Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 26, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | BIO-RAD LABORATORIES, INC. | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000012208 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
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 | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 6,181,361,340 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 24,707,868 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 5,092,404 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and cash equivalents | $ 431,526 | $ 383,824 |
Short-term investments | 413,270 | 371,154 |
Restricted investments | 5,560 | 5,560 |
Accounts receivable, less allowance for doubtful accounts | 392,443 | 464,847 |
Inventories: | ||
Raw materials | 108,008 | 113,925 |
Work in process | 145,051 | 142,589 |
Finished goods | 330,756 | 338,290 |
Total inventories | 583,815 | 594,804 |
Prepaid expenses | 187,249 | 146,135 |
Other current assets | 9,615 | 10,325 |
Total current assets | 2,023,478 | 1,976,649 |
Property, plant and equipment: | ||
Land and improvements | 25,185 | 18,026 |
Buildings and leasehold improvements | 331,563 | 315,984 |
Equipment | 970,081 | 971,140 |
Total property, plant and equipment | 1,326,829 | 1,305,150 |
Less: accumulated depreciation and amortization | (818,139) | (811,654) |
Property, plant and equipment, net | 508,690 | 493,496 |
Goodwill, net | 219,770 | 506,069 |
Purchased intangibles, net | 133,123 | 174,113 |
Other investments | 2,655,709 | 1,027,736 |
Other assets | 70,298 | 94,949 |
Total assets | 5,611,068 | 4,273,012 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 122,450 | 135,182 |
Accrued payroll and employee benefits | 143,510 | 171,632 |
Current maturities of long-term debt | 493 | 420 |
Income taxes payable | 27,513 | 19,802 |
Other taxes payable | 28,675 | 20,139 |
Deferred revenue | 26,936 | 28,233 |
Other current liabilities | 101,218 | 127,288 |
Total current liabilities | 450,795 | 502,696 |
Long-term debt, net of current maturities | 438,937 | 434,581 |
Deferred income taxes | 553,239 | 222,209 |
Other long-term liabilities | 147,766 | 183,276 |
Total liabilities | 1,590,737 | 1,342,762 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 394,342 | 361,231 |
Retained earnings | 3,722,073 | 1,830,439 |
Accumulated other comprehensive (loss) income | (46,958) | 738,794 |
Total stockholders' equity | 4,020,331 | 2,930,250 |
Total liabilities and stockholders' equity | 5,611,068 | 4,273,012 |
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 | (49,040) | (128) |
Treasury Class B [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Value | $ (89) | $ (89) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts | $ 26,713 | $ 25,549 |
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 | 24,884,265 | 24,679,127 |
Common stock outstanding | 24,704,772 | 24,678,545 |
Common Class B [Member] | ||
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 20,000,000 | 20,000,000 |
Common stock issued | 5,096,421 | 5,107,674 |
Common stock outstanding | 5,095,504 | 5,106,757 |
Treasury Class-A [Member] | ||
Treasury Stock, Shares | 179,493 | 582 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 2,289,415 | $ 2,160,153 | $ 2,068,172 |
Cost of Goods and Services Sold | 1,066,264 | 972,450 | 929,744 |
Gross Profit | 1,223,151 | 1,187,703 | 1,138,428 |
Selling, general and administrative expense | 834,783 | 806,790 | 814,697 |
Research and development expense | 199,196 | 250,157 | 205,708 |
Impairment losses on goodwill and long-lived assets | 292,513 | 11,506 | 62,305 |
Income from operations | (103,341) | 119,250 | 55,718 |
Interest expense | 23,962 | 23,014 | 23,380 |
Foreign exchange losses, net | 2,861 | 9,128 | 4,542 |
Unrealized Gain on Securities | (606,230) | 0 | 0 |
Other (income) expense, net | (36,593) | (10,697) | (13,764) |
Income before income taxes | 512,659 | 97,805 | 41,560 |
Provision for income taxes | (147,045) | 24,444 | (15,560) |
Net Income (Loss) Attributable to Parent | $ 365,614 | $ 122,249 | $ 26,000 |
Basic earnings per share: | |||
Earnings Per Share, Basic | $ 12.25 | $ 4.12 | $ 0.88 |
Weighted average common shares - basic | 29,836 | 29,655 | 29,440 |
Diluted earnings per share: | |||
Earnings Per Share, Diluted | $ 12.10 | $ 4.07 | $ 0.88 |
Weighted average common shares - diluted | 30,228 | 30,034 | 29,646 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 2,326,310 | $ 2,093,948 | $ 2,074,024 |
Cash paid to suppliers and employees | (1,989,685) | (1,916,119) | (1,808,687) |
Interest paid, net | (22,703) | (22,224) | (22,756) |
Income tax payments, net | (62,414) | (52,136) | (38,442) |
Investment proceeds and miscellaneous receipts, net | 26,383 | 18,392 | 14,597 |
Excess tax benefits from share-based compensation | 0 | 0 | (1,506) |
Proceeds from (payments for) forward foreign exchange contracts, net | 7,603 | (17,724) | (1,164) |
Net cash provided by operating activities | 285,494 | 104,137 | 216,066 |
Cash flows from investing activities: | |||
Capital expenditures | (129,825) | (111,332) | (141,436) |
Proceeds from dispositions of property, plant and equipment | 4,315 | 86 | 398 |
Proceeds from divestiture of a product line | 6,964 | 0 | 0 |
Proceeds from (payments for) acquisitions and long-term investment | 266 | (76,645) | (14,165) |
Payments for purchases of intangible assets | (3) | (3,795) | (135) |
Payments for purchases of restricted investment | 0 | (1,000) | (350) |
Payments for purchases of marketable securities and investments | (371,019) | (282,656) | (278,071) |
Proceeds from sales of marketable securities and investments | 77,029 | 97,523 | 76,859 |
Proceeds from maturities of marketable securities and investments | 225,295 | 202,247 | 143,020 |
Net cash used in investing activities | (186,978) | (175,572) | (213,880) |
Cash flows from financing activities: | |||
Net (payments) borrowings on line-of-credit arrangements and notes payable | 0 | (36) | 37 |
Payments on long-term borrowings | (2,961) | (316) | (303) |
Proceeds from issuance of common stock for share-based compensation | 14,133 | 14,604 | 11,280 |
Tax payments from net share settlement | (8,862) | (7,310) | 0 |
Payments for purchases of treasury stock | (48,912) | (2,920) | 0 |
Payments of contingent consideration | 2,078 | 3,681 | 3,500 |
Excess tax benefits from share-based compensation | 0 | 0 | 1,506 |
Net cash (used in) provided by financing activities | (48,680) | 341 | 9,020 |
Effect of foreign exchange rate changes on cash | (655) | (1,094) | (12,858) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 49,181 | (72,188) | (1,652) |
Beginning Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 384,983 | 457,171 | 458,823 |
Cash and cash equivalents | 431,526 | 383,824 | 456,264 |
Restricted Cash, Current | 111 | 882 | 494 |
Restricted Cash, Noncurrent | 2,527 | 277 | 413 |
Ending Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 434,164 | $ 384,983 | $ 457,171 |
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, 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 | 35,628 | |||||
Issuance of common stock | 11,280 | 11,280 | |||||
Stock compensation expense | 19,730 | 19,730 | |||||
Tax benefit-exercise stock options | 1,493 | 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 | 200,893 | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (120,135) | 120,135 | $ 120,100 | ||||
Issuance of common stock | 14,604 | 4,490 | |||||
Stock compensation expense | 23,439 | 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 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 365,614 | 365,614 | |||||
Other comprehensive income, net of tax | (106,495) | (106,495) | |||||
Issuance of common stock | 14,133 | 5,271 | |||||
Stock compensation expense | 27,840 | 27,840 | |||||
Tax benefit-exercise stock options | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method | (48,912) | ||||||
Balance at Dec. 31, 2018 | $ 4,020,331 | $ 3 | $ 394,342 | $ (49,129) | $ 3,722,073 | $ (46,958) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ 365,614 | $ 122,249 | $ 26,000 |
Foreign currency translation adjustments | (112,857) | 76,050 | (32,394) |
Other post-employment benefits adjustments, net of tax | 7,549 | (3,767) | 2,086 |
Net unrealized holding gains on available-for-sale investments, net of tax | (1,187) | 248,745 | 65,936 |
Other comprehensive income, net of tax | (106,495) | 321,028 | 35,628 |
Comprehensive income attributable to Bio-Rad | $ 259,119 | $ 443,277 | $ 61,628 |
1. Significant Accounting Polic
1. Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 at both December 31, 2018 and 2017 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. Effective January 1, 2018, changes in fair value for equity securities are reported in Change in fair market value of equity securities in the Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Recent Accounting Pronouncement Adopted at the end of this Note and Note 3). 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 debt securities 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. 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. 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 cost and 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. The estimated useful lives of property, plant and equipment are generally as follows: buildings and leasehold improvements, 15 - 39 years or the term of the leases or life of the improvements, whichever is shorter; reagent rental equipment, 1 - 5 years; equipment and capitalized software, 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. federal 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." We have completed the accounting for the income tax effects of the Tax Act, under SAB 118, as of December 31, 2018. As noted in our 2017 Annual Report, we were able to make reasonable estimates and provisionally recorded an income tax benefit of $70 million related to the Transition Tax and remeasurement of our U.S. federal deferred tax assets and liabilities. The final accounting for the Tax Act resulted in an additional income tax benefit of $49 million for a final income tax benefit of $119 million . This is comprised of $169 million tax benefit related to the remeasurement of U.S. federal deferred tax assets and liabilities, offset by a $50 million tax detriment for the Transition Tax. We elected to account for the tax effect of the Global Intangible Low-Taxed Income (“GILTI”) in the period in which it is incurred. During the fourth quarter of 2017, we early adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." With respect to stranded income tax effects in accumulated other comprehensive income, our policy is to use the portfolio method to reclassify such amounts. Revenue Recognition On January 1, 2018, we adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under prior revenue guidance ASC 605, "Revenue Recognition." We recorded a net reduction to opening retained earnings of $0.1 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606 with the impact primarily related to a customer loyalty program in the United States for which the resulting non-cash consideration is treated as variable consideration under the new revenue recognition accounting standard. The impact to revenue as a result of applying ASC 606 as compared to ASC 605 for 2018 was not significant. We recognize revenue from operations through the sale of products, services, and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our contracts from customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment and may or may not impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recorded until installation is complete and customer acceptance, if required, has occurred. Certain equipment requires installation due to the fact that the instruments are being operated in a clinical/laboratory environment, and the installation services could result in modification of the equipment in order to ensure that the instruments are working according to specifications of the customer which are subject to validation tests upon completion of the installation. In these arrangements, which require factory installation, the delivery of the equipment and the installation are separate performance obligations. We will recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control has occurred in relation to the equipment at that point in time as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. The transaction price allocated to the installation services is also recognized upon completion of the services because without the completion of the installation services and related customer acceptance the customer cannot receive any of the benefits of the service. At the time revenue is recognized, a provision is recognized for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced to the estimated amount that we expect to receive in exchange for transferring control for those products. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, transaction prices are allocated to performance obligations based on stand-alone selling prices. The method used to determine the stand-alone selling prices for service revenues is based on the observable prices when the services have been sold separately. In those instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and for contracts in which we recognize revenue at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant. Reagent Rental Agreements Reagent rental agreements are a diagnostic industry sales method that provides use of an instrument and consumables (reagents) to a customer on a per test basis. These agreements may also include maintenance of the underlying instruments retained at customer locations as well as initial training. We concluded that the use of the instrument and related maintenance services (collectively known as “lease elements”) are not within the guidance of ASC 606 but rather ASC 840 Leases. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. The determination of the transaction price requires judgment and requires consideration of any fixed/minimum payments as well as estimates of variable consideration. After determining what portion of the transaction price should be allocated to the lease elements, any fixed consideration would be considered the minimum lease payment to be amortized straight line over the lease term and any variable consideration would be contingent rent to be recognized monthly as earned, which coincides with the transfer of control of the non-lease elements. For the portion of the transaction price allocated to the non-lease elements, which are principally the reagents, the related revenue will be recognized at a point in time when control transfers. Generally, the terms of the arrangements result in the transfer of control upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer. Revenue allocated to the lease elements of these reagent rental arrangements represents approximately 5% of total revenue and are included as part of the Net sales in our Consolidated Statements of Income. Contract costs: As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs, recorded within Selling, general and administrative expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Disaggregation of Revenue: The disaggregation of our revenue by geographic region based primarily on the location of the use of the product service, and by industry segment sources, and the disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 14). Deferred revenues represent mostly unrecognized fees billed or collected for extended service arrangements. Deferred revenues are generally recognized ratably over the term of the service contract as our performance extends over the life of the arrangement. A majority of our deferred revenue balance is classified as current with an expected length of one year or less. The increase in our total deferred revenue balance from $36.7 million at December 31, 2017 to $37.3 million at December 31, 2018 is primarily driven by $28.0 million , net, of cash payments received or due in advance of satisfying our performance obligations, partially offset by $27.4 million of revenue recognized that were included in our deferred revenue balance as of December 31, 2017 . We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. Upon revenue recognition of that equipment, we establish, as part of Cost of goods sold, a provision for the expected costs of such warranty based on historical experience, specific warranty terms and customer feedback. A review is performed on a quarterly basis to assess the adequacy of our warranty accrual. Components of the warranty accrual, included in Other current liabilities and Other long-term liabilities in the Consolidated Balance Sheets, were as follows (in millions): 2018 2017 January 1 $ 18.7 $ 17.6 Provision for warranty 25.5 29.9 Actual warranty costs (34.1 ) (28.8 ) December 31 $ 10.1 $ 18.7 Shipping and Handling We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold. 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. We conduct extensive research and development activities in all areas of our business, employing approximately 800 employees worldwide in these activities, including degreed scientists and technical support staff. Research and development has played a major role in Bio-Rad’s growth and is expected to continue to do so in the future. Our research teams are continuously developing new products and new applications for existing products. In our development of new products and applications, we interact with scientific and medical professionals at universities, hospitals and medical schools, and within our industry. 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 Share-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, 2018 2017 2016 Basic weighted average shares outstanding 29,836 29,655 29,440 Effect of potentially dilutive stock options and restricted stock awards 392 379 206 Diluted weighted average common shares 30,228 30,034 29,646 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 84 13 113 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). Recent Accounting Pronouncements Adopted 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. We adopted ASU 2018-03 on January 1, 2018 and made an irrevocable election to account for our investment of the ordinary shares of Sartorius AG at fair value (see ASU 2016-01 below). 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. Changes in fair value for equity securities will no longer be reported in other comprehensive income. For equity investments without readily determinable fair values, the cost method is also eliminated. We adopted ASU 2016-01 on January 1, 2018 and record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes and were valued at $0.6 million as of December 31, 2018 . Changes in the basis of these equity investments are reported in current earnings. For equity securities that are affected by ASU 2016-01 and ASU 2018-03, see Note 3 to the consolidated financial statements, which primarily consists of our investment in Sartorius AG. The impact of the adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018 was through a cumulative-effect adjustment of $864.5 million to Total stockholders' equity by increasing Retained earnings of $1,543.7 million and decreasing Accumulated other comprehensive income of $679.2 million , including an increase in Deferred income taxes of $232.9 million and an increase in Other investments of $1,097.4 million in our Consolidated Balance Sheet. As a result of ASU 2016-01 and ASU 2018-03 for 2018 , we recorded a gain of $606.2 million for the Change in fair market value of |
