Bio-Rad Laboratories (BIO) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
City Area Code	(510)
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Entity File Number	001-07928
Entity Registrant Name	BIO-RAD LABORATORIES, INC.
Entity Central Index Key	0000012208
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Tax Identification Number	94-1381833
Entity Address, Address Line One	1000 Alfred Nobel Drive,
Entity Address, City or Town	Hercules,
Entity Address, Country	CA
Entity Address, Postal Zip Code	94547
Local Phone Number	724-7000
Entity Emerging Growth Company	false
Common Class A [Member]
Title of 12(b) Security	Class A Common Stock, Par Value $0.0001 per share
Trading Symbol	BIO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		23,445,692
Common Class B [Member]
Title of 12(b) Security	Class B Common Stock, Par Value $0.0001 per share
Trading Symbol	BIO.B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		5,079,105

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 433,280	$ 403,815
Short-term investments	1,212,394	1,203,327
Restricted investments	5,560	5,560
Accounts receivable, net	444,809	489,017
Inventory	783,369	780,517
Prepaid expenses	142,742	140,040
Other current assets	38,782	26,054
Total current assets	3,060,936	3,048,330
Property, plant and equipment, net	522,364	529,007
Operating lease right-of-use assets	188,918	194,730
Goodwill, net	412,817	413,569
Purchased intangibles, net	313,602	320,514
Other investments	8,018,383	7,698,070
Other assets	92,873	94,850
Assets	12,609,893	12,299,070
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable	102,750	144,625
Accrued payroll and employee benefits	146,491	139,929
Current maturities of long-term debt and notes payable	487	486
Income and other taxes payable	33,961	35,759
Current operating lease liabilities	40,038	40,379
Other current liabilities	142,427	161,621
Total current liabilities	466,154	522,799
Long-term debt, net of current maturities	1,199,381	1,199,052
Deferred income taxes	1,540,992	1,475,495
Operating lease liabilities	159,814	165,478
Other long-term liabilities	192,418	195,113
Total liabilities	3,558,759	3,557,937
Stockholders' equity:
Additional paid-in capital	462,627	449,075
Retained earnings	9,644,545	9,260,629
Accumulated other comprehensive loss	(425,971)	(336,038)
Total stockholders' equity	9,051,134	8,741,133
Total liabilities and stockholders' equity	12,609,893	12,299,070
Common Class A [Member]
Stockholders' equity:
Common stock	2	2
Common Class B [Member]
Stockholders' equity:
Common stock	1	1
Treasury Stock, Common
Stockholders' equity:
Treasury stock	$ (630,070)	$ (632,536)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable allowance for doubtful accounts	$ 15,305	$ 14,926
Common Class A [Member]
Common Stock, Shares, Issued	25,186,769	25,169,944
Common Stock, Shares, Outstanding	23,444,836	23,422,506
Common Class B [Member]
Common Stock, Shares, Issued	5,079,105	5,095,930
Common Stock, Shares, Outstanding	5,079,105	5,095,930
Treasury Stock, Common
Treasury Stock, Shares	1,741,933	1,747,438

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 610,820	$ 676,844
Cost of goods sold	284,854	314,427
Gross profit	325,966	362,417
Selling, general and administrative expense	214,883	225,553
Research and Development Expense	66,375	74,951
Segment profit (loss)	44,708	61,913
Interest expense	12,277	12,337
Foreign exchange (gains) losses, net	(1,954)	(2,347)
Marketable Securities, Unrealized (Gain) Loss	(422,177)	17,525
Other Nonoperating Income (Expense)	34,516	50,431
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	491,078	84,829
(Provision) benefit for income taxes	(107,162)	(15,867)
Net income attributable to Bio-Rad	$ 383,916	$ 68,962
Basic earnings per share:
Net income per share basic attributable to Bio-Rad	$ 13.46	$ 2.33
Weighted average common shares - basic	28,518	29,596
Diluted earnings per share:
Net income per share diluted attributable to Bio-Rad	$ 13.45	$ 2.32
Weighted average common shares - diluted	28,537	29,747

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss) Attributable to Parent	$ 383,916	$ 68,962
Foreign currency translation adjustments	(91,668)	55,219
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent	1,354	33
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense	381	3,218
Total other comprehensive income (loss) net of tax	(89,933)	58,470
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 293,983	$ 127,432

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Cash received from customers	$ 638,324	$ 677,522
Cash paid to suppliers and employees	(560,316)	(552,990)
Interest paid, net	(22,425)	(22,482)
Income tax payments, net	(3,835)	(13,283)
Investment proceeds and miscellaneous receipts, net	15,835	14,662
Proceeds from forward foreign exchange contracts, net	2,209	(5,310)
Net cash provided by operating activities	69,792	98,119
Cash flows from investing activities:
Capital expenditures	(40,176)	(35,725)
Proceeds from dispositions of property, plant and equipment	26	0
Payments for purchases of marketable securities and investments	(406,458)	(203,588)
Proceeds from maturities of marketable securities and investments	72,052	76,089
Proceeds from Sale of Debt Securities, Available-for-sale	331,463	92,751
Net cash used in investing activities	(43,093)	(70,473)
Cash flows from financing activities:
Payments on long-term borrowings	(118)	(115)
Payments for debt issuance costs	(617)	0
Proceeds from Issuance of Common Stock	5,505	4,424
Payments for purchases of treasury stock	(4,749)	0
Net cash used in financing activities	21	4,309
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	2,663	(1,996)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	29,383	29,959
Beginning Cash, Cash Equivalents, and Restricted Cash	404,369	434,544
Cash and cash equivalents	433,280	464,136
Restricted Cash, Current	51	47
Restricted Cash, Noncurrent	421	320
Ending Cash, Cash Equivalents, and Restricted Cash	$ 433,752	$ 464,503

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common	Retained Earnings [Member]	AOCI Attributable to Parent
Total Stockholders' Equity at Dec. 31, 2022	$ 9,615,252	$ 3	$ 447,454	$ (263,586)	$ 9,898,203	$ (466,822)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	68,962	0	0	0	68,962	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	58,470	0	0	0	0	58,470
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	16,608	0	16,608	0	0	0
Proceeds from Issuance of Common Stock	(4,424)
Treasury Stock Reissued at Lower than Repurchase Price	(4,424)			(5,290)	(206)
Total Stockholders' Equity at Mar. 31, 2023	9,763,716	3	463,402	(258,296)	9,966,959	(408,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Treasury Stock Reissued			(660)
Total Stockholders' Equity at Dec. 31, 2023	8,741,133	3	449,075	(632,536)	9,260,629	(336,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	383,916	0	0	0	383,916	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(89,933)	0	0	0	0	(89,933)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	15,262	0	15,262	0	0	0
Proceeds from Issuance of Common Stock	(5,505)
Treasury Stock, Value, Acquired, Cost Method	(4,702)	0	0	(4,702)	0	0
Total Stockholders' Equity at Mar. 31, 2024	9,051,134	3	462,627	(630,070)	9,644,545	(425,971)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Treasury Stock Reissued	(5,505)	0	(1,710)	(7,215)	0	0
Stock Repurchased During Period, Excise Tax, Amount	$ (47)	$ 0	$ 0	$ (47)	$ 0	$ 0

