Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
City Area Code | (510) | |
Document Quarterly Report | true | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-7928 | |
Entity Registrant Name | BIO-RAD LABORATORIES, INC. | |
Entity Central Index Key | 0000012208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 94-1381833 | |
Entity Address, Address Line One | 1000 Alfred Nobel Drive, | |
Entity Address, City or Town | Hercules, | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 94547 | |
Local Phone Number | 724-7000 | |
Entity Emerging Growth Company | false | |
Common Class A [Member] | ||
Title of 12(b) Security | Class A Common Stock, Par Value $0.0001 per share | |
Trading Symbol | BIO | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 24,877,012 | |
Common Class B [Member] | ||
Title of 12(b) Security | Class B Common Stock, Par Value $0.0001 per share | |
Trading Symbol | BIOb | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 5,064,594 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and cash equivalents | $ 802,316 | $ 470,783 |
Short-term investments | 1,271,163 | 399,135 |
Restricted investments | 5,560 | 5,560 |
Accounts receivable, net | 464,107 | 423,537 |
Inventories: | ||
Raw materials | 146,240 | 116,880 |
Work in process | 153,250 | 142,742 |
Finished goods | 306,002 | 312,617 |
Total inventories | 605,492 | 572,239 |
Prepaid expenses | 126,657 | 107,745 |
Other current assets | 28,126 | 10,089 |
Total current assets | 3,303,421 | 1,989,088 |
Property, plant, and equipment | 1,500,447 | 1,488,568 |
Less: accumulated depreciation and amortization | 1,014,704 | 997,616 |
Property, plant and equipment, net | 485,743 | 490,952 |
Operating lease right-of-use assets | 198,453 | 204,798 |
Goodwill, net | 345,728 | 347,343 |
Purchased intangibles, net | 247,144 | 253,939 |
Other investments | 9,689,284 | 14,387,006 |
Other assets | 103,925 | 102,669 |
Assets | 14,373,698 | 17,775,795 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 160,651 | 141,941 |
Accrued payroll and employee benefits | 184,542 | 276,986 |
Current maturities of long-term debt and notes payable | 504 | 489 |
Income and other taxes payable | 54,309 | 46,299 |
Current operating lease liabilities | 36,739 | 36,435 |
Other current liabilities | 211,586 | 178,788 |
Total current liabilities | 648,331 | 680,938 |
Long-term debt, net of current maturities | 1,196,739 | 10,514 |
Deferred income taxes | 1,995,889 | 3,059,080 |
Operating lease liabilities | 169,734 | 175,938 |
Other long-term liabilities | 180,089 | 182,191 |
Total liabilities | 4,190,782 | 4,108,661 |
Stockholders' equity: | ||
Additional paid-in capital | 459,431 | 441,733 |
Retained earnings | 10,137,628 | 13,507,241 |
Accumulated other comprehensive loss | (307,856) | (175,553) |
Total stockholders' equity | 10,182,916 | 13,667,134 |
Total liabilities and stockholders' equity | 14,373,698 | 17,775,795 |
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 | $ (106,290) | $ (106,290) |
Treasury Stock [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Shares | 279,544 | 279,544 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable allowance for doubtful accounts | $ 12,895 | $ 15,142 |
Common Class A [Member] | ||
Common Stock, Shares, Issued | 25,156,113 | 25,133,530 |
Common Stock, Shares, Outstanding | 24,876,569 | 24,853,986 |
Common Class B [Member] | ||
Common Stock, Shares, Issued | 5,064,594 | 5,078,452 |
Common Stock, Shares, Outstanding | 5,064,594 | 5,078,452 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 700,062 | $ 726,796 |
Cost of goods sold | 296,502 | 326,169 |
Gross profit | 403,560 | 400,627 |
Selling, general and administrative expense | 197,594 | 225,853 |
Research and Development Expense | 62,543 | 73,912 |
Segment profit (loss) | 143,423 | 100,862 |
Interest expense | 4,048 | 398 |
Foreign exchange (gains) losses, net | (2,128) | 71 |
Marketable Securities, Unrealized (Gain) Loss | 4,545,117 | (1,179,403) |
Other Nonoperating Income (Expense) | 32,597 | 17,407 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,371,017) | 1,297,203 |
(Provision) benefit for income taxes | 1,001,404 | (319,789) |
Net income attributable to Bio-Rad | $ (3,369,613) | $ 977,414 |
Basic earnings per share: | ||
Net income per share basic attributable to Bio-Rad | $ (112.57) | $ 32.77 |
Weighted average common shares - basic | 29,933 | 29,823 |
Diluted earnings per share: | ||
Net income per share diluted attributable to Bio-Rad | $ (112.57) | $ 32.38 |
Weighted average common shares - diluted | 29,933 | 30,186 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Income (Loss) Attributable to Parent | $ (3,369,613) | $ 977,414 |
Foreign currency translation adjustments | (128,598) | (214,323) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | 325 | 1,857 |
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense | (4,030) | (1,556) |
Total other comprehensive income (loss) net of tax | (132,303) | (214,022) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (3,501,916) | $ 763,392 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 649,993 | $ 728,013 |
Cash paid to suppliers and employees | (619,809) | (612,803) |
Interest paid, net | (306) | (309) |
Income tax payments, net | (14,324) | (14,727) |
Investment proceeds and miscellaneous receipts, net | 20,680 | 12,193 |
Proceeds from forward foreign exchange contracts, net | 10,081 | 1,243 |
Net cash provided by operating activities | 46,315 | 113,610 |
Cash flows from investing activities: | ||
Capital expenditures | (28,899) | (19,547) |
Proceeds from dispositions of property, plant and equipment | 0 | 12 |
Payments for purchases of marketable securities and investments | (960,940) | (74,925) |
Proceeds from maturities of marketable securities and investments | 45,781 | 30,509 |
Proceeds from Sale of Debt Securities, Available-for-sale | 32,096 | 15,624 |
Net cash used in investing activities | (911,962) | (48,327) |
Cash flows from financing activities: | ||
Proceeds from Issuance of Long-term Debt | 1,186,220 | 0 |
Payments on long-term borrowings | (104) | (1,401) |
Proceeds from Issuance of Common Stock | 4,177 | 4,052 |
Payments for purchases of treasury stock | 0 | (49,998) |
Net cash used in financing activities | 1,190,293 | (47,347) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 6,877 | (7,347) |
Beginning Cash, Cash Equivalents, and Restricted Cash | 471,133 | 667,115 |
Cash and cash equivalents | 802,316 | 673,470 |
Ending Cash, Cash Equivalents, and Restricted Cash | 802,656 | 677,704 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 331,523 | 10,589 |
Other Current Assets | ||
Cash flows from financing activities: | ||
Restricted Cash, Current | 14 | 3,354 |
Other Assets | ||
Cash flows from financing activities: | ||
Restricted Cash, Noncurrent | $ 326 | $ 880 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Total Stockholders' Equity at Dec. 31, 2020 | $ 9,879,940 | $ 3 | $ 429,376 | $ (99,907) | $ 9,268,012 | $ 282,456 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | 977,414 | 0 | 0 | 0 | 977,414 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (214,022) | 0 | 0 | 0 | 0 | (214,022) |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 11,673 | 0 | 11,673 | 0 | 0 | 0 |
Proceeds from Issuance of Common Stock | 4,052 | 0 | 4,052 | 0 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | (49,998) | 0 | 0 | (49,998) | 0 | 0 |
Total Stockholders' Equity at Mar. 31, 2021 | 10,609,059 | 3 | 445,101 | (149,905) | 10,245,426 | 68,434 |
Total Stockholders' Equity at Dec. 31, 2021 | 13,667,134 | 3 | 441,733 | (106,290) | 13,507,241 | (175,553) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Parent | (3,369,613) | 0 | 0 | 0 | (3,369,613) | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (132,303) | 0 | 0 | 0 | 0 | (132,303) |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 13,521 | 0 | 13,521 | 0 | 0 | 0 |
Proceeds from Issuance of Common Stock | 4,177 | 0 | 4,177 | 0 | 0 | 0 |
Total Stockholders' Equity at Mar. 31, 2022 | $ 10,182,916 | $ 3 | $ 459,431 | $ (106,290) | $ 10,137,628 | $ (307,856) |
1. Basis of Presentation and Us
1. Basis of Presentation and Use of Estimates | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | BASIS OF PRESENTATION AND USE OF ESTIMATES Basis of Presentation In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021. 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 of those events and conditions. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Revenue Recognition We recognize revenue from operations through the sale of products, services, license of intellectual property 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 impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recognized 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 customer specifications, 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 recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control in relation to the equipment has occurred at that point 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 customer acceptance 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 recorded for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced by the estimated amount of product returns. 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, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately. We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. 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. 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 instruments placed at customer locations as well as initial training. We determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we next must ascertain its lease classification for purposes of applying appropriate accounting treatment as an operating, sales-type or direct financing lease. For purposes of determining the lease term used in performing the lease classification test, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if the customer is reasonably certain to exercise that option, the periods covered by an option to terminate the lease if the customer is reasonably certain not to exercise that option, and the periods covered by the option to extend (or not to terminate) the lease in which exercise of the option is controlled by the Company. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel, the period in which the contract is enforceable is a very short period and therefore the lease term has been limited to the noncancellable period. Generally these arrangements do not contain an option for the lessee to purchase the underlying asset. We concluded that the use of the instrument (referred to as “lease elements”) is not within the guidance of ASC 606 but rather ASC 842. 