(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange | ||||||||||||||
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been | ||||||||||||||
subject to such filing requirements for the past 90 days. | ☒ | No | ☐ |
☒ | No | ☐ |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Yes | No | ☒ |
Common Shares Outstanding at October 20, 2023: | Class A - | Class B - |
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS: | (Unaudited) | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Restricted investments | |||||||||||
Accounts receivable, less allowance for credit losses of $ | |||||||||||
Inventory | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill, net | |||||||||||
Purchased intangibles, net | |||||||||||
Other investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | (Unaudited) | ||||||||||
Accounts payable | $ | $ | |||||||||
Accrued payroll and employee benefits | |||||||||||
Current maturities of long-term debt and notes payable | |||||||||||
Income and other taxes payable | |||||||||||
Current operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net of current maturities | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, shares issued | |||||||||||
Class B common stock, shares issued and outstanding, | |||||||||||
Additional paid-in capital | |||||||||||
Class A treasury stock at cost, | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expense | |||||||||||||||||||||||
Research and development expense | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Foreign currency exchange (gains) losses, net | ( | ( | |||||||||||||||||||||
(Gains) losses from change in fair market value of equity securities and loan receivable | ( | ||||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||
(Provision for) benefit from income taxes | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||||
Net income (loss) per share | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Weighted average common shares - basic | |||||||||||||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||||
Net income (loss) per diluted share | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Weighted average common shares - diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments, net of income taxes | ( | ( | ( | ( | |||||||||||||||||||
Foreign other post-employment benefits adjustments, net of income taxes | ( | ( | |||||||||||||||||||||
Net unrealized holding gain (loss) on available-for-sale debt investments, net of income taxes | ( | ( | |||||||||||||||||||||
Other comprehensive loss, net of income taxes | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Cash received from customers | $ | $ | |||||||||
Cash paid to suppliers and employees | ( | ( | |||||||||
Interest paid, net | ( | ( | |||||||||
Income tax payments, net | ( | ( | |||||||||
Dividend proceeds and miscellaneous receipts, net | |||||||||||
Proceeds from forward foreign exchange contracts, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Payments for purchases of property, plant and equipment | ( | ( | |||||||||
Proceeds from dispositions of property, plant and equipment | |||||||||||
Proceeds from divestiture of a division | |||||||||||
Payments for acquisitions, net of cash received | ( | ||||||||||
Payments for purchases of marketable securities and investments | ( | ( | |||||||||
Proceeds from sales of marketable securities and investments | |||||||||||
Proceeds from maturities of marketable securities and investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of Notes, net of debt financing costs | |||||||||||
Payments on long-term borrowings | ( | ( | |||||||||
Proceeds from issuance of common stock and from reissuance of treasury stock under the employee stock purchase plan and upon exercise of stock options | |||||||||||
Tax payments from net share settlement | ( | ( | |||||||||
Payments for purchases of treasury stock | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of foreign exchange rate changes on cash | |||||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
September 30, 2023 | September 30, 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in Other current assets | |||||||||||
Restricted cash included in Other assets | |||||||||||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Issuance of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of treasury stock, net of shares withheld | ( | ( | |||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of shares withheld | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of treasury stock, net of shares withheld | ( | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of common stock | |||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of shares withheld | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of treasury stock, net of shares withheld | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of shares withheld | ( | ( | |||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||
Issuance of treasury stock, net of shares withheld | ( | ( | |||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
United States | $ | $ | $ | $ | ||||||||||||||||||||||
EMEA | ||||||||||||||||||||||||||
APAC | ||||||||||||||||||||||||||
Other (primarily Canada and Latin America) | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ |
Nine Months Ended | ||||||||
September 30, | ||||||||
2023 | 2022 | |||||||
Balance at beginning of period | $ | $ | ||||||
Provision for warranty | ||||||||
Actual warranty costs | ( | ( | ||||||
Balance at end of period | $ | $ |
Nine Months Ended | ||||||||
September 30, | ||||||||
2023 | 2022 | |||||||
Balance at beginning of period | $ | $ | ||||||
Provision for expected credit losses | ||||||||
Write-offs charged against the allowance | ( | ( | ||||||
Recoveries collected | ||||||||
Balance at end of period | $ | $ |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||
Total cash equivalents (a) | |||||||||||||||||||||||
Restricted investments (b) | |||||||||||||||||||||||
Equity securities (c) | |||||||||||||||||||||||
Loan under the fair value option (d) | |||||||||||||||||||||||
Available-for-sale investments: | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
U.S. government sponsored agencies | |||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||
Municipal obligations | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total available-for-sale investments (e) | |||||||||||||||||||||||
Forward foreign exchange contracts (f) | |||||||||||||||||||||||
Total financial assets carried at fair value | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||||||||
Forward foreign exchange contracts (g) | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration (h) | |||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial assets carried at fair value: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
Time deposits | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
U.S. government sponsored agencies | |||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||
Total cash equivalents (a) | |||||||||||||||||||||||
Restricted investments (b) | |||||||||||||||||||||||
Equity securities (c) | |||||||||||||||||||||||
Loan under the fair value option (d) | |||||||||||||||||||||||
Available-for-sale investments: | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
U.S. government sponsored agencies | |||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||
Municipal obligations | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total available-for-sale investments (e) | |||||||||||||||||||||||
Forward foreign exchange contracts (f) | |||||||||||||||||||||||
Total financial assets carried at fair value | $ | $ | $ | $ | |||||||||||||||||||
Financial liabilities carried at fair value: | |||||||||||||||||||||||
Forward foreign exchange contracts (g) | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration (h) | |||||||||||||||||||||||
Total financial liabilities carried at fair value | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Restricted investments | $ | $ | |||||||||
Other investments | |||||||||||
Total | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Short-term investments | $ | $ | |||||||||
Other investments | |||||||||||
Total | $ | $ |
September 30, 2023 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Corporate debt securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Municipal obligations | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
U.S. government sponsored agencies | ( | ||||||||||||||||||||||
Foreign government obligations | ( | ||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||
Mature in less than one year | $ | $ | |||||||||
Mature in one to five years | |||||||||||
Mature in more than five years | |||||||||||
Total | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Corporate debt securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Municipal obligations | ( | ||||||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