2. Acquisitions
2. Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
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. 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. |
3. Fair Value Measurements
3. Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 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 $ — $ 77.8 $ — $ 77.8 Time deposits 22.7 10.0 — 32.7 Asset-backed securities — 0.3 — 0.3 Money market funds 36.9 — — 36.9 Total cash equivalents 59.6 88.1 — 147.7 Restricted investment 5.6 — — 5.6 Equity Securities (b) 2,672.9 — — 2,672.9 Available-for-sale investments: Corporate debt securities — 215.0 — 215.0 U.S. government sponsored agencies — 80.3 — 80.3 Foreign government obligations — 3.6 — 3.6 Municipal obligations — 11.0 — 11.0 Asset-backed securities — 63.3 — 63.3 Total available-for-sale investments (c) — 373.2 — 373.2 Forward foreign exchange contracts (d) — 0.6 — 0.6 Total financial assets carried at fair value $ 2,738.1 $ 461.9 $ — $ 3,200.0 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (e) $ — $ 0.7 $ — $ 0.7 Contingent consideration (f) — — 8.4 8.4 Total financial liabilities carried at fair value $ — $ 0.7 $ 8.4 $ 9.1 As of first quarter 2018, our equity securities are no longer reported as Available-for-sale investments due to the implementation of ASU 2016-01. Changes in fair value of equity securities are now reported on the Consolidated Statements of Income rather than Other Comprehensive Income (see Note 1). 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 (c): 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 (d) — 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 (e) $ — $ 1.6 — $ 1.6 Contingent consideration (f) — — 16.7 16.7 Total financial liabilities carried at fair value $ — $ 1.6 $ 16.7 $ 18.3 (a) Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets. (b) Equity securities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2018 Short-term investments $ 40.2 Other investments 2,632.7 Total $ 2,672.9 The unrealized gains on our equity securities still held as of December 31, 2018 are $607.7 million and are primarily due to our investment in Sartorius AG and is recorded in our Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Note 1). (c) Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2017 Short-term investments $ 373.0 $ 371.2 Other investments 0.2 930.2 Total $ 373.2 $ 1,301.4 In accordance with our adoption of ASU 2016-01 January 1, 2018, our investment in Sartorius AG preferred shares, which was reported within marketable equity securities as Available-for-sale as of December 31, 2017 , is now reported as an Equity security as of December 31, 2018 (see Note 1 and footnote (b) above). (d) Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets. (e) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets. (f) Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2018 December 31, 2017 Other current liabilities $ 3.2 $ 2.7 Other long-term liabilities 5.2 14.0 Total $ 8.4 $ 16.7 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. In the first and third quarters of 2018, we paid $1.3 million and $0.8 million , respectively, per the purchase agreement. Since 2016 we have had a net decrease in the cumulative valuation of the sales milestones of $12.2 million . The contingent consideration was accrued at its estimated fair value of $8.4 million as of December 31, 2018 . The following table provides a reconciliation of the Level 3 analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value (in millions): 2018 January 1 $ 16.7 Payment of sales milestone (2.1 ) Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense (6.2 ) December 31 $ 8.4 The following table provides q ua ntitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of December 31, 2018 . 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 11.0 % Cost of debt 5.1 % To estimate the fair value of Level 2 debt securities as of December 31, 2018 and 2017 , 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. If Securities Evaluations does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source. For all commercial paper as of December 31, 2018 , our primary pricing provider uses its leading pricing source in the hierarchy to determine pricing. For discount commercial paper as of December 31, 2017 , pricing was determined by a straight-line calculation, starting with the purchase price on the date of purchase and increasing to par at maturity. As of December 31, 2017 , interest bearing certificates of deposit and commercial paper were priced at par. 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. Price differences outside a tolerable variance of approximately 1% are investigated and resolved. Available-for-sale investments consist of the following (in millions): December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 216.2 $ 0.1 $ (1.3 ) $ 215.0 Municipal obligations 11.1 — (0.1 ) 11.0 Asset-backed securities 63.5 — (0.4 ) 63.1 U.S. government sponsored agencies 80.9 0.2 (0.8 ) 80.3 Foreign government obligations 3.6 — — 3.6 375.3 0.3 (2.6 ) 373.0 Long-term investments: Asset-backed securities 0.2 — — 0.2 0.2 — — 0.2 Total $ 375.5 $ 0.3 $ (2.6 ) $ 373.2 The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2018 by contractual maturity date (in millions): Amortized Cost Estimated Fair Value Mature in less than one year $ 155.5 $ 155.2 Mature in one to five years 172.4 171.3 Mature in more than five years 47.6 46.7 Total $ 375.5 $ 373.2 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 The following is a summary of investments with gross unrealized losses and the associated fair value (in millions): December 31, December 31, 2017 Fair value of investments in a loss position 12 months or more $ 117.9 $ 43.9 Fair value of investments in a loss position less than 12 months $ 193.0 $ 168.7 Gross unrealized losses for investments in a loss position 12 months or more $ 1.8 $ 0.7 Gross unrealized losses for investments in a loss position less than 12 months $ 0.8 $ 0.8 The unrealized losses on these securities are due to a number of factors, including changes in interest rates, changes in economic conditions and changes in market outlook for various industries, among others. Because Bio-Rad has the ability and intent to hold these investments with unrealized losses until a recovery of fair value, or for a reasonable period of time sufficient for a forecasted recovery of fair value, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at December 31, 2018 or at December 31, 2017 . 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, 2018 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, 2018 Contracts maturing in January through March 2019 to sell foreign currency: Notional value $ 50.6 Unrealized gain $ 0.2 Contracts maturing in January through March 2019 to purchase foreign currency: Notional value $ 284.5 Unrealized loss $ (0.5 ) 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, 2018 December 31, 2017 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 Total long-term debt, excluding leases and current maturities $ 423.7 $ 435.8 2 $ 423.1 $ 449.8 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 37% of the outstanding voting shares (excluding treasury shares) of Sartorius as of December 31, 2018 . The Sartorius family trust and Sartorius family members hold a controlling interest of the outstanding voting shares. We do not have any representative or designee on Sartorius’ board of directors, nor do we have the ability to exercise significant influence over the operating and financial policies of Sartorius. As of December 31, 2018 , due to the adoption of |
4. Intangible Assets, Goodwill
4. Intangible Assets, Goodwill and Other | 12 Months Ended |
Dec. 31, 2018 | |
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): 2018 2017 Life Clinical Total Life Clinical Total Balances as of January 1: 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 Acquisitions — — — 26.2 — 26.2 Divestiture — (1.4 ) (1.4 ) — — — Impairment (5.9 ) (276.1 ) (282.0 ) (8.7 ) (2.8 ) (11.5 ) Currency fluctuations (0.2 ) (2.7 ) (2.9 ) 1.4 12.9 14.3 Balances as of December 31: Goodwill 234.5 320.5 555.0 234.7 324.6 559.3 Accumulated impairment losses and write-offs (41.8 ) (293.4 ) (335.2 ) (35.9 ) (17.3 ) (53.2 ) Goodwill, net $ 192.7 $ 27.1 $ 219.8 $ 198.8 $ 307.3 $ 506.1 In March 2018, we wrote off $1.4 million of goodwill from our Clinical Diagnostics segment as a result of a divestiture of a product line. 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 2018, we impaired goodwill associated with our 1999 acquisition of Pasteur Sanofi Diagnostics S.A., 2007 through 2012 acquisitions of DiaMed Holding AG, DiaMed Fennica Oy, DiaMed (G.B.) Limited, and DiaMed Benelux (collectively DiaMed), 2010 acquisition of Biotest AG, and 2013 acquisition of AbD Serotec in the amounts of $18.1 million , $247.2 million , $10.8 million and $5.9 million , respectively. Goodwill for DiaMed, Biotest AG and AbD Serotec was fully impaired at December 31, 2018. Impairments for the Pasteur Sanofi Diagnostics S.A., DiaMed and Biotest AG were 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 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. 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, 2018 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-6 $ 88.7 $ (68.3 ) $ 20.4 Know how 1-7 190.6 (159.8 ) 30.8 Developed product technology 1-10 130.4 (86.6 ) 43.8 Licenses 7-11 76.3 (40.9 ) 35.4 Tradenames 2-6 3.9 (3.3 ) 0.6 Covenants not to compete 7 3.2 (1.1 ) 2.1 Total definite-lived intangible assets $ 493.1 $ (360.0 ) $ 133.1 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 In 2018, we impaired developed product technology and fully impaired covenants not to compete in the amounts of $8.8 million and $1.7 million , respectively, associated with our 2012 acquisition of a cell sorting system from Propel Labs, Inc. These impairments were included in our Life Science segment's results of operations. The impairments were based upon a revision of our Level 3 valuation inputs, i.e., expected future cash flows. Amortization expense related to purchased intangible assets for the years ended December 31, 2018 , 2017 and 2016 was $28.3 million , $30.8 million and $35.2 million , respectively. Estimated future amortization expense (based on existing purchased intangible assets) for the years ending December 31, 2019 , 2020 , 2021 , 2022 , 2023 and thereafter is $21.7 million , $19.7 million , $18.9 million , $15.7 million , $14.8 million , and $42.3 million |
5. Notes Payable and Long-Term
5. Notes Payable and Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
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 $208.2 million available for borrowing and usage as of December 31, 2018 , which was reduced by $3.1 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, 2018 December 31, 2017 4.875% Senior Notes due 2020, net of discount $ 425.0 $ 425.0 Less unamortized discount and debt issuance costs (1.3 ) (1.9 ) Long-term debt less unamortized discount and debt issuance costs 423.7 423.1 Capital leases and other debt 15.7 11.9 439.4 435.0 Less current maturities (0.5 ) (0.4 ) Long-term debt $ 438.9 $ 434.6 Senior Notes due 2020 In December 2010, Bio-Rad sold $425.0 million principal amount of Senior Notes due December 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, 2018 . 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, 2018 or 2017 ; however, $0.2 million and $0.5 million were utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2018 and 2017 , respectively. The Credit Agreement matures in June 2019 . If we had borrowed against our Credit Agreement, the borrowing rate would have been 3.925% at December 31, 2018 . 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, 2018 . Maturities of long-term debt at December 31, 2018 are as follows: 2019 - $0.5 million ; 2020 - $426.6 million ; 2021 - $1.7 million ; 2022 - $1.6 million ; 2023 - $0.4 million ; thereafter - $9.9 million . |
6. Income Taxes
6. Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 6. INCOME TAXES The U.S. and international components of income before taxes are as follows (in millions): Year Ended December 31, 2018 2017 2016 U.S. $ 363.4 $ 72.8 $ (38.5 ) International 149.3 25.0 80.1 Income before taxes $ 512.7 $ 97.8 $ 41.6 The provision for income taxes consists of the following (in millions): Year Ended December 31, 2018 2017 2016 Current tax expense: U.S. Federal $ 8.8 $ 6.7 $ 16.1 State 2.2 3.4 3.1 International 30.5 32.0 30.4 Current tax expense 41.5 42.1 49.6 Deferred tax expense (benefit): U.S. Federal 114.0 (69.8 ) (42.4 ) State 6.6 4.3 (2.8 ) International 0.3 (19.3 ) (6.0 ) Deferred tax expense (benefit) 120.9 (84.8 ) (51.2 ) Non-current tax (benefit) expense (15.4 ) 18.3 17.2 Provision for (benefit from) income taxes $ 147.0 $ (24.4 ) $ 15.6 The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows: Year Ended December 31, 2018 2017 2016 U. S. statutory tax rate 21 % 35 % 35 % Impact of foreign operations (4 ) 6 (15 ) Foreign dividends, net — — (40 ) Research tax credits (1 ) (4 ) (9 ) Nontaxable subsidies — (2 ) (4 ) Tax settlements and changes to unrecognized tax benefits — — 47 Goodwill impairment 6 1 11 Domestic manufacturing deduction — — (4 ) Share-based compensation (1 ) (5 ) 3 Nondeductible executive compensation — 2 3 Fines and penalties — — 2 Prior period adjustments (1 ) — 4 U.S. taxation of foreign income 15 3 2 Acquisition-related — 10 — U.S. tax reform (10 ) (71 ) — State taxes 2 3 1 Other 2 (3 ) 1 Provision for (benefit from) income taxes 29 % (25 )% 37 % On December 22, 2017, the U.S. enacted comprehensive tax legislation (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code that affect our 2017 financial statements, including the imposition of a one-time mandatory deemed repatriation tax (“Transition Tax”) on certain earnings accumulated offshore since 1986 and the reduction of the corporate tax rate from 35% to 21% for U.S. taxable income, resulting in a one-time remeasurement of U.S. federal 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." We have completed our accounting for the income tax effects of the Tax Act, under SAB 118, as of December 31, 2018. As noted in our 2017 Annual Report, we were able to make reasonable estimates and provisionally recorded an income tax benefit of $70 million related to the Transition Tax and remeasurement of our U.S. federal deferred tax assets and liabilities. The final accounting for the Tax Act resulted in an additional income tax benefit of $49 million for a final income tax benefit of $119 million . This is comprised of $169 million tax benefit related to the remeasurement of U.S. federal deferred tax assets and liabilities, offset by a $50 million tax detriment for the Transition Tax. We elected to account for the tax effect of the Global Intangible Low-Taxed Income (“GILTI”) in the period in which it is incurred. Our effective income tax rate was 29% , (25)% and 37% in 2018 , 2017 and 2016 , respectively. The effective tax rate for 2018 was driven by detriments due to non-deductible impairment charges and the taxation of our foreign operations, partially offset by a $49 million benefit recorded as a result of the completion of our accounting for the Tax Act under SAB 118. The effective tax rate for 2017 was driven by a $70 million benefit recorded as a provisional estimate of the accounting for the Tax Act. 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. Many jurisdictions in which we operate have statutory tax rates that differ from the U.S. statutory tax rate of 21%. 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, 2018 2017 Deferred tax assets: Bad debt, inventory and warranty accruals $ 21.7 $ 28.6 Other post-employment benefits, vacation and other reserves 23.0 24.0 Tax credit and net operating loss carryforwards 75.3 73.3 Other 27.1 19.7 Total gross deferred tax assets 147.1 145.6 Valuation allowance (70.8 ) (66.4 ) Total deferred tax assets 76.3 79.2 Deferred tax liabilities: Property and equipment 40.1 33.5 Investments and intangible assets 540.6 219.1 Total deferred tax liabilities 580.7 252.6 Net deferred tax liabilities $ (504.4 ) $ (173.4 ) The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that our California and certain foreign deferred tax assets will not be realized as of December 31, 2018, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our deferred tax assets in California and certain foreign jurisdictions increased by $4.4 million in 2018. As of December 31, 2018, our foreign and California net operating loss carryforwards were approximately $205.0 million and $52.7 million , respectively. Of our foreign net operating losses, $118.8 million may be carried forward indefinitely. The majority of the remaining foreign net operating losses, if not utilized, will begin to expire in 2025. Our California net operating loss carryforwards, if not utilized, will begin to expire in 2029. As of December 31, 2018, our California research tax credit carryforwards were approximately $32.1 million and may be carried forward indefinitely. 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 and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis. We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our 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): 2018 2017 2016 Unrecognized tax benefits – January 1 $ 54.9 $ 21.1 $ 11.9 Additions to tax positions related to prior years 0.6 1.3 10.4 Reductions to tax positions related to prior years (20.2 ) (1.0 ) — Additions to tax positions related to the current year 4.6 34.8 3.4 Settlements (6.8 ) (0.2 ) (2.4 ) Lapse of statute of limitations (1.1 ) (3.4 ) (2.3 ) Currency translation (2.2 ) 2.3 0.1 Unrecognized tax benefits – December 31 $ 29.8 $ 54.9 $ 21.1 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, 2018 , 2017 and 2016 , respectively was $9.5 million , $10.9 million and $11.8 million . Bio-Rad accrued interest and penalties of $(1.4) million , $(0.9) million , and $8.7 million in 2018 , 2017 , and 2016 , respectively. The total unrecognized tax benefits and interest and penalties of $39.3 million in 2018 was partially offset by deferred tax assets of $1.6 million and prepaid taxes of $5.5 million , for a net amount of $32.2 million . As of December 31, 2018 , 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 $3.1 million . Substantially all such amounts will impact our effective income tax rate if recognized. It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws or accounting rules, and there are no substantial incremental costs. During the current year, we recorded approximately $6.7 million |
7. Stockholders' Equity
7. Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 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 B to A conversions 30 (30 ) Issuance of common stock 175 18 Balance at December 31, 2018 24,884 5,096 Treasury Shares In November, 2017, 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. Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. This new authorization superseded the prior authorization of up to $18.0 million of Bio-Rad's common stock and has no expiration. The share repurchase activity under the share repurchase program through open market transactions in 2017 and 2018 is summarized as follows: Number of Shares Purchased Weighted-Average Price per Share Total Shares Repurchased To Date Remaining Authorized Value (in millions) May 1, 2017 - May 31, 2017 2,500 $ 220.02 3,539 $ 2.7 June 1, 2017 - June 30, 2017 1,500 $ 221.82 5,039 $ 2.4 August 1, 2017 - August 31, 2017 9,200 $ 221.45 14,239 $ 0.4 November 1, 2018 - November 30, 2018 178,911 $ 273.39 193,150 $ 201.1 In September 2017, we used 12,740 |