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 consideration of any fixed/minimum payments as well as estimates of variable consideration. After allocation, the amount of variable payments allocated to lease components will be recognized as income under ASC 842, while the amount of variable payments allocated to non-lease components will be recognized as income in accordance with ASC 606. Maintenance services, along with the reagents, are allocated to the non-lease elements and are recognized as income. Generally, the terms of the arrangements result in the transfer of control for reagents upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as very few of such arrangements contain any fixed/minimum lease payments. Further, our reagent rental arrangements are predominantly classified as operating leases, and any sales-type leases represent in aggregate an immaterial amount of lease income. Our reported lease income is primarily variable in nature and is recognized upon delivery or as the reagents are consumed by the customer. Revenue allocated to the lease elements of these reagent rental arrangements represented approximately 2% of total revenue for both the three months ended March 31, 2022 and March 31, 2021, and are included as part of Net sales in our condensed consolidated statements of income (loss). 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 include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss). Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2022 2021 EMEA $ 218.9 $ 247.7 APAC 160.9 168.9 United States 282.5 271.4 Other (primarily Canada and Latin America) 37.8 38.8 Total net sales $ 700.1 $ 726.8 The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 10). Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements. The deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.4 million and $71.0 million, respectively. The short-term deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.3 million and $50.9 million, respectively. We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2022 and 2021 were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 12.7 $ 9.8 Provision for warranty 2.2 2.7 Actual warranty costs (2.7) (2.6) Balance at end of period $ 12.2 $ 9.9 Allowance for Credit Losses We record trade accounts receivable at the net invoice value and such receivables are non-interest bearing. We consider receivables past due based on the contractual payment terms. Amounts later determined and specifically identified to be uncollectible are charged or written off against the allowance for credit losses. Any adjustments made to our historical loss experience reflect current differences in asset-specific risk characteristics, including, for example, accounts receivable by customer type (public or government entity versus private entity) and by geographic location of customer. Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 15.1 $ 19.8 Provision for expected credit losses (1.8) (0.6) Write-offs charged against the allowance (0.5) (0.6) Recoveries collected 0.1 — Balance at end of period $ 12.9 $ 18.6 Recent Accounting Pronouncements Adopted In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-10, "Government Assistance." The ASU includes tax credits but not within Topic 740, "Income Taxes," cash grants, grants of other assets and project grants. The ASU excludes transactions in which a government is a customer within Topic 606, "Revenue from Contracts with Customers." The ASU was effective for fiscal years beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under this approach, the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. ASU 2021-08 is applied to business combinations occurring on or after January 1, 2023. We early adopted ASU 2021-08 on January 1, 2022, which did not have any impact on our condensed consolidated financial statements as we did not have any new acquisitions. |
2. Fair Value Measurements
2. Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2022 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Commercial paper $ — $ 201.6 $ — $ 201.6 Time deposits 21.0 10.0 — 31.0 Asset-backed securities — 5.5 — 5.5 Foreign government obligations — 8.0 — 8.0 Municipals obligations — 9.9 9.9 U.S. government sponsored agencies — 71.2 — 71.2 Money market funds 101.6 — — 101.6 Total cash equivalents (a) 122.6 306.2 — 428.8 Restricted investments (b) 6.9 — — 6.9 Equity securities (c) 9,371.2 — — 9,371.2 Loan under the fair value option (d) — — 342.6 342.6 Available-for-sale investments: Corporate debt securities — 576.7 — 576.7 U.S. government sponsored agencies — 254.3 — 254.3 Foreign government obligations — 1.5 — 1.5 Certificates of deposit — 8.0 — 8.0 Municipal obligations — 34.7 — 34.7 Asset-backed securities — 330.4 — 330.4 Total available-for-sale investments (e) — 1,205.6 — 1,205.6 Forward foreign exchange contracts (f) — 0.4 — 0.4 Total financial assets carried at fair value $ 9,500.7 $ 1,512.2 $ 342.6 $ 11,355.5 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 4.4 $ — $ 4.4 Total financial liabilities carried at fair value $ — $ 4.4 $ — $ 4.4 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2021 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Commercial paper $ — $ 39.8 $ — $ 39.8 Time deposits 7.2 10.1 — 17.3 Asset-backed securities — 0.1 — 0.1 Foreign government obligations — 0.8 — 0.8 Municipals obligations — 0.3 0.3 U.S. government sponsored agencies — 33.6 — 33.6 Money market funds 50.7 — — 50.7 Total cash equivalents (a) 57.9 84.7 — 142.6 Restricted investments (b) 6.9 — — 6.9 Equity securities (c) 13,977.5 — — 13,977.5 Loan under the fair value option (d) — — 443.1 443.1 Available-for-sale investments: Corporate debt securities — 182.3 — 182.3 U.S. government sponsored agencies — 44.3 — 44.3 Foreign government obligations — 1.0 — 1.0 Other foreign obligations — 3.8 — 3.8 Municipal obligations — 9.0 — 9.0 Asset-backed securities — 87.3 — 87.3 Total available-for-sale investments (e) — 327.7 — 327.7 Forward foreign exchange contracts (f) — 1.7 — 1.7 Total financial assets carried at fair value $ 14,042.3 $ 414.1 $ 443.1 $ 14,899.5 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 2.8 $ — $ 2.8 Total financial liabilities carried at fair value $ — $ 2.8 $ — $ 2.8 (a) Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.3 1.3 Total $ 6.9 $ 6.9 (c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Short-term investments $ 65.6 $ 71.4 Other investments 9,305.6 13,906.1 Total $ 9,371.2 $ 13,977.5 (d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. Level 1 Fair Value Measurements As of March 31, 2022, we own 12,987,900 ordinary voting shares and 9,588,908 preferenc e shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 37% of the ordinary outstanding shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of March 31, 2022. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting. The changes in fair market value of our investment in Sartorius for the three months ended March 31, 2022 was $4.45 billion loss and is recorded in our condensed consolidated statements of income (loss). Level 2 Fair Value Measurements To estimate the fair value of Level 2 debt securities as of March 31, 2022, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv 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. Available-for-sale investments consist of the following (in millions): March 31, 2022 Amortized Unrealized Unrealized Allowances for Credit Losses Fair Short-term investments: Corporate debt securities $ 579.1 $ 0.2 $ (2.6) $ — $ 576.7 Municipal obligations 34.8 — (0.1) — 34.7 Asset-backed securities $ 331.9 $ 0.1 $ (1.6) $ — $ 330.4 U.S. government sponsored agencies 255.2 — (0.9) — 254.3 Foreign government obligations $ 1.5 $ — $ — $ — $ 1.5 Certificates of Deposit 8.0 — — — 8.0 $ 1,210.5 $ 0.3 $ (5.2) $ — $ 1,205.6 The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2022 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 519.2 $ 518.3 Mature in one to five years 556.2 552.8 Mature in more than five years 135.1 134.5 Total $ 1,210.5 $ 1,205.6 Available-for-sale investments consist of the following (in millions): December 31, 2021 Amortized Unrealized Unrealized Allowances for Credit Losses Estimated Short-term investments: Corporate debt securities $ 181.9 $ 0.5 $ (0.2) — $ 182.2 Municipal obligations 9.0 — — — 9.0 Asset-backed securities 87.5 0.1 (0.2) — 87.4 U.S. government sponsored agencies 44.3 — — — 44.3 Foreign government obligations 1.0 — — — 1.0 Other foreign obligations 3.8 — — — 3.8 Total 327.5 0.6 (0.4) — 327.7 There were no significant unrealized losses as of March 31, 2022 and December 31, 2021 in either the less than or greater than 12 month categories. Our evaluation of credit losses for available-for-sale debt securities included t he extent to which the fair value is less than the amortized cost basis, adverse conditions specifically related to the debt security, an industry or geographic area, and any changes in the rating of a security by a rating agency. Credit loss impairments are limited to the amount that the fair value of an instrument is less than its amortized cost basis. At March 31, 2022, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of March 31, 2022. Included in other current assets are $6.6 million and $2.2 million of interest receivable as of March 31, 2022 and December 31, 2021, respectively, primarily associated with securities in our available-for-sale investments portfolio. The interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the three months ended March 31, 2022, we have not written-off any uncollected interest receivable. As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded at their fair value at each balance sheet date. The notional principal amounts provide one measure of the transaction volume outstanding as of March 31, 2022 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 Refinitiv 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 currency exchange (gains) losses, net in the condensed consolidated statements of income (loss). The following is a summary of our forward foreign exchange contracts (in millions): March 31, 2022 Contracts maturing in April through June 2022 to sell foreign currency: Notional value $ 85.6 Unrealized gain/(loss) $ (0.2) Contracts maturing in April through June 2022 to purchase foreign currency: Notional value $ 513.5 Unrealized gain/(loss) $ (3.8) Level 3 Fair Value Investments During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (the “Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our condensed consolidated statements of income (loss). The overall change in fair market value reflected in (Gains) losses from change in fair market value of equity securities and loan receivable during the three months ended March 31, 2022 was $89.9 million, which includes $14.7 million for the change in fair market value for the Loan and $75.2 million for the change in fair market value of the value appreciation right. The decrease in the fair market value of the value appreciation right was due to a decline in the value of the Sartorius ordinary shares. As of March 31, 2022, the €400 million principal amount of the loan is still due on January 31, 2029. The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions): December 31, 2021 $ 443.1 Net decrease in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable $ (89.9) Foreign currency exchange gains (losses), net $ (10.6) March 31, 2022 $ 342.6 |