U.S. government sponsored agencies | ( | ||||||||||||||||||||||
Foreign government obligations | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
September 30, | |||||
2023 | |||||
Contracts maturing in October through December 2023 to sell foreign currency: | |||||
Notional value | $ | ||||
Unrealized loss | $ | ( | |||
Contracts maturing in October through December 2023 to purchase foreign currency: | |||||
Notional value | $ | ||||
Unrealized gain | $ |
December 31, 2022 | $ | ||||
Net decrease in estimated fair market value of the loan included in (Gains) losses in fair market value of equity securities and loan receivable | $ | ( | |||
Foreign currency exchange gains (losses), net | $ | ( | |||
September 30, 2023 | $ |
Life Science | Clinical Diagnostics | Total | |||||||||||||||
Balances as of December 31, 2022: | |||||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Goodwill, net | |||||||||||||||||
Acquisitions | |||||||||||||||||
Foreign currency adjustments | |||||||||||||||||
Period increase, net | |||||||||||||||||
Balances as of September 30, 2023: | |||||||||||||||||
Goodwill | |||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Goodwill, net | $ | $ | $ |
September 30, 2023 | |||||||||||||||||||||||
Weighted-Average Remaining Amortization Period (years) | Purchase Price | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Customer relationships/lists | $ | $ | ( | $ | |||||||||||||||||||
Know how | ( | ||||||||||||||||||||||
Developed product technology | ( | ||||||||||||||||||||||
Licenses | ( | ||||||||||||||||||||||
Tradenames | ( | ||||||||||||||||||||||
Covenants not to compete | ( | ||||||||||||||||||||||
Total finite-lived intangible assets | ( | ||||||||||||||||||||||
In-process research and development | — | ||||||||||||||||||||||
Total purchased intangible assets | $ | $ | ( | $ |
December 31, 2022 | |||||||||||||||||||||||
Weighted-Average Remaining Amortization Period (years) | Purchase Price | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Customer relationships/lists | $ | $ | ( | $ | |||||||||||||||||||
Know how | ( | ||||||||||||||||||||||
Developed product technology | ( | ||||||||||||||||||||||
Licenses | ( | ||||||||||||||||||||||
Tradenames | ( | ||||||||||||||||||||||
Covenants not to compete | ( | ||||||||||||||||||||||
Total finite-lived intangible assets | ( | ||||||||||||||||||||||
In-process research and development | — | ||||||||||||||||||||||
Total purchased intangible assets | $ | $ | ( | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Amortization expense | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||
Inventory: | |||||||||||||||||
Raw materials | $ | $ | |||||||||||||||
Work in process | |||||||||||||||||
Finished goods | |||||||||||||||||
Total Inventory | $ | $ |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Reduction in the carrying amount of right-of-use assets | |||||||||||
Share-based compensation | |||||||||||
Losses from change in fair market value of equity securities and loan receivable | |||||||||||
Gain on divestiture of a division | ( | ||||||||||
Changes in fair value of contingent consideration | ( | ||||||||||
Payments for operating lease liabilities | ( | ( | |||||||||
(Increase) decrease in accounts receivable | ( | ||||||||||
Increase in inventories | ( | ( | |||||||||
(Increase) decrease in other current assets | ( | ||||||||||
Decrease in accounts payable and other current liabilities | ( | ( | |||||||||
Increase (decrease) in income taxes payable | ( | ||||||||||
Decrease in deferred income taxes | ( | ( | |||||||||
Increase (decrease) in other long-term liabilities | ( | ||||||||||
Other | ( | ||||||||||
Net cash provided by operating activities | $ | $ | |||||||||
Non-cash investing activities: | |||||||||||
Purchased property, plant and equipment | $ | $ | |||||||||
Purchased marketable securities and investments | $ | $ | |||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
$ | $ | ||||||||||
Less unamortized discounts and debt issuance costs | ( | ( | |||||||||
Long-term debt less unamortized discounts and debt issuance costs | |||||||||||
Finance leases and other debt | |||||||||||
Less current maturities | ( | ( | |||||||||
Long-term debt | $ | $ |
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 December 31, 2022: | $ | ( | $ | $ | ( | $ | ( | |||||||
Other comprehensive income (loss), before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | ( | |||||||||||||
Income tax effects | ( | ( | ||||||||||||
Other comprehensive income (loss), net of income taxes | ( | ( | ( | |||||||||||
Balances as of September 30, 2023: | $ | ( | $ | $ | ( | $ | ( |
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 December 31, 2021: | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive income (loss), before reclassifications | ( | ( | ( | |||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | ||||||||||||||
Income tax effects | ( | |||||||||||||
Other comprehensive income (loss), net of income taxes | ( | ( | ( | |||||||||||
Balances as of September 30, 2022: | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
Components of comprehensive income (loss) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Amortization of foreign other post-employment benefit items | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Net holding gains (losses) on equity securities and available-for-sale investments | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Effect of potentially dilutive stock options, restricted stock and performance stock awards | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Anti-dilutive shares |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest and investment income | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net realized losses on investments | |||||||||||||||||||||||
Current expected credit losses on loans | |||||||||||||||||||||||
Gain on divestiture of a division | ( | ||||||||||||||||||||||
Escrow receipts on prior acquisition | ( | ( | |||||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Other income, net | $ | ( | $ | ( | $ | ( | $ | ( |
Life Science | Clinical Diagnostics | Other Operations | ||||||||||||||||||
Net sales | 2023 | $ | $ | $ | ||||||||||||||||
2022 | $ | $ | $ | |||||||||||||||||
Operating profit (loss) | 2023 | $ | $ | $ | ( | |||||||||||||||
2022 | $ | $ | $ | ( |
Life Science | Clinical Diagnostics | Other Operations | ||||||||||||||||||
Net sales | 2023 | $ | $ | $ | ||||||||||||||||
2022 | $ | $ | $ | |||||||||||||||||
Operating profit (loss) | 2023 | $ | $ | $ | ( | |||||||||||||||
2022 | $ | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating profit | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency exchange gains (losses), net | ( | ( | |||||||||||||||||||||
Change in fair market value of equity securities and loan receivable | ( | ( | ( | ||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Consolidated income (loss) before income taxes | $ | $ | ( | $ | ( | $ | ( |
Life Science | Clinical Diagnostics | Total | ||||||||||||||||||
Balances as of December 31, 2022: | $ | $ | $ | |||||||||||||||||
Adjustment to expense | ||||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||
Foreign currency adjustments | ( | ( | ||||||||||||||||||
Balances as of September 30, 2023: | $ | $ | $ |
Life Science | Clinical Diagnostics | Total | ||||||||||||||||||
Balances as of December 31, 2022: | $ | $ | $ | |||||||||||||||||
Charged to expense - employee termination benefits | ||||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||
Foreign currency adjustments | ||||||||||||||||||||
Balances as of September 30, 2023: | $ | $ | $ |
Life Science | Clinical Diagnostics | Total | ||||||||||||||||||
Balances as of December 31, 2022: | $ | $ | $ | |||||||||||||||||
Charged to expense - employee termination benefits | ||||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||
Foreign currency adjustments | ||||||||||||||||||||
Balances as of September 30, 2023: | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||
Total finance lease cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | ||||||||||
Operating cash flows from finance leases | $ | $ | $ | $ | ||||||||||
Financing cash flows from finance leases | $ | $ | $ | $ | ||||||||||
Right-of-use assets obtained in exchange for new lease obligations: | ||||||||||||||
Operating leases | $ | $ | $ | $ | ||||||||||
September 30, 2023 | December 31, 2022 | |||||||
Operating Leases | ||||||||
Operating lease right-of-use assets | $ | $ | ||||||
Current operating lease liabilities | $ | $ | ||||||
Operating lease liabilities | ||||||||
Total operating lease liabilities | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||
Finance Leases | ||||||||
