 — 0.7 Municipal obligations — 15.0 — 15.0 Marketable equity securities 973.4 — — 973.4 Asset-backed securities — 55.6 — 55.6 Total available-for-sale investments 973.4 328.0 — 1,301.4 Forward foreign exchange contracts (c) — 0.5 — 0.5 Total financial assets carried at fair value $ 1,026.1 $ 385.7 $ — $ 1,411.8 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (d) $ — $ 1.6 $ — $ 1.6 Contingent consideration (e) — — 16.7 16.7 Total financial liabilities carried at fair value $ — $ 1.6 $ 16.7 $ 18.3 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2016 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial Assets Carried at Fair Value: Cash equivalents (a): Commercial paper $ — $ 14.1 — $ 14.1 Foreign time deposits 11.8 — — 11.8 Domestic time deposits — $ 20.0 — 20.0 U.S. government sponsored agencies — 1.1 — 1.1 Money market funds 5.9 — — 5.9 Total cash equivalents 17.7 35.2 — 52.9 Restricted investment: 4.6 — — 4.6 Available-for-sale investments (b): Corporate debt securities — 179.4 — 179.4 U.S. government sponsored agencies — 82.5 — 82.5 Foreign government obligations — 4.4 — 4.4 Brokered certificates of deposit — 3.6 — 3.6 Municipal obligations — 15.4 — 15.4 Marketable equity securities 767.8 — — 767.8 Asset-backed securities — 62.5 — 62.5 Total available-for-sale investments 767.8 347.8 — 1,115.6 Forward foreign exchange contracts (c) — 0.6 — 0.6 Total financial assets carried at fair value $ 790.1 $ 383.6 — $ 1,173.7 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (d) $ — $ 1.3 — $ 1.3 Contingent consideration (e) — — 38.5 38.5 Total financial liabilities carried at fair value $ — $ 1.3 $ 38.5 $ 39.8 (a) Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets. (b) Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2016 Short-term investments $ 371.2 $ 383.2 Other investments 930.2 732.4 Total $ 1,301.4 $ 1,115.6 (c) Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets. (d) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets. (e) Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2017 December 31, 2016 Other current liabilities $ 2.7 $ 14.5 Other long-term liabilities 14.0 24.0 Total $ 16.7 $ 38.5 |
Schedule of available-for-sale investments | Available-for-sale investments consist of the following (in millions): December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 185.9 $ 0.3 $ (0.5 ) $ 185.7 Brokered certificates of deposit 0.7 — — 0.7 Municipal obligations 15.1 — (0.1 ) 15.0 Asset-backed securities 55.6 — (0.2 ) 55.4 U.S. government sponsored agencies 68.3 — (0.7 ) 67.6 Foreign government obligations 3.4 — — 3.4 Marketable equity securities 34.4 9.0 — 43.4 363.4 9.3 (1.5 ) 371.2 Long-term investments: Marketable equity securities 54.5 875.5 — 930.0 Asset-backed securities 0.2 — — 0.2 54.7 875.5 — 930.2 Total $ 418.1 $ 884.8 $ (1.5 ) $ 1,301.4 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 179.7 $ 0.2 $ (0.5 ) $ 179.4 Brokered certificates of deposit 3.6 — — $ 3.6 Municipal obligations 15.5 — (0.1 ) 15.4 Asset-backed securities 62.2 0.1 (0.1 ) 62.2 U.S. government sponsored agencies 83.1 0.1 (0.7 ) 82.5 Foreign government obligations 4.4 — — 4.4 Marketable equity securities 32.4 3.7 (0.4 ) 35.7 380.9 4.1 (1.8 ) 383.2 Long-term investments: Marketable equity securities 54.5 677.6 — 732.1 Asset-backed securities 0.3 — — 0.3 54.8 677.6 — 732.4 Total $ 435.7 $ 681.7 $ (1.8 ) $ 1,115.6 |
Summary of investments with gross unrealized losses and the associated fair value | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): December 31, December 31, 2016 Fair value of investments in a loss position 12 months or more $ 43.9 $ 11.8 Fair value of investments in a loss position less than 12 months $ 168.7 $ 160.5 Gross unrealized losses for investments in a loss position 12 months or more $ 0.7 $ 0.3 Gross unrealized losses for investments in a loss position less than 12 months $ 0.8 $ 1.5 |
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 December 31, 2017 by contractual maturity date (in millions): Amortized Cost Estimated Fair Value Mature in less than one year $ 126.3 $ 126.1 Mature in one to five years 157.9 157.2 Mature in more than five years 45.0 44.7 Total $ 329.2 $ 328.0 |
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): December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Fair Value Hierarchy Level Carrying Amount Estimated Fair Value Fair Value Hierarchy Level Other investments $ 91.8 $ 1,249.4 2 $ 92.8 $ 984.2 2 Total long-term debt, excluding leases and current maturities $ 423.1 $ 449.8 2 $ 422.5 $ 454.2 2 |
4. Intangible Assets, Goodwil30
4. Intangible Assets, Goodwill and Other (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes to goodwill by segment | Changes to goodwill by segment were as follows (in millions): 2017 2016 Life Clinical Total Life Clinical Total Balances as of January 1: Goodwill $ 207.1 $ 311.7 $ 518.8 $ 207.2 $ 316.9 $ 524.1 Accumulated impairment losses and write-offs (27.2 ) (14.5 ) (41.7 ) (27.2 ) (1.0 ) (28.2 ) Goodwill, net 179.9 297.2 477.1 180.0 315.9 495.9 Acquisitions 26.2 — 26.2 0.1 — 0.1 Impairment (8.7 ) (2.8 ) (11.5 ) — (13.5 ) (13.5 ) Currency fluctuations 1.4 12.9 14.3 (0.2 ) (5.2 ) (5.4 ) Balances as of December 31: Goodwill 234.7 324.6 559.3 207.1 311.7 518.8 Accumulated impairment losses and write-offs (35.9 ) (17.3 ) (53.2 ) (27.2 ) (14.5 ) (41.7 ) Goodwill, net $ 198.8 $ 307.3 $ 506.1 $ 179.9 $ 297.2 $ 477.1 |
Schedule of Finite-Lived Intangible Assets by Major-Class | Information regarding our identifiable purchased intangible assets with definite lives is as follows (in millions): December 31, 2017 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-7 $ 92.3 $ (64.4 ) $ 27.9 Know how 1-8 194.9 (157.9 ) 37.0 Developed product technology 1-12 133.3 (70.3 ) 63.0 Licenses 1-12 76.7 (36.0 ) 40.7 Tradenames 1-6 3.9 (3.0 ) 0.9 Covenants not to compete 1-8 7.9 (3.3 ) 4.6 Total definite-lived intangible assets $ 509.0 $ (334.9 ) $ 174.1 December 31, 2016 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-8 $ 84.4 $ (52.8 ) $ 31.6 Know how 1-9 182.6 (136.9 ) 45.7 Developed product technology 3-12 125.9 (56.3 ) 69.6 Licenses 1-9 39.0 (30.6 ) 8.4 Tradenames 4-8 3.5 (2.5 ) 1.0 Covenants not to compete 2-9 7.8 (2.5 ) 5.3 Total definite-lived intangible assets $ 443.2 $ (281.6 ) $ 161.6 |
5. Notes Payable and Long-Ter31
5. Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Principal components of long-term debt [Table Text Block] | The principal components of long-term debt are as follows (in millions): December 31, December 31, 2016 4.875% Senior Notes due 2020, net of discount $ 425.0 $ 425.0 Less unamortized discount and debt issuance costs (1.9 ) (2.5 ) Long-term debt less unamortized discount and debt issuance costs 423.1 422.5 Capital leases and other debt 11.9 12.0 435.0 434.5 Less current maturities (0.4 ) (0.3 ) Long-term debt $ 434.6 $ 434.2 |
6. Income Taxes (Tables)
6. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
U.S. and international components of income before taxes [Table Text Block] | The U.S. and international components of income before taxes are as follows (in millions): Year Ended December 31, 2017 2016 2015 U.S. $ 72.8 $ (38.5 ) $ 48.4 International 25.0 80.1 97.4 Income before taxes $ 97.8 $ 41.6 $ 145.8 |
Provision for income taxes [Table Text Block] | The provision for income taxes consists of the following (in millions): Year Ended December 31, 2017 2016 2015 Current tax expense: U.S. Federal $ 6.7 $ 16.1 $ 8.7 State 3.4 3.1 1.7 International 32.0 30.4 34.1 Current tax expense 42.1 49.6 44.5 Deferred tax (benefit) expense: U.S. Federal (69.8 ) (42.4 ) 2.0 State 4.3 (2.8 ) 1.4 International (19.3 ) (6.0 ) (7.1 ) Deferred tax benefit (84.8 ) (51.2 ) (3.7 ) Non-current tax expense (benefit) 18.3 17.2 (4.2 ) (Benefit from) provision for income taxes $ (24.4 ) $ 15.6 $ 36.6 |
Reconcilation of effective tax rate on inocme before taxes and statutory rate [Table Text Block] | The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows: Year Ended December 31, 2017 2016 2015 U. S. statutory tax rate 35 % 35 % 35 % Impact of foreign operations 7 (15 ) (4 ) Foreign dividends, net — (40 ) (4 ) Research tax credits (4 ) (9 ) (2 ) Nontaxable subsidies (2 ) (4 ) (1 ) Tax settlements and changes to unrecognized tax benefits — 47 (3 ) Goodwill impairment — 11 — Domestic manufacturing deduction — (4 ) (2 ) Stock-based compensation (5 ) 3 1 Nondeductible executive compensation 2 3 1 Fines and penalties — 2 — Prior period adjustments — 4 3 U.S. taxation of foreign income 3 2 — Acquisition-related 10 — — U.S. tax reform (71 ) — — State taxes 3 1 1 Other (3 ) 1 — (Benefit from) provision for income taxes (25 )% 37 % 25 % |
Significant components of deferred tax assets and liabilities [Table Text Block] | Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions): December 31, 2017 2016 Deferred tax assets: Bad debt, inventory and warranty accruals $ 28.6 $ 25.8 Other post-employment benefits, vacation and other reserves 24.0 26.3 Tax credit and net operating loss carryforwards 73.3 96.4 Other 19.7 35.7 Total gross deferred tax assets 145.6 184.2 Valuation allowance (66.4 ) (66.4 ) Total deferred tax assets 79.2 117.8 Deferred tax liabilities: Property and equipment 33.5 22.2 Investments and intangible assets 219.1 287.8 Total deferred tax liabilities 252.6 310.0 Net deferred tax liabilities $ (173.4 ) $ (192.2 ) |
Tabular reconcilation of total amounts of unrecognized tax benefits [Table Text Block] | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): 2017 2016 2015 Unrecognized tax benefits – January 1 $ 21.1 $ 11.9 $ 15.8 Additions to tax positions related to prior years 1.3 10.4 0.7 Reductions to tax positions related to prior years (1.0 ) — (0.2 ) Additions to tax positions related to the current year 34.8 3.4 2.9 Settlements (0.2 ) (2.4 ) (0.5 ) Lapse of statute of limitations (3.4 ) (2.3 ) (6.3 ) Currency translation 2.3 0.1 (0.5 ) Unrecognized tax benefits – December 31 $ 54.9 $ 21.1 $ 11.9 |
7. Stockholders' Equity Stockho
7. Stockholders' Equity Stockholders' Equity Shares Detail (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock [Line Items] | |
Schedule of Stock by Class [Table Text Block] | Changes to Bio-Rad's issued common stock shares are as follows (in thousands): Class A Shares Class B Shares Balance at January 1, 2015 23,972 5,099 B to A conversions 18 (18 ) Issuance of common stock 240 50 Balance at December 31, 2015 24,230 5,131 B to A conversions 13 (13 ) Issuance of common stock 211 6 Balance at December 31, 2016 24,454 5,124 B to A conversions 34 (34 ) Issuance of common stock 191 18 Balance at December 31, 2017 24,679 5,108 |
8. Accumulated Other Comprehe34
8. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income included in our Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders' Equity 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, 2016 $ 33.7 $ (20.7 ) $ 369.1 $ 382.1 Other comprehensive (loss) income, before reclassifications (32.4 ) 0.5 105.1 73.2 Amounts reclassified from Accumulated other comprehensive income — 2.5 (0.8 ) 1.7 Income tax effects — (0.9 ) (38.4 ) (39.3 ) Other comprehensive (loss) income, net of income taxes (32.4 ) 2.1 65.9 35.6 Balances as of December 31, 2016 $ 1.3 $ (18.6 ) $ 435.0 $ 417.7 Other comprehensive income (loss), before reclassifications 76.1 (6.5 ) 203.6 273.2 Amounts reclassified from Accumulated other comprehensive income — 2.1 (0.1 ) 2.0 Income tax effects — 0.7 (74.9 ) (74.2 ) Effect of adoption of ASU 2018-02** — — 120.1 120.1 Other comprehensive income (loss), net of income taxes 76.1 (3.7 ) 248.7 321.1 Balances as of December 31, 2017 $ 77.4 $ (22.3 ) $ 683.7 $ 738.8 |