3. Intangible Assets, Goodwill
3. Intangible Assets, Goodwill and Other | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS Goodwill by segment are as follows (in millions): Life Clinical Total Balances as of December 31, 2021: Goodwill $ 333.3 $ 349.2 $ 682.5 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net 291.5 55.8 347.3 Adjustments (1.6) — (1.6) Balances as of March 31, 2022: Goodwill $ 331.7 $ 349.2 $ 680.9 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net $ 289.9 $ 55.8 $ 345.7 Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): March 31, 2022 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.18 $ 110.6 $ (91.2) $ 19.4 Know how 3.50 169.1 (153.5) 15.6 Developed product technology 13.28 214.1 (116.8) 97.3 Licenses 6.56 59.2 (35.9) 23.3 Tradenames 7.18 6.3 (4.4) 1.9 Covenants not to compete 3.60 6.4 (3.1) 3.3 Total finite-lived intangible assets 565.7 (404.9) 160.8 In-process research and development 86.3 — 86.3 Total purchased intangible assets $ 652.0 $ (404.9) $ 247.1 December 31, 2021 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.27 $ 111.8 $ (90.7) $ 21.1 Know how 3.75 171.6 (154.9) 16.7 Developed product technology 13.42 215.6 (115.6) 100.0 Licenses 6.79 64.9 (40.6) 24.3 Tradenames 7.33 6.3 (4.4) 1.9 Covenants not to compete 3.78 6.5 (2.9) 3.6 Total finite-lived intangible assets 576.7 (409.1) 167.6 In-process research and development 86.3 — 86.3 Total purchased intangible assets $ 663.0 $ (409.1) $ 253.9 Amortization expense related to purchased intangible assets is as follows (in millions): Three Months Ended March 31, 2022 2021 Amortization expense $ 6.3 $ 7.2 |
4. Statement of Cash Flows, Sup
4. Statement of Cash Flows, Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL CASH FLOW INFORMATION The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Three Months Ended March 31, 2022 March 31, 2021 Net income (loss) $ (3,369.6) $ 977.4 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 32.0 32.7 Reduction in the carrying amount of right-of-use assets 10.0 9.8 Share-based compensation 13.5 11.7 Other-than-temporary impairment losses on investment — 0.8 (Gains) losses from change in fair market value of equity securities and loan receivable 4,545.1 (1,179.4) Payments for operating lease liabilities (9.5) (9.9) (Increase) decrease in accounts receivable (46.8) 1.3 (Increase) decrease in inventories (35.5) 5.8 Increase in other current assets (33.7) (37.5) Decrease in accounts payable and other current liabilities (38.9) (44.5) Increase in income taxes payable 7.8 27.3 Increase (decrease) in deferred income taxes (1,028.5) 274.8 Increase in other long-term liabilities 0.2 43.8 Other 0.2 (0.5) Net cash provided by operating activities $ 46.3 $ 113.6 Non-cash investing activities: Purchased property, plant and equipment $ 1.5 $ 4.7 Purchased marketable securities and investments $ 13.2 $ — Sold marketable securities and investments $ 2.0 $ — |
5. Long-Term Debt
5. Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | . LONG-TERM DEBT The principal components of long-term debt are as follows (in millions): March 31, December 31, 3.3%, Senior Notes due 2027 $ 400.0 $ — 3.7%, Senior Notes due 2032 800.0 — Less unamortized discounts and debt issuance costs (13.7) — Long-term debt less unamortized discounts and debt issuance costs 1,186.3 — Finance leases and other debt 10.9 11.0 Less current maturities (0.5) (0.5) Long-term debt $ 1,196.7 $ 10.5 Senior Notes due 2027 and 2032 In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.5346% and the sale of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.8429%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2022 until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of March 31, 2022. |
6. Accumulated Other Comprehens
6. Accumulated Other Comprehensive Income 7. Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income included in our condensed consolidated balance sheets consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2022: $ (170.5) $ (10.9) $ 5.8 $ (175.6) Other comprehensive income (loss), before reclassifications (128.7) 0.4 (5.2) (133.5) Income tax effects 0.1 (0.1) 1.2 1.2 Other comprehensive income (loss), net of income taxes (128.6) 0.3 (4.0) (132.3) Balances as of March 31, 2022: $ (299.1) $ (10.6) $ 1.8 $ (307.9) Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2021: $ 298.6 $ (26.0) $ 9.8 $ 282.4 Other comprehensive income (loss), before reclassifications (214.7) 1.7 (1.9) (214.9) Amounts reclassified from Accumulated other comprehensive income — 0.5 (0.1) 0.4 Income tax effects 0.4 (0.3) 0.4 0.5 Other comprehensive income (loss), net of income taxes (214.3) 1.9 (1.6) (214.0) Balances as of March 31, 2021: $ 84.3 $ (24.1) $ 8.2 $ 68.4 All amounts reclassified out of accumulated other comprehensive income were reclassified into other income, net in the condensed consolidated statements of income. The reclassification adjustments are calculated using the specific identification method. |
7. Earnings Per Share
7. Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | . EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options and restricted stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings (loss) per share calculation if the effect of including such securities would be anti-dilutive. The weighted average number of common shares outstanding used to calculate basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the diluted earnings (loss) per share calculation are as follows (in thousands): Three Months Ended March 31, 2022 2021 Basic weighted average shares outstanding 29,933 29,823 Effect of potentially dilutive stock options and restricted stock awards — 363 Diluted weighted average common shares outstanding 29,933 30,186 Anti-dilutive shares 550 23 |
8. Other Income and Expenses
8. Other Income and Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | . OTHER INCOME AND EXPENSE, NET Other (income) expense, net includes the following components (in millions): Three Months Ended March 31, 2022 2021 Interest and investment income $ (32.2) $ (18.3) Net realized gains on investments — (0.1) Other-than-temporary impairment loss on investment — 0.8 Other (income) expense (0.4) 0.2 Other income, net $ (32.6) $ (17.4) |
9. Income Taxes
9. Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . INCOME TAXES Our effective income tax rate was 22.9% and 24.7% for the three months ended March 31, 2022 and 2021, respectively. 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 certain foreign deferred tax assets will not be realized as of March 31, 2022, and have maintained a valuation allowance on such deferred tax assets. Our income tax returns are routinely audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues around the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis. We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. Our gross unrecognized tax benefits were $75.1 million and $61.9 million as of March 31, 2022 and December 31, 2021, respectively. The increase in our gross unrecognized tax benefits is attributable to increases of uncertain tax accruals in various jurisdictions, partially offset by the release of accruals due to the lapse of statute of limitations. |
10. Segment Information Segment
10. Segment Information Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Information regarding operating segments for the three months ended March 31, 2022 and 2021 is as follows (in millions): Life Clinical Other Segment net sales 2022 $ 347.2 $ 351.8 $ 1.1 2021 $ 366.5 $ 358.5 $ 1.8 Segment net profit (loss) 2022 $ 86.9 $ 52.8 $ (0.3) 2021 $ 102.3 $ (1.9) $ 0.1 Segment results are presented in the same manner as we manage our business internally to make operating decisions and assess performance. Our chief operating decision maker ("CODM") views all operating expenses, interest expense and corporate overhead as directly supporting the strategies of our segments. The following reconciles total segment profit to consolidated income (loss) before income taxes (in millions): Three Months Ended March 31, 2022 2021 Total segment profit $ 139.4 $ 100.5 Foreign currency exchange gains (losses), net 2.1 (0.1) (Gains) losses from change in fair market value of equity securities and loan receivable (4,545.1) 1,179.4 Other income, net 32.6 17.4 Consolidated income (loss) before income taxes $ (4,371.0) $ 1,297.2 |
11. Legal Proceedings
11. Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings. | 11. LEGAL PROCEEDINGS We are a party to various claims, legal actions and complaints arising in the ordinary course of business. While we do not believe, at this time, that any ultimate liability resulting from any of these 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 matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period. |
12. Restructuring Costs (Notes)
12. Restructuring Costs (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTS In February 2021, we announced our strategy-driven restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacts our operations in EMEA and includes the elimination of certain positions, the consolidation of certain functions, and the relocation of certain manufacturing operations from EMEA to APAC. The restructuring plan is being implemented in phases and is expected to be substantially complete by the end of 2022. The liability of $42.5 million as of March 31, 2022 consisted of $41.9 million recorded in Accrued payroll and employee benefits, $0.2 million recorded in Other current liabilities and $0.4 million recorded in Other long-term liabilities in the condensed consolidated balance sheets. The amounts reflected in Selling, general and administrative expense and Research and development expense were $0.2 million and $(0.1) million in the condensed consolidated statements of income (loss) for the three months ended March 31, 2022, respectively. The adjustments to expense recorded were primarily due to outplacement and training costs incurred, changes in the estimates of employee termination benefits and employees resigning or transferring to different positions within the company. From February 2021 to March 31, 2022, total expenses were $64.5 million. The following table summarizes the activity of our European reorganization restructuring reserves (in millions): Life Science Clinical Diagnostics Total Balances as of December 31, 2021: $ 5.2 $ 41.9 $ 47.1 Adjustment to expense — 0.1 0.1 Cash payments (1.3) (2.3) (3.6) Foreign currency translation gains — (1.1) (1.1) Balances as of March 31, 2022: $ 3.9 $ 38.6 $ 42.5 |
13. Leases (Notes)
13. Leases (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
