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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
| (Mark One) | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| | | | | |
| For the quarterly period ended | September 30, 2024 |
or
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from______________to __________
| | | | | |
| Commission file number | 001-07928 |
BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
| Delaware | 94-1381833 |
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
| 1000 Alfred Nobel Drive, | Hercules, | California | 94547 |
| (Address of principal executive offices) | (Zip Code) |
(Registrant's telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Class A Common Stock, Par Value $0.0001 per share | | BIO | | New York Stock Exchange |
| Class B Common Stock, Par Value $0.0001 per share | | BIO.B | | New York Stock Exchange |
| | | | | | | | | | | | | | |
| 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. | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232,405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | | | | | | | |
Common Shares Outstanding at October 28, 2024: | Class A - | 22,921,856 | Class B - | 5,074,909 |
BIO-RAD LABORATORIES, INC.
FORM 10-Q SEPTEMBER 30, 2024
TABLE OF CONTENTS
INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS
Other than statements of historical fact, statements made in this report include forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding our future financial performance, operating results, plans and objectives. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “may,” “will,” “intend,” “estimate,” “continue,” or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. However, actual results may differ materially from those currently anticipated depending on a variety of risk factors including, but not limited to, the risks relating to our international operations, supply chain issues, global economic and geopolitical conditions, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, reductions in government funding or capital spending of our customers, international legal and regulatory risks, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, natural disasters and other catastrophic events beyond our control, and other risks and uncertainties identified under “Part II, Item 1A, Risk Factors” of this Quarterly Report on Form 10-Q. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| ASSETS: | (Unaudited) | | |
| Cash and cash equivalents | $ | 410,377 | | | $ | 403,815 | |
| Short-term investments | 1,212,081 | | | 1,203,327 | |
| Restricted investments | 5,560 | | | 5,560 | |
Accounts receivable, less allowance for credit losses of $12,139 as of September 30, 2024 and $14,926 as of December 31, 2023 | 461,940 | | | 489,017 | |
| Inventory | 804,276 | | | 780,517 | |
| Prepaid expenses | 133,228 | | | 140,040 | |
| Other current assets | 28,158 | | | 26,054 | |
| Total current assets | 3,055,620 | | | 3,048,330 | |
| Property, plant and equipment, net | 545,304 | | | 529,007 | |
| Operating lease right-of-use assets | 173,866 | | | 194,730 | |
| Goodwill, net | 415,100 | | | 413,569 | |
| Purchased intangibles, net | 307,325 | | | 320,514 | |
| Other investments | 6,002,635 | | | 7,698,070 | |
| Other assets | 103,622 | | | 94,850 | |
| Total assets | $ | 10,603,472 | | | $ | 12,299,070 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(continued)
(In thousands, except share data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | (Unaudited) | | |
| Accounts payable | $ | 122,185 | | | $ | 144,625 | |
| Accrued payroll and employee benefits | 146,024 | | | 139,929 | |
| Current maturities of long-term debt and notes payable | 1,262 | | | 486 | |
| Income and other taxes payable | 43,625 | | | 35,759 | |
| Current operating lease liabilities | 42,834 | | | 40,379 | |
| Other current liabilities | 142,013 | | | 161,621 | |
| Total current liabilities | 497,943 | | | 522,799 | |
| Long-term debt, net of current maturities | 1,200,062 | | | 1,199,052 | |
| Deferred income taxes | 1,076,058 | | | 1,475,495 | |
| Operating lease liabilities | 143,919 | | | 165,478 | |
| Other long-term liabilities | 197,631 | | | 195,113 | |
| Total liabilities | 3,115,613 | | | 3,557,937 | |
| | | |
| Stockholders’ equity: | | | |
Preferred stock, $0.0001 par value, 7,500,000 shares authorized; issued and outstanding - none | — | | | — | |
Class A common stock, shares issued 25,190,963 and 25,169,944 as of September 30, 2024 and December 31, 2023, respectively; shares outstanding 22,920,768 and 23,422,506 as of September 30, 2024 and December 31, 2023, respectively | 2 | | | 2 | |
Class B common stock, shares issued and outstanding, 5,074,909 as of September 30, 2024 and 5,095,930 as of December 31, 2023, respectively | 1 | | | 1 | |
| Additional paid-in capital | 448,329 | | | 449,075 | |
Class A treasury stock at cost, 2,270,195 and 1,747,438 shares as of September 30, 2024 and December 31, 2023, respectively | (777,430) | | | (632,536) | |
| Retained earnings | 8,132,231 | | | 9,260,629 | |
Accumulated other comprehensive loss | (315,274) | | | (336,038) | |
| Total stockholders’ equity | 7,487,859 | | | 8,741,133 | |