8. Accumulated Other Comprehe35
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | reclassified out of Accumulated other comprehensive income into the Consolidated Statements of Income, with presentation location, were as follows: Income before taxes impact (in millions): December 31, Components of Comprehensive income 2017 2016 Location Amortization of foreign other post-employment benefit items $ (2.1 ) $ (2.5 ) Selling, general and administrative expense Net holding gains on available for sale investments $ 0.1 $ 0.8 Other (income) expense, net |
9. Share-based Compensation (Ta
9. Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock Options Activity | Stock Options The following table summarizes stock option activity: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding, December 31, 2016 449,570 $ 106.52 Granted 44,000 $ 215.98 Exercised (78,890 ) $ 89.41 Forfeited/expired (7,200 ) $ 177.99 Outstanding, December 31, 2017 407,480 $ 120.39 5.09 $ 48.2 Unvested, December 31, 2017 125,720 $ 164.84 8.29 $ 9.3 Exercisable, December 31, 2017 281,760 $ 100.56 3.66 $ 38.9 |
Stock Options Valuation Assumptions | The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Expected volatility 20 % 21 % 23 % Risk-free interest rate 1.87 % 1.35 % 1.90 % Expected life (in years) 7.2 7.4 7.7 Expected dividend — — — Weighted-average fair value of options granted $ 58.65 $ 42.40 $ 42.74 |
Resticted Stock Activity | The following table summarizes restricted stock unit activity: Restricted Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding, December 31, 2016 448,822 $ 141.09 Granted 192,860 $ 215.98 Vested (127,189 ) $ 133.54 Forfeited (41,263 ) $ 151.36 Outstanding, December 31, 2017 473,230 $ 172.75 2.14 $ 112.9 |
Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions: Year Ended December 31, 2017 2016 2015 Expected volatility 19 % 20 % 18 % Risk-free interest rate 0.83 % 0.26 % 0.02 % Expected life (in years) 0.24 0.25 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 38.86 $ 27.36 $ 25.08 |
10. Other Income and Expenses
10. Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of other income (expense), net | Other (income) expense, net includes the following components (in millions): Year Ended December 31, 2017 2016 2015 Interest and investment income $ (19.1 ) $ (14.7 ) $ (10.1 ) Net realized gains on investments (0.1 ) (0.8 ) (1.6 ) Other-than-temporary impairment losses on investments 7.0 0.6 0.6 Other (income) expense, net $ (12.2 ) $ (14.9 ) $ (11.1 ) |
11. Supplemental Cash Flow I38
11. Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 11. SUPPLEMENTAL CASH FLOW INFORMATION The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Year Ended December 31, 2017 2016 2015 Net income $ 122.2 $ 26.0 $ 109.2 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 148.7 142.9 131.8 Share-based compensation 23.4 19.7 17.0 Gains on dispositions of securities (0.1 ) (0.8 ) (1.6 ) Other-than-temporary impairment losses on investments 7.0 0.6 0.6 Losses on dispositions of fixed assets 8.1 0.6 0.3 Excess tax benefits from share-based compensation — (1.5 ) (3.6 ) Changes in fair value of contingent consideration (18.1 ) (0.4 ) (5.6 ) (Increase) decrease in accounts receivable, net (64.1 ) 12.5 (39.0 ) Increase in inventories, net (47.7 ) (57.1 ) (54.2 ) (Increase) decrease in other current assets (36.1 ) (6.6 ) 0.1 Increase in accounts payable and other current liabilities 7.8 30.1 28.6 (Decrease) increase in income taxes payable (22.4 ) 10.7 12.7 Decrease in deferred income taxes (82.0 ) (51.4 ) (4.0 ) Decrease in other long term assets 2.4 12.7 0.3 Increase (decrease) in other long term liabilities 38.1 10.4 (10.7 ) Impairment losses on goodwill and long-lived assets 11.5 62.3 — Other 5.2 5.7 4.3 Net cash provided by operating activities $ 103.9 $ 216.4 $ 186.2 Non-cash investing activities: Purchased property, plant and equipment — 7.2 — Purchased marketable securities and investments $ 2.8 $ 0.6 $ 2.2 |
12. Commitments & Contingent 39
12. Commitments & Contingent Liabilities Pension obligations and funded status (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Obligations and Funded Status The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions): Change in benefit obligation: 2017 2016 Benefit obligation at beginning of year $122.7 $120.8 Service cost 6.5 6.1 Interest cost 1.1 1.4 Plan participants' contributions 2.8 2.6 Actuarial (gain) loss 3.3 — Gross benefits paid (3.2 ) (3.3 ) Plan amendments 1.1 — Special termination benefits (2.0 ) — Settlements (5.1 ) (2.5 ) Change attributable to foreign exchange 9.4 (2.4 ) Benefit obligation at end of year 136.6 122.7 Change in plan assets: Fair value of plan assets at beginning year 58.8 56.7 Actual return on plan assets 0.5 1.3 Employer contributions 4.0 4.7 Plan participants' contributions 2.8 2.6 Gross benefits paid (2.3 ) (2.9 ) Settlements (5.1 ) (2.5 ) Change attributable to foreign exchange 3.0 (1.1 ) Fair value of plan assets at end of year 61.7 58.8 Under funded status of plans $(74.9) $(63.9) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.1) $(0.5) Noncurrent liabilities (Other long-term liabilities) (73.8 ) (63.4 ) Net liability, end of fiscal year $(74.9) $(63.9) |
12. Commitments & Contingent 40
12. Commitments & Contingent Liabilities Net Periodic Benefit Cost (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions): 2017 2016 2015 Service costs $6.5 $6.1 $5.3 Interest costs 1.1 1.4 1.4 Expected returns on plan assets (1.1 ) (1.0 ) (1.2 ) Amortization of actuarial losses 1.4 1.7 0.8 Amortization of prior service costs — — 0.4 Settlements 1.2 0.4 — Net periodic benefit costs $9.1 $8.6 $6.7 |
12. Commitments & Contingent 41
12. Commitments & Contingent Liabilities Assumptions for Benefit Obligations and Periodic Benefit Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | Assumptions The weighted-average assumptions used in computing the benefit obligations are as follows: 2017 2016 Discount rate 0.8 % 0.9 % Compensation rate increase 1.8 % 1.6 % The weighted-average assumptions used in computing the net periodic benefit costs are as follows: 2017 2016 2015 Discount rate 0.9 % 1.1 % 1.3 % Expected long-term rate of return on plan assets 1.9 % 1.6 % 2.3 % |
14. Segment Reporting (Tables)
14. Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information regarding industry segments | Information regarding industry segments at December 31, 2017 , 2016 , and 2015 and for the years then ended is as follows (in millions): Life Science Clinical Diagnostics Other Operations Segment net sales 2017 $ 785.2 $ 1,360.8 $ 14.2 2016 730.7 1,323.3 14.2 2015 695.0 1,310.4 14.0 Allocated interest expense 2017 $ 7.0 $ 14.9 $ — 2016 6.4 15.5 — 2015 6.1 15.4 0.1 Depreciation and amortization 2017 $ 36.2 $ 80.2 $ — 2016 31.7 80.5 — 2015 30.7 77.8 0.1 Segment (loss) profit 2017 $ (10.1 ) $ 112.5 $ 1.4 2016 (19.2 ) 57.0 0.9 2015 (0.7 ) 152.4 0.7 Segment assets 2017 $ 453.0 $ 1,038.4 $ 4.8 2016 380.8 909.1 4.9 Capital expenditures 2017 $ 12.6 $ 59.0 $ — 2016 14.3 67.1 — |
Reconciliation of segment profit to consolidated income before taxes | he following reconciles total segment profit to consolidated income before taxes (in millions): Year Ended December 31, 2017 2016 2015 Total segment profit $ 103.8 $ 38.7 $ 152.4 Foreign exchange losses (9.1 ) (4.5 ) (10.2 ) Net corporate operating, interest and other expense, net not allocated to segments (9.1 ) (7.5 ) (7.5 ) Other income (expense), net 12.2 14.9 11.1 Consolidated income before taxes $ 97.8 $ 41.6 $ 145.8 |
Reconciliation of Assets from Segment to Consolidated | The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2017 2016 Total segment assets $ 1,496.2 $ 1,294.8 Cash and other current assets 965.8 980.3 Property, plant and equipment, net, excluding segment specific gross machinery and equipment 57.0 91.1 Goodwill, net 506.1 477.1 Other long-term assets 1,247.9 1,007.2 Total assets $ 4,273.0 $ 3,850.5 |
Net sales and assets to external customers by geographic area | The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions): Year Ended December 31, 2017 2016 2015 Europe $ 758.5 $ 742.2 $ 763.7 Pacific Rim 461.3 427.1 392.2 United States 800.2 770.6 735.0 Other (primarily Canada and Latin America) 140.2 128.3 128.5 Total net sales $ 2,160.2 $ 2,068.2 $ 2,019.4 The following presents Property, plant and equipment, net, Other investments and other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions): December 31, 2017 2016 Europe $ 230.6 $ 221.1 Pacific Rim 18.4 16.1 United States 1,305.2 1,084.7 Other (primarily Canada and Latin America) 13.1 12.3 Total Property, plant and equipment, net, Other investments and other assets, excluding deferred income taxes $ 1,567.3 $ 1,334.2 |
15. Restructuring Costs (Tables
15. Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the activity of our European reorganization restructuring reserves for severance (in millions): 2017 2016 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balance as of January 1 $ 3.2 $ 5.8 $ 9.0 $ — $ — $ — Charged to expense — — — 4.1 7.6 11.7 Adjustment to expense 0.2 0.3 0.5 0.3 0.5 0.8 Cash payments (1.5 ) (2.7 ) (4.2 ) (1.0 ) (2.0 ) (3.0 ) Foreign currency translation losses (gains) 0.3 0.7 1.0 (0.2 ) (0.3 ) (0.5 ) Balance as of December 31 $ 2.2 $ 4.1 $ 6.3 $ 3.2 $ 5.8 $ 9.0 2017 Balance as of January 1 $ — Charged to expense 14.0 Cash payments — Foreign currency translation losses 0.1 Balance as of December 31 $ 14.1 |
16. Quarterly Financial Data (T
16. Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data [Table Text Block] | As reported: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 500.1 $ 504.7 $ 535.0 $ 620.4 Cost of goods sold 230.1 231.4 230.5 280.8 Gross profit 270.0 273.3 304.5 339.6 Selling, general and administrative expense 194.9 213.0 196.8 204.2 Research and development expense 49.5 62.6 61.4 76.8 Income before income taxes 20.1 1.1 38.9 37.7 (Provision for) benefit from income taxes (7.7 ) 3.9 (11.5 ) 32.2 Net income 12.4 5.0 27.4 69.9 Basic earnings per share $ 0.42 $ 0.17 $ 0.92 $ 2.35 Diluted earnings per share $ 0.41 $ 0.17 $ 0.91 $ 2.32 2016 Net sales $ 471.2 $ 516.8 $ 508.7 $ 571.5 Cost of goods sold 207.2 236.6 229.2 257.1 Gross profit 264.0 280.2 279.5 314.4 Selling, general and administrative expense 189.7 205.5 201.5 220.0 Research and development expense 48.6 49.8 49.9 57.6 Income (loss) before income taxes 20.2 26.9 22.7 (28.2 ) (Provision for) benefit from income taxes (7.9 ) (8.9 ) (4.3 ) 7.6 Net income (loss) 12.3 18.0 18.4 (20.6 ) Basic earnings (loss) per share $ 0.42 $ 0.61 $ 0.63 $ (0.70 ) Diluted earnings (loss) per share $ 0.42 $ 0.61 $ 0.62 $ (0.70 ) Adjustments: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ — $ — $ (0.9 ) $ 0.9 Cost of goods sold — — 4.7 (4.7 ) Gross profit — — (5.6 ) 5.6 Selling, general and administrative expense — — 1.9 (1.9 ) Research and development expense — — 0.7 (0.7 ) Income before income taxes — — (8.2 ) 8.2 (Provision for) benefit from income taxes — — 2.9 4.6 Net income — — (5.3 ) 12.8 Basic earnings per share $ — $ — $ (0.18 ) $ 0.43 Diluted earnings per share $ — $ — $ (0.18 ) $ 0.43 2016 Net sales $ — $ — $ — $ — Cost of goods sold — — — — Gross profit — — — — Selling, general and administrative expense — — — — Research and development expense — — — — Income (loss) before income taxes — — — — (Provision for) benefit from income taxes (1.3 ) (1.4 ) (1.3 ) 1.9 Net income (loss) (1.3 ) (1.4 ) (1.3 ) 1.9 Basic earnings (loss) per share $ (0.04 ) $ (0.05 ) $ (0.05 ) $ 0.07 Diluted earnings (loss) per share $ (0.05 ) $ (0.05 ) $ (0.04 ) $ 0.07 As revised: First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Net sales $ 500.1 $ 504.7 $ 534.1 $ 621.3 Cost of goods sold 230.1 231.4 235.2 276.1 Gross profit 270.0 273.3 298.9 345.2 Selling, general and administrative expense 194.9 213.0 198.7 202.3 Research and development expense 49.5 62.6 62.1 76.1 Income before income taxes 20.1 1.1 30.7 45.9 (Provision for) benefit from income taxes (7.7 ) 3.9 (8.6 ) 36.8 Net income 12.4 5.0 22.1 82.7 Basic earnings per share $ 0.42 $ 0.17 $ 0.74 $ 2.78 Diluted earnings per share $ 0.41 $ 0.17 $ 0.73 $ 2.75 2016 Net sales $ 471.2 $ 516.8 $ 508.7 $ 571.5 Cost of goods sold 207.2 236.6 229.2 257.1 Gross profit 264.0 280.2 279.5 314.4 Selling, general and administrative expense 189.7 205.5 201.5 220.0 Research and development expense 48.6 49.8 49.9 57.6 Income (loss) before income taxes 20.2 26.9 22.7 (28.2 ) (Provision for) benefit from income taxes (9.2 ) (10.3 ) (5.6 ) 9.5 Net income (loss) 11.0 16.6 17.1 (18.7 ) Basic earnings (loss) per share $ 0.38 $ 0.56 $ 0.58 $ (0.63 ) Diluted earnings (loss) per share $ 0.37 $ 0.56 $ 0.58 $ (0.63 ) |