13. Leases [Abstract] | |
Lessee, Operating Leases | 13. LEASES We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 17 years, which includes our determination to exercise renewal options. We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt, net of current maturities in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense is recognized on a straight-line basis over the lease term. Where we act as lessee, we elected not to separate lease and non-lease components. The components of lease expense were as follows (in millions): Three Months Ended March 31, 2022 2021 Operating lease cost $ 14.3 $ 11.7 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ 0.1 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 0.3 $ 0.3 Sublease income $ 0.7 $ 0.7 The sublease is for a building with a term that ends in 2025, with no options to extend or renew. Operating lease cost includes original reduction in the carrying amount of ROU assets, the impact of remeasurements, modifications, impairments and abandonments. Our short-term leases are expensed as incurred, reflecting leases with a lease term of one year or less, and are not significant for the three months ended March 31, 2022 and 2021. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three months ended March 31, 2022 and 2021. Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9.5 $ 11.8 Operating cash flows from finance leases $ 0.2 $ 0.1 Financing cash flows from finance leases $ 0.1 $ 0.2 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 5.5 $ 4.2 Finance leases $ — $ — Supplemental balance sheet information related to leases was as follows (in millions): March 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets $ 198.5 $ 204.8 Current operating lease liabilities $ 36.8 $ 36.4 Operating lease liabilities 169.7 175.9 Total operating lease liabilities $ 206.5 $ 212.3 Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt, net of current maturities (in millions): March 31, 2022 December 31, 2021 Finance Leases Property, plant and equipment, gross $ 11.8 $ 11.8 Less: accumulated depreciation and amortization (5.2) (5.1) Property, plant and equipment, net $ 6.6 $ 6.7 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 10.4 10.5 Total finance lease liabilities $ 10.9 $ 11.0 March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term Operating leases - in years 7 8 Finance leases - in years 15 15.5 Weighted Average Discount Rate Operating leases 3.1 % 3.3 % Finance leases 6.2 % 6.3 % Maturities of lease liabilities were as follows (in millions): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding the three months ended March 31, 2022) $ 31.6 $ 1.2 2023 39.6 1.2 2024 33.1 1.1 2025 29.7 1.1 2026 24.4 1.1 Thereafter 76.6 12.7 Total lease payments 235.0 18.4 Less imputed interest (28.5) (7.5) Total $ 206.5 $ 10.9 The value of our operating lease portfolio is principally for facilities with longer durations than the lesser value vehicles, and other equipment with shorter terms and higher-turn over. As of March 31, 2022, operating leases that have not commenced are not material. |
1. Basis of Presentation and _2
1. Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Credit Losses We record trade accounts receivable at the net invoice value and such receivables are non-interest bearing. We consider receivables past due based on the contractual payment terms. Amounts later determined and specifically identified to be uncollectible are charged or written off against the allowance for credit losses. Any adjustments made to our historical loss experience reflect current differences in asset-specific risk characteristics, including, for example, accounts receivable by customer type (public or government entity versus private entity) and by geographic location of customer. Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 15.1 $ 19.8 Provision for expected credit losses (1.8) (0.6) Write-offs charged against the allowance (0.5) (0.6) Recoveries collected 0.1 — Balance at end of period $ 12.9 $ 18.6 |
Standard Product Warranty, Policy [Policy Text Block] | We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2022 and 2021 were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 12.7 $ 9.8 Provision for warranty 2.2 2.7 Actual warranty costs (2.7) (2.6) Balance at end of period $ 12.2 $ 9.9 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-10, "Government Assistance." The ASU includes tax credits but not within Topic 740, "Income Taxes," cash grants, grants of other assets and project grants. The ASU excludes transactions in which a government is a customer within Topic 606, "Revenue from Contracts with Customers." The ASU was effective for fiscal years beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under this approach, the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. ASU 2021-08 is applied to business combinations occurring on or after January 1, 2023. We early adopted ASU 2021-08 on January 1, 2022, which did not have any impact on our condensed consolidated financial statements as we did not have any new acquisitions. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue from operations through the sale of products, services, license of intellectual property 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 impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recognized 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 customer specifications, 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 recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control in relation to the equipment has occurred at that point 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 customer acceptance 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 recorded for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced by the estimated amount of product returns. 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, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately. We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. 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. 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 instruments placed at customer locations as well as initial training. We determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we next must ascertain its lease classification for purposes of applying appropriate accounting treatment as an operating, sales-type or direct financing lease. For purposes of determining the lease term used in performing the lease classification test, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if the customer is reasonably certain to exercise that option, the periods covered by an option to terminate the lease if the customer is reasonably certain not to exercise that option, and the periods covered by the option to extend (or not to terminate) the lease in which exercise of the option is controlled by the Company. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel, the period in which the contract is enforceable is a very short period and therefore the lease term has been limited to the noncancellable period. Generally these arrangements do not contain an option for the lessee to purchase the underlying asset. We concluded that the use of the instrument (referred to as “lease elements”) is not within the guidance of ASC 606 but rather ASC 842. 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 consideration of any fixed/minimum payments as well as estimates of variable consideration. After allocation, the amount of variable payments allocated to lease components will be recognized as income under ASC 842, while the amount of variable payments allocated to non-lease components will be recognized as income in accordance with ASC 606. Maintenance services, along with the reagents, are allocated to the non-lease elements and are recognized as income. Generally, the terms of the arrangements result in the transfer of control for reagents upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as very few of such arrangements contain any fixed/minimum lease payments. Further, our reagent rental arrangements are predominantly classified as operating leases, and any sales-type leases represent in aggregate an immaterial amount of lease income. Our reported lease income is primarily variable in nature and is recognized upon delivery or as the reagents are consumed by the customer. Revenue allocated to the lease elements of these reagent rental arrangements represented approximately 2% of total revenue for both the three months ended March 31, 2022 and March 31, 2021, and are included as part of Net sales in our condensed consolidated statements of income (loss). 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 include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss). Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2022 2021 EMEA $ 218.9 $ 247.7 APAC 160.9 168.9 United States 282.5 271.4 Other (primarily Canada and Latin America) 37.8 38.8 Total net sales $ 700.1 $ 726.8 The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 10). Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements. The deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.4 million and $71.0 million, respectively. The short-term deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.3 million and $50.9 million, respectively. |
1. Basis of Presentation and _3
1. Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2022 2021 EMEA $ 218.9 $ 247.7 APAC 160.9 168.9 United States 282.5 271.4 Other (primarily Canada and Latin America) 37.8 38.8 Total net sales $ 700.1 $ 726.8 |
Schedule of Product Warranty Liability [Table Text Block] | Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2022 and 2021 were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 12.7 $ 9.8 Provision for warranty 2.2 2.7 Actual warranty costs (2.7) (2.6) Balance at end of period $ 12.2 $ 9.9 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 15.1 $ 19.8 Provision for expected credit losses (1.8) (0.6) Write-offs charged against the allowance (0.5) (0.6) Recoveries collected 0.1 — Balance at end of period $ 12.9 $ 18.6 |
2. Fair Value Measurements (Tab
