Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Entity Registrant Name | BIO-RAD LABORATORIES, INC. | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000012208 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-7928 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-1381833 | ||
Entity Address, Address Line One | 1000 Alfred Nobel Drive, | ||
Entity Address, City or Town | Hercules, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94547 | ||
City Area Code | (510) | ||
Local Phone Number | 724-7000 | ||
Entity Interactive Data Current | Yes | ||
Common Class A [Member] | |||
Entity Public Float | $ 10,439,096,085 | ||
Title of 12(b) Security | Class A Common Stock Par Value $0.0001 per share | ||
Trading Symbol | BIO | ||
Security Exchange Name | NYSE | ||
Document Information [Line Items] | |||
Entity Public Float | 10,439,096,085 | ||
Common Class A [Member] | Subsequent Event [Member] | |||
Entity Common Stock, Shares Outstanding | 24,521,581 | ||
Common Class B [Member] | |||
Entity Public Float | 68,048,640 | ||
Title of 12(b) Security | Class B Common Stock Par Value $0.0001 per share | ||
Trading Symbol | BIOb | ||
Security Exchange Name | NYSE | ||
Document Information [Line Items] | |||
Entity Public Float | $ 68,048,640 | ||
Common Class B [Member] | Subsequent Event [Member] | |||
Entity Common Stock, Shares Outstanding | 5,074,130 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and cash equivalents | $ 434,215 | $ 470,783 |
Short-term investments | 1,356,457 | 399,135 |
Restricted investments | 5,560 | 5,560 |
Accounts receivable, less allowance for doubtful accounts | 494,645 | 423,537 |
Inventories: | ||
Total inventories | 719,316 | 572,239 |
Prepaid expenses | 124,179 | 109,136 |
Other current assets | 23,604 | 10,089 |
Total current assets | 3,157,976 | 1,990,479 |
Property, plant and equipment: | ||
Land and improvements | 27,805 | 27,940 |
Buildings and leasehold improvements | 393,620 | 385,798 |
Equipment | 1,086,595 | 1,099,741 |
Total property, plant and equipment | 1,508,020 | 1,513,479 |
Less: accumulated depreciation and amortization | (1,009,408) | (1,001,840) |
Property, plant and equipment, net | 498,612 | 511,639 |
Operating Lease, Right-of-Use Asset | 180,952 | 204,798 |
Goodwill | 406,488 | 347,343 |
Intangible Assets, Net (Excluding Goodwill) | 332,147 | 253,939 |
Other investments | 8,830,892 | 14,387,006 |
Other assets | 94,599 | 104,189 |
Total assets | 13,501,666 | 17,799,393 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 135,041 | 141,941 |
Accrued payroll and employee benefits | 194,790 | 276,986 |
Current maturities of long-term debt | 465 | 489 |
Income taxes payable | 11,929 | 10,319 |
Accrual for Taxes Other than Income Taxes, Current | 20,499 | 35,980 |
Current operating lease liabilities | 36,336 | 36,435 |
Deferred revenue | 52,211 | 50,852 |
Other current liabilities | 117,437 | 127,936 |
Total current liabilities | 568,708 | 680,938 |
Long-term debt, net of current maturities | 1,197,716 | 10,514 |
Deferred Income Tax Liabilities, Net | 1,770,481 | 3,064,576 |
Operating lease liabilities | 153,597 | 175,938 |
Other long-term liabilities | 195,912 | 182,191 |
Total liabilities | 3,886,414 | 4,114,157 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 447,454 | 441,733 |
Retained earnings | 9,898,203 | 13,525,343 |
Accumulated other comprehensive (loss) income | (466,822) | (175,553) |
Stockholders' Equity Attributable to Parent | 9,615,252 | 13,685,236 |
Total liabilities and stockholders' equity | 13,501,666 | 17,799,393 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 2 | 2 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | 1 | 1 |
Treasury Class-A [Member] | ||
Stockholders' equity: | ||
Treasury Stock, Value | $ (263,586) | $ (106,290) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss | $ 15,029 | $ 15,142 |
Preferred stock outstanding | 0 | 0 |
Preferred stock authorized | 7,500,000 | 7,500,000 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Common Class A [Member] | ||
Common stock issued | 25,162,075 | 25,133,530 |
Common stock outstanding | 24,521,583 | 24,853,986 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 80,000,000 | 80,000,000 |
Common Class B [Member] | ||
Common stock issued | 5,074,130 | 5,078,452 |
Common stock outstanding | 5,074,130 | 5,078,452 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 20,000,000 | 20,000,000 |
Treasury Class-A [Member] | ||
Treasury Stock, Shares | 640,492 | 279,544 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 730,300 | $ 680,800 | $ 691,100 | $ 700,100 | $ 732,800 | $ 747,000 | $ 715,900 | $ 726,800 | $ 2,802,249 | $ 2,922,545 | $ 2,545,626 |
Cost of Goods and Services Sold | 1,234,919 | 1,284,449 | 1,107,739 | ||||||||
Gross Profit | 397,100 | 372,600 | 395,000 | 402,600 | 399,900 | 436,500 | 401,100 | 400,500 | 1,567,330 | 1,638,096 | 1,437,887 |
Selling, general and administrative expense | 827,825 | 877,122 | 798,798 | ||||||||
Research and development expense | 256,889 | 260,638 | 217,763 | ||||||||
Income from operations | 482,616 | 500,336 | 421,326 | ||||||||
Interest expense | 38,114 | 1,551 | 21,861 | ||||||||
Foreign exchange losses, net | (205) | 2,753 | 1,771 | ||||||||
Debt and Equity Securities, Unrealized Gain (Loss) | 5,193,554 | (4,926,248) | (4,495,825) | ||||||||
Other (income) expense, net | (44,574) | (26,775) | (24,488) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,704,273) | 5,449,055 | 4,918,007 | ||||||||
Income Tax Expense (Benefit) | 1,076,738 | (1,194,798) | (1,103,778) | ||||||||
Net Income (Loss) Attributable to Parent | $ 827,700 | $ (162,800) | $ (925,100) | $ (3,367,300) | $ (1,572,200) | $ 3,929,600 | $ 916,800 | $ 980,000 | $ (3,627,535) | $ 4,254,257 | $ 3,814,229 |
Basic earnings per share: | |||||||||||
Earnings Per Share, Basic | $ 27.89 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 131.80 | $ 30.80 | $ 32.86 | $ (121.79) | $ 142.61 | $ 128.13 |
Weighted average common shares - basic | 29,785 | 29,831 | 29,768 | ||||||||
Diluted earnings per share: | |||||||||||
Earnings Per Share, Diluted | $ 27.78 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 130.02 | $ 30.41 | $ 32.46 | $ (121.79) | $ 140.83 | $ 126.47 |
Weighted average common shares - diluted | 29,785 | 30,208 | 30,160 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income (Loss) Attributable to Parent | $ (3,627,535) | $ 4,254,257 | $ 3,814,229 |
Foreign currency translation adjustments | (296,028) | (469,088) | 371,057 |
Other post-employment benefits adjustments, net of tax | 20,859 | 15,099 | (3,806) |
Net unrealized holding gains on available-for-sale investments, net of tax | (16,100) | (4,020) | 2,553 |
Other comprehensive income, net of tax | (291,269) | (458,009) | 369,804 |
Comprehensive income attributable to Bio-Rad | $ (3,918,804) | $ 3,796,248 | $ 4,184,033 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 2,699,401 | $ 2,886,489 | $ 2,531,135 |
Cash paid to suppliers and employees | (2,408,043) | (2,127,939) | (1,877,344) |
Interest paid, net | (24,435) | (2,251) | (21,639) |
Income tax payments, net | (158,259) | (134,683) | (65,244) |
Investment proceeds and miscellaneous receipts, net | 68,184 | 35,282 | 21,488 |
(Payments for) proceeds from foreign exchange contracts, net | 17,599 | 12,566 | (3,424) |
Net cash provided by operating activities | 194,447 | 669,464 | 584,972 |
Cash flows from investing activities: | |||
Capital expenditures | (112,782) | (133,746) | (108,564) |
Proceeds from dispositions of property, plant and equipment | 161 | 52 | 70 |
Proceeds from Divestiture of a Division | 1,360 | 0 | 12,240 |
Payments for Previous Acquisition | (100,746) | (125,516) | (96,655) |
Recovery of (payments for) purchases of intangible assets | (1,375) | 0 | 3,414 |
Payments for Loans | 0 | 453,440 | 0 |
Payments for purchases of marketable securities and investments | (2,060,238) | (851,627) | (248,457) |
Proceeds from Sale of Debt Securities, Available-for-sale | 708,214 | 425,537 | 89,734 |
Proceeds from maturities of marketable securities and investments | 357,813 | 341,359 | 278,324 |
Net cash used in investing activities | (1,207,593) | (797,381) | (69,894) |
Cash flows from financing activities: | |||
Proceeds from Debt, Net of Issuance Costs | 1,186,220 | 0 | 0 |
Payments on long-term borrowings | (510) | (3,020) | (426,938) |
Proceeds from issuance of common shares for share-based compensation | 17,560 | 20,632 | 20,198 |
Tax payments from net share settlement | (13,967) | (22,482) | (12,930) |
Payments for purchases of treasury stock | (215,679) | (49,998) | (100,004) |
Payments of contingent consideration | (48) | (561) | (3,367) |
Net cash used in financing activities | 973,576 | (55,429) | (523,041) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 2,981 | (12,636) | 12,427 |
Net increase in cash, cash equivalents and restricted cash | (36,589) | (195,982) | 4,464 |
Beginning Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 471,133 | 667,115 | 662,651 |
Cash and cash equivalents | 434,215 | 470,783 | 662,205 |
Restricted Cash included in Other current assets | 13 | 14 | 3,994 |
Restricted Cash included in Other assets | 316 | 336 | 916 |
Ending Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 434,544 | $ 471,133 | $ 667,115 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Balance at Dec. 31, 2019 | $ 5,756,842 | $ 3 | $ 410,020 | $ (38,397) | $ 5,472,564 | $ (87,348) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 3,814,229 | 0 | 0 | 0 | 3,814,229 | 0 |
Other comprehensive income, net of tax | 369,804 | 0 | 0 | 0 | 0 | 369,804 |
Issuance of common stock | 7,268 | 0 | 7,268 | 0 | 0 | 0 |
Stock compensation expense | 41,556 | 0 | 41,556 | 0 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | (100,004) | 0 | 0 | (100,004) | 0 | 0 |
Stock Issued During Period, Value, Treasury Stock Reissued | 8 | 0 | (29,468) | (38,494) | (9,034) | 0 |
Balance at Dec. 31, 2020 | 9,889,687 | 3 | 429,376 | (99,907) | 9,277,759 | 282,456 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,254,257 | 0 | 0 | 0 | 4,254,257 | 0 |
Other comprehensive income, net of tax | (458,009) | 0 | 0 | 0 | 0 | (458,009) |
Issuance of common stock | (1,850) | 0 | (1,850) | 0 | 0 | 0 |
Stock compensation expense | 51,160 | 0 | 51,160 | 0 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | (49,998) | 0 | (49,998) | 0 | 0 | |
Stock Issued During Period, Value, Treasury Stock Reissued | 11 | 0 | (36,953) | (43,615) | (6,673) | 0 |
Balance at Dec. 31, 2021 | 13,685,236 | 3 | 441,733 | (106,290) | 13,525,343 | (175,553) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (3,627,535) | 0 | 0 | 0 | (3,627,535) | 0 |
Other comprehensive income, net of tax | (291,269) | 0 | 0 | 0 | 0 | (291,269) |
Issuance of common stock | (3,373) | 0 | (3,373) | 0 | ||
Stock compensation expense | 60,917 | 0 | 60,917 | 0 | 0 | 0 |
Treasury Stock, Value, Acquired, Cost Method | (215,679) | 0 | 0 | (215,679) | 0 | 0 |
Stock Issued During Period, Value, Treasury Stock Reissued | 6,955 | 0 | (51,823) | (58,383) | 395 | 0 |
Balance at Dec. 31, 2022 | $ 9,615,252 | $ 3 | $ 447,454 | $ (263,586) | $ 9,898,203 | $ (466,822) |
1. Significant Accounting Polic
1. Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Immaterial Correction to Previously Issued Consolidated Financial Statements During the fourth quarter of 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified certain software development costs that were expensed prior to and during 2020, 2021 and 2022 which should have been capitalized in accordance with Accounting Standards Codification 350, Intangibles – Goodwill and Other (“ASC 350”). The error was evaluated under the U.S. Securities and Exchange Commission's ("SEC's") authoritative guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not quantitatively or qualitatively material to the previously issued annual or interim consolidated financial statements. Although the error was not material to any period, we revised the accompanying historical consolidated financial statements for the years ended December 31, 2021 and 2020 to reflect the internal-use software capitalization and related amortization for comparative purposes. The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions): December 31, 2021 As reported Adjustment As revised Consolidated Balance Sheet: Prepaid expenses $ 107.7 $ 1.4 $ 109.1 Property, plant and equipment, net 491.0 20.7 511.7 Other assets 102.7 1.5 104.2 Deferred income taxes 3,059.1 5.5 3,064.6 Retained earnings 13,507.2 18.1 13,525.3 The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data): Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,281.9 $ 2.6 $ 1,284.5 Selling, general and administrative expense 879.6 (2.5) 877.1 Research and development expense 271.7 (11.1) 260.6 Income from operations 489.4 10.9 500.3 Benefit from (provision for) income taxes (1,192.2) (2.6) (1,194.8) Net income (loss) 4,245.9 8.4 4,254.3 Net income (loss) per basic share 142.33 0.28 142.61 Net income (loss) per diluted share 140.56 0.27 140.83 Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 656.5 $ 13.0 $ 669.5 Net cash used in investing activities (784.4) (13.0) (797.4) Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,107.8 $ (0.1) $ 1,107.7 Selling, general and administrative expense 800.3 (1.5) 798.8 Research and development expense 226.6 (8.8) 217.8 Income from operations 411.0 10.4 421.3 Benefit from (provision for) income taxes (1,101.4) (2.4) (1,103.8) Net income (loss) 3,806.3 8.0 3,814.2 Net income (loss) per basic share 127.86 0.27 128.13 Net income (loss) per diluted share 126.20 0.27 126.47 Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 575.3 $ 9.6 $ 585.0 Net cash used in investing activities (60.3) (9.6) (69.9) In addition, the revision effected prior year amounts disclosed in Note 7, Income Taxes; Note 12, Supplemental Cash Flow Information; Note 15, Segment Information and Note 18 Quarterly Financial Data (Unaudited). Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less which are readily convertible into cash. Short-term Restricted Investments Short-term restricted investments of $5.6 million at both December 31, 2022 and 2021 represent a money market fund that is provided as collateral to secure worker's compensation and general liability insurance. Available-for-Sale Investments Available-for-sale investments consist of corporate obligations, municipal securities, asset backed securities and U.S. government sponsored agencies. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of any related tax effect. Realized gains and losses and other-than-temporary impairments on investments are included in Other (income), net (see Note 11). Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts, trade accounts receivable and loans receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions. The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying values of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end. Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. We manage our accounts receivable credit risk through ongoing credit evaluation of our customers' financial conditions. We generally do not require collateral from our customers. Loans receivable represent the Loan extended to SHB and is collateralized by the pledge of certain trust interests under the Sartorius family trust ("Trust"), which upon termination of the Trust represent the right to receive Sartorius ordinary shares. The collateral is subject to market volatility based on fluctuation in value of the Sartorius ordinary shares. Accounts Receivable and 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 the customer. Changes in our allowance for credit losses were as follows (in millions): December 31, 2022 2021 2020 Beginning balance $ 15.1 $ 19.8 $ 20.2 Provision for expected credit losses 1.7 1.4 1.2 Write-offs charged against the allowance (1.9) (6.4) (1.6) Recoveries collected 0.1 0.3 — Ending balance $ 15.0 $ 15.1 $ 19.8 Inventory Inventories are valued at the lower of cost and net realizable value and include material, labor and overhead costs. Cost is determined using standard costs, which approximate actual costs, and are relieved from inventory on a first-in, first-out or average cost basis. We classify our inventories based on our historical and anticipated levels of sales; any inventory in excess of its normal operating cycle (1 – 3 years depending on our product line) is classified as long-term on our consolidated balance sheets. The long-term inventory was immaterial as of December 31, 2022 and 2021. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows: buildings, 10-50 years; leasehold improvements, the life of the improvements or the term of the lease, whichever is shorter; reagent rental equipment, 1-5 years; equipment, 3-12 years; and computer software, 3-5 years. When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses. Internal-Use Software Development Costs Costs incurred in the development of internal use software during the application development stage are capitalized and included in Property, plant and equipment, net on the consolidated balance sheets. Such capitalized costs include costs directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point the project is substantially complete and is ready for its intended purpose. Internal-use software is amortized on a straight-line basis over the estimated useful life of between 3-5 years. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred. Leases 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 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 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. Operating lease 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 operating lease 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. For our reagent rental contracts, which are classified as operating leases and we act as a lessor, are more fully described below under the caption "Reagent Rental Agreements." Intangible Assets Our intangible assets principally include goodwill, acquired technology / know how, license, tradenames, customer relationships, and in-process research and development. Intangible assets with finite lives, which include acquired technology / know how, tradenames, licenses and customer relationships, are carried at cost and amortized using the straight-line method over their estimated useful lives. The estimated useful lives used in computing amortization of intangible assets are as follows: Customer relationships/lists 4 – 16 years Know how 14 years Developed product technology 2 – 20 years Licenses 12 – 13 years Tradenames 6 – 10 years Covenants not to compete 3 – 10 years Intangible assets with indefinite lives, which include only goodwill and in-process research and development assets, are recorded at cost and evaluated at least annually for impairment. Impairment of Long-Lived Assets We review long-lived assets, such as property, plant and equipment and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property, plant and equipment, and other finite-lived intangible assets are measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of impairment for assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. There were no impairments of finite-lived intangible assets for the years ended December 31, 2022, 2021 and 2020. Impairment of Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. We conduct an impairment analysis for goodwill annually in the fourth quarter or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test. We have two reporting units, which are the operating segments, Life Science and Clinical Diagnostics. We elected to perform a qualitative assessment of goodwill and determined that it is not more likely than not that the fair values of our reporting units are less than their carrying amounts and that goodwill is not impaired for any of our reporting units. Impairment of Indefinite-Lived Intangible Assets For indefinite-lived intangible assets such as in-process research and development, we conduct an impairment analysis annually in the fourth quarter or more frequently if indicators of impairment exist. We first perform a qualitative assessment to determine if it is more likely than not that the carrying amount of each of the in-process research and development assets exceeds its fair value. The qualitative assessment requires the consideration of factors such as adverse macroeconomic conditions, declining market and industry trends in which the company operates, rising cost factors including inflation, and changes in projected future cash flows. If we determine it is more likely than not that the fair value is less than its carrying amount of the in-process research and development assets, a quantitative assessment is performed. The quantitative assessment compares the fair value of the in-process research and development assets to its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized for the excess. We elected to perform a qualitative assessment of indefinite-lived intangible assets and determined that it is not more likely than not that the fair value is less than its carrying amount and that in-process research and development are not impaired. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of net operating losses, tax credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which such temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in the provision for income taxes. 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. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the stand-alone selling price (“SSP”) for each distinct product or service. We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed. Prior to the fourth quarter of 2022, revenue associated with equipment that required installation service was not recognized until customer acceptance was obtained which was after installation was completed. During the fourth quarter of 2022, we reassessed our customer acceptance criteria and determined that revenue associated with equipment that required installation should have been recognized upon delivery, prior to installation and customer acceptance. We evaluated the error and concluded that it was not material to the previously issued annual or interim consolidated financial statements. 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 Our reagent rental agreements provide our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification as operating or sales-type lease. The lease term used in performing the lease classification test, includes the noncancellable period of the lease together with those periods covered by lease extension options if the customer is reasonably certain to exercise that option, the periods covered by lease termination options if the customer is reasonably certain to not exercise that option, and the periods covered by the option to extend (or to not terminate) the lease when exercise of such option is controlled by the Company. The assessment of the lease term for reagent rental agreements, including the impact from any associated contractual termination penalties, are subject to an estimation process. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel the agreement, the period in which the contract is enforceable is very short so 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”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in 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 we have allocated the transaction price to the lease and non-lease elements, the amount of variable payments allocated to such elements are recognized as income in accordance with ASC 842 or ASC 606, as applicable. Maintenance services, along with the reagents, are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) 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 such arrangements generally do not contain any fixed or minimum lease payments. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases. Our reported lease income is primarily variable in nature and is recognized upon delivery or as the reagents are consumed by the customer. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue in 2022, 2% of total revenue in 2021 and 3% of total revenue in 2020. Such revenue forms part of the Net sales in our 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 consolidated statements of income. Disaggregation of Revenue: 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 15). Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements including installation services. The deferred revenue balance at December 31, 2022 and December 31, 2021 was $71.9 million and $71.0 million, respectively. The short-term deferred revenue balance at December 31, 2022 and December 31, 2021 was $52.2 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 consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Change in our warranty liability were as follows (in millions): 2022 2021 2020 January 1 $ 12.7 $ 9.8 $ 9.0 Provision for warranty 8.8 14.8 9.4 Actual warranty costs (10.9) (11.9) (8.6) December 31 $ 10.6 $ 12.7 $ 9.8 Shipping and Handling We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold. Research and Development All research and development costs are expensed as incurred. Types of expense incurred in research and development include materials and supplies, employee compensation, consulting and third-party services, depreciation, facility costs and information technology. Foreign Currency Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included in Foreign exchange losses, net in the consolidated statements of income. Transaction gains and losses result primarily from fluctuations in exchange rates when intercompany receivables and payables are denominated in currencies other than the functional currency of our subsidiary that recorded the transaction. Forward Foreign Exchange Contracts As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes, nor do we seek hedge accounting treatment for any of our contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded as an asset or liability measured at their fair value at each balance sheet date. The resulting gains or losses offset exchange gains or losses, on the related receivables and payables, all of which are recorded in Foreign exchange losses, net in the consolidated statements of income. We classify the proceeds from (payments for) forward foreign exchange contracts as cash flows from operating activities in our consolidated statements of cash flows. Share-Based Compensation Plans Share-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. We recognize these compensation costs over the requisite service period of the award, which is generally the vesting term of the share-based payment awards. Forfeitures are recognized as they occur. These plans are described more fully in Note 10. Earnings (Loss) Per Share We compute net income (loss) per share of Class A Common Stock (Class A) and Class B Common Stock (Class B) using the two-class method required for participating securities. Our participating securities include Class A and Class B. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (loss) is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the year. Accordingly, basic earnings (loss) per share |