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	1. BASIS OF PRESENTATION AND USE OF ESTIMATES Basis of Presentation In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023. We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets, valuation of accounts receivable, estimation of warranty reserve, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the Loan receivable. Actual results could differ materially from those estimates. Revenue Recognition We recognize revenue from operations through the sale of products, services, license of intellectual property and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. 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. 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. In addition, we offer a reagent rental program which provides 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. 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. 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. 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. Maintenance services and reagent sales 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. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three months ended March 31, 2024 and March 31, 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income. Contract costs: We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income. Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2024 2023 United States $ 252.9 $ 297.0 EMEA 200.2 204.8 APAC 117.2 135.8 Other (primarily Canada and Latin America) 40.5 39.2 Total net sales $ 610.8 $ 676.8 The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 11). Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements, including installation services. The deferred revenue balance at March 31, 2024 and December 31, 2023 was $70.8 million and $68.3 million, respectively. The short-term deferred revenue balance at March 31, 2024 and December 31, 2023 was $55.1 million and $51.1 million, respectively. We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 8.4 $ 10.6 Provision for warranty 1.4 2.0 Actual warranty costs (2.3) (2.7) Balance at end of period $ 7.5 $ 9.9 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 customer. Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 14.9 $ 15.0 Provision for expected credit losses 1.6 0.6 Write-offs charged against the allowance (1.2) (0.4) Balance at end of period $ 15.3 $ 15.2 Recent Accounting Pronouncements Issued and to be Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker (CODM). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. FAIR VALUE MEASUREMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2024 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Time deposits — 50.0 — 50.0 Money market funds 137.4 — — 137.4 Total cash equivalents (a) 137.4 50.0 — 187.4 Restricted investments (b) 7.1 — — 7.1 Equity securities (c) 7,721.7 — — 7,721.7 Loan under the fair value option (d) — — 330.6 330.6 Available-for-sale investments: Corporate debt securities — 551.0 — 551.0 U.S. government sponsored agencies — 281.4 — 281.4 Foreign government obligations — 3.8 — 3.8 Municipal obligations — 9.5 — 9.5 Asset-backed securities — 293.3 — 293.3 Total available-for-sale investments (e) — 1,139.0 — 1,139.0 Forward foreign exchange contracts (f) — 2.3 — 2.3 Total financial assets carried at fair value $ 7,866.2 $ 1,191.3 $ 330.6 $ 9,388.1 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 1.3 $ — $ 1.3 Contingent consideration (h) — — 17.7 17.7 Total financial liabilities carried at fair value $ — $ 1.3 $ 17.7 $ 19.0 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 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 $ — $ 12.5 $ — $ 12.5 Time deposits — 36.6 — 36.6 U.S. government sponsored agencies — 7.0 — 7.0 Money market funds 28.0 — — 28.0 Total cash equivalents (a) 28.0 56.1 — 84.1 Restricted investments (b) 7.1 — — 7.1 Equity securities (c) 7,399.3 — — 7,399.3 Loan under the fair value option (d) — — 325.7 325.7 Available-for-sale investments: Corporate debt securities — 531.6 — 531.6 U.S. government sponsored agencies — 255.9 — 255.9 Foreign government obligations — 12.7 — 12.7 Municipal obligations — 12.1 — 12.1 Asset-backed securities — 323.7 — 323.7 Total available-for-sale investments (e) — 1,136.0 — 1,136.0 Forward foreign exchange contracts (f) — 4.1 — 4.1 Total financial assets carried at fair value $ 7,434.4 $ 1,196.2 $ 325.7 $ 8,956.3 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 11.7 $ — $ 11.7 Contingent consideration (h) — — 17.5 17.5 Total financial liabilities carried at fair value $ — $ 11.7 $ 17.5 $ 29.2 (a) Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2024 December 31, 2023 Restricted investments $ 5.6 $ 5.6 Other investments 1.5 1.5 Total $ 7.1 $ 7.1 (c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2024 December 31, 2023 Short-term investments $ 73.3 $ 67.2 Other investments 7,648.4 7,332.1 Total $ 7,721.7 $ 7,399.3 (d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. (h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.2 million in the consolidated statements of income for the three months ended March 31, 2024. No conditions triggering payment of the contingent consideration were met as of March 31, 2024. Level 1 Fair Value Measurements As of March 31, 2024, we own 12,987,900 ordinary voting shares and 9,588,908 preferenc e shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 38% of the outstanding ordinary shares (excluding treasury shares) and 27% of the preference shares of Sartorius as of March 31, 2024. 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 of our investment in Sartorius for the three months ended March 31, 2024 was a gain of $402.3 million, and is recorded in our condensed consolidated statements of income. Level 2 Fair Value Measurements To estimate the fair value of Level 2 debt securities as of March 31, 2024 and December 31, 2023, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source. Available-for-sale investments consist of the following (in millions): March 31, 2024 Amortized Unrealized Unrealized Estimated Short-term investments: Corporate debt securities $ 553.3 $ 0.8 $ (3.1) $ 551.0 Municipal obligations 9.6 — (0.1) 9.5 Asset-backed securities 294.4 0.6 (1.7) 293.3 U.S. government sponsored agencies 283.5 0.1 (2.2) 281.4 Foreign government obligations 3.8 — — 3.8 $ 1,144.6 $ 1.5 $ (7.1) $ 1,139.0 The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2024 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 272.1 $ 270.3 Mature in one to five years 724.7 721.7 Mature in more than five years 147.8 147.0 Total $ 1,144.6 $ 1,139.0 Available-for-sale investments consist of the following (in millions): December 31, 2023 Amortized Unrealized Unrealized Estimated Short-term investments: Corporate debt securities $ 534.1 $ 0.8 $ (3.3) $ 531.6 Municipal obligations 12.2 — (0.1) 12.1 Asset-backed securities 325.7 0.7 (2.7) 323.7 U.S. government sponsored agencies 257.4 0.1 (1.6) 255.9 Foreign government obligations 12.8 — (0.1) 12.7 Total $ 1,142.2 $ 1.6 $ (7.8) $ 1,136.0 As of March 31, 2024, there were no significant continuous unrealized losses greater than 12 months. Our evaluation of credit losses for available-for-sale investments included t he extent to which the fair value is less than the amortized cost basis, adverse conditions specifically related to the debt security, an industry or geographic area, and any changes in the rating of a security by a rating agency. Credit loss impairments are limited to the amount that the fair value of an instrument is less than its amortized cost basis. At March 31, 2024, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of March 31, 2024. Included in Other current assets are $14.8 million and $11.9 million of interest receivable as of March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024, we have not written-off any uncollected interest receivable. As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less, are recorded at their fair value at each balance sheet date. The notional amounts provide one measure of foreign exchange exposures as of March 31, 2024 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, net in the condensed consolidated statements of income. The following is a summary of our forward foreign currency exchange contracts (in millions): Contracts maturing in April through June 2024 to sell foreign currency: March 31, 2024 Notional value $ 673.7 Unrealized loss $ 0.8 Contracts maturing in April through June 2024 to purchase foreign currency: Notional value $ 65.1 Unrealized gain $ 0.1 Included in Other investments in the condensed 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 March 31, 2024 and December 31, 2023. Also included in Other investments in the condensed 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 condensed consolidated statements of income. The carrying value of these investments, net of impairments, was $31.3 million and $32.3 million as of March 31, 2024 and December 31, 2023, respectively. The carrying value and fair value of our long-term debt were as follows (in millions): March 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 1,189.9 $ 1,097.2 $ 1,189.5 $ 1,102.5 Other long-term debt 9.5 9.5 9.6 9.6 Total $ 1,199.4 $ 1,106.7 $ 1,199.1 $ 1,112.1 The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. 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 market value of equity securities and loan receivable in our condensed consolidated statements of income. The overall change in fair market value reflected in (Gains) losses from change in fair market value of equity securities and loan receivable during the three months ended March 31, 2024 was a gain of $12.3 million, which includes a $8.8 million gain from change in fair market value of the Loan and a $3.5 million gain from change in fair market value of the value appreciation right. The increase in the fair market value of the value appreciation right was due to an increase in the value of the Sartorius ordinary shares. As of March 31, 2024, the €400 million principal amount of the loan is still due on January 31, 2029. The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions): December 31, 2023 $ 325.7 Net increase in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable $ 12.3 Foreign currency exchange gains (losses), net $ (7.4) March 31, 2024 $ 330.6

Goodwill and Other Purchased In

Goodwill and Other Purchased Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Purchased Intangible Assets	3. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS Changes to goodwill by segment are as follows (in millions): Life Clinical Total Balances as of January 1, 2024: Goodwill $ 333.3 $ 415.5 $ 748.8 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net 291.5 122.1 413.6 Foreign currency adjustments — (0.8) (0.8) Period increase, net — (0.8) (0.8) Balances as of March 31, 2024: Goodwill 333.3 414.7 748.0 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net $ 291.5 $ 121.3 $ 412.8 Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): March 31, 2024 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.1 $ 105.7 $ (96.8) $ 8.9 Know how 1.5 166.9 (160.2) 6.7 Developed product technology 11.9 216.9 (134.5) 82.4 Licenses 4.7 59.0 (43.1) 15.9 Tradenames 5.3 6.0 (4.6) 1.4 Covenants not to compete 2.0 6.5 (5.1) 1.4 Total finite-lived intangible assets 561.0 (444.3) 116.7 In-process research and development 196.9 — 196.9 Total purchased intangible assets $ 757.9 $ (444.3) $ 313.6 December 31, 2023 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.2 $ 108.7 $ (98.9) $ 9.8 Know how 1.8 168.9 (161.1) 7.8 Developed product technology 12.0 217.8 (132.9) 84.9 Licenses 4.9 59.2 (42.4) 16.8 Tradenames 5.6 6.1 (4.7) 1.4 Covenants not to compete 2.3 6.4 (4.8) 1.6 Total finite-lived intangible assets 567.1 (444.8) 122.3 In-process research and development 198.2 — 198.2 Total purchased intangible assets $ 765.3 $ (444.8) $ 320.5 Amortization expense related to purchased intangible assets is as follows (in millions): Three Months Ended March 31, 2024 2023 Amortization expense $ 5.5 $ 6.0