2. Fair Value Measurements (Tables) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions): March 31, 2022 Amortized Unrealized Unrealized Allowances for Credit Losses Fair Short-term investments: Corporate debt securities $ 579.1 $ 0.2 $ (2.6) $ — $ 576.7 Municipal obligations 34.8 — (0.1) — 34.7 Asset-backed securities $ 331.9 $ 0.1 $ (1.6) $ — $ 330.4 U.S. government sponsored agencies 255.2 — (0.9) — 254.3 Foreign government obligations $ 1.5 $ — $ — $ — $ 1.5 Certificates of Deposit 8.0 — — — 8.0 $ 1,210.5 $ 0.3 $ (5.2) $ — $ 1,205.6 | Available-for-sale investments consist of the following (in millions): December 31, 2021 Amortized Unrealized Unrealized Allowances for Credit Losses Estimated Short-term investments: Corporate debt securities $ 181.9 $ 0.5 $ (0.2) — $ 182.2 Municipal obligations 9.0 — — — 9.0 Asset-backed securities 87.5 0.1 (0.2) — 87.4 U.S. government sponsored agencies 44.3 — — — 44.3 Foreign government obligations 1.0 — — — 1.0 Other foreign obligations 3.8 — — — 3.8 Total 327.5 0.6 (0.4) — 327.7 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Level 2 Fair Value Measurements To estimate the fair value of Level 2 debt securities as of March 31, 2022, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv 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. Available-for-sale investments consist of the following (in millions): March 31, 2022 Amortized Unrealized Unrealized Allowances for Credit Losses Fair Short-term investments: Corporate debt securities $ 579.1 $ 0.2 $ (2.6) $ — $ 576.7 Municipal obligations 34.8 — (0.1) — 34.7 Asset-backed securities $ 331.9 $ 0.1 $ (1.6) $ — $ 330.4 U.S. government sponsored agencies 255.2 — (0.9) — 254.3 Foreign government obligations $ 1.5 $ — $ — $ — $ 1.5 Certificates of Deposit 8.0 — — — 8.0 $ 1,210.5 $ 0.3 $ (5.2) $ — $ 1,205.6 The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2022 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 519.2 $ 518.3 Mature in one to five years 556.2 552.8 Mature in more than five years 135.1 134.5 Total $ 1,210.5 $ 1,205.6 Available-for-sale investments consist of the following (in millions): December 31, 2021 Amortized Unrealized Unrealized Allowances for Credit Losses Estimated Short-term investments: Corporate debt securities $ 181.9 $ 0.5 $ (0.2) — $ 182.2 Municipal obligations 9.0 — — — 9.0 Asset-backed securities 87.5 0.1 (0.2) — 87.4 U.S. government sponsored agencies 44.3 — — — 44.3 Foreign government obligations 1.0 — — — 1.0 Other foreign obligations 3.8 — — — 3.8 Total 327.5 0.6 (0.4) — 327.7 There were no significant unrealized losses as of March 31, 2022 and December 31, 2021 in either the less than or greater than 12 month categories. Our evaluation of credit losses for available-for-sale debt securities included t he extent to which the fair value is less than the amortized cost basis, adverse conditions specifically related to the debt security, an industry or geographic area, and any changes in the rating of a security by a rating agency. Credit loss impairments are limited to the amount that the fair value of an instrument is less than its amortized cost basis. At March 31, 2022, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of March 31, 2022. Included in other current assets are $6.6 million and $2.2 million of interest receivable as of March 31, 2022 and December 31, 2021, respectively, primarily associated with securities in our available-for-sale investments portfolio. The interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the three months ended March 31, 2022, we have not written-off any uncollected interest receivable. As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded at their fair value at each balance sheet date. The notional principal amounts provide one measure of the transaction volume outstanding as of March 31, 2022 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 Refinitiv 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 currency exchange (gains) losses, net in the condensed consolidated statements of income (loss). The following is a summary of our forward foreign exchange contracts (in millions): March 31, 2022 Contracts maturing in April through June 2022 to sell foreign currency: Notional value $ 85.6 Unrealized gain/(loss) $ (0.2) Contracts maturing in April through June 2022 to purchase foreign currency: Notional value $ 513.5 Unrealized gain/(loss) $ (3.8) | |
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions): March 31, 2022 Contracts maturing in April through June 2022 to sell foreign currency: Notional value $ 85.6 Unrealized gain/(loss) $ (0.2) Contracts maturing in April through June 2022 to purchase foreign currency: Notional value $ 513.5 Unrealized gain/(loss) $ (3.8) | |
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2022 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 519.2 $ 518.3 Mature in one to five years 556.2 552.8 Mature in more than five years 135.1 134.5 Total $ 1,210.5 $ 1,205.6 | |
Fair Value Measurements, Recurring and Nonrecurring | Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2022 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Commercial paper $ — $ 201.6 $ — $ 201.6 Time deposits 21.0 10.0 — 31.0 Asset-backed securities — 5.5 — 5.5 Foreign government obligations — 8.0 — 8.0 Municipals obligations — 9.9 9.9 U.S. government sponsored agencies — 71.2 — 71.2 Money market funds 101.6 — — 101.6 Total cash equivalents (a) 122.6 306.2 — 428.8 Restricted investments (b) 6.9 — — 6.9 Equity securities (c) 9,371.2 — — 9,371.2 Loan under the fair value option (d) — — 342.6 342.6 Available-for-sale investments: Corporate debt securities — 576.7 — 576.7 U.S. government sponsored agencies — 254.3 — 254.3 Foreign government obligations — 1.5 — 1.5 Certificates of deposit — 8.0 — 8.0 Municipal obligations — 34.7 — 34.7 Asset-backed securities — 330.4 — 330.4 Total available-for-sale investments (e) — 1,205.6 — 1,205.6 Forward foreign exchange contracts (f) — 0.4 — 0.4 Total financial assets carried at fair value $ 9,500.7 $ 1,512.2 $ 342.6 $ 11,355.5 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 4.4 $ — $ 4.4 Total financial liabilities carried at fair value $ — $ 4.4 $ — $ 4.4 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2021 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Commercial paper $ — $ 39.8 $ — $ 39.8 Time deposits 7.2 10.1 — 17.3 Asset-backed securities — 0.1 — 0.1 Foreign government obligations — 0.8 — 0.8 Municipals obligations — 0.3 0.3 U.S. government sponsored agencies — 33.6 — 33.6 Money market funds 50.7 — — 50.7 Total cash equivalents (a) 57.9 84.7 — 142.6 Restricted investments (b) 6.9 — — 6.9 Equity securities (c) 13,977.5 — — 13,977.5 Loan under the fair value option (d) — — 443.1 443.1 Available-for-sale investments: Corporate debt securities — 182.3 — 182.3 U.S. government sponsored agencies — 44.3 — 44.3 Foreign government obligations — 1.0 — 1.0 Other foreign obligations — 3.8 — 3.8 Municipal obligations — 9.0 — 9.0 Asset-backed securities — 87.3 — 87.3 Total available-for-sale investments (e) — 327.7 — 327.7 Forward foreign exchange contracts (f) — 1.7 — 1.7 Total financial assets carried at fair value $ 14,042.3 $ 414.1 $ 443.1 $ 14,899.5 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 2.8 $ — $ 2.8 Total financial liabilities carried at fair value $ — $ 2.8 $ — $ 2.8 (a) Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.3 1.3 Total $ 6.9 $ 6.9 (c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Short-term investments $ 65.6 $ 71.4 Other investments 9,305.6 13,906.1 Total $ 9,371.2 $ 13,977.5 (d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. Level 1 Fair Value Measurements As of March 31, 2022, we own 12,987,900 ordinary voting shares and 9,588,908 preferenc e shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 37% of the ordinary outstanding shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of March 31, 2022. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting. The changes in fair market value of our investment in Sartorius for the three months ended March 31, 2022 was $4.45 billion loss and is recorded in our condensed consolidated statements of income (loss). |
3. Intangible Assets, Goodwil_2
3. Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes to goodwill by segment | Goodwill by segment are as follows (in millions): Life Clinical Total Balances as of December 31, 2021: Goodwill $ 333.3 $ 349.2 $ 682.5 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net 291.5 55.8 347.3 Adjustments (1.6) — (1.6) Balances as of March 31, 2022: Goodwill $ 331.7 $ 349.2 $ 680.9 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net $ 289.9 $ 55.8 $ 345.7 |
Schedule of identifiable purchased intangible assets with definite lives | Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): March 31, 2022 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.18 $ 110.6 $ (91.2) $ 19.4 Know how 3.50 169.1 (153.5) 15.6 Developed product technology 13.28 214.1 (116.8) 97.3 Licenses 6.56 59.2 (35.9) 23.3 Tradenames 7.18 6.3 (4.4) 1.9 Covenants not to compete 3.60 6.4 (3.1) 3.3 Total finite-lived intangible assets 565.7 (404.9) 160.8 In-process research and development 86.3 — 86.3 Total purchased intangible assets $ 652.0 $ (404.9) $ 247.1 December 31, 2021 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.27 $ 111.8 $ (90.7) $ 21.1 Know how 3.75 171.6 (154.9) 16.7 Developed product technology 13.42 215.6 (115.6) 100.0 Licenses 6.79 64.9 (40.6) 24.3 Tradenames 7.33 6.3 (4.4) 1.9 Covenants not to compete 3.78 6.5 (2.9) 3.6 Total finite-lived intangible assets 576.7 (409.1) 167.6 In-process research and development 86.3 — 86.3 Total purchased intangible assets $ 663.0 $ (409.1) $ 253.9 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense related to purchased intangible assets is as follows (in millions): Three Months Ended March 31, 2022 2021 Amortization expense $ 6.3 $ 7.2 |
4. Supplemental Cash Flow Infor
4. Supplemental Cash Flow Information Cash Flow, Supplemental Disclosure - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Three Months Ended March 31, 2022 March 31, 2021 Net income (loss) $ (3,369.6) $ 977.4 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 32.0 32.7 Reduction in the carrying amount of right-of-use assets 10.0 9.8 Share-based compensation 13.5 11.7 Other-than-temporary impairment losses on investment — 0.8 (Gains) losses from change in fair market value of equity securities and loan receivable 4,545.1 (1,179.4) Payments for operating lease liabilities (9.5) (9.9) (Increase) decrease in accounts receivable (46.8) 1.3 (Increase) decrease in inventories (35.5) 5.8 Increase in other current assets (33.7) (37.5) Decrease in accounts payable and other current liabilities (38.9) (44.5) Increase in income taxes payable 7.8 27.3 Increase (decrease) in deferred income taxes (1,028.5) 274.8 Increase in other long-term liabilities 0.2 43.8 Other 0.2 (0.5) Net cash provided by operating activities $ 46.3 $ 113.6 Non-cash investing activities: Purchased property, plant and equipment $ 1.5 $ 4.7 Purchased marketable securities and investments $ 13.2 $ — Sold marketable securities and investments $ 2.0 $ — |
5. Long-Term Debt (Tables)
5. Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The principal components of long-term debt are as follows (in millions): March 31, December 31, 3.3%, Senior Notes due 2027 $ 400.0 $ — 3.7%, Senior Notes due 2032 800.0 — Less unamortized discounts and debt issuance costs (13.7) — Long-term debt less unamortized discounts and debt issuance costs 1,186.3 — Finance leases and other debt 10.9 11.0 Less current maturities (0.5) (0.5) Long-term debt $ 1,196.7 $ 10.5 Senior Notes due 2027 and 2032 In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.5346% and the sale of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.8429%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2022 until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of March 31, 2022. |