8. Accumulated Other Comprehens
8. Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
accumulated other comprehensive income [Text Block] | 8. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) 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 (losses) on available-for-sale investments Total Accumulated other comprehensive income (loss) Balances as of January 1, 2017 $ 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 Effect of adoption of ASU 2016-01 and 2018-03** — — (679.3 ) (679.3 ) Balances as of January 1, 2018 $ 77.4 $ (22.3 ) $ 4.4 $ 59.5 Other comprehensive (loss) income, before reclassifications (112.9 ) 6.9 (1.4 ) (107.4 ) Amounts reclassified from Accumulated other comprehensive income — 2.4 0.3 2.7 Income tax effects — (1.8 ) — (1.8 ) Other comprehensive (loss) income, net of income taxes (112.9 ) 7.5 (1.1 ) (106.5 ) Balances as of December 31, 2018 $ (35.5 ) $ (14.8 ) $ 3.3 $ (47.0 ) * *See Note 1, "Significant Accounting Policies" under "Recent Accounting Pronouncements Adopted" In 2017, we adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gave 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 reclassified the income tax effects of the Tax Act on the remeasurement of our deferred tax liabilities related to our available-for-sale equity securities by increasing OCI and decreasing Retained earnings by $120.1 million . The increase in 2017 for net unrealized holding gains on available-for-sale investments was 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: December 31, Components of Comprehensive income 2018 2017 Location Amortization of foreign other post-employment benefit items $ (2.4 ) $ (2.1 ) Selling, general and administrative expense Net holding (losses) gains on equity securities and available for sale investments $ (0.3 ) $ 0.1 Other (income) expense, net |
9. Share-based Compensation
9. Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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. 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, 2018 , there were 1,584,834 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 maximum 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 2018 , 2017 and 2016 , we recognized share-based compensation expense of $27.8 million , $23.4 million and $19.7 million , respectively. The income tax benefit related to share-based compensation expense was $4.4 million , $5.8 million and $5.1 million for 2018 , 2017 and 2016 , respectively. We did not capitalize any share-based compensation expense in inventory. The tax benefit from share-based compensation vested or exercised during 2018 , 2017 and 2016 was $5.4 million , $6.3 million , and $1.5 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 in 2016. 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. With the adoption in 2017 of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," we made a policy election to recognize forfeitures as they occur. Prior to 2017, we recognized compensation expense net of estimated forfeitures. 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, 2017 407,480 $ 120.39 Granted 33,000 $ 326.15 Exercised (44,600 ) $ 93.63 Forfeited/expired (22,240 ) $ 169.93 Outstanding, December 31, 2018 373,640 $ 138.81 4.90 $ 38.0 Unvested, December 31, 2018 99,600 $ 223.91 8.32 $ 3.9 Exercisable, December 31, 2018 274,040 $ 107.88 3.65 $ 34.1 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 2018 , 2017 and 2016 was approximately $8 million , $10 million and $1 million , respectively. The total fair value of options vested during 2018 , 2017 and 2016 was $6.0 million , $4.2 million and $2.1 million , respectively. Cash received from stock options exercised during 2018 , 2017 and 2016 was $0.5 million , $1.6 million and $1.2 million , respectively. As of December 31, 2018 , there was $6.3 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, 2018 2017 2016 Expected volatility 22 % 20 % 21 % Risk-free interest rate 2.85 % 1.87 % 1.35 % Expected life (in years) 7.6 7.2 7.4 Expected dividend — — — Weighted-average fair value of options granted $ 105.94 $ 58.65 $ 42.40 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 since 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, 2017 473,000 $ 172.76 Granted 185,755 $ 326.15 Vested (128,294 ) $ 158.49 Forfeited (56,011 ) $ 182.15 Outstanding, December 31, 2018 474,450 $ 235.57 2.11 $ 110.2 The total fair value of restricted stock units vested in 2018 , 2017 and 2016 was $40.0 million , $27.7 million and $18.7 million , respectively. As of December 31, 2018 , there was approximately $102.4 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, 2018 2017 2016 Expected volatility 27 % 19 % 20 % Risk-free interest rate 1.82 % 0.83 % 0.26 % Expected life (in years) 0.24 0.24 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 55.04 $ 38.86 $ 27.36 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 63,464 shares for $13.6 million , 74,409 shares for $13.0 million and 93,605 shares for $11.5 million under the 2011 ESPP to employees in 2018 , 2017 and 2016 , respectively. At December 31, 2018 , 658,248 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, 2018 | |
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, 2018 2017 2016 Interest and investment income $ (26.6 ) $ (19.1 ) $ (14.7 ) Net realized gains on investments (1.6 ) (0.1 ) (0.8 ) Other-than-temporary impairment losses on investments 0.8 7.0 0.6 Gain on sale of land (4.1 ) — — Gain on divestiture of product line (5.1 ) — — Other expense — 1.5 1.1 Other (income) expense, net $ (36.6 ) $ (10.7 ) $ (13.8 ) |
11. Supplemental Cash Flow Inf
11. Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net income $ 365.6 $ 122.2 $ 26.0 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 138.1 148.7 142.9 Share-based compensation 27.8 23.4 19.7 Gains on dispositions of securities (1.6 ) (0.1 ) (0.8 ) Other-than-temporary impairment losses on investments 0.8 7.0 0.6 Changes in fair market value of equity securities (606.2 ) — — Losses on dispositions of fixed assets 2.0 8.1 0.6 Gain on sale of land (4.1 ) — — Gain on divestiture of a product line (5.1 ) — — Excess tax benefits from share-based compensation — — (1.5 ) Changes in fair value of contingent consideration (6.2 ) (18.1 ) (0.4 ) Decrease (increase) in accounts receivable, net 59.7 (64.1 ) 12.5 Increase in inventories, net (12.9 ) (47.7 ) (57.1 ) Increase in other current assets (15.3 ) (35.7 ) (6.8 ) (Decrease) increase in accounts payable and other current liabilities (45.6 ) 7.8 30.1 (Decrease) increase in income taxes payable (20.9 ) (22.4 ) 10.7 Increase (decrease) in deferred income taxes 120.9 (82.0 ) (51.4 ) Decrease in other long term assets 1.1 2.3 12.5 (Decrease) increase in other long term liabilities (10.0 ) 38.1 10.4 Impairment losses on goodwill and long-lived assets 292.5 11.5 62.3 Other 4.9 5.1 5.8 Net cash provided by operating activities $ 285.5 $ 104.1 $ 216.1 Non-cash investing activities: Purchased property, plant and equipment $ 5.7 $ — $ 7.2 Purchased marketable securities and investments $ 0.8 $ 2.8 $ 0.6 |
12. Commitments & Contingent Li
12. Commitments & Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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 $47.4 million , $43.6 million and $44.4 million in 2018 , 2017 and 2016 , respectively. Leases are principally for facilities and automobiles. Annual future minimum lease payments at December 31, 2018 under operating leases are as follows: 2019 - $44.4 million ; 2020 - $37.8 million ; 2021 - $27.4 million ; 2022 - $19.7 million ; 2023 - $13.9 million ; and 2024 and beyond - $25.6 million . The total minimum rentals to be received in the future for subleases as of December 31, 2018 were $17.8 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 $15.9 million , $16.0 million and $15.1 million in 2018 , 2017 and 2016 , 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, 2018 and 2017 of $70.4 million and $74.9 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: 2018 2017 Benefit obligation at beginning of year $136.6 $122.7 Service cost 7.5 6.5 Interest cost 1.1 1.1 Plan participants' contributions 3.1 2.8 Actuarial (gain) loss (5.4 ) 3.3 Gross benefits paid (3.1 ) (3.2 ) Plan amendments (0.5 ) 1.1 Special termination benefits — (2.0 ) Settlements — (5.1 ) Change attributable to foreign exchange (2.0 ) 9.4 Benefit obligation at end of year 137.3 136.6 Change in plan assets: Fair value of plan assets at beginning year 61.7 58.8 Actual return on plan assets 0.3 0.5 Employer contributions 4.0 4.0 Plan participants' contributions 3.1 2.8 Gross benefits paid (1.5 ) (2.3 ) Settlements — (5.1 ) Change attributable to foreign exchange (0.7 ) 3.0 Fair value of plan assets at end of year 66.9 61.7 Under funded status of plans $(70.4) $(74.9) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.1) $(1.1) Noncurrent liabilities (Other long-term liabilities) (69.3 ) (73.8 ) Net liability, end of fiscal year $(70.4) $(74.9) Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions): 2018 2017 2016 Service costs $7.5 $6.5 $6.1 Interest costs 1.1 1.1 1.4 Expected returns on plan assets (1.1 ) (1.1 ) (1.0 ) Amortization of actuarial losses 1.3 1.4 1.7 Amortization of prior service costs 0.1 — — Settlements — 1.2 0.4 Net periodic benefit costs $8.9 $9.1 $8.6 Assumptions The weighted-average assumptions used in computing the benefit obligations are as follows: 2018 2017 Discount rate 1.1 % 0.8 % Compensation rate increase 1.8 % 1.8 % The weighted-average assumptions used in computing the net periodic benefit costs are as follows: 2018 2017 2016 Discount rate 0.8 % 0.9 % 1.1 % Expected long-term rate of return on plan assets 1.8 % 1.9 % 1.6 % 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, 2018 and 2017 was $3.1 million and $3.7 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, 2018 , we had obligations that have been recognized on our balance sheet of $110.9 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, 2018 are as follows: 2019 - $5.8 million , 2020 - $16.4 million , 2021 - $6.2 million , 2022 - $2.4 million , 2022 - $3.5 million and after 2023 - $76.6 million . As of December 31, 2018 , we had purchase obligations that have not been recognized on our balance sheet of $12.5 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, 2018 are as follows: 2019 - $6.5 million , 2020 - $5.3 million , 2021 - $0.1 million , 2022 - $0.2 million , 2022 - $0.2 million and after 2023 - $0.2 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 $3.1 million of standby letters of credit/guarantees with financial institutions as of December 31, 2018 . 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. In the first and third quarters of 2018, we paid $1.3 million and $0.8 million , respectively, per the purchase agreement. Since 2016 we have had a net decrease in the cumulative valuation of the sales milestones of $12.2 million . The contingent consideration was accrued at its estimated fair value of $8.4 million as of December 31, 2018 . Concentrations of Labor Subject to Collective Bargaining Agreements At December 31, 2018 , approximately eight percent of Bio-Rad's approximately 3,265 |
13. Legal Proceedings
13. Legal Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Legal Proceedings [Abstract] | |
Legal Matters and Contingencies | 13. LEGAL PROCEEDINGS 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. Oral arguments occurred on November 14, 2018. On February 26, 2019, the United States Court of Appeals for the Ninth Circuit issued its decision, reversing in part, vacating in part, and affirming in part. Specifically, the court: (1) reversed the Dodd-Frank claim, which amounts to about $2.96 million plus interest, and directed the district court to enter judgment in Bio-Rad’s favor on that claim; (2) vacated the SOX claim due to instructional error and remanded for further proceedings, including whether a new trial is needed; and (3) affirmed the California public policy claim and the $7.96 million in damages attributable to it. On March 12, 2019 we filed a petition for panel rehearing or rehearing en banc with the United States Court of Appeals for the Ninth Circuit. 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, 2018 | |
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, 2018 , 2017 , and 2016 and for the years then ended is as follows (in millions): Life Science Clinical Diagnostics Other Operations Segment net sales 2018 $ 861.7 $ 1,411.8 $ 15.9 2017 785.2 1,360.8 14.2 2016 730.7 1,323.3 14.2 Allocated interest expense 2018 $ 7.2 $ 16.7 $ 0.1 2017 7.0 14.9 — 2016 6.9 16.5 — Depreciation and amortization 2018 $ 34.1 $ 72.0 $ 0.5 2017 36.2 80.2 — 2016 31.7 80.5 — Segment profit (loss) 2018 $ 28.7 $ (145.7 ) $ 0.2 2017 (9.9 ) 114.8 1.4 2016 (19.1 ) 58.0 0.9 Segment assets 2018 $ 450.2 $ 949.0 $ 5.9 2017 453.0 1,038.4 4.8 Capital expenditures 2018 $ 36.7 $ 60.5 $ 0.5 2017 12.6 59.0 — Prior year amounts have been adjusted (see Note 1 to the consolidated financial statements in regard to ASU 2017-07 for pension and other postretirement benefits). Clinical Diagnostics segment loss for 2018 was due to impairment losses taken on goodwill of $276.1 million (see Note 4 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, 2018 2017 2016 Total segment (loss) profit $ (116.8 ) $ 106.3 $ 39.8 Foreign currency exchange losses, net (2.9 ) (9.1 ) (4.5 ) Net corporate operating, interest and other expense not allocated to segments (10.4 ) (10.1 ) (7.5 ) Change in fair market value of equity securities 606.2 — — Other income (expense), net 36.6 10.7 13.8 Consolidated income before income taxes $ 512.7 $ 97.8 $ 41.6 Prior year amounts have been adjusted (see Note 1 to the consolidated financial statements in regard to ASU 2017-07) for pension and other postretirement benefits. The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2018 2017 Total segment assets $ 1,405.1 $ 1,496.2 Cash and other current assets 1,047.2 965.8 Property, plant and equipment, net, excluding segment specific gross machinery and equipment 79.9 57.0 Goodwill, net 219.8 506.1 Other long-term assets 2,859.1 1,247.9 Total assets $ 5,611.1 $ 4,273.0 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, 2018 2017 2016 Europe $ 792.0 $ 758.5 $ 742.2 Pacific Rim 495.5 461.3 427.1 United States 863.6 800.2 770.6 Other (primarily Canada and Latin America) 138.3 140.2 128.3 Total net sales $ 2,289.4 $ 2,160.2 $ 2,068.2 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, 2018 2017 Europe** $ 1,571.9 $ 230.6 Pacific Rim 20.7 18.4 United States 1,582.1 1,305.2 Other (primarily Canada and Latin America) 11.1 13.1 Total Property, plant and equipment, net, Other investments and Other assets, excluding deferred income taxes $ 3,185.8 $ 1,567.3 |
15. Restructuring Costs (Notes)
15. Restructuring Costs (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
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 enterprise resource planning ("ERP") platform, are expected to be incurred through 2019. We recorded approximately $(0.2) million , $0.5 million and $12.5 million in restructuring charges and adjustments related to severance and other employee benefits for the years ended December 31, 2018 , 2017 and 2016 , respectively. From May 2016 to December 31, 2018 , total expenses were $12.8 million . The liability of $1.6 million as of December 31, 2018 was recorded in Accrued payroll and employee benefits in the Consolidated Balance Sheets. The amounts recorded were reflected in Cost of goods sold of $(0.1) million , $(0.2) million and $2.1 million , and in Selling, general and administrative expense of $(0.1) million , $0.7 million and $10.4 million in the Consolidated Statements of Income for the years ended December 31, 2018 , 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): 2018 2017 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balance as of January 1 $ 2.2 $ 4.1 $ 6.3 $ 3.2 $ 5.8 $ 9.0 Adjustment to expense (0.1 ) (0.1 ) (0.2 ) 0.2 0.3 0.5 Cash payments (1.5 ) (2.9 ) (4.4 ) (1.5 ) (2.7 ) (4.2 ) Foreign currency translation (gains) losses — (0.1 ) (0.1 ) 0.3 0.7 1.0 Balance as of December 31 $ 0.6 $ 1.0 $ 1.6 $ 2.2 $ 4.1 $ 6.3 Restructuring Costs for Termination of a Diagnostics Research and Development Project and Facility Closures In December 2017, we announced the termination of a diagnostics research and development project in Europe. From December 2017 to December 31, 2018 , total expenses were $21.4 million . We recorded restructuring charges and adjustments related to severance and employee benefits of $0.4 million and $11.0 million , and asset write-offs and exit costs of $(0.1) million and $10.1 million for the years ended December 31, 2018 and 2017 , respectively. In June 2018, we announced the closure of a small manufacturing operation in Munich, Germany. We recorded $1.7 million of expense in restructuring charges related to severance and employee benefits for the year ended December 31, 2018 . In December 2018, we announced the closure of a small manufacturing facility outside Paris, France. We recorded restructuring charges related to severance and employee benefits of $3.9 million and exit costs of $0.2 million for the year ended December 31, 2018 . Restructuring charges for the termination of a diagnostics research and development project and the facility closures are all included in our Clinical Diagnostics segment's results of operations. The facility closures are a natural evolution from the larger consolidations that began with the 2016 European reorganization activities described above. The amounts recorded were reflected in Cost of goods sold of $5.4 million and $2.3 million , in Selling, general and administrative expense of $0.4 million and $3.3 million , and in Research and development expense of $0.3 million and $15.5 million in the Consolidated Statements of Income for the years ended December 31, 2018 and 2017 , respectively. The liability of $11.5 million as of December 31, 2018 consisted of $7.3 million recorded in Accrued payroll and employee benefits, and $4.2 million recorded in Other long-term liabilities in the Consolidated Balance Sheets. The following table summarizes the activity for the termination of the diagnostics research and development project and the facility closures restructuring reserves for severance and exit costs (in millions): 2018 2017 Balance as of January 1 $ 14.1 $ — Charged to expense 5.8 14.0 Adjustment to expense 0.3 — Cash payments (8.4 ) — Foreign currency translation (gains) losses (0.3 ) 0.1 Balance as of December 31 $ 11.5 $ 14.1 Restructuring Costs for GnuBIO, Inc. In 2014, we acquired GnuBIO, Inc. (GnuBIO) as a business acquisition. It was included in our Clinical Diagnostics segment’s results of operations as a division, and was primarily based in Massachusetts. In September 2017, we announced that we were closing the GnuBIO research program facilities in Massachusetts. 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 |
16. Quarterly Financial Data
16. Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data [Text Block] | 16. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for 2018 and 2017 are as follows (in millions, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Net sales $ 551.5 $ 575.9 $ 545.1 $ 616.9 Gross profit 302.2 301.7 286.7 332.6 Net income (loss) 656.8 268.0 269.3 (828.5 ) Basic earnings (loss) per share $ 22.05 $ 8.99 $ 9.02 $ (27.73 ) Diluted earnings (loss) per share $ 21.77 $ 8.87 $ 8.89 $ (27.73 ) 2017 Net sales $ 500.1 $ 504.7 $ 534.1 $ 621.3 Gross profit 270.1 273.4 299.0 345.2 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 As a result of the net loss for the three months ended December 31, 2018, all potentially issuable common shares have been excluded from the diluted shares used in the computation of earnings per share as their effect was anti-dilutive. The net loss for the three months ended December 31, 2018 was primarily due to an $814.1 million decrease in fair market value of equity securities, primarily due to the adoption of ASU 2016-01 (see Note 1 to the consolidated financial statements) and mostly consisted of holding losses on our investment in Sartorius AG. The net loss for the three months ended December 31, 2018 also included impairment losses on goodwill and long-lived assets in the amount of $292.5 million (see Note 4 to the consolidated financial statements). |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accoutns | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | BIO-RAD LABORATORIES, INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2018 , 2017 , and 2016 (in thousands) Allowance for doubtful accounts receivable Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year 2018 $ 25,549 $ 11,527 $ (10,363 ) $ 26,713 2017 $ 23,367 $ 11,174 $ (8,992 ) $ 25,549 2016 $ 24,418 $ 3,785 $ (4,836 ) $ 23,367 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 2018 $ 66,356 $ 4,413 $ — $ 70,769 2017 $ 66,403 $ (47 ) $ — $ 66,356 2016 $ 58,277 $ 8,126 $ — $ 66,403 |
17. Subsequent Event (Notes)
17. Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENT On March 4, 2019, we acquired all the issued and outstanding stock of a small commercial-stage company for approximately $20 million . We believe this acquisition will complement our offerings of life science products. The acquisition will be included in our Life Science segment's results of operations from the acquisition date and will be accounted for as a business acquisition. The amount of acquisition-related costs was minimal as Bio-Rad primarily represented itself during the acquisition process. |
1. Significant Accounting Pol_2
1. Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
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 at both December 31, 2018 and 2017 |
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. Effective January 1, 2018, changes in fair value for equity securities are reported in Change in fair market value of equity securities in the Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Recent Accounting Pronouncement Adopted at the end of this Note and Note 3). 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 debt securities 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. 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. 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. The estimated useful lives of property, plant and equipment are generally as follows: buildings and leasehold improvements, 15 - 39 years or the term of the leases or life of the improvements, whichever is shorter; reagent rental equipment, 1 - 5 years; equipment and capitalized software, 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. 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. federal 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." We have completed the accounting for the income tax effects of the Tax Act, under SAB 118, as of December 31, 2018. As noted in our 2017 Annual Report, we were able to make reasonable estimates and provisionally recorded an income tax benefit of $70 million related to the Transition Tax and remeasurement of our U.S. federal deferred tax assets and liabilities. The final accounting for the Tax Act resulted in an additional income tax benefit of $49 million for a final income tax benefit of $119 million . This is comprised of $169 million tax benefit related to the remeasurement of U.S. federal deferred tax assets and liabilities, offset by a $50 million tax detriment for the Transition Tax. We elected to account for the tax effect of the Global Intangible Low-Taxed Income (“GILTI”) in the period in which it is incurred. During the fourth quarter of 2017, we early adopted ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." With respect to stranded income tax effects in accumulated other comprehensive income, our policy is to use the portfolio method to reclassify such amounts. |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under prior revenue guidance ASC 605, "Revenue Recognition." We recorded a net reduction to opening retained earnings of $0.1 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606 with the impact primarily related to a customer loyalty program in the United States for which the resulting non-cash consideration is treated as variable consideration under the new revenue recognition accounting standard. The impact to revenue as a result of applying ASC 606 as compared to ASC 605 for 2018 was not significant. We recognize revenue from operations through the sale of products, services, and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. Our contracts from customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment and may or may not impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recorded until installation is complete and customer acceptance, if required, has occurred. Certain equipment requires installation due to the fact that the instruments are being operated in a clinical/laboratory environment, and the installation services could result in modification of the equipment in order to ensure that the instruments are working according to specifications of the customer which are subject to validation tests upon completion of the installation. In these arrangements, which require factory installation, the delivery of the equipment and the installation are separate performance obligations. We will recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control has occurred in relation to the equipment at that point in time as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. The transaction price allocated to the installation services is also recognized upon completion of the services because without the completion of the installation services and related customer acceptance the customer cannot receive any of the benefits of the service. At the time revenue is recognized, a provision is recognized for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced to the estimated amount that we expect to receive in exchange for transferring control for those products. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, transaction prices are allocated to performance obligations based on stand-alone selling prices. The method used to determine the stand-alone selling prices for service revenues is based on the observable prices when the services have been sold separately. In those instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and for contracts in which we recognize revenue at the amount to which we have the right to invoice for services performed. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant. Reagent Rental Agreements Reagent rental agreements are a diagnostic industry sales method that provides use of an instrument and consumables (reagents) to a customer on a per test basis. These agreements may also include maintenance of the underlying instruments retained at customer locations as well as initial training. We concluded that the use of the instrument and related maintenance services (collectively known as “lease elements”) are not within the guidance of ASC 606 but rather ASC 840 Leases. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. The determination of the transaction price requires judgment and requires consideration of any fixed/minimum payments as well as estimates of variable consideration. After determining what portion of the transaction price should be allocated to the lease elements, any fixed consideration would be considered the minimum lease payment to be amortized straight line over the lease term and any variable consideration would be contingent rent to be recognized monthly as earned, which coincides with the transfer of control of the non-lease elements. For the portion of the transaction price allocated to the non-lease elements, which are principally the reagents, the related revenue will be recognized at a point in time when control transfers. Generally, the terms of the arrangements result in the transfer of control upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer. Revenue allocated to the lease elements of these reagent rental arrangements represents approximately 5% of total revenue and are included as part of the Net sales in our Consolidated Statements of Income. Contract costs: As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs, recorded within Selling, general and administrative expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities. Disaggregation of Revenue: The disaggregation of our revenue by geographic region based primarily on the location of the use of the product service, and by industry segment sources, and the disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 14). Deferred revenues represent mostly unrecognized fees billed or collected for extended service arrangements. Deferred revenues are generally recognized ratably over the term of the service contract as our performance extends over the life of the arrangement. A majority of our deferred revenue balance is classified as current with an expected length of one year or less. The increase in our total deferred revenue balance from $36.7 million at December 31, 2017 to $37.3 million at December 31, 2018 is primarily driven by $28.0 million , net, of cash payments received or due in advance of satisfying our performance obligations, partially offset by $27.4 million of revenue recognized that were included in our deferred revenue balance as of December 31, 2017 . |
Warranty | 2018 2017 January 1 $ 18.7 $ 17.6 Provision for warranty 25.5 29.9 Actual warranty costs (34.1 ) (28.8 ) December 31 $ 10.1 $ 18.7 |
Shipping and Handling | Shipping and Handling We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold. |
Research and Development Expense, Policy [Policy Text Block] | 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. We conduct extensive research and development activities in all areas of our business, employing approximately 800 |
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, 2018 2017 2016 Basic weighted average shares outstanding 29,836 29,655 29,440 Effect of potentially dilutive stock options and restricted stock awards 392 379 206 Diluted weighted average common shares 30,228 30,034 29,646 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 84 13 113 |
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 Pronouncements Adopted 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. We adopted ASU 2018-03 on January 1, 2018 and made an irrevocable election to account for our investment of the ordinary shares of Sartorius AG at fair value (see ASU 2016-01 below). 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. Changes in fair value for equity securities will no longer be reported in other comprehensive income. For equity investments without readily determinable fair values, the cost method is also eliminated. We adopted ASU 2016-01 on January 1, 2018 and record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes and were valued at $0.6 million as of December 31, 2018 . Changes in the basis of these equity investments are reported in current earnings. For equity securities that are affected by ASU 2016-01 and ASU 2018-03, see Note 3 to the consolidated financial statements, which primarily consists of our investment in Sartorius AG. The impact of the adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018 was through a cumulative-effect adjustment of $864.5 million to Total stockholders' equity by increasing Retained earnings of $1,543.7 million and decreasing Accumulated other comprehensive income of $679.2 million , including an increase in Deferred income taxes of $232.9 million and an increase in Other investments of $1,097.4 million in our Consolidated Balance Sheet. As a result of ASU 2016-01 and ASU 2018-03 for 2018 , we recorded a gain of $606.2 million for the Change in fair market value of equity securities in the Consolidated Statement of Income that resulted in a deferred tax expense of $133.9 million . In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which changed how we present the net periodic benefit cost of our defined benefit pension and/or other postretirement plans. We adopted ASU 2017-07 on January 1, 2018 and applied the practical expedient to estimate amounts for comparative purposes utilizing the information disclosed in Note 12 to the consolidated financial statements in our Form 10-K for the year ended December 31, 2017. The interest costs are recorded in Interest expense, and the other costs are recorded in Other (income) expense, net in the Consolidated Statements of Income. For 2017 for interest costs and other costs, we reclassified $0.304 million , $2.152 million , and $0.144 million from Cost of goods sold (COGS), Selling, general and administrative expense (SG&A) and Research and Development expense (R&D), respectively, to Interest expense of $1.1 million and Other (income) expense, net of $1.5 million . For 2016 for interest costs and other costs, we reclassified $0.341 million , $2.027 million and $0.156 million from COGS, SG&A and R&D, respectively, to Interest expense of $1.438 million and Other (income) expense, net of $1.086 million . In November 2016, the FASB issued ASU 2016-18, "Restricted Cash," which required us to cease to present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. We adopted ASU 2016-18 on January 1, 2018 and updated the Consolidated Statements of Cash Flows to incorporate restricted cash included in Other current assets and Other assets of $2.6 million as of December 31, 2018 and $1.2 million as of December 31, 2017. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory," which required immediate recognition of income tax consequences of intercompany asset transfers, other than inventory transfers. We adopted ASU 2016-16 on January 1, 2018 on a modified retrospective basis through a cumulative-effect adjustment by decreasing Retained earnings by $17.6 million , and decreasing Prepaid taxes by $22.8 million and increasing Deferred tax assets by $5.2 million that are both recorded in Other assets in our Consolidated Balance Sheet. In August 2016, FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments" and adopted it on January 1, 2018, which did not have an impact to our statement of cash flows presentation. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASC 606"), an updated standard on revenue recognition. The new standard provides enhancements to the quality and consistency of how revenue is reported under the principle that revenue should be recognized in an amount that reflects the consideration to which we expect to be entitled in exchange for the transfer of promised goods or services. We adopted ASC 606 as of January 1, 2018 using the cumulative effect transition method as more fully described above under the caption “Revenue Recognition.” Recent Accounting Pronouncements to be Adopted In November 2018, the FASB issued ASU 2018-18, "Clarifying the Interaction between Topic 808 and Topic 606." Topic 808 is Collaborative Arrangements, and Topic 606 is Revenue from Contracts with Customers. ASU 2018-18 clarifies that certain transactions between collaborative partners should be accounted for as revenue under ASC 606 when the collaborative partner is a customer. We currently do not have any customers that are collaborative partners or anticipate any in the near future. ASU 2018-18 will be effective January 1, 2020 and we will not early adopt. In August 2018, the FASB issued ASU 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. We will prospectively adopt ASU 2018-15 effective January 1, 2019. We do not expect ASU 2018-15 to have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 eliminates and adds certain disclosures for defined benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020 using a retrospective approach, with early adoption permitted. We are currently evaluating the disclosures and the timing of adoption but do not expect ASU 2018-14 to have a material impact to our disclosures for defined benefit plans. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." ASU 2018-13 eliminates, adds and modifies certain disclosures for fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted in interim periods, including periods for which financial statements have not yet been issued. We do not expect ASU 2018-13 to have a material impact to our fair value disclosures and we currently do not plan to early adopt. 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. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments-Credit Losses," which clarifies that receivables arising from operating leases are not within the scope of Topic 326. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect ASU 2016-13 will have on our consolidated financial statements. |
1. Significant Accounting Pol_3
1. Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. Upon revenue recognition of that equipment, we establish, as part of Cost of goods sold, a provision for the expected costs of such warranty based on historical experience, specific warranty terms and customer feedback. A review is performed on a quarterly basis to assess the adequacy of our warranty accrual. Components of the warranty accrual, included in Other current liabilities and Other long-term liabilities in the Consolidated Balance Sheets, were as follows (in millions): 2018 2017 January 1 $ 18.7 $ 17.6 Provision for warranty 25.5 29.9 Actual warranty costs (34.1 ) (28.8 ) December 31 $ 10.1 $ 18.7 |
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, 2018 2017 2016 Basic weighted average shares outstanding 29,836 29,655 29,440 Effect of potentially dilutive stock options and restricted stock awards 392 379 206 Diluted weighted average common shares 30,228 30,034 29,646 Anti-dilutive stock options and restricted stock awards excluded from the computation of diluted EPS 84 13 113 |
3. Fair Value Measurements (Tab
3. Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions): December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Short-term investments: Corporate debt securities $ 216.2 $ 0.1 $ (1.3 ) $ 215.0 Municipal obligations 11.1 — (0.1 ) 11.0 Asset-backed securities 63.5 — (0.4 ) 63.1 U.S. government sponsored agencies 80.9 0.2 (0.8 ) 80.3 Foreign government obligations 3.6 — — 3.6 375.3 0.3 (2.6 ) 373.0 Long-term investments: Asset-backed securities 0.2 — — 0.2 0.2 — — 0.2 Total $ 375.5 $ 0.3 $ (2.6 ) $ 373.2 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | conciliation of the Level 3 analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value (in millions): 2018 January 1 $ 16.7 Payment of sales milestone (2.1 ) Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense (6.2 ) December 31 $ 8.4 The following table provides q |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | ntitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of December 31, 2018 . 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 11.0 % Cost of debt 5.1 % |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of our forward foreign currency exchange contracts (in millions): December 31, 2018 Contracts maturing in January through March 2019 to sell foreign currency: Notional value $ 50.6 Unrealized gain $ 0.2 Contracts maturing in January through March 2019 to purchase foreign currency: Notional value $ 284.5 Unrealized loss $ (0.5 ) |