| Total liabilities and stockholders’ equity | $ | 10,603,472 | | | $ | 12,299,070 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| Net sales | $ | 649,729 | | | $ | 632,124 | | | $ | 1,899,025 | | | $ | 1,990,078 | |
| Cost of goods sold | 293,826 | | | 296,441 | | | 862,037 | | | 929,495 | |
| Gross profit | 355,903 | | | 335,683 | | | 1,036,988 | | | 1,060,583 | |
| Selling, general and administrative expense | 200,440 | | | 201,199 | | | 610,042 | | | 634,576 | |
| Research and development expense | 90,997 | | | 43,535 | | | 216,276 | | | 183,528 | |
| | | | | | | |
| Income from operations | 64,466 | | | 90,949 | | | 210,670 | | | 242,479 | |
| Interest expense | 12,174 | | | 12,398 | | | 36,715 | | | 37,078 | |
| Foreign currency exchange (gains) losses, net | 1,641 | | | (1,680) | | | (2,012) | | | (5,280) | |
| (Gains) losses from change in fair market value of equity securities and loan receivable | (792,888) | | | (36,425) | | | 1,680,290 | | | 1,576,542 | |
| Other income, net | (18,081) | | | (20,446) | | | (70,740) | | | (87,365) | |
| Income (loss) before income taxes | 861,620 | | | 137,102 | | | (1,433,583) | | | (1,278,496) | |
| (Provision for) benefit from income taxes | (208,448) | | | (30,845) | | | 305,185 | | | 291,464 | |
| Net income (loss) | $ | 653,172 | | | $ | 106,257 | | | $ | (1,128,398) | | | $ | (987,032) | |
| | | | | | | |
| Basic earnings (loss) loss per share: | | | | | | | |
| Net income (loss) per share | $ | 23.37 | | | $ | 3.65 | | | $ | (39.89) | | | $ | (33.63) | |
Weighted average common shares | 27,949 | | | 29,102 | | | 28,286 | | | 29,349 | |
| | | | | | | |
| Diluted earnings (loss) per share: | | | | | | | |
| Net income (loss) per diluted share | $ | 23.34 | | | $ | 3.64 | | | $ | (39.89) | | | $ | (33.63) | |
| Weighted average common shares - diluted | 27,985 | | | 29,223 | | | 28,286 | | | 29,349 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income (loss) | $ | 653,172 | | | $ | 106,257 | | | $ | (1,128,398) | | | $ | (987,032) | |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Foreign currency translation adjustments | 122,932 | | | (126,165) | | | 6,570 | | | (34,342) | |
| Foreign other post-employment benefits adjustments | (69) | | | (342) | | | 815 | | | (72) | |
| Net unrealized holding gains on available-for-sale investments | 13,225 | | | 1,808 | | | 13,379 | | | 3,675 | |
| Other comprehensive income (loss) | 136,088 | | | (124,699) | | | 20,764 | | | (30,739) | |
| Comprehensive income (loss) | $ | 789,260 | | | $ | (18,442) | | | $ | (1,107,634) | | | $ | (1,017,771) | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
| | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, |
| | 2024 | | 2023 |
| Cash flows from operating activities: | | | |
| Cash received from customers | $ | 1,920,985 | | | $ | 2,007,482 | |
| Cash paid to suppliers and employees | (1,531,330) | | | (1,722,173) | |
| Interest paid, net | (45,628) | | | (46,394) | |
| Income tax payments, net | (75,710) | | | (40,966) | |
Dividend proceeds and miscellaneous receipts, net | 67,193 | | | 81,828 | |
| Proceeds from (payments for) forward foreign exchange contracts, net | (4,462) | | | 14,119 | |
| Net cash provided by operating activities | 331,048 | | | 293,896 | |
| Cash flows from investing activities: | | | |
| Payments for purchases of property, plant and equipment | (122,686) | | | (114,435) | |
| Proceeds from dispositions of property, plant and equipment | 149 | | | 104 | |
| | | |
| | | |
Payments for acquired in-process research and development | (23,410) | | | — | |
| | | |
| Payments for purchases of marketable securities and investments | (1,053,660) | | | (537,540) | |
| Proceeds from sales of marketable securities and investments | 900,493 | | | 339,033 | |
| Proceeds from maturities of marketable securities and investments | 169,458 | | | 260,849 | |
| Net cash used in investing activities | (129,656) | | | (51,989) | |
| Cash flows from financing activities: | | | |
| | | |
Payments on long-term debt | (359) | | | (349) | |
Payments for debt issuance costs | (617) | | | — | |
| | | |
| Proceeds from issuance of common stock and from reissuance of treasury stock under the employee stock purchase plan and upon exercise of stock options | 15,290 | | | 14,168 | |
| Tax payments from net share settlement | (3,280) | | | (10,118) | |
| Payments for purchases of treasury stock | (203,586) | | | (228,728) | |
| Net cash used in financing activities | (192,552) | | | (225,027) | |
| Effect of foreign exchange rate changes on cash | (1,021) | | | 6,891 | |
| Net increase in cash, cash equivalents and restricted cash | 7,819 | | | 23,771 | |
| Cash, cash equivalents and restricted cash at beginning of period | 404,369 | | | 434,544 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 412,188 | | | $ | 458,315 | |
Reconciliation of cash, cash equivalents and restricted cash (in thousands):
| | | | | | | | | | | |
| September 30, |
| 2024 | | 2023 |
| Cash and cash equivalents | $ | 410,377 | | | $ | 457,850 | |
| Restricted cash included in Other current assets | 1,376 | | | 79 | |
| Restricted cash included in Other assets | 435 | | | 386 | |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | 412,188 | | | $ | 458,315 | |
These restricted cash items are primarily related to performance guarantees and other restricted deposits.