6. Accumulated Other Comprehe_2
6. Accumulated Other Comprehensive Income 6. Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income included in our condensed consolidated balance sheets consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2022: $ (170.5) $ (10.9) $ 5.8 $ (175.6) Other comprehensive income (loss), before reclassifications (128.7) 0.4 (5.2) (133.5) Income tax effects 0.1 (0.1) 1.2 1.2 Other comprehensive income (loss), net of income taxes (128.6) 0.3 (4.0) (132.3) Balances as of March 31, 2022: $ (299.1) $ (10.6) $ 1.8 $ (307.9) Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2021: $ 298.6 $ (26.0) $ 9.8 $ 282.4 Other comprehensive income (loss), before reclassifications (214.7) 1.7 (1.9) (214.9) Amounts reclassified from Accumulated other comprehensive income — 0.5 (0.1) 0.4 Income tax effects 0.4 (0.3) 0.4 0.5 Other comprehensive income (loss), net of income taxes (214.3) 1.9 (1.6) (214.0) Balances as of March 31, 2021: $ 84.3 $ (24.1) $ 8.2 $ 68.4 |
Reclassification Out of Accumulated Other Comprehensive Income [Table Text Block] |
7. Earnings Per Share (Tables)
7. Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares | The weighted average number of common shares outstanding used to calculate basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the diluted earnings (loss) per share calculation are as follows (in thousands): Three Months Ended March 31, 2022 2021 Basic weighted average shares outstanding 29,933 29,823 Effect of potentially dilutive stock options and restricted stock awards — 363 Diluted weighted average common shares outstanding 29,933 30,186 Anti-dilutive shares 550 23 |
8. Other Income and Expenses (T
8. Other Income and Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of other income (expense), net | Other (income) expense, net includes the following components (in millions): Three Months Ended March 31, 2022 2021 Interest and investment income $ (32.2) $ (18.3) Net realized gains on investments — (0.1) Other-than-temporary impairment loss on investment — 0.8 Other (income) expense (0.4) 0.2 Other income, net $ (32.6) $ (17.4) |
10. Segment Information Segme_2
10. Segment Information Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information regarding operating segments for the three months ended March 31, 2022 and 2021 is as follows (in millions): Life Clinical Other Segment net sales 2022 $ 347.2 $ 351.8 $ 1.1 2021 $ 366.5 $ 358.5 $ 1.8 Segment net profit (loss) 2022 $ 86.9 $ 52.8 $ (0.3) 2021 $ 102.3 $ (1.9) $ 0.1 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The following reconciles total segment profit to consolidated income (loss) before income taxes (in millions): Three Months Ended March 31, 2022 2021 Total segment profit $ 139.4 $ 100.5 Foreign currency exchange gains (losses), net 2.1 (0.1) (Gains) losses from change in fair market value of equity securities and loan receivable (4,545.1) 1,179.4 Other income, net 32.6 17.4 Consolidated income (loss) before income taxes $ (4,371.0) $ 1,297.2 |
12. Restructuring Costs (Tables
12. Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes the activity of our European reorganization restructuring reserves (in millions): Life Science Clinical Diagnostics Total Balances as of December 31, 2021: $ 5.2 $ 41.9 $ 47.1 Adjustment to expense — 0.1 0.1 Cash payments (1.3) (2.3) (3.6) Foreign currency translation gains — (1.1) (1.1) Balances as of March 31, 2022: $ 3.9 $ 38.6 $ 42.5 |
13. Leases (Tables)
13. Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
13. Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows (in millions): Three Months Ended March 31, 2022 2021 Operating lease cost $ 14.3 $ 11.7 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ 0.1 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 0.3 $ 0.3 Sublease income $ 0.7 $ 0.7 The sublease is for a building with a term that ends in 2025, with no options to extend or renew. |
Lessee Supplemental Cash Flow Information [Table Text Block] | Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9.5 $ 11.8 Operating cash flows from finance leases $ 0.2 $ 0.1 Financing cash flows from finance leases $ 0.1 $ 0.2 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 5.5 $ 4.2 Finance leases $ — $ — |
Maturities Of Lease Liabilities For Operating and Finance Leases [Table Text Block] | Maturities of lease liabilities were as follows (in millions): Year Ending December 31, Operating Leases Finance Leases 2022 (excluding the three months ended March 31, 2022) $ 31.6 $ 1.2 2023 39.6 1.2 2024 33.1 1.1 2025 29.7 1.1 2026 24.4 1.1 Thereafter 76.6 12.7 Total lease payments 235.0 18.4 Less imputed interest (28.5) (7.5) Total $ 206.5 $ 10.9 |
Lessee Supplemental Balance Sheet Information [Table Text Block] | Supplemental balance sheet information related to leases was as follows (in millions): March 31, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets $ 198.5 $ 204.8 Current operating lease liabilities $ 36.8 $ 36.4 Operating lease liabilities 169.7 175.9 Total operating lease liabilities $ 206.5 $ 212.3 Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt, net of current maturities (in millions): March 31, 2022 December 31, 2021 Finance Leases Property, plant and equipment, gross $ 11.8 $ 11.8 Less: accumulated depreciation and amortization (5.2) (5.1) Property, plant and equipment, net $ 6.6 $ 6.7 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 10.4 10.5 Total finance lease liabilities $ 10.9 $ 11.0 March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term Operating leases - in years 7 8 Finance leases - in years 15 15.5 Weighted Average Discount Rate Operating leases 3.1 % 3.3 % Finance leases 6.2 % 6.3 % |
1. Basis of Presentation and _4
1. Basis of Presentation and Use of Estimates Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net sales | $ 700,062 | $ 726,796 | ||
Cost of goods sold | 296,502 | 326,169 | ||
Deferred Revenue | 59,400 | $ 71,000 | ||
Retained earnings | 10,137,628 | 13,507,241 | ||
Accumulated other comprehensive loss | (307,856) | (175,553) | ||
Total stockholders' equity | $ 10,182,916 | $ 10,609,059 | 13,667,134 | $ 9,879,940 |
Revenue Allocation Percent To Lease Elements | 2.00% | 2.00% | ||
Additional paid-in-capital | $ 459,431 | 441,733 | ||
Selling, general and administrative expense | 197,594 | $ 225,853 | ||
Research and Development Expense | 62,543 | 73,912 | ||
Interest expense | 4,048 | 398 | ||
Other Nonoperating Income (Expense) | 32,597 | 17,407 | ||
Deferred Revenue, Current | 59,300 | $ 50,900 | ||
Europe [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net sales | 218,900 | 247,700 | ||
Asia Pacific [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net sales | 160,900 | 168,900 | ||
UNITED STATES | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net sales | 282,500 | 271,400 | ||
Americas [Member] | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Net sales | $ 37,800 | $ 38,800 |
1. Basis of Presentation and _5
1. Basis of Presentation and Use of Estimates Warranty Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Warranty accrual, beginning of period | $ 12.7 | $ 9.8 |
Provision for warranty | 2.2 | 2.7 |
Actual warranty costs | (2.7) | (2.6) |
Warranty accrual, end of period | $ 12.2 | $ 9.9 |
1. Basis of Presentation and _6
1. Basis of Presentation and Use of Estimates Accounts Receivables Allowance for Credit Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 12.9 | $ 18.6 | $ 15.1 | $ 19.8 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1.8) | (0.6) | ||
Allowance for Loan and Lease Losses, Write-offs | (0.5) | (0.6) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | $ 0.1 | $ 0 |
2. Fair Value Measurements Fair
2. Fair Value Measurements Fair Value Level Table (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized Gain on Securities | $ (4,450) | |||
Debt Securities, Available-for-sale | [1] | 1,205.6 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | [2] | 6.9 | $ 6.9 | |
Equity Securities | [3] | 9,371.2 | 13,977.5 | |
Debt Securities, Available-for-sale | [1] | 1,205.6 | 327.7 | |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | [4] | 0.4 | 1.7 | |
Assets, Fair Value Disclosure | 11,355.5 | 14,899.5 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | [5] | 4.4 | 2.8 | |
Liabilities, Fair Value Disclosure | 4.4 | 2.8 | ||
Fair Value, 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 | [2] | 6.9 | 6.9 | |
Equity Securities | [3] | 9,371.2 | 13,977.5 | |
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | [4] | 0 | 0 | |
Assets, Fair Value Disclosure | 9,500.7 | 14,042.3 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | [5] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, 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 | [2] | 0 | 0 | |
Equity Securities | [3] | 0 | 0 | |
Debt Securities, Available-for-sale | 1,205.6 | 327.7 | [1] | |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | [4] | 0.4 | 1.7 | |
Assets, Fair Value Disclosure | 1,512.2 | 414.1 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | [5] | 4.4 | 2.8 | |
Liabilities, Fair Value Disclosure | 4.4 | 2.8 | ||
Fair Value, 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 | [2] | 0 | 0 | |
Equity Securities | [3] | 0 | 0 | |
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure | [4] | 0 | 0 | |
Assets, Fair Value Disclosure | 342.6 | 443.1 | ||
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure | [5] | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 | ||
US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |||
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 5.5 | 0.1 | [6] | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 5.5 | 0.1 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 201.6 | 39.8 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 201.6 | 39.8 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Time Deposits [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 31 | 17.3 | |
Time Deposits [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 21 | 7.2 | |
Time Deposits [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 10 | 10.1 | |
Time Deposits [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 101.6 | 50.7 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 101.6 | 50.7 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
Cash Equivalents [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 428.8 | 142.6 | |
Cash Equivalents [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 122.6 | 57.9 | |
Cash Equivalents [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 306.2 | 84.7 | |
Cash Equivalents [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | [6] | 0 | 0 | |
US Treasury Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 71.2 | |||