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	4. INVENTORY Following are the components of Inventory at March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Inventory: Raw materials $ 226.1 $ 231.6 Work in process 250.4 246.0 Finished goods 306.9 302.9 Total Inventory $ 783.4 $ 780.5

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	5. SUPPLEMENTAL CASH FLOW INFORMATION The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Three Months Ended March 31, 2024 2023 Net income $ 383.9 $ 69.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 37.1 35.6 Reduction in the carrying amount of right-of-use assets 10.7 10.0 Share-based compensation 15.3 16.6 (Gains) losses from change in fair market value of equity securities and loan receivable (422.2) 17.5 Payments for operating lease liabilities (10.9) (9.9) (Increase) decrease in accounts receivable 37.4 (1.4) Increase in inventories (8.8) (30.1) Increase in other current assets (26.3) (16.0) Increase (decrease) in accounts payable and other current liabilities (44.4) 8.2 Increase in income taxes payable 12.3 10.4 Increase (decrease) in deferred income taxes 84.2 (13.9) Increase (decrease) in other long-term liabilities (0.4) 2.5 Other 1.9 (0.4) Net cash provided by operating activities $ 69.8 $ 98.1 Non-cash investing activities: Purchased property, plant and equipment $ 3.5 $ 8.4 Purchased marketable securities and investments $ 2.3 $ 6.3

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	6. LONG-TERM DEBT The principal components of long-term debt are as follows (in millions): March 31, December 31, 3.3%, Senior Notes due 2027 $ 400.0 $ 400.0 3.7%, Senior Notes due 2032 800.0 800.0 Less unamortized discounts and debt issuance costs (10.1) (10.5) Long-term debt less unamortized discounts and debt issuance costs 1,189.9 1,189.5 Finance leases and other debt 10.0 10.1 Less current maturities (0.5) (0.5) Long-term debt $ 1,199.4 $ 1,199.1 On February 13, 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. The Revolving Credit Agreement matures on February 13, 2029. As of March 31, 2024, no borrowings were outstanding under the Revolving Credit Agreement, although available capacity was reduced by immaterial outstanding letters of credit. We were in compliance with the covenants for the Revolving Credit Agreement during the three months ended March 31, 2024.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains (losses) on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2024: $ (334.1) $ (2.8) $ 0.9 $ (336.0) Other comprehensive income (loss), before reclassifications (92.1) 0.3 0.3 (91.5) Amounts reclassified from Accumulated other comprehensive income (loss) — (0.1) 0.2 0.1 Income tax effects 0.3 1.2 (0.1) 1.4 Other comprehensive income (loss), net of income taxes (91.8) 1.4 0.4 (90.0) Balances as of March 31, 2024: $ (425.9) $ (1.4) $ 1.3 $ (426.0) 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, 2023: $ (466.5) $ 10.0 $ (10.3) $ (466.8) Other comprehensive income, before reclassifications 55.4 0.1 4.0 59.5 Amounts reclassified from Accumulated other comprehensive income (loss) — (0.1) 0.2 0.1 Income tax effects (0.2) 0.1 (1.0) (1.1) Other comprehensive income, net of income taxes 55.2 0.1 3.2 58.5 Balances as of March 31, 2023: $ (411.3) $ 10.1 $ (7.1) $ (408.3) All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into other income, net in the condensed consolidated statements of income. The reclassification adjustments are calculated using the specific identification method. The impact to income (loss) before income taxes for amounts reclassified out of accumulated other comprehensive income (loss) into other income, net in the condensed consolidated statements of income were as follows (in millions):

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	8. EARNINGS PER SHARE Bio-Rad’s issued and outstanding stock consists of Class A Common Stock (Class A) and Class B Common Stock (Class B). Each share of Class A and Class B 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. We compute net income 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 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 three months ended March 31, 2024 and 2023. Accordingly, basic earnings per share is computed by dividing net income attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options, 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 per share calculation if the effect of including such securities would be anti-dilutive. The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): Three Months Ended March 31, 2024 2023 Basic weighted average shares outstanding 28,518 29,596 Effect of potentially dilutive stock options, restricted stock and performance stock awards 19 151 Diluted weighted average common shares outstanding 28,537 29,747 Anti-dilutive shares 351 94

Other Income, Net

Other Income, Net	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other Income, Net	9. OTHER INCOME, NET Other income, net includes the following components (in millions): Three Months Ended March 31, 2024 2023 Interest and investment income $ (34.0) $ (50.3) Net realized losses on investments 0.2 0.7 Other income (0.7) (0.8) Other income, net $ (34.5) $ (50.4)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES Our effective income tax rate was 21.8% and 18.7% for the three months ended March 31, 2024 and 2023, respectively. The realization of deferred tax assets are 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 federal, state and foreign deferred tax assets will not be realized as of March 31, 2024, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our federal, state and foreign deferred tax assets decreased by $1.3 million for the period ended March 31, 2024 compared to the year ended December 31, 2023. 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 condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. Our gross unrecognized tax benefits were $86.1 million and $84.7 million as of March 31, 2024 and December 31, 2023, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions. As of March 31, 2024, 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 up to $17.2 million. Substantially all such amounts will impact our effective income tax rate if recognized.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	11. SEGMENT INFORMATION Information regarding net sales and operating profit (loss) for the three months ended March 31, 2024 and 2023 are as follows (in millions): Life Clinical Other Net sales 2024 $ 241.7 $ 368.6 $ 0.5 2023 $ 323.6 $ 352.1 $ 1.1 Operating profit (loss) 2024 $ (8.2) $ 53.1 $ (0.2) 2023 $ 35.7 $ 26.3 $ (0.1) Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Our chief operating decision maker ("CODM") views all operating expenses and corporate overhead as directly supporting the strategies of our segments, and these costs are fully allocated to our reportable segments. The following reconciles total operating profit to consolidated income before income taxes (in millions): Three Months Ended March 31, 2024 2023 Operating profit $ 44.7 $ 61.9 Interest expense (12.3) (12.3) Foreign currency exchange gains, net 2.0 2.3 Gains (losses) from change in fair market value of equity securities and loan receivable 422.2 (17.5) Other income, net 34.5 50.4 Consolidated income before income taxes $ 491.1 $ 84.8