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity |
| Balance at December 31, 2023 | $ | 3 | | | $ | 449,075 | | | $ | (632,536) | | | $ | 9,260,629 | | | $ | (336,038) | | | $ | 8,741,133 | |
| Net income | — | | | — | | | — | | | 383,916 | | | — | | | 383,916 | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (89,933) | | | (89,933) | |
| Share-based compensation expense | — | | | 15,262 | | | — | | | — | | | — | | | 15,262 | |
| Purchase of treasury stock | — | | | — | | | (4,702) | | | — | | | — | | | (4,702) | |
| Reissuance of treasury stock | — | | | (1,710) | | | 7,215 | | | — | | | — | | | 5,505 | |
| | | | | | | | | | | |
| Excise tax on stock repurchase | — | | | — | | | (47) | | | — | | | — | | | (47) | |
| Balance at March 31, 2024 | $ | 3 | | | $ | 462,627 | | | $ | (630,070) | | | $ | 9,644,545 | | | $ | (425,971) | | | $ | 9,051,134 | |
| Net loss | — | | | — | | | — | | | (2,165,486) | | | — | | | (2,165,486) | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (25,391) | | | (25,391) | |
| | | | | | | | | | | |
| Share-based compensation expense | — | | | 14,999 | | | — | | | — | | | — | | | 14,999 | |
| Purchase of treasury stock | — | | | — | | | (100,000) | | | — | | | — | | | (100,000) | |
| Reissuance of treasury stock | — | | | (2,745) | | | 7,428 | | | — | | | — | | | 4,683 | |
| Shares withheld related to net share settlement of equity awards | — | | | (152) | | | — | | | — | | | — | | | (152) | |
| Excise tax on stock repurchase | — | | | — | | | (1,000) | | | — | | | — | | | $ | (1,000) | |
| Balance at June 30, 2024 | $ | 3 | | | $ | 474,729 | | | $ | (723,642) | | | $ | 7,479,059 | | | $ | (451,362) | | | $ | 6,778,787 | |
| Net income | — | | | — | | | — | | | 653,172 | | | — | | | 653,172 | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 136,088 | | | 136,088 | |
| | | | | | | | | | | |
| Share-based compensation expense | — | | | 15,675 | | | — | | | — | | | — | | | 15,675 | |
| Purchase of treasury stock | — | | | — | | | (96,868) | | | — | | | — | | | (96,868) | |
| Reissuance of treasury stock | — | | | (38,947) | | | 44,049 | | | — | | | — | | | 5,102 | |
| Shares withheld related to net share settlement of equity awards | — | | | (3,128) | | | — | | | — | | | — | | | (3,128) | |
| Excise tax on stock repurchase | — | | | — | | | (969) | | | — | | | — | | | $ | (969) | |
| Balance at September 30, 2024 | $ | 3 | | | $ | 448,329 | | | $ | (777,430) | | | $ | 8,132,231 | | | $ | (315,274) | | | $ | 7,487,859 | |
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity |
| Balance at December 31, 2022 | $ | 3 | | | $ | 447,454 | | | $ | (263,586) | | | $ | 9,898,203 | | | $ | (466,822) | | | $ | 9,615,252 | |
| Net income | — | | | — | | | — | | | 68,962 | | | — | | | 68,962 | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 58,470 | | | 58,470 | |
| | | | | | | | | | | |
| Share-based compensation expense | — | | | 16,608 | | | — | | | — | | | — | | | 16,608 | |
| | | | | | | | | | | |
| Reissuance of treasury stock | — | | | (660) | | | 5,290 | | | (206) | | | — | | | 4,424 | |
| Balance at March 31, 2023 | $ | 3 | | | $ | 463,402 | | | $ | (258,296) | | | $ | 9,966,959 | | | $ | (408,352) | | | $ | 9,763,716 | |
| Net loss | — | | | — | | | — | | | (1,162,251) | | | — | | | (1,162,251) | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 35,490 | | | 35,490 | |
| | | | | | | | | | | |
| Share-based compensation expense | — | | | 12,559 | | | — | | | — | | | — | | | 12,559 | |
| Purchase of treasury stock | — | | | — | | | (207,407) | | | — | | | — | | | (207,407) | |
| Reissuance of treasury stock | — | | | (2,089) | | | 6,919 | | | (44) | | | — | | | 4,786 | |
| Balance at June 30, 2023 | $ | 3 | | | $ | 473,872 | | | $ | (458,784) | | | $ | 8,804,664 | | | $ | (372,862) | | | $ | 8,446,893 | |
| Net income | — | | | — | | | — | | | 106,257 | | | — | | | 106,257 | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (124,699) | | | (124,699) | |
| Issuance of common stock, net of shares withheld | — | | | (5,111) | | | — | | | — | | | — | | | (5,111) | |
| Share-based compensation expense | — | | | 15,952 | | | — | | | — | | | — | | | 15,952 | |
| Purchase of treasury stock | — | | | — | | | (23,608) | | | — | | | — | | | (23,608) | |
| Reissuance of treasury stock | — | | | (45,258) | | | 45,772 | | | — | | | — | | | 514 | |
| Balance at September 30, 2023 | $ | 3 | | | $ | 439,455 | | | $ | (436,620) | | | $ | 8,910,921 | | | $ | (497,561) | | | $ | 8,416,198 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
BIO-RAD LABORATORIES, INC
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. BASIS OF PRESENTATION AND USE OF ESTIMATES
Basis of Presentation
In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023.