2. Acquisitions
2. Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | 2. ACQUISITIONS Curiosity Diagnostics Acquisition: On August 3, 2022 (the "Acquisition Date"), we acquired all equity interests of Curiosity Diagnostics, sp.z o.o. ("Curiosity") for a total consideration of $137.1 million , including the estimated fair value of contingent consideration. The contingent consideration of up to $70.0 million is payable upon achievement of certain technological development and sales-related milestones . Curiosity Diagnostics, a late-stage, pre-commercial platform company, is in the process of developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market. The strategic rationale for the transaction was to facilitate our entry into the molecular disease testing market with a differentiated platform. We believe this acquisition will complement our Clinical Diagnostics product offerings. The acquisition was included in our Clinical Diagnostics segment's results of operations from the Acquisition Date. The amount of acquisition-related costs was not material. The acquisition of Curiosity was accounted for as a business combination. The fair value of consideration transferred for the Curiosity acquisition consists of the following (in millions): Purchase price (cash) $ 101.0 Fair value of contingent consideration (earn-out) 36.1 Fair value of total consideration transferred $ 137.1 The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions): Preliminary Fair Value In-process research and development $ 99.0 Deferred tax liabilities (18.8) Other identifiable assets acquired, net 1.0 Net identifiable assets acquired 81.2 Goodwill 55.9 Net assets acquired $ 137.1 Goodwill related to the acquisition is primarily attributable to opportunities to further develop and enhance the rapid diagnostics PCR systems and combining the operations and technologies of Bio-Rad and Curiosity, and is not deductible for tax purposes. In-process research and development (IPR&D) is accounted for as an indefinite-lived asset. Once the project is completed, the carrying value of the IPR&D will be amortized over the estimated useful life of the asset. IPR&D is assessed for impairment on an annual basis until the project is completed. As additional information becomes available, such as finalization of the estimated fair value of the assets acquired and liabilities assumed that may affect the total consideration transferred, we may revise the preliminary estimates of fair values of the tangible and intangible assets acquired and liabilities assumed during the remainder of the measurement period (which will not exceed 12 months from the Acquisition Date). Any such revisions or changes may be material as we finalize the fair values of the assets acquired and liabilities assumed, including the related tax effects. We included Curiosity's estimated fair value of assets acquired and liabilities assumed in our consolidated balance sheets beginning on the Acquisition Date. The results of operations for Curiosity subsequent to the Acquisition Date have been included in, but are immaterial to, our consolidated statements of income (loss) for the year ended December 31, 2022. Pro forma results of operations for the Curiosity a cquisition have not been presented because they are not material to the consolidated statements of income (loss). Dropworks Acquisition: On October 15, 2021 (the "Acquisition Date"), we acquired all equity interests of Dropworks, Inc. ("Dropworks") for a total consideration of $125.5 million. Dropworks is a development stage company focused on developing a digital PCR product. The strategic rationale for the transaction was to address additional opportunities in the PCR market. We believe this acquisition will complement our Life Science product offerings. The acquisition was included in our Life Science segment's results of operations from the Acquisition Date. The amount of acquisition-related costs was not material. The acquisition of Dropworks was accounted for as a business combination. The following table summarizes the final fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions): Fair Value Intangible assets $ 83.6 Deferred tax assets 5.6 Deferred tax liabilities (19.5) Other identifiable assets acquired, net 0.4 Net identifiable assets acquired 70.1 Goodwill 55.4 Net assets acquired $ 125.5 Goodwill related to the acquisition is primarily attributable to the opportunities in the digital PCR market from combining the know-how and technologies of Bio-Rad and Dropworks, and is not deductible for tax purposes. The following table summarizes the final fair values and estimated useful life of the components of identifiable intangible assets acquired as of the Acquisition Date (in millions): Fair Value Estimated Useful Life (years) In-process research and development $ 81.7 Covenants not to compete 1.9 4.7 Total identifiable intangible assets acquired $ 83.6 The acquired covenants not to compete are being amortized over its estimated useful life using the straight-line method of amortization, which is the term based on the legal rights associated with the covenants not to compete asset. Amortization of the acquired covenants not to compete of $0.4 million and $0.1 million for the years ended December 31, 2022 and December 31, 2021, respectively, are included in Selling, general and administrative expense in the consolidated statements of income (loss). In-process research and development (IPR&D) is accounted for as an indefinite-lived asset. Once the project is completed, the carrying value of the IPR&D will be amortized over the estimated useful life of the asset. IPR&D is assessed for impairment on an annual basis until the project is completed. We included Dropworks' estimated fair value of assets acquired and liabilities assumed in our consolidated balance sheets beginning on the Acquisition Date. The results of operations for Dropworks subsequent to the Acquisition Date have been included in, but are immaterial to, our consolidated statements of income (loss) for the years ended December 31, 2022 and December 31, 2021. Pro forma results of operations for the Dropworks acquisition have not been presented because they are not material to the consolidated statements of income (loss). |
3. Fair Value Measurements
3. Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS AND INVESTMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 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 $ — $ 21.1 $ — $ 21.1 Time deposits 5.7 — — 5.7 Asset-backed securities — 1.4 — 1.4 U.S. government sponsored agencies — 6.0 — 6.0 Money market funds 31.5 — — 31.5 Total cash equivalents (a) 37.2 28.5 — 65.7 Restricted investments (b) 6.8 — — 6.8 Equity Securities (c) 8,530.4 — — 8,530.4 Loan under the fair value option (d) — — 322.6 322.6 Available-for-sale investments: Corporate debt securities — 699.3 — 699.3 U.S. government sponsored agencies — 230.7 — 230.7 Foreign government obligations — 13.5 — 13.5 Municipal obligations — 23.1 — 23.1 Asset-backed securities — 333.4 — 333.4 Total available-for-sale investments (e) — 1,300.0 — 1,300.0 Forward foreign exchange contracts (f) — 1.5 — 1.5 Total financial assets carried at fair value $ 8,574.4 $ 1,330.0 $ 322.6 $ 10,227.0 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 6.2 $ — $ 6.2 Contingent consideration (h) — — 35.6 35.6 Total financial liabilities carried at fair value $ — $ 6.2 $ 35.6 $ 41.8 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 consolidated balance sheets. (b) Restricted investments are included in the following accounts in the consolidated balance sheets (in millions): December 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.2 1.3 Total $ 6.8 $ 6.9 (c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions): December 31, 2022 December 31, 2021 Short-term investments $ 56.5 $ 71.4 Other investments 8,473.9 13,906.1 Total $ 8,530.4 $ 13,977.5 (d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets. (h) Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets. Level 1 Fair Value Measurements As of December 31, 2022, we own 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We did not purchase any incremental shares for the years ended December 31, 2022 and 2021. We own approximately 37% of the outstanding ordinary shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of December 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 change in fair market value on our investment in Sartorius for the twelve months ended December 31, 2022 was $5.07 billion loss and is recorded in our consolidated statements of income (loss). Level 2 Fair Value Measurements To estimate the fair value of Level 2 debt securities as of December 31, 2022 and 2021, 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): December 31, 2022 Amortized Unrealized Unrealized Allowances for Credit Losses Estimated Short-term investments: Corporate debt securities $ 709.9 $ 0.2 $ (10.8) — $ 699.3 Municipal obligations 23.4 — (0.3) — 23.1 Asset-backed securities 339.6 0.1 (6.3) — 333.4 U.S. government sponsored agencies 233.9 — (3.2) — 230.7 Foreign government obligations 13.8 — (0.3) — 13.5 $ 1,320.6 $ 0.3 $ (20.9) $ — $ 1,300.0 The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2022 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 323.9 $ 321.4 Mature in one to five years 834.9 820.8 Mature in more than five years 161.8 157.8 Total $ 1,320.6 $ 1,300.0 Available-for-sale investments consist of the following (in millions): December 31, 2021 Amortized Unrealized Unrealized 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 As of December 31, 2022 there were no significant continuous unrealized losses greater than 12 months. 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 December 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 December 31, 2022. Included in Other current assets are $11.6 million and $2.2 million of interest receivable as of December 31, 2022 and December 31, 2021, respectively, primarily associated with securities in our available-for-sale investments portfolio. Associated 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 year ended December 31, 2022, write-offs of uncollected interest receivable were not material. 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, are recorded at their fair value at each balance sheet date. The notional amounts provide one measure of foreign exchange exposures as of December 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 and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts offset gains or losses from foreign currency remeasurement of the related receivables and payables, both of which are included in Foreign currency exchange (gains) losses, net in the consolidated statements of income (loss). The following is a summary of our forward foreign currency exchange contracts (in millions): December 31, 2022 Contracts maturing in January through March 2023 to sell foreign currency: Notional value $ 723.4 Unrealized gain/(loss) $ (3.7) Contracts maturing in January through March 2023 to purchase foreign currency: Notional value $ 128.9 Unrealized gain/(loss) $ (1.0) Included in Other investments in the consolidated balance sheet are investments without readily determinable fair value measured at cost with adjustments for observable price changes or impairments. The carrying value of these investments was $6.5 million as of December 31, 2022 and 2021. Also included in Other investments in the consolidated balance sheet are our equity method investments, for which our share of the equity method investees earnings is included in Other (income), net in our consolidated statements of income (loss). The carrying value of these investments, net of impairments, was $26.7 million and $29.9 million as of December 31, 2022 and December 31, 2021, respectively. 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 (“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 value of equity securities and loan receivable in our 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 twelve months ended December 31, 2022 was $100.6 million, which includes $25.6 million for the change in fair market value for the Loan and $75.0 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 December 31, 2022, the €400.0 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 (100.6) Foreign currency adjustments gains (losses), net (19.9) December 31, 2022 $ 322.6 During the third quarter of 2022, we recognized a contingent consideration liability upon our acquisition of Curiosity which represents future potential payments of up to $70.0 million payable in cash upon the achievement of certain technological development and revenue milestones, commencing on the Acquisition Date through June 30, 2027. At the Acquisition Date, the fair value of the contingent consideration of $36.1 million was determined by using a probability-weighted income approach related to the achievement of the technological development and revenue milestones. The significant assumptions used to estimate the fair value of the contingent consideration include an estimate of the probability of achievement and the discount rate. The probability of achievement is subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected probability of achievement may result in a higher fair value, whereas a decrease in expected probability of achievement may result in a lower fair value. The fair value of the contingent consideration is remeasured at each reporting period based on the assumptions and inputs on the date of remeasurement. The contingent consideration was recorded at its estimated fair value of $35.6 million as of December 31, 2022. The following table provides a reconciliation of the Level 3 Curiosity contingent consideration liability measured at estimated fair value (in millions): January 1, 2022 $ — Acquisitions with contingent consideration 36.1 Decrease in estimated fair value of contingent consideration included in Selling, general, and administrative expense (0.5) December 31, 2022 $ 35.6 The following table provides quantitative information about Level 3 inputs for fair value measurement of our Curiosity contingent consideration liability as of December 31, 2022. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement. Valuation Technique Unobservable Input Percentage Curiosity Diagnostic Probability-weighted income approach Discount rate 5.4 % |
4. Intangible Assets, Goodwill
4. Intangible Assets, Goodwill and Other | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | 4. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS Changes to goodwill by segment were as follows (in millions): 2022 2021 Life Clinical Total Life Clinical Total Balances as of January 1: Goodwill $ 333.3 $ 349.2 $ 682.5 $ 277.9 $ 349.2 $ 627.1 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net 291.5 55.8 347.3 236.1 55.8 291.9 Acquisitions (see Note 2) — 55.9 55.9 55.4 — 55.4 Foreign currency adjustments — 3.3 3.3 — — — Period increase, net — 59.2 59.2 55.4 — 55.4 Balances as of December 31: Goodwill 333.3 408.4 741.7 333.3 349.2 682.5 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net $ 291.5 $ 115.0 $ 406.5 $ 291.5 $ 55.8 $ 347.3 Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): December 31, 2022 Weighted-Average Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.02 $ 104.7 $ (89.9) $ 14.8 Know how 2.75 166.2 (153.9) 12.3 Developed product technology 12.83 211.1 (121.6) 89.5 Licenses 5.84 59.0 (38.5) 20.5 Tradenames 6.56 6.1 (4.5) 1.6 Covenants not to compete 3.13 6.4 (4.0) 2.4 Total finite-lived intangible assets 553.5 (412.4) 141.1 In-process research and development 191.0 — 191.0 Total purchased intangible assets $ 744.5 $ (412.4) $ 332.1 December 31, 2021 Weighted-Average 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 for the years ended December 31, 2022, 2021 and 2020 was $24.9 million, $28.4 million and $27.5 million, respectively. Estimated future amortization expense (based on existing purchased finite-lived intangible assets) for the years ending December 31, 2023, 2024, 2025, 2026, 2027 and thereafter is $23.5 million, $20.7 million, $18.8 million, $13.8 million, $11.5 million, and $52.8 million, respectively. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | 5 . INVENTORY Following are the components of Inventory at December 31, 2022 and December 31, 2021 (in millions): December 31, 2022 December 31, 2021 Inventory: Raw materials 228.8 116.9 Work in process 220.9 198.0 Finished goods 269.6 257.3 Total Inventory $ 719.3 $ 572.2 |
5. Notes Payable and Long-Term
5. Notes Payable and Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-term Debt | NOTES PAYABLE AND LONG-TERM DEBT The principal components of long-term debt are as follows (in millions): December 31, 2022 December 31, 2021 3.3%, Senior Notes due 2027 $ 400.0 $ — 3.7%, Senior Notes due 2032 800.0 — Less unamortized discounts and debt issuance costs (12.4) — Long-term debt less unamortized discounts and debt issuance costs 1,187.6 — Finance leases and other debt 10.6 11.0 Less current maturities (0.5) (0.5) Long-term debt $ 1,197.7 $ 10.5 Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $207.5 million available for borrowing and usage as of December 31, 2022, which was reduced by $4.3 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations. 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 issuance of the 2032 Notes yielded net cash proceeds of $790.5 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 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 December 31, 2022. Credit Agreement In April 2019, Bio-Rad entered into a $200.0 million unsecured revolving credit facility ("Credit Agreement"). Borrowings under the Credit Agreement are on a revolving basis and can be used to make permitted acquisitions, for working capital and for other general corporate purposes. In November 2021 and April 2022, Bio-Rad entered into Amendments No. 1 and 2 (“Amendment”) to the Credit Agreement to add LIBOR replacement language, expand the definition of EBITDA, increase certain financial baskets and to clarify the definitions of certain terms related to cash in the Leverage Ratio calculation. We had no outstanding borrowings under the Credit Agreement as of December 31, 2022; however, $0.2 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2022. The Credit Agreement matures in April 2024. If we had borrowed against our Credit Agreement, the borrowing rate would have been 6.020% at December 31, 2022, which is based on the 3-month LIBOR. The Credit Agreement requires Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as certain restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments and create liens. We were in compliance with all of these ratios and covenants as of December 31, 2022 and 2021. Maturities of finance leases and other debt at December 31, 2022 were as follows (in millions): 2023 $ 0.5 2024 0.5 2025 0.5 2026 0.5 2027 400.4 2028 and thereafter 808.2 Total Maturities of finance leases and other debt $ 1,210.6 |
6. Income Taxes
6. Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | . INCOME TAXES The following information for the year ended and as at December 31, 2021 and 2020 have been revised to correct for immaterial errors in prior periods as described in Note 1, “Immaterial Correction to Previously Issued Financial Statements.” The U.S. and international components of income before taxes are as follows (in millions): Year Ended December 31, 2022 2021 2020 U.S. $ (2,403.4) $ 2,941.8 $ 2,350.1 International (2,300.9) 2,507.3 2,567.9 Income (loss) before taxes $ (4,704.3) $ 5,449.1 $ 4,918.0 The (benefit from) provision for income taxes consists of the following (in millions): Year Ended December 31, 2022 2021 2020 Current tax expense: U.S. Federal $ 112.8 $ 72.4 $ 69.9 State 20.1 9.2 12.0 International 24.1 32.6 22.3 Current tax expense 157.0 114.2 104.2 Deferred tax (benefit) expense: U.S. Federal (1,121.3) 983.5 895.6 State (83.6) 69.3 54.3 International (36.7) 32.1 31.5 Deferred tax expense (1,241.6) 1,084.9 981.4 Non-current tax expense (benefit) 7.9 (4.3) 18.2 (Benefit from) provision for income taxes $ (1,076.7) $ 1,194.8 $ 1,103.8 The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows: Year Ended December 31, 2022 2021 2020 U. S. statutory tax rate 21.0 % 21.0 % 21.0 % Impact of foreign operations (10.0) (8.6) (9.8) U.S. taxation of foreign income 10.5 8.9 10.1 State taxes 1.1 1.3 1.1 Other 0.3 (0.7) — Provision (benefit) for income taxes 22.9 % 21.9 % 22.4 % On December 22, 2017, the U.S. enacted comprehensive tax legislation (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, including the imposition of a one-time mandatory deemed repatriation tax (“Transition Tax”) on certain earnings accumulated offshore since 1986 and the reduction of the corporate tax rate from 35% to 21% for U.S. taxable income, resulting in a one-time remeasurement of U.S. federal deferred tax assets and liabilities. The Tax Act also amended Internal Revenue Code Section 174 requiring capitalization of research and experimentation expenditures. The capitalized expenses are amortized over a period of 5 or 15 years. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes an Alternative Minimum Tax based on the Adjusted Financial Statement Income of Applicable Corporations. Based on our initial evaluation, we do not believe the Inflation Reduction Act will have a material impact on our income tax provision and cash taxes. We continue to monitor the changes in tax laws and regulations to evaluate their potential impact on our business. Our effective income tax rates were 22.9%, 21.9% and 22.4% for the years ended December 31, 2022, 2021 and 2020, respectively. The effective tax rates for the years ended December 31, 2022, 2021 and 2020 were primarily driven by the unrealized gain/loss in equity securities that was taxed at 22.5%, 22.4% and 22.1%, respectively, as well as the geographic mix of earnings. Many jurisdictions in which we operate have statutory tax rates that differ from the U.S. statutory tax rate of 21%. Our effective tax rate is impacted, either favorably or unfavorably, by many factors including, but not limited to the jurisdictional mix of income before tax, changes to statutory tax rates, changes in tax laws or regulations, tax audits and settlements, and generation of tax credits. Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions): December 31, 2022 2021 Deferred tax assets: Bad debt, inventory and warranty accruals $ 30.8 $ 32.0 Other post-employment benefits, vacation and other reserves 15.7 23.8 Tax credit and net operating loss carryforwards 128.2 104.5 Lease obligations 40.8 46.6 Other 53.2 65.0 Total gross deferred tax assets 268.7 271.9 Valuation allowance (72.8) (46.4) Total deferred tax assets 195.9 225.5 Deferred tax liabilities: Property and equipment 39.5 40.7 Lease assets 38.7 44.5 Investments and intangible assets 1,842.8 3,155.7 Total deferred tax liabilities 1,921.0 3,240.9 Net deferred tax liabilities $ (1,725.1) $ (3,015.4) The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our state and foreign deferred tax assets will not be realized as of December 31, 2022, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our deferred tax assets in certain states and foreign jurisdictions increased by $26.4 million for the year ended December 31, 2022. The valuation allowance for deferred tax assets is as follows (in millions): December 31, 2022 2021 2020 Beginning balance $ 46.4 $ 44.6 $ 67.2 Additions charged to expenses 26.4 1.8 — Deductions from reserves — — (22.6) Ending balance $ 72.8 $ 46.4 $ 44.6 As of December 31, 2022, our federal, state and foreign net operating loss carryforwards were approximately $30.3 million, $83.4 million and $345.6 million, respectively. Of our foreign net operating losses, $127.3 million may be carried forward indefinitely. The majority of the remaining foreign net operating losses, if not utilized, will begin to expire in 2023. Our federal and state net operating loss carryforwards, if not utilized, will begin to expire in 2028. As of December 31, 2022, our federal and state tax credit carryforwards were approximately $6.7 million and $70.7 million, respectively. Our federal tax credits, if not utilized, will begin to expire in 2029, and our state tax credits, generally, may be carried forward indefinitely. Federal and state tax laws impose restrictions on the utilization of net operating loss and certain tax credit carryforwards in the event of a change in our ownership as defined by the Internal Revenue Code Sections 382 and 383. Under Section 382 and 383 of the Internal Revenue Code, substantial changes in our ownership and the ownership of acquired companies may limit the amount of net operating loss and research and development credit carryforwards that are available to offset taxable income. The annual limitation would not automatically result in the loss of net operating loss or research and development credit carryforwards but may limit the amount available in any given future period. Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis. We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): 2022 2021 2020 Unrecognized tax benefits – January 1 $ 61.9 $ 55.8 $ 39.2 Additions to tax positions related to prior years 18.1 3.2 14.0 Reductions to tax positions related to prior years (0.2) (2.1) (1.5) Additions to tax positions related to the current year 9.8 18.1 3.4 Settlements (2.2) (2.4) — Lapse of statute of limitations (0.8) (10.8) (0.6) Foreign currency adjustments (1.1) 0.1 1.3 Unrecognized tax benefits – December 31 $ 85.5 $ 61.9 $ 55.8 Bio-Rad recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted above, the cumulative amount of accrued interest and penalties as of December 31, 2022, 2021 and 2020 was $6.7 million, $11.8 million and $14.3 million, respectively. Bio-Rad accrued interest and penalties of $(1.1) million, $(2.5) million, and $2.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. Accrued interest as of December 31, 2022 was also reduced by $3.5 million related to the settlement of a foreign audit. The total unrecognized tax benefits and interest and penalties of $92.2 million as of December 31, 2022 was partially offset by deferred tax assets of $17.3 million and prepaid taxes of $7.8 million, for a net amount of $67.1 million. As of December 31, 2022, based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by approximately $22.2 million. Substantially all such amounts will impact our effective income tax rate if recognized. It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws or accounting rules, and there are no substantial incremental costs. The determination of the amount of the unrecognized deferred tax liability for foreign earnings that are indefinitely reinvested is not practicable to estimate. |