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	12. LEGAL PROCEEDINGS

Restructuring Costs

Restructuring Costs	3 Months Ended
	Mar. 31, 2024
Restructuring Costs [Abstract]
Restructuring Costs	13. RESTRUCTURING COSTS In February 2021, we announced a strategy-driven restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacted our operations in EMEA and included the elimination of certain positions, the consolidation of certain functions, and the relocation of certain manufacturing operations from EMEA to APAC. The restructuring plan was implemented in phases and is substantially complete as of March 31, 2024. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits. From February 2021 to March 31, 2024, total restructuring-related expenses were $71.8 million. The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions): Life Science Clinical Diagnostics Total Balances as of January 1, 2024: $ 0.2 $ 12.8 $ 13.0 Adjustment to expense 0.1 1.0 1.1 Cash payments — (3.2) (3.2) Foreign currency adjustments — (0.3) (0.3) Balances as of March 31, 2024: $ 0.3 $ 10.3 $ 10.6 During the fiscal year ended December 31, 2023, and continuing into the quarter ended March 31, 2024, management approved a restructuring action to further streamline and improve operating performance. The restructuring plan was approved and implemented in phases. The plan is expected to be substantially completed by the end of 2024. During the three months ended March 31, 2024, a new phase of the restructuring plan was approved resulting in restructuring expenses of $5.3 million, representing estimated termination benefits to employees. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits on previously approved phases. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. Excluded from the accrued restructuring plan reserves are $1.6 million of restructuring expense related to the facility closure costs impacting the Life Science segment. From February 2023 to March 31, 2024, total restructuring-related expenses were $31.8 million, primarily representing estimated termination benefits to employees. The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions): Life Science Clinical Diagnostics Total Balances as of January 1, 2024: $ 3.0 $ 7.8 $ 10.8 Charged to expense - employee termination benefits 2.1 3.2 5.3 Adjustment to expense (0.3) (0.6) (0.9) Cash payments (2.4) (4.6) (7.0) Foreign currency adjustments — (0.2) (0.2) Balances as of March 31, 2024: $ 2.4 $ 5.6 $ 8.0 Combined, the accrued restructuring plan reserve of $18.7 million as of March 31, 2024 was recorded in Accrued payroll and employee benefits in the condensed consolidated balance sheets. The amounts reflected in Cost of goods sold, Selling, general and administrative expense and Research and development expense for the three months ended March 31, 2024 were $0.5 million, $4.4 million and $2.2 million, respectively, in the condensed consolidated statements of income.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	14. 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 15 years, which includes our determination to exercise renewal options. We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt, net of current maturities in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. 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. The components of lease expense were as follows (in millions): Three Months Ended March 31, 2024 2023 Operating lease cost $ 18.1 $ 15.8 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ 0.1 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 0.3 $ 0.3 Operating lease cost includes original reduction in the carrying amount of ROU assets, the impact of remeasurements, modifications, impairments and abandonments. Our short-term leases are expensed as incurred, reflecting leases with a lease term of one year or less, and are not significant for the three months ended March 31, 2024 and 2023. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three months ended March 31, 2024 and 2023. Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10.9 $ 9.9 Operating cash flows from finance leases $ 0.2 $ 0.2 Financing cash flows from finance leases $ 0.1 $ 0.1 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 7.6 $ 2.2 Supplemental balance sheet information related to leases was as follows (in millions): March 31, 2024 December 31, 2023 Operating Leases Operating lease right-of-use assets $ 188.9 $ 194.7 Current operating lease liabilities $ 40.0 $ 40.4 Operating lease liabilities 159.8 165.5 Total operating lease liabilities $ 199.8 $ 205.9 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 (in millions): March 31, 2024 December 31, 2023 Finance Leases Property, plant and equipment, gross $ 11.8 $ 11.9 Less: accumulated depreciation and amortization (5.9) (5.9) Property, plant and equipment, net $ 5.9 $ 6.0 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 9.5 9.6 Total finance lease liabilities $ 10.0 $ 10.1 March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term Operating leases - in years 7 7 Finance leases - in years 14 14 Weighted Average Discount Rate Operating leases 4.0 % 3.9 % Finance leases 6.4 % 6.4 % Maturities of lease liabilities were as follows (in millions): Year Ending December 31, Operating Leases Finance Leases 2024 (excluding the three months ended March 31, 2024) $ 34.1 $ 1.2 2025 46.2 1.1 2026 34.7 1.1 2027 27.1 1.1 2028 21.5 1.1 Thereafter 65.4 10.5 Total lease payments 229.0 16.1 Less imputed interest (29.2) (6.1) Total $ 199.8 $ 10.0 The value of our operating lease portfolio is principally for facilities with longer durations than the lesser value vehicles, and other equipment with shorter terms and higher turn-over. As of March 31, 2024, operating leases that have not commenced are not material.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 383,916	$ 68,962

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Use_2

Basis of Presentation and Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023.
Subsequent Events, Policy	We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets, valuation of accounts receivable, estimation of warranty reserve, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the Loan receivable. Actual results could differ materially from those estimates.
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. 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. In addition, we offer a reagent rental program which provides 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. 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. 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. 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. Maintenance services and reagent sales 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. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three months ended March 31, 2024 and March 31, 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income. Contract costs: We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income. Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2024 2023 United States $ 252.9 $ 297.0 EMEA 200.2 204.8 APAC 117.2 135.8 Other (primarily Canada and Latin America) 40.5 39.2 Total net sales $ 610.8 $ 676.8 The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 11). Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements, including installation services. The deferred revenue balance at March 31, 2024 and December 31, 2023 was $70.8 million and $68.3 million, respectively. The short-term deferred revenue balance at March 31, 2024 and December 31, 2023 was $55.1 million and $51.1 million, respectively.
Standard Product Warranty, Policy	We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income. Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 8.4 $ 10.6 Provision for warranty 1.4 2.0 Actual warranty costs (2.3) (2.7) Balance at end of period $ 7.5 $ 9.9
Accounts Receivable and Allowance for Credit Losses	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 customer. Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 14.9 $ 15.0 Provision for expected credit losses 1.6 0.6 Write-offs charged against the allowance (1.2) (0.4) Balance at end of period $ 15.3 $ 15.2
Recent Accounting Pronouncements Issued and to be Adopted	Recent Accounting Pronouncements Issued and to be Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker (CODM). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.

1. Basis of Presentation and Us

1. Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue from External Customers by Geographic Areas [Table Text Block]	The following table presents our revenues disaggregated by geographic region (in millions): Three Months Ended March 31, 2024 2023 United States $ 252.9 $ 297.0 EMEA 200.2 204.8 APAC 117.2 135.8 Other (primarily Canada and Latin America) 40.5 39.2 Total net sales $ 610.8 $ 676.8
Schedule of Product Warranty Liability [Table Text Block]	Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2024 and 2023 were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 8.4 $ 10.6 Provision for warranty 1.4 2.0 Actual warranty costs (2.3) (2.7) Balance at end of period $ 7.5 $ 9.9
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Changes in our allowance for credit losses were as follows (in millions): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 14.9 $ 15.0 Provision for expected credit losses 1.6 0.6 Write-offs charged against the allowance (1.2) (0.4) Balance at end of period $ 15.3 $ 15.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2024 are classified in the hierarchy as follows (in millions): Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash equivalents: Time deposits — 50.0 — 50.0 Money market funds 137.4 — — 137.4 Total cash equivalents (a) 137.4 50.0 — 187.4 Restricted investments (b) 7.1 — — 7.1 Equity securities (c) 7,721.7 — — 7,721.7 Loan under the fair value option (d) — — 330.6 330.6 Available-for-sale investments: Corporate debt securities — 551.0 — 551.0 U.S. government sponsored agencies — 281.4 — 281.4 Foreign government obligations — 3.8 — 3.8 Municipal obligations — 9.5 — 9.5 Asset-backed securities — 293.3 — 293.3 Total available-for-sale investments (e) — 1,139.0 — 1,139.0 Forward foreign exchange contracts (f) — 2.3 — 2.3 Total financial assets carried at fair value $ 7,866.2 $ 1,191.3 $ 330.6 $ 9,388.1 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 1.3 $ — $ 1.3 Contingent consideration (h) — — 17.7 17.7 Total financial liabilities carried at fair value $ — $ 1.3 $ 17.7 $ 19.0 Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 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 $ — $ 12.5 $ — $ 12.5 Time deposits — 36.6 — 36.6 U.S. government sponsored agencies — 7.0 — 7.0 Money market funds 28.0 — — 28.0 Total cash equivalents (a) 28.0 56.1 — 84.1 Restricted investments (b) 7.1 — — 7.1 Equity securities (c) 7,399.3 — — 7,399.3 Loan under the fair value option (d) — — 325.7 325.7 Available-for-sale investments: Corporate debt securities — 531.6 — 531.6 U.S. government sponsored agencies — 255.9 — 255.9 Foreign government obligations — 12.7 — 12.7 Municipal obligations — 12.1 — 12.1 Asset-backed securities — 323.7 — 323.7 Total available-for-sale investments (e) — 1,136.0 — 1,136.0 Forward foreign exchange contracts (f) — 4.1 — 4.1 Total financial assets carried at fair value $ 7,434.4 $ 1,196.2 $ 325.7 $ 8,956.3 Financial liabilities carried at fair value: Forward foreign exchange contracts (g) $ — $ 11.7 $ — $ 11.7 Contingent consideration (h) — — 17.5 17.5 Total financial liabilities carried at fair value $ — $ 11.7 $ 17.5 $ 29.2 (a) Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2024 December 31, 2023 Restricted investments $ 5.6 $ 5.6 Other investments 1.5 1.5 Total $ 7.1 $ 7.1 (c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2024 December 31, 2023 Short-term investments $ 73.3 $ 67.2 Other investments 7,648.4 7,332.1 Total $ 7,721.7 $ 7,399.3 (d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets. (g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets. (h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.2 million in the consolidated statements of income for the three months ended March 31, 2024. No conditions triggering payment of the contingent consideration were met as of March 31, 2024.
Debt Securities, Available-for-sale	Available-for-sale investments consist of the following (in millions): March 31, 2024 Amortized Unrealized Unrealized Estimated Short-term investments: Corporate debt securities $ 553.3 $ 0.8 $ (3.1) $ 551.0 Municipal obligations 9.6 — (0.1) 9.5 Asset-backed securities 294.4 0.6 (1.7) 293.3 U.S. government sponsored agencies 283.5 0.1 (2.2) 281.4 Foreign government obligations 3.8 — — 3.8 $ 1,144.6 $ 1.5 $ (7.1) $ 1,139.0 Available-for-sale investments consist of the following (in millions): December 31, 2023 Amortized Unrealized Unrealized Estimated Short-term investments: Corporate debt securities $ 534.1 $ 0.8 $ (3.3) $ 531.6 Municipal obligations 12.2 — (0.1) 12.1 Asset-backed securities 325.7 0.7 (2.7) 323.7 U.S. government sponsored agencies 257.4 0.1 (1.6) 255.9 Foreign government obligations 12.8 — (0.1) 12.7 Total $ 1,142.2 $ 1.6 $ (7.8) $ 1,136.0
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date	The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2024 by contractual maturity date (in millions): Amortized Estimated Fair Mature in less than one year $ 272.1 $ 270.3 Mature in one to five years 724.7 721.7 Mature in more than five years 147.8 147.0 Total $ 1,144.6 $ 1,139.0
Discussion of current derivative risk management	The following is a summary of our forward foreign currency exchange contracts (in millions): Contracts maturing in April through June 2024 to sell foreign currency: March 31, 2024 Notional value $ 673.7 Unrealized loss $ 0.8 Contracts maturing in April through June 2024 to purchase foreign currency: Notional value $ 65.1 Unrealized gain $ 0.1
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying value and fair value of our long-term debt were as follows (in millions): March 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 1,189.9 $ 1,097.2 $ 1,189.5 $ 1,102.5 Other long-term debt 9.5 9.5 9.6 9.6 Total $ 1,199.4 $ 1,106.7 $ 1,199.1 $ 1,112.1
Fair Value Measurement Inputs and Valuation Techniques	The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions): December 31, 2023 $ 325.7 Net increase in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable $ 12.3 Foreign currency exchange gains (losses), net $ (7.4) March 31, 2024 $ 330.6