1. Significant Accounting Pol45
1. Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2018 | Jan. 01, 2017 | |
Property, Plant and Equipment [Line Items] | |||||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,830,439 | $ 1,828,581 | $ 1,830,439 | $ 1,828,581 | |||||||||
Other assets | 94,949 | 47,852 | 94,949 | 47,852 | |||||||||
Prepaid Taxes | 14,500 | 14,500 | |||||||||||
Equipment | 971,140 | 908,659 | 971,140 | 908,659 | |||||||||
Deferred income taxes | 222,209 | 225,299 | 222,209 | 225,299 | |||||||||
Income Tax Expense (Benefit) | 36,800 | $ (8,600) | $ 3,900 | $ (7,700) | 9,500 | $ (5,600) | $ (10,300) | $ (9,200) | $ 24,444 | (15,560) | $ (36,608) | ||
Minimum [Member] | Software [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||
Minimum [Member] | Building and Building Improvements [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||||||||
Minimum [Member] | Reagent Rental Equipment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||||||||
Minimum [Member] | Equipment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||
Maximum [Member] | Software [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 12 years | ||||||||||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||||||
Maximum [Member] | Reagent Rental Equipment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||
Maximum [Member] | Equipment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property, Plant and Equipment, Useful Life | 12 years | ||||||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Long-term Debt and Capital Lease Obligations | (120,100) | $ (120,100) | $ (17,000) | $ (300) | |||||||||
Other assets | $ (17,000) | ||||||||||||
Scenario, Adjustment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Long-term Debt and Capital Lease Obligations | (7,599) | (7,599) | (200) | ||||||||||
Equipment | (10,467) | (10,467) | |||||||||||
Deferred income taxes | 2,380 | 2,380 | |||||||||||
Income Tax Expense (Benefit) | $ 4,600 | $ 2,900 | $ 0 | $ 0 | $ 1,900 | $ (1,300) | $ (1,400) | $ (1,300) | (2,125) | (3,854) | |||
First Tax Misstatement [Member] | Scenario, Adjustment [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Income Tax Expense (Benefit) | $ 200 | $ 181 |
1. Significant Accounting Pol46
1. Significant Accounting Policies Warranty rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty accrual, beginning of period | $ 17.6 | $ 17.4 |
Provision for warranty | 29.9 | 33.4 |
Actual warranty costs | (28.8) | (33.2) |
Warranty accrual, end of period | $ 18.7 | $ 17.6 |
1. Significant Accounting Pol47
1. Significant Accounting Policies Earnings per share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Basic weighted average shares outstanding | 29,655 | 29,440 | 29,186 |
Effect of potentially dilutive stock options and restricted stock awards | 379 | 206 | 223 |
Diluted weighted average common shares | 30,034 | 29,646 | 29,409 |
Anti-dilutive shares excluded from the computation of diluted EPS | 13 | 113 | 109 |
1. Significant Accounting Pol48
1. Significant Accounting Policies Details (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other assets | $ 738,794 | $ 417,766 | ||
Restricted investments | 5,560 | 4,560 | ||
Retained earnings | 1,830,439 | 1,828,581 | ||
Additional Paid in Capital | 361,231 | 332,911 | ||
Deferred Tax Assets, Gross | 145,600 | $ 184,200 | ||
Adjustments for New Accounting Pronouncement [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other assets | 120,100 | |||
Retained earnings | $ (17,000) | $ (120,100) | $ (300) | |
Additional Paid in Capital | 400 | |||
Deferred Tax Assets, Gross | $ 100 |
1. Significant Accounting Pol49
1. Significant Accounting Policies Significant Accounting Policies Reclassification & Correction of Immaterial Errors (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 36,800 | $ (8,600) | $ 3,900 | $ (7,700) | $ 9,500 | $ (5,600) | $ (10,300) | $ (9,200) | $ 24,444 | $ (15,560) | $ (36,608) | |
Buildings and leasehold improvements | 315,984 | 300,834 | 315,984 | 300,834 | ||||||||
Machinery and Equipment, Gross | 971,140 | 908,659 | 971,140 | 908,659 | ||||||||
Deferred income taxes | 222,209 | 225,299 | 222,209 | 225,299 | ||||||||
Other long-term liabilities | 183,276 | 140,537 | 183,276 | 140,537 | ||||||||
Liabilities | 1,342,762 | 1,271,344 | 1,342,762 | 1,271,344 | ||||||||
Retained earnings | 1,830,439 | 1,828,581 | 1,830,439 | 1,828,581 | ||||||||
Stockholders' Equity Attributable to Parent | 2,930,250 | 2,579,160 | 2,930,250 | 2,579,160 | 2,485,029 | $ 2,183,535 | ||||||
Net Income (Loss) Attributable to Parent | $ 82,700 | $ 22,100 | $ 5,000 | $ 12,400 | $ (18,700) | $ 17,100 | $ 16,600 | $ 11,000 | $ 122,249 | $ 26,000 | $ 109,239 | |
Earnings Per Share, Basic | $ 2.78 | $ 0.74 | $ 0.17 | $ 0.42 | $ (0.63) | $ 0.58 | $ 0.56 | $ 0.38 | $ 4.12 | $ 0.88 | $ 3.74 | |
Earnings Per Share, Diluted | $ 2.75 | $ 0.73 | $ 0.17 | $ 0.41 | $ (0.63) | $ 0.58 | $ 0.56 | $ 0.37 | $ 4.07 | $ 0.88 | $ 3.71 | |
Scenario, Previously Reported [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 32,200 | $ (11,500) | $ 3,900 | $ (7,700) | $ 7,600 | $ (4,300) | $ (8,900) | $ (7,900) | $ (13,435) | $ (32,754) | ||
Buildings and leasehold improvements | 290,367 | 290,367 | ||||||||||
Machinery and Equipment, Gross | 919,126 | 919,126 | ||||||||||
Deferred income taxes | 222,919 | 222,919 | ||||||||||
Other long-term liabilities | 135,318 | 135,318 | ||||||||||
Liabilities | 1,263,745 | 1,263,745 | ||||||||||
Retained earnings | 1,836,180 | 1,836,180 | ||||||||||
Stockholders' Equity Attributable to Parent | 2,586,759 | 2,586,759 | ||||||||||
Net Income (Loss) Attributable to Parent | $ 69,900 | $ 27,400 | $ 5,000 | $ 12,400 | $ (20,600) | $ 18,400 | $ 18,000 | $ 12,300 | $ 28,125 | $ 113,093 | ||
Earnings Per Share, Basic | $ 2.35 | $ 0.92 | $ 0.17 | $ 0.42 | $ (0.70) | $ 0.63 | $ 0.61 | $ 0.42 | $ 0.96 | $ 3.87 | ||
Earnings Per Share, Diluted | $ 2.32 | $ 0.91 | $ 0.17 | $ 0.41 | $ (0.70) | $ 0.62 | $ 0.61 | $ 0.42 | $ 0.95 | $ 3.85 | ||
Scenario, Adjustment [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 4,600 | $ 2,900 | $ 0 | $ 0 | $ 1,900 | $ (1,300) | $ (1,400) | $ (1,300) | $ (2,125) | $ (3,854) | ||
Buildings and leasehold improvements | 10,467 | 10,467 | ||||||||||
Machinery and Equipment, Gross | (10,467) | (10,467) | ||||||||||
Deferred income taxes | 2,380 | 2,380 | ||||||||||
Other long-term liabilities | 5,219 | 5,219 | ||||||||||
Liabilities | 7,599 | 7,599 | ||||||||||
Retained earnings | (7,599) | (7,599) | (200) | |||||||||
Stockholders' Equity Attributable to Parent | (7,599) | (7,599) | ||||||||||
Net Income (Loss) Attributable to Parent | $ 12,800 | $ (5,300) | $ 0 | $ 0 | $ 1,900 | $ (1,300) | $ (1,400) | $ (1,300) | $ (2,125) | $ (3,854) | ||
Earnings Per Share, Basic | $ 0.43 | $ (0.18) | $ 0 | $ 0 | $ 0.07 | $ (0.05) | $ (0.05) | $ (0.04) | $ (0.08) | $ (0.13) | ||
Earnings Per Share, Diluted | $ 0.43 | $ (0.18) | $ 0 | $ 0 | $ 0.07 | $ (0.04) | $ (0.05) | $ (0.05) | $ (0.07) | $ (0.14) | ||
Scenario, Adjustment [Member] | First Tax Misstatement [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 2,400 | |||||||||||
Scenario, Adjustment [Member] | Second Tax Misstatement [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 1,900 | 1,300 | ||||||||||
Other long-term liabilities | $ 4,600 | 4,600 | ||||||||||
Retained earnings | (1,400) | |||||||||||
Scenario, Adjustment [Member] | Third Tax Misstatement [Member] | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | 200 | $ 181 | ||||||||||
Other long-term liabilities | $ 600 | $ 600 |
2. Acquisitions (Details)
2. Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 15, 2017 | Jan. 06, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 506,069 | $ 477,115 | $ 495,900 | ||||
Goodwill, Acquired During Period | 26,200 | $ 100 | |||||
RainDance Technologies, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 72,700 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 10,000 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 72,900 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 37,600 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 200 | ||||||
Goodwill, Purchase Accounting Adjustments | 1,900 | ||||||
Goodwill, Acquired During Period | 26,200 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 13,600 | ||||||
Analytical Flow Cytometer Platform [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 32,800 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 9,500 | ||||||
Business Combination, Contingent Consideration, Liability | $ 16,700 | $ 23,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 32,700 | ||||||
Goodwill, Acquired During Period | $ 100 | ||||||
Deferred Tax Asset [Domain] | RainDance Technologies, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 22,500 | ||||||
Goodwill, Purchase Accounting Adjustments | 1,400 | ||||||
Deferred Revenue [Domain] | RainDance Technologies, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill, Purchase Accounting Adjustments | $ 3,300 |
3. Fair Value Measurements (Det
3. Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | $ 5.6 | $ 4.6 | ||
Available-for-sale investments | [1] | 1,301.4 | 1,115.6 | |
Forward foreign exchange contracts, Asset | [2] | 0.5 | 0.6 | |
Financial Assets Carried at Fair Value | 1,411.8 | 1,173.7 | ||
Forward foreign exchange contracts, Liability | [3] | 1.6 | 1.3 | |
Business Combination, Contingent Consideration, Liability | [4] | 16.7 | 38.5 | |
Liabilities, Fair Value Disclosure | 18.3 | 39.8 | ||
Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 0.7 | 3.6 | ||
Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 185.7 | 179.4 | |
US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 67.6 | 82.5 | |
Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 3.4 | 4.4 | |
Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 15 | 15.4 | |
Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 973.4 | 767.8 | |
Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 55.6 | 62.5 | |
Foreign Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 53.7 | 11.8 | |
US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 11.2 | [5] | 1.1 | |
Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 3.4 | 5.9 | |
Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 36 | 14.1 | |
Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 104.3 | 52.9 | |
Domestic Time Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 20 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 5.6 | 4.6 | ||
Available-for-sale investments | [1] | 973.4 | 767.8 | |
Forward foreign exchange contracts, Asset | [2] | 0 | 0 | |
Financial Assets Carried at Fair Value | 1,026.1 | 790.1 | ||
Forward foreign exchange contracts, Liability | [3] | 0 | 0 | |
Business Combination, Contingent Consideration, Liability | [4] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 973.4 | 767.8 | |
Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 43.7 | 11.8 | |
Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | [5] | 0 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 3.4 | 5.9 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 47.1 | 17.7 | |
Fair Value, Inputs, Level 1 [Member] | Domestic Time Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 0 | 0 | ||
Available-for-sale investments | [1] | 328 | 347.8 | |
Forward foreign exchange contracts, Asset | [2] | 0.5 | 0.6 | |
Financial Assets Carried at Fair Value | 385.7 | 383.6 | ||
Forward foreign exchange contracts, Liability | [3] | 1.6 | 1.3 | |
Business Combination, Contingent Consideration, Liability | [4] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 1.6 | 1.3 | ||
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 0.7 | 3.6 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 185.7 | 179.4 | |
Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 67.6 | 82.5 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 3.4 | 4.4 | |
Fair Value, Inputs, Level 2 [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 15 | 15.4 | |
Fair Value, Inputs, Level 2 [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 55.6 | 62.5 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 10 | 0 | |
Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 11.2 | [5] | 1.1 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 36 | 14.1 | |
Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 57.2 | 35.2 | |
Fair Value, Inputs, Level 2 [Member] | Domestic Time Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 20 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 0 | 0 | ||
Available-for-sale investments | [1] | 0 | 0 | |
Forward foreign exchange contracts, Asset | [2] | 0 | 0 | |
Financial Assets Carried at Fair Value | 0 | 0 | ||
Forward foreign exchange contracts, Liability | [3] | 0 | 0 | |
Business Combination, Contingent Consideration, Liability | [4] | 16.7 | 38.5 | |
Liabilities, Fair Value Disclosure | 16.7 | 38.5 | ||
Fair Value, Inputs, Level 3 [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | [1] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | [5] | 0 | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Domestic Time Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | ||
Other Current Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 2.7 | 14.5 | ||
Short-term Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 371.2 | 383.2 | ||
Short-term Investments [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 0.7 | 3.6 | ||
Short-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 185.7 | 179.4 | ||
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 67.6 | 82.5 | ||
Short-term Investments [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 3.4 | 4.4 | ||
Short-term Investments [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 15 | 15.4 | ||
Short-term Investments [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 43.4 | 35.7 | ||
Short-term Investments [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 55.4 | 62.2 | ||
Other Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale investments | 930.2 | 732.4 | ||
Other Noncurrent Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 14 | $ 24 | ||
[1] | Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2016 Short-term investments $ 371.2 $ 383.2 Other investments 930.2 732.4 Total $ 1,301.4 $ 1,115.6 | |||
[2] | Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets. | |||
[3] | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets. | |||
[4] | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2017 December 31, 2016 Other current liabilities $ 2.7 $ 14.5 Other long-term liabilities 14.0 24.0 Total $ 16.7 $ 38.5 | |||
[5] | Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets. |
3. Fair Value Measurements Fore
3. Fair Value Measurements Foreign Exchange Forward Contracts (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Forward foreign exchange contract to purchase foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Notional Amount | $ 413.2 |
Loss on foreign currency derivative instruments not designated as hedging instruments | 1 |
Forward foreign exchange contract to sell foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Notional Amount | 52 |
Loss on foreign currency derivative instruments not designated as hedging instruments | $ 0.1 |
3. Fair Value Measurements Shor
3. Fair Value Measurements Short-term Investments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 418.1 | $ 435.7 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 884.8 | 681.7 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1.5) | (1.8) | |
Estimated Fair Value | [1] | 1,301.4 | 1,115.6 |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 185.7 | 179.4 |
Interest-bearing Deposits [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | 0.7 | 3.6 | |
Municipal Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 15 | 15.4 |
Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 55.6 | 62.5 |
Marketable Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 973.4 | 767.8 |
US Government Sponsored Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 67.6 | 82.5 |
Foreign Government Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | 3.4 | 4.4 |
Short-term Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | 371.2 | 383.2 | |
Short-term Investments [Member] | Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 185.9 | 179.7 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.3 | 0.2 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (0.5) | (0.5) | |
Estimated Fair Value | 185.7 | 179.4 | |
Short-term Investments [Member] | Interest-bearing Deposits [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 0.7 | 3.6 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Estimated Fair Value | 0.7 | 3.6 | |
Short-term Investments [Member] | Municipal Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 15.1 | 15.5 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (0.1) | (0.1) | |
Estimated Fair Value | 15 | 15.4 | |
Short-term Investments [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 55.6 | 62.2 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0.1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (0.2) | (0.1) | |
Estimated Fair Value | 55.4 | 62.2 | |
Short-term Investments [Member] | Marketable Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 34.4 | 32.4 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9 | 3.7 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | (0.4) | |
Estimated Fair Value | 43.4 | 35.7 | |
Short-term Investments [Member] | Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 363.4 | 380.9 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9.3 | 4.1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1.5) | (1.8) | |
Estimated Fair Value | 371.2 | 383.2 | |
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 68.3 | 83.1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0.1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (0.7) | (0.7) | |
Estimated Fair Value | 67.6 | 82.5 | |
Short-term Investments [Member] | Foreign Government Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3.4 | 4.4 | |
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 | 3.4 | 4.4 | |
Other Long-term Investments [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 0.2 | 0.3 | |
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 | 0.2 | 0.3 | |
Other Long-term Investments [Member] | Marketable Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 54.5 | 54.5 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 875.5 | 677.6 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Estimated Fair Value | 930 | 732.1 | |
Other Long-term Investments [Member] | Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 54.7 | 54.8 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 875.5 | 677.6 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Estimated Fair Value | $ 930.2 | $ 732.4 | |
[1] | Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2016 Short-term investments $ 371.2 $ 383.2 Other investments 930.2 732.4 Total $ 1,301.4 $ 1,115.6 |
3. Fair Value Measurements Amor
3. Fair Value Measurements Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions | Dec. 31, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Mature in less than one year | $ 126.3 |
Mature in one to five years | 157.9 |
Mature in more than five years | 45 |
Total Amortized Cost | 329.2 |
Mature in less than one year | 126.1 |
Mature in one to five years | 157.2 |
Mature in more than five years | 44.7 |
Estimated Fair Value | $ 328 |
3. Fair Value Measurements Fair
3. Fair Value Measurements Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Price Change Debt Security | 5.00% | |
Tolerable variance Level 2 debt security pricing | 1.00% | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 43.9 | $ 11.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 168.7 | 160.5 |
Gross unrealized losses for investments in a loss position 12 months or more | 0.7 | 0.3 |
Gross unrealized losses for investments in a loss position less than 12 months | $ 0.8 | $ 1.5 |
Cost Method Investment, Percentage Owned | 35.00% |
3. Fair Value Investments (Deta
3. Fair Value Investments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Investments | $ 91.8 | $ 92.8 |
Total long-term debt, excluding leases and current maturities | 423.1 | 422.5 |
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 | 1,249.4 | 984.2 |
Total long-term debt, excluding leases and current maturities | $ 449.8 | $ 454.2 |
3. Fair Value Measurements Cont
3. Fair Value Measurements Contingent Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 13 Months Ended | 36 Months Ended | 51 Months Ended | 52 Months Ended | ||||||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2016 | Feb. 01, 2017 | Jan. 06, 2016 | Apr. 10, 2014 | Sep. 30, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 28.5 | $ 28.5 | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (18.1) | (0.4) | $ (5.6) | |||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Combination, Contingent Consideration, Liability | [1] | 16.7 | 38.5 | $ 16.7 | 38.5 | |||||||
CellSorter [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Combination, Contingent Consideration, Liability | 3.1 | 3.1 | $ 44.6 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (3.1) | $ (32) | ||||||||||