We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions.
Use of Estimates
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets, valuation of accounts receivable, estimation of warranty reserve, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the loan receivable. Actual results could differ materially from those estimates.
Revenue Recognition
We recognize revenue from operations through the sale of products, services, license of intellectual property and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is
allocated between separate performance obligations of an arrangement based on the stand-alone selling price ("SSP") for each distinct product or service.
We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed.
Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately.
We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied.
The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance.
We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant.
In addition, we offer a reagent rental program which provides our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases.
We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Maintenance services and reagent sales are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer.
Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three and nine months ended September 30, 2024 and 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income (loss).
Contract costs:
We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss).
Disaggregation of Revenue:
The following table presents our revenues disaggregated by geographic region (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| United States | $ | 276.2 | | | $ | 275.4 | | | $ | 783.4 | | | $ | 858.8 | |
| EMEA | 205.7 | | | 193.1 | | | 612.4 | | | 609.1 | |
| APAC | 126.9 | | | 118.9 | | | 375.2 | | | 398.9 | |
| Other (primarily Canada and Latin America) | 40.9 | | | 44.7 | | | 128.0 | | | 123.3 | |
| Total net sales | $ | 649.7 | | | $ | 632.1 | | | $ | 1,899.0 | | | $ | 1,990.1 | |
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, 2024 and December 31, 2023 was $64.0 million and $68.3 million, respectively. The short-term deferred revenue balance at September 30, 2024 and December 31, 2023 was $48.9 million and $51.1 million, respectively.
We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income (loss).
Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Changes in our warranty liability for the nine months ended September 30, 2024 and 2023 were as follows (in millions):
| | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2024 | 2023 |
| Balance at beginning of period | $ | 8.4 | | $ | 10.6 | |
| Provision for warranty | 5.2 | | 6.4 | |
| Actual warranty costs | (5.7) | | (9.0) | |
| Balance at end of period | $ | 7.9 | | $ | 8.0 | |
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):
| | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2024 | 2023 |
| Balance at beginning of period | $ | 14.9 | | $ | 15.0 | |
| Provision for expected credit losses | 2.1 | | 1.4 | |
| Write-offs charged against the allowance | (4.9) | | (1.3) | |
| | |
| Balance at end of period | $ | 12.1 | | $ | 15.1 | |
Saber Bio Acquisition
On July 26, 2024, the Company entered into a stock purchase agreement (the “Transaction”) to acquire all of the outstanding equity interests in Saber Bio (“Saber”). The Transaction closed on August 20, 2024. The Company accounted for the Transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in a single or similar in-process research and development project (“IPR&D”). The Company concluded that the acquired IPR&D does not meet the criteria for capitalization and expensed the acquired IPR&D. This amounted to $29.5 million which was recorded in Research and development expense in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024.
Recent Accounting Pronouncements Issued and to be Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, “Improvements to Reportable Segment Disclosures”. The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker ("CODM"). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will not apply before the Company's fiscal year beginning January 1, 2025. However, on April 4, 2024, the SEC issued an order staying the rule pending the completion of an ongoing judicial review. We are monitoring SEC developments and evaluating the final rule to determine its impact on our disclosures.