Goodwill and Other Purchased _2

Goodwill and Other Purchased Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes to goodwill by segment	Changes to goodwill by segment are as follows (in millions): Life Clinical Total Balances as of January 1, 2024: Goodwill $ 333.3 $ 415.5 $ 748.8 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net 291.5 122.1 413.6 Foreign currency adjustments — (0.8) (0.8) Period increase, net — (0.8) (0.8) Balances as of March 31, 2024: Goodwill 333.3 414.7 748.0 Accumulated impairment losses (41.8) (293.4) (335.2) Goodwill, net $ 291.5 $ 121.3 $ 412.8
Schedule of identifiable purchased intangible assets with definite lives	Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): March 31, 2024 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.1 $ 105.7 $ (96.8) $ 8.9 Know how 1.5 166.9 (160.2) 6.7 Developed product technology 11.9 216.9 (134.5) 82.4 Licenses 4.7 59.0 (43.1) 15.9 Tradenames 5.3 6.0 (4.6) 1.4 Covenants not to compete 2.0 6.5 (5.1) 1.4 Total finite-lived intangible assets 561.0 (444.3) 116.7 In-process research and development 196.9 — 196.9 Total purchased intangible assets $ 757.9 $ (444.3) $ 313.6 December 31, 2023 Weighted-Average Remaining Amortization Period (years) Purchase Accumulated Net Customer relationships/lists 5.2 $ 108.7 $ (98.9) $ 9.8 Know how 1.8 168.9 (161.1) 7.8 Developed product technology 12.0 217.8 (132.9) 84.9 Licenses 4.9 59.2 (42.4) 16.8 Tradenames 5.6 6.1 (4.7) 1.4 Covenants not to compete 2.3 6.4 (4.8) 1.6 Total finite-lived intangible assets 567.1 (444.8) 122.3 In-process research and development 198.2 — 198.2 Total purchased intangible assets $ 765.3 $ (444.8) $ 320.5
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Amortization expense related to purchased intangible assets is as follows (in millions): Three Months Ended March 31, 2024 2023 Amortization expense $ 5.5 $ 6.0

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Following are the components of Inventory at March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Inventory: Raw materials $ 226.1 $ 231.6 Work in process 250.4 246.0 Finished goods 306.9 302.9 Total Inventory $ 783.4 $ 780.5

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The reconciliation of net income to net cash provided by operating activities is as follows (in millions): Three Months Ended March 31, 2024 2023 Net income $ 383.9 $ 69.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 37.1 35.6 Reduction in the carrying amount of right-of-use assets 10.7 10.0 Share-based compensation 15.3 16.6 (Gains) losses from change in fair market value of equity securities and loan receivable (422.2) 17.5 Payments for operating lease liabilities (10.9) (9.9) (Increase) decrease in accounts receivable 37.4 (1.4) Increase in inventories (8.8) (30.1) Increase in other current assets (26.3) (16.0) Increase (decrease) in accounts payable and other current liabilities (44.4) 8.2 Increase in income taxes payable 12.3 10.4 Increase (decrease) in deferred income taxes 84.2 (13.9) Increase (decrease) in other long-term liabilities (0.4) 2.5 Other 1.9 (0.4) Net cash provided by operating activities $ 69.8 $ 98.1 Non-cash investing activities: Purchased property, plant and equipment $ 3.5 $ 8.4 Purchased marketable securities and investments $ 2.3 $ 6.3

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The principal components of long-term debt are as follows (in millions): March 31, December 31, 3.3%, Senior Notes due 2027 $ 400.0 $ 400.0 3.7%, Senior Notes due 2032 800.0 800.0 Less unamortized discounts and debt issuance costs (10.1) (10.5) Long-term debt less unamortized discounts and debt issuance costs 1,189.9 1,189.5 Finance leases and other debt 10.0 10.1 Less current maturities (0.5) (0.5) Long-term debt $ 1,199.4 $ 1,199.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions): Foreign currency translation adjustments Foreign other post-employment benefits adjustments Net unrealized holding gains (losses) on available-for-sale investments Total accumulated other comprehensive income (loss) Balances as of January 1, 2024: $ (334.1) $ (2.8) $ 0.9 $ (336.0) Other comprehensive income (loss), before reclassifications (92.1) 0.3 0.3 (91.5) Amounts reclassified from Accumulated other comprehensive income (loss) — (0.1) 0.2 0.1 Income tax effects 0.3 1.2 (0.1) 1.4 Other comprehensive income (loss), net of income taxes (91.8) 1.4 0.4 (90.0) Balances as of March 31, 2024: $ (425.9) $ (1.4) $ 1.3 $ (426.0) 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, 2023: $ (466.5) $ 10.0 $ (10.3) $ (466.8) Other comprehensive income, before reclassifications 55.4 0.1 4.0 59.5 Amounts reclassified from Accumulated other comprehensive income (loss) — (0.1) 0.2 0.1 Income tax effects (0.2) 0.1 (1.0) (1.1) Other comprehensive income, net of income taxes 55.2 0.1 3.2 58.5 Balances as of March 31, 2023: $ (411.3) $ 10.1 $ (7.1) $ (408.3)
Reclassification Out of Accumulated Other Comprehensive Income	The impact to income (loss) before income taxes for amounts reclassified out of accumulated other comprehensive income (loss) into other income, net in the condensed consolidated statements of income were as follows (in millions):

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares	The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands): Three Months Ended March 31, 2024 2023 Basic weighted average shares outstanding 28,518 29,596 Effect of potentially dilutive stock options, restricted stock and performance stock awards 19 151 Diluted weighted average common shares outstanding 28,537 29,747 Anti-dilutive shares 351 94