Net (decrease) increase in estimated fair value of contingent consideration included in selling, general and administrative expense | (12.6) | |||||||||||
Analytical Flow Cytometer Platform [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 | 16.7 | 16.7 | ||||||||||
Business Combination, Contingent Consideration, Liability | 16.7 | 16.7 | $ 23.3 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (0.6) | (0.6) | ||||||||||
Net (decrease) increase in estimated fair value of contingent consideration included in selling, general and administrative expense | $ (8.1) | $ 6 | ||||||||||
GnuBIO [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Combination, Contingent Consideration, Liability | $ 10 | $ 10 | $ 10.7 | |||||||||
Discount rate [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value Inputs, Discount Rate | 10.80% | |||||||||||
Sales milestone percentage of annual invoices [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | 39.00% | 39.00% | ||||||||||
Sales milestone percentage of annual invoices low [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | 20.00% | 20.00% | ||||||||||
Sales milestone minimum amount [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | $ 0 | ||||||||||
Cost of debt [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value Inputs, Discount Rate | 4.20% | |||||||||||
Scenario, Forecast [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 78 | |||||||||||
[1] | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2017 December 31, 2016 Other current liabilities $ 2.7 $ 14.5 Other long-term liabilities 14.0 24.0 Total $ 16.7 $ 38.5 |
4. Goodwill and other Purchased
4. Goodwill and other Purchased Intangible Assets Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||||
Goodwill period start | $ 518,800 | $ 524,100 | $ 518,800 | $ 524,100 |
Accumulated impairment loss period start | (41,700) | (28,200) | (41,700) | (28,200) |
Goodwill, net period start | 477,115 | 495,900 | 477,115 | 495,900 |
Goodwill, Acquired During Period | 26,200 | 100 | ||
Goodwill, Impairment Loss | 11,500 | 13,500 | ||
Currency fluctuations | 14,300 | (5,400) | ||
Goodwill period end | 559,300 | 518,800 | ||
Accumulated impairment loss period end | (53,200) | (41,700) | ||
Goodwill, net period end | 506,069 | 477,115 | ||
Life Science [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill period start | 207,100 | 207,200 | 207,100 | 207,200 |
Accumulated impairment loss period start | (27,200) | (27,200) | (27,200) | (27,200) |
Goodwill, net period start | 179,900 | 180,000 | 179,900 | 180,000 |
Goodwill, Acquired During Period | 26,200 | 100 | ||
Goodwill, Impairment Loss | 8,700 | 0 | ||
Currency fluctuations | 1,400 | (200) | ||
Goodwill period end | 234,700 | 207,100 | ||
Accumulated impairment loss period end | (35,900) | (27,200) | ||
Goodwill, net period end | 198,800 | 179,900 | ||
Clinical Diagnostics [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill period start | 311,700 | 316,900 | 311,700 | 316,900 |
Accumulated impairment loss period start | (14,500) | (1,000) | (14,500) | (1,000) |
Goodwill, net period start | 297,200 | 315,900 | 297,200 | 315,900 |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill, Impairment Loss | 2,800 | 13,500 | ||
Currency fluctuations | 12,900 | (5,200) | ||
Goodwill period end | 324,600 | 311,700 | ||
Accumulated impairment loss period end | (17,300) | (14,500) | ||
Goodwill, net period end | $ 307,300 | $ 297,200 | ||
RainDance Technologies, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 26,200 | |||
Analytical Flow Cytometer Platform [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 100 |
4. Goodwill and other Purchas59
4. Goodwill and other Purchased Intangible Assets Intangible Assets, Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 15, 2017 | Jan. 06, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | $ 509,000 | $ 443,200 | ||||
Future Amortization Expense, Year One | 28,400 | |||||
Future Amortization Expense, Year Two | 25,000 | |||||
Future Amortization Expense, Year Three | 22,900 | |||||
Future Amortization Expense, Year Four | 22,100 | |||||
Future Amortization Expense, Year Five | 18,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 57,700 | |||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (334,900) | (281,600) | ||||
Net Carrying Amount | 174,100 | 161,600 | ||||
Amortization [Abstract] | ||||||
Amortization expense | 30,800 | 35,200 | $ 36,500 | |||
Impairment losses on goodwill and long-lived assets | 11,506 | 62,305 | $ 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 46,400 | |||||
Intangible Assets, Net (Excluding Goodwill) | 174,113 | 161,609 | ||||
Customer Relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 92,300 | 84,400 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (64,400) | (52,800) | ||||
Net Carrying Amount | 27,900 | 31,600 | ||||
Know how [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 194,900 | 182,600 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (157,900) | (136,900) | ||||
Net Carrying Amount | 37,000 | 45,700 | ||||
Developed Technology Rights [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 133,300 | 125,900 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (70,300) | (56,300) | ||||
Net Carrying Amount | 63,000 | 69,600 | ||||
Licensing Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 76,700 | 39,000 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (36,000) | (30,600) | ||||
Net Carrying Amount | 40,700 | 8,400 | ||||
Trade Names [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 3,900 | 3,500 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (3,000) | (2,500) | ||||
Net Carrying Amount | 900 | 1,000 | ||||
Noncompete Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 7,900 | 7,800 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||
Accumulated Amortization | (3,300) | (2,500) | ||||
Net Carrying Amount | $ 4,600 | $ 5,300 | ||||
Minimum [Member] | Customer Relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 1 year | ||||
Minimum [Member] | Know how [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 1 year | ||||
Minimum [Member] | Developed Technology Rights [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 3 years | ||||
Minimum [Member] | Licensing Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 1 year | ||||
Minimum [Member] | Trade Names [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 4 years | ||||
Minimum [Member] | Noncompete Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year | 2 years | ||||
Minimum [Member] | Other Intangible Assets [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | 0 years | ||||
Maximum [Member] | Customer Relationships [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | 8 years | ||||
Maximum [Member] | Know how [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | 9 years | ||||
Maximum [Member] | Developed Technology Rights [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years | 12 years | ||||
Maximum [Member] | Licensing Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years | 9 years | ||||
Maximum [Member] | Trade Names [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | 8 years | ||||
Maximum [Member] | Noncompete Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | 9 years | ||||
Maximum [Member] | Other Intangible Assets [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | 0 years | ||||
RainDance Technologies, Inc. [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 37,600 | |||||
RainDance Technologies, Inc. [Member] | Developed Technology Rights [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,000 | |||||
RainDance Technologies, Inc. [Member] | Licensing Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,400 | |||||
RainDance Technologies, Inc. [Member] | Trade Names [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 | |||||
Analytical Flow Cytometer Platform [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 32,700 | |||||
Analytical Flow Cytometer Platform [Member] | Developed Technology Rights [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 29,700 | |||||
Analytical Flow Cytometer Platform [Member] | Noncompete Agreements [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived Intangible Assets Acquired | $ 3,000 |
5. Notes Payable and Long-Ter60
5. Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2014 | Dec. 31, 2010 |
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 435,000 | $ 434,500 | ||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal Remainder of Fiscal Year | 400 | 300 | ||
Long-term Debt and Capital Lease Obligations | 434,581 | 434,186 | ||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 400 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 300 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 425,300 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 300 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 300 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,300 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 208,400 | |||
Letters of Credit Outstanding, Amount | 4,200 | |||
Performance Guarantee [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Letters of Credit Outstanding, Amount | 4,200 | |||
Unsecured Debt [Member] | Senior Notes 4.875% due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | 425,000 | 425,000 | ||
Long-term debt | 423,100 | 422,500 | $ 422,600 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,900 | 2,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.946% | |||
Face amount of debt sold | $ 425,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Capital Lease Obligations [Member] | Capital Leases and Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 11,900 | 12,000 | ||
Line of Credit [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||
Long-term Line of Credit | $ 0 | |||
Line of Credit Facility, Interest Rate at Period End | 2.94% | |||
Standby Letters of Credit [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 500 | $ 800 |
6. Income Taxes (Details)
6. Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||||||||
Prepaid Taxes | $ 14,500 | $ 14,500 | |||||||||
U.S. | 72,800 | $ (38,500) | $ 48,400 | ||||||||
International | 25,000 | 80,100 | 97,400 | ||||||||
Income before income taxes | 97,805 | 41,560 | 145,847 | ||||||||
U.S. Federal | 6,700 | 16,100 | 8,700 | ||||||||
State | 3,400 | 3,100 | 1,700 | ||||||||
International | 32,000 | 30,400 | 34,100 | ||||||||
Current Income Tax Expense (Benefit) | 42,100 | 49,600 | 44,500 | ||||||||
U.S. Federal | (69,800) | (42,400) | 2,000 | ||||||||
State | 4,300 | (2,800) | 1,400 | ||||||||
International | (19,300) | (6,000) | (7,100) | ||||||||
Deferred tax benefit | (84,800) | (51,200) | (3,700) | ||||||||
Tax Cuts and Jobs Act, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability, Provisonal Income Tax Benefit | 125,000 | ||||||||||
Non-current tax expense (benefit) | 18,300 | 17,200 | (4,200) | ||||||||
Provision for income taxes | (36,800) | $ 8,600 | $ (3,900) | $ 7,700 | $ (9,500) | $ 5,600 | $ 10,300 | $ 9,200 | $ (24,444) | $ 15,560 | $ 36,608 |
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Impact of foreign operations | 7.00% | (15.00%) | (4.00%) | ||||||||
Foreign dividends, net | 0.00% | (40.00%) | (4.00%) | ||||||||