Property, plant and equipment, gross | $ | $ | ||||||
Less: accumulated depreciation and amortization | ( | ( | ||||||
Property, plant and equipment, net | $ | $ | ||||||
Current maturities of long-term debt and notes payable | $ | $ | ||||||
Long-term debt, net of current maturities | ||||||||
Total finance lease liabilities | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||
Weighted Average Remaining Lease Term | ||||||||
Operating leases - in years | ||||||||
Finance leases - in years | ||||||||
Weighted Average Discount Rate | ||||||||
Operating leases | % | % | ||||||
Finance leases | % | % |
Year Ending December 31, | Operating Leases | Finance Leases | |||||||||
2023 (excluding the nine months ended September 30, 2023) | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less imputed interest | ( | ( | |||||||||
Total | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of goods sold | 46.9 | 45.3 | 46.7 | 43.5 | |||||||||||||||||||
Gross profit | 53.1 | 54.7 | 53.3 | 56.5 | |||||||||||||||||||
Selling, general and administrative expense | 31.8 | 31.0 | 31.9 | 29.7 | |||||||||||||||||||
Research and development expense | 6.9 | 9.8 | 9.2 | 9.2 | |||||||||||||||||||
(Gains) losses from change in fair market value of equity securities and loan receivable | (5.8) | 42.4 | 79.2 | 297.9 | |||||||||||||||||||
Net loss | 16.8 | (23.9) | (49.6) | (215.0) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May yet be Purchased Under the Plans or Programs (in millions) | ||||||||||
July 1 to July 31, 2023 | — | $ | — | — | $ | 500.0 | ||||||||
August 1 to August 31, 2023 | — | $ | — | — | $ | 500.0 | ||||||||
September 1 to September 30, 2023 | 58,478 | $ | 364.61 | 58,478 | $ | 478.7 |
Exhibit No. | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104.1 | The cover page Interactive Data File is formatted in Inline XBRL and is contained in Exhibits 101 |
BIO-RAD LABORATORIES, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | October 27, 2023 | /s/ Norman Schwartz | |||||||||
Norman Schwartz, Chairman of the Board, | |||||||||||
President and Chief Executive Officer | |||||||||||
Date: | October 27, 2023 | /s/ Ilan Daskal | |||||||||
Ilan Daskal, Executive Vice President, | |||||||||||
Chief Financial Officer |
Date: | October 27, 2023 | /s/ Norman Schwartz | |||||||||
Norman Schwartz, Chairman of the Board, | |||||||||||
President and Chief Executive Officer |
Date: | October 27, 2023 | /s/ Ilan Daskal | |||||||||
Ilan Daskal | |||||||||||
Executive Vice President, | |||||||||||
Chief Financial Officer |
Date: | October 27, 2023 | /s/ Norman Schwartz | |||||||||
Norman Schwartz, Chairman of the Board, President and | |||||||||||
Chief Executive Officer |
Date: | October 27, 2023 | /s/ Ilan Daskal | |||||||||
Ilan Daskal | |||||||||||
Executive Vice President, | |||||||||||
Chief Financial Officer |
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts receivable allowance for doubtful accounts | $ 15,108 | $ 15,029 |
Cash and cash equivalents | $ 457,850 | $ 434,215 |
Common Class A [Member] | ||
Common Stock, Shares, Issued | 25,163,999 | 25,162,075 |
Common Stock, Shares, Outstanding | 24,059,355 | 24,521,583 |
Common Class B [Member] | ||
Common Stock, Shares, Issued | 5,085,815 | 5,074,130 |
Common Stock, Shares, Outstanding | 5,085,815 | 5,074,130 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net sales | $ 632,124 | $ 680,800 | $ 1,990,078 | $ 2,071,961 |
Cost of goods sold | 296,441 | 308,233 | 929,495 | 901,728 |
Gross profit | 335,683 | 372,567 | 1,060,583 | 1,170,233 |
Selling, general and administrative expense | 201,199 | 211,113 | 634,576 | 615,598 |
Research and Development Expense | 43,535 | 66,808 | 183,528 | 190,689 |
Segment profit (loss) | 90,949 | 94,646 | 242,479 | 363,946 |
Interest expense | 12,398 | 11,663 | 37,078 | 26,431 |
Foreign exchange (gains) losses, net | (1,680) | 4,364 | (5,280) | 3,133 |
Marketable Securities, Unrealized (Gain) Loss | (36,425) | 288,999 | 1,576,542 | 6,172,306 |
Other Nonoperating Income (Expense) | 20,446 | 3,062 | 87,365 | 42,369 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 137,102 | (207,318) | (1,278,496) | (5,795,555) |
(Provision) benefit for income taxes | (30,845) | 44,510 | 291,464 | 1,340,286 |
Net income attributable to Bio-Rad | $ 106,257 | $ (162,808) | $ (987,032) | $ (4,455,269) |
Basic earnings per share: | ||||
Net income per share basic attributable to Bio-Rad | $ 3.65 | $ (5.48) | $ (33.63) | $ (149.41) |
Weighted average common shares - basic | 29,102 | 29,733 | 29,349 | 29,819 |
Diluted earnings per share: | ||||
Net income per share diluted attributable to Bio-Rad | $ 3.64 | $ (5.48) | $ (33.63) | $ (149.41) |
Weighted average common shares - diluted | 29,223 | 29,733 | 29,349 | 29,819 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Net Income (Loss) Attributable to Parent | $ 106,257 | $ (162,808) | $ (987,032) | $ (4,455,269) |
Foreign currency translation adjustments | (126,165) | (305,666) | (34,342) | (653,301) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | (342) | 481 | (72) | 1,004 |
Net unrealized holding gains (losses) on available-for-sale investments net of tax expense | 1,808 | (6,643) | 3,675 | (17,364) |
Total other comprehensive income (loss) net of tax | (124,699) | (311,828) | (30,739) | (669,661) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (18,442) | $ (474,636) | $ (1,017,771) | $ (5,124,930) |
Basis of Presentation and Use of Estimates |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2022 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, 2022. 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 standalone selling price for each distinct product or service. The method used to determine the standalone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately. 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. At the time revenue is recognized, a provision is recorded for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced by the estimated amount of product returns. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant. Reagent Rental Agreements Our reagent rental agreements provide our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification as operating or sales-type lease. The lease term used in performing the lease classification test, includes the noncancellable period of the lease together with those periods covered by lease extension options if the customer is reasonably certain to exercise that option, the periods covered by lease termination options if the customer is reasonably certain to not exercise that option, and the periods covered by the option to extend (or to not terminate) the lease when exercise of such option is controlled by the Company. The assessment of the lease term for reagent rental agreements, including the impact from any associated contractual termination penalties, is subject to an estimation process. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel the agreement, the period in which the contract is enforceable is very short so the lease term has been limited to the noncancellable period. Generally, these arrangements do not contain an option for the lessee to purchase the underlying asset. We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. The determination of the transaction price requires judgment and consideration of any fixed/minimum payments as well as estimates of variable consideration. After we have allocated the transaction price to the lease and non-lease elements, the amount of variable payments allocated to such elements are recognized as income in accordance with ASC 842 or ASC 606, as applicable. Maintenance services and reagents are allocated to the non-lease elements. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial, and we do not enter into direct finance leases. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three and nine months ended September 30, 2023 and September 30, 2022. Such revenue forms part of the Net sales in our condensed consolidated statements of income (loss). Contract costs: As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss). Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions):
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 September 30, 2023 and December 31, 2022 was $66.5 million and $71.9 million, respectively. The short-term deferred revenue balance at September 30, 2023 and December 31, 2022 was $49.1 million and $52.2 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 (loss). 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 nine months ended September 30, 2023 and 2022 were as follows (in millions):
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):
Recent Accounting Pronouncements Issued and to be Adopted There are no new accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on the Company's condensed consolidated financial statements.