US Treasury Securities | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 33.6 | |||
US Treasury Securities | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 71.2 | 33.6 | ||
US Treasury Securities | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Foreign Government Debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 8 | |||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.8 | |||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 8 | 0.8 | ||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |||
Municipal Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 9.9 | |||
Municipal Notes | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0.3 | |||
Municipal Notes | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Municipal Notes | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 9.9 | 0.3 | ||
Municipal Notes | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | ||||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 3.8 | ||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | ||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 3.8 | ||
Foreign Government Debt [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | ||
Municipal Obligations (Member) | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 34.7 | 9 | |
Municipal Obligations (Member) | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Municipal Obligations (Member) | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 34.7 | 9 | |
Municipal Obligations (Member) | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Foreign Government Obligations [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 1.5 | 1 | |
Foreign Government Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Foreign Government Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 1.5 | 1 | |
Foreign Government Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 576.7 | 182.3 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 576.7 | 182.3 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 254.3 | 44.3 | |
US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 254.3 | 44.3 | |
US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 330.4 | 87.3 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 330.4 | 87.3 | |
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | 0 | |
Certificates of Deposit | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 8 | ||
Certificates of Deposit | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | ||
Certificates of Deposit | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 8 | ||
Certificates of Deposit | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 0 | ||
Short-term Investments [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities | [3] | 65.6 | 71.4 | |
Debt Securities, Available-for-sale | [1] | 1,205.6 | 327.7 | |
Short-term Investments [Member] | Foreign Government Debt [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 3.8 | ||
Short-term Investments [Member] | Municipal Obligations (Member) | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 34.7 | 9 | |
Short-term Investments [Member] | Foreign Government Obligations [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 1.5 | 1 | |
Short-term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 576.7 | 182.2 | |
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 254.3 | 44.3 | |
Short-term Investments [Member] | Asset-backed Securities [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 330.4 | 87.4 | |
Other Investments [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | [2] | 1.3 | 1.3 | |
Equity Securities | [3] | 9,305.6 | 13,906.1 | |
Restricted investment [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | [2] | $ 5.6 | $ 5.6 | |
[1] | Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. | |||
[2] | Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.3 1.3 Total $ 6.9 $ 6.9 | |||
[3] | Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2022 December 31, 2021 Short-term investments $ 65.6 $ 71.4 Other investments 9,305.6 13,906.1 Total $ 9,371.2 $ 13,977.5 | |||
[4] | Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. | |||
[5] | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. | |||
[6] | Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. |
2. Foreign Exchange Forward Con
2. Foreign Exchange Forward Contracts (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | [1],[2] | |
Forward foreign exchange contract to sell foreign currency [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 85.6 | |
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments | (0.2) | |
Forward foreign exchange contract to purchase foreign currency [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 513.5 | |
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments | $ (3.8) | |
[1] | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. | |
[2] | Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. |
2. Available-for-Sale Investmen
2. Available-for-Sale Investments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | $ 1,210.5 | |
Debt Securities, Available-for-sale | [1] | 1,205.6 | |
Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 1,205.6 | $ 327.7 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 576.7 | 182.3 |
Fair Value, Recurring [Member] | Municipal obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 34.7 | 9 |
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 254.3 | 44.3 |
Fair Value, Recurring [Member] | Foreign Government Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 1.5 | 1 |
Fair Value, Recurring [Member] | Foreign Government Debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 3.8 | |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 330.4 | 87.3 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 1,210.5 | 327.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.3 | 0.6 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (5.2) | (0.4) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | 1,205.6 | 327.7 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 579.1 | 181.9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.2 | 0.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (2.6) | (0.2) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | 576.7 | 182.2 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Municipal obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 34.8 | 9 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.1) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | 34.7 | 9 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | US Government Sponsored Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 255.2 | 44.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.9) | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | 254.3 | 44.3 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Foreign Government Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 1.5 | 1 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | 1.5 | 1 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Foreign Government Debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 3.8 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale | [1] | 3.8 | |
Fair Value, Recurring [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | [1] | 331.9 | 87.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.1 | 0.1 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (1.6) | (0.2) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | 0 |
Debt Securities, Available-for-sale | [1] | $ 330.4 | $ 87.4 |
[1] | Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. |
2. Amortized Cost and Fair Valu
2. Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions | Mar. 31, 2022USD ($) | [1] |
Fair Value Disclosures [Abstract] | ||
Mature in less than one year | $ 519.2 | |
Mature in one to five years | 556.2 | |
Mature in more than five years | 135.1 | |
Total Amortized Cost | 1,210.5 | |
Mature in less than one year | 518.3 | |
Mature in one to five years | 552.8 | |
Mature in more than five years | 134.5 | |
Estimated Fair Value | $ 1,205.6 | |
[1] | Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. |
2. Fair Value Financial Instrum
2. Fair Value Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Receivable, Current | $ 6.6 | $ 2.2 |
Ordinary voting shares [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment ownership percentage | 37.00% | |
Investment Owned, Balance, Shares | 12,987,900 | |
Preference shares [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment ownership percentage | 28.00% | |
Investment Owned, Balance, Shares | 9,588,908 |
2. Fair Value Measurements (Det
2. Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Interest Receivable, Current | $ 6.6 | $ 2.2 |
3. Intangible Assets, Goodwil_3
3. Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 680,900 | $ 682,500 |
Accumulated impairment loss | (335,200) | (335,200) |
Goodwill, net | 345,728 | 347,343 |
Goodwill, Other Increase (Decrease) | (1,600) | |
Clinical Diagnostics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 349,200 | 349,200 |
Accumulated impairment loss | (293,400) | (293,400) |
Goodwill, net | 55,800 | 55,800 |
Goodwill, Other Increase (Decrease) | 0 | |
Life Science [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 331,700 | 333,300 |
Accumulated impairment loss | (41,800) | (41,800) |
Goodwill, net | 289,900 | $ 291,500 |
Goodwill, Other Increase (Decrease) | $ (1,600) |
3. Intangible Assets, Goodwil_4
3. Intangible Assets, Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 565.7 | $ 576.7 | |
Accumulated Amortization | (404.9) | (409.1) | |
Net Carrying Amount | 160.8 | 167.6 | |
Amortization [Abstract] | |||
Amortization expense | 6.3 | $ 7.2 | |
Intangible Assets, Gross (Excluding Goodwill) | $ 652 | $ 663 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 2 months 4 days | 5 years 3 months 7 days | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 110.6 | $ 111.8 | |
Accumulated Amortization | (91.2) | (90.7) | |
Net Carrying Amount | $ 19.4 | $ 21.1 | |
Know How [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | 3 years 9 months | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 169.1 | $ 171.6 | |
Accumulated Amortization | (153.5) | (154.9) | |
Net Carrying Amount | $ 15.6 | $ 16.7 | |
Developed Technology Rights [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years 3 months 10 days | 13 years 5 months 1 day | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 214.1 | $ 215.6 | |
Accumulated Amortization | (116.8) | (115.6) | |
Net Carrying Amount | $ 97.3 | $ 100 | |
Licensing Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months 21 days | 6 years 9 months 14 days | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 59.2 | $ 64.9 | |
Accumulated Amortization | (35.9) | (40.6) | |
Net Carrying Amount | $ 23.3 | $ 24.3 | |
Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 2 months 4 days | 7 years 3 months 29 days | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 6.3 | $ 6.3 | |