Research tax credits | (4.00%) | (9.00%) | (2.00%) | ||||||||
Nontaxable subsidies | (2.00%) | (4.00%) | (1.00%) | ||||||||
Tax settlements and changes to unrecognized tax benefits | 0.00% | 47.00% | (3.00%) | ||||||||
Goodwill impairment | 0.00% | 11.00% | 0.00% | ||||||||
Domestic manufacturing deduction | 0.00% | (4.00%) | (2.00%) | ||||||||
Stock-based compensation | (5.00%) | (3.00%) | (1.00%) | ||||||||
Nondeductible executive compensation | 2.00% | 3.00% | 1.00% | ||||||||
Fines and penalties | 0.00% | 2.00% | 0.00% | ||||||||
Prior period adjustments | 0.00% | 4.00% | 3.00% | ||||||||
State taxes | 3.00% | 1.00% | 1.00% | ||||||||
Other | (3.00%) | 1.00% | 0.00% | ||||||||
Provision for income taxes | (25.00%) | 37.00% | 25.00% | ||||||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ (70,000) | ||||||||||
Bad debt, inventory and warranty accruals | 28,600 | 25,800 | 28,600 | $ 25,800 | |||||||
Other post-employment benefits, vacation and other reserves | 24,000 | 26,300 | 24,000 | 26,300 | |||||||
Tax credit and net operating loss carryforwards | 73,300 | 96,400 | 73,300 | 96,400 | |||||||
Other | 19,700 | 35,700 | 19,700 | 35,700 | |||||||
Total gross deferred tax assets | 145,600 | 184,200 | 145,600 | 184,200 | |||||||
Valuation allowance | (66,400) | (66,400) | (66,400) | (66,400) | |||||||
Total deferred tax assets | 79,200 | 117,800 | 79,200 | 117,800 | |||||||
Property and equipment | 33,500 | 22,200 | 33,500 | 22,200 | |||||||
Investments and intangible assets | 219,100 | 287,800 | 219,100 | 287,800 | |||||||
Total deferred tax liabilities | 252,600 | 310,000 | 252,600 | 310,000 | |||||||
Net deferred tax liabilities | (173,400) | (192,200) | (173,400) | (192,200) | |||||||
Unrecognized tax benefits period start | $ 21,100 | $ 11,900 | 21,100 | 11,900 | $ 15,800 | ||||||
Additions to tax positions related to prior years | 1,300 | 10,400 | 700 | ||||||||
Reductions to tax positions related to prior years | (1,000) | 0 | (200) | ||||||||
Additions to tax positions related to the current year | 34,800 | 3,400 | 2,900 | ||||||||
Settlements | (200) | (2,400) | (500) | ||||||||
Lapse of statute of limitations | (3,400) | (2,300) | (6,300) | ||||||||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 2,300 | ||||||||||
Currency translation | 100 | 500 | |||||||||
Unrecognized tax benefits period end | 54,900 | 21,100 | 54,900 | 21,100 | 11,900 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 10,900 | $ 11,800 | 10,900 | 11,800 | 3,100 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (900) | $ 8,700 | $ (700) | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2,300 | 2,300 | |||||||||
Tax Cuts and Jobs Act, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | 55,000 | ||||||||||
Foreign Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Operating Loss Carryforward, Valuation Allowance | 27,800 | 27,800 | |||||||||
Operating Loss Carryforward With No Expiration Date | 150,600 | 150,600 | |||||||||
Operating Loss Carryforwards | 207,200 | $ 207,200 | |||||||||
Domestic Tax Authority [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Other reconciling items | 3.00% | 2.00% | 0.00% | ||||||||
Tax Cuts and Jobs Act [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
U.S. tax reform | (71.00%) | 0.00% | 0.00% | ||||||||
State and Local Jurisdiction [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Operating Loss Carryforwards | 53,000 | $ 53,000 | |||||||||
Including accrued interest and penalties [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Other | 2,800 | 2,800 | |||||||||
Unrecognized tax benefits period end | 65,800 | 65,800 | |||||||||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 29,600 | $ 29,600 | |||||||||
Acquisition-related Costs [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Other reconciling items | 10.00% | 0.00% | 0.00% | ||||||||
QuantaLife [Member] | Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 2,000 | $ 2,000 | |||||||||
Net of prepaid taxes [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Unrecognized tax benefits period end | $ 48,500 | $ 48,500 |
7. Stockholders' Equity (Detail
7. Stockholders' Equity (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Shares, Issued | 24,679,000 | 24,454,000 | 24,230,000 | 23,972,000 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 34,000 | 13,000 | 18,000 | ||
Stock Issued During Period, Shares, New Issues | 191,000 | 211,000 | 240,000 | ||
Common Stock, Voting Rights | .10 | ||||
Election Percentage for Board of Directors | 25.00% | ||||
Common Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Shares, Issued | 5,108,000 | 5,124,000 | 5,131,000 | 5,099,000 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (34,000) | (13,000) | (18,000) | ||
Stock Issued During Period, Shares, New Issues | 18,000 | 6,000 | 50,000 | ||
Common Stock, Voting Rights | 1 | ||||
Election Percentage for Board of Directors | 75.00% | ||||
Treasury Class-A [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 122 | 13,200 | |||
Treasury Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Treasury Stock, Shares, Acquired | 917 |
7. Stockholders' Equity Treasur
7. Stockholders' Equity Treasury Shares (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 250 | $ 18 | |
Treasury Class-A [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares | 582 | 122 | |
Treasury Stock, Shares, Acquired | 122 | 13,200 | |
Stock Issued During Period, Shares, Treasury Stock Reissued | 12,740 | ||
Treasury Class B [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares | 917 | 917 | |
Treasury Stock, Shares, Acquired | 917 |
8. Accumulated Other Comprehe64
8. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income | $ 738,794 | $ 417,766 | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||
Other comprehensive income, net of tax | 321,028 | 35,628 | $ 163,193 |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income | 77,400 | 1,300 | 33,700 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 76,100 | (32,400) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||
Other comprehensive income, net of tax | 76,100 | (32,400) | |
Other Postretirement Benefit Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income | (22,300) | (18,600) | (20,700) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6,500) | 500 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,100 | 2,500 | |
Other Comprehensive Income (Loss), Tax | 700 | (900) | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||
Other comprehensive income, net of tax | (3,700) | 2,100 | |
Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income | 683,700 | 435,000 | 369,100 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 203,600 | 105,100 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (100) | (800) | |
Other Comprehensive Income (Loss), Tax | (74,900) | (38,400) | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 120,100 | ||
Other comprehensive income, net of tax | 248,700 | 65,900 | |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income | 738,800 | 417,700 | $ 382,100 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 273,200 | 73,200 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,000 | 1,700 | |
Other Comprehensive Income (Loss), Tax | (74,200) | (39,300) | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 120,100 | ||
Other comprehensive income, net of tax | $ 321,100 | $ 35,600 |
8. Accumulated Other Comprehe65
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expense | $ (202,300) | $ (198,700) | $ (213,000) | $ (194,900) | $ (220,000) | $ (201,500) | $ (205,500) | $ (189,700) | $ (808,942) | $ (816,724) | $ (761,990) |
Realized Investment Gains (Losses) | 100 | 800 | $ 1,600 | ||||||||
Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling, general and administrative expense | 2,100 | 2,500 | |||||||||
Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized Investment Gains (Losses) | $ 100 | $ 800 |
9. Share-based Compensation (De
9. Share-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 4,200,000 | $ 2,100,000 | $ 1,600,000 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 6,300,000 | 1,500,000 | 3,600,000 |
Share-based Compensation Expense | 23,400,000 | 19,700,000 | 17,000,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 5,800,000 | $ 5,100,000 | 4,300,000 |
2011 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,300,000 | ||
Stock Option and Award Plans [Member] | Incentive Award Plan 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,999,714 | ||
Number of Shares Available for Grant | 1,771,794 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Term (in years) - Outstanding | 5 years 1 month 2 days | ||
Aggregate Intrinsic Value (in millions) - Outstanding | $ 48.2 | ||
Options - Weighted-Average Exercise Price | $ 120.39 | $ 106.52 | |
Options Granted - Weighted Average Exercise Price | 215.98 | ||
Options Exercised - Weighted Average Exercise Price | $ 89.41 | ||
Options Granted Term | P10Y | ||
Options Forfeitured/expired - Weighted Average Exercise Price | $ 177.99 | ||
Options - Shares Vested and Expected to Vest | 125,720 | ||
Options Vested and Expected to Vest - Weighted Average Exercise Price | $ 164.84 | ||
Options Vested and Expected to Vest - Weighted Average Remaining Contractual Term (in years) | 8 years 3 months 14 days | ||
Options Vested and Expected to Vest - Aggregate Intrinsic Value (in millions) | $ 9.3 | ||
Weighted Average Exercise Price - Options Exercisable | $ 100.56 | ||
Weighted Average Remaining Contractual Term (in years) - Exercisable | 3 years 7 months 28 days | ||
Options Exercisable Aggregate Intrinsic Value (in millions) | $ 38.9 | ||
Options, Exercises in Period, Total Intrinsic Value | 10,000,000 | $ 1,000,000 | 13,000,000 |
Cash Received from Exercise of Stock Options | 1,600,000 | 1,200,000 | 2,900,000 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 6,000,000 | $ 9,300,000 | |
Total unrecognized compensation cost from stock options | $ 5,500,000 | ||
Options Number Exercisable | 281,760 | ||
Options Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Weighted average fair value of options granted, period for recognition | 3 years | ||
Expected Volatility | 20.00% | 21.00% | 23.00% |
Risk Free Interest Rate | 1.87% | 1.35% | 1.90% |
Expected life (in years) | 7 years 2 months 12 days | 7 years 4 months 24 days | 7 years 8 months 12 days |
Expected dividend | $ 0 | $ 0 | $ 0 |
Weighted average fair value of options granted | $ 58.65 | $ 42.40 | $ 42.74 |
Expected dividend yield | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of period | 449,570 | ||
Options - Shares Granted | 44,000 | ||
Options - Shares Exercised | (78,890) | ||
Options - Shares Forfeitures/expired | (7,200) | ||
Outstanding end of period | 407,480 | 449,570 | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 721,712 | ||
Cash Received from Exercise of Stock Options | $ 13,000,000 | $ 11,500,000 | $ 10,800,000 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 74,409 | 93,605 | 96,634 |
Employee Contribution Rate - Maximum | 10.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Contribution Amount | $ 25,000 | ||
Employee Purchase Price Discount from Market Price | 85.00% | ||
Expected Volatility | 19.00% | 20.00% | 18.00% |
Risk Free Interest Rate | 0.83% | 0.26% | 0.02% |
Expected life (in years) | 7 days | 7 days | 7 days |