7. Stockholders' Equity
7. Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | . STOCKHOLDERS' EQUITYBio-Rad’s issued and outstanding stock consists of Class A Common Stock (Class A) and Class B Common Stock (Class B). Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise control over Bio-Rad. Changes to Bio-Rad's issued common stock shares are as follows (in thousands): Class A Shares Class B Shares Balance at January 1, 2020 24,966 5,090 Class B to Class A conversions 32 (32) Issuance of common stock 75 18 Balance at December 31, 2020 25,073 5,076 Class B to Class A conversions 16 (16) Issuance of common stock 45 18 Balance at December 31, 2021 25,134 5,078 Class B to Class A conversions 20 (20) Issuance of common stock 8 16 Balance at December 31, 2022 25,162 5,074 Treasury Shares The share repurchase activity under the Share Repurchase Program through open market transactions for the years ended December 31, 2022, 2021 and 2020 are summarized as follows: Number of Shares Purchased Weighted-Average Price per Share Total Shares Repurchased To Date Remaining Authorized Value March 1, 2020 - March 31, 2020 291,941 $ 342.55 573,577 $ 73.1 March 1, 2021 - March 31, 2021 89,506 $ 558.60 663,083 $ 223.1 May 1, 2022 - May 31, 2022 255,284 $ 489.65 918,367 $ 98.1 November 1, 2022 - November 30, 2022 241,408 $ 375.63 1,159,775 $ 207.4 For the years ended December 31, 2022 and 2021, we used 135,744 and 114,711, respectively, of the repurchased shares in connection with the vesting of restricted stock units and our Employee Stock Purchase Program. As of December 31, 2022, $207.4 million remained available for repurchases under the Share Repurchase Program. |
8. Accumulated Other Comprehens
8. Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
accumulated other comprehensive income [Text Block] | . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) included in our consolidated balance sheets and consolidated statements of changes in stockholders' equity consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains (losses) on available-for-sale investments Total Accumulated other comprehensive income (loss) Balances as of January 1, 2021 $ 298.6 $ (26.0) $ 9.8 $ 282.4 Other comprehensive (loss) income, before reclassifications (469.5) 17.9 (4.0) (455.6) Amounts reclassified from accumulated other comprehensive income — 0.3 (1.2) (0.9) Income tax effects 0.4 (3.1) 1.2 (1.5) Other comprehensive income (loss), net of income taxes (469.1) 15.1 (4.0) (458.0) Balances as of December 31, 2021 $ (170.5) $ (10.9) $ 5.8 $ (175.6) Other comprehensive income (loss), before reclassifications (296.3) 25.4 (21.5) (292.4) Amounts reclassified from accumulated other comprehensive income — 0.1 0.6 0.7 Income tax effects 0.3 (4.6) 4.8 0.5 Other comprehensive income (loss), net of income taxes (296.0) 20.9 (16.1) (291.2) Balances as of December 31, 2022 $ (466.5) $ 10.0 $ (10.3) $ (466.8) All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into Other (income), net in the consolidated statements of income. Reclassification adjustments are calculated using the specific identification method. |
Comprehensive Income (Loss) Note | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) included in our consolidated balance sheets and consolidated statements of changes in stockholders' equity consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains (losses) on available-for-sale investments Total Accumulated other comprehensive income (loss) Balances as of January 1, 2021 $ 298.6 $ (26.0) $ 9.8 $ 282.4 Other comprehensive (loss) income, before reclassifications (469.5) 17.9 (4.0) (455.6) Amounts reclassified from accumulated other comprehensive income — 0.3 (1.2) (0.9) Income tax effects 0.4 (3.1) 1.2 (1.5) Other comprehensive income (loss), net of income taxes (469.1) 15.1 (4.0) (458.0) Balances as of December 31, 2021 $ (170.5) $ (10.9) $ 5.8 $ (175.6) Other comprehensive income (loss), before reclassifications (296.3) 25.4 (21.5) (292.4) Amounts reclassified from accumulated other comprehensive income — 0.1 0.6 0.7 Income tax effects 0.3 (4.6) 4.8 0.5 Other comprehensive income (loss), net of income taxes (296.0) 20.9 (16.1) (291.2) Balances as of December 31, 2022 $ (466.5) $ 10.0 $ (10.3) $ (466.8) All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into Other (income), net in the consolidated statements of income. Reclassification adjustments are calculated using the specific identification method. |
9. Share-based Compensation
9. Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | . SHARE-BASED COMPENSATION/EQUITY AWARD AND PURCHASE PLANS Equity Award Plan The 2017 Incentive Award Plan (2017 Plan) authorizes the grant of stock options, restricted stock, restricted stock units, performance-based stock units and other types of equity awards to officers and certain other employees. Stock options are granted at exercise prices not less than the fair market value of the underlying common stock on the date of grant and have a maximum term of 10 years. We may issue stock options for either Class A or Class B common stock. Prior to September 2020, equity awards granted vest in increments of 20% per year on the yearly anniversary date of the grant. Starting in September 2020, equity awards granted vest in increments of 25% per year on the yearly anniversary date of the grant. A total of 2,108,724 shares have been reserved for issuance of equity awards under the 2017 Plan and may be of either Class A or Class B common stock. At December 31, 2022, there were 1,259,719 shares available to be granted. Performance-based Stock awards Bio-Rad grants certain executive officers Performance-based stock unit (PSU) awards, which are administered under the 2017 Plan. PSUs generally vest over a three year performance period based on achievement of specific performance goals. Based on the extent to which the targets are achieved, vested shares may range from zero to 200 percent of the target award. We consider the dilutive impact of PSUs in our diluted net income per share calculation only to the extent that the performance conditions would have been met if the reporting period was the end of the performance period. Employee Stock Purchase Plans Our 2011 Employee Stock Purchase Plan (2011 ESPP) provides that eligible employees may contribute up to the greater of 10% of their compensation or $25,000 annually towards the quarterly purchase of our Class A common stock. The employees’ purchase price is 85% of the lesser of the fair market value of the stock on the first business day or the last business day of each calendar quarter. The Board of Directors have authorized the sale of 1,300,000 shares of Class A common stock under the 2011 ESPP. Share-Based Compensation Included in our share-based compensation expense is the cost related to stock option grants, ESPP stock purchases and restricted stock unit awards, including performance-based stock awards. Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions): Year ended December 31, 2022 2021 2020 Cost of goods sold $ 5.4 $ 4.9 $ 3.4 Selling, general and administrative expense 45.6 38.0 31.8 Research and development expense 9.9 8.3 6.4 Share-based compensation expense $ 60.9 $ 51.2 $ 41.6 The income tax benefit related to share-based compensation expense was $8.8 million, $7.4 million and $6.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. We did not capitalize any share-based compensation expense as it was immaterial. The tax benefit from equity awards vested or exercised during the years ended December 31, 2022, 2021 and 2020 was $4.0 million, $18.5 million and $11.2 million, respectively. For equity awards, we amortize the fair value on a straight-line basis. All equity awards are amortized over the requisite service periods of the awards, which are generally the vesting periods. We recognize forfeitures as they occur. Stock Options The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility — 27 % 27 % Risk-free interest rate — 1.05 % 0.31 % Expected life (in years) 0.0 7.3 7.4 Expected dividend — — — Weighted-average fair value of options granted $ — $ 251.93 $ 153.32 Expected volatility is based on the historical volatilities of our common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the number of years that we estimate, based primarily on historical experience, that the options will be outstanding prior to exercise. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. The following table summarizes stock option activity: Shares Weighted- Weighted- Aggregate Outstanding, December 31, 2021 250,441 $ 246.41 Granted — $ — Exercised (39,250) $ 107.32 Forfeited (4,771) $ 368.81 Outstanding, December 31, 2022 206,420 $ 270.03 4.10 $ 39.5 Unvested, December 31, 2022 37,192 $ 539.67 7.47 $ 1.4 Exercisable, December 31, 2022 169,228 $ 210.77 3.36 $ 38.1 Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value on the date of exercise of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $15.2 million, $33.0 million and $24.4 million, respectively. No cash was received from stock options exercised during the year ended December 31, 2022. Cash received from stock options exercised during the years ended December 31, 2021 and 2020 was $3.6 million and $3.8 million, respectively. As of December 31, 2022, there was $5.2 million of total unrecognized compensation expense from stock options. This amount is expected to be recognized in the future over a remaining weighted-average period of approximately two years. Restricted Stock Units - Service & Performance-based Restricted stock units are rights to receive shares of company stock. The fair value of a restricted stock unit is the market value as determined by the closing price of the stock on the day of grant. The following tables summarize restricted stock units and performance-based stock units activity: Restricted Stock Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 316,860 $ 495.57 Granted 140,560 $ 486.29 Vested (113,323) $ 433.46 Forfeited (29,855) $ 463.70 Outstanding, December 31, 2022 314,242 $ 516.85 1.67 $ 132.1 Performance-based Stock Units Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 — $ — Granted 11,391 $ 486.25 Vested — $ — Forfeited — $ — Outstanding, December 31, 2022 11,391 $ 486.25 1.83 $ 4.8 The total fair value of restricted stock units and performance-based stock units vested for the years ended December 31, 2022, 2021 and 2020 was $54.5 million, $104.4 million and $65.0 million, respectively. As of December 31, 2022, there was approximately $142.6 million and $9.4 million of total unrecognized compensation expense related to restricted stock units and performance-based stock units, respectively. This amount is expected to be recognized over a remaining weighted-average period of approximately three years. Employee Stock Purchase Plans The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility 41 % 25 % 41 % Risk-free interest rate 1.71 % 0.05 % 0.50 % Expected life (in years) 0.25 0.25 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 124.26 $ 127.16 $ 94.93 The assumptions are primarily based on historical data. Volatility is based on the historical volatilities of our common stock for a period equal to the expected life of the purchase rights. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. We sold 44,480 shares for total employee contributions of $17.6 million, 31,639 shares for total employee contributions of $17.0 million and 47,548 shares for total employee contributions of $16.4 million under the 2011 ESPP to employees for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, 475,864 shares remain authorized and available for issuance under the 2011 ESPP. |
10. Other Income and Expenses
10. Other Income and Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | 11. OTHER (INCOME), NET Other (income) expense, net includes the following components (in millions): Year Ended December 31, 2022 2021 2020 Interest and investment income $ (58.0) $ (18.9) $ (18.2) Net realized gains on investments (2.3) (8.0) (1.0) Other-than-temporary impairment losses on investments 11.9 0.8 4.6 Current expected credit losses on loans to equity method investees 7.5 — — Gain on divestiture of a division (1.4) — (11.7) Other (income) expense (2.3) (0.7) 1.8 Other (income), net $ (44.6) $ (26.8) $ (24.5) |
11. Supplemental Cash Flow Info
11. Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 12. SUPPLEMENTAL CASH FLOW INFORMATION The following supplemental cash flow information at December 31, 2021 and 2020 has been revised to correct for immaterial errors in prior periods as described in Note 1, “Immaterial Correction to Previously Issued Financial Statements.” The reconciliation of net income (loss) to net cash provided by operating activities is as follows (in millions): Year Ended December 31, 2022 2021 2020 Net income (loss) $ (3,627.5) $ 4,254.3 $ 3,814.2 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation and amortization 137.3 137.6 138.6 Reduction in the carrying amount of right-of-use assets 39.9 39.3 37.1 Share-based compensation 60.9 51.2 41.6 Other-than-temporary impairment losses on investments 11.9 0.8 4.6 Current expected credit losses on loans 7.5 — — (Gains) losses from change in fair market value of equity securities and loan receivable 5,193.6 (4,926.2) (4,495.8) Gain on divestiture of a division (1.4) — (11.7) Payments for operating lease liabilities (38.1) (40.7) (36.5) Increase in accounts receivable (87.4) (20.4) (15.0) (Increase) decrease in inventories (158.8) 46.1 (52.1) Increase in other current assets (27.3) (12.9) (9.1) Increase (decrease) in accounts payable and other current liabilities (94.2) 69.9 124.7 Increase (decrease) in income taxes payable (1.2) (28.8) 39.0 Increase (decrease) in deferred income taxes (1,241.6) 1,084.9 981.4 Increase in other long-term assets (5.1) (6.2) (6.9) Increase in other long-term liabilities 5.6 10.5 26.9 Other 20.3 10.1 4.0 Net cash provided by operating activities $ 194.4 $ 669.5 $ 585.0 Non-cash investing activities: Purchased property, plant and equipment $ 7.3 $ 5.2 $ 1.2 Purchased marketable securities and investments $ — $ 6.0 $ 4.6 Sold marketable securities and investments $ — $ — $ — |
12. Commitments & Contingent Li
12. Commitments & Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 13. COMMITMENTS AND CONTINGENT LIABILITIES Deferred Profit Sharing Retirement Plan We have a profit sharing plan covering substantially all U.S. employees. Contributions are made at the discretion of management. As of December 31, 2022 and 2021, the liability related to the U.S. profit sharing plan was $1.2 million and $3.8 million, respectively. The contribution expense was $19.1 million, $18.4 million and $10.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Purchase Obligations As of December 31, 2022, we had purchase obligations that have not been recognized on our balance sheet of $17.2 million, which include agreements to purchase goods or services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. Recognition of purchase obligations occurs when products or services are delivered to Bio-Rad. The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2022 were as follows in millions: 2023 $ 17.1 2024 0.1 2025 — 2026 — 2027 — 2028 and thereafter — Long-Term Liabilities As of December 31, 2022, we had obligations that have been recognized on our balance sheet of $123.0 million, which primarily represent long-term deferred revenue and other post-employment benefits. Excluded are tax liabilities for uncertain tax positions and contingencies. We are not able to reasonably estimate the timing of future cash flows of these tax liabilities, therefore, our income tax obligations are excluded. The annual future fixed and determinable portion of our obligations that have been recognized on our balance sheet as of December 31, 2022 were as follows in millions: 2023 $ 4.6 2024 13.8 2025 21.6 2026 4.1 2027 43.7 2028 and thereafter 35.2 Letters of Credit/Guarantees In the ordinary course of business, we are at times required to post letters of credit/guarantees. The letters of credit/guarantees are issued by financial institutions to guarantee our obligations to various parties. We were contingently liable for $4.7 million of standby letters of credit/guarantees with financial institutions as of December 31, 2022. Other Post-Employment Benefits In several foreign locations we are statutorily required to provide retirement benefits or a lump sum termination indemnity to our employees upon termination for virtually any reason. These plans are accounted for as defined benefit plans and the associated net benefit obligation as of December 31, 2022 and 2021 of $46.8 million and $76.1 million, respectively, has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Most plans are not required to be funded, and as such, there is no trust or other device used to accumulate assets or settle these obligations. However, some of these plans require funding based on local laws in which there is a trust or other device administered by an external plan manager that is used to accumulate assets to assist in settling these obligations. The following disclosures include such plans, which are located in France, Switzerland, Germany, Korea, India, Thailand, Italy, Dubai and Japan. Obligations and Funded Status The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions): Change in benefit obligation: 2022 2021 Benefit obligation at beginning of year $155.5 $177.5 Service cost 6.6 8.0 Interest cost 0.8 0.5 Plan participants' contributions 3.1 3.2 Actuarial (gain) loss (23.5) (10.2) Gross benefits paid 0.7 (0.7) Plan amendments (1.0) (1.7) Curtailments — (3.3) Settlements (7.6) (9.5) Foreign currency adjustments (5.4) (8.3) Benefit obligation at end of year 129.2 155.5 Change in plan assets: Fair value of plan assets at beginning year 79.4 81.4 Actual return on plan assets 1.5 1.3 Employer contributions 4.3 4.3 Plan participants' contributions 3.1 3.2 Gross benefits paid 2.8 1.3 Settlements (7.6) (9.5) Foreign currency adjustments (1.1) (2.6) Fair value of plan assets at end of year 82.4 79.4 Underfunded status of plans $(46.8) $(76.1) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.5) $(2.3) Noncurrent liabilities (Other long-term liabilities) (45.3) (73.8) Net liability, end of fiscal year $(46.8) $(76.1) Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions): 2022 2021 2020 Service costs $6.6 $8.0 $7.8 Interest costs 0.8 0.5 0.8 Expected returns on plan assets (1.0) (1.0) (0.7) Amortization of actuarial losses 0.3 1.8 1.3 Amortization of prior service costs (0.3) — — Curtailments — (1.9) — Settlements (0.2) 1.2 1.3 Net periodic benefit costs $6.2 $8.6 $10.5 Assumptions The above actuarial net gains were primarily based on financial, demographic and experience assumptions. The weighted-average assumptions used in computing the benefit obligations were as follows: 2022 2021 Discount rate 2.6 % 0.6 % Compensation rate increase 1.7 % 1.5 % The weighted-average assumptions used in computing the net periodic benefit costs were as follows: 2022 2021 2020 Discount rate 0.6 % 0.3 % 0.5 % Expected long-term rate of return on plan assets 1.3 % 1.1 % 1.5 % The accumulated benefit obligation (ABO), an estimate based on the assumption if these plans were to be terminated immediately, as of December 31, 2022 and 2021 was $114.9 million and $142.1 million, respectively. The ABO and fair value of plan assets for these plans with ABO in excess of plan assets were $32.5 million and $62.7 million as of December 31, 2022 and 2021, respectively. In some foreign locations we have service award plans that are paid based upon the number of years of employment. Under these plans, the liability as of December 31, 2022 and 2021 was $2.5 million and $3.5 million, respectively, and has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Concentrations of Labor Subject to Collective Bargaining Agreements |
13. Legal Proceedings
13. Legal Proceedings | 12 Months Ended |
Dec. 31, 2022 | |
Legal Proceedings [Abstract] | |
Legal Matters and Contingencies | 14. LEGAL PROCEEDINGSWe 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. |
14. Segment Reporting
14. Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 15. SEGMENT INFORMATION Bio-Rad is a multinational manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 12,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve. The Life Science segment develops, manufactures, sells and services reagents, apparatus and instruments used for biological research. These products are sold to university and medical school laboratories, pharmaceutical and biotechnology companies, food testing laboratories and government and industrial research facilities. The Clinical Diagnostics segment develops, manufactures, sells and services automated test systems, informatics systems, test kits and specialized quality controls for the healthcare market. These products are sold to reference laboratories, hospital laboratories, state newborn screening facilities, physicians’ office laboratories and transfusion laboratories. Other Operations include our Analytical Instruments segment, and a small miscellaneous operation that was included in a prior acquisition. Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). Our chief operating decision maker ("CODM") views all operating expenses including depreciation and amortization and corporate overhead as directly supporting the strategies of our segments and these costs are fully allocated to our reportable segments. The CODM evaluates the performance of our segments and allocates resources primarily based on operating income, which represents revenues reduced by product costs and operating expenses. Starting in 2022, segment assets include net inventories as this is the only asset considered to be under the control of the segment and the only asset for which segment information is provided to the CODM. The historical segment information has been recast to conform to the current methodology. The following segments information regarding industry segments at December 31, 2021 and 2020 have been revised to correct for immaterial errors in prior periods as described in Note 1, “Immaterial Correction to Previously Issued Financial Statements.” Information regarding industry segments at December 31, 2022, 2021, and 2020 and for the years then ended is as follows (in millions): Life Clinical Other Net sales 2022 $ 1,347.2 $ 1,451.0 $ 4.0 2021 1,400.8 1,515.9 5.8 2020 1,231.8 1,305.2 8.6 Depreciation and amortization 2022 $ 57.9 $ 79.4 $ — 2021 54.8 82.8 — 2020 50.5 88.1 — Operating profit (loss) 2022 $ 266.8 $ 217.7 $ (1.9) 2021 319.7 181.8 (1.2) 2020 282.6 138.3 0.4 Segment assets 2022 $ 269.9 $ 448.8 $ 0.6 2021 207.7 363.5 1.0 2020 220.6 401.2 0.5 The following reconciles total operating profit to consolidated income before taxes (in millions): Year Ended December 31, 2022 2021 2020 Total operating profit $ 482.6 $ 500.3 $ 421.3 Interest expense (38.1) (1.5) (21.9) Foreign currency exchange gains (losses), net 0.2 (2.7) (1.7) Gains (losses) from change in fair market value of equity securities and loan receivable (5,193.6) 4,926.2 4,495.8 Other income, net 44.6 26.8 24.5 Consolidated income (loss) before income taxes $ (4,704.3) $ 5,449.1 $ 4,918.0 The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2022 2021 Total segment assets $ 719.3 $ 572.2 Cash, short-term investments and other current assets 2,438.7 1,418.3 Property, plant and equipment, net, and operating lease right-of-use assets 679.6 716.4 Goodwill, net 406.5 347.3 Other long-term assets 9,257.6 14,745.2 Total assets $ 13,501.7 $ 17,799.4 The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions): Year Ended December 31, 2022 2021 2020 United States 1,155.5 $ 1,130.6 $ 1,004.8 Europe $ 851.9 946.9 857.7 Asia 639.4 688.4 546.5 Other (primarily Canada and Latin America) 155.4 156.6 136.6 Total net sales $ 2,802.2 $ 2,922.5 $ 2,545.6 The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions): December 31, 2022 2021 United States 465.7 $ 478.7 Europe $ 183.7 211.4 Asia 63.8 64.9 Other (primarily Canada and Latin America) 15.6 16.5 Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes $ 728.8 $ 771.5 |