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Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2023 are classified in the hierarchy as follows (in millions):
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2022 are classified in the hierarchy as follows (in millions):
(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):
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
(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 and Selling, general and administrative expense amounted to $14.8 million and $4.1 million in the consolidated statements of income (loss) for the three months ended September 30, 2023, respectively. The changes in the fair value of contingent consideration included in Research and development expense and Selling, general and administrative expense amounted to $14.4 million and $4.1 million in the consolidated statements of income (loss) for the nine months ended September 30, 2023, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2023. Level 1 Fair Value Measurements As of September 30, 2023, we own 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 38% of the ordinary outstanding shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of September 30, 2023. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting. The changes in fair market value of our investment in Sartorius for the three and nine months ended September 30, 2023 was a gain of $42.5 million and a loss of $1,556.1 million respectively, which is recorded in our condensed consolidated statements of income (loss). Level 2 Fair Value Measurements To estimate the fair value of Level 2 debt securities as of September 30, 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):
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2023 by contractual maturity date (in millions):
Available-for-sale investments consist of the following (in millions):
As of September 30, 2023, there were no significant continuous unrealized losses greater than 12 months. Our evaluation of credit losses for available-for-sale investments included the 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 September 30, 2023, 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 September 30, 2023. Included in Other current assets are $11.2 million and $11.6 million of interest receivable as of September 30, 2023 and December 31, 2022, respectively, primarily associated with securities in our available-for-sale investments portfolio. The interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the nine months ended September 30, 2023, 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 September 30, 2023 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was derived using the spot rates and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts offset gains or losses from foreign currency remeasurement of the related receivables and payables, both of which are included in Foreign currency exchange (gains) losses, net in the condensed consolidated statements of income (loss). The following is a summary of our forward foreign exchange contracts (in millions):
Level 3 Fair Value Investments During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (the “Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our condensed consolidated statements of income (loss). The overall change in fair market value reflected in (Gains) losses from change in fair market value of equity securities and loan receivable during the three months ended September 30, 2023 was a loss of $4.9 million, which includes a $10.8 million loss from change in fair market value of the Loan and a $5.9 million gain from change in fair market value of the value appreciation right. 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 nine months ended September 30, 2023 was a loss of $28.9 million, which includes a $0.4 million loss from change in fair market value of the Loan and a $28.5 million loss from change in fair market value of the value appreciation right. The decrease in the fair market value of the value appreciation right was due to a decline in the value of the Sartorius ordinary shares. As of September 30, 2023, 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):
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Goodwill and Other Purchased Intangible Assets |
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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):
Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):
Amortization expense related to purchased intangible assets is as follows (in millions):
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Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 4. INVENTORY Following are the components of Inventory at September 30, 2023 and December 31, 2022 (in millions):
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | 5. SUPPLEMENTAL CASH FLOW INFORMATION The reconciliation of net loss to net cash provided by operating activities is as follows (in millions):
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Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | 6. LONG-TERM DEBTThe principal components of long-term debt are as follows (in millions):
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Accumulated Other Comprehensive Income (Loss) |
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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):
All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into other income, net in the condensed consolidated statements of income (loss). 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 (loss) were as follows (in millions):
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | 8. EARNINGS (LOSS) 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 (loss) per share of Class A Common Stock (Class A) and Class B Common Stock (Class B) using the two-class method required for participating securities. Our participating securities include Class A and Class B. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (loss) is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the three and nine months ended September 30, 2023 and 2022. Accordingly, basic earnings (loss) per share is computed by dividing net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options, restricted stock and performance stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings (loss) per share calculation if the effect of including such securities would be anti-dilutive. The weighted average number of common shares outstanding used to calculate basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the diluted earnings (loss) per share calculation are as follows (in thousands):
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Other Income, Net |
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Other Income, Net | 9. OTHER INCOME, NET Other income, net includes the following components (in millions):
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Income Taxes |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES Our effective income tax rate was 22.5% and 21.5% for the three months ended September 30, 2023 and 2022, respectively. Our effective income tax rate was 22.8% and 23.1% for the nine months ended September 30, 2023 and 2022, 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 September 30, 2023, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our federal, state and foreign deferred tax assets increased by $15.2 million for the period ended September 30, 2023 compared to the year ended December 31, 2022. 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 $92.0 million and $85.5 million as of September 30, 2023 and December 31, 2022, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions. As of September 30, 2023, 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 $18.8 million. Substantially all such amounts will impact our effective income tax rate if recognized.
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Segment Information |
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Segment Information | 11. SEGMENT INFORMATION Information regarding operating profit (loss) for the three months ended September 30, 2023 and 2022 is as follows (in millions):
Information regarding operating profit (loss) for the nine months ended September 30, 2023 and 2022 is as follows (in millions):
Segment results are presented in the same manner as we manage our business internally to make operating decisions and assess performance. Our chief operating decision maker ("CODM") views all operating expenses 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 segment profit to consolidated loss before income taxes (in millions):
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Legal Proceedings |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 12. LEGAL PROCEEDINGSWe are a party to various claims, legal actions and complaints arising in the ordinary course of business. We record a reserve when we believe a loss arising from these matters is probable and can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period. |
Restructuring Costs |
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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 September 30, 2023. 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 September 30, 2023, total expenses were $70.0 million. The following table summarizes the activity of our February 2021 plan restructuring reserves (in millions):
In February 2023, management approved a new restructuring plan to implement identified opportunities to further streamline and improve operating performance. The additional restructuring activities are being implemented in phases and are expected to be substantially complete by the end of 2023. From February 2023 to September 30, 2023, total expenses were $15.4 million, representing estimated termination benefits to employees. The following table summarizes the activity of our February 2023 plan restructuring reserves (in millions):
In June 2023, management approved an additional restructuring plan to implement identified opportunities to further streamline and improve operating performance. The additional restructuring activities are expected to be substantially complete by the end of 2023. From June 2023 to September 30, 2023, total expenses were $9.0 million, representing estimated termination benefits to employees. The following table summarizes the activity of our June 2023 plan restructuring reserves (in millions):
Combined, the liability of $29.5 million as of September 30, 2023 consisted of $29.0 million recorded in Accrued payroll and employee benefits and $0.5 million recorded in Other long-term liabilities 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 September 30, 2023 were $0.2 million, $1.3 million and $0.0 million, respectively, in the condensed consolidated statements of income (loss). The amounts reflected in Cost of goods sold, Selling, general and administrative expense and Research and development expense for the nine months ended September 30, 2023 were $3.9 million, $16.6 million and $5.3 million, respectively, in the condensed consolidated statements of income (loss).