Expected dividend | $ 0 | $ 0 | $ 0 |
Expected dividend yield | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 38.86 | $ 27.36 | $ 25.08 |
Stock Award Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Stock Award Plans [Member] | Incentive Award Plan 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Vesting Period | 5 years |
9. Share-based Compensation Res
9. Share-based Compensation Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 27.7 | $ 18.7 | $ 15.8 |
Total unrecognized compensation cost from restricted stock | $ 74.7 | ||
Nonvested shares - Weighted Average Grant Date Fair Value | $ 172.75 | $ 141.09 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding beginning of period | 448,822 | ||
Restricted Stock Units Granted | 192,860 | ||
Restricted Stock Units - Vested | (127,189) | ||
Restricted Stock Units - Forfeited | (41,263) | ||
Outstanding end of period | 473,230 | 448,822 | |
Weighted Average Grant Date Fair Value - Granted | $ 215.98 | ||
Restricted Stock Units Vested - Weighted-Average Grant-Date Fair Value | 133.54 | ||
Resticted Stock Units Cancelled/forfeited - Weighted-Average Grant-Date Fair Value | $ 151.36 | ||
Weighted Average Remaining Contractual Term (in years) | 2 years 1 month 20 days | ||
Resticted Stock Units Outstanding Aggregate Intrinsic Value (in millions) | $ 112.9 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 years |
10. Other Income and Expense68
10. Other Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and investment income | $ (19,100) | $ (14,700) | $ (10,100) |
Net realized (gains) losses on investments | (100) | (800) | (1,600) |
Other-than-temporary impairment losses on investments | 7,000 | 600 | 600 |
Other (income) expense, net | $ (12,197) | $ (14,850) | $ (11,080) |
11. Supplemental Cash Flow I69
11. Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Significant Noncash Transactions [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 82,700 | $ 22,100 | $ 5,000 | $ 12,400 | $ (18,700) | $ 17,100 | $ 16,600 | $ 11,000 | $ 122,249 | $ 26,000 | $ 109,239 |
Depreciation and amortization | 148,700 | 142,900 | 131,800 | ||||||||
Share-based compensation | 23,400 | 19,700 | 17,000 | ||||||||
Loss (gain) on disposition of securities | (100) | (800) | (1,600) | ||||||||
Other than Temporary Impairment Losses, Investments | 7,000 | 600 | 600 | ||||||||
Loss on disposition of fixed assets | 8,100 | 600 | 300 | ||||||||
Excess tax benefits from share-based compensation | 0 | (1,506) | (3,610) | ||||||||
Changes in fair value of contingent consideration | (18,100) | (400) | (5,600) | ||||||||
(Increase) decrease in accounts receivable, net | (64,100) | 12,500 | (39,000) | ||||||||
Increase in inventories, net | (47,700) | (57,100) | (54,200) | ||||||||
(Increase) decrease in Other Current Assets | (36,100) | (6,600) | 100 | ||||||||
Increase in accounts payable and other current liabilities | 7,800 | 30,100 | 28,600 | ||||||||
(Decrease) increase in Income Taxes Payable | (22,400) | 10,700 | 12,700 | ||||||||
Decrease in deferred income taxes | (82,000) | (51,400) | (4,000) | ||||||||
Other | 5,200 | 5,700 | 4,300 | ||||||||
Decrease in other long term assets | 2,400 | 12,700 | 300 | ||||||||
Increase (Decrease) in Other Long Term Liabilities | 38,100 | 10,400 | (10,700) | ||||||||
Impairment losses on goodwill and long-lived assets | 11,506 | 62,305 | 0 | ||||||||
Net cash provided by operating activities | 103,885 | 216,433 | 186,210 | ||||||||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 0 | 7,200 | 0 | ||||||||
Noncash Purchased Marketable Securities and Investments | $ 2,800 | $ 600 | $ 2,200 |
12. Commitments & Contingent 70
12. Commitments & Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 13 Months Ended | 36 Months Ended | 51 Months Ended | 52 Months Ended | ||||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2016 | Feb. 01, 2017 | Jan. 06, 2016 | Apr. 10, 2014 | Sep. 30, 2012 | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 28.5 | |||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Operating leases, due next twelve months | $ 39.3 | $ 39.3 | ||||||||
Operating leases, due in two years | 33.2 | 33.2 | ||||||||
Operating leases, due in three years | 27.1 | 27.1 | ||||||||
Operating leases, due in four years | 17.8 | 17.8 | ||||||||
Operating leases, due thereafter | 27.5 | 27.5 | ||||||||
Post-Employment Benefits Liability | 3.7 | 3.7 | 3.5 | |||||||
Recorded Unconditional Purchase Obligation | 131.2 | 131.2 | ||||||||
Recorded Unconditional Purchase Obligation Due in Next Twelve Months | 10.3 | 10.3 | ||||||||
Recorded Unconditional Purchase Obligation Due in Second Year | 14.3 | 14.3 | ||||||||
Recorded Unconditional Purchase Obligation Due in Third Year | 10.6 | 10.6 | ||||||||
Recorded Unconditional Purchase Obligation Due in Fourth Year | 6.9 | 6.9 | ||||||||
Recorded Unconditional Purchase Obligation Due in Fifth Year | 2.6 | 2.6 | ||||||||
Recorded Unconditional Purchase Obligation Due after Fifth Year | 86.5 | 86.5 | ||||||||
Unrecorded Unconditional Purchase Obligation | 24.5 | 24.5 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due in Twelve Months | 3.7 | 3.7 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 3.8 | 3.8 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 3.7 | 3.7 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 3.8 | 3.8 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 3.7 | 3.7 | ||||||||
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 5.8 | 5.8 | ||||||||
Letters of Credit Outstanding Amount | $ 4.2 | $ 4.2 | ||||||||
Employees Covered By Collective Bargaining Agreements U.S., Percentage | 7.00% | 7.00% | ||||||||
Analytical Flow Cytometer Platform [Member] | ||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 16.7 | $ 16.7 | ||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 0.6 | 0.6 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 8.1 | (6) | ||||||||
Business Combination, Contingent Consideration, Liability | 16.7 | 16.7 | $ 23.3 | |||||||
GnuBIO [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Combination, Contingent Consideration, Liability | 10 | $ 10.7 | ||||||||
CellSorter [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 3.1 | $ 32 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 12.6 | |||||||||
Business Combination, Contingent Consideration, Liability | $ 3.1 | $ 3.1 | $ 44.6 | |||||||
UNITED STATES | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Entity Number of Employees | 3,270 | 3,270 | ||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Combination, Contingent Consideration, Liability | [1] | $ 16.7 | $ 16.7 | $ 38.5 | ||||||
Scenario, Forecast [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 78 | |||||||||
Sales milestone percentage of annual invoices [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | 39.00% | 39.00% | ||||||||
Sales milestone percentage of annual invoices low [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Acquisition, Contingent Consideration, Potential Percentage Payout | 20.00% | 20.00% | ||||||||
Sales milestone minimum amount [Member] | Analytical Flow Cytometer Platform [Member] | ||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | $ 0 | ||||||||
[1] | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2017 December 31, 2016 Other current liabilities $ 2.7 $ 14.5 Other long-term liabilities 14.0 24.0 Total $ 16.7 $ 38.5 |
12. Commitments & Contingent 71
12. Commitments & Contingent Liabilities Period Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 4.2 | ||
Operating Leases, Rent Expense, Net | 43.6 | $ 44.4 | $ 45 |
Contribution expense | $ 16 | $ 15.1 | $ 14.7 |
12. Commitments & Contingent 72
12. Commitments & Contingent Liabilities Pensions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.90% | 1.10% | 1.30% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.80% | 0.90% | |
Defined Benefit Plan, Benefit Obligation | $ 136.6 | $ 122.7 | $ 120.8 |
Defined Benefit Plan, Service Cost | 6.5 | 6.1 | 5.3 |
Defined Benefit Plan, Interest Cost | 1.1 | 1.4 | 1.4 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 2.8 | 2.6 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 3.3 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (3.2) | (3.3) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 1.1 | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | (2) | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (5.1) | (2.5) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 9.4 | (2.4) | |
Defined Benefit Plan, Fair Value of Plan Assets | 61.7 | 58.8 | 56.7 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0.5 | 1.3 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4 | 4.7 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 2.8 | 2.6 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (2.3) | (2.9) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (5.1) | (2.5) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 3 | (1.1) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (74.9) | (63.9) | |
Liability, Defined Benefit Plan, Current | (1.1) | (0.5) | |
Liability, Defined Benefit Plan, Noncurrent | (73.8) | (63.4) | |
Liability, Defined Benefit Plan | (74.9) | (63.9) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1.1) | (1) | (1.2) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1.4 | 1.7 | 0.8 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 1.2 | 0.4 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 9.1 | $ 8.6 | $ 6.7 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.80% | 1.60% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.90% | 1.60% | 2.30% |
13. Legal Proceedings Legal Pro
13. Legal Proceedings Legal Proceedings (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Legal Proceedings [Abstract] | |
Loss Contingency, Damages Awarded, Value | $ 10,920,000 |
Litigation Settlement Interest | 141,608 |
Loss Contingency, Damages Paid, Value | $ 990,000 |
14. Segment Reporting (Details)
14. Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number Of Products And Services | 9,000 | ||||||||||
Net sales | $ 621,300 | $ 534,100 | $ 504,700 | $ 500,100 | $ 571,500 | $ 508,700 | $ 516,800 | $ 471,200 | $ 2,160,153 | $ 2,068,172 | $ 2,019,441 |
Interest expense | 21,914 | 21,942 | 21,692 | ||||||||
Depreciation and amortization | 148,700 | 142,900 | 131,800 | ||||||||
Segment profit | 45,900 | $ 30,700 | $ 1,100 | $ 20,100 | (28,200) | $ 22,700 | $ 26,900 | $ 20,200 | 116,650 | 53,194 | 166,708 |
Total assets | 4,273,012 | 3,850,504 | 4,273,012 | 3,850,504 | |||||||
Payments to Acquire Property, Plant, and Equipment | 111,332 | 141,436 | 112,000 | ||||||||
Life Science [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 785,200 | 730,700 | 695,000 | ||||||||
Interest expense | 7,000 | 6,400 | 6,100 | ||||||||
Depreciation and amortization | 36,200 | 31,700 | 30,700 | ||||||||
Segment profit | (10,100) | (19,200) | (700) | ||||||||
Total assets | 453,000 | 380,800 | 453,000 | 380,800 | |||||||
Payments to Acquire Property, Plant, and Equipment | 12,600 | 14,300 | |||||||||
Clinical Diagnostics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,360,800 | 1,323,300 | 1,310,400 | ||||||||
Interest expense | 14,900 | 15,500 | 15,400 | ||||||||
Depreciation and amortization | 80,200 | 80,500 | 77,800 | ||||||||
Segment profit | 112,500 | 57,000 | 152,400 | ||||||||
Total assets | 1,038,400 | 909,100 | 1,038,400 | 909,100 | |||||||