16. Restructuring Costs (Notes)
16. Restructuring Costs (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING COSTSIn 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 mid-2023. The liability of $31.6 million as of December 31, 2022 consisted of $31.5 million recorded in Accrued payroll and employee benefits and $0.1 million recorded in Account payable in the consolidated balance sheets. The expense and adjustments to expense recorded were reflected in Cost of goods sold of $1.1 million and $25.0 million, in Selling, general and administrative expense of $3.0 million and $26.1 million and in Research and development expense of $0.1 million and $13.3 million in the consolidated statements of income (loss) for the years ended December 31, 2022 and December 31, 2021, respectively. The adjustments to expense recorded were primarily due to extension of termination dates for certain employees, changes in the estimates of employee termination benefits and employees resigning or transferring to different positions within the company. From February 2021 to December 31, 2022, total expenses were $68.6 million. The following table summarizes the activity of our European reorganization restructuring reserves (in millions): 2022 2021 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balances as of January 1 $ 5.2 $ 41.9 $ 47.1 $ — $ — $ — Charged to expense - employee termination benefits — — — 12.9 62.7 75.6 Adjustment to expense 1.1 3.1 4.2 (3.3) (7.9) (11.2) Cash payments (4.1) (12.7) (16.8) (4.0) (10.2) (14.2) Foreign currency adjustments (0.3) (2.6) (2.9) (0.4) (2.7) (3.1) Balances as of December 31 $ 1.9 $ 29.7 $ 31.6 $ 5.2 $ 41.9 $ 47.1 |
16. Leases (Notes)
16. Leases (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating And Finance Leases | 17. 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 16 years, which includes our determination to exercise renewal options. The components of lease expense were as follows (in millions): Year Ended December 31, 2022 2021 2020 Operating lease cost $ 57.5 $ 53.2 $ 45.4 Finance lease cost: Amortization of right-to-use assets $ 0.4 $ 0.5 $ 0.6 Interest on lease liabilities 0.8 0.8 0.8 Total finance lease cost $ 1.2 $ 1.3 $ 1.4 Sublease income $ 3.0 $ 3.0 $ 3.0 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 right-of-use 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 years ended December 31, 2022, 2021 and 2020. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the years ended December 31, 2022, 2021 and 2020. Supplemental cash flow information related to leases were as follows (in millions): Year Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 38.1 $ 40.7 $ 44.4 Operating cash flows from finance leases $ 0.8 $ 0.5 $ 0.6 Financing cash flows from finance leases $ 0.4 $ 0.8 $ 0.8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 21.2 $ 45.5 $ 16.1 Finance leases $ 0.1 $ — $ 0.4 Supplemental balance sheet information related to leases were as follows (in millions): December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 181.0 $ 204.8 Current operating lease liabilities $ 36.3 $ 36.4 Operating lease liabilities 153.6 175.9 Total operating lease liabilities $ 189.9 $ 212.3 Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt and notes payable, net of current maturities. December 31, 2022 2021 Finance Leases Property, plant and equipment, gross $ 11.9 $ 11.8 Less: accumulated depreciation and amortization (5.5) (5.1) Property, plant and equipment, net $ 6.4 $ 6.7 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 10.1 10.5 Total finance lease liabilities $ 10.6 $ 11.0 December 31, 2022 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 3.0 % 3.3 % Finance leases 6.3 % 6.3 % Maturities of lease liabilities were as follows (in millions): Year Ending December 31, Operating Leases Finance Leases 2023 $ 43.6 $ 1.2 2024 36.3 1.2 2025 32.5 1.1 2026 25.8 1.1 2027 20.7 1.0 Thereafter 57.5 11.9 Total lease payments 216.4 17.5 Less imputed interest (26.5) (6.9) Total $ 189.9 $ 10.6 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 December 31, 2022, operating leases that have not commenced are not material. |
17. Quarterly Financial Data
17. Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data [Text Block] | 18. QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables provide unaudited condensed consolidated quarterly financial data for all of the periods in the years ended December 31, 2022 and 2021, which have been revised to correct for an immaterial error in prior periods as detailed below and further described in Note 1 “Immaterial Correction to Previously Issued Financial Statements.” Summarized quarterly financial data for the years ended December 31, 2022 and 2021 are as follows (in millions, except per share data): First Second Third Fourth 2022 Net sales $ 700.1 $ 691.1 $ 680.8 $ 730.3 Gross profit 402.6 395.0 372.6 397.1 Net income (loss) (3,367.3) (925.1) (162.8) 827.7 Basic earnings (loss) per share (112.5) (31.05) (5.48) 27.89 Diluted earnings (loss) per share (112.5) (31.05) (5.48) 27.78 2021 Net sales $ 726.8 $ 715.9 $ 747.0 $ 732.8 Gross profit 400.5 401.1 436.5 399.9 Net income 980.0 916.8 3,929.6 (1,572.2) Basic earnings per share 32.86 30.80 131.80 (52.54) Diluted earnings per share 32.46 30.41 130.02 (52.54) |
1. Significant Accounting Pol_2
1. Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Immaterial Correction to Previously Issued Consolidated Financial Statements During the fourth quarter of 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified certain software development costs that were expensed prior to and during 2020, 2021 and 2022 which should have been capitalized in accordance with Accounting Standards Codification 350, Intangibles – Goodwill and Other (“ASC 350”). The error was evaluated under the U.S. Securities and Exchange Commission's ("SEC's") authoritative guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not quantitatively or qualitatively material to the previously issued annual or interim consolidated financial statements. Although the error was not material to any period, we revised the accompanying historical consolidated financial statements for the years ended December 31, 2021 and 2020 to reflect the internal-use software capitalization and related amortization for comparative purposes. The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions): December 31, 2021 As reported Adjustment As revised Consolidated Balance Sheet: Prepaid expenses $ 107.7 $ 1.4 $ 109.1 Property, plant and equipment, net 491.0 20.7 511.7 Other assets 102.7 1.5 104.2 Deferred income taxes 3,059.1 5.5 3,064.6 Retained earnings 13,507.2 18.1 13,525.3 The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data): Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,281.9 $ 2.6 $ 1,284.5 Selling, general and administrative expense 879.6 (2.5) 877.1 Research and development expense 271.7 (11.1) 260.6 Income from operations 489.4 10.9 500.3 Benefit from (provision for) income taxes (1,192.2) (2.6) (1,194.8) Net income (loss) 4,245.9 8.4 4,254.3 Net income (loss) per basic share 142.33 0.28 142.61 Net income (loss) per diluted share 140.56 0.27 140.83 Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 656.5 $ 13.0 $ 669.5 Net cash used in investing activities (784.4) (13.0) (797.4) Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,107.8 $ (0.1) $ 1,107.7 Selling, general and administrative expense 800.3 (1.5) 798.8 Research and development expense 226.6 (8.8) 217.8 Income from operations 411.0 10.4 421.3 Benefit from (provision for) income taxes (1,101.4) (2.4) (1,103.8) Net income (loss) 3,806.3 8.0 3,814.2 Net income (loss) per basic share 127.86 0.27 128.13 Net income (loss) per diluted share 126.20 0.27 126.47 Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 575.3 $ 9.6 $ 585.0 Net cash used in investing activities (60.3) (9.6) (69.9) |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less which are readily convertible into cash. |
Short-term Restricted Investments | Short-term Restricted Investments Short-term restricted investments of $5.6 million at both December 31, 2022 and 2021 represent a money market fund that is provided as collateral to secure worker's compensation and general liability insurance. |
Available-for-sale Investments | Available-for-Sale Investments Available-for-sale investments consist of corporate obligations, municipal securities, asset backed securities and U.S. government sponsored agencies. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of any related tax effect. Realized gains and losses and other-than-temporary impairments on investments are included in Other (income), net (see Note 11). |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts, trade accounts receivable and loans receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions. The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying values of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end. Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. We manage our accounts receivable credit risk through ongoing credit evaluation of our customers' financial conditions. We generally do not require collateral from our customers. Loans receivable represent the Loan extended to SHB and is collateralized by the pledge of certain trust interests under the Sartorius family trust ("Trust"), which upon termination of the Trust represent the right to receive Sartorius ordinary shares. The collateral is subject to market volatility based on fluctuation in value of the Sartorius ordinary shares. |
Accounts Receivable | Accounts Receivable and 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 the customer. Changes in our allowance for credit losses were as follows (in millions): December 31, 2022 2021 2020 Beginning balance $ 15.1 $ 19.8 $ 20.2 Provision for expected credit losses 1.7 1.4 1.2 Write-offs charged against the allowance (1.9) (6.4) (1.6) Recoveries collected 0.1 0.3 — Ending balance $ 15.0 $ 15.1 $ 19.8 |
Inventory | Inventory Inventories are valued at the lower of cost and net realizable value and include material, labor and overhead costs. Cost is determined using standard costs, which approximate actual costs, and are relieved from inventory on a first-in, first-out or average cost basis. We classify our inventories based on our historical and anticipated levels of sales; any inventory in excess of its normal operating cycle (1 – 3 years depending on our product line) is classified as long-term on our consolidated balance sheets. The long-term inventory was immaterial as of December 31, 2022 and 2021. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows: buildings, 10-50 years; leasehold improvements, the life of the improvements or the term of the lease, whichever is shorter; reagent rental equipment, 1-5 years; equipment, 3-12 years; and computer software, 3-5 years. When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses. Internal-Use Software Development Costs Costs incurred in the development of internal use software during the application development stage are capitalized and included in Property, plant and equipment, net on the consolidated balance sheets. Such capitalized costs include costs directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point the project is substantially complete and is ready for its intended purpose. Internal-use software is amortized on a straight-line basis over the estimated useful life of between 3-5 years. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred. |
Leases | Leases 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 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 consolidated balance sheets. |
Lessor, Leases | For our reagent rental contracts, which are classified as operating leases and we act as a lessor, are more fully described below under the caption "Reagent Rental Agreements." |
Goodwill | Impairment of Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. We conduct an impairment analysis for goodwill annually in the fourth quarter or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test. We have two reporting units, which are the operating segments, Life Science and Clinical Diagnostics. We elected to perform a qualitative assessment of goodwill and determined that it is not more likely than not that the fair values of our reporting units are less than their carrying amounts and that goodwill is not impaired for any of our reporting units. Impairment of Indefinite-Lived Intangible Assets |
Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets, such as property, plant and equipment and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property, plant and equipment, and other finite-lived intangible assets are measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of impairment for assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. There were no impairments of finite-lived intangible assets for the years ended December 31, 2022, 2021 and 2020. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of net operating losses, tax credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which such temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in the provision for income taxes. |
Revenue Recognition | 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. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities. We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the stand-alone selling price (“SSP”) for each distinct product or service. We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed. Prior to the fourth quarter of 2022, revenue associated with equipment that required installation service was not recognized until customer acceptance was obtained which was after installation was completed. During the fourth quarter of 2022, we reassessed our customer acceptance criteria and determined that revenue associated with equipment that required installation should have been recognized upon delivery, prior to installation and customer acceptance. We evaluated the error and concluded that it was not material to the previously issued annual or interim consolidated financial statements. 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. |
Revenue Recognition, Leases | Reagent Rental Agreements Our reagent rental agreements provide our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification as operating or sales-type lease. The lease term used in performing the lease classification test, includes the noncancellable period of the lease together with those periods covered by lease extension options if the customer is reasonably certain to exercise that option, the periods covered by lease termination options if the customer is reasonably certain to not exercise that option, and the periods covered by the option to extend (or to not terminate) the lease when exercise of such option is controlled by the Company. The assessment of the lease term for reagent rental agreements, including the impact from any associated contractual termination penalties, are subject to an estimation process. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel the agreement, the period in which the contract is enforceable is very short so 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”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in 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 we have allocated the transaction price to the lease and non-lease elements, the amount of variable payments allocated to such elements are recognized as income in accordance with ASC 842 or ASC 606, as applicable. Maintenance services, along with the reagents, are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) 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 such arrangements generally do not contain any fixed or minimum lease payments. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases. Our reported lease income is primarily variable in nature and is recognized upon delivery or as the reagents are consumed by the customer. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue in 2022, 2% of total revenue in 2021 and 3% of total revenue in 2020. Such revenue forms part of the Net sales in our 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 consolidated statements of income. Disaggregation of Revenue: |
Revenue Recognition, Deferred Revenue | Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements including installation services. The deferred revenue balance at December 31, 2022 and December 31, 2021 was $71.9 million and $71.0 million, respectively. The short-term deferred revenue balance at December 31, 2022 and December 31, 2021 was $52.2 million and $50.9 million, respectively. |
Warranty | 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 consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Change in our warranty liability were as follows (in millions): 2022 2021 2020 January 1 $ 12.7 $ 9.8 $ 9.0 Provision for warranty 8.8 14.8 9.4 Actual warranty costs (10.9) (11.9) (8.6) December 31 $ 10.6 $ 12.7 $ 9.8 |
Shipping and Handling | Shipping and Handling We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold. |
Research and Development Expense | Research and DevelopmentAll research and development costs are expensed as incurred. Types of expense incurred in research and development include materials and supplies, employee compensation, consulting and third-party services, depreciation, facility costs and information technology. |
Foreign Currency | Foreign Currency Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included in Foreign exchange losses, net in the consolidated statements of income. Transaction gains and losses result primarily from fluctuations in exchange rates when intercompany receivables and payables are denominated in currencies other than the functional currency of our subsidiary that recorded the transaction. |
Forward Foreign Exchange Contracts | Forward Foreign Exchange ContractsAs part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes, nor do we seek hedge accounting treatment for any of our contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded as an asset or liability measured at their fair value at each balance sheet date. The resulting gains or losses offset exchange gains or losses, on the related receivables and payables, all of which are recorded in Foreign exchange losses, net in the consolidated statements of income. We classify the proceeds from (payments for) forward foreign exchange contracts as cash flows from operating activities in our consolidated statements of cash flows. |
Share-based Compensation Plans | Share-Based Compensation Plans Share-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. We recognize these compensation costs over the requisite service period of the award, which is generally the vesting term of the share-based payment awards. Forfeitures are recognized as they occur. These plans are described more fully in Note 10. |
Earnings Per Share | Earnings (Loss) Per Share We compute net income (loss) per share of Class A Common Stock (Class A) and Class B Common Stock (Class B) using the two-class method required for participating securities. Our participating securities include Class A and Class B. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (loss) is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the year. Accordingly, 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, restricted stock and performance 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): Year Ended December 31, 2022 2021 2020 Basic weighted average shares common outstanding 29,785 29,831 29,768 Effect of potentially dilutive stock options, restricted stock and performance stock awards — 377 392 Diluted weighted average common shares outstanding 29,785 30,208 30,160 Anti-dilutive shares 325 33 44 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, marketable securities, notes payable, accounts payable and foreign exchange contracts, the carrying amounts approximate fair value. The estimated fair value of financial instruments is based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) using available market information or other appropriate valuation methodologies in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Estimates are not necessarily indicative of the amounts that could be realized in a current market exchange as considerable judgment is required in interpreting market data used to develop estimates of fair value. The use of different market assumptions or estimation techniques could have a material effect on the estimated fair value (see Note 3). Variable Interest Entities We enter into relationships with or make investments in other entities that may be variable interest entities ("VIE"). A VIE is consolidated in the financial statements if we are the primary beneficiary. The primary beneficiary has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In 2021, we extended a loan to a VIE, Sartorius-Herbst Beteiligungen II GmbH ("SHB"), a private limited company incorporated under the laws of Germany (See Note 3). We have not consolidated this entity because we do not have the power to direct the activities that most significantly impact the VIE’s economic performance related to repayment of the loan or cash management of the SHB and, thus, we are not considered the primary beneficiary of the VIE. We believe that our maximum exposure to loss as a result of our involvement with the VIE is limited to the receivable due to us from the VIE under the terms of the loan. |
New Accounting Pronouncements | 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 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 a material impact on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 clarifies the guidance in Topic 820, "Fair Value Measurement," and uses two examples to differentiate between (1) a restriction that is a characteristic of the security (for which the effect of the restriction is included in the equity security’s fair value because it is a security-specific characteristic) and (2) a contractual sale restriction (for which the effect of the restriction is not included in the equity security’s fair value because it is an entity-specific characteristic). In addition, the amendments clarify that an entity cannot recognize a contractual sale restriction as a separate unit of account (i.e. as a contra-asset or separate liability); and require new disclosures for all entities with equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and early adoption is permitted for both interim and annual financial statements. We early adopted ASU 2022-03 during the third quarter of 2022, which did not have a material impact on our consolidated financial statements. |
Goodwill and Intangible Assets, Intangible Assets, Policy | Intangible Assets Our intangible assets principally include goodwill, acquired technology / know how, license, tradenames, customer relationships, and in-process research and development. Intangible assets with finite lives, which include acquired technology / know how, tradenames, licenses and customer relationships, are carried at cost and amortized using the straight-line method over their estimated useful lives. The estimated useful lives used in computing amortization of intangible assets are as follows: Customer relationships/lists 4 – 16 years Know how 14 years Developed product technology 2 – 20 years Licenses 12 – 13 years Tradenames 6 – 10 years Covenants not to compete 3 – 10 years Intangible assets with indefinite lives, which include only goodwill and in-process research and development assets, are recorded at cost and evaluated at least annually for impairment. |
Equity Method Investments | Equity Investments Investments in publicly traded companies in which we do not have the ability to exercise significant influence are reported at fair value, with unrealized gains and losses reported as a component of change in (gains) losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income. Companies in which we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method. Our share of the after-tax earnings of equity method investees is included in Other (income), net in our consolidated statements of income . Investments in privately held companies in which we do not have the ability to exercise significant influence are accounted for using the cost method with adjustments for observable changes in price or impairments (see Note 3). We monitor our relationships with investees when changes occur that could affect whether we have the ability to exercise significant influence. |
Comparability of Prior Year Financial Data, Policy | Previously Issued Consolidated Financial Statements During the fourth quarter of 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified certain software development costs that were expensed prior to and during 2020, 2021 and 2022 which should have been capitalized in accordance with Accounting Standards Codification 350, Intangibles – Goodwill and Other (“ASC 350”). The error was evaluated under the U.S. Securities and Exchange Commission's ("SEC's") authoritative guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not quantitatively or qualitatively material to the previously issued annual or interim consolidated financial statements. Although the error was not material to any period, we revised the accompanying historical consolidated financial statements for the years ended December 31, 2021 and 2020 to reflect the internal-use software capitalization and related amortization for comparative purposes. The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions): December 31, 2021 As reported Adjustment As revised Consolidated Balance Sheet: Prepaid expenses $ 107.7 $ 1.4 $ 109.1 Property, plant and equipment, net 491.0 20.7 511.7 Other assets 102.7 1.5 104.2 Deferred income taxes 3,059.1 5.5 3,064.6 Retained earnings 13,507.2 18.1 13,525.3 The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data): Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,281.9 $ 2.6 $ 1,284.5 Selling, general and administrative expense 879.6 (2.5) 877.1 Research and development expense 271.7 (11.1) 260.6 Income from operations 489.4 10.9 500.3 Benefit from (provision for) income taxes (1,192.2) (2.6) (1,194.8) Net income (loss) 4,245.9 8.4 4,254.3 Net income (loss) per basic share 142.33 0.28 142.61 Net income (loss) per diluted share 140.56 0.27 140.83 Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 656.5 $ 13.0 $ 669.5 Net cash used in investing activities (784.4) (13.0) (797.4) Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,107.8 $ (0.1) $ 1,107.7 Selling, general and administrative expense 800.3 (1.5) 798.8 Research and development expense 226.6 (8.8) 217.8 Income from operations 411.0 10.4 421.3 Benefit from (provision for) income taxes (1,101.4) (2.4) (1,103.8) Net income (loss) 3,806.3 8.0 3,814.2 Net income (loss) per basic share 127.86 0.27 128.13 Net income (loss) per diluted share 126.20 0.27 126.47 Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 575.3 $ 9.6 $ 585.0 Net cash used in investing activities (60.3) (9.6) (69.9) In addition, the revision effected prior year amounts disclosed in Note 7, Income Taxes; Note 12, Supplemental Cash Flow Information; Note 15, Segment Information and Note 18 Quarterly Financial Data (Unaudited). |