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Leases |
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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 16 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):
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 and nine months ended September 30, 2023 and 2022. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three and nine months ended September 30, 2023 and 2022. Supplemental cash flow information related to leases was as follows (in millions):
Supplemental balance sheet information related to leases was as follows (in millions):
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):
Maturities of lease liabilities were as follows (in millions):
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 September 30, 2023, operating leases that have not commenced are not material.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
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Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||||||||
Net Income (Loss) Attributable to Parent | $ 106,257 | $ (1,162,251) | $ 68,962 | $ (162,808) | $ (925,114) | $ (3,367,347) | $ (987,032) | $ (4,455,269) |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2023 | |
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 of Estimates (Policies) |
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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, 2022 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, 2022.
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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.
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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 standalone selling price for each distinct product or service. The method used to determine the standalone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately. 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. At the time revenue is recognized, a provision is recorded for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced by the estimated amount of product returns. Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant. Reagent Rental Agreements Our reagent rental agreements provide our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification as operating or sales-type lease. The lease term used in performing the lease classification test, includes the noncancellable period of the lease together with those periods covered by lease extension options if the customer is reasonably certain to exercise that option, the periods covered by lease termination options if the customer is reasonably certain to not exercise that option, and the periods covered by the option to extend (or to not terminate) the lease when exercise of such option is controlled by the Company. The assessment of the lease term for reagent rental agreements, including the impact from any associated contractual termination penalties, is subject to an estimation process. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel the agreement, the period in which the contract is enforceable is very short so the lease term has been limited to the noncancellable period. Generally, these arrangements do not contain an option for the lessee to purchase the underlying asset. We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. The determination of the transaction price requires judgment and consideration of any fixed/minimum payments as well as estimates of variable consideration. After we have allocated the transaction price to the lease and non-lease elements, the amount of variable payments allocated to such elements are recognized as income in accordance with ASC 842 or ASC 606, as applicable. Maintenance services and reagents are allocated to the non-lease elements. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial, and we do not enter into direct finance leases. Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three and nine months ended September 30, 2023 and September 30, 2022. Such revenue forms part of the Net sales in our condensed consolidated statements of income (loss). Contract costs: As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss). Disaggregation of Revenue: The following table presents our revenues disaggregated by geographic region (in millions):
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 September 30, 2023 and December 31, 2022 was $66.5 million and $71.9 million, respectively. The short-term deferred revenue balance at September 30, 2023 and December 31, 2022 was $49.1 million and $52.2 million, respectively.
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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 (loss). 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 nine months ended September 30, 2023 and 2022 were as follows (in millions):
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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):
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Recent Accounting Pronouncements Issued and to be Adopted | Recent Accounting Pronouncements Issued and to be AdoptedThere are no new accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on the Company's condensed consolidated financial statements. |
1. Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Tables) |
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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):
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Schedule of Product Warranty Liability [Table Text Block] | Change in our warranty liability for the nine months ended September 30, 2023 and 2022 were as follows (in millions):
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Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Changes in our allowance for credit losses were as follows (in millions):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2023 are classified in the hierarchy as follows (in millions):
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2022 are classified in the hierarchy as follows (in millions):
(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):
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
(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 and Selling, general and administrative expense amounted to $14.8 million and $4.1 million in the consolidated statements of income (loss) for the three months ended September 30, 2023, respectively. The changes in the fair value of contingent consideration included in Research and development expense and Selling, general and administrative expense amounted to $14.4 million and $4.1 million in the consolidated statements of income (loss) for the nine months ended September 30, 2023, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2023.
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Debt Securities, Available-for-sale | Available-for-sale investments consist of the following (in millions):
Available-for-sale investments consist of the following (in millions):
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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 September 30, 2023 by contractual maturity date (in millions):
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Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions):
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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):
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Goodwill and Other Purchased Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to goodwill by segment | Changes to goodwill by segment are as follows (in millions):
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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):
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Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expense related to purchased intangible assets is as follows (in millions):
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Inventory (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Following are the components of Inventory at September 30, 2023 and December 31, 2022 (in millions):
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The reconciliation of net loss to net cash provided by operating activities is as follows (in millions):
|
Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The principal components of long-term debt are as follows (in millions):
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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 (loss) were as follows (in millions):
|
Earnings (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares | The weighted average number of common shares outstanding used to calculate basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the diluted earnings (loss) per share calculation are as follows (in thousands):
|
Other Income, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other income (expense), net | Other income, net includes the following components (in millions):