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, 2024 are classified in the hierarchy as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Financial assets carried at fair value: | | | | | | | |
| Cash equivalents: | | | | | | | |
| | | | | | | |
| Time deposits | — | | | 43.2 | | | — | | | 43.2 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Money market funds | 110.9 | | | — | | | — | | | 110.9 | |
| Total cash equivalents (a) | 110.9 | | | 43.2 | | | — | | | 154.1 | |
| Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | |
| Equity securities (c) | 5,701.4 | | | — | | | — | | | 5,701.4 | |
| Loan under the fair value option (d) | — | | | — | | | 343.5 | | | 343.5 | |
| Available-for-sale investments: | | | | | | | |
| Corporate debt securities | — | | | 543.8 | | | — | | | 543.8 | |
| U.S. government sponsored agencies | — | | | 147.0 | | | — | | | 147.0 | |
| Foreign government obligations | — | | | 2.6 | | | — | | | 2.6 | |
| | | | | | | |
| | | | | | | |
| Municipal obligations | — | | | 6.7 | | | — | | | 6.7 | |
| Asset-backed securities | — | | | 433.2 | | | — | | | 433.2 | |
| Total available-for-sale investments (e) | — | | | 1,133.3 | | | — | | | 1,133.3 | |
| Forward foreign exchange contracts (f) | — | | | 2.2 | | | — | | | 2.2 | |
| Total financial assets carried at fair value | $ | 5,819.4 | | | $ | 1,178.7 | | | $ | 343.5 | | | $ | 7,341.6 | |
| | | | | | | |
| Financial liabilities carried at fair value: | | | | | | | |
| Forward foreign exchange contracts (g) | $ | — | | | $ | 0.9 | | | $ | — | | | $ | 0.9 | |
| Contingent consideration (h) | — | | | — | | | 18.3 | | | 18.3 | |
| Total financial liabilities carried at fair value | $ | — | | | $ | 0.9 | | | $ | 18.3 | | | $ | 19.2 | |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Financial assets carried at fair value: | | | | | | | |
| Cash equivalents: | | | | | | | |
| Commercial paper | $ | — | | | $ | 12.5 | | | $ | — | | | $ | 12.5 | |
| Time deposits | — | | | 36.6 | | | — | | | 36.6 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| U.S. government sponsored agencies | — | | | 7.0 | | | — | | | 7.0 | |
| Money market funds | 28.0 | | | — | | | — | | | 28.0 | |
| Total cash equivalents (a) | 28.0 | | | 56.1 | | | — | | | 84.1 | |
| Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | |
| Equity securities (c) | 7,399.3 | | | — | | | — | | | 7,399.3 | |
| Loan under the fair value option (d) | — | | | — | | | 325.7 | | | 325.7 | |
| Available-for-sale investments: | | | | | | | |
| Corporate debt securities | — | | | 531.6 | | | — | | | 531.6 | |
| U.S. government sponsored agencies | — | | | 255.9 | | | — | | | 255.9 | |
| Foreign government obligations | — | | | 12.7 | | | — | | | 12.7 | |
| | | | | | | |
| Municipal obligations | — | | | 12.1 | | | — | | | 12.1 | |
| Asset-backed securities | — | | | 323.7 | | | — | | | 323.7 | |
| Total available-for-sale investments (e) | — | | | 1,136.0 | | | — | | | 1,136.0 | |
| Forward foreign exchange contracts (f) | — | | | 4.1 | | | — | | | 4.1 | |
| Total financial assets carried at fair value | $ | 7,434.4 | | | $ | 1,196.2 | | | $ | 325.7 | | | $ | 8,956.3 | |
| | | | | | | |
| Financial liabilities carried at fair value: | | | | | | | |
| Forward foreign exchange contracts (g) | $ | — | | | $ | 11.7 | | | $ | — | | | $ | 11.7 | |
| Contingent consideration (h) | — | | | — | | | 17.5 | | | 17.5 | |
| Total financial liabilities carried at fair value | $ | — | | | $ | 11.7 | | | $ | 17.5 | | | $ | 29.2 | |
(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.
(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Restricted investments | $ | 5.6 | | | $ | 5.6 | |
| Other investments | 1.5 | | | 1.5 | |
| Total | $ | 7.1 | | | $ | 7.1 | |
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Short-term investments | $ | 78.7 | | | $ | 67.2 | |
| Other investments | 5,622.7 | | | 7,332.1 | |
| Total | $ | 5,701.4 | | | $ | 7,399.3 | |
(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.
(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.
(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.
(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.
(h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.4 million and $0.8 million in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2024.
Level 1 Fair Value Measurements
As of September 30, 2024, 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 outstanding ordinary shares (excluding treasury shares) and 27% of the preference shares of Sartorius as of September 30, 2024. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting.
The change in fair market value of our investment in Sartorius for the three and nine months ended September 30, 2024 was a gain of $761.1 million and a loss of $1,711.0 million, respectively, and are 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, 2024 and December 31, 2023, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source.
Available-for-sale investments consist of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value |
| Short-term investments: | | | | | | | | |
| Corporate debt securities | $ | 536.6 | | | $ | 7.5 | | | $ | (0.3) | | | | $ | 543.8 | |
| Municipal obligations | 6.6 | | | 0.1 | | | — | | | | 6.7 | |
| Asset-backed securities | 430.3 | | | 3.7 | | | (0.8) | | | | 433.2 | |
| U.S. government sponsored agencies | 145.9 | | | 1.3 | | | (0.2) | | | | 147.0 | |
| Foreign government obligations | 2.6 | | | — | | | — | | | | 2.6 | |
| | | | | | | | |
| | | | | | | | |
| | $ | 1,122.0 | | | $ | 12.6 | | | $ | (1.3) | | | | $ | 1,133.3 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2024 by contractual maturity date (in millions):
| | | | | | | | | | | |
| Amortized
Cost | | Estimated Fair
Value |
| Mature in less than one year | $ | 120.5 | | | $ | 120.4 | |
| Mature in one to five years | 702.9 | | | 711.8 | |
| Mature in more than five years | 298.6 | | | 301.1 | |
| Total | $ | 1,122.0 | | | $ | 1,133.3 | |
Available-for-sale investments consist of the following (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value |
| Short-term investments: | | | | | | | | |
| Corporate debt securities | $ | 534.1 | | | $ | 0.8 | | | $ | (3.3) | | | | $ | 531.6 | |
| Municipal obligations | 12.2 | | | — | | | (0.1) | | | | 12.1 | |
| Asset-backed securities | 325.7 | | | 0.7 | | | (2.7) | | | | 323.7 | |
| U.S. government sponsored agencies | 257.4 | | | 0.1 | | | (1.6) | | | | 255.9 | |
| Foreign government obligations | 12.8 | | | — | | | (0.1) | | | | 12.7 | |
| | | | | | | | |
| Total | $ | 1,142.2 | | | $ | 1.6 | | | $ | (7.8) | | | | $ | 1,136.0 | |
As of September 30, 2024, 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, 2024, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of September 30, 2024.