1. Significant Accounting Pol_3
1. Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Schedule of Product Warranty Liability | Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Change in our warranty liability were as follows (in millions): 2022 2021 2020 January 1 $ 12.7 $ 9.8 $ 9.0 Provision for warranty 8.8 14.8 9.4 Actual warranty costs (10.9) (11.9) (8.6) December 31 $ 10.6 $ 12.7 $ 9.8 | |
Schedule of Weighted Average Number of 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): Year Ended December 31, 2022 2021 2020 Basic weighted average shares common outstanding 29,785 29,831 29,768 Effect of potentially dilutive stock options, restricted stock and performance stock awards — 377 392 Diluted weighted average common shares outstanding 29,785 30,208 30,160 Anti-dilutive shares 325 33 44 | |
Accounts Receivable, Allowance for Credit Loss | Changes in our allowance for credit losses were as follows (in millions): December 31, 2022 2021 2020 Beginning balance $ 15.1 $ 19.8 $ 20.2 Provision for expected credit losses 1.7 1.4 1.2 Write-offs charged against the allowance (1.9) (6.4) (1.6) Recoveries collected 0.1 0.3 — Ending balance $ 15.0 $ 15.1 $ 19.8 | |
Schedule of Error Corrections and Prior Period Adjustments | The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions): December 31, 2021 As reported Adjustment As revised Consolidated Balance Sheet: Prepaid expenses $ 107.7 $ 1.4 $ 109.1 Property, plant and equipment, net 491.0 20.7 511.7 Other assets 102.7 1.5 104.2 Deferred income taxes 3,059.1 5.5 3,064.6 Retained earnings 13,507.2 18.1 13,525.3 The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data): Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,281.9 $ 2.6 $ 1,284.5 Selling, general and administrative expense 879.6 (2.5) 877.1 Research and development expense 271.7 (11.1) 260.6 Income from operations 489.4 10.9 500.3 Benefit from (provision for) income taxes (1,192.2) (2.6) (1,194.8) Net income (loss) 4,245.9 8.4 4,254.3 Net income (loss) per basic share 142.33 0.28 142.61 Net income (loss) per diluted share 140.56 0.27 140.83 Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 656.5 $ 13.0 $ 669.5 Net cash used in investing activities (784.4) (13.0) (797.4) Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,107.8 $ (0.1) $ 1,107.7 Selling, general and administrative expense 800.3 (1.5) 798.8 Research and development expense 226.6 (8.8) 217.8 Income from operations 411.0 10.4 421.3 Benefit from (provision for) income taxes (1,101.4) (2.4) (1,103.8) Net income (loss) 3,806.3 8.0 3,814.2 Net income (loss) per basic share 127.86 0.27 128.13 Net income (loss) per diluted share 126.20 0.27 126.47 Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 575.3 $ 9.6 $ 585.0 Net cash used in investing activities (60.3) (9.6) (69.9) In addition, the revision effected prior year amounts disclosed in Note 7, Income Taxes; Note 12, Supplemental Cash Flow Information; Note 15, Segment Information and Note 18 Quarterly Financial Data (Unaudited). |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition | The fair value of consideration transferred for the Curiosity acquisition consists of the following (in millions): Purchase price (cash) $ 101.0 Fair value of contingent consideration (earn-out) 36.1 Fair value of total consideration transferred $ 137.1 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions): Preliminary Fair Value In-process research and development $ 99.0 Deferred tax liabilities (18.8) Other identifiable assets acquired, net 1.0 Net identifiable assets acquired 81.2 Goodwill 55.9 Net assets acquired $ 137.1 | The following table summarizes the final fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions): Fair Value Intangible assets $ 83.6 Deferred tax assets 5.6 Deferred tax liabilities (19.5) Other identifiable assets acquired, net 0.4 Net identifiable assets acquired 70.1 Goodwill 55.4 Net assets acquired $ 125.5 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the final fair values and estimated useful life of the components of identifiable intangible assets acquired as of the Acquisition Date (in millions): Fair Value Estimated Useful Life (years) In-process research and development $ 81.7 Covenants not to compete 1.9 4.7 Total identifiable intangible assets acquired $ 83.6 |
3. Fair Value Measurements (Tab
3. Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions): December 31, 2022 Amortized Unrealized Unrealized Allowances for Credit Losses Estimated Short-term investments: Corporate debt securities $ 709.9 $ 0.2 $ (10.8) — $ 699.3 Municipal obligations 23.4 — (0.3) — 23.1 Asset-backed securities 339.6 0.1 (6.3) — 333.4 U.S. government sponsored agencies 233.9 — (3.2) — 230.7 Foreign government obligations 13.8 — (0.3) — 13.5 $ 1,320.6 $ 0.3 $ (20.9) $ — $ 1,300.0 | Available-for-sale investments consist of the following (in millions): December 31, 2021 Amortized Unrealized Unrealized 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 |
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date | The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2022 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 323.9 $ 321.4 Mature in one to five years 834.9 820.8 Mature in more than five years 161.8 157.8 Total $ 1,320.6 $ 1,300.0 | |
Summary of investments with gross unrealized losses and the associated fair value | As of December 31, 2022 there were no significant continuous unrealized losses greater than 12 months. | |
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of our forward foreign currency exchange contracts (in millions): December 31, 2022 Contracts maturing in January through March 2023 to sell foreign currency: Notional value $ 723.4 Unrealized gain/(loss) $ (3.7) Contracts maturing in January through March 2023 to purchase foreign currency: Notional value $ 128.9 Unrealized gain/(loss) $ (1.0) | |
Fair Value Measurements, Recurring and Nonrecurring | Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 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 $ — $ 21.1 $ — $ 21.1 Time deposits 5.7 — — 5.7 Asset-backed securities — 1.4 — 1.4 U.S. government sponsored agencies — 6.0 — 6.0 Money market funds 31.5 — — 31.5 Total cash equivalents (a) 37.2 28.5 — 65.7 Restricted investments (b) 6.8 — — 6.8 Equity Securities (c) 8,530.4 — — 8,530.4 Loan under the fair value option (d) — — 322.6 322.6 Available-for-sale investments: Corporate debt securities — 699.3 — 699.3 U.S. government sponsored agencies — 230.7 — 230.7 Foreign government obligations — 13.5 — 13.5 Municipal obligations — 23.1 — 23.1 Asset-backed securities — 333.4 — 333.4 Total available-for-sale investments (e) — 1,300.0 — 1,300.0 Forward foreign exchange contracts (f) — 1.5 — 1.5 Total financial assets carried at fair value $ 8,574.4 $ 1,330.0 $ 322.6 $ 10,227.0 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 6.2 $ — $ 6.2 Contingent consideration (h) — — 35.6 35.6 Total financial liabilities carried at fair value $ — $ 6.2 $ 35.6 $ 41.8 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 consolidated balance sheets. (b) Restricted investments are included in the following accounts in the consolidated balance sheets (in millions): December 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.2 1.3 Total $ 6.8 $ 6.9 (c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions): December 31, 2022 December 31, 2021 Short-term investments $ 56.5 $ 71.4 Other investments 8,473.9 13,906.1 Total $ 8,530.4 $ 13,977.5 (d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets. (h) Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets. | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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 (100.6) Foreign currency adjustments gains (losses), net (19.9) December 31, 2022 $ 322.6 |
4. Intangible Assets, Goodwil_2
4. Intangible Assets, Goodwill and Other (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes to goodwill by segment | Changes to goodwill by segment were as follows (in millions): 2022 2021 Life Clinical Total Life Clinical Total Balances as of January 1: Goodwill $ 333.3 $ 349.2 $ 682.5 $ 277.9 $ 349.2 $ 627.1 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net 291.5 55.8 347.3 236.1 55.8 291.9 Acquisitions (see Note 2) — 55.9 55.9 55.4 — 55.4 Foreign currency adjustments — 3.3 3.3 — — — Period increase, net — 59.2 59.2 55.4 — 55.4 Balances as of December 31: Goodwill 333.3 408.4 741.7 333.3 349.2 682.5 Accumulated impairment losses and write-offs (41.8) (293.4) (335.2) (41.8) (293.4) (335.2) Goodwill, net $ 291.5 $ 115.0 $ 406.5 $ 291.5 $ 55.8 $ 347.3 |
Schedule of Finite-Lived Intangible Assets by Major-Class | Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): December 31, 2022 Weighted-Average Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.02 $ 104.7 $ (89.9) $ 14.8 Know how 2.75 166.2 (153.9) 12.3 Developed product technology 12.83 211.1 (121.6) 89.5 Licenses 5.84 59.0 (38.5) 20.5 Tradenames 6.56 6.1 (4.5) 1.6 Covenants not to compete 3.13 6.4 (4.0) 2.4 Total finite-lived intangible assets 553.5 (412.4) 141.1 In-process research and development 191.0 — 191.0 Total purchased intangible assets $ 744.5 $ (412.4) $ 332.1 December 31, 2021 Weighted-Average 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 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Following are the components of Inventory at December 31, 2022 and December 31, 2021 (in millions): December 31, 2022 December 31, 2021 Inventory: Raw materials 228.8 116.9 Work in process 220.9 198.0 Finished goods 269.6 257.3 Total Inventory $ 719.3 $ 572.2 |
5. Notes Payable and Long-Ter_2
5. Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Principal components of long-term debt [Table Text Block] | The principal components of long-term debt are as follows (in millions): December 31, 2022 December 31, 2021 3.3%, Senior Notes due 2027 $ 400.0 $ — 3.7%, Senior Notes due 2032 800.0 — Less unamortized discounts and debt issuance costs (12.4) — Long-term debt less unamortized discounts and debt issuance costs 1,187.6 — Finance leases and other debt 10.6 11.0 Less current maturities (0.5) (0.5) Long-term debt $ 1,197.7 $ 10.5 |
6. Income Taxes (Tables)
6. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
U.S. and international components of income before taxes [Table Text Block] | The U.S. and international components of income before taxes are as follows (in millions): Year Ended December 31, 2022 2021 2020 U.S. $ (2,403.4) $ 2,941.8 $ 2,350.1 International (2,300.9) 2,507.3 2,567.9 Income (loss) before taxes $ (4,704.3) $ 5,449.1 $ 4,918.0 |
Provision for income taxes [Table Text Block] | The (benefit from) provision for income taxes consists of the following (in millions): Year Ended December 31, 2022 2021 2020 Current tax expense: U.S. Federal $ 112.8 $ 72.4 $ 69.9 State 20.1 9.2 12.0 International 24.1 32.6 22.3 Current tax expense 157.0 114.2 104.2 Deferred tax (benefit) expense: U.S. Federal (1,121.3) 983.5 895.6 State (83.6) 69.3 54.3 International (36.7) 32.1 31.5 Deferred tax expense (1,241.6) 1,084.9 981.4 Non-current tax expense (benefit) 7.9 (4.3) 18.2 (Benefit from) provision for income taxes $ (1,076.7) $ 1,194.8 $ 1,103.8 |
Reconcilation of effective tax rate on inocme before taxes and statutory rate [Table Text Block] | The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows: Year Ended December 31, 2022 2021 2020 U. S. statutory tax rate 21.0 % 21.0 % 21.0 % Impact of foreign operations (10.0) (8.6) (9.8) U.S. taxation of foreign income 10.5 8.9 10.1 State taxes 1.1 1.3 1.1 Other 0.3 (0.7) — Provision (benefit) for income taxes 22.9 % 21.9 % 22.4 % |
Significant components of deferred tax assets and liabilities [Table Text Block] | Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions): December 31, 2022 2021 Deferred tax assets: Bad debt, inventory and warranty accruals $ 30.8 $ 32.0 Other post-employment benefits, vacation and other reserves 15.7 23.8 Tax credit and net operating loss carryforwards 128.2 104.5 Lease obligations 40.8 46.6 Other 53.2 65.0 Total gross deferred tax assets 268.7 271.9 Valuation allowance (72.8) (46.4) Total deferred tax assets 195.9 225.5 Deferred tax liabilities: Property and equipment 39.5 40.7 Lease assets 38.7 44.5 Investments and intangible assets 1,842.8 3,155.7 Total deferred tax liabilities 1,921.0 3,240.9 Net deferred tax liabilities $ (1,725.1) $ (3,015.4) |
Tabular reconcilation of total amounts of unrecognized tax benefits [Table Text Block] | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions): 2022 2021 2020 Unrecognized tax benefits – January 1 $ 61.9 $ 55.8 $ 39.2 Additions to tax positions related to prior years 18.1 3.2 14.0 Reductions to tax positions related to prior years (0.2) (2.1) (1.5) Additions to tax positions related to the current year 9.8 18.1 3.4 Settlements (2.2) (2.4) — Lapse of statute of limitations (0.8) (10.8) (0.6) Foreign currency adjustments (1.1) 0.1 1.3 Unrecognized tax benefits – December 31 $ 85.5 $ 61.9 $ 55.8 |
Summary of Valuation Allowance | The valuation allowance for deferred tax assets is as follows (in millions): December 31, 2022 2021 2020 Beginning balance $ 46.4 $ 44.6 $ 67.2 Additions charged to expenses 26.4 1.8 — Deductions from reserves — — (22.6) Ending balance $ 72.8 $ 46.4 $ 44.6 |
7. Stockholders' Equity (Tables
7. Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Changes to Bio-Rad's issued common stock shares are as follows (in thousands): Class A Shares Class B Shares Balance at January 1, 2020 24,966 5,090 Class B to Class A conversions 32 (32) Issuance of common stock 75 18 Balance at December 31, 2020 25,073 5,076 Class B to Class A conversions 16 (16) Issuance of common stock 45 18 Balance at December 31, 2021 25,134 5,078 Class B to Class A conversions 20 (20) Issuance of common stock 8 16 Balance at December 31, 2022 25,162 5,074 |
Class of Treasury Stock [Table Text Block] | The share repurchase activity under the Share Repurchase Program through open market transactions for the years ended December 31, 2022, 2021 and 2020 are summarized as follows: Number of Shares Purchased Weighted-Average Price per Share Total Shares Repurchased To Date Remaining Authorized Value March 1, 2020 - March 31, 2020 291,941 $ 342.55 573,577 $ 73.1 March 1, 2021 - March 31, 2021 89,506 $ 558.60 663,083 $ 223.1 May 1, 2022 - May 31, 2022 255,284 $ 489.65 918,367 $ 98.1 November 1, 2022 - November 30, 2022 241,408 $ 375.63 1,159,775 $ 207.4 |
8. Accumulated Other Comprehe_2
8. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) included in our consolidated balance sheets and consolidated statements of changes in stockholders' equity consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains (losses) on available-for-sale investments Total Accumulated other comprehensive income (loss) Balances as of January 1, 2021 $ 298.6 $ (26.0) $ 9.8 $ 282.4 Other comprehensive (loss) income, before reclassifications (469.5) 17.9 (4.0) (455.6) Amounts reclassified from accumulated other comprehensive income — 0.3 (1.2) (0.9) Income tax effects 0.4 (3.1) 1.2 (1.5) Other comprehensive income (loss), net of income taxes (469.1) 15.1 (4.0) (458.0) Balances as of December 31, 2021 $ (170.5) $ (10.9) $ 5.8 $ (175.6) Other comprehensive income (loss), before reclassifications (296.3) 25.4 (21.5) (292.4) Amounts reclassified from accumulated other comprehensive income — 0.1 0.6 0.7 Income tax effects 0.3 (4.6) 4.8 0.5 Other comprehensive income (loss), net of income taxes (296.0) 20.9 (16.1) (291.2) Balances as of December 31, 2022 $ (466.5) $ 10.0 $ (10.3) $ (466.8) |
8. Accumulated Other Comprehe_3
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into Other (income), net in the consolidated statements of income. Reclassification adjustments are calculated using the specific identification method. |
9. Share-based Compensation (Ta
9. Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Options Activity | The following table summarizes stock option activity: Shares Weighted- Weighted- Aggregate Outstanding, December 31, 2021 250,441 $ 246.41 Granted — $ — Exercised (39,250) $ 107.32 Forfeited (4,771) $ 368.81 Outstanding, December 31, 2022 206,420 $ 270.03 4.10 $ 39.5 Unvested, December 31, 2022 37,192 $ 539.67 7.47 $ 1.4 Exercisable, December 31, 2022 169,228 $ 210.77 3.36 $ 38.1 |
Stock Options Valuation Assumptions | The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility — 27 % 27 % Risk-free interest rate — 1.05 % 0.31 % Expected life (in years) 0.0 7.3 7.4 Expected dividend — — — Weighted-average fair value of options granted $ — $ 251.93 $ 153.32 |
Resticted Stock Activity | The following tables summarize restricted stock units and performance-based stock units activity: Restricted Stock Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 316,860 $ 495.57 Granted 140,560 $ 486.29 Vested (113,323) $ 433.46 Forfeited (29,855) $ 463.70 Outstanding, December 31, 2022 314,242 $ 516.85 1.67 $ 132.1 Performance-based Stock Units Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 — $ — Granted 11,391 $ 486.25 Vested — $ — Forfeited — $ — Outstanding, December 31, 2022 11,391 $ 486.25 1.83 $ 4.8 |
Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility 41 % 25 % 41 % Risk-free interest rate 1.71 % 0.05 % 0.50 % Expected life (in years) 0.25 0.25 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 124.26 $ 127.16 $ 94.93 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions): Year ended December 31, 2022 2021 2020 Cost of goods sold $ 5.4 $ 4.9 $ 3.4 Selling, general and administrative expense 45.6 38.0 31.8 Research and development expense 9.9 8.3 6.4 Share-based compensation expense $ 60.9 $ 51.2 $ 41.6 |
10. Other Income and Expenses (
10. Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of other income (expense), net | Other (income) expense, net includes the following components (in millions): Year Ended December 31, 2022 2021 2020 Interest and investment income $ (58.0) $ (18.9) $ (18.2) Net realized gains on investments (2.3) (8.0) (1.0) Other-than-temporary impairment losses on investments 11.9 0.8 4.6 Current expected credit losses on loans to equity method investees 7.5 — — Gain on divestiture of a division (1.4) — (11.7) Other (income) expense (2.3) (0.7) 1.8 Other (income), net $ (44.6) $ (26.8) $ (24.5) |
11. Supplemental Cash Flow In_2
11. Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 12. SUPPLEMENTAL CASH FLOW INFORMATION The following supplemental cash flow information at December 31, 2021 and 2020 has been revised to correct for immaterial errors in prior periods as described in Note 1, “Immaterial Correction to Previously Issued Financial Statements.” The reconciliation of net income (loss) to net cash provided by operating activities is as follows (in millions): Year Ended December 31, 2022 2021 2020 Net income (loss) $ (3,627.5) $ 4,254.3 $ 3,814.2 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation and amortization 137.3 137.6 138.6 Reduction in the carrying amount of right-of-use assets 39.9 39.3 37.1 Share-based compensation 60.9 51.2 41.6 Other-than-temporary impairment losses on investments 11.9 0.8 4.6 Current expected credit losses on loans 7.5 — — (Gains) losses from change in fair market value of equity securities and loan receivable 5,193.6 (4,926.2) (4,495.8) Gain on divestiture of a division (1.4) — (11.7) Payments for operating lease liabilities (38.1) (40.7) (36.5) Increase in accounts receivable (87.4) (20.4) (15.0) (Increase) decrease in inventories (158.8) 46.1 (52.1) Increase in other current assets (27.3) (12.9) (9.1) Increase (decrease) in accounts payable and other current liabilities (94.2) 69.9 124.7 Increase (decrease) in income taxes payable (1.2) (28.8) 39.0 Increase (decrease) in deferred income taxes (1,241.6) 1,084.9 981.4 Increase in other long-term assets (5.1) (6.2) (6.9) Increase in other long-term liabilities 5.6 10.5 26.9 Other 20.3 10.1 4.0 Net cash provided by operating activities $ 194.4 $ 669.5 $ 585.0 Non-cash investing activities: Purchased property, plant and equipment $ 7.3 $ 5.2 $ 1.2 Purchased marketable securities and investments $ — $ 6.0 $ 4.6 Sold marketable securities and investments $ — $ — $ — |
12. Commitments & Contingent _2
12. Commitments & Contingent Liabilities Commitments & Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Obligations and Funded Status [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions): 2022 2021 2020 Service costs $6.6 $8.0 $7.8 Interest costs 0.8 0.5 0.8 Expected returns on plan assets (1.0) (1.0) (0.7) Amortization of actuarial losses 0.3 1.8 1.3 Amortization of prior service costs (0.3) — — Curtailments — (1.9) — Settlements (0.2) 1.2 1.3 Net periodic benefit costs $6.2 $8.6 $10.5 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Obligations and Funded Status The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions): Change in benefit obligation: 2022 2021 Benefit obligation at beginning of year $155.5 $177.5 Service cost 6.6 8.0 Interest cost 0.8 0.5 Plan participants' contributions 3.1 3.2 Actuarial (gain) loss (23.5) (10.2) Gross benefits paid 0.7 (0.7) Plan amendments (1.0) (1.7) Curtailments — (3.3) Settlements (7.6) (9.5) Foreign currency adjustments (5.4) (8.3) Benefit obligation at end of year 129.2 155.5 Change in plan assets: Fair value of plan assets at beginning year 79.4 81.4 Actual return on plan assets 1.5 1.3 Employer contributions 4.3 4.3 Plan participants' contributions 3.1 3.2 Gross benefits paid 2.8 1.3 Settlements (7.6) (9.5) Foreign currency adjustments (1.1) (2.6) Fair value of plan assets at end of year 82.4 79.4 Underfunded status of plans $(46.8) $(76.1) Amounts recognized in the consolidated balance sheets: Current liabilities (Accrued payroll and employee benefits) $(1.5) $(2.3) Noncurrent liabilities (Other long-term liabilities) (45.3) (73.8) Net liability, end of fiscal year $(46.8) $(76.1) |
Defined Benefit Plan, Assumptions [Table Text Block] | Assumptions The above actuarial net gains were primarily based on financial, demographic and experience assumptions. The weighted-average assumptions used in computing the benefit obligations were as follows: 2022 2021 Discount rate 2.6 % 0.6 % Compensation rate increase 1.7 % 1.5 % The weighted-average assumptions used in computing the net periodic benefit costs were as follows: 2022 2021 2020 Discount rate 0.6 % 0.3 % 0.5 % Expected long-term rate of return on plan assets 1.3 % 1.1 % 1.5 % |
Unrecorded Unconditional Purchase Obligations Disclosure | The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2022 were as follows in millions: 2023 $ 17.1 2024 0.1 2025 — 2026 — 2027 — 2028 and thereafter — |
Recorded Unconditional Purchase Obligations | The annual future fixed and determinable portion of our obligations that have been recognized on our balance sheet as of December 31, 2022 were as follows in millions: 2023 $ 4.6 2024 13.8 2025 21.6 2026 4.1 2027 43.7 2028 and thereafter 35.2 |
14. Segment Reporting (Tables)
14. Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Information regarding industry segments | Information regarding industry segments at December 31, 2022, 2021, and 2020 and for the years then ended is as follows (in millions): Life Clinical Other Net sales 2022 $ 1,347.2 $ 1,451.0 $ 4.0 2021 1,400.8 1,515.9 5.8 2020 1,231.8 1,305.2 8.6 Depreciation and amortization 2022 $ 57.9 $ 79.4 $ — 2021 54.8 82.8 — 2020 50.5 88.1 — Operating profit (loss) 2022 $ 266.8 $ 217.7 $ (1.9) 2021 319.7 181.8 (1.2) 2020 282.6 138.3 0.4 Segment assets 2022 $ 269.9 $ 448.8 $ 0.6 2021 207.7 363.5 1.0 2020 220.6 401.2 0.5 |
Reconciliation of segment profit to consolidated income before taxes | The following reconciles total operating profit to consolidated income before taxes (in millions): Year Ended December 31, 2022 2021 2020 Total operating profit $ 482.6 $ 500.3 $ 421.3 Interest expense (38.1) (1.5) (21.9) Foreign currency exchange gains (losses), net 0.2 (2.7) (1.7) Gains (losses) from change in fair market value of equity securities and loan receivable (5,193.6) 4,926.2 4,495.8 Other income, net 44.6 26.8 24.5 Consolidated income (loss) before income taxes $ (4,704.3) $ 5,449.1 $ 4,918.0 |
Reconciliation of Assets from Segment to Consolidated | The following reconciles total segment assets to consolidated total assets (in millions): December 31, 2022 2021 Total segment assets $ 719.3 $ 572.2 Cash, short-term investments and other current assets 2,438.7 1,418.3 Property, plant and equipment, net, and operating lease right-of-use assets 679.6 716.4 Goodwill, net 406.5 347.3 Other long-term assets 9,257.6 14,745.2 Total assets $ 13,501.7 $ 17,799.4 |