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Information regarding operating profit (loss) for the three months ended September 30, 2023 and 2022 is as follows (in millions):
Information regarding operating profit (loss) for the nine months ended September 30, 2023 and 2022 is as follows (in millions):
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following reconciles total segment profit to consolidated loss before income taxes (in millions):
|
Restructuring Costs (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | The following table summarizes the activity of our February 2021 plan restructuring reserves (in millions):
The following table summarizes the activity of our February 2023 plan restructuring reserves (in millions):
The following table summarizes the activity of our June 2023 plan restructuring reserves (in millions):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease expense were as follows (in millions):
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Lessee Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows (in millions):
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Lessee Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in millions):
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):
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Maturities Of Lease Liabilities For Operating and Finance Leases | Maturities of lease liabilities were as follows (in millions):
|
1. Basis of Presentation and Use of Estimates Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Net sales | $ 632,124 | $ 680,800 | $ 1,990,078 | $ 2,071,961 | ||||||
Cost of goods sold | 296,441 | 308,233 | 929,495 | 901,728 | ||||||
Deferred Revenue | 66,500 | 66,500 | $ 71,900 | |||||||
Retained earnings | 8,910,921 | 8,910,921 | 9,898,203 | |||||||
Accumulated other comprehensive loss | (497,561) | (497,561) | (466,822) | |||||||
Total stockholders' equity | $ 8,416,198 | 8,477,467 | $ 8,416,198 | 8,477,467 | $ 8,446,893 | $ 9,763,716 | 9,615,252 | $ 8,945,035 | $ 10,203,284 | $ 13,685,236 |
Revenue Allocation Percent To Lease Elements | 3.00% | 3.00% | ||||||||
Additional paid-in-capital | $ 439,455 | $ 439,455 | 447,454 | |||||||
Selling, general and administrative expense | 201,199 | 211,113 | 634,576 | 615,598 | ||||||
Research and Development Expense | 43,535 | 66,808 | 183,528 | 190,689 | ||||||
Interest expense | 12,398 | 11,663 | 37,078 | 26,431 | ||||||
Other Nonoperating Income (Expense) | 20,446 | 3,062 | 87,365 | 42,369 | ||||||
Deferred Revenue, Current | 49,100 | 49,100 | $ 52,200 | |||||||
Europe [Member] | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Net sales | 193,100 | 200,100 | 609,100 | 636,300 | ||||||
Asia Pacific [Member] | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Net sales | 118,900 | 156,800 | 398,900 | 470,300 | ||||||
UNITED STATES | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Net sales | 275,400 | 284,100 | 858,800 | 848,200 | ||||||
Americas [Member] | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Net sales | $ 44,700 | $ 39,800 | $ 123,300 | $ 117,200 |
1. Basis of Presentation and Use of Estimates Warranty Rollforward (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Warranty accrual, beginning of period | $ 10.6 | $ 12.7 |
Provision for warranty | 6.4 | 6.7 |
Actual warranty costs | (9.0) | (8.8) |
Warranty accrual, end of period | $ 8.0 | $ 10.6 |
1. Basis of Presentation and Use of Estimates Accounts Receivables Allowance for Credit Loss (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 15.1 | $ 14.1 | $ 15.0 | $ 15.1 |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0.9 | 1.2 | ||
Allowance for Loan and Lease Losses, Write-offs | (1.3) | (2.3) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | $ 0.5 | $ 0.1 |
1. Basis of Presentation and Use of Estimates (Details) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenue Allocation Percent To Lease Elements | 3.00% | 3.00% |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | [1] | $ 17.1 | $ 35.6 | |
|
Fair Value Measurements (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
[1] | |||
Forward foreign exchange contract to sell foreign currency [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $ 701.5 | |||
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments | (0.4) | |||
Forward foreign exchange contract to purchase foreign currency [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 80.1 | |||
Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments | $ 0.1 | |||
|
Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | $ 1,256.7 | ||
Debt Securities, Available-for-sale | [1] | 1,240.7 | ||
Fair Value, Recurring | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 1,240.7 | $ 1,300.0 | |
Fair Value, Recurring | Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 590.6 | 699.3 | |
Fair Value, Recurring | Municipal obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 13.9 | 23.1 | |
Fair Value, Recurring | US Government Sponsored Agencies [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 283.7 | 230.7 | |
Fair Value, Recurring | Foreign Government Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 10.0 | 13.5 | |
Fair Value, Recurring | Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Debt Securities, Available-for-sale | [1] | 342.5 | 333.4 | |
Fair Value, Recurring | Short-term Investments [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 1,256.7 | 1,320.6 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.3 | 0.3 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (16.3) | (20.9) | |
Debt Securities, Available-for-sale | [1] | 1,240.7 | 1,300.0 | |
Fair Value, Recurring | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 598.0 | 709.9 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.3 | 0.2 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (7.7) | (10.8) | |
Debt Securities, Available-for-sale | [1] | 590.6 | 699.3 | |
Fair Value, Recurring | Short-term Investments [Member] | Municipal obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 14.1 | 23.4 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.0 | 0.0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.2) | (0.3) | |
Debt Securities, Available-for-sale | [1] | 13.9 | 23.1 | |
Fair Value, Recurring | Short-term Investments [Member] | US Government Sponsored Agencies [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 287.1 | 233.9 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.0 | 0.0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (3.4) | (3.2) | |
Debt Securities, Available-for-sale | [1] | 283.7 | 230.7 | |
Fair Value, Recurring | Short-term Investments [Member] | Foreign Government Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 10.2 | 13.8 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.0 | 0.0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (0.2) | (0.3) | |
Debt Securities, Available-for-sale | [1] | 10.0 | 13.5 | |
Fair Value, Recurring | Short-term Investments [Member] | Asset-backed Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | [1] | 347.3 | 339.6 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0.0 | 0.1 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (4.8) | (6.3) | |
Debt Securities, Available-for-sale | [1] | $ 342.5 | $ 333.4 | |
|
Fair Value Measurements - Amortized Cost and Fair Value of Debt Securities (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
[1] | ||
---|---|---|---|---|
Fair Value Disclosures [Abstract] | ||||
Mature in less than one year | $ 473.6 | |||
Mature in one to five years | 636.7 | |||
Mature in more than five years | 146.4 | |||
Total Amortized Cost | 1,256.7 | |||
Mature in less than one year | 469.5 | |||
Mature in one to five years | 627.8 | |||
Mature in more than five years | 143.4 | |||
Estimated Fair Value | $ 1,240.7 | |||
|
Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Receivable, Current | $ 11.2 | $ 11.6 |
Ordinary voting shares [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment ownership percentage | 38.00% | |
Investment Owned, Balance, Shares | 12,987,900 | |
Preference shares [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment ownership percentage | 28.00% | |
Investment Owned, Balance, Shares | 9,588,908 |
Goodwill and Other Purchased Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Goodwill [Line Items] | ||
Goodwill | $ 742,200 | $ 741,700 |
Accumulated impairment loss | (335,200) | (335,200) |
Goodwill, net | 406,953 | 406,488 |
Goodwill, Acquired During Period | 400 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 100 | |
Goodwill, Period Increase (Decrease) | 500 | |
Clinical Diagnostics | ||
Goodwill [Line Items] | ||
Goodwill | 408,900 | 408,400 |
Accumulated impairment loss | (293,400) | (293,400) |
Goodwill, net | 115,500 | 115,000 |
Goodwill, Acquired During Period | 400 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 100 | |