Accumulated Amortization | (4.4) | (4.4) | |
Net Carrying Amount | $ 1.9 | $ 1.9 | |
Noncompete Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 7 months 6 days | 3 years 9 months 10 days | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Purchase Price | $ 6.4 | $ 6.5 | |
Accumulated Amortization | (3.1) | (2.9) | |
Net Carrying Amount | $ 3.3 | $ 3.6 | |
Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | |||
In Process Research and Development [Member] | |||
Amortization [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 86.3 | $ 86.3 |
4. Supplemental Cash Flow Inf_2
4. Supplemental Cash Flow Information - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Net Income Attributable to Parent | $ (3,369,613) | $ 977,414 |
Share-based Compensation | 13,500 | 11,700 |
Other than temporary impairment losses on investments | 0 | 800 |
(Gains) losses from change in fair market value of equity securities and loan receivable | 4,545,100 | (1,179,400) |
Decrease in accounts receivable | (46,800) | 1,300 |
Decrease (increase) in inventories | (35,500) | 5,800 |
Increase in other current assets | (33,700) | (37,500) |
Decrease in accounts payable and other current liabilities | (38,900) | (44,500) |
Increase in income taxes payable | 7,800 | 27,300 |
Increase in deferred income taxes | (1,028,500) | 274,800 |
Increase in other long term liabilities | 200 | 43,800 |
Reduction in the carrying amount of right-of-use assets | 10,000 | 9,800 |
Depreciation and amortization | 32,000 | 32,700 |
Other | 200 | (500) |
Payments of operating lease liabilities | (9,500) | (9,900) |
Net cash provided by operating activities | 46,315 | 113,610 |
Noncash or Part Noncash Acquisition, Investments Acquired | 13,200 | 0 |
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | 2,000 | 0 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 1,500 | $ 4,700 |
5. Long-Term Debt (Details)
5. Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Other Long-term Debt, Current | $ 500 | $ 500 |
Long-term debt, net of current maturities | 1,196,739 | 10,514 |
Finance Lease Obligations [Member] | Finance Leases and Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Other Long-term Debt | $ 10,900 | $ 11,000 |
6. Accumulated Other Comprehe_3
6. Accumulated Other Comprehensive Income 6. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Accumulated other comprehensive income | $ (175,553) | |
Total other comprehensive income (loss) net of tax | (132,303) | $ (214,022) |
Ending balance, Accumulated other comprehensive income | (307,856) | |
Other (income) expense, net | (32,597) | (17,407) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Accumulated other comprehensive income | (170,500) | 298,600 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (128,700) | (214,700) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |
Other Comprehensive Income (Loss), Tax | 100 | 400 |
Total other comprehensive income (loss) net of tax | (128,600) | (214,300) |
Ending balance, Accumulated other comprehensive income | (299,100) | 84,300 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Accumulated other comprehensive income | (10,900) | (26,000) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 400 | 1,700 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 500 | |
Other Comprehensive Income (Loss), Tax | (100) | (300) |
Total other comprehensive income (loss) net of tax | 300 | 1,900 |
Ending balance, Accumulated other comprehensive income | (10,600) | (24,100) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Accumulated other comprehensive income | 5,800 | 9,800 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (5,200) | (1,900) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (100) | |
Other Comprehensive Income (Loss), Tax | 1,200 | 400 |
Total other comprehensive income (loss) net of tax | (4,000) | (1,600) |
Ending balance, Accumulated other comprehensive income | 1,800 | 8,200 |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, Accumulated other comprehensive income | (175,600) | 282,400 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (133,500) | (214,900) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 400 | |
Other Comprehensive Income (Loss), Tax | 1,200 | 500 |
Total other comprehensive income (loss) net of tax | (132,300) | (214,000) |
Ending balance, Accumulated other comprehensive income | $ (307,900) | $ 68,400 |
7. Earnings Per Share (Details)
7. Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic weighted average shares outstanding | 29,933 | 29,823 |
Effect of potentially dilutive stock options and restricted stock awards | 0 | 363 |
Diluted weighted average common shares | 29,933 | 30,186 |
Anti-dilutive shares | 550 | 23 |
8. Other Income and Expenses (D
8. Other Income and Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and investment income | $ (32,200) | $ (18,300) |
Net realized (gain) loss on investments | 0 | 100 |
Other Nonoperating Expense | 400 | 200 |
Equity Method Investment, Other than Temporary Impairment | 0 | 800 |
Other (income) expense, net | $ (32,597) | $ (17,407) |
9. Income Taxes (Details)
9. Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Effective tax rate | 22.90% | 24.70% | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 20.6 | ||
Unrecognized Tax Benefits | $ 75.1 | $ 61.9 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 700,062 | $ 726,796 |
Life Science [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 347,200 | 366,500 |
Income before income taxes | 86,900 | 102,300 |
Clinical Diagnostics [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 351,800 | 358,500 |
Income before income taxes | 52,800 | (1,900) |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,100 | 1,800 |
Income before income taxes | $ (300) | $ 100 |
10. Segment Information Segme_3
10. Segment Information Segment Profit Reconciliations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (4,371,017) | $ 1,297,203 |
Marketable Securities, Unrealized Gain (Loss) | (4,545,117) | 1,179,403 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Income before income taxes | 139,400 | 100,500 |
Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Marketable Securities, Unrealized Gain (Loss) | (4,545,100) | 1,179,400 |
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 | 2,100 | (100) |
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 | $ 32,600 | $ 17,400 |
10. Segment Information Segme_4
10. Segment Information Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 14,373,698 | $ 17,775,795 |
12. Restructuring Costs (Detail
12. Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 14 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Cost of goods sold | $ 296,502 | $ 326,169 | ||
European Reorganization | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 42,500 | $ 42,500 | $ 47,100 | |
Restructuring Charges | 64,500 | |||
Payments for Restructuring | (3,600) | |||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (1,100) | |||
Restructuring Reserve, Accrual Adjustment | 100 | |||
European Reorganization | Accounts Payable and Accrued Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 41,900 | 41,900 | ||
European Reorganization | Other Current Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 200 | 200 | ||
European Reorganization | Other Noncurrent Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 400 | 400 | ||
European Reorganization | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 200 | |||
European Reorganization | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (100) | |||
European Reorganization | Life Science [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 3,900 | 3,900 | 5,200 | |
Payments for Restructuring | (1,300) | |||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | 0 | |||
Restructuring Reserve, Accrual Adjustment | 0 | |||
European Reorganization | Clinical Diagnostics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 38,600 | $ 38,600 | $ 41,900 | |
Payments for Restructuring | (2,300) | |||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (1,100) | |||
Restructuring Reserve, Accrual Adjustment | $ 100 |
13. Leases (Details)
13. Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 14,300 | $ 11,700 | |
Finance Lease, Right-of-Use Asset, Amortization | 100 | 100 | |
Finance Lease, Interest Expense | 200 | 200 | |
Finance Lease Cost | 300 | 300 | |
Sublease Income | 700 | 700 | |
Operating Lease, Payments | 9,500 | 11,800 | |
Finance Lease, Interest Payment on Liability | 200 | 100 | |
Finance Lease, Principal Payments | 100 | 200 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 5,500 | 4,200 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 0 | $ 0 | |
Operating lease right-of-use assets | 198,453 | $ 204,798 | |
Current operating lease liabilities | 36,739 | 36,435 | |
Operating lease liabilities | 169,734 | 175,938 | |
Operating Lease, Liability | 206,500 | 212,300 | |
Finance Lease, Right-Of-Use Asset, before Accumulated Amortization | 11,800 | 11,800 | |
Finance Lease, Right-Of-Use Asset, Accumulated Amortization | 5,200 | 5,100 | |
Finance Lease, Right-Of-Use Asset, after Accumulated Amortization | 6,600 | 6,700 | |
Finance Lease, Liability, Current | 500 | 500 | |
Finance Lease, Liability, Noncurrent | 10,400 | 10,500 | |
Finance Lease, Liability | $ 10,900 | $ 11,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years | |
Finance Lease, Weighted Average Remaining Lease Term | 15 years | 15 years 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.10% | 3.30% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.20% | 6.30% | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 31,600 | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1,200 | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 39,600 | ||
Finance Lease, Liability, to be Paid, Year One | 1,200 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 33,100 | ||
Finance Lease, Liability, Payments, Due Year Two | 1,100 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 29,700 | ||
Finance Lease, Liability, Payments, Due Year Three | 1,100 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 24,400 | ||
Finance Lease, Liability, Payments, Due Year Four | 1,100 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 76,600 | ||
Finance Lease, Liability, Payments, Due after Year Five | 12,700 | ||
Lessee, Operating Lease, Liability, Payments, Due | 235,000 | ||
Finance Lease, Liability, Payment, Due | 18,400 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (28,500) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (7,500) | ||
Current liability | |||
Lessee, Lease, Description [Line Items] | |||
Current operating lease liabilities | $ 36,800 | $ 36,400 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating And Finance Leases Remaining Lease Term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating And Finance Leases Remaining Lease Term | 17 years |