Payments to Acquire Property, Plant, and Equipment | 59,000 | 67,100 | |||||||||
All Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 14,200 | 14,200 | 14,000 | ||||||||
Interest expense | 0 | 0 | 100 | ||||||||
Depreciation and amortization | 0 | 0 | 100 | ||||||||
Segment profit | 1,400 | 900 | $ 700 | ||||||||
Total assets | $ 4,800 | $ 4,900 | 4,800 | 4,900 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 0 | $ 0 |
14. Segment Information Segment
14. Segment Information Segment Profit Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | $ 97,805 | $ 41,560 | $ 145,847 |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | 103,800 | 38,700 | 152,400 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | (9,100) | (7,500) | (7,500) |
Foreign Currency Gain (Loss) [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | (9,100) | (4,500) | (10,200) |
Other Nonoperating Income (Expense) [Member] | Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | $ 12,200 | $ 14,900 | $ 11,100 |
14. Segment Information Segme76
14. Segment Information Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 4,273,012 | $ 3,850,504 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,496,200 | 1,294,800 |
Other Current Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 965,800 | 980,300 |
Property, Plant and Equipment excluding segment specific [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 57,000 | 91,100 |
Goodwill [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 506,100 | 477,100 |
Other Noncurrent Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,247,900 | $ 1,007,200 |
14. Segment Information Segme77
14. Segment Information Segment Information by Geographical Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 621,300 | $ 534,100 | $ 504,700 | $ 500,100 | $ 571,500 | $ 508,700 | $ 516,800 | $ 471,200 | $ 2,160,153 | $ 2,068,172 | $ 2,019,441 |
Other assets and property, plant and equipment, net | 1,567,300 | 1,334,200 | 1,567,300 | 1,334,200 | |||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 758,500 | 742,200 | 763,700 | ||||||||
Other assets and property, plant and equipment, net | 230,600 | 221,100 | 230,600 | 221,100 | |||||||
Pacific Rim [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 461,300 | 427,100 | 392,200 | ||||||||
Other assets and property, plant and equipment, net | 18,400 | 16,100 | 18,400 | 16,100 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 800,200 | 770,600 | 735,000 | ||||||||
Other assets and property, plant and equipment, net | 1,305,200 | 1,084,700 | 1,305,200 | 1,084,700 | |||||||
Other (primarily Canada and Latin America) [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 140,200 | 128,300 | $ 128,500 | ||||||||
Other assets and property, plant and equipment, net | $ 13,100 | $ 12,300 | $ 13,100 | $ 12,300 |
15. Restructuring Costs (Detail
15. Restructuring Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Document Fiscal Year Focus | 2,017 | ||
GnuBIO [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Current | $ 1.4 | ||
GnuBIO [Member] | Clinical Diagnostics [Member] | Other Operating Income (Expense) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5.5 | ||
GnuBIO [Member] | Clinical Diagnostics [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.8 | ||
GnuBIO [Member] | Clinical Diagnostics [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2.9 | ||
GnuBIO [Member] | Clinical Diagnostics [Member] | Research and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7.6 | ||
European Reorganization [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 6.3 | $ 9 | $ 0 |
Restructuring Charges | 0.5 | 12.5 | |
Restructuring Reserve, Accrual Adjustment | 0.5 | 0.8 | |
Payments for Restructuring | (4.2) | (3) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 1 | (0.5) | |
Restructuring Reserve, Current | 6.2 | ||
Restructuring Reserve, Noncurrent | 0.1 | ||
European Reorganization [Member] | Cost of Goods, Total [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (0.2) | 2.1 | |
European Reorganization [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.7 | 10.4 | |
European Reorganization [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 11.7 | |
European Reorganization [Member] | Life Science [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 2.2 | 3.2 | 0 |
Restructuring Charges | 0 | 4.1 | |
Restructuring Reserve, Accrual Adjustment | 0.2 | 0.3 | |
Payments for Restructuring | (1.5) | (1) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0.3 | (0.2) | |
European Reorganization [Member] | Clinical Diagnostics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 4.1 | 5.8 | $ 0 |
Restructuring Charges | 0 | 7.6 | |
Restructuring Reserve, Accrual Adjustment | 0.3 | 0.5 | |
Payments for Restructuring | (2.7) | (2) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0.7 | (0.3) | |
Termination of an Infectious Disease Research and Development Project [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 14.1 | $ 0 | |
Payments for Restructuring | 0 | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0.1 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Cost of Goods, Total [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2.3 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3.3 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Research and Development Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 15.5 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 14 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Clinical Diagnostics [Member] | Other Operating Income (Expense) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10.1 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Clinical Diagnostics [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 11 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Current | 11.1 | ||
Termination of an Infectious Disease Research and Development Project [Member] | Other Current Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Current | $ 3 |
16. Quarterly Financial Data (D
16. Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Net sales | $ 621,300 | $ 534,100 | $ 504,700 | $ 500,100 | $ 571,500 | $ 508,700 | $ 516,800 | $ 471,200 | $ 2,160,153 | $ 2,068,172 | $ 2,019,441 |
Operating Income (Loss) | 45,900 | 30,700 | 1,100 | 20,100 | (28,200) | 22,700 | 26,900 | 20,200 | 116,650 | 53,194 | 166,708 |
Cost of goods sold | 276,100 | 235,200 | 231,400 | 230,100 | 257,100 | 229,200 | 236,600 | 207,200 | 972,754 | 930,085 | 897,771 |
Gross profit | 345,200 | 298,900 | 273,300 | 270,000 | 314,400 | 279,500 | 280,200 | 264,000 | 1,187,399 | 1,138,087 | 1,121,670 |
Selling, general and administrative expense | 202,300 | 198,700 | 213,000 | 194,900 | 220,000 | 201,500 | 205,500 | 189,700 | 808,942 | 816,724 | 761,990 |
Research and development expense | 76,100 | 62,100 | 62,600 | 49,500 | 57,600 | 49,900 | 49,800 | 48,600 | 250,301 | 205,864 | 192,972 |
Net Income (Loss) Attributable to Parent | $ 82,700 | $ 22,100 | $ 5,000 | $ 12,400 | $ (18,700) | $ 17,100 | $ 16,600 | $ 11,000 | $ 122,249 | $ 26,000 | $ 109,239 |
Earnings Per Share, Basic | $ 2.78 | $ 0.74 | $ 0.17 | $ 0.42 | $ (0.63) | $ 0.58 | $ 0.56 | $ 0.38 | $ 4.12 | $ 0.88 | $ 3.74 |
Earnings Per Share, Diluted | $ 2.75 | $ 0.73 | $ 0.17 | $ 0.41 | $ (0.63) | $ 0.58 | $ 0.56 | $ 0.37 | $ 4.07 | $ 0.88 | $ 3.71 |
Income Tax Expense (Benefit) | $ 36,800 | $ (8,600) | $ 3,900 | $ (7,700) | $ 9,500 | $ (5,600) | $ (10,300) | $ (9,200) | $ 24,444 | $ (15,560) | $ (36,608) |
Tax Misstatement [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Income Tax Expense (Benefit) | (2,900) | ||||||||||
Scenario, Previously Reported [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Net sales | 620,400 | 535,000 | 504,700 | 500,100 | 571,500 | 508,700 | 516,800 | 471,200 | |||
Operating Income (Loss) | 37,700 | 38,900 | 1,100 | 20,100 | (28,200) | 22,700 | 26,900 | 20,200 | |||
Cost of goods sold | 280,800 | 230,500 | 231,400 | 230,100 | 257,100 | 229,200 | 236,600 | 207,200 | |||
Gross profit | 339,600 | 304,500 | 273,300 | 270,000 | 314,400 | 279,500 | 280,200 | 264,000 | |||
Selling, general and administrative expense | 204,200 | 196,800 | 213,000 | 194,900 | 220,000 | 201,500 | 205,500 | 189,700 | |||
Research and development expense | 76,800 | 61,400 | 62,600 | 49,500 | 57,600 | 49,900 | 49,800 | 48,600 | |||
Net Income (Loss) Attributable to Parent | $ 69,900 | $ 27,400 | $ 5,000 | $ 12,400 | $ (20,600) | $ 18,400 | $ 18,000 | $ 12,300 | $ 28,125 | $ 113,093 | |
Earnings Per Share, Basic | $ 2.35 | $ 0.92 | $ 0.17 | $ 0.42 | $ (0.70) | $ 0.63 | $ 0.61 | $ 0.42 | $ 0.96 | $ 3.87 | |
Earnings Per Share, Diluted | $ 2.32 | $ 0.91 | $ 0.17 | $ 0.41 | $ (0.70) | $ 0.62 | $ 0.61 | $ 0.42 | $ 0.95 | $ 3.85 | |
Income Tax Expense (Benefit) | $ 32,200 | $ (11,500) | $ 3,900 | $ (7,700) | $ 7,600 | $ (4,300) | $ (8,900) | $ (7,900) | $ (13,435) | $ (32,754) | |
Scenario, Adjustment [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Net sales | 900 | (900) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Operating Income (Loss) | 8,200 | (8,200) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Cost of goods sold | (4,700) | 4,700 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Gross profit | 5,600 | (5,600) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Selling, general and administrative expense | (1,900) | 1,900 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Research and development expense | (700) | 700 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | $ 12,800 | $ (5,300) | $ 0 | $ 0 | $ 1,900 | $ (1,300) | $ (1,400) | $ (1,300) | $ (2,125) | $ (3,854) | |
Earnings Per Share, Basic | $ 0.43 | $ (0.18) | $ 0 | $ 0 | $ 0.07 | $ (0.05) | $ (0.05) | $ (0.04) | $ (0.08) | $ (0.13) | |
Earnings Per Share, Diluted | $ 0.43 | $ (0.18) | $ 0 | $ 0 | $ 0.07 | $ (0.04) | $ (0.05) | $ (0.05) | $ (0.07) | $ (0.14) | |
Income Tax Expense (Benefit) | $ 4,600 | $ 2,900 | $ 0 | $ 0 | $ 1,900 | $ (1,300) | $ (1,400) | $ (1,300) | $ (2,125) | $ (3,854) | |
Inventories [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Cost of goods sold | $ 3,500 | ||||||||||
Employee Benefit Expense Misstatement [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Operating Income (Loss) | 3,800 | ||||||||||
RainDance Technologies, Inc. [Member] | Scenario, Adjustment [Member] | |||||||||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Net sales | $ 900 |
Schedule II - Valuation and Q80
Schedule II - Valuation and Qualifying Accoutns (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ (47) | $ 8,126 | $ (338) |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance Period Start | 66,403 | 58,277 | 58,615 |
Deductions | 0 | 0 | 0 |
Valuation Allowances and Reserves, Balance Period End | 66,356 | 66,403 | 58,277 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 11,174 | 3,785 | 8,783 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance Period Start | 23,367 | 24,418 | 27,973 |
Deductions | (8,992) | (4,836) | (12,338) |
Valuation Allowances and Reserves, Balance Period End | $ 25,549 | $ 23,367 | $ 24,418 |
17. Subsequent Event (Details)
17. Subsequent Event (Details) - Line of Credit [Member] - USD ($) $ in Thousands | Apr. 13, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||
Long-term Line of Credit | $ 0 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Line of Credit | $ 0 |