Goodwill, Period Increase (Decrease) | 500 | |
Life Science | ||
Goodwill [Line Items] | ||
Goodwill | 333,300 | 333,300 |
Accumulated impairment loss | (41,800) | (41,800) |
Goodwill, net | 291,500 | $ 291,500 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill, Period Increase (Decrease) | $ 0 |
Goodwill and Other Purchased Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, Acquired During Period | $ 400 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 556,200 | 556,200 | $ 553,500 | ||
Accumulated Amortization | (428,500) | (428,500) | (412,400) | ||
Net Carrying Amount | 127,700 | 127,700 | 141,100 | ||
Amortization [Abstract] | |||||
Amortization expense | 6,200 | $ 6,200 | 18,100 | $ 18,800 | |
Purchased intangibles, net | 314,187 | 314,187 | 332,147 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 742,700 | $ 742,700 | $ 744,500 | ||
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 2 months 12 days | 5 years 2 months 12 days | 5 years | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 104,300 | $ 104,300 | $ 104,700 | ||
Accumulated Amortization | (93,600) | (93,600) | (89,900) | ||
Net Carrying Amount | $ 10,700 | $ 10,700 | $ 14,800 | ||
Know How [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years | 2 years | 2 years 9 months 18 days | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 165,100 | $ 165,100 | $ 166,200 | ||
Accumulated Amortization | (156,200) | (156,200) | (153,900) | ||
Net Carrying Amount | $ 8,900 | $ 8,900 | $ 12,300 | ||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years 2 months 12 days | 12 years 2 months 12 days | 12 years 9 months 18 days | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 215,500 | $ 215,500 | $ 211,100 | ||
Accumulated Amortization | (128,400) | (128,400) | (121,600) | ||
Net Carrying Amount | $ 87,100 | $ 87,100 | $ 89,500 | ||
Licensing Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 1 month 6 days | 5 years 1 month 6 days | 5 years 9 months 18 days | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 58,800 | $ 58,800 | $ 59,000 | ||
Accumulated Amortization | (41,100) | (41,100) | (38,500) | ||
Net Carrying Amount | $ 17,700 | $ 17,700 | $ 20,500 | ||
Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 9 months 18 days | 5 years 9 months 18 days | 6 years 7 months 6 days | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 6,000 | $ 6,000 | $ 6,100 | ||
Accumulated Amortization | (4,500) | (4,500) | (4,500) | ||
Net Carrying Amount | $ 1,500 | $ 1,500 | $ 1,600 | ||
Noncompete Agreements [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | 2 years 6 months | 3 years 1 month 6 days | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Purchase Price | $ 6,500 | $ 6,500 | $ 6,400 | ||
Accumulated Amortization | (4,700) | (4,700) | (4,000) | ||
Net Carrying Amount | 1,800 | 1,800 | 2,400 | ||
In Process Research and Development [Member] | |||||
Amortization [Abstract] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 186,500 | $ 186,500 | $ 191,000 |
Inventory (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 230,400 | $ 228,800 |
Work in process | 244,500 | 220,900 |
Finished goods | 300,900 | 269,600 |
Inventory | $ 775,818 | $ 719,316 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Supplemental Cash Flow Elements [Abstract] | ||||||||
Net loss | $ 106,257 | $ (1,162,251) | $ 68,962 | $ (162,808) | $ (925,114) | $ (3,367,347) | $ (987,032) | $ (4,455,269) |
Depreciation and amortization | 108,700 | 101,800 | ||||||
Reduction in the carrying amount of right-of-use assets | 30,700 | 29,800 | ||||||
Share-based Compensation | 45,100 | 42,800 | ||||||
(Gains) losses from change in fair market value of equity securities and loan receivable | 1,576,500 | 6,172,300 | ||||||
Gain on Disposition of a division | 0 | (1,400) | ||||||
Changes in fair value of contingent consideration | (18,500) | 0 | ||||||
Payments of operating lease liabilities | (30,400) | (28,100) | ||||||
Decrease in accounts receivable | 31,600 | (44,500) | ||||||
Decrease (increase) in inventories | (61,700) | (150,600) | ||||||
Increase in other current assets | 15,000 | (11,900) | ||||||
Decrease in accounts payable and other current liabilities | (72,400) | (69,700) | ||||||
Increase in income taxes payable | 56,400 | (39,200) | ||||||
Increase in deferred income taxes | (397,400) | (1,439,100) | ||||||
Increase in other long term liabilities | 3,900 | (2,000) | ||||||
Other | (6,600) | 9,900 | ||||||
Net cash provided by operating activities | 293,896 | 114,790 | ||||||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 2,900 | 3,300 | ||||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 0 | $ 11,800 |
Long-Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Other Long-term Debt, Current | $ 500 | $ 500 |
Long-term debt, net of current maturities | 1,198,713 | 1,197,716 |
Finance Lease Obligations | Finance Leases and Other Debt | ||
Debt Instrument [Line Items] | ||
Other Long-term Debt | 10,200 | 10,600 |
Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (11,000) | (12,400) |
Long-term debt | 1,189,000 | 1,187,600 |
Senior Notes | 3.3%, Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Senior Notes, Noncurrent | $ 400,000 | 400,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.30% | |
Senior Notes | 3.7%, Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Senior Notes, Noncurrent | $ 800,000 | $ 800,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Accumulated other comprehensive income | $ (466,822) | |||
Total other comprehensive income (loss) net of tax | $ (124,699) | $ (311,828) | (30,739) | $ (669,661) |
Ending balance, Accumulated other comprehensive income | (497,561) | (497,561) | ||
Other (income) expense, net | (20,446) | (3,062) | (87,365) | (42,369) |
Accumulated Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Accumulated other comprehensive income | (466,500) | (170,500) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (34,400) | (654,400) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Tax | 100 | 1,100 | ||
Total other comprehensive income (loss) net of tax | (34,300) | (653,300) | ||
Ending balance, Accumulated other comprehensive income | (500,800) | (823,800) | (500,800) | (823,800) |
Accumulated Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Accumulated other comprehensive income | 10,000 | (10,900) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 300 | 1,400 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 400 | (200) | ||
Other Comprehensive Income (Loss), Tax | 0 | (500) | ||
Total other comprehensive income (loss) net of tax | (100) | 1,100 | ||
Ending balance, Accumulated other comprehensive income | 9,900 | (9,800) | 9,900 | (9,800) |
Accumulated Defined Benefit Plans Adjustment | Reclassification Out Of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other (income) expense, net | 200 | (100) | 400 | (200) |
Accumulated Net Unrealized Investment Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Accumulated other comprehensive income | (10,300) | 5,800 | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 3,700 | (23,300) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1,100) | (600) | ||
Other Comprehensive Income (Loss), Tax | (1,100) | 5,300 | ||
Total other comprehensive income (loss) net of tax | 3,700 | (17,400) | ||
Ending balance, Accumulated other comprehensive income | (6,600) | (11,600) | (6,600) | (11,600) |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification Out Of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other (income) expense, net | 100 | 200 | 1,100 | 600 |
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Accumulated other comprehensive income | (466,800) | (175,600) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (30,400) | (676,300) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (700) | (800) | ||
Other Comprehensive Income (Loss), Tax | (1,000) | 5,900 | ||
Total other comprehensive income (loss) net of tax | (30,700) | (669,600) | ||
Ending balance, Accumulated other comprehensive income | $ (497,500) | $ (845,200) | $ (497,500) | $ (845,200) |
Earnings (Loss) Per Share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Basic weighted average shares outstanding | 29,102 | 29,733 | 29,349 | 29,819 |
Effect of potentially dilutive stock options and restricted stock awards | 121 | 0 | 0 | 0 |
Diluted weighted average common shares | 29,223 | 29,733 | 29,349 | 29,819 |
Anti-dilutive shares | 154 | 541 | 229 | 541 |
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Interest and investment income | $ (17,300) | $ (8,000) | $ (84,100) | $ (45,700) |
Net realized (gain) loss on investments | (100) | (200) | (1,600) | 600 |
Financing Receivable, Allowance for Credit Loss, Current | 0 | 5,100 | 5,100 | |
Increase (Decrease) in Deposit Assets | 0 | 0 | 0 | (1,400) |
Escrow Deposit Disbursements Related to Property Acquisition | (2,500) | 0 | (2,500) | 0 |