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of other income (expense), net	Other income, net includes the following components (in millions): Three Months Ended March 31, 2024 2023 Interest and investment income $ (34.0) $ (50.3) Net realized losses on investments 0.2 0.7 Other income (0.7) (0.8) Other income, net $ (34.5) $ (50.4)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information regarding net sales and operating profit (loss) for the three months ended March 31, 2024 and 2023 are as follows (in millions): Life Clinical Other Net sales 2024 $ 241.7 $ 368.6 $ 0.5 2023 $ 323.6 $ 352.1 $ 1.1 Operating profit (loss) 2024 $ (8.2) $ 53.1 $ (0.2) 2023 $ 35.7 $ 26.3 $ (0.1)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following reconciles total operating profit to consolidated income before income taxes (in millions): Three Months Ended March 31, 2024 2023 Operating profit $ 44.7 $ 61.9 Interest expense (12.3) (12.3) Foreign currency exchange gains, net 2.0 2.3 Gains (losses) from change in fair market value of equity securities and loan receivable 422.2 (17.5) Other income, net 34.5 50.4 Consolidated income before income taxes $ 491.1 $ 84.8

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring Costs [Abstract]
Restructuring and Related Costs	The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions): Life Science Clinical Diagnostics Total Balances as of January 1, 2024: $ 0.2 $ 12.8 $ 13.0 Adjustment to expense 0.1 1.0 1.1 Cash payments — (3.2) (3.2) Foreign currency adjustments — (0.3) (0.3) Balances as of March 31, 2024: $ 0.3 $ 10.3 $ 10.6 The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions): Life Science Clinical Diagnostics Total Balances as of January 1, 2024: $ 3.0 $ 7.8 $ 10.8 Charged to expense - employee termination benefits 2.1 3.2 5.3 Adjustment to expense (0.3) (0.6) (0.9) Cash payments (2.4) (4.6) (7.0) Foreign currency adjustments — (0.2) (0.2) Balances as of March 31, 2024: $ 2.4 $ 5.6 $ 8.0

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows (in millions): Three Months Ended March 31, 2024 2023 Operating lease cost $ 18.1 $ 15.8 Finance lease cost: Amortization of right-of-use assets $ 0.1 $ 0.1 Interest on lease liabilities 0.2 0.2 Total finance lease cost $ 0.3 $ 0.3
Lessee Supplemental Cash Flow Information	Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10.9 $ 9.9 Operating cash flows from finance leases $ 0.2 $ 0.2 Financing cash flows from finance leases $ 0.1 $ 0.1 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 7.6 $ 2.2
Lessee Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows (in millions): March 31, 2024 December 31, 2023 Operating Leases Operating lease right-of-use assets $ 188.9 $ 194.7 Current operating lease liabilities $ 40.0 $ 40.4 Operating lease liabilities 159.8 165.5 Total operating lease liabilities $ 199.8 $ 205.9 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 (in millions): March 31, 2024 December 31, 2023 Finance Leases Property, plant and equipment, gross $ 11.8 $ 11.9 Less: accumulated depreciation and amortization (5.9) (5.9) Property, plant and equipment, net $ 5.9 $ 6.0 Current maturities of long-term debt and notes payable $ 0.5 $ 0.5 Long-term debt, net of current maturities 9.5 9.6 Total finance lease liabilities $ 10.0 $ 10.1 March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term Operating leases - in years 7 7 Finance leases - in years 14 14 Weighted Average Discount Rate Operating leases 4.0 % 3.9 % Finance leases 6.4 % 6.4 %
Maturities Of Lease Liabilities For Operating and Finance Leases	Maturities of lease liabilities were as follows (in millions): Year Ending December 31, Operating Leases Finance Leases 2024 (excluding the three months ended March 31, 2024) $ 34.1 $ 1.2 2025 46.2 1.1 2026 34.7 1.1 2027 27.1 1.1 2028 21.5 1.1 Thereafter 65.4 10.5 Total lease payments 229.0 16.1 Less imputed interest (29.2) (6.1) Total $ 199.8 $ 10.0

1. Basis of Presentation and _2

1. Basis of Presentation and Use of Estimates Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	$ 610,820	$ 676,844
Cost of goods sold	284,854	314,427
Deferred Revenue	70,800		$ 68,300
Retained earnings	9,644,545		9,260,629
Accumulated other comprehensive loss	(425,971)		(336,038)
Total stockholders' equity	$ 9,051,134	9,763,716	8,741,133	$ 9,615,252
Revenue Allocation Percent To Lease Elements	3%
Additional paid-in-capital	$ 462,627		449,075
Selling, general and administrative expense	214,883	225,553
Research and Development Expense	66,375	74,951
Interest expense	12,277	12,337
Other Nonoperating Income (Expense)	34,516	50,431
Deferred Revenue, Current	55,100		$ 51,100
Europe [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	200,200	204,800
Asia Pacific [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	117,200	135,800
UNITED STATES
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	252,900	297,000
Americas [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	$ 40,500	$ 39,200

1. Basis of Presentation and _3

1. Basis of Presentation and Use of Estimates Warranty Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Warranty accrual, beginning of period	$ 8.4	$ 10.6
Provision for warranty	1.4	2
Actual warranty costs	(2.3)	(2.7)
Warranty accrual, end of period	$ 7.5	$ 9.9

1. Basis of Presentation and _4

1. Basis of Presentation and Use of Estimates Accounts Receivables Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 15.3	$ 15.2	$ 14.9	$ 15
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	1.6	0.6
Allowance for Loan and Lease Losses, Write-offs	$ (1.2)	$ (0.4)

1. Basis of Presentation and _5

1. Basis of Presentation and Use of Estimates (Details)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Allocation Percent To Lease Elements	3%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain on Securities		$ 402.3
Debt Securities, Trading, and Equity Securities, FV-NI		330.6	$ 325.7
Debt Securities, Available-for-sale	[1]	1,139
Fair Value, Option, Changes in Fair Value, Gain (Loss)		12.3
Foreign exchange (gains) losses, net		(7.4)
Fair Value, Option, Loans Held as Assets [Abstract]
Debt Securities	[2]				$ 400
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions		(8.8)
Derivative, Forward Interest Rate					1.50%
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net [Abstract]
Value appreciation rights, Unrecognized Unrealized Appreciation (Depreciation), Net		$ (3.5)
Ordinary voting shares [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment ownership percentage		38%
Preference shares [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment ownership percentage		27%
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	$ 7.1	7.1
Equity Securities	[4]	7,721.7	7,399.3
Debt Securities, Trading, and Equity Securities, FV-NI	[2]	330.6	325.7
Debt Securities, Available-for-sale	[1]	1,139	1,136
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure	[5]	2.3	4.1
Assets, Fair Value Disclosure		9,388.1	8,956.3
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure	[6]	1.3	11.7
Business Combination, Contingent Consideration, Liability	[7]	17.7	17.5
Liabilities, Fair Value Disclosure		19	29.2
Fair Value, Recurring | Research and Development Expense
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net [Abstract]
Changes in fair value of contingent consideration		0.2
Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	7.1	7.1
Equity Securities	[4]	7,721.7	7,399.3
Debt Securities, Trading, and Equity Securities, FV-NI	[2]	0	0
Debt Securities, Available-for-sale	[1]	0	0
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure	[5]	0	0
Assets, Fair Value Disclosure		7,866.2	7,434.4
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure	[6]	0	0
Business Combination, Contingent Consideration, Liability	[7]	0	0
Liabilities, Fair Value Disclosure		0	0
Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	0	0
Equity Securities	[4]	0	0
Debt Securities, Trading, and Equity Securities, FV-NI	[2]	0	0
Debt Securities, Available-for-sale		1,139	1,136	[1]
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure	[5]	2.3	4.1
Assets, Fair Value Disclosure		1,191.3	1,196.2
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure	[6]	1.3	11.7
Business Combination, Contingent Consideration, Liability	[7]	0	0
Liabilities, Fair Value Disclosure		1.3	11.7
Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	0	0
Equity Securities	[4]	0	0
Debt Securities, Trading, and Equity Securities, FV-NI	[2]	330.6	325.7
Debt Securities, Available-for-sale	[1]	0	0
Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure	[5]	0	0
Assets, Fair Value Disclosure		330.6	325.7
Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure	[6]	0	0
Business Combination, Contingent Consideration, Liability	[7]	17.7	17.5
Liabilities, Fair Value Disclosure		17.7	17.5
Commercial Paper [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		12.5
Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		0
Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		12.5
Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		0
Time Deposits [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	50	36.6
Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	0	0
Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	50	36.6
Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	0	0
Money Market Funds [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	137.4	28
Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	137.4	28
Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	0	0
Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	0	0
Cash Equivalents [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	187.4	84.1
Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	137.4	28
Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	50	56.1
Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]	0	0
US Treasury Securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		7
US Treasury Securities | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		7
US Treasury Securities | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		0
Foreign Government Debt [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	[8]		0
Municipal Obligations (Member) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	9.5	12.1
Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	9.5	12.1
Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Foreign Government Obligations [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	3.8	12.7
Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	3.8	12.7
Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Corporate Debt Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	551	531.6
Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	551	531.6
Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
US Government Sponsored Agencies [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	281.4	255.9
US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	281.4	255.9
US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Asset-backed Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	293.3	323.7
Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	293.3	323.7
Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	0	0
Short-term Investments [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	[4]	73.3	67.2
Debt Securities, Available-for-sale	[1]	1,139	1,136
Short-term Investments [Member] | Municipal Obligations (Member) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	9.5	12.1
Short-term Investments [Member] | Foreign Government Obligations [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	3.8	12.7
Short-term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	551	531.6
Short-term Investments [Member] | US Government Sponsored Agencies [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	281.4	255.9
Short-term Investments [Member] | Asset-backed Securities [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	[1]	293.3	323.7
Other Investments [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	1.5	1.5
Equity Securities	[4]	7,648.4	7,332.1
Restricted investment [Member] | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted Investments, at Fair Value	[3]	$ 5.6	$ 5.6
[1]Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.[2]The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.[3]Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): March 31, 2024 December 31, 2023 Restricted investments $ 5.6 $ 5.6 Other investments 1.5 1.5 Total $ 7.1 $ 7.1 March 31, 2024 December 31, 2023 Short-term investments $ 73.3 $ 67.2 Other investments 7,648.4 7,332.1 Total $ 7,721.7 $ 7,399.3 Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	[1]
Forward foreign exchange contract to sell foreign currency [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 673.7
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments	0.8
Forward foreign exchange contract to purchase foreign currency [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	65.1
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments	$ 0.1
[1]Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