Included in Other current assets are $11.1 million and $11.9 million of interest receivable as of September 30, 2024 and December 31, 2023, respectively, primarily associated with securities in our available-for-sale investments portfolio. Associated interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the nine months ended September 30, 2024, we have not written-off any uncollected interest receivable.
As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less, are recorded at their fair value at each balance sheet date. The notional amounts provide one measure of foreign exchange exposures as of September 30, 2024 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was
derived using the spot rates and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts offset gains or losses from foreign currency remeasurement of the related receivables and payables, both of which are included in Foreign currency exchange (gains) losses, net in the condensed consolidated statements of income (loss).
The following is a summary of our forward foreign currency exchange contracts (in millions):
| | | | | | | | | | | |
Contracts to sell foreign currency: | September 30, 2024 | | December 31, 2023 |
| Notional value | $ | 673.7 | | | $ | 873.5 | |
Unrealized gain/(loss) | $ | 1.3 | | | $ | (8.1) | |
Contracts to purchase foreign currency: | | | |
| Notional value | $ | 44.4 | | | $ | 133.6 | |
Unrealized gain/(loss) | $ | — | | | $ | 0.5 | |
Included in Other investments in the condensed consolidated balance sheet are investments without readily determinable fair value measured at cost with adjustments for observable price changes or impairments. The carrying value of these investments was $8.0 million and $6.5 million as of September 30, 2024 and December 31, 2023, respectively.
Also included in Other investments in the condensed consolidated balance sheet are our equity method investments, for which our share of the equity method investees earnings is included in Other income, net in our condensed consolidated statements of income (loss). The carrying value of these investments, net of impairments, was $26.8 million and $32.3 million as of September 30, 2024 and December 31, 2023, respectively.
The carrying value and fair value of our long-term debt were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
Senior notes | | $ | 1,190.8 | | | $ | 1,119.9 | | | $ | 1,189.5 | | | $ | 1,102.5 | |
Other long-term debt | | 9.3 | | | 9.3 | | | 9.6 | | | 9.6 | |
Total | | $ | 1,200.1 | | | $ | 1,129.2 | | | $ | 1,199.1 | | | $ | 1,112.1 | |
The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.
Level 3 Fair Value Investments
During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (“Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan
include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our condensed consolidated statements of income (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, 2024 was a gain of $25.2 million, which includes a $18.1 million gain from change in fair market value of the Loan and a $7.1 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, 2024 was a gain of $14.7 million, which includes a $33.1 million gain from change in fair market value of the Loan and a $18.4 million loss from change in fair market value of the value appreciation right. The increase in the fair market value of the value appreciation right was due to an increase in the value of the Sartorius ordinary shares. As of September 30, 2024, the €400 million principal amount of the loan is still due on January 31, 2029.
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):
| | | | | |
| December 31, 2023 | $ | 325.7 | |
| |
Change in estimated fair market value, net | $ | 14.7 | |
Foreign currency exchange losses, net | $ | 3.1 | |
| |
| September 30, 2024 | $ | 343.5 | |
3. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS
Changes to goodwill by segment are as follows (in millions):
| | | | | | | | | | | | | | | | | |
| Life
Science | | Clinical
Diagnostics | | Total |
| Balances as of January 1, 2024: | | | | | |
| Goodwill | $ | 333.3 | | | $ | 415.5 | | | $ | 748.8 | |
| Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | |
| Goodwill, net | 291.5 | | | 122.1 | | | 413.6 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Foreign currency adjustments | — | | | 1.5 | | | 1.5 | |
Period change, net | — | | | 1.5 | | | 1.5 | |
| | | | | |
| Balances as of September 30, 2024: | | | | | |
| Goodwill | 333.3 | | | 417.0 | | | 750.3 | |
| Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | |
| Goodwill, net | $ | 291.5 | | | $ | 123.6 | | | $ | 415.1 | |
Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 |
| Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount |
| Customer relationships/lists | 4.8 | | $ | 108.4 | | | $ | (100.6) | | | $ | 7.8 | |
| Know how | 1.0 | | 169.7 | | | (165.2) | | | 4.5 | |
| Developed product technology | 11.6 | | 219.3 | | | (141.5) | | | 77.8 | |
| Licenses | 4.2 | | 59.3 | | | (45.2) | | | 14.1 | |
| Tradenames | 4.8 | | 6.0 | | | (4.9) | | | 1.1 | |
| Covenants not to compete | 1.5 | | 6.4 | | | (5.4) | | | 1.0 | |
| | | | | | | |
| | | | | | | |
| Total finite-lived intangible assets | | | 569.1 | | | (462.8) | | | 106.3 | |
| In-process research and development | | | 201.0 | | | — | | | 201.0 | |
| Total purchased intangible assets | | | $ | 770.1 | | | $ | (462.8) | | | $ | 307.3 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount |
| Customer relationships/lists | 5.2 | | $ | 108.7 | | | $ | (98.9) | | | $ | 9.8 | |
| Know how | 1.8 | | 168.9 | | | (161.1) | | | 7.8 | |
| Developed product technology | 12.0 | | 217.8 | | | (132.9) | | | 84.9 | |
| Licenses | 4.9 | | 59.2 | | | (42.4) | | | 16.8 | |
| Tradenames | 5.6 | | 6.1 | | | (4.7) | | | 1.4 | |
| Covenants not to compete | 2.3 | | 6.4 | | | (4.8) | | | 1.6 | |
| | | | | | | |
| | | | | | | |
| Total finite-lived intangible assets | | | 567.1 | | | (444.8) | | | 122.3 | |
| In-process research and development | | | 198.2 | | | — | | | 198.2 | |
| Total purchased intangible assets | | | $ | 765.3 | | | $ | (444.8) | | | $ | 320.5 | |
Amortization expense related to purchased intangible assets is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Amortization expense | $ | 5.3 | | | $ | 6.2 | | | $ | 16.1 | | | $ | 18.1 | |
4. INVENTORY
Following are the components of Inventory at September 30, 2024 and December 31, 2023 (in millions):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Inventory: | | | |
| Raw materials | $ | 229.5 | | | $ | 231.6 | |
| Work in process | 255.2 | | | 246.0 | |
| Finished goods | 319.6 | | | 302.9 | |
| Total Inventory | $ | 804.3 | | | $ | 780.5 | |
5. SUPPLEMENTAL CASH FLOW INFORMATION
The reconciliation of net loss to net cash provided by operating activities is as follows (in millions):
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2024 | | 2023 |
| Net loss | $ | (1,128.4) | | | $ | (987.0) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
| Depreciation and amortization | 112.4 | | | 108.7 | |
| Reduction in the carrying amount of right-of-use assets | 31.1 | | | 30.7 | |
| Share-based compensation | 45.9 | | | 45.1 | |
Acquired in-process research and development | 29.5 | | | — | |
| | | |
| Losses from change in fair market value of equity securities and loan receivable | 1,680.3 | | | 1,576.5 | |
| | | |
| Changes in fair value of contingent consideration | 0.8 | | | (18.5) | |
| Payments for operating lease liabilities | (32.2) | | | (30.4) | |
| Decrease in accounts receivable | 25.6 | | | 31.6 | |
| Increase in inventories | (16.0) | | | (61.7) | |
| (Increase) decrease in other current assets | (4.7) | | | 15.0 | |
| Decrease in accounts payable and other current liabilities | (24.4) | | | (72.4) | |
| Increase in income taxes payable | 21.8 | | | 56.4 | |
| Decrease in deferred income taxes | (408.5) | | | (397.4) | |
| Increase in other long-term liabilities | 1.4 | | | 3.9 | |
| Other | (3.6) | | | (6.6) | |
| Net cash provided by operating activities | $ | 331.0 | | | $ | 293.9 | |
| | | |
| Non-cash investing activities: | | | |
| Purchased property, plant and equipment | $ | 7.4 | | | $ | 2.9 | |
| Purchased marketable securities and investments | $ | 5.7 | | | $ | — | |
| Sold marketable securities and investments | $ | 0.2 | | | $ | — | |
6. LONG-TERM DEBT
The principal components of long-term debt are as follows (in millions): | | | | | | | | | | | |
| September 30,
2024 | | December 31,
2023 |
3.3%, Senior Notes due 2027 | $ | 400.0 | | | $ | 400.0 | |
3.7%, Senior Notes due 2032 | 800.0 | | | 800.0 | |
| Less unamortized discounts and debt issuance costs | (9.2) | | | (10.5) | |
| Long-term debt less unamortized discounts and debt issuance costs | 1,190.8 | | | 1,189.5 | |
| Finance leases and other debt | 10.6 | | | 10.1 | |
| Less current maturities | (1.3) | | | (0.5) | |
| Long-term debt | $ | 1,200.1 | | | $ | 1,199.1 | |
On February 13, 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. The Revolving Credit Agreement matures on February 13, 2029. As of September 30, 2024, no borrowings were outstanding under the Revolving Credit Agreement, although available capacity was reduced by immaterial outstanding letters of credit. As of September 30, 2024, we were in compliance with the covenants for the Revolving Credit Agreement.