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, 2018 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 $ — $ 77.8 $ — $ 77.8 Time deposits 22.7 10.0 — 32.7 Asset-backed securities — 0.3 — 0.3 Money market funds 36.9 — — 36.9 Total cash equivalents 59.6 88.1 — 147.7 Restricted investment 5.6 — — 5.6 Equity Securities (b) 2,672.9 — — 2,672.9 Available-for-sale investments: Corporate debt securities — 215.0 — 215.0 U.S. government sponsored agencies — 80.3 — 80.3 Foreign government obligations — 3.6 — 3.6 Municipal obligations — 11.0 — 11.0 Asset-backed securities — 63.3 — 63.3 Total available-for-sale investments (c) — 373.2 — 373.2 Forward foreign exchange contracts (d) — 0.6 — 0.6 Total financial assets carried at fair value $ 2,738.1 $ 461.9 $ — $ 3,200.0 Financial Liabilities Carried at Fair Value: Forward foreign exchange contracts (e) $ — $ 0.7 $ — $ 0.7 Contingent consideration (f) — — 8.4 8.4 Total financial liabilities carried at fair value $ — $ 0.7 $ 8.4 $ 9.1 As of first quarter 2018, our equity securities are no longer reported as Available-for-sale investments due to the implementation of ASU 2016-01. Changes in fair value of equity securities are now reported on the Consolidated Statements of Income rather than Other Comprehensive Income (see Note 1). 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 (c): 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 (d) — 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 (e) $ — $ 1.6 — $ 1.6 Contingent consideration (f) — — 16.7 16.7 Total financial liabilities carried at fair value $ — $ 1.6 $ 16.7 $ 18.3 (a) Cash equivalents are included in Cash and cash equivalents in the Consolidated Balance Sheets. (b) Equity securities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2018 Short-term investments $ 40.2 Other investments 2,632.7 Total $ 2,672.9 The unrealized gains on our equity securities still held as of December 31, 2018 are $607.7 million and are primarily due to our investment in Sartorius AG and is recorded in our Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Note 1). (c) Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2017 Short-term investments $ 373.0 $ 371.2 Other investments 0.2 930.2 Total $ 373.2 $ 1,301.4 In accordance with our adoption of ASU 2016-01 January 1, 2018, our investment in Sartorius AG preferred shares, which was reported within marketable equity securities as Available-for-sale as of December 31, 2017 , is now reported as an Equity security as of December 31, 2018 (see Note 1 and footnote (b) above). (d) Forward foreign exchange contracts in an asset position are included in Other current assets in the Consolidated Balance Sheets. (e) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets. (f) Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2018 December 31, 2017 Other current liabilities $ 3.2 $ 2.7 Other long-term liabilities 5.2 14.0 Total $ 8.4 $ 16.7 |
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 |
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, 2017 Fair value of investments in a loss position 12 months or more $ 117.9 $ 43.9 Fair value of investments in a loss position less than 12 months $ 193.0 $ 168.7 Gross unrealized losses for investments in a loss position 12 months or more $ 1.8 $ 0.7 Gross unrealized losses for investments in a loss position less than 12 months $ 0.8 $ 0.8 |
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2018 by contractual maturity date (in millions): Amortized Cost Estimated Fair Value Mature in less than one year $ 155.5 $ 155.2 Mature in one to five years 172.4 171.3 Mature in more than five years 47.6 46.7 Total $ 375.5 $ 373.2 |
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, 2018 December 31, 2017 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 Total long-term debt, excluding leases and current maturities $ 423.7 $ 435.8 2 $ 423.1 $ 449.8 2 |
4. Intangible Assets, Goodwil_2
4. Intangible Assets, Goodwill and Other (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes to goodwill by segment | Changes to goodwill by segment were as follows (in millions): 2018 2017 Life Clinical Total Life Clinical Total Balances as of January 1: 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 Acquisitions — — — 26.2 — 26.2 Divestiture — (1.4 ) (1.4 ) — — — Impairment (5.9 ) (276.1 ) (282.0 ) (8.7 ) (2.8 ) (11.5 ) Currency fluctuations (0.2 ) (2.7 ) (2.9 ) 1.4 12.9 14.3 Balances as of December 31: Goodwill 234.5 320.5 555.0 234.7 324.6 559.3 Accumulated impairment losses and write-offs (41.8 ) (293.4 ) (335.2 ) (35.9 ) (17.3 ) (53.2 ) Goodwill, net $ 192.7 $ 27.1 $ 219.8 $ 198.8 $ 307.3 $ 506.1 |
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, 2018 Average Remaining Life (years) Purchase Price Accumulated Amortization Net Carrying Amount Customer relationships/lists 1-6 $ 88.7 $ (68.3 ) $ 20.4 Know how 1-7 190.6 (159.8 ) 30.8 Developed product technology 1-10 130.4 (86.6 ) 43.8 Licenses 7-11 76.3 (40.9 ) 35.4 Tradenames 2-6 3.9 (3.3 ) 0.6 Covenants not to compete 7 3.2 (1.1 ) 2.1 Total definite-lived intangible assets $ 493.1 $ (360.0 ) $ 133.1 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 |
5. Notes Payable and Long-Ter_2
5. Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 4.875% Senior Notes due 2020, net of discount $ 425.0 $ 425.0 Less unamortized discount and debt issuance costs (1.3 ) (1.9 ) Long-term debt less unamortized discount and debt issuance costs 423.7 423.1 Capital leases and other debt 15.7 11.9 439.4 435.0 Less current maturities (0.5 ) (0.4 ) Long-term debt $ 438.9 $ 434.6 |
6. Income Taxes (Tables)
6. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 U.S. $ 363.4 $ 72.8 $ (38.5 ) International 149.3 25.0 80.1 Income before taxes $ 512.7 $ 97.8 $ 41.6 |
Provision for income taxes [Table Text Block] | The provision for income taxes consists of the following (in millions): Year Ended December 31, 2018 2017 2016 Current tax expense: U.S. Federal $ 8.8 $ 6.7 $ 16.1 State 2.2 3.4 3.1 International 30.5 32.0 30.4 Current tax expense 41.5 42.1 49.6 Deferred tax expense (benefit): U.S. Federal 114.0 (69.8 ) (42.4 ) State 6.6 4.3 (2.8 ) International 0.3 (19.3 ) (6.0 ) Deferred tax expense (benefit) 120.9 (84.8 ) (51.2 ) Non-current tax (benefit) expense (15.4 ) 18.3 17.2 Provision for (benefit from) income taxes $ 147.0 $ (24.4 ) $ 15.6 |
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, 2018 2017 2016 U. S. statutory tax rate 21 % 35 % 35 % Impact of foreign operations (4 ) 6 (15 ) Foreign dividends, net — — (40 ) Research tax credits (1 ) (4 ) (9 ) Nontaxable subsidies — (2 ) (4 ) Tax settlements and changes to unrecognized tax benefits — — 47 Goodwill impairment 6 1 11 Domestic manufacturing deduction — — (4 ) Share-based compensation (1 ) (5 ) 3 Nondeductible executive compensation — 2 3 Fines and penalties — — 2 Prior period adjustments (1 ) — 4 U.S. taxation of foreign income 15 3 2 Acquisition-related — 10 — U.S. tax reform (10 ) (71 ) — State taxes 2 3 1 Other 2 (3 ) 1 Provision for (benefit from) income taxes 29 % (25 )% 37 % |
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, 2018 2017 Deferred tax assets: Bad debt, inventory and warranty accruals $ 21.7 $ 28.6 Other post-employment benefits, vacation and other reserves 23.0 24.0 Tax credit and net operating loss carryforwards 75.3 73.3 Other 27.1 19.7 Total gross deferred tax assets 147.1 145.6 Valuation allowance (70.8 ) (66.4 ) Total deferred tax assets 76.3 79.2 Deferred tax liabilities: Property and equipment 40.1 33.5 Investments and intangible assets 540.6 219.1 Total deferred tax liabilities 580.7 252.6 Net deferred tax liabilities $ (504.4 ) $ (173.4 ) |
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): 2018 2017 2016 Unrecognized tax benefits – January 1 $ 54.9 $ 21.1 $ 11.9 Additions to tax positions related to prior years 0.6 1.3 10.4 Reductions to tax positions related to prior years (20.2 ) (1.0 ) — Additions to tax positions related to the current year 4.6 34.8 3.4 Settlements (6.8 ) (0.2 ) (2.4 ) Lapse of statute of limitations (1.1 ) (3.4 ) (2.3 ) Currency translation (2.2 ) 2.3 0.1 Unrecognized tax benefits – December 31 $ 29.8 $ 54.9 $ 21.1 |
7. Stockholders' Equity Stockho
7. Stockholders' Equity Stockholders' Equity Shares Detail (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 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 B to A conversions 30 (30 ) Issuance of common stock 175 18 Balance at December 31, 2018 24,884 5,096 |
7. Stockholders' Equity Treasur
7. Stockholders' Equity Treasury Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | Treasury Shares In November, 2017, 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. Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. This new authorization superseded the prior authorization of up to $18.0 million of Bio-Rad's common stock and has no expiration. The share repurchase activity under the share repurchase program through open market transactions in 2017 and 2018 is summarized as follows: Number of Shares Purchased Weighted-Average Price per Share Total Shares Repurchased To Date Remaining Authorized Value (in millions) May 1, 2017 - May 31, 2017 2,500 $ 220.02 3,539 $ 2.7 June 1, 2017 - June 30, 2017 1,500 $ 221.82 5,039 $ 2.4 August 1, 2017 - August 31, 2017 9,200 $ 221.45 14,239 $ 0.4 November 1, 2018 - November 30, 2018 178,911 $ 273.39 193,150 $ 201.1 In September 2017, we used 12,740 |
8. Accumulated Other Comprehe_2
8. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) 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 (losses) on available-for-sale investments Total Accumulated other comprehensive income (loss) Balances as of January 1, 2017 $ 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 Effect of adoption of ASU 2016-01 and 2018-03** — — (679.3 ) (679.3 ) Balances as of January 1, 2018 $ 77.4 $ (22.3 ) $ 4.4 $ 59.5 Other comprehensive (loss) income, before reclassifications (112.9 ) 6.9 (1.4 ) (107.4 ) Amounts reclassified from Accumulated other comprehensive income — 2.4 0.3 2.7 Income tax effects — (1.8 ) — (1.8 ) Other comprehensive (loss) income, net of income taxes (112.9 ) 7.5 (1.1 ) (106.5 ) Balances as of December 31, 2018 $ (35.5 ) $ (14.8 ) $ 3.3 $ (47.0 ) |
8. Accumulated Other Comprehe_3
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: December 31, Components of Comprehensive income 2018 2017 Location Amortization of foreign other post-employment benefit items $ (2.4 ) $ (2.1 ) Selling, general and administrative expense Net holding (losses) gains on equity securities and available for sale investments $ (0.3 ) $ 0.1 Other (income) expense, net |
9. Share-based Compensation (Ta
9. Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 407,480 $ 120.39 Granted 33,000 $ 326.15 Exercised (44,600 ) $ 93.63 Forfeited/expired (22,240 ) $ 169.93 Outstanding, December 31, 2018 373,640 $ 138.81 4.90 $ 38.0 Unvested, December 31, 2018 99,600 $ 223.91 8.32 $ 3.9 Exercisable, December 31, 2018 274,040 $ 107.88 3.65 $ 34.1 |
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, 2018 2017 2016 Expected volatility 22 % 20 % 21 % Risk-free interest rate 2.85 % 1.87 % 1.35 % Expected life (in years) 7.6 7.2 7.4 Expected dividend — — — Weighted-average fair value of options granted $ 105.94 $ 58.65 $ 42.40 |
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, 2017 473,000 $ 172.76 Granted 185,755 $ 326.15 Vested (128,294 ) $ 158.49 Forfeited (56,011 ) $ 182.15 Outstanding, December 31, 2018 474,450 $ 235.57 2.11 $ 110.2 |
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, 2018 2017 2016 Expected volatility 27 % 19 % 20 % Risk-free interest rate 1.82 % 0.83 % 0.26 % Expected life (in years) 0.24 0.24 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 55.04 $ 38.86 $ 27.36 |
10. Other Income and Expenses
10. Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Interest and investment income $ (26.6 ) $ (19.1 ) $ (14.7 ) Net realized gains on investments (1.6 ) (0.1 ) (0.8 ) Other-than-temporary impairment losses on investments 0.8 7.0 0.6 Gain on sale of land (4.1 ) — — Gain on divestiture of product line (5.1 ) — — Other expense — 1.5 1.1 Other (income) expense, net $ (36.6 ) $ (10.7 ) $ (13.8 ) |
11. Supplemental Cash Flow I_2
11. Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net income $ 365.6 $ 122.2 $ 26.0 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 138.1 148.7 142.9 Share-based compensation 27.8 23.4 19.7 Gains on dispositions of securities (1.6 ) (0.1 ) (0.8 ) Other-than-temporary impairment losses on investments 0.8 7.0 0.6 Changes in fair market value of equity securities (606.2 ) — — Losses on dispositions of fixed assets 2.0 8.1 0.6 Gain on sale of land (4.1 ) — — Gain on divestiture of a product line (5.1 ) — — Excess tax benefits from share-based compensation — — (1.5 ) Changes in fair value of contingent consideration (6.2 ) (18.1 ) (0.4 ) Decrease (increase) in accounts receivable, net 59.7 (64.1 ) 12.5 Increase in inventories, net (12.9 ) (47.7 ) (57.1 ) Increase in other current assets (15.3 ) (35.7 ) (6.8 ) (Decrease) increase in accounts payable and other current liabilities (45.6 ) 7.8 30.1 (Decrease) increase in income taxes payable (20.9 ) (22.4 ) 10.7 Increase (decrease) in deferred income taxes 120.9 (82.0 ) (51.4 ) Decrease in other long term assets 1.1 2.3 12.5 (Decrease) increase in other long term liabilities (10.0 ) 38.1 10.4 Impairment losses on goodwill and long-lived assets 292.5 11.5 62.3 Other 4.9 5.1 5.8 Net cash provided by operating activities $ 285.5 $ 104.1 $ 216.1 Non-cash investing activities: Purchased property, plant and equipment $ 5.7 $ — $ 7.2 Purchased marketable securities and investments $ 0.8 $ 2.8 $ 0.6 |
12. Commitments & Contingent _2
12. Commitments & Contingent Liabilities Pension obligations and funded status (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Benefit obligation at beginning of year $136.6 $122.7 Service cost 7.5 6.5 Interest cost 1.1 1.1 Plan participants' contributions 3.1 2.8 Actuarial (gain) loss (5.4 ) 3.3 Gross benefits paid (3.1 ) (3.2 ) Plan amendments (0.5 ) 1.1 Special termination benefits — (2.0 ) Settlements — (5.1 ) Change attributable to foreign exchange (2.0 ) 9.4 Benefit obligation at end of year 137.3 136.6 Change in plan assets: Fair value of plan assets at beginning year 61.7 58.8 Actual return on plan assets 0.3 0.5 Employer contributions 4.0 4.0 Plan participants' contributions 3.1 2.8 Gross benefits paid (1.5 ) (2.3 ) Settlements — (5.1 ) Change attributable to foreign exchange (0.7 ) 3.0 Fair value of plan assets at end of year 66.9 61.7 Under funded status of plans $(70.4) $(74.9) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.1) $(1.1) Noncurrent liabilities (Other long-term liabilities) (69.3 ) (73.8 ) Net liability, end of fiscal year $(70.4) $(74.9) |
12. Commitments & Contingent _3
12. Commitments & Contingent Liabilities Net Periodic Benefit Cost (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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): 2018 2017 2016 Service costs $7.5 $6.5 $6.1 Interest costs 1.1 1.1 1.4 Expected returns on plan assets (1.1 ) (1.1 ) (1.0 ) Amortization of actuarial losses 1.3 1.4 1.7 Amortization of prior service costs 0.1 — — Settlements — 1.2 0.4 Net periodic benefit costs $8.9 $9.1 $8.6 |
12. Commitments & Contingent _4
12. Commitments & Contingent Liabilities Assumptions for Benefit Obligations and Periodic Benefit Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Discount rate 1.1 % 0.8 % Compensation rate increase 1.8 % 1.8 % The weighted-average assumptions used in computing the net periodic benefit costs are as follows: 2018 2017 2016 Discount rate 0.8 % 0.9 % 1.1 % Expected long-term rate of return on plan assets 1.8 % 1.9 % 1.6 % |
14. Segment Reporting (Tables)
14. Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Information regarding industry segments | Information regarding industry segments at December 31, 2018 , 2017 , and 2016 and for the years then ended is as follows (in millions): Life Science Clinical Diagnostics Other Operations Segment net sales 2018 $ 861.7 $ 1,411.8 $ 15.9 2017 785.2 1,360.8 14.2 2016 730.7 1,323.3 14.2 Allocated interest expense 2018 $ 7.2 $ 16.7 $ 0.1 2017 7.0 14.9 — 2016 6.9 16.5 — Depreciation and amortization 2018 $ 34.1 $ 72.0 $ 0.5 2017 36.2 80.2 — 2016 31.7 80.5 — Segment profit (loss) 2018 $ 28.7 $ (145.7 ) $ 0.2 2017 (9.9 ) 114.8 1.4 2016 (19.1 ) 58.0 0.9 Segment assets 2018 $ 450.2 $ 949.0 $ 5.9 2017 453.0 1,038.4 4.8 Capital expenditures 2018 $ 36.7 $ 60.5 $ 0.5 2017 12.6 59.0 — |
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, 2018 2017 2016 Total segment (loss) profit $ (116.8 ) $ 106.3 $ 39.8 Foreign currency exchange losses, net (2.9 ) (9.1 ) (4.5 ) Net corporate operating, interest and other expense not allocated to segments (10.4 ) (10.1 ) (7.5 ) Change in fair market value of equity securities 606.2 — — Other income (expense), net 36.6 10.7 13.8 Consolidated income before income taxes $ 512.7 $ 97.8 $ 41.6 |
Reconciliation of Assets from Segment to Consolidated | The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2018 2017 Total segment assets $ 1,405.1 $ 1,496.2 Cash and other current assets 1,047.2 965.8 Property, plant and equipment, net, excluding segment specific gross machinery and equipment 79.9 57.0 Goodwill, net 219.8 506.1 Other long-term assets 2,859.1 1,247.9 Total assets $ 5,611.1 $ 4,273.0 |
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, 2018 2017 2016 Europe $ 792.0 $ 758.5 $ 742.2 Pacific Rim 495.5 461.3 427.1 United States 863.6 800.2 770.6 Other (primarily Canada and Latin America) 138.3 140.2 128.3 Total net sales $ 2,289.4 $ 2,160.2 $ 2,068.2 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, 2018 2017 Europe** $ 1,571.9 $ 230.6 Pacific Rim 20.7 18.4 United States 1,582.1 1,305.2 Other (primarily Canada and Latin America) 11.1 13.1 Total Property, plant and equipment, net, Other investments and Other assets, excluding deferred income taxes $ 3,185.8 $ 1,567.3 |
15. Restructuring Costs (Tables
15. Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the activity for the termination of the diagnostics research and development project and the facility closures restructuring reserves for severance and exit costs (in millions): 2018 2017 Balance as of January 1 $ 14.1 $ — Charged to expense 5.8 14.0 Adjustment to expense 0.3 — Cash payments (8.4 ) — Foreign currency translation (gains) losses (0.3 ) 0.1 Balance as of December 31 $ 11.5 $ 14.1 2018 2017 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balance as of January 1 $ 2.2 $ 4.1 $ 6.3 $ 3.2 $ 5.8 $ 9.0 Adjustment to expense (0.1 ) (0.1 ) (0.2 ) 0.2 0.3 0.5 Cash payments (1.5 ) (2.9 ) (4.4 ) (1.5 ) (2.7 ) (4.2 ) Foreign currency translation (gains) losses — (0.1 ) (0.1 ) 0.3 0.7 1.0 Balance as of December 31 $ 0.6 $ 1.0 $ 1.6 $ 2.2 $ 4.1 $ 6.3 |
16. Quarterly Financial Data (T
16. Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Net sales $ 551.5 $ 575.9 $ 545.1 $ 616.9 Gross profit 302.2 301.7 286.7 332.6 Net income (loss) 656.8 268.0 269.3 (828.5 ) Basic earnings (loss) per share $ 22.05 $ 8.99 $ 9.02 $ (27.73 ) Diluted earnings (loss) per share $ 21.77 $ 8.87 $ 8.89 $ (27.73 ) 2017 Net sales $ 500.1 $ 504.7 $ 534.1 $ 621.3 Gross profit 270.1 273.4 299.0 345.2 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 |
1. Significant Accounting Pol_4
1. Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Restricted investments | $ 5,560 | $ 5,560 | ||
Retained earnings | 3,722,073 | 1,830,439 | ||
Other assets | 70,298 | 94,949 | ||
Prepaid Taxes | 5,500 | $ 22,800 | ||
Equipment | 970,081 | 971,140 | ||
Deferred income taxes | 553,239 | 222,209 | ||
Income Tax Expense (Benefit) | $ (147,045) | $ 24,444 | $ (15,560) | |
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 | 39 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] | ||||
Retained earnings | $ 1,543,700 |
1. Significant Accounting Pol_5
1. Significant Accounting Policies Warranty rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Warranty accrual, beginning of period | $ 18.7 | $ 17.6 |
Provision for warranty | 25.5 | 29.9 |
Actual warranty costs | (34.1) | (28.8) |
Warranty accrual, end of period | $ 10.1 | $ 18.7 |
1. Significant Accounting Pol_6
1. Significant Accounting Policies Earnings per share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Basic weighted average shares outstanding | 29,836 | 29,655 | 29,440 |
Effect of potentially dilutive stock options and restricted stock awards | 392 | 379 | 206 |
Diluted weighted average common shares | 30,228 | 30,034 | 29,646 |
Anti-dilutive shares excluded from the computation of diluted EPS | 84 | 13 | 113 |
1. Significant Accounting Pol_7
1. Significant Accounting Policies Details (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2015USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Tax Assets, Net, Noncurrent | $ 5,200 | ||||
Interest expense | $ 23,962 | $ 23,014 | $ 23,380 | ||
Selling, general and administrative expense | 834,783 | 806,790 | 814,697 | ||
Research and development expense | 199,196 | 250,157 | 205,708 | ||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | (119,000) | (70,000) | |||
Stockholders' Equity Attributable to Parent | 4,020,331 | 2,930,250 | 2,579,160 | $ 2,485,029 | |
Restricted investments | 5,560 | 5,560 | |||
Retained earnings | 3,722,073 | 1,830,439 | |||
Prepaid Taxes | (5,500) | (22,800) | |||
Accumulated other comprehensive (loss) income | (46,958) | 738,794 | |||
Other (income) expense, net | 36,593 | 10,697 | 13,764 | ||
Deferred Tax Assets, Gross | $ 147,100 | 145,600 | |||
Document Fiscal Year Focus | 2018 | ||||
Unrealized Gain on Securities | $ 606,230 | 0 | 0 | ||
Deferred Income Tax Expense (Benefit) | 120,900 | (84,800) | (51,200) | ||
Cost of Goods and Services Sold | 1,066,264 | 972,450 | 929,744 | ||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit), Increase | (49,000) | ||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) Composition | (169,000) | ||||
Tax Cuts and Jobs Act, Income Tax Expense, Composition | 50,000 | ||||
Accounting Standards Update 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other assets | 600 | ||||
Accumulated other comprehensive (loss) income | 679,200 | ||||
Adjustments for New Accounting Pronouncement [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Interest expense | 1,100 | 1,438 | |||
Selling, general and administrative expense | 2,152 | 2,027 | |||
Research and development expense | 144 | 156 | |||
Stockholders' Equity Attributable to Parent | 864,500 | ||||
Retained earnings | 1,543,700 | ||||
Deferred Income Tax Assets, Net | 232,900 | ||||
Investments | 1,097,400 | ||||
Other (income) expense, net | 1,500 | 1,086 | |||
Deferred Income Tax Expense (Benefit) | 133,900 | ||||
Cost of Goods and Services Sold | 304 | $ 341 | |||
Restricted Cash | $ 2,600 | $ 1,200 | |||
Accounting Standards Update 2016-16 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ (17,600) | ||||
541714 Research and Development in Biotechnology (except Nanobiotechnology) [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Entity Number of Employees | 800 |
1. Significant Accounting Pol_8
1. Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Retained earnings | $ 3,722,073 | $ 1,830,439 | |
Revenue Allocation Percent To Lease Elements | 5.00% | ||
Deferred Revenue | $ 37,300 | $ 36,700 | |
Deferred Revenue, Period Increase (Decrease) | 28,000 | ||
Deferred Revenue, Revenue Recognized | $ 27,400 | ||
Accounting Standards Update 2014-09 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Retained earnings | $ 100 |
2. Acquisitions (Details)
2. Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 15, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Goodwill, Purchase Accounting Adjustments | $ 0 | ||||
Goodwill | $ 219,770 | 506,069 | $ 477,100 | ||
Goodwill, Acquired During Period | 0 | $ 26,200 | |||
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, Acquired During Period | 26,200 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 13,600 | ||||
Analytical Flow Cytometer Platform [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 8,400 | ||||
Deferred Tax Asset [Domain] | RainDance Technologies, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 22,500 |
3. Fair Value Measurements (Det
3. Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI, Unrealized Gain | $ 607.7 | |||
Debt Securities, Available-for-sale | 373.2 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 5.6 | $ 5.6 | ||
Available-for-sale Securities | 373.2 | 1,301.4 | [1] | |
Equity Securities, FV-NI | 2,672.9 | |||
Debt Securities, Available-for-sale | 373.2 | |||
Forward foreign exchange contracts, Asset | [2] | 0.6 | 0.5 | |
Financial Assets Carried at Fair Value | 3,200 | 1,411.8 | ||
Forward foreign exchange contracts, Liability | [3] | 0.7 | 1.6 | |
Business Combination, Contingent Consideration, Liability | [4] | 8.4 | 16.7 | |
Liabilities, Fair Value Disclosure | 9.1 | 18.3 | ||
Fair Value, Measurements, Recurring [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0.7 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 185.7 | ||
Debt Securities, Available-for-sale | 215 | |||
Fair Value, Measurements, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 67.6 | ||
Debt Securities, Available-for-sale | 80.3 | |||
Fair Value, Measurements, Recurring [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 3.4 | ||
Debt Securities, Available-for-sale | 3.6 | |||
Fair Value, Measurements, Recurring [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 15 | ||
Debt Securities, Available-for-sale | 11 | |||
Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 973.4 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | [1] | 55.6 | ||
Debt Securities, Available-for-sale | 63.3 | |||
Fair Value, Measurements, Recurring [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 32.7 | 53.7 | |
Fair Value, Measurements, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 11.2 | |||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 36.9 | 3.4 | |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 77.8 | 36 | |
Fair Value, Measurements, Recurring [Member] | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 147.7 | 104.3 | |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0.3 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 5.6 | ||
Available-for-sale Securities | [1] | 973.4 | ||
Equity Securities, FV-NI | 2,672.9 | |||
Debt Securities, Available-for-sale | 0 | |||
Forward foreign exchange contracts, Asset | [2] | 0 | 0 | |
Financial Assets Carried at Fair Value | 2,738.1 | 1,026.1 | ||
Forward foreign exchange contracts, Liability | [3] | 0 | 0 | |
Business Combination, Contingent Consideration, Liability | [4] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 973.4 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 22.7 | 43.7 | |
Fair Value, Measurements, Recurring [Member] | 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 | |||
Fair Value, Measurements, Recurring [Member] | 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] | 36.9 | 3.4 | |
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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] | 59.6 | 47.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 0 | 0 | ||
Available-for-sale Securities | [1] | 328 | ||
Equity Securities, FV-NI | 0 | |||
Debt Securities, Available-for-sale | 373.2 | |||
Forward foreign exchange contracts, Asset | [2] | 0.6 | 0.5 | |
Financial Assets Carried at Fair Value | 461.9 | 385.7 | ||
Forward foreign exchange contracts, Liability | [3] | 0.7 | 1.6 | |
Business Combination, Contingent Consideration, Liability | [4] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0.7 | 1.6 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | 0.7 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 185.7 | ||
Debt Securities, Available-for-sale | 215 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 67.6 | ||
Debt Securities, Available-for-sale | 80.3 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 3.4 | ||
Debt Securities, Available-for-sale | 3.6 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 15 | ||
Debt Securities, Available-for-sale | 11 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 55.6 | ||
Debt Securities, Available-for-sale | 63.3 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 10 | 10 | |
Fair Value, Measurements, Recurring [Member] | 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 | |||
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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] | 77.8 | 36 | |
Fair Value, Measurements, Recurring [Member] | 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] | 88.1 | 57.2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0.3 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Equity Securities, FV-NI | 0 | |||
Debt Securities, Available-for-sale | 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] | 8.4 | 16.7 | |
Liabilities, Fair Value Disclosure | 8.4 | 16.7 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Fair Value, Measurements, Recurring [Member] | 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 Securities | [1] | 0 | ||
Debt Securities, Available-for-sale | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [5] | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | 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 | |||
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | |||
Other Current Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 3.2 | 2.7 | ||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 373 | 371.2 | ||
Equity Securities, FV-NI | 40.2 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Interest-bearing Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0.7 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 185.7 | |||
Debt Securities, Available-for-sale | 215 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 67.6 | |||
Debt Securities, Available-for-sale | 80.3 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 3.4 | |||
Debt Securities, Available-for-sale | 3.6 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 15 | |||
Debt Securities, Available-for-sale | 11 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 43.4 | |||
Short-term Investments [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 55.4 | |||
Debt Securities, Available-for-sale | 63.1 | |||
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0.2 | 930.2 | ||
Equity Securities, FV-NI | 2,632.7 | |||
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 5.2 | $ 14 | ||
[1] | Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2017 Short-term investments $ 373.0 $ 371.2 Other investments 0.2 930.2 Total $ 373.2 $ 1,301.4 | |||
[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, 2018 December 31, 2017 Other current liabilities $ 3.2 $ 2.7 Other long-term liabilities 5.2 14.0 Total $ 8.4 $ 16.7 | |||
[5] | (a) 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, 2018USD ($) | |
Forward foreign exchange contract to purchase foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Notional Amount | $ 284.5 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (0.5) |
Forward foreign exchange contract to sell foreign currency [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative, Notional Amount | 50.6 |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ 0.2 |
3. Fair Value Measurements Shor
3. Fair Value Measurements Short-term Investments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | $ 375.5 | |||
Debt Securities, Available-for-sale | 373.2 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $ 884.8 | |||
Debt Securities, Available-for-sale, Amortized Cost | 375.5 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0.3 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2.6 | |||
Debt Securities, Available-for-sale | 373.2 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1.5 | |||
Available-for-sale Securities | 373.2 | 1,301.4 | [1] | |
Available-for-sale Securities, Amortized Cost Basis | 418.1 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | 215 | |||
Available-for-sale Securities | [1] | 185.7 | ||
Fair Value, Measurements, Recurring [Member] | Interest-bearing Deposits [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | 0.7 | |||
Fair Value, Measurements, Recurring [Member] | Municipal Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | 11 | |||
Available-for-sale Securities | [1] | 15 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | 63.3 | |||
Available-for-sale Securities | [1] | 55.6 | ||
Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | [1] | 973.4 | ||
Fair Value, Measurements, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | 80.3 | |||
Available-for-sale Securities | [1] | 67.6 | ||
Fair Value, Measurements, Recurring [Member] | Foreign Government Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | 3.6 | |||
Available-for-sale Securities | [1] | 3.4 | ||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | 373 | 371.2 | ||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0.3 | |||
Debt Securities, Available-for-sale, Amortized Cost | 216.2 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0.1 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1.3 | |||
Debt Securities, Available-for-sale | 215 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.5 | |||
Available-for-sale Securities | 185.7 | |||
Available-for-sale Securities, Amortized Cost Basis | 185.9 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Interest-bearing Deposits [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 0.7 | |||
Available-for-sale Securities, Amortized Cost Basis | 0.7 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Municipal Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 11.1 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.1 | |||
Debt Securities, Available-for-sale | 11 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.1 | |||
Available-for-sale Securities | 15 | |||
Available-for-sale Securities, Amortized Cost Basis | 15.1 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 63.5 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.4 | |||
Debt Securities, Available-for-sale | 63.1 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.2 | |||
Available-for-sale Securities | 55.4 | |||
Available-for-sale Securities, Amortized Cost Basis | 55.6 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Marketable Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 43.4 | |||
Available-for-sale Securities, Amortized Cost Basis | 34.4 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Available-for-sale Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9.3 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1.5 | |||
Available-for-sale Securities | 371.2 | |||
Available-for-sale Securities, Amortized Cost Basis | 363.4 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 80.9 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0.2 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.8 | |||
Debt Securities, Available-for-sale | 80.3 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0.7 | |||
Available-for-sale Securities | 67.6 | |||
Available-for-sale Securities, Amortized Cost Basis | 68.3 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Foreign Government Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 3.6 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Debt Securities, Available-for-sale | 3.6 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 3.4 | |||
Available-for-sale Securities, Amortized Cost Basis | 3.4 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 375.3 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0.3 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2.6 | |||
Debt Securities, Available-for-sale | 373 | |||
Fair Value, Measurements, Recurring [Member] | Other Long-term Investments [Member] | Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Amortized Cost | 0.2 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Debt Securities, Available-for-sale | 0.2 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 0.2 | |||
Available-for-sale Securities, Amortized Cost Basis | 0.2 | |||
Fair Value, Measurements, Recurring [Member] | Other Long-term Investments [Member] | Marketable Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 875.5 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 930 | |||
Available-for-sale Securities, Amortized Cost Basis | 54.5 | |||
Fair Value, Measurements, Recurring [Member] | Other Long-term Investments [Member] | Available-for-sale Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 875.5 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Securities | 930.2 | |||
Available-for-sale Securities, Amortized Cost Basis | $ 54.7 | |||
Fair Value, Measurements, Recurring [Member] | Other Long-term Investments [Member] | Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 0.2 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Debt Securities, Available-for-sale | $ 0.2 | |||
[1] | Available-for-sale investments are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, December 31, 2017 Short-term investments $ 373.0 $ 371.2 Other investments 0.2 930.2 Total $ 373.2 $ 1,301.4 |
3. Fair Value Measurements Amor
3. Fair Value Measurements Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Mature in less than one year | $ 155.5 |
Mature in one to five years | 172.4 |
Mature in more than five years | 47.6 |
Total Amortized Cost | 375.5 |
Mature in less than one year | 155.2 |
Mature in one to five years | 171.3 |
Mature in more than five years | 46.7 |
Estimated Fair Value | $ 373.2 |
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, 2018 | Dec. 31, 2017 | |
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 | $ 117.9 | $ 43.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 193 | 168.7 |
Gross unrealized losses for investments in a loss position 12 months or more | 1.8 | 0.7 |
Gross unrealized losses for investments in a loss position less than 12 months | $ 0.8 | $ 0.8 |
Cost Method Investment, Percentage Owned | 37.00% |
3. Fair Value Investments (Deta
3. Fair Value Investments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Investments | $ 0 | $ 91.8 |
Total long-term debt, excluding leases and current maturities | 423.7 | 423.1 |
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 | 0 | 1,249.4 |
Total long-term debt, excluding leases and current maturities | $ 435.8 | $ 449.8 |
3. Fair Value Measurements Cont
3. Fair Value Measurements Contingent Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 25 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 16.7 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (6.2) | (18.1) | $ (0.4) | ||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | [1] | 8.4 | $ 16.7 | $ 8.4 | |||
Analytical Flow Cytometer Platform [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 8.4 | 8.4 | |||||