Net sales and assets to external customers by geographic area | The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions): Year Ended December 31, 2022 2021 2020 United States 1,155.5 $ 1,130.6 $ 1,004.8 Europe $ 851.9 946.9 857.7 Asia 639.4 688.4 546.5 Other (primarily Canada and Latin America) 155.4 156.6 136.6 Total net sales $ 2,802.2 $ 2,922.5 $ 2,545.6 The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions): December 31, 2022 2021 United States 465.7 $ 478.7 Europe $ 183.7 211.4 Asia 63.8 64.9 Other (primarily Canada and Latin America) 15.6 16.5 Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes $ 728.8 $ 771.5 |
16. Restructuring Costs (Tables
16. Restructuring Costs (Tables) | 12 Months Ended |
Dec. 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): 2022 2021 Life Science Clinical Diagnostics Total Life Science Clinical Diagnostics Total Balances as of January 1 $ 5.2 $ 41.9 $ 47.1 $ — $ — $ — Charged to expense - employee termination benefits — — — 12.9 62.7 75.6 Adjustment to expense 1.1 3.1 4.2 (3.3) (7.9) (11.2) Cash payments (4.1) (12.7) (16.8) (4.0) (10.2) (14.2) Foreign currency adjustments (0.3) (2.6) (2.9) (0.4) (2.7) (3.1) Balances as of December 31 $ 1.9 $ 29.7 $ 31.6 $ 5.2 $ 41.9 $ 47.1 |
16. Leases (Tables)
16. Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows (in millions): Year Ended December 31, 2022 2021 2020 Operating lease cost $ 57.5 $ 53.2 $ 45.4 Finance lease cost: Amortization of right-to-use assets $ 0.4 $ 0.5 $ 0.6 Interest on lease liabilities 0.8 0.8 0.8 Total finance lease cost $ 1.2 $ 1.3 $ 1.4 Sublease income $ 3.0 $ 3.0 $ 3.0 |
Lessee Supplemental Cash Flow Information [Table Text Block] | Supplemental cash flow information related to leases were as follows (in millions): Year Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 38.1 $ 40.7 $ 44.4 Operating cash flows from finance leases $ 0.8 $ 0.5 $ 0.6 Financing cash flows from finance leases $ 0.4 $ 0.8 $ 0.8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 21.2 $ 45.5 $ 16.1 Finance leases $ 0.1 $ — $ 0.4 |
Lessee Supplemental Balance Sheet Information [Table Text Block] | Supplemental balance sheet information related to leases were as follows (in millions): December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 181.0 $ 204.8 Current operating lease liabilities $ 36.3 $ 36.4 Operating lease liabilities 153.6 175.9 Total operating lease liabilities $ 189.9 $ 212.3 Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt and notes payable, net of current maturities. December 31, 2022 2021 Finance Leases Property, plant and equipment, gross $ 11.9 $ 11.8 Less: accumulated depreciation and amortization (5.5) (5.1) Property, plant and equipment, net $ 6.4 $ 6.7 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 10.1 10.5 Total finance lease liabilities $ 10.6 $ 11.0 December 31, 2022 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 3.0 % 3.3 % Finance leases 6.3 % 6.3 % |
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 2023 $ 43.6 $ 1.2 2024 36.3 1.2 2025 32.5 1.1 2026 25.8 1.1 2027 20.7 1.0 Thereafter 57.5 11.9 Total lease payments 216.4 17.5 Less imputed interest (26.5) (6.9) Total $ 189.9 $ 10.6 |
17. Quarterly Financial Data (T
17. Quarterly Financial Data (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | |
Quarterly Financial Data [Abstract] | ||
Schedule of Quarterly Financial Data [Table Text Block] | Summarized quarterly financial data for the years ended December 31, 2022 and 2021 are as follows (in millions, except per share data): First Second Third Fourth 2022 Net sales $ 700.1 $ 691.1 $ 680.8 $ 730.3 Gross profit 402.6 395.0 372.6 397.1 Net income (loss) (3,367.3) (925.1) (162.8) 827.7 Basic earnings (loss) per share (112.5) (31.05) (5.48) 27.89 Diluted earnings (loss) per share (112.5) (31.05) (5.48) 27.78 2021 Net sales $ 726.8 $ 715.9 $ 747.0 $ 732.8 Gross profit 400.5 401.1 436.5 399.9 Net income 980.0 916.8 3,929.6 (1,572.2) Basic earnings per share 32.86 30.80 131.80 (52.54) Diluted earnings per share 32.46 30.41 130.02 (52.54) | |
Schedule of Error Corrections and Prior Period Adjustments | The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions): December 31, 2021 As reported Adjustment As revised Consolidated Balance Sheet: Prepaid expenses $ 107.7 $ 1.4 $ 109.1 Property, plant and equipment, net 491.0 20.7 511.7 Other assets 102.7 1.5 104.2 Deferred income taxes 3,059.1 5.5 3,064.6 Retained earnings 13,507.2 18.1 13,525.3 The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data): Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,281.9 $ 2.6 $ 1,284.5 Selling, general and administrative expense 879.6 (2.5) 877.1 Research and development expense 271.7 (11.1) 260.6 Income from operations 489.4 10.9 500.3 Benefit from (provision for) income taxes (1,192.2) (2.6) (1,194.8) Net income (loss) 4,245.9 8.4 4,254.3 Net income (loss) per basic share 142.33 0.28 142.61 Net income (loss) per diluted share 140.56 0.27 140.83 Year Ended December 31, 2021 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 656.5 $ 13.0 $ 669.5 Net cash used in investing activities (784.4) (13.0) (797.4) Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statements of Income (Loss): Cost of goods sold $ 1,107.8 $ (0.1) $ 1,107.7 Selling, general and administrative expense 800.3 (1.5) 798.8 Research and development expense 226.6 (8.8) 217.8 Income from operations 411.0 10.4 421.3 Benefit from (provision for) income taxes (1,101.4) (2.4) (1,103.8) Net income (loss) 3,806.3 8.0 3,814.2 Net income (loss) per basic share 127.86 0.27 128.13 Net income (loss) per diluted share 126.20 0.27 126.47 Year Ended December 31, 2020 As reported Adjustment As revised Consolidated Statement of Cash Flows: Net cash provided by operating activities $ 575.3 $ 9.6 $ 585.0 Net cash used in investing activities (60.3) (9.6) (69.9) In addition, the revision effected prior year amounts disclosed in Note 7, Income Taxes; Note 12, Supplemental Cash Flow Information; Note 15, Segment Information and Note 18 Quarterly Financial Data (Unaudited). |
1. Significant Accounting Pol_4
1. Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Restricted investments | $ 5,560 | $ 5,560 | |
Retained earnings | 9,898,203 | 13,525,343 | |
Other assets | 94,599 | 104,189 | |
Prepaid Taxes | 7,800 | ||
Income Tax Expense (Benefit) | 1,076,738 | (1,194,798) | $ (1,103,778) |
Intangible Assets, Net (Excluding Goodwill) | $ 332,147 | $ 253,939 | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows: buildings, 10-50 years; leasehold improvements, the life of the improvements or the term of the lease, whichever is shorter; reagent rental equipment, 1-5 years; equipment, 3-12 years; and computer software, 3-5 years. When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses. Internal-Use Software Development Costs Costs incurred in the development of internal use software during the application development stage are capitalized and included in Property, plant and equipment, net on the consolidated balance sheets. Such capitalized costs include costs directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point the project is substantially complete and is ready for its intended purpose. Internal-use software is amortized on a straight-line basis over the estimated useful life of between 3-5 years. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred. | ||
Minimum [Member] | Customer Relationships [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Minimum [Member] | Developed Technology Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Minimum [Member] | License | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Minimum [Member] | Trade Names [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Reagent Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Software Development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Customer Relationships [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||
Maximum [Member] | Technology-Based Intangible Assets | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years | ||
Maximum [Member] | Developed Technology Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum [Member] | License | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Maximum [Member] | Trade Names [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Maximum [Member] | Noncompete Agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Reagent Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Maximum [Member] | Software Development | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years |
1. Significant Accounting Pol_5
1. Significant Accounting Policies Warranty rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty accrual, beginning of period | $ 12.7 | $ 9.8 | $ 9 |
Provision for warranty | 8.8 | 14.8 | 9.4 |
Actual warranty costs | (10.9) | (11.9) | (8.6) |
Warranty accrual, end of period | $ 10.6 | $ 12.7 | $ 9.8 |
1. Significant Accounting Pol_6
1. Significant Accounting Policies Earnings per share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Basic weighted average shares outstanding | 29,785 | 29,831 | 29,768 |
Effect of potentially dilutive stock options and restricted stock awards | 0 | 377 | 392 |
Weighted average common shares - diluted | 29,785 | 30,208 | 30,160 |
Anti-dilutive shares excluded from the computation of diluted EPS | 325 | 33 | 44 |
1. Significant Accounting Pol_7
1. Significant Accounting Policies Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Interest expense | $ 38,114 | $ 1,551 | $ 21,861 | |
Selling, general and administrative expense | 827,825 | 877,122 | 798,798 | |
Research and development expense | 256,889 | 260,638 | 217,763 | |
Stockholders' Equity Attributable to Parent | 9,615,252 | 13,685,236 | 9,889,687 | $ 5,756,842 |
Restricted investments | 5,560 | 5,560 | ||
Retained earnings | 9,898,203 | 13,525,343 | ||
Prepaid Taxes | (7,800) | |||
Accumulated other comprehensive (loss) income | (466,822) | (175,553) | ||
Other (income) expense, net | 44,574 | 26,775 | 24,488 | |
Deferred Tax Assets, Gross | 268,700 | 271,900 | ||
Deferred Income Tax Expense (Benefit) | (1,241,600) | 1,084,900 | 981,400 | |
Cost of Goods and Services Sold | 1,234,919 | 1,284,449 | 1,107,739 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | ||
Goodwill, Impairment Loss | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,700 | 1,400 | 1,200 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,900) | (6,400) | (1,600) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 100 | 300 | 0 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cost of Goods and Services Sold | $ 1,234,919 | $ 1,284,449 | $ 1,107,739 |
1. Significant Accounting Pol_8
1. Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Cost of Goods and Services Sold | $ 1,234,919 | $ 1,284,449 | $ 1,107,739 |
Retained earnings | $ 9,898,203 | $ 13,525,343 | |
Revenue Allocation Percent To Lease Elements | 3% | 2% | 3% |
Deferred Revenue | $ 71,900 | $ 71,000 | |
Deferred revenue | $ 52,211 | $ 50,852 |
1. Significant Accounting Pol_9
1. Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 15,029 | $ 15,142 | $ 19,800 | $ 20,200 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,700 | 1,400 | 1,200 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,900) | (6,400) | (1,600) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 100 | 300 | $ 0 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Revenue Allocation Percent To Lease Elements | 3% | 2% | 3% |
1. Significant Accounting Po_10
1. Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Prepaid expenses | $ 124,179 | $ 109,136 | $ 124,179 | $ 109,136 | |||||||
Other current assets | 23,604 | 10,089 | 23,604 | 10,089 | |||||||
Property, Plant and Equipment, Net | 498,612 | 511,639 | 498,612 | 511,639 | |||||||
Other Assets | 104,200 | 104,200 | |||||||||
Other assets | 94,599 | 104,189 | 94,599 | 104,189 | |||||||
Income taxes payable | 11,929 | 10,319 | 11,929 | 10,319 | |||||||
Deferred Income Tax Liabilities, Net | 1,770,481 | 3,064,576 | 1,770,481 | 3,064,576 | |||||||
Retained Earnings (Accumulated Deficit) | 9,898,203 | 13,525,343 | 9,898,203 | 13,525,343 | |||||||
Accumulated other comprehensive (loss) income | (466,822) | (175,553) | (466,822) | (175,553) | |||||||
Cost of Goods and Services Sold | 1,234,919 | 1,284,449 | $ 1,107,739 | ||||||||
Selling, general and administrative expense | 827,825 | 877,122 | 798,798 | ||||||||
Research and development expense | 256,889 | 260,638 | 217,763 | ||||||||
Income from operations | 482,616 | 500,336 | 421,326 | ||||||||
Income Tax Expense (Benefit) | 1,076,738 | (1,194,798) | (1,103,778) | ||||||||
Net Income (Loss) Attributable to Parent | $ 827,700 | $ (162,800) | $ (925,100) | $ (3,367,300) | $ (1,572,200) | $ 3,929,600 | $ 916,800 | $ 980,000 | $ (3,627,535) | $ 4,254,257 | $ 3,814,229 |
Earnings Per Share, Basic | $ 27.89 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 131.80 | $ 30.80 | $ 32.86 | $ (121.79) | $ 142.61 | $ 128.13 |
Earnings Per Share, Diluted | $ 27.78 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 130.02 | $ 30.41 | $ 32.46 | $ (121.79) | $ 140.83 | $ 126.47 |
Comprehensive income attributable to Bio-Rad | $ (3,918,804) | $ 3,796,248 | $ 4,184,033 | ||||||||
Net cash provided by operating activities | 194,447 | 669,464 | 584,972 | ||||||||
Net cash used in investing activities | $ (1,207,593) | (797,381) | (69,894) | ||||||||
Prepaid Expense | $ 109,100 | 109,100 | |||||||||
Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Prepaid expenses | 107,700 | 107,700 | |||||||||
Property, Plant and Equipment, Net | 491,000 | 491,000 | |||||||||
Other assets | 102,700 | 102,700 | |||||||||
Deferred Income Tax Liabilities, Net | 3,059,100 | 3,059,100 | |||||||||
Retained Earnings (Accumulated Deficit) | 13,507,200 | 13,507,200 | |||||||||
Cost of Goods and Services Sold | 1,281,900 | 1,107,800 | |||||||||
Selling, general and administrative expense | 879,600 | 800,300 | |||||||||
Research and development expense | 271,700 | 226,600 | |||||||||
Income from operations | 489,400 | 411,000 | |||||||||
Income Tax Expense (Benefit) | 1,192,200 | 1,101,400 | |||||||||
Net Income (Loss) Attributable to Parent | $ 4,245,900 | $ 3,806,300 | |||||||||
Earnings Per Share, Basic | $ 142.33 | $ 127.86 | |||||||||
Earnings Per Share, Diluted | $ 140.56 | $ 126.20 | |||||||||
Net cash provided by operating activities | $ 656,500 | $ 575,300 | |||||||||
Net cash used in investing activities | (784,400) | (60,300) | |||||||||
Revision of Prior Period, Adjustment | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Prepaid expenses | 1,400 | 1,400 | |||||||||
Property, Plant and Equipment, Net | 20,700 | 20,700 | |||||||||
Other assets | 1,500 | 1,500 | |||||||||
Deferred Income Tax Liabilities, Net | 5,500 | 5,500 | |||||||||
Retained Earnings (Accumulated Deficit) | $ 18,100 | 18,100 | |||||||||
Cost of Goods and Services Sold | 2,600 | (100) | |||||||||
Selling, general and administrative expense | (2,500) | (1,500) | |||||||||
Research and development expense | (11,100) | (8,800) | |||||||||
Income from operations | 10,900 | 10,400 | |||||||||
Income Tax Expense (Benefit) | 2,600 | 2,400 | |||||||||
Net Income (Loss) Attributable to Parent | $ 8,400 | $ 8,000 | |||||||||
Earnings Per Share, Basic | $ 0.28 | $ 0.27 | |||||||||
Earnings Per Share, Diluted | $ 0.27 | $ 0.27 | |||||||||
Net cash provided by operating activities | $ 13,000 | $ 9,600 | |||||||||
Net cash used in investing activities | $ (13,000) | $ (9,600) |
2. Acquisitions (Details)
2. Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 03, 2022 | Oct. 15, 2021 | ||
Business Acquisition [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability | [1] | $ 36,100 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | [1] | (500) | ||||||
Goodwill | $ 347,343 | 406,488 | $ 347,343 | $ 291,900 | ||||
Goodwill, Acquired During Period | 55,900 | 55,400 | ||||||
Amortization expense | 24,900 | 28,400 | 27,500 | |||||
Proceeds from Divestiture of a Division | 1,360 | 0 | 12,240 | |||||
Gain on divestiture of a division | (1,400) | 0 | $ (11,700) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [1] | 0 | 35,600 | 0 | ||||
Dropworks | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 125,500 | |||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | $ 5,600 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (19,500) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 400 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 70,100 | |||||||
Goodwill, Acquired During Period | 55,400 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 125,500 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 83,600 | |||||||
Dropworks | Noncompete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | $ 1,900 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 8 months 12 days | |||||||
Dropworks | Noncompete Agreements [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization expense | 400 | $ 100 | ||||||
Dropworks | In Process Research and Development [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived Intangible Assets Acquired | $ 81,700 | |||||||
Curiosity Diagnostics | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 137,100 | |||||||
Business Combination, Contingent Consideration, Liability | $ 36,100 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (18,800) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 81,200 | |||||||
Goodwill, Acquired During Period | 55,900 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 137,100 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 70,000 | 70,000 | ||||||
Payments to Acquire Businesses, Gross | $ 101,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 99,000 | |||||||
[1]Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets. |
3. Fair Value Measurements (Det
3. Fair Value Measurements (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Trading, and Equity Securities, FV-NI | $ 322.6 | [1] | € 400 | $ 443.1 | [1] | |
Debt Securities, Available-for-sale | [2] | 1,300 | ||||
Business Combination, Contingent Consideration, Liability | [3] | 36.1 | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||||
Equity Securities, FV-NI, Unrealized Loss | (5,070) | |||||
Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restricted Investments, at Fair Value | [4] | 6.8 | 6.9 | |||
Equity Securities, FV-NI | [5] | 8,530.4 | 13,977.5 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | [1] | 322.6 | 443.1 | |||
Debt Securities, Available-for-sale | 1,300 | 327.7 | ||||
Forward foreign exchange contracts, Asset | [6] | 1.5 | 1.7 | |||
Financial Assets Carried at Fair Value | 10,227 | 14,899.5 | ||||
Forward foreign exchange contracts, Liability | [7] | 6.2 | 2.8 | |||
Business Combination, Contingent Consideration, Liability | [3] | 35.6 | ||||
Liabilities, Fair Value Disclosure | 2.8 | |||||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 333.4 | 87.3 | |||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 699.3 | 182.3 | |||
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 230.7 | 44.3 | |||
Fair Value, Recurring [Member] | Foreign Government Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 13.5 | 1 | |||
Fair Value, Recurring [Member] | Foreign Government Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 3.8 | ||||
Fair Value, Recurring [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 23.1 | 9 | |||
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 21.1 | 39.8 | |||
Fair Value, Recurring [Member] | Time Deposits [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 5.7 | 17.3 | |||
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 1.4 | 0.1 | |||
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 31.5 | 50.7 | |||
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 6 | 33.6 | |||
Fair Value, Recurring [Member] | Cash Equivalents [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 65.7 | 142.6 | |||
Fair Value, Recurring [Member] | 8888 Foreign Governments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0.8 | ||||
Fair Value, Recurring [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0.3 | ||||
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 | [4] | 6.8 | 6.9 | |||
Equity Securities, FV-NI | [5] | 8,530.4 | 13,977.5 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | [1] | 0 | 0 | |||
Debt Securities, Available-for-sale | 0 | 0 | ||||
Forward foreign exchange contracts, Asset | [6] | 0 | 0 | |||
Financial Assets Carried at Fair Value | 8,574.4 | 14,042.3 | ||||
Forward foreign exchange contracts, Liability | [7] | 0 | 0 | |||
Business Combination, Contingent Consideration, Liability | [3] | 0 | ||||
Liabilities, Fair Value Disclosure | 0 | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 5.7 | 7.2 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 31.5 | 50.7 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 37.2 | 57.9 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | 8888 Foreign Governments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 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 | [4] | 0 | 0 | |||
Equity Securities, FV-NI | [5] | 0 | 0 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | [1] | 0 | 0 | |||
Debt Securities, Available-for-sale | 1,300 | 327.7 | ||||
Forward foreign exchange contracts, Asset | [6] | 1.5 | 1.7 | |||
Financial Assets Carried at Fair Value | 1,330 | 414.1 | ||||
Forward foreign exchange contracts, Liability | [7] | 6.2 | 2.8 | |||
Business Combination, Contingent Consideration, Liability | [3] | 0 | ||||
Liabilities, Fair Value Disclosure | 2.8 | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 333.4 | 87.3 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 699.3 | 182.3 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 230.7 | 44.3 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 13.5 | 1 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 3.8 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 23.1 | 9 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 21.1 | 39.8 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 10.1 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 1.4 | 0.1 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 6 | 33.6 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 28.5 | 84.7 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | 8888 Foreign Governments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0.8 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0.3 | ||||
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 | [4] | 0 | 0 | |||
Equity Securities, FV-NI | [5] | 0 | 0 | |||
Debt Securities, Trading, and Equity Securities, FV-NI | [1] | 322.6 | 443.1 | |||
Debt Securities, Available-for-sale | 0 | 0 | ||||
Forward foreign exchange contracts, Asset | [6] | 0 | 0 | |||
Financial Assets Carried at Fair Value | 322.6 | 443.1 | ||||
Forward foreign exchange contracts, Liability | [7] | 0 | 0 | |||
Business Combination, Contingent Consideration, Liability | [3] | 35.6 | ||||
Liabilities, Fair Value Disclosure | 0 | |||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | 0 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | 8888 Foreign Governments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash equivalents | [8] | 0 | ||||
Fair value of Appreciation rights | ||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||||
Investment Owned, Unrecognized Unrealized Depreciation | 75 | |||||
Short-term Investments [Member] | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity Securities, FV-NI | 56.5 | 71.4 | ||||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 333.4 | 87.4 | |||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 699.3 | 182.2 | |||
Short-term Investments [Member] | Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 230.7 | 44.3 | |||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 13.5 | 1 | |||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 3.8 | ||||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Municipal Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 23.1 | 9 | |||
Short-term Investments [Member] | Fair Value, Recurring [Member] | Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt Securities, Available-for-sale | [2] | 1,300 | 327.7 | |||
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 | 1.2 | 1.3 | ||||
Equity Securities, FV-NI | 8,473.9 | 13,906.1 | ||||
Restricted investment | Fair Value, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Restricted Investments, at Fair Value | $ 5.6 | $ 5.6 | ||||
[1]The Loan under the fair value option is included in Other investments in the consolidated balance sheets.[2]Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.[3]Contingent considerations in a liability position are included in Other long-term liabilities in the consolidated balance sheets.[4]Restricted investments are included in the following accounts in the consolidated balance sheets (in millions): December 31, 2022 December 31, 2021 Restricted investments $ 5.6 $ 5.6 Other investments 1.2 1.3 Total $ 6.8 $ 6.9 December 31, 2022 December 31, 2021 Short-term investments $ 56.5 $ 71.4 Other investments 8,473.9 13,906.1 Total $ 8,530.4 $ 13,977.5 |
3. Fair Value Measurements Fore
3. Fair Value Measurements Foreign Exchange Forward Contracts (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | [1],[2] | |
Forward foreign exchange contract to purchase foreign currency [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | $ (1) | |
Derivative, Notional Amount | 128.9 | |
Forward foreign exchange contract to sell foreign currency [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (3.7) | |
Derivative, Notional Amount | $ 723.4 | |
[1]Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets.[2]Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets. |
3. Fair Value Measurements Avai
3. Fair Value Measurements Available-for-Sale Investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | $ 1,300 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 1,320.6 | |
Fair Value, Recurring [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | 1,300 | $ 327.7 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 699.3 | 182.3 |
Fair Value, Recurring [Member] | Municipal Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 23.1 | 9 |