7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions):
| | | | | | | | | | | | | | |
| Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) |
| Balances as of January 1, 2024: | $ | (334.1) | | $ | (2.8) | | $ | 0.9 | | $ | (336.0) | |
| Other comprehensive income, before reclassifications | 6.6 | | 0.1 | | 19.1 | | 25.8 | |
| Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | (1.7) | | (2.1) | |
| Income tax effects | (0.1) | | 1.1 | | (4.0) | | (3.0) | |
| Other comprehensive income, net of income taxes | 6.5 | | 0.8 | | 13.4 | | 20.7 | |
| Balances as of September 30, 2024: | $ | (327.6) | | $ | (2.0) | | $ | 14.3 | | $ | (315.3) | |
| | | | | | | | | | | | | | |
| Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) |
| Balances as of January 1, 2023: | $ | (466.5) | | $ | 10.0 | | $ | (10.3) | | $ | (466.8) | |
| Other comprehensive income (loss), before reclassifications | (34.4) | | 0.3 | | 3.7 | | (30.4) | |
| Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | 1.1 | | 0.7 | |
| Income tax effects | 0.1 | | — | | (1.1) | | (1.0) | |
| Other comprehensive income (loss), net of income taxes | (34.3) | | (0.1) | | 3.7 | | (30.7) | |
| Balances as of September 30, 2023: | $ | (500.8) | | $ | 9.9 | | $ | (6.6) | | $ | (497.5) | |
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):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| Components of comprehensive income (loss) | 2024 | | 2023 | | 2024 | | 2023 |
| Amortization of foreign other post-employment benefit items | $ | 0.1 | | | $ | 0.2 | | | $ | 0.4 | | | $ | 0.4 | |
Net holding gains (losses) on equity securities and available-for-sale investments | $ | 2.0 | | | $ | (0.1) | | | $ | 1.7 | | | $ | (1.1) | |
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 and 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 nine months ended September 30, 2024 and 2023.
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 (loss) 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): | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Basic weighted average shares outstanding | 27,949 | | | 29,102 | | | 28,286 | | | 29,349 | |
| Effect of potentially dilutive stock options, restricted stock and performance stock awards | 36 | | | 121 | | | — | | | — | |
| Diluted weighted average common shares outstanding | 27,985 | | | 29,223 | | | 28,286 | | | 29,349 | |
| Anti-dilutive shares | 257 | | | 154 | | | 411 | | | 229 | |
9. OTHER INCOME, NET
Other income, net includes the following components (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Interest and investment income | $ | (15.5) | | | $ | (17.3) | | | $ | (66.1) | | | $ | (84.1) | |
Net realized (gains) losses on investments | (2.0) | | | 0.1 | | | (1.7) | | | 1.6 | |
| | | | | | | |
| | | | | | | |
| Escrow receipts on prior acquisition | — | | | (2.5) | | | — | | | (2.5) | |
| | | | | | | |
| Other income | (0.6) | | | (0.7) | | | (2.9) | | | (2.4) | |
| Other income, net | $ | (18.1) | | | $ | (20.4) | | | $ | (70.7) | | | $ | (87.4) | |
10. INCOME TAXES
Our effective income tax rate was 24.2% and 22.5% for the three months ended September 30, 2024 and 2023, respectively. Our effective income tax rate was 21.3% and 22.8% for the nine months ended September 30, 2024 and 2023, respectively.
The realization of deferred tax assets are dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of September 30, 2024, 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 $17.0 million for the period ended September 30, 2024 compared to the year ended December 31, 2023.
Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis.
We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.
Our gross unrecognized tax benefits were $88.5 million and $84.7 million as of September 30, 2024 and December 31, 2023, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions.
As of September 30, 2024, based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $16.2 million. Substantially all such amounts will impact our effective income tax rate if recognized.
11. SEGMENT INFORMATION
Information regarding net sales and operating profit (loss) for the three months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | |
| | Life
Science | | Clinical
Diagnostics | | Other
Operations |
| | | | | | |
| Net sales | 2024 | $ | 260.9 | | | $ | 388.8 | | | $ | — | |
| | 2023 | $ | 263.5 | | | $ | 368.1 | | | $ | 0.5 | |
| | | | | | |
| Operating profit (loss) | 2024 | $ | (9.8) | | | $ | 74.2 | | | $ | 0.1 | |
| | 2023 | $ | 13.0 | | | $ | 78.0 | | | $ | (0.1) | |
Information regarding Net sales and operating profit (loss) for the nine months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | |
| | Life
Science | | Clinical
Diagnostics | | Other
Operations |
| | | | | | |
| Net sales | 2024 | $ | 753.1 | | | $ | 1,145.4 | | | $ | 0.5 | |
| | 2023 | $ | 887.3 | | | $ | 1,100.3 | | | $ | 2.5 | |
| | | | | | |
| Operating profit (loss) | 2024 | $ | 1.1 | | | $ | 209.9 | | | $ | (0.3) | |
| | 2023 | $ | 76.7 | | | $ | 166.1 | | | $ | (0.3) | |
Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Our CODM views all operating expenses and corporate overhead as directly supporting the strategies of our segments, and these costs are fully allocated to our reportable segments.
The following reconciles total operating profit to consolidated income (loss) before income taxes (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operating profit | $ | 64.5 | | | $ | 90.9 | | | $ | 210.7 | | | $ | 242.5 | |
| Interest expense | (12.2) | | | (12.3) | | | (36.7) | | | (37.2) | |
Foreign currency exchange (losses) gains, net | (1.6) | | | 1.7 | | | 2.0 | | | 5.3 | |
Gains (losses) from change in fair market value of equity securities and loan receivable | 792.8 | | | 36.4 | | | (1,680.3) | | | (1,576.5) | |
| Other income, net | 18.1 | | | 20.4 | | | 70.7 | | | 87.4