Fair Value Measurements (Deta_3

Fair Value Measurements (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	$ 1,144.6
Debt Securities, Available-for-sale	[1]	1,139
Fair Value, Recurring
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	1,139	$ 1,136
Fair Value, Recurring | Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	551	531.6
Fair Value, Recurring | Municipal obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	9.5	12.1
Fair Value, Recurring | US Government Sponsored Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	281.4	255.9
Fair Value, Recurring | Foreign Government Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	3.8	12.7
Fair Value, Recurring | Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	[1]	293.3	323.7
Fair Value, Recurring | Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	1,144.6	1,142.2
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	1.5	1.6
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	(7.1)	(7.8)
Debt Securities, Available-for-sale	[1]	1,139	1,136
Fair Value, Recurring | Short-term Investments [Member] | Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	553.3	534.1
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	0.8	0.8
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	(3.1)	(3.3)
Debt Securities, Available-for-sale	[1]	551	531.6
Fair Value, Recurring | Short-term Investments [Member] | Municipal obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	9.6	12.2
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	(0.1)	(0.1)
Debt Securities, Available-for-sale	[1]	9.5	12.1
Fair Value, Recurring | Short-term Investments [Member] | US Government Sponsored Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	283.5	257.4
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	0.1	0.1
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	(2.2)	(1.6)
Debt Securities, Available-for-sale	[1]	281.4	255.9
Fair Value, Recurring | Short-term Investments [Member] | Foreign Government Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	3.8	12.8
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	0	(0.1)
Debt Securities, Available-for-sale	[1]	3.8	12.7
Fair Value, Recurring | Short-term Investments [Member] | Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	[1]	294.4	325.7
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	[1]	0.6	0.7
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	[1]	(1.7)	(2.7)
Debt Securities, Available-for-sale	[1]	$ 293.3	$ 323.7
[1]Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

Fair Value Measurements - Amort

Fair Value Measurements - Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions	Mar. 31, 2024 USD ($)	[1]
Fair Value Disclosures [Abstract]
Mature in less than one year	$ 272.1
Mature in one to five years	724.7
Mature in more than five years	147.8
Total Amortized Cost	1,144.6
Mature in less than one year	270.3
Mature in one to five years	721.7
Mature in more than five years	147
Estimated Fair Value	$ 1,139
[1]Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

Fair Value Measurements and Inv

Fair Value Measurements and Investments Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, net of current maturities	$ 1,199,381	$ 1,199,052
Total long-term debt, excluding leases and current maturities	1,106,700	1,112,100
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt	1,189,900	1,189,500
Total long-term debt, excluding leases and current maturities	1,097,200	1,102,500
Other Long-Term Debt | Other Long-Term Debt
Debt Instrument [Line Items]
Long-term debt	9,500	9,600
Total long-term debt, excluding leases and current maturities	$ 9,500	$ 9,600

Fair Value Measurements (Deta_4

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable, Current	$ 14.8	$ 11.9
Ordinary voting shares [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment ownership percentage	38%
Investment Owned, Balance, Shares	12,987,900
Preference shares [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment ownership percentage	27%
Investment Owned, Balance, Shares	9,588,908

Goodwill and Other Purchased _3

Goodwill and Other Purchased Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 748,000	$ 748,800
Accumulated impairment loss	(335,200)	(335,200)
Goodwill, net	412,817	413,569
Goodwill, Foreign Currency Translation Gain (Loss)	(800)
Goodwill, Period Increase (Decrease)	(800)
Clinical Diagnostics
Goodwill [Line Items]
Goodwill	414,700	415,500
Accumulated impairment loss	(293,400)	(293,400)
Goodwill, net	121,300	122,100
Goodwill, Foreign Currency Translation Gain (Loss)	(800)
Goodwill, Period Increase (Decrease)	(800)
Life Science
Goodwill [Line Items]
Goodwill	333,300	333,300
Accumulated impairment loss	(41,800)	(41,800)
Goodwill, net	291,500	$ 291,500
Goodwill, Foreign Currency Translation Gain (Loss)	0
Goodwill, Period Increase (Decrease)	$ 0

Goodwill and Other Purchased _4

Goodwill and Other Purchased Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 561,000		$ 567,100
Accumulated Amortization	(444,300)		(444,800)
Net Carrying Amount	116,700		122,300
Amortization [Abstract]
Amortization expense	5,500	$ 6,000
Purchased intangibles, net	313,602		320,514
Intangible Assets, Gross (Excluding Goodwill)	$ 757,900		$ 765,300
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	5 years 1 month 6 days		5 years 2 months 12 days
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 105,700		$ 108,700
Accumulated Amortization	(96,800)		(98,900)
Net Carrying Amount	$ 8,900		$ 9,800
Know How [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year 6 months		1 year 9 months 18 days
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 166,900		$ 168,900
Accumulated Amortization	(160,200)		(161,100)
Net Carrying Amount	$ 6,700		$ 7,800
Developed Technology Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	11 years 10 months 24 days		12 years
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 216,900		$ 217,800
Accumulated Amortization	(134,500)		(132,900)
Net Carrying Amount	$ 82,400		$ 84,900
Licensing Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	4 years 8 months 12 days		4 years 10 months 24 days
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 59,000		$ 59,200
Accumulated Amortization	(43,100)		(42,400)
Net Carrying Amount	$ 15,900		$ 16,800
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	5 years 3 months 18 days		5 years 7 months 6 days
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 6,000		$ 6,100
Accumulated Amortization	(4,600)		(4,700)
Net Carrying Amount	$ 1,400		$ 1,400
Noncompete Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	2 years		2 years 3 months 18 days
Finite-Lived Intangible Assets, Net [Abstract]
Purchase Price	$ 6,500		$ 6,400
Accumulated Amortization	(5,100)		(4,800)
Net Carrying Amount	1,400		1,600
In Process Research and Development [Member]
Amortization [Abstract]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 196,900		$ 198,200

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 226,100	$ 231,600
Work in process	250,400	246,000
Finished goods	306,900	302,900
Inventory	$ 783,369	$ 780,517

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Net income	$ 383,916	$ 68,962
Depreciation and amortization	37,100	35,600
Reduction in the carrying amount of right-of-use assets	10,700	10,000
Share-based Compensation	15,300	16,600
(Gains) losses from change in fair market value of equity securities and loan receivable	(422,200)	17,500
Payments of operating lease liabilities	(10,900)	(9,900)
Decrease in accounts receivable	37,400	(1,400)
Decrease (increase) in inventories	(8,800)	(30,100)
Increase in other current assets	(26,300)	(16,000)
Decrease in accounts payable and other current liabilities	(44,400)	8,200
Increase in income taxes payable	12,300	10,400
Increase in deferred income taxes	84,200	(13,900)
Increase in other long term liabilities	(400)	2,500
Other	1,900	(400)
Net cash provided by operating activities	69,792	98,119
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	3,500	8,400
Noncash or Part Noncash Acquisition, Investments Acquired	$ 2,300	$ 6,300