Fair Value, Recurring [Member] | Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 333.4 | 87.3 |
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 230.7 | 44.3 |
Fair Value, Recurring [Member] | Foreign Government Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 13.5 | 1 |
Fair Value, Recurring [Member] | Foreign Government Debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 3.8 | |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 699.3 | 182.2 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (10.8) | (0.2) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.2 | 0.5 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 709.9 | 181.9 |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Municipal Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 23.1 | 9 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.3) | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 23.4 | 9 |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 333.4 | 87.4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (6.3) | (0.2) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.1 | 0.1 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 339.6 | 87.5 |
Short-term Investments [Member] | Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 230.7 | 44.3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (3.2) | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 233.9 | 44.3 |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Obligations [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 13.5 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.3) | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 13.8 | 1 |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 3.8 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | 3.8 | |
Short-term Investments [Member] | Fair Value, Recurring [Member] | Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | [1] | 1,300 | 327.7 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (20.9) | (0.4) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.3 | 0.6 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | [1] | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | [1] | $ 1,320.6 | $ 327.5 |
[1]Available-for-sale investments are included in Short-term investments in the consolidated balance sheets. |
3. Fair Value Measurements Amor
3. Fair Value Measurements Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions | Dec. 31, 2022 USD ($) | [1] |
Fair Value Disclosures [Abstract] | ||
Mature in less than one year | $ 323.9 | |
Mature in one to five years | 834.9 | |
Mature in more than five years | 161.8 | |
Total Amortized Cost | 1,320.6 | |
Mature in less than one year | 321.4 | |
Mature in one to five years | 820.8 | |
Mature in more than five years | 157.8 | |
Estimated Fair Value | $ 1,300 | |
[1]Available-for-sale investments are included in Short-term investments in the consolidated balance sheets. |
3. Fair Value Measurements Fair
3. Fair Value Measurements Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (5,193,554) | $ 4,926,248 | $ 4,495,825 |
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | 25,600 | ||
Interest expense | 38,114 | 1,551 | 21,861 |
Income from operations | 482,616 | 500,336 | 421,326 |
Foreign exchange losses, net | (205) | 2,753 | 1,771 |
Other Nonoperating Income (Expense) | (44,574) | (26,775) | (24,488) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,704,273) | 5,449,055 | 4,918,007 |
Fair value of Appreciation rights | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, Unrecognized Unrealized Depreciation | 75,000 | ||
Segment Reconciling Items [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 5,193,600 | (4,926,200) | (4,495,800) |
Segment Reconciling Items [Member] | Foreign Currency Gain (Loss) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange losses, net | 200 | (2,700) | (1,700) |
Segment Reconciling Items [Member] | Interest Expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest expense | (38,100) | (1,500) | (21,900) |
Segment Reconciling Items [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Nonoperating Income (Expense) | 44,600 | 26,800 | 24,500 |
Operating Segments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Income from operations | $ 482,600 | $ 500,300 | $ 421,300 |
3. Fair Value Investments (Deta
3. Fair Value Investments (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 USD ($) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 6.5 | ||||
Interest Receivable, Current | 11.6 | $ 2.2 | |||
Equity Method Investments | 26.7 | 29.9 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Financial Instruments, Owned, Principal Investments, at Fair Value | (322.6) | [1] | € (400) | (443.1) | [1] |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 100.6 | [1] | |||
Foreign Currency Transaction Gain (Loss), Realized | (19.9) | [1] | |||
Fair Value, Recurring [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ (322.6) | [1] | (443.1) | [1] | |
Ordinary voting shares [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment ownership percentage | 37% | 37% | |||
Investment Owned, Balance, Shares | shares | 12,987,900 | 12,987,900 | |||
Preference shares [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment ownership percentage | 28% | 28% | |||
Investment Owned, Balance, Shares | shares | 9,588,908 | 9,588,908 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ 0 | [1] | $ 0 | [1] | |
[1]The Loan under the fair value option is included in Other investments in the consolidated balance sheets. |
3. Fair Value Measurements Cont
3. Fair Value Measurements Contingent Consideration (Details) - Curiosity Diagnostics - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 03, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 70 | $ 70 |
Measurement Input, Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 5.40% |
4. Goodwill and other Purchased
4. Goodwill and other Purchased Intangible Assets Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill period start | $ 682,500 | $ 627,100 |
Accumulated impairment loss period start | (335,200) | (335,200) |
Goodwill, net period start | 347,343 | 291,900 |
Goodwill, Acquired During Period | 55,900 | 55,400 |
Goodwill, Impairment Loss | 0 | 0 |
Currency fluctuations | 3,300 | 0 |
Goodwill, Period Increase (Decrease) | 59,200 | 55,400 |
Goodwill period end | 741,700 | 682,500 |
Accumulated impairment loss period end | (335,200) | (335,200) |
Goodwill, net period end | 406,488 | 347,343 |
Life Science [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill period start | 333,300 | 277,900 |
Accumulated impairment loss period start | (41,800) | (41,800) |
Goodwill, net period start | 291,500 | 236,100 |
Goodwill, Acquired During Period | 0 | 55,400 |
Currency fluctuations | 0 | 0 |
Goodwill, Period Increase (Decrease) | 0 | 55,400 |
Goodwill period end | 333,300 | 333,300 |
Accumulated impairment loss period end | (41,800) | (41,800) |
Goodwill, net period end | 291,500 | 291,500 |
Clinical Diagnostics [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill period start | 349,200 | 349,200 |
Accumulated impairment loss period start | (293,400) | (293,400) |
Goodwill, net period start | 55,800 | 55,800 |
Goodwill, Acquired During Period | 55,900 | 0 |
Currency fluctuations | 3,300 | 0 |
Goodwill, Period Increase (Decrease) | 59,200 | 0 |
Goodwill period end | 408,400 | 349,200 |
Accumulated impairment loss period end | (293,400) | (293,400) |
Goodwill, net period end | $ 115,000 | $ 55,800 |
4. Goodwill and other Purchas_2
4. Goodwill and other Purchased Intangible Assets Intangible Assets, Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 553,500 | $ 576,700 | |
Future Amortization Expense, Year One | 23,500 | ||
Future Amortization Expense, Year Two | 20,700 | ||
Future Amortization Expense, Year Three | 18,800 | ||
Future Amortization Expense, Year Four | 13,800 | ||
Future Amortization Expense, Year Five | 11,500 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 52,800 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (412,400) | (409,100) | |
Net Carrying Amount | 141,100 | 167,600 | |
Amortization [Abstract] | |||
Amortization expense | 24,900 | 28,400 | $ 27,500 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | |
Intangible Assets, Net (Excluding Goodwill) | 332,147 | 253,939 | |
Intangible Assets, Gross (Excluding Goodwill) | $ 744,500 | $ 663,000 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 7 days | 5 years 3 months 7 days | |
Finite-Lived Intangible Assets, Gross | $ 104,700 | $ 111,800 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (89,900) | (90,700) | |
Net Carrying Amount | $ 14,800 | $ 21,100 | |
Know how [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 9 months | 3 years 9 months | |
Finite-Lived Intangible Assets, Gross | $ 166,200 | $ 171,600 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (153,900) | (154,900) | |
Net Carrying Amount | $ 12,300 | $ 16,700 | |
Developed Technology Rights [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years 9 months 29 days | 13 years 5 months 1 day | |
Finite-Lived Intangible Assets, Gross | $ 211,100 | $ 215,600 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (121,600) | (115,600) | |
Net Carrying Amount | $ 89,500 | $ 100,000 | |
Licensing Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 10 months 2 days | 6 years 9 months 14 days | |
Finite-Lived Intangible Assets, Gross | $ 59,000 | $ 64,900 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (38,500) | (40,600) | |
Net Carrying Amount | $ 20,500 | $ 24,300 | |
Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months 21 days | 7 years 3 months 29 days | |
Finite-Lived Intangible Assets, Gross | $ 6,100 | $ 6,300 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (4,500) | (4,400) | |
Net Carrying Amount | $ 1,600 | $ 1,900 | |
Noncompete Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 1 month 17 days | 3 years 9 months 10 days | |
Finite-Lived Intangible Assets, Gross | $ 6,400 | $ 6,500 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Accumulated Amortization | (4,000) | (2,900) | |
Net Carrying Amount | 2,400 | 3,600 | |
In Process Research and Development [Member] | |||
Amortization [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 191,000 | $ 86,300 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 228,800 | $ 116,900 |
Inventory, Work in Process, Net of Reserves | 220,900 | 198,000 |
Inventory, Finished Goods, Net of Reserves | 269,600 | 257,300 |
Total inventories | $ 719,316 | $ 572,239 |
5. Notes Payable and Long-Ter_3
5. Notes Payable and Long-Term Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2019 | |
Debt Instrument [Line Items] | |||
Other Long-term Debt, Current | $ 500,000 | $ 500,000 | |
Long-term Debt and Lease Obligation | 1,197,716,000 | 10,514,000 | |
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 500,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 500,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 500,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 500,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 400,400,000 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 808,200,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 207,500,000 | ||
Letters of Credit Outstanding, Amount | 4,700,000 | ||
Performance Guarantee [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Letters of Credit Outstanding, Amount | 4,300,000 | ||
3.3%, Senior Notes due 2027 | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 395,700,000 | ||
Face amount of debt sold | 400,000,000 | ||
3.7%, Senior Notes due 2032 | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Debt | 790,500,000 | ||
Face amount of debt sold | $ 800,000,000 | ||
Senior Notes | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 101% | ||
Finance Lease Obligations [Member] | Finance Leases and Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Other Long-term Debt | $ 10,600,000 | 11,000,000 | |
Line of Credit [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Long-term Line of Credit | $ 0 | ||
Line of Credit Facility, Interest Rate at Period End | 6.02% | ||
Letters of Credit Outstanding, Amount | $ 200,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||
Senior Notes | 3.3%, Senior Notes due 2027 | |||
Maturities of Long-term Debt [Abstract] | |||
Senior Notes, Noncurrent | 400,000,000 | 0 | |
Senior Notes | 3.7%, Senior Notes due 2032 | |||
Maturities of Long-term Debt [Abstract] | |||
Senior Notes, Noncurrent | 800,000,000 | ||
Senior Notes | Senior Notes | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (12,400,000) | 0 | |
Long-term Debt | $ 1,187,600,000 | $ 0 | |
3.3%, Senior Notes due 2027 | 3.3%, Senior Notes due 2027 | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Basis for Effective Rate | 3.5346 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | ||
3.7%, Senior Notes due 2032 | 3.7%, Senior Notes due 2032 | |||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Basis for Effective Rate | 3.8429 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% |
6. Income Taxes (Details)
6. Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 26,400 | $ 1,800 | $ 0 | |
Prepaid Taxes | 7,800 | |||
U.S. | (2,403,400) | 2,941,800 | 2,350,100 | |
International | (2,300,900) | 2,507,300 | 2,567,900 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (4,704,273) | 5,449,055 | 4,918,007 | |
U.S. Federal | 112,800 | 72,400 | 69,900 | |
State | 20,100 | 9,200 | 12,000 | |
International | 24,100 | 32,600 | 22,300 | |
Current Income Tax Expense (Benefit) | 157,000 | 114,200 | 104,200 | |
U.S. Federal | (1,121,300) | 983,500 | 895,600 | |
State | (83,600) | 69,300 | 54,300 | |
International | (36,700) | 32,100 | 31,500 | |
Deferred tax benefit | (1,241,600) | 1,084,900 | 981,400 | |
Non-current tax expense (benefit) | 7,900 | (4,300) | 18,200 | |
Provision for income taxes | $ (1,076,738) | $ 1,194,798 | $ 1,103,778 | |
U.S. statutory tax rate | 21% | 21% | 21% | |
Impact of foreign operations | (10.00%) | (8.60%) | (9.80%) | |
State taxes | 1.10% | 1.30% | 1.10% | |
Other | 0.30% | (0.70%) | 0% | |
Provision for income taxes | 22.90% | 21.90% | 22.40% | |
Bad debt, inventory and warranty accruals | $ 30,800 | $ 32,000 | ||
Other post-employment benefits, vacation and other reserves | 15,700 | 23,800 | ||
Tax credit and net operating loss carryforwards | 128,200 | 104,500 | ||
Other | (53,200) | (65,000) | ||
Total gross deferred tax assets | 268,700 | 271,900 | ||
Valuation allowance | (72,800) | (46,400) | $ (44,600) | $ (67,200) |
Deductions | 0 | 0 | (22,600) | |
Total deferred tax assets | 195,900 | 225,500 | ||
Property and equipment | 39,500 | 40,700 | ||
Investments and intangible assets | 1,842,800 | 3,155,700 | ||
Total deferred tax liabilities | 1,921,000 | 3,240,900 | ||
Net deferred tax liabilities | (1,725,100) | (3,015,400) | ||
Unrecognized tax benefits period start | 61,900 | 55,800 | 39,200 | |
Additions to tax positions related to prior years | 18,100 | 3,200 | 14,000 | |
Reductions to tax positions related to prior years | (200) | (2,100) | (1,500) | |
Additions to tax positions related to the current year | 9,800 | 18,100 | 3,400 | |
Settlements | (2,200) | (2,400) | 0 | |
Lapse of statute of limitations | (800) | (10,800) | (600) | |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 100 | 1,300 | ||
Currency translation | (1,100) | |||
Unrecognized tax benefits period end | 85,500 | 61,900 | 55,800 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6,700 | 11,800 | 14,300 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (1,100) | $ (2,500) | $ 2,800 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 22,200 | |||
Tax Credit Carryforward, Amount | 6,700 | |||
Operating Loss Carryforwards | $ 30,300 | |||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Percent | 22.50% | 22.40% | 22.10% | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 3,500 | |||
Operating lease obligations [Member] | ||||
Income Taxes [Line Items] | ||||
Other | (40,800) | $ (46,600) | ||
Foreign Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Deductions | (26,400) | |||
Operating Loss Carryforward With No Expiration Date | $ 127,300 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Other reconciling items | 10.50% | 8.90% | 10.10% | |
State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Tax Credit Carryforward, Amount | $ 70,700 | |||
Operating Loss Carryforwards | 83,400 | |||
8888 Foreign Governments [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 345,600 | |||
Including accrued interest and penalties [Member] | ||||
Income Taxes [Line Items] | ||||
Other | 17,300 | |||
Unrecognized tax benefits period end | 92,200 | |||
Net of prepaid taxes [Member] | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits period end | 67,100 | |||
Operating lease assets [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Liabilities, Leasing Arrangements | $ 38,700 | $ 44,500 |
7. Stockholders' Equity (Detail
7. Stockholders' Equity (Details) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Shares, Issued | 25,162 | 25,134 | 25,073 | 24,966 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (20) | (16) | (32) | |
Stock Issued During Period, Shares, New Issues | 8 | 45 | 75 | |
Common Stock, Voting Rights | 0.1 | |||
Election Percentage for Board of Directors | 25% | |||
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Shares, Issued | 5,074 | 5,078 | 5,076 | 5,090 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (20) | (16) | (32) | |
Stock Issued During Period, Shares, New Issues | 16 | 18 | 18 | |
Common Stock, Voting Rights | one |
7. Stockholders' Equity Treasur
7. Stockholders' Equity Treasury Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2022 | May 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares | 1,159,775 | 918,367 | 663,083 | 573,577 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 207.4 | $ 98.1 | $ 223.1 | $ 73.1 | $ 207.4 | |
Treasury Stock, Shares, Acquired | 241,408 | 255,284 | 89,506 | 291,941 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 375.63 | $ 489.65 | $ 558.60 | $ 342.55 | ||
Treasury Class-A [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | (135,744) | (114,711) |
8. Accumulated Other Comprehe_4
8. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | $ (466,822) | $ (175,553) | |
Other comprehensive income, net of tax | (291,269) | (458,009) | $ 369,804 |
Foreign currency translation adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | (466,500) | (170,500) | 298,600 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (296,300) | (469,500) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Tax | 300 | 400 | |
Other comprehensive income, net of tax | (296,000) | (469,100) | |
Other Postretirement Benefit Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | 10,000 | (10,900) | (26,000) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 25,400 | 17,900 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 100 | 300 | |
Other Comprehensive Income (Loss), Tax | (4,600) | (3,100) | |
Other comprehensive income, net of tax | 20,900 | 15,100 | |
Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | (10,300) | 5,800 | 9,800 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (21,500) | (4,000) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 600 | (1,200) | |
Other Comprehensive Income (Loss), Tax | 4,800 | 1,200 | |
Other comprehensive income, net of tax | (16,100) | (4,000) | |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | (466,800) | (175,600) | $ 282,400 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (292,400) | (455,600) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 700 | (900) | |
Other Comprehensive Income (Loss), Tax | 500 | (1,500) | |
Other comprehensive income, net of tax | $ (291,200) | $ (458,000) |
8. Accumulated Other Comprehe_5
8. Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and administrative expense | $ (827,825) | $ (877,122) | $ (798,798) |
Realized Investment Gains (Losses) | $ 2,300 | $ 8,000 | $ 1,000 |
9. Share-based Compensation (De
9. Share-based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 4,000,000 | $ 18,500,000 | $ 11,200,000 |
Share-based Compensation Expense | 60,900,000 | 51,200,000 | 41,600,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 8,800,000 | 7,400,000 | 6,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Disclosure of Compensation Related Costs, Share-based Payments | . SHARE-BASED COMPENSATION/EQUITY AWARD AND PURCHASE PLANS Equity Award Plan The 2017 Incentive Award Plan (2017 Plan) authorizes the grant of stock options, restricted stock, restricted stock units, performance-based stock units and other types of equity awards to officers and certain other employees. Stock options are granted at exercise prices not less than the fair market value of the underlying common stock on the date of grant and have a maximum term of 10 years. We may issue stock options for either Class A or Class B common stock. Prior to September 2020, equity awards granted vest in increments of 20% per year on the yearly anniversary date of the grant. Starting in September 2020, equity awards granted vest in increments of 25% per year on the yearly anniversary date of the grant. A total of 2,108,724 shares have been reserved for issuance of equity awards under the 2017 Plan and may be of either Class A or Class B common stock. At December 31, 2022, there were 1,259,719 shares available to be granted. Performance-based Stock awards Bio-Rad grants certain executive officers Performance-based stock unit (PSU) awards, which are administered under the 2017 Plan. PSUs generally vest over a three year performance period based on achievement of specific performance goals. Based on the extent to which the targets are achieved, vested shares may range from zero to 200 percent of the target award. We consider the dilutive impact of PSUs in our diluted net income per share calculation only to the extent that the performance conditions would have been met if the reporting period was the end of the performance period. Employee Stock Purchase Plans Our 2011 Employee Stock Purchase Plan (2011 ESPP) provides that eligible employees may contribute up to the greater of 10% of their compensation or $25,000 annually towards the quarterly purchase of our Class A common stock. The employees’ purchase price is 85% of the lesser of the fair market value of the stock on the first business day or the last business day of each calendar quarter. The Board of Directors have authorized the sale of 1,300,000 shares of Class A common stock under the 2011 ESPP. Share-Based Compensation Included in our share-based compensation expense is the cost related to stock option grants, ESPP stock purchases and restricted stock unit awards, including performance-based stock awards. Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions): Year ended December 31, 2022 2021 2020 Cost of goods sold $ 5.4 $ 4.9 $ 3.4 Selling, general and administrative expense 45.6 38.0 31.8 Research and development expense 9.9 8.3 6.4 Share-based compensation expense $ 60.9 $ 51.2 $ 41.6 The income tax benefit related to share-based compensation expense was $8.8 million, $7.4 million and $6.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. We did not capitalize any share-based compensation expense as it was immaterial. The tax benefit from equity awards vested or exercised during the years ended December 31, 2022, 2021 and 2020 was $4.0 million, $18.5 million and $11.2 million, respectively. For equity awards, we amortize the fair value on a straight-line basis. All equity awards are amortized over the requisite service periods of the awards, which are generally the vesting periods. We recognize forfeitures as they occur. Stock Options The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility — 27 % 27 % Risk-free interest rate — 1.05 % 0.31 % Expected life (in years) 0.0 7.3 7.4 Expected dividend — — — Weighted-average fair value of options granted $ — $ 251.93 $ 153.32 Expected volatility is based on the historical volatilities of our common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the number of years that we estimate, based primarily on historical experience, that the options will be outstanding prior to exercise. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. The following table summarizes stock option activity: Shares Weighted- Weighted- Aggregate Outstanding, December 31, 2021 250,441 $ 246.41 Granted — $ — Exercised (39,250) $ 107.32 Forfeited (4,771) $ 368.81 Outstanding, December 31, 2022 206,420 $ 270.03 4.10 $ 39.5 Unvested, December 31, 2022 37,192 $ 539.67 7.47 $ 1.4 Exercisable, December 31, 2022 169,228 $ 210.77 3.36 $ 38.1 Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value on the date of exercise of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $15.2 million, $33.0 million and $24.4 million, respectively. No cash was received from stock options exercised during the year ended December 31, 2022. Cash received from stock options exercised during the years ended December 31, 2021 and 2020 was $3.6 million and $3.8 million, respectively. As of December 31, 2022, there was $5.2 million of total unrecognized compensation expense from stock options. This amount is expected to be recognized in the future over a remaining weighted-average period of approximately two years. Restricted Stock Units - Service & Performance-based Restricted stock units are rights to receive shares of company stock. The fair value of a restricted stock unit is the market value as determined by the closing price of the stock on the day of grant. The following tables summarize restricted stock units and performance-based stock units activity: Restricted Stock Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 316,860 $ 495.57 Granted 140,560 $ 486.29 Vested (113,323) $ 433.46 Forfeited (29,855) $ 463.70 Outstanding, December 31, 2022 314,242 $ 516.85 1.67 $ 132.1 Performance-based Stock Units Weighted- Weighted-Average Aggregate Outstanding, December 31, 2021 — $ — Granted 11,391 $ 486.25 Vested — $ — Forfeited — $ — Outstanding, December 31, 2022 11,391 $ 486.25 1.83 $ 4.8 The total fair value of restricted stock units and performance-based stock units vested for the years ended December 31, 2022, 2021 and 2020 was $54.5 million, $104.4 million and $65.0 million, respectively. As of December 31, 2022, there was approximately $142.6 million and $9.4 million of total unrecognized compensation expense related to restricted stock units and performance-based stock units, respectively. This amount is expected to be recognized over a remaining weighted-average period of approximately three years. Employee Stock Purchase Plans The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions: Year Ended December 31, 2022 2021 2020 Expected volatility 41 % 25 % 41 % Risk-free interest rate 1.71 % 0.05 % 0.50 % Expected life (in years) 0.25 0.25 0.25 Expected dividend — — — Weighted-average fair value of purchase rights $ 124.26 $ 127.16 $ 94.93 The assumptions are primarily based on historical data. Volatility is based on the historical volatilities of our common stock for a period equal to the expected life of the purchase rights. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero. We sold 44,480 shares for total employee contributions of $17.6 million, 31,639 shares for total employee contributions of $17.0 million and 47,548 shares for total employee contributions of $16.4 million under the 2011 ESPP to employees for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, 475,864 shares remain authorized and available for issuance under the 2011 ESPP. | ||