Business Combination, Contingent Consideration, Liability | 8.4 | 8.4 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ (0.8) | $ (1.3) | (2.1) | ||||
Net (decrease) increase in estimated fair value of contingent consideration included in selling, general and administrative expense | $ (6.2) | $ 12.2 | |||||
Discount rate [Member] | Analytical Flow Cytometer Platform [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Discount Rate | 11.00% | ||||||
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] | |||||||
Discount Rate | 5.10% | ||||||
[1] | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions): December 31, 2018 December 31, 2017 Other current liabilities $ 3.2 $ 2.7 Other long-term liabilities 5.2 14.0 Total $ 8.4 $ 16.7 |
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, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | $ (1,400) | |||
Goodwill [Roll Forward] | ||||
Goodwill period start | $ 559,300 | $ 518,800 | 559,300 | $ 518,800 |
Accumulated impairment loss period start | (53,200) | (41,700) | (53,200) | (41,700) |
Goodwill, net period start | 506,069 | 477,100 | 506,069 | 477,100 |
Goodwill, Acquired During Period | 0 | 26,200 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill, Impairment Loss | 282,000 | 11,500 | ||
Currency fluctuations | (2,900) | 14,300 | ||
Goodwill period end | 555,000 | 559,300 | ||
Accumulated impairment loss period end | (335,200) | (53,200) | ||
Goodwill, net period end | 219,770 | 506,069 | ||
Life Science [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill period start | 234,700 | 207,100 | 234,700 | 207,100 |
Accumulated impairment loss period start | (35,900) | (27,200) | (35,900) | (27,200) |
Goodwill, net period start | 198,800 | 179,900 | 198,800 | 179,900 |
Goodwill, Acquired During Period | 0 | 26,200 | ||
Goodwill, Purchase Accounting Adjustments | 0 | 0 | ||
Goodwill, Impairment Loss | 5,900 | 8,700 | ||
Currency fluctuations | (200) | 1,400 | ||
Goodwill period end | 234,500 | 234,700 | ||
Accumulated impairment loss period end | (41,800) | (35,900) | ||
Goodwill, net period end | 192,700 | 198,800 | ||
Clinical Diagnostics [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | (1,400) | (1,400) | ||
Goodwill [Roll Forward] | ||||
Goodwill period start | 324,600 | 311,700 | 324,600 | 311,700 |
Accumulated impairment loss period start | (17,300) | (14,500) | (17,300) | (14,500) |
Goodwill, net period start | $ 307,300 | 297,200 | 307,300 | 297,200 |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill, Purchase Accounting Adjustments | 0 | |||
Goodwill, Impairment Loss | 276,100 | 2,800 | ||
Currency fluctuations | (2,700) | 12,900 | ||
Goodwill period end | 320,500 | 324,600 | ||
Accumulated impairment loss period end | (293,400) | (17,300) | ||
Goodwill, net period end | 27,100 | $ 307,300 | ||
RainDance Technologies, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 26,200 | |||
Pasteur Sanofi Diagnosics S.A. [Member] | Clinical Diagnostics [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | 18,100 | |||
DiaMed [Member] | Clinical Diagnostics [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | 247,200 | |||
Biotest AG [Member] | Clinical Diagnostics [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | $ 10,800 |
4. Goodwill and other Purchas_2
4. Goodwill and other Purchased Intangible Assets Intangible Assets, Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 15, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 493,100 | $ 493,100 | $ 509,000 | ||
Future Amortization Expense, Year One | 21,700 | 21,700 | |||
Future Amortization Expense, Year Two | 19,700 | 19,700 | |||
Future Amortization Expense, Year Three | 18,900 | 18,900 | |||
Future Amortization Expense, Year Four | 15,700 | 15,700 | |||
Future Amortization Expense, Year Five | 14,800 | 14,800 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 42,300 | 42,300 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (360,000) | (360,000) | (334,900) | ||
Net Carrying Amount | 133,100 | 133,100 | 174,100 | ||
Amortization [Abstract] | |||||
Amortization expense | 28,300 | 30,800 | $ 35,200 | ||
Impairment losses on goodwill and long-lived assets | 292,500 | 292,513 | 11,506 | $ 62,305 | |
Intangible Assets, Net (Excluding Goodwill) | 133,123 | 133,123 | 174,113 | ||
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 88,700 | 88,700 | 92,300 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (68,300) | (68,300) | (64,400) | ||
Net Carrying Amount | 20,400 | 20,400 | 27,900 | ||
Know how [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 190,600 | 190,600 | 194,900 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (159,800) | (159,800) | (157,900) | ||
Net Carrying Amount | 30,800 | 30,800 | 37,000 | ||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 130,400 | 130,400 | 133,300 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (86,600) | (86,600) | (70,300) | ||
Net Carrying Amount | 43,800 | 43,800 | 63,000 | ||
Licensing Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 76,300 | 76,300 | 76,700 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (40,900) | (40,900) | (36,000) | ||
Net Carrying Amount | 35,400 | 35,400 | 40,700 | ||
Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 3,900 | 3,900 | 3,900 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (3,300) | (3,300) | (3,000) | ||
Net Carrying Amount | 600 | 600 | 900 | ||
Noncompete Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 3,200 | 3,200 | 7,900 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Accumulated Amortization | (1,100) | (1,100) | (3,300) | ||
Net Carrying Amount | $ 2,100 | $ 2,100 | $ 4,600 | ||
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 | 1 year | |||
Minimum [Member] | Licensing Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | 1 year | |||
Minimum [Member] | Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years | 1 year | |||
Minimum [Member] | Noncompete Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | 1 year | |||
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 | 6 years | 7 years | |||
Maximum [Member] | Know how [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | 8 years | |||
Maximum [Member] | Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | 12 years | |||
Maximum [Member] | Licensing Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years | 12 years | |||
Maximum [Member] | Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | 6 years | |||
Maximum [Member] | Noncompete Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | 8 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 | ||||
Life Science [Member] | CellSorter [Member] | Developed Technology Rights [Member] | |||||
Amortization [Abstract] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 8,800 | ||||
Life Science [Member] | CellSorter [Member] | Noncompete Agreements [Member] | |||||
Amortization [Abstract] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,700 |
5. Notes Payable and Long-Ter_3
5. Notes Payable and Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2014 | Dec. 31, 2010 |
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | $ 439,400 | $ 435,000 | ||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal Remainder of Fiscal Year | 500 | 400 | ||
Long-term Debt and Capital Lease Obligations | 438,937 | 434,581 | ||
Maturities of Long-term Debt [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 500 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 426,600 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,700 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,600 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 400 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,900 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 208,200 | |||
Letters of Credit Outstanding, Amount | 3,100 | |||
Performance Guarantee [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Letters of Credit Outstanding, Amount | 3,100 | |||
Unsecured Debt [Member] | Senior Notes 4.875% due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | 425,000 | 425,000 | ||
Long-term debt | 423,700 | 423,100 | $ 422,600 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,300 | 1,900 | ||
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 | 15,700 | 11,900 | ||
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 | 3.925% | |||
Standby Letters of Credit [Member] | ||||
Maturities of Long-term Debt [Abstract] | ||||
Letters of Credit Outstanding, Amount | $ 200 | $ 500 |
6. Income Taxes (Details)
6. Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Income Taxes [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 4,400 | |||
Prepaid Taxes | 5,500 | $ 22,800 | ||
U.S. | 363,400 | $ 72,800 | $ (38,500) | |
International | 149,300 | 25,000 | 80,100 | |
Income before income taxes | 512,659 | 97,805 | 41,560 | |
U.S. Federal | 8,800 | 6,700 | 16,100 | |
State | 2,200 | 3,400 | 3,100 | |
International | 30,500 | 32,000 | 30,400 | |
Current Income Tax Expense (Benefit) | 41,500 | 42,100 | 49,600 | |
U.S. Federal | 114,000 | (69,800) | (42,400) | |
State | 6,600 | 4,300 | (2,800) | |
International | 300 | (19,300) | (6,000) | |
Deferred tax benefit | 120,900 | (84,800) | (51,200) | |
Non-current tax expense (benefit) | (15,400) | 18,300 | 17,200 | |
Provision for income taxes | $ 147,045 | $ (24,444) | $ 15,560 | |
U.S. statutory tax rate | 21.00% | 35.00% | 35.00% | |
Impact of foreign operations | (4.00%) | 6.00% | (15.00%) | |
Foreign dividends, net | 0.00% | 0.00% | (40.00%) | |
Research tax credits | (1.00%) | (4.00%) | (9.00%) | |
Nontaxable subsidies | 0.00% | (2.00%) | (4.00%) | |
Tax settlements and changes to unrecognized tax benefits | 0.00% | 0.00% | 47.00% | |
Goodwill impairment | 6.00% | 1.00% | 11.00% | |
Domestic manufacturing deduction | 0.00% | 0.00% | (4.00%) | |
Stock-based compensation | (1.00%) | (5.00%) | 3.00% | |
Nondeductible executive compensation | 0.00% | 2.00% | 3.00% | |
Fines and penalties | 0.00% | 0.00% | 2.00% | |
Prior period adjustments | (1.00%) | 0.00% | 4.00% | |
State taxes | 2.00% | 3.00% | 1.00% | |
Other | 2.00% | (3.00%) | 1.00% | |
Provision for income taxes | 29.00% | (25.00%) | 37.00% | |
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ (119,000) | $ (70,000) | ||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit), Increase | (49,000) | |||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) Composition | (169,000) | |||
Tax Cuts and Jobs Act, Income Tax Expense, Composition | 50,000 | |||
Bad debt, inventory and warranty accruals | 21,700 | 28,600 | ||
Other post-employment benefits, vacation and other reserves | 23,000 | 24,000 | ||
Tax credit and net operating loss carryforwards | 75,300 | 73,300 | ||
Other | 27,100 | 19,700 | ||
Total gross deferred tax assets | 147,100 | 145,600 | ||
Valuation allowance | (70,800) | (66,400) | ||
Total deferred tax assets | 76,300 | 79,200 | ||
Property and equipment | 40,100 | 33,500 | ||
Investments and intangible assets | 540,600 | 219,100 | ||
Total deferred tax liabilities | 580,700 | 252,600 | ||
Net deferred tax liabilities | (504,400) | (173,400) | ||
Unrecognized tax benefits period start | 54,900 | 21,100 | $ 11,900 | |
Additions to tax positions related to prior years | 600 | 1,300 | 10,400 | |
Reductions to tax positions related to prior years | (20,200) | (1,000) | 0 | |
Additions to tax positions related to the current year | 4,600 | 34,800 | 3,400 | |
Settlements | (6,800) | (200) | (2,400) | |
Lapse of statute of limitations | (1,100) | (3,400) | (2,300) | |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 2,300 | 100 | ||
Currency translation | (2,200) | |||
Unrecognized tax benefits period end | 29,800 | 54,900 | 21,100 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 9,500 | 10,900 | 11,800 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (1,400) | $ (900) | $ 8,700 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 3,100 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 6,700 | |||
Foreign Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforward With No Expiration Date | 118,800 | |||
Operating Loss Carryforwards | $ 205,000 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Other reconciling items | 15.00% | 3.00% | 2.00% | |
Tax Cuts and Jobs Act [Member] | ||||
Income Taxes [Line Items] | ||||
U.S. tax reform | (10.00%) | (71.00%) | 0.00% | |
State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | $ 52,700 | |||
Including accrued interest and penalties [Member] | ||||
Income Taxes [Line Items] | ||||
Other | 1,600 | |||
Unrecognized tax benefits period end | 39,300 | |||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 32,100 | |||
Acquisition-related Costs [Member] | ||||
Income Taxes [Line Items] | ||||
Other reconciling items | 0.00% | 10.00% | 0.00% | |
Net of prepaid taxes [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits period end | $ 32,200 |
7. Stockholders' Equity (Detail
7. Stockholders' Equity (Details) - shares | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2018 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 178,911 | 9,200 | 1,500 | 2,500 | ||||
Common Class A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares, Issued | 24,884,000 | 24,679,000 | 24,454,000 | 24,230,000 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 30,000 | 34,000 | 13,000 | |||||
Stock Issued During Period, Shares, New Issues | 175,000 | 191,000 | 211,000 | |||||
Common Stock, Voting Rights | .10 | |||||||
Election Percentage for Board of Directors | 25.00% | |||||||
Common Class B [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares, Issued | 5,096,000 | 5,108,000 | 5,124,000 | 5,131,000 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (30,000) | (34,000) | (13,000) | |||||
Stock Issued During Period, Shares, New Issues | 18,000 | 18,000 | 6,000 | |||||
Common Stock, Voting Rights | 1 | |||||||
Election Percentage for Board of Directors | 75.00% |
7. Stockholders' Equity Treas_2
7. Stockholders' Equity Treasury Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2018 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares | 193,150 | 14,239 | 5,039 | 3,539 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 201.1 | $ 0.4 | $ 2.4 | $ 2.7 | ||
Stock Repurchase Program, Authorized Amount | $ 18 | $ 250 | ||||
Treasury Stock, Shares, Acquired | 178,911 | 9,200 | 1,500 | 2,500 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 273.39 | $ 221.45 | $ 221.82 | $ 220.02 | ||
Treasury Class-A [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares | 582 | 179,493 | ||||
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 |
8. Accumulated Other Comprehe_4
8. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | $ (46,958) | $ 738,794 | ||
EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | $ 864,490 | |||
Other comprehensive income, net of tax | (106,495) | 321,028 | $ 35,628 | |
Foreign currency translation adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | (35,500) | 77,400 | 1,300 | 77,400 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (112,900) | 76,100 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | ||
Other comprehensive income, net of tax | (112,900) | 76,100 | ||
Other Postretirement Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | (14,800) | (22,300) | (18,600) | (22,300) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6,900 | (6,500) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,400 | 2,100 | ||
Other Comprehensive Income (Loss), Tax | (1,800) | 700 | ||
Other comprehensive income, net of tax | 7,500 | (3,700) | ||
Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | 3,300 | 683,700 | 435,000 | 4,400 |
EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | (679,300) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,400) | 203,600 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 300 | (100) | ||
Other Comprehensive Income (Loss), Tax | 0 | (74,900) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 120,100 | |||
Other comprehensive income, net of tax | (1,100) | 248,700 | ||
Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | (47,000) | 738,800 | $ 417,700 | 59,500 |
EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | $ (679,300) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (107,400) | 273,200 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,700 | 2,000 | ||
Other Comprehensive Income (Loss), Tax | (1,800) | (74,200) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 120,100 | |||
Other comprehensive income, net of tax | $ (106,500) | $ 321,100 |
8. Accumulated Other Comprehe_5
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expense | $ (834,783) | $ (806,790) | $ (814,697) |
Realized Investment Gains (Losses) | 1,600 | 100 | $ 800 |
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 | 2,400 | 2,100 | |
Net Unrealized Investment Gain (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 120,100 | ||
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) | $ (300) | $ 100 |
9. Share-based Compensation (De
9. Share-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 6,000,000 | $ 4,200,000 | $ 2,100,000 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 5,400,000 | 6,300,000 | 1,500,000 |
Share-based Compensation Expense | 27,800,000 | 23,400,000 | 19,700,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 4,400,000 | $ 5,800,000 | 5,100,000 |
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 | 1,584,834 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Term (in years) - Outstanding | 4 years 10 months 24 days | ||
Aggregate Intrinsic Value (in millions) - Outstanding | $ 38 | ||
Options - Weighted-Average Exercise Price | $ 138.81 | $ 120.39 | |
Options Granted - Weighted Average Exercise Price | 326.15 | ||
Options Exercised - Weighted Average Exercise Price | $ 93.63 | ||
Options Granted Term | P10Y | ||
Options Forfeitured/expired - Weighted Average Exercise Price | $ 169.93 | ||
Options - Shares Vested and Expected to Vest | 99,600 | ||
Options Vested and Expected to Vest - Weighted Average Exercise Price | $ 223.91 | ||
Options Vested and Expected to Vest - Weighted Average Remaining Contractual Term (in years) | 8 years 3 months 25 days | ||
Options Vested and Expected to Vest - Aggregate Intrinsic Value (in millions) | $ 3.9 | ||
Weighted Average Exercise Price - Options Exercisable | $ 107.88 | ||
Weighted Average Remaining Contractual Term (in years) - Exercisable | 3 years 7 months 24 days | ||
Options Exercisable Aggregate Intrinsic Value (in millions) | $ 34.1 | ||
Options, Exercises in Period, Total Intrinsic Value | 8,000,000 | $ 10,000,000 | 1,000,000 |
Cash Received from Exercise of Stock Options | 500,000 | $ 1,600,000 | 1,200,000 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 6,000,000 | ||
Total unrecognized compensation cost from stock options | $ 6,300,000 | ||
Options Number Exercisable | 274,040 | ||
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 | 22.00% | 20.00% | 21.00% |
Risk Free Interest Rate | 2.85% | 1.87% | 1.35% |
Expected life (in years) | 7 years 7 months 6 days | 7 years 2 months 12 days | 7 years 4 months 24 days |
Expected dividend | $ 0 | $ 0 | $ 0 |
Weighted average fair value of options granted | $ 105.94 | $ 58.65 | $ 42.40 |
Expected dividend yield | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of period | 407,480 | ||
Options - Shares Granted | 33,000 | ||
Options - Shares Exercised | (44,600) | ||
Options - Shares Forfeitures/expired | (22,240) | ||
Outstanding end of period | 373,640 | 407,480 | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 658,248 | ||