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Feb. 13, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Other Long-Term Debt, Current	$ (500,000)		$ (500,000)
Long-term debt, net of current maturities	1,199,381,000		1,199,052,000
Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 200,000,000
Line of Credit, Current	$ 0
Senior Notes | 3.3%, Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.30%
Senior Notes, Noncurrent	$ 400,000,000		400,000,000
Senior Notes | 3.7%, Senior Notes due 2032
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Senior Notes, Noncurrent	$ 800,000,000		800,000,000
Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(10,100,000)		(10,500,000)
Long-term debt	1,189,900,000		1,189,500,000
Finance Lease Obligations | Finance Leases and Other Debt
Debt Instrument [Line Items]
Other Long-term Debt	$ 10,000,000		$ 10,100,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance, Accumulated other comprehensive income	$ (336,038)
Total other comprehensive income (loss) net of tax	(89,933)	$ 58,470
Ending balance, Accumulated other comprehensive income	(425,971)
Other (income) expense, net	(34,516)	(50,431)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance, Accumulated other comprehensive income	(334,100)	(466,500)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(92,100)	55,400
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Other Comprehensive Income (Loss), Tax	300	(200)
Total other comprehensive income (loss) net of tax	(91,800)	55,200
Ending balance, Accumulated other comprehensive income	(425,900)	(411,300)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance, Accumulated other comprehensive income	(2,800)	10,000
Other Comprehensive Income (Loss), before Reclassifications, before Tax	300	100
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	100	100
Other Comprehensive Income (Loss), Tax	1,200	100
Total other comprehensive income (loss) net of tax	1,400	100
Ending balance, Accumulated other comprehensive income	(1,400)	10,100
Accumulated Defined Benefit Plans Adjustment | Reclassification Out Of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income) expense, net	(100)	(100)
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance, Accumulated other comprehensive income	900	(10,300)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	300	4,000
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(200)	(200)
Other Comprehensive Income (Loss), Tax	(100)	(1,000)
Total other comprehensive income (loss) net of tax	400	3,200
Ending balance, Accumulated other comprehensive income	1,300	(7,100)
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification Out Of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (income) expense, net	(200)	(200)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance, Accumulated other comprehensive income	(336,000)	(466,800)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(91,500)	59,500
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(100)	(100)
Other Comprehensive Income (Loss), Tax	1,400	(1,100)
Total other comprehensive income (loss) net of tax	(90,000)	58,500
Ending balance, Accumulated other comprehensive income	$ (426,000)	$ (408,300)

Earnings Per Share (Details)

Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2024
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Voting Rights	0.1
Election Percentage for Board of Directors	25%
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Voting Rights	one

Earnings Per Share (Details)_2

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic weighted average shares outstanding	28,518	29,596
Effect of potentially dilutive stock options and restricted stock awards	19	151
Diluted weighted average common shares	28,537	29,747
Anti-dilutive shares	351	94

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and investment income	$ (34,000)	$ (50,300)
Net realized (gain) loss on investments	(200)	(700)
Other Nonoperating (Income)	(700)
Other Nonoperating Expense		(800)
Other (income) expense, net	$ (34,516)	$ (50,431)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	21.80%	18.70%
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 17.2
Unrecognized Tax Benefits	86.1		$ 84.7
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1.3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 610,820	$ 676,844
Life Science
Segment Reporting Information [Line Items]
Net sales	241,700	323,600
Income before income taxes	(8,200)	35,700
Clinical Diagnostics
Segment Reporting Information [Line Items]
Net sales	368,600	352,100
Income before income taxes	53,100	26,300
Other Segments
Segment Reporting Information [Line Items]
Net sales	500	1,100
Income before income taxes	$ (200)	$ (100)

Segment Information (Details)_2

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense	$ 12,277	$ 12,337
Foreign Currency Transaction Gain (Loss), before Tax	1,954	2,347
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	491,078	84,829
Marketable Securities, Unrealized Gain (Loss)	422,177	(17,525)
Other Nonoperating Income (Expense)	34,516	50,431
Other Nonoperating (Income)	700
Net sales	610,820	676,844
Life Science
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income taxes	(8,200)	35,700
Net sales	241,700	323,600
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income taxes	(200)	(100)
Net sales	500	1,100
Clinical Diagnostics
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income taxes	53,100	26,300
Net sales	368,600	352,100
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income before income taxes	44,700	61,900
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	2,000	2,300
Marketable Securities, Unrealized Gain (Loss)	422,200	(17,500)
Other Nonoperating Income (Expense)	34,500	50,400
Interest Expense | Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense	$ (12,300)	$ (12,300)

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended	32 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 18.7
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5.3
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1.6
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	4.4
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	0.5
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	2.2
European Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 71.8
Restructuring Reserve	10.6			$ 13
Restructuring Reserve, Accrual Adjustment	1.1
Payments for Restructuring	(3.2)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.3)
European Reorganization | Life Science
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.3			0.2
Restructuring Reserve, Accrual Adjustment	0.1
Payments for Restructuring	0
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	0
European Reorganization | Clinical Diagnostics
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	10.3			12.8
Restructuring Reserve, Accrual Adjustment	1
Payments for Restructuring	(3.2)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.3)
European and American Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5.3	$ 31.8
Restructuring Reserve	8			10.8
Restructuring Reserve, Accrual Adjustment	(0.9)
Payments for Restructuring	(7)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.2)
European and American Reorganization | Life Science
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2.1
Restructuring Reserve	2.4			3
Restructuring Reserve, Accrual Adjustment	(0.3)
Payments for Restructuring	(2.4)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	0
European and American Reorganization | Clinical Diagnostics
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3.2
Restructuring Reserve	5.6			$ 7.8
Restructuring Reserve, Accrual Adjustment	(0.6)
Payments for Restructuring	(4.6)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	$ (0.2)

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 18,100	$ 15,800
Finance Lease, Right-of-Use Asset, Amortization	100	100
Finance Lease, Interest Expense	200	200
Finance Lease Cost	300	300
Operating Lease, Payments	10,900	9,900
Finance Lease, Interest Payment on Liability	200	200
Finance Lease, Principal Payments	100	100
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	7,600	$ 2,200
Operating lease right-of-use assets	188,918		$ 194,730
Current operating lease liabilities	40,038		40,379
Operating lease liabilities	159,814		165,478
Operating Lease, Liability	199,800		205,900
Finance Lease, Right-Of-Use Asset, before Accumulated Amortization	11,800		11,900
Finance Lease, Right-Of-Use Asset, Accumulated Amortization	5,900		5,900
Finance Lease, Right-Of-Use Asset, after Accumulated Amortization	5,900		6,000
Finance Lease, Liability, Current	500		500
Finance Lease, Liability, Noncurrent	9,500		9,600
Finance Lease, Liability	$ 10,000		$ 10,100
Operating Lease, Weighted Average Remaining Lease Term	7 years		7 years
Finance Lease, Weighted Average Remaining Lease Term	14 years		14 years
Operating Lease, Weighted Average Discount Rate, Percent	4%		3.90%
Finance Lease, Weighted Average Discount Rate, Percent	6.40%		6.40%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 34,100
Finance Lease, Liability, Payments, Remainder of Fiscal Year	1,200
Lessee, Operating Lease, Liability, to be Paid, Year One	46,200
Finance Lease, Liability, to be Paid, Year One	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Two	34,700
Finance Lease, Liability, Payments, Due Year Two	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Three	27,100
Finance Lease, Liability, Payments, Due Year Three	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Four	21,500
Finance Lease, Liability, Payments, Due Year Four	1,100
Lessee, Operating Lease, Liability, Payments, Due after Year Five	65,400
Finance Lease, Liability, Payments, Due after Year Five	10,500
Lessee, Operating Lease, Liability, Payments, Due	229,000
Finance Lease, Liability, Payment, Due	16,100
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(29,200)
Finance Lease, Liability, Undiscounted Excess Amount	$ (6,100)
Minimum
Lessee, Lease, Description [Line Items]
Lessee Operating And Finance Leases Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee Operating And Finance Leases Remaining Lease Term	15 years