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 9,900,000 | 8,300,000 | 6,400,000 |
cost of goods sold [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | 5,400,000 | 4,900,000 | 3,400,000 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 45,600,000 | $ 38,000,000 | 31,800,000 |
2011 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 1,300,000 | ||
Stock Option and Award Plans [Member] | Incentive Award Plan 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 2,108,724 | ||
Number of Shares Available for Grant | 1,259,719 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Term (in years) - Outstanding | 4 years 1 month 6 days | ||
Aggregate Intrinsic Value (in millions) - Outstanding | $ 39.5 | ||
Options - Weighted-Average Exercise Price | $ 270.03 | $ 246.41 | |
Options Granted - Weighted Average Exercise Price | 0 | ||
Options Exercised - Weighted Average Exercise Price | $ 107.32 | ||
Options Granted Term | 10 | ||
Options Forfeitured/expired - Weighted Average Exercise Price | $ 368.81 | ||
Options - Shares Vested and Expected to Vest | 37,192 | ||
Options Vested and Expected to Vest - Weighted Average Exercise Price | $ 539.67 | ||
Options Vested and Expected to Vest - Weighted Average Remaining Contractual Term (in years) | 7 years 5 months 19 days | ||
Options Vested and Expected to Vest - Aggregate Intrinsic Value (in millions) | $ 1.4 | ||
Weighted Average Exercise Price - Options Exercisable | $ 210.77 | ||
Weighted Average Remaining Contractual Term (in years) - Exercisable | 3 years 4 months 9 days | ||
Options Exercisable Aggregate Intrinsic Value (in millions) | $ 38.1 | ||
Options, Exercises in Period, Total Intrinsic Value | 15,200,000 | $ 33,000,000 | 24,400,000 |
Cash Received from Exercise of Stock Options | $ 3,600,000 | $ 3,800,000 | |
Total unrecognized compensation cost from stock options | $ 5,200,000 | ||
Options Number Exercisable | 169,228 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | 20% | |
Weighted average fair value of options granted, period for recognition | 2 years | ||
Expected Volatility | 0% | 27% | 27% |
Risk Free Interest Rate | 0% | 1.05% | 0.31% |
Expected life (in years) | 0 years | 7 years 3 months 18 days | 7 years 4 months 24 days |
Expected dividend | $ 0 | $ 0 | $ 0 |
Weighted average fair value of options granted | $ 0 | $ 251.93 | $ 153.32 |
Expected dividend yield | 0% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of period | 250,441 | ||
Options - Shares Granted | 0 | ||
Options - Shares Exercised | (39,250) | ||
Options - Shares Forfeitures/expired | (4,771) | ||
Outstanding end of period | 206,420 | 250,441 | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 475,864 | ||
Cash Received from Exercise of Stock Options | $ 17,600,000 | $ 17,000,000 | $ 16,400,000 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 44,480 | 31,639 | 47,548 |
Employee Contribution Rate - Maximum | 10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Contribution Amount | $ 25,000 | ||
Employee Purchase Price Discount from Market Price | 85% | ||
Expected Volatility | 41% | 25% | 41% |
Risk Free Interest Rate | 1.71% | 0.05% | 0.50% |
Expected life (in years) | 3 months | 3 months | 3 months |
Expected dividend | $ 0 | $ 0 | $ 0 |
Expected dividend yield | 0% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 124.26 | $ 127.16 | $ 94.93 |
Performance-based Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost from stock options | $ 9,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding beginning of period | 0 | ||
Outstanding end of period | 11,391 | 0 | |
Performance-based Stock Units (PSUs) | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% | ||
Performance-based Stock Units (PSUs) | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% |
9. Share-based Compensation Res
9. Share-based Compensation Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Treasury Class-A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 54.5 | $ 104.4 | $ 65 |
Total unrecognized compensation cost from restricted stock | $ 142.6 | ||
Nonvested shares - Weighted Average Grant Date Fair Value | $ 516.85 | $ 495.57 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Restricted Stock Units Granted | 140,560 | ||
Restricted Stock Units - Vested | (113,323) | ||
Restricted Stock Units - Forfeited | (29,855) | ||
Weighted Average Grant Date Fair Value - Granted | $ 486.29 | ||
Restricted Stock Units Vested - Weighted-Average Grant-Date Fair Value | 433.46 | ||
Resticted Stock Units Cancelled/forfeited - Weighted-Average Grant-Date Fair Value | $ 463.70 | ||
Weighted Average Remaining Contractual Term (in years) | 1 year 8 months 1 day | ||
Resticted Stock Units Outstanding Aggregate Intrinsic Value (in millions) | $ 132.1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 314,242 | 316,860 | |
Performance-based Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost from restricted stock | $ 9.4 | ||
Nonvested shares - Weighted Average Grant Date Fair Value | $ 486.25 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Restricted Stock Units Granted | 11,391 | ||
Restricted Stock Units - Vested | 0 | ||
Restricted Stock Units - Forfeited | 0 | ||
Weighted Average Grant Date Fair Value - Granted | $ 486.25 | ||
Restricted Stock Units Vested - Weighted-Average Grant-Date Fair Value | 0 | ||
Resticted Stock Units Cancelled/forfeited - Weighted-Average Grant-Date Fair Value | $ 0 | ||
Weighted Average Remaining Contractual Term (in years) | 1 year 9 months 29 days | ||
Resticted Stock Units Outstanding Aggregate Intrinsic Value (in millions) | $ 4.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 11,391 | 0 |
10. Other Income and Expenses_2
10. Other Income and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and investment income | $ (58,000) | $ (18,900) | $ (18,200) |
Realized Investment Gains (Losses) | (2,300) | (8,000) | (1,000) |
Equity Method Investment, Other than Temporary Impairment | 11,900 | 800 | 4,600 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,500 | 0 | 0 |
Gain on divestiture of division | (1,400) | 0 | (11,700) |
Other Nonoperating Income | (2,300) | (700) | |
Other Expense | 1,800 | ||
Other Nonoperating Income (Expense) | $ (44,574) | $ (26,775) | $ (24,488) |
11. Supplemental Cash Flow In_3
11. Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Significant Noncash Transactions [Line Items] | |||||||||||
Net income | $ 827,700 | $ (162,800) | $ (925,100) | $ (3,367,300) | $ (1,572,200) | $ 3,929,600 | $ 916,800 | $ 980,000 | $ (3,627,535) | $ 4,254,257 | $ 3,814,229 |
Depreciation and amortization | 137,300 | 137,600 | 138,600 | ||||||||
Reduction in the carrying amount of right-of-use assets | 39,900 | 39,300 | 37,100 | ||||||||
Share-based compensation | 60,900 | 51,200 | 41,600 | ||||||||
Other than Temporary Impairment Losses on Investments | 11,900 | 800 | 4,600 | ||||||||
Provision for Loan, Lease, and Other Losses | 7,500 | 0 | 0 | ||||||||
Changes in fair market value of equity securities | 5,193,600 | (4,926,200) | (4,495,800) | ||||||||
Gain on divestiture of a division | (1,400) | 0 | (11,700) | ||||||||
Payments for operating lease liabilities | (38,100) | (40,700) | (36,500) | ||||||||
(Increase) decrease in accounts receivable, net | (87,400) | (20,400) | (15,000) | ||||||||
(Increase) decrease in inventories, net | (158,800) | 46,100 | (52,100) | ||||||||
(Increase) decrease in Other Current Assets | (27,300) | (12,900) | (9,100) | ||||||||
Increase (decrease) in accounts payable and other current liabilities | (94,200) | 69,900 | 124,700 | ||||||||
Increase (decrease) in Income Taxes Payable | (1,200) | (28,800) | 39,000 | ||||||||
Increase in deferred income taxes | (1,241,600) | 1,084,900 | 981,400 | ||||||||
(Increase) decrease in other long term assets | (5,100) | (6,200) | (6,900) | ||||||||
Increase (Decrease) in Other Noncurrent Liabilities | 5,600 | 10,500 | 26,900 | ||||||||
Other | 20,300 | 10,100 | 4,000 | ||||||||
Net cash provided by operating activities | 194,447 | 669,464 | 584,972 | ||||||||
Noncash purchased property, plant and equipment | 7,300 | 5,200 | 1,200 | ||||||||
Noncash Purchased Marketable Securities and Investments | 0 | 6,000 | 4,600 | ||||||||
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | $ 0 | $ 0 | $ 0 |
12. Commitments & Contingent _3
12. Commitments & Contingent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Post-Employment Benefits Liability | $ 2.5 | $ 3.5 |
Recorded Unconditional Purchase Obligation | 123 | |
Recorded Unconditional Purchase Obligation Due in Next Twelve Months | 4.6 | |
Recorded Unconditional Purchase Obligation Due in Second Year | 13.8 | |
Recorded Unconditional Purchase Obligation Due in Third Year | 21.6 | |
Recorded Unconditional Purchase Obligation Due in Fourth Year | 4.1 | |
Recorded Unconditional Purchase Obligation Due in Fifth Year | 43.7 | |
Recorded Unconditional Purchase Obligation Due after Fifth Year | 35.2 | |
Unrecorded Unconditional Purchase Obligation | 17.2 | |
Unrecorded Unconditional Purchase Obligation, Due in Twelve Months | 17.1 | |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 0.1 | |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0 | |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 | |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 | |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 0 | |
Letters of Credit Outstanding Amount | $ 4.7 | |
Employees Covered By Collective Bargaining Agreements U.S., Percentage | 7% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 114.9 | 142.1 |
Deferred Compensation Cash-based Arrangements, Liability, Current | 1.2 | 3.8 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 32.5 | $ 62.7 |
UNITED STATES | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Entity Number of Employees | 3,450 |
12. Commitments & Contingent _4
12. Commitments & Contingent Liabilities Period Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Contribution expense | $ 19.1 | $ 18.4 | $ 10.6 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (0.3) | $ 0 | $ 0 |
12. Commitments & Contingent _5
12. Commitments & Contingent Liabilities Pensions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.60% | 0.30% | 0.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.60% | 0.60% | |
Defined Benefit Plan, Benefit Obligation | $ 129.2 | $ 155.5 | $ 177.5 |
Defined Benefit Plan, Service Cost | 6.6 | 8 | 7.8 |
Defined Benefit Plan, Interest Cost | 0.8 | 0.5 | 0.8 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 3.1 | 3.2 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (23.5) | (10.2) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (0.7) | (0.7) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (1) | (1.7) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | (3.3) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (7.6) | (9.5) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (5.4) | (8.3) | |
Defined Benefit Plan, Plan Assets, Amount | 82.4 | 79.4 | 81.4 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 1.5 | 1.3 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4.3 | 4.3 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 3.1 | 3.2 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 2.8 | 1.3 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (7.6) | (9.5) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (1.1) | (2.6) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (46.8) | (76.1) | |
Liability, Defined Benefit Plan, Current | (1.5) | (2.3) | |
Liability, Defined Benefit Plan, Noncurrent | (45.3) | (73.8) | |
Liability, Defined Benefit Plan | (46.8) | (76.1) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1) | (1) | (0.7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0.3 | 1.8 | 1.3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | (1.9) | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (0.2) | 1.2 | 1.3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 6.2 | $ 8.6 | $ 10.5 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 1.70% | 1.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.30% | 1.10% | 1.50% |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 114.9 | $ 142.1 |
14. Segment Reporting (Details)
14. Segment Reporting (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number Of Products And Services | 12,000 | ||
Net sales | $ 2,802,200 | $ 2,922,500 | $ 2,545,600 |
Interest expense | 38,114 | 1,551 | 21,861 |
Depreciation and amortization | 137,300 | 137,600 | 138,600 |
Segment profit | 482,616 | 500,336 | 421,326 |
Total assets | 13,501,666 | 17,799,393 | |
Payments to Acquire Property, Plant, and Equipment | 112,782 | 133,746 | 108,564 |
Life Science [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,347,200 | 1,400,800 | 1,231,800 |
Depreciation and amortization | 57,900 | 54,800 | 50,500 |
Segment profit | 266,800 | 319,700 | 282,600 |
Total assets | 269,900 | 207,700 | 220,600 |
Clinical Diagnostics [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,451,000 | 1,515,900 | 1,305,200 |
Depreciation and amortization | 79,400 | 82,800 | 88,100 |
Segment profit | 217,700 | 181,800 | 138,300 |
Total assets | 448,800 | 363,500 | 401,200 |
All Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 4,000 | 5,800 | 8,600 |
Depreciation and amortization | 0 | 0 | 0 |
Segment profit | (1,900) | (1,200) | 400 |
Total assets | $ 600 | $ 1,000 | $ 500 |
14. Segment Information Segment
14. Segment Information Segment Profit Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
14. Segment Information Segme_2
14. Segment Information Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 13,501,666 | $ 17,799,393 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 719,300 | 572,200 |
Other Current Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 2,438,700 | 1,418,300 |
Property, Plant and Equipment and Operating lease right-of-use assets excluding segment specific [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 679,600 | 716,400 |
Goodwill [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 406,500 | 347,300 |
Other Noncurrent Assets [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 9,257,600 | $ 14,745,200 |
14. Segment Information Segme_3
14. Segment Information Segment Information by Geographical Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,802.2 | $ 2,922.5 | $ 2,545.6 |
Other assets, property, plant and equipment, net and Operating lease right-of-use assets | 728.8 | 771.5 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 851.9 | 946.9 | 857.7 |
Other assets, property, plant and equipment, net and Operating lease right-of-use assets | 183.7 | 211.4 | |
Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 639.4 | 688.4 | 546.5 |
Other assets, property, plant and equipment, net and Operating lease right-of-use assets | 63.8 | 64.9 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,155.5 | 1,130.6 | 1,004.8 |
Other assets, property, plant and equipment, net and Operating lease right-of-use assets | 465.7 | 478.7 | |
Other (primarily Canada and Latin America) [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 155.4 | 156.6 | $ 136.6 |
Other assets, property, plant and equipment, net and Operating lease right-of-use assets | $ 15.6 | $ 16.5 |
16. Restructuring Costs (Detail
16. Restructuring Costs (Details) - USD ($) $ in Millions | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | $ 4.2 | $ (11.2) | ||
Restructuring Charges | 0 | 75.6 | $ 68.6 | |
Restructuring Reserve | 31.6 | 47.1 | $ 0 | |
Payments for Restructuring | (16.8) | (14.2) | ||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (2.9) | (3.1) | ||
Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 3 | |||
Restructuring Charges | 26.1 | |||
Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 0.1 | |||
Restructuring Charges | 13.3 | |||
cost of goods sold [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 1.1 | |||
Restructuring Charges | 25 | |||
Life Science [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 1.1 | (3.3) | ||
Restructuring Charges | 0 | 12.9 | ||
Restructuring Reserve | 1.9 | 5.2 | 0 | |
Payments for Restructuring | (4.1) | (4) | ||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.3) | (0.4) | ||
Clinical Diagnostics [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 3.1 | (7.9) | ||
Restructuring Charges | 0 | 62.7 | ||
Restructuring Reserve | 29.7 | 41.9 | $ 0 | |
Payments for Restructuring | (12.7) | (10.2) | ||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (2.6) | $ (2.7) | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 31.5 | |||
Accounts Payable and Accrued Liabilities [Member] | Other Operating Income (Expense) [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 0.1 |
16. Leases (Details)
16. Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Deferred Tax Assets, Other | $ 53,200 | $ 65,000 | |
U.S. | (2,403,400) | $ 2,941,800 | $ 2,350,100 |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 43,600 | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 1,200 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years | |
Operating Lease, Right-of-Use Asset | $ 180,952 | $ 204,798 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities | |
Operating Lease, Payments | $ 38,100 | $ 40,700 | 44,400 |
Operating Lease, Cost | 57,500 | 53,200 | 45,400 |
Finance Lease, Right-of-Use Asset, Amortization | 400 | 500 | 600 |
Finance Lease, Interest Expense | 800 | 800 | 800 |
Finance Lease Cost | 1,200 | 1,300 | 1,400 |
Sublease Income | 3,000 | 3,000 | 3,000 |
Finance Lease, Interest Payment on Liability | 800 | 500 | 600 |
Finance Lease, Principal Payments | 400 | 800 | 800 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 21,200 | 45,500 | 16,100 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 100 | 0 | $ 400 |
Current operating lease liabilities | 36,336 | 36,435 | |
Operating lease liabilities | 153,597 | 175,938 | |
Current maturities of long-term debt and notes payable | 500 | 500 | |
Finance Lease, Liability, Noncurrent | 10,100 | 10,500 | |
Operating Lease, Liability | $ 189,900 | $ 212,300 | |
Finance Lease, Weighted Average Remaining Lease Term | 15 years | 15 years 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 3% | 3.30% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.30% | 6.30% | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 36,300 | ||
Finance Lease, Liability, Payments, Due Year Two | 1,200 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 32,500 | ||
Finance Lease, Liability, Payments, Due Year Three | 1,100 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 25,800 | ||
Finance Lease, Liability, Payments, Due Year Four | 1,100 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 20,700 | ||
Finance Lease, Liability, Payments, Due Year Five | 1,000 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 57,500 | ||
Finance Lease, Liability, Payments, Due after Year Five | 11,900 | ||
Lessee, Operating Lease, Liability, Payments, Due | 216,400 | ||
Finance Lease, Liability, Payment, Due | 17,500 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (26,500) | ||
Finance Lease, Liability, Undiscounted Excess Amount | (6,900) | ||
Finance Lease, Liability | $ 10,600 | $ 11,000 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current maturities of long-term debt | Current maturities of long-term debt | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation | Long-term Debt and Lease Obligation | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 6,400 | $ 6,700 | |
Property, Plant and Equipment | |||
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 11,900 | 11,800 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 5,500 | $ 5,100 | |
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating And Finance Leases Remaining Lease Term | 16 years | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee Operating And Finance Leases Remaining Lease Term | 1 year |
17. Quarterly Financial Data (D
17. Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |||||||||||
Income from operations | $ 482,616 | $ 500,336 | $ 421,326 | ||||||||
Research and development expense | 256,889 | 260,638 | 217,763 | ||||||||
Cost of Goods and Services Sold | 1,234,919 | 1,284,449 | 1,107,739 | ||||||||
Selling, general and administrative expense | $ 827,825 | $ 877,122 | $ 798,798 | ||||||||
Earnings Per Share, Diluted | $ 27.78 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 130.02 | $ 30.41 | $ 32.46 | $ (121.79) | $ 140.83 | $ 126.47 |
Earnings Per Share, Basic | $ 27.89 | $ (5.48) | $ (31.05) | $ (112.5) | $ (52.54) | $ 131.80 | $ 30.80 | $ 32.86 | $ (121.79) | $ 142.61 | $ 128.13 |
Net Income (Loss) Attributable to Parent | $ 827,700 | $ (162,800) | $ (925,100) | $ (3,367,300) | $ (1,572,200) | $ 3,929,600 | $ 916,800 | $ 980,000 | $ (3,627,535) | $ 4,254,257 | $ 3,814,229 |
Gross Profit | 397,100 | 372,600 | 395,000 | 402,600 | 399,900 | 436,500 | 401,100 | 400,500 | 1,567,330 | 1,638,096 | 1,437,887 |
Net cash used in investing activities | (1,207,593) | (797,381) | (69,894) | ||||||||
Net sales | 730,300 | 680,800 | 691,100 | 700,100 | 732,800 | 747,000 | 715,900 | 726,800 | 2,802,249 | 2,922,545 | 2,545,626 |
Net cash provided by operating activities | 194,447 | 669,464 | 584,972 | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of Goods and Services Sold | 1,234,919 | 1,284,449 | 1,107,739 | ||||||||
Selling, general and administrative expense | 827,825 | 877,122 | 798,798 | ||||||||
Research and development expense | 256,889 | 260,638 | 217,763 | ||||||||
Income from operations | 482,616 | 500,336 | 421,326 | ||||||||
Net Income (Loss) Attributable to Parent | $ 827,700 | $ (162,800) | $ (925,100) | $ (3,367,300) | $ (1,572,200) | $ 3,929,600 | $ 916,800 | $ 980,000 | (3,627,535) | 4,254,257 | 3,814,229 |
Net cash provided by operating activities | 194,447 | 669,464 | 584,972 | ||||||||
Net cash used in investing activities | $ (1,207,593) | (797,381) | (69,894) | ||||||||
Previously Reported | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Income from operations | 489,400 | 411,000 | |||||||||
Research and development expense | 271,700 | 226,600 | |||||||||
Cost of Goods and Services Sold | 1,281,900 | 1,107,800 | |||||||||
Selling, general and administrative expense | $ 879,600 | $ 800,300 | |||||||||
Earnings Per Share, Diluted | $ 140.56 | $ 126.20 | |||||||||
Earnings Per Share, Basic | $ 142.33 | $ 127.86 | |||||||||
Net Income (Loss) Attributable to Parent | $ 4,245,900 | $ 3,806,300 | |||||||||
Net cash used in investing activities | (784,400) | (60,300) | |||||||||
Net cash provided by operating activities | 656,500 | 575,300 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of Goods and Services Sold | 1,281,900 | 1,107,800 | |||||||||
Selling, general and administrative expense | 879,600 | 800,300 | |||||||||
Research and development expense | 271,700 | 226,600 | |||||||||
Income from operations | 489,400 | 411,000 | |||||||||
Net Income (Loss) Attributable to Parent | 4,245,900 | 3,806,300 | |||||||||
Net cash provided by operating activities | 656,500 | 575,300 | |||||||||
Net cash used in investing activities | (784,400) | (60,300) | |||||||||
Revision of Prior Period, Adjustment | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Income from operations | 10,900 | 10,400 | |||||||||
Research and development expense | (11,100) | (8,800) | |||||||||
Cost of Goods and Services Sold | 2,600 | (100) | |||||||||
Selling, general and administrative expense | $ (2,500) | $ (1,500) | |||||||||
Earnings Per Share, Diluted | $ 0.27 | $ 0.27 | |||||||||
Earnings Per Share, Basic | $ 0.28 | $ 0.27 | |||||||||
Net Income (Loss) Attributable to Parent | $ 8,400 | $ 8,000 | |||||||||
Net cash used in investing activities | (13,000) | (9,600) | |||||||||
Net cash provided by operating activities | 13,000 | 9,600 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Cost of Goods and Services Sold | 2,600 | (100) | |||||||||
Selling, general and administrative expense | (2,500) | (1,500) | |||||||||
Research and development expense | (11,100) | (8,800) | |||||||||
Income from operations | 10,900 | 10,400 | |||||||||
Net Income (Loss) Attributable to Parent | 8,400 | 8,000 | |||||||||
Net cash provided by operating activities | 13,000 | 9,600 | |||||||||
Net cash used in investing activities | $ (13,000) | $ (9,600) |
18. Subsequent Event (Details)
18. Subsequent Event (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Event [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | Santa Clara, CA |