Cash Received from Exercise of Stock Options | $ 13,600,000 | $ 13,000,000 | $ 11,500,000 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 63,464 | 74,409 | 93,605 |
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 | 27.00% | 19.00% | 20.00% |
Risk Free Interest Rate | 1.82% | 0.83% | 0.26% |
Expected life (in years) | 2 months 26 days | 2 months 26 days | 3 months |
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 | $ 55.04 | $ 38.86 | $ 27.36 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 40 | $ 27.7 | $ 18.7 |
Total unrecognized compensation cost from restricted stock | $ 102.4 | ||
Nonvested shares - Weighted Average Grant Date Fair Value | $ 235.57 | $ 172.76 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding beginning of period | 473,000 | ||
Restricted Stock Units Granted | 185,755 | ||
Restricted Stock Units - Vested | (128,294) | ||
Restricted Stock Units - Forfeited | (56,011) | ||
Outstanding end of period | 474,450 | 473,000 | |
Weighted Average Grant Date Fair Value - Granted | $ 326.15 | ||
Restricted Stock Units Vested - Weighted-Average Grant-Date Fair Value | 158.49 | ||
Resticted Stock Units Cancelled/forfeited - Weighted-Average Grant-Date Fair Value | $ 182.15 | ||
Weighted Average Remaining Contractual Term (in years) | 2 years 1 month 9 days | ||
Resticted Stock Units Outstanding Aggregate Intrinsic Value (in millions) | $ 110.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 4 years |
10. Other Income and Expense_2
10. Other Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and investment income | $ (26,600) | $ (19,100) | $ (14,700) |
Net realized gains on investments | (1,600) | (100) | (800) |
Other-than-temporary impairment losses on investments | 800 | 7,000 | 600 |
Gain on sale of land | (4,100) | 0 | 0 |
Gain on divestiture of product line | (5,100) | 0 | 0 |
Other Expense | 0 | 1,500 | 1,100 |
Other (income) expense, net | $ (36,593) | $ (10,697) | $ (13,764) |
11. Supplemental Cash Flow I_3
11. Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Significant Noncash Transactions [Line Items] | |||||||||||
Net Income (Loss) Attributable to Parent | $ (828,500) | $ 269,300 | $ 268,000 | $ 656,800 | $ 82,700 | $ 22,100 | $ 5,000 | $ 12,400 | $ 365,614 | $ 122,249 | $ 26,000 |
Depreciation and amortization | 138,100 | 148,700 | 142,900 | ||||||||
Share-based compensation | 27,800 | 23,400 | 19,700 | ||||||||
Gains on disposition of securities | (1,600) | (100) | (800) | ||||||||
Other than Temporary Impairment Losses on Investments | 800 | 7,000 | 600 | ||||||||
Changes in fair market value of equity securities | (606,200) | 0 | 0 | ||||||||
Losses on dispositions of fixed assets | 2,000 | 8,100 | 600 | ||||||||
Gain on sale of land | (4,100) | 0 | 0 | ||||||||
Gain on divestiture of a product line | (5,100) | 0 | 0 | ||||||||
Excess tax benefits from share-based compensation | 0 | 0 | (1,506) | ||||||||
Changes in fair value of contingent consideration | (6,200) | (18,100) | (400) | ||||||||
Decrease (increase) in accounts receivable, net | 59,700 | (64,100) | 12,500 | ||||||||
Increase in inventories, net | (12,900) | (47,700) | (57,100) | ||||||||
Increase in Other Current Assets | (15,300) | (35,700) | (6,800) | ||||||||
(Decrease) increase in accounts payable and other current liabilities | (45,600) | 7,800 | 30,100 | ||||||||
(Decrease) increase in Income Taxes Payable | (20,900) | (22,400) | 10,700 | ||||||||
Increase (decrease) in deferred income taxes | 120,900 | (82,000) | (51,400) | ||||||||
Other | 4,900 | 5,100 | 5,800 | ||||||||
Decrease in other long term assets | 1,100 | 2,300 | 12,500 | ||||||||
(Decrease) increase in Other Long Term Liabilities | (10,000) | 38,100 | 10,400 | ||||||||
Impairment losses on goodwill and long-lived assets | $ 292,500 | 292,513 | 11,506 | 62,305 | |||||||
Net cash provided by operating activities | 285,494 | 104,137 | 216,066 | ||||||||
Noncash purchased property, plant and equipment | 5,700 | 0 | 7,200 | ||||||||
Noncash Purchased Marketable Securities and Investments | $ 800 | $ 2,800 | $ 600 |
12. Commitments & Contingent _5
12. Commitments & Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 25 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 16.7 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Operating leases, due next twelve months | $ 44.4 | $ 44.4 | ||||
Operating leases, due in two years | 37.8 | 37.8 | ||||
Operating leases, due in three years | 27.4 | 27.4 | ||||
Operating leases, due in four years | 19.7 | 19.7 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 13.9 | 13.9 | ||||
Operating leases, due thereafter | 25.6 | 25.6 | ||||
Post-Employment Benefits Liability | 3.1 | 3.1 | 3.7 | |||
Recorded Unconditional Purchase Obligation | 110.9 | 110.9 | ||||
Recorded Unconditional Purchase Obligation Due in Next Twelve Months | 5.8 | 5.8 | ||||
Recorded Unconditional Purchase Obligation Due in Second Year | 16.4 | 16.4 | ||||
Recorded Unconditional Purchase Obligation Due in Third Year | 6.2 | 6.2 | ||||
Recorded Unconditional Purchase Obligation Due in Fourth Year | 2.4 | 2.4 | ||||
Recorded Unconditional Purchase Obligation Due in Fifth Year | 3.5 | 3.5 | ||||
Recorded Unconditional Purchase Obligation Due after Fifth Year | 76.6 | 76.6 | ||||
Unrecorded Unconditional Purchase Obligation | 12.5 | 12.5 | ||||
Unrecorded Unconditional Purchase Obligation, Due in Twelve Months | 6.5 | 6.5 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 5.3 | 5.3 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0.1 | 0.1 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0.2 | 0.2 | ||||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0.2 | 0.2 | ||||
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 0.2 | 0.2 | ||||
Letters of Credit Outstanding Amount | $ 3.1 | $ 3.1 | ||||
Employees Covered By Collective Bargaining Agreements U.S., Percentage | 8.00% | 8.00% | ||||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $ 17.8 | $ 17.8 | ||||
Analytical Flow Cytometer Platform [Member] | ||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 8.4 | 8.4 | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 0.8 | $ 1.3 | 2.1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 6.2 | (12.2) | ||||
Business Combination, Contingent Consideration, Liability | $ 8.4 | $ 8.4 | ||||
UNITED STATES | ||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Entity Number of Employees | 3,265 | 3,265 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
Business Combination, Contingent Consideration, Liability | [1] | $ 8.4 | $ 8.4 | $ 16.7 | ||
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, 2018 December 31, 2017 Other current liabilities $ 3.2 $ 2.7 Other long-term liabilities 5.2 14.0 Total $ 8.4 $ 16.7 |
12. Commitments & Contingent _6
12. Commitments & Contingent Liabilities Period Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Future Minimum Payments, Due in Four Years | $ 19.7 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 13.9 | ||
Letters of Credit Outstanding, Amount | 3.1 | ||
Operating Leases, Rent Expense, Net | 47.4 | $ 43.6 | $ 44.4 |
Contribution expense | $ 15.9 | $ 16 | $ 15.1 |
12. Commitments & Contingent _7
12. Commitments & Contingent Liabilities Pensions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.80% | 0.90% | 1.10% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.10% | 0.80% | |
Defined Benefit Plan, Benefit Obligation | $ 137.3 | $ 136.6 | $ 122.7 |
Defined Benefit Plan, Service Cost | 7.5 | 6.5 | 6.1 |
Defined Benefit Plan, Interest Cost | 1.1 | 1.1 | 1.4 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 3.1 | 2.8 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (5.4) | 3.3 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (3.1) | (3.2) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (0.5) | 1.1 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | (2) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | (5.1) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (2) | 9.4 | |
Defined Benefit Plan, Plan Assets, Amount | 66.9 | 61.7 | 58.8 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0.3 | 0.5 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4 | 4 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 3.1 | 2.8 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (1.5) | (2.3) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | (5.1) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (0.7) | 3 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (70.4) | (74.9) | |
Liability, Defined Benefit Plan, Current | (1.1) | (1.1) | |
Liability, Defined Benefit Plan, Noncurrent | (69.3) | (73.8) | |
Liability, Defined Benefit Plan | (70.4) | (74.9) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1.1) | (1.1) | (1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1.3 | 1.4 | 1.7 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.1 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 1.2 | 0.4 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 8.9 | $ 9.1 | $ 8.6 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.80% | 1.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.80% | 1.90% | 1.60% |
13. Legal Proceedings Legal Pro
13. Legal Proceedings Legal Proceedings (Details) - USD ($) | Feb. 26, 2019 | Dec. 31, 2017 |
Legal Proceedings [Abstract] | ||
Loss Contingency, Damages Sought, Value | $ 10,920,000 | |
Litigation Settlement Interest | $ 141,608 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Loss Contingency Accrual, Period Increase (Decrease) | $ (2,960,000) | |
Loss Contingency, Damages Awarded, Value | $ 7,960,000 |
14. Segment Reporting (Details)
14. Segment Reporting (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number Of Products And Services | 9,000 | ||
Net sales | $ 2,289,400 | $ 2,160,200 | $ 2,068,200 |
Interest expense | 23,962 | 23,014 | 23,380 |
Depreciation and amortization | 138,100 | 148,700 | 142,900 |
Segment profit | (103,341) | 119,250 | 55,718 |
Total assets | 5,611,068 | 4,273,012 | |
Payments to Acquire Property, Plant, and Equipment | 129,825 | 111,332 | 141,436 |
Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 861,700 | 785,200 | 730,700 |
Interest expense | 7,200 | 7,000 | 6,900 |
Depreciation and amortization | 34,100 | 36,200 | 31,700 |
Segment profit | 28,700 | (9,900) | (19,100) |
Total assets | 450,200 | 453,000 | |
Payments to Acquire Property, Plant, and Equipment | 36,700 | 12,600 | |
Clinical Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,411,800 | 1,360,800 | 1,323,300 |
Interest expense | 16,700 | 14,900 | 16,500 |
Depreciation and amortization | 72,000 | 80,200 | 80,500 |
Segment profit | (145,700) | 114,800 | 58,000 |
Total assets | 949,000 | 1,038,400 | |
Payments to Acquire Property, Plant, and Equipment | 60,500 | 59,000 | |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 15,900 | 14,200 | 14,200 |
Interest expense | 100 | 0 | 0 |
Depreciation and amortization | 500 | 0 | 0 |
Segment profit | 200 | 1,400 | $ 900 |
Total assets | 5,900 | 4,800 | |
Payments to Acquire Property, Plant, and Equipment | $ 500 | $ 0 |
14. Segment Information Segment
14. Segment Information Segment Profit Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Goodwill, Impairment Loss | $ 282,000 | $ 11,500 | |
Income before income taxes | 512,659 | 97,805 | $ 41,560 |
Unrealized Gain on Securities | 606,230 | 0 | 0 |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | (116,800) | 106,300 | 39,800 |
Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Unrealized Gain on Securities | 606,200 | 0 | 0 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income before income taxes | (10,400) | (10,100) | (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 | (2,900) | (9,100) | (4,500) |
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 | 36,600 | 10,700 | $ 13,800 |
Clinical Diagnostics [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Goodwill, Impairment Loss | $ 276,100 | $ 2,800 |
14. Segment Information Segme_2
14. Segment Information Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 5,611,068 | $ 4,273,012 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,405,100 | 1,496,200 |
Other Current Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,047,200 | 965,800 |
Property, Plant and Equipment excluding segment specific [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 79,900 | 57,000 |
Goodwill [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 219,800 | 506,100 |
Other Noncurrent Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 2,859,100 | $ 1,247,900 |
14. Segment Information Segme_3
14. Segment Information Segment Information by Geographical Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,289.4 | $ 2,160.2 | $ 2,068.2 |
Other assets and property, plant and equipment, net | 3,185.8 | 1,567.3 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 792 | 758.5 | 742.2 |
Other assets and property, plant and equipment, net | 1,571.9 | 230.6 | |
Pacific Rim [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 495.5 | 461.3 | 427.1 |
Other assets and property, plant and equipment, net | 20.7 | 18.4 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net sales | 863.6 | 800.2 | 770.6 |
Other assets and property, plant and equipment, net | 1,582.1 | 1,305.2 | |
Other (primarily Canada and Latin America) [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 138.3 | 140.2 | $ 128.3 |
Other assets and property, plant and equipment, net | $ 11.1 | $ 13.1 |
15. Restructuring Costs (Detail
15. Restructuring Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 13 Months Ended | 32 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2018 | |
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 | $ 1.6 | $ 1.6 | 6.3 | $ 9 | $ 1.6 | $ 1.6 |
Restructuring Charges | 12.5 | 12.8 | ||||
Restructuring Reserve, Accrual Adjustment | (0.2) | 0.5 | ||||
Payments for Restructuring | (4.4) | (4.2) | ||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | 1 | ||||
European Reorganization [Member] | Cost of Goods, Total [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 2.1 | |||||
Restructuring Reserve, Accrual Adjustment | (0.1) | (0.2) | ||||
European Reorganization [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 10.4 | |||||
Restructuring Reserve, Accrual Adjustment | (0.1) | 0.7 | ||||
European Reorganization [Member] | Life Science [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 0.6 | 0.6 | 2.2 | 3.2 | 0.6 | 0.6 |
Restructuring Reserve, Accrual Adjustment | (0.1) | 0.2 | ||||
Payments for Restructuring | (1.5) | (1.5) | ||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | 0 | 0.3 | ||||
European Reorganization [Member] | Clinical Diagnostics [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 1 | 1 | 4.1 | 5.8 | 1 | 1 |
Restructuring Reserve, Accrual Adjustment | (0.1) | 0.3 | ||||
Payments for Restructuring | (2.9) | (2.7) | ||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | 0.7 | ||||
Facility Closing [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 1.7 | |||||
Facility Closing [Member] | Clinical Diagnostics [Member] | Other Operating Income (Expense) [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 0.2 | |||||
Facility Closing [Member] | Clinical Diagnostics [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 3.9 | |||||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 11.5 | 11.5 | 14.1 | $ 0 | 11.5 | 11.5 |
Restructuring Charges | 5.8 | 14 | ||||
Restructuring Reserve, Accrual Adjustment | 0.3 | 0 | ||||
Payments for Restructuring | (8.4) | 0 | ||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.3) | 0.1 | ||||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | Cost of Goods, Total [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 5.4 | 2.3 | ||||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 0.4 | 3.3 | ||||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | Research and Development Expense [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 0.3 | 15.5 | ||||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 7.3 | 7.3 | 7.3 | 7.3 | ||
Termination of a Diagnostics Research and Development Project and a Facility Closure [Member] | Other Noncurrent Liabilities [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 4.2 | 4.2 | 4.2 | $ 4.2 | ||
Termination of a Diagnostics Research and Development Project [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 21.4 | |||||
Termination of a Diagnostics Research and Development Project [Member] | Clinical Diagnostics [Member] | Other Operating Income (Expense) [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | (0.1) | |||||
Termination of a Diagnostics Research and Development Project [Member] | Clinical Diagnostics [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | $ 0.4 | |||||
Termination of an Diagnostics 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 Diagnostics Research and Development Project [Member] | Clinical Diagnostics [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 11 |
16. Quarterly Financial Data (D
16. Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||||||||
Net sales | $ 616,900 | $ 545,100 | $ 575,900 | $ 551,500 | $ 621,300 | $ 534,100 | $ 504,700 | $ 500,100 | $ 2,289,415 | $ 2,160,153 | $ 2,068,172 |
Operating Income (Loss) | (103,341) | 119,250 | 55,718 | ||||||||
Cost of Goods and Services Sold | 1,066,264 | 972,450 | 929,744 | ||||||||
Gross profit | 332,600 | 286,700 | 301,700 | 302,200 | 345,200 | 299,000 | 273,400 | 270,100 | 1,223,151 | 1,187,703 | 1,138,428 |
Selling, general and administrative expense | 834,783 | 806,790 | 814,697 | ||||||||
Research and development expense | 199,196 | 250,157 | 205,708 | ||||||||
Unrealized Loss on Securities | 814,100 | ||||||||||
Net Income (Loss) Attributable to Parent | $ (828,500) | $ 269,300 | $ 268,000 | $ 656,800 | $ 82,700 | $ 22,100 | $ 5,000 | $ 12,400 | $ 365,614 | $ 122,249 | $ 26,000 |
Earnings Per Share, Basic | $ (27.73) | $ 9.02 | $ 8.99 | $ 22.05 | $ 2.78 | $ 0.74 | $ 0.17 | $ 0.42 | $ 12.25 | $ 4.12 | $ 0.88 |
Earnings Per Share, Diluted | $ (27.73) | $ 8.89 | $ 8.87 | $ 21.77 | $ 2.75 | $ 0.73 | $ 0.17 | $ 0.41 | $ 12.10 | $ 4.07 | $ 0.88 |
Income Tax Expense (Benefit) | $ (147,045) | $ 24,444 | $ (15,560) | ||||||||
Impairment losses on goodwill and long-lived assets | $ 292,500 | $ 292,513 | $ 11,506 | $ 62,305 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accoutns (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease) | $ 4,413 | $ (47) | $ 8,126 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance Period Start | 66,356 | 66,403 | 58,277 |
Deductions | 0 | 0 | 0 |
Valuation Allowances and Reserves, Balance Period End | 70,769 | 66,356 | 66,403 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 11,527 | 11,174 | 3,785 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance Period Start | 25,549 | 23,367 | 24,418 |
Deductions | (10,363) | (8,992) | (4,836) |
Valuation Allowances and Reserves, Balance Period End | $ 26,713 | $ 25,549 | $ 23,367 |
17. Subsequent Event (Details)
17. Subsequent Event (Details) $ in Millions | Mar. 04, 2019USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 20 |
Uncategorized Items - a10k12311
Label | Element | Value |
Retained Earnings [Member] | ||
EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | bio_EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | $ 1,543,747,000 |
AOCI Attributable to Parent [Member] | ||
EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | bio_EquitySecuritiesWithoutReadilyDeterminableFairValueFairValueElection | (679,257,000) |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (136,000) |
Accounting Standards Update 2016-16 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (17,591,000) |