Other Nonoperating (Income) | (700) | (2,400) | ||
Other Nonoperating Expense | (400) | (1,000) | ||
Other (income) expense, net | $ (20,446) | $ (3,062) | $ (87,365) | $ (42,369) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 22.50% | 21.50% | 22.80% | 23.10% | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 18.8 | $ 18.8 | |||
Unrecognized Tax Benefits | $ 92.0 | 92.0 | $ 85.5 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 15.2 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 632,124 | $ 680,800 | $ 1,990,078 | $ 2,071,961 |
Life Science | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 263,500 | 317,900 | 887,300 | 987,500 |
Income before income taxes | 13,000 | 51,400 | 76,700 | 197,600 |
Clinical Diagnostics | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 368,100 | 361,900 | 1,100,300 | 1,081,400 |
Income before income taxes | 78,000 | 43,900 | 166,100 | 167,800 |
Other Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 500 | 1,000 | 2,500 | 3,100 |
Income before income taxes | $ (100) | $ (700) | $ (300) | $ (1,500) |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | $ 12,398 | $ 11,663 | $ 37,078 | $ 26,431 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 137,102 | (207,318) | (1,278,496) | (5,795,555) |
Marketable Securities, Unrealized Gain (Loss) | 36,425 | (288,999) | (1,576,542) | (6,172,306) |
Net sales | 632,124 | 680,800 | 1,990,078 | 2,071,961 |
Life Science | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 13,000 | 51,400 | 76,700 | 197,600 |
Net sales | 263,500 | 317,900 | 887,300 | 987,500 |
Other Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | (100) | (700) | (300) | (1,500) |
Net sales | 500 | 1,000 | 2,500 | 3,100 |
Clinical Diagnostics | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 78,000 | 43,900 | 166,100 | 167,800 |
Net sales | 368,100 | 361,900 | 1,100,300 | 1,081,400 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 90,900 | 94,600 | 242,500 | 363,900 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Marketable Securities, Unrealized Gain (Loss) | 36,400 | (289,000) | (1,576,500) | (6,172,300) |
Foreign Currency Gain (Loss) | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 1,700 | (4,400) | 5,300 | (3,100) |
Other Nonoperating Income (Expense) | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | 20,400 | 3,100 | 87,400 | 42,400 |
Interest Expense | Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | $ (12,300) | $ (11,600) | $ (37,200) | $ (26,500) |
Segment Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 11,895,943 | $ 13,501,666 |
Restructuring Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 32 Months Ended | |
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 29.5 | $ 29.5 | $ 29.5 | $ 29.5 | $ 29.5 | |
Accounts Payable and Accrued Liabilities | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 29.0 | 29.0 | 29.0 | 29.0 | 29.0 | |
Other Noncurrent Liabilities | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
Selling, General and Administrative Expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | 1.3 | 16.6 | ||||
Cost of Sales | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | 0.2 | 3.9 | ||||
Research and Development Expense | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | 0.0 | 5.3 | ||||
European Reorganization | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 70.0 | |||||
Restructuring Reserve | 14.8 | 14.8 | 14.8 | 14.8 | 14.8 | $ 31.6 |
Restructuring Reserve, Accrual Adjustment | 1.4 | |||||
Payments for Restructuring | (18.1) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | |||||
European Reorganization | Life Science | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 1.9 |
Restructuring Reserve, Accrual Adjustment | 0.0 | |||||
Payments for Restructuring | (1.6) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | 0.0 | |||||
European Reorganization | Clinical Diagnostics | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 29.7 |
Restructuring Reserve, Accrual Adjustment | 1.4 | |||||
Payments for Restructuring | (16.5) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | |||||
European and American Reorganization | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 9.0 | 15.4 | 15.4 | |||
Restructuring Reserve | 10.4 | 10.4 | 10.4 | 10.4 | 10.4 | 0.0 |
Payments for Restructuring | (5.2) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.2) | |||||
European and American Reorganization | Life Science | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 3.3 | |||||
Restructuring Reserve | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 0.0 |
Payments for Restructuring | (1.4) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | |||||
European and American Reorganization | Clinical Diagnostics | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 12.1 | |||||
Restructuring Reserve | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 | 0.0 |
Payments for Restructuring | (3.8) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | (0.1) | |||||
Additional European and American Reorganization | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 9.0 | |||||
Restructuring Reserve | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 | 0.0 |
Payments for Restructuring | (4.7) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | 0.0 | |||||
Additional European and American Reorganization | Life Science | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 4.3 | |||||
Restructuring Reserve | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 0.0 |
Payments for Restructuring | (2.9) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | 0.0 | |||||
Additional European and American Reorganization | Clinical Diagnostics | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 4.7 | |||||
Restructuring Reserve | $ 2.9 | $ 2.9 | $ 2.9 | 2.9 | $ 2.9 | $ 0.0 |
Payments for Restructuring | (1.8) | |||||
Restructuring Reserve, Foreign Currency Translation (Gain) Loss | $ 0.0 |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | $ 15,700 | $ 14,200 | $ 47,200 | $ 43,200 | |
Finance Lease, Right-of-Use Asset, Amortization | 100 | 100 | 300 | 300 | |
Finance Lease, Interest Expense | 200 | 200 | 600 | 600 | |
Finance Lease Cost | 300 | 300 | 900 | 900 | |
Operating Lease, Payments | 10,600 | 9,500 | 30,400 | 28,100 | |
Finance Lease, Interest Payment on Liability | 200 | 200 | 600 | 600 | |
Finance Lease, Principal Payments | 100 | 100 | 300 | 300 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 36,700 | $ 2,300 | 49,000 | $ 9,400 | |
Operating lease right-of-use assets | 200,013 | 200,013 | $ 180,952 | ||
Current operating lease liabilities | $ 39,116 | $ 39,116 | $ 36,336 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities | Other current liabilities | ||
Operating lease liabilities | $ 167,179 | $ 167,179 | $ 153,597 | ||
Operating Lease, Liability | 206,300 | 206,300 | 189,900 | ||
Finance Lease, Right-Of-Use Asset, before Accumulated Amortization | 11,800 | 11,800 | 11,900 | ||
Finance Lease, Right-Of-Use Asset, Accumulated Amortization | 5,700 | 5,700 | 5,500 | ||
Finance Lease, Right-Of-Use Asset, after Accumulated Amortization | 6,100 | 6,100 | 6,400 | ||
Finance Lease, Liability, Current | 500 | 500 | 500 | ||
Finance Lease, Liability, Noncurrent | 9,700 | 9,700 | 10,100 | ||
Finance Lease, Liability | $ 10,200 | $ 10,200 | $ 10,600 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years | 7 years | ||
Finance Lease, Weighted Average Remaining Lease Term | 14 years | 14 years | 15 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 3.80% | 3.00% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 6.40% | 6.40% | 6.30% | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 10,400 | $ 10,400 | |||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 300 | 300 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 45,500 | 45,500 | |||
Finance Lease, Liability, to be Paid, Year One | 1,200 | 1,200 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 42,600 | 42,600 | |||
Finance Lease, Liability, Payments, Due Year Two | 1,100 | 1,100 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 31,200 | 31,200 | |||
Finance Lease, Liability, Payments, Due Year Three | 1,100 | 1,100 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 24,700 | 24,700 | |||
Finance Lease, Liability, Payments, Due Year Four | 1,100 | 1,100 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 82,700 | 82,700 | |||
Finance Lease, Liability, Payments, Due after Year Five | 11,900 | 11,900 | |||
Lessee, Operating Lease, Liability, Payments, Due | 237,100 | 237,100 | |||
Finance Lease, Liability, Payment, Due | 16,700 | 16,700 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (30,800) | (30,800) | |||
Finance Lease, Liability, Undiscounted Excess Amount | $ (6,500) | $ (6,500) | |||
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 | 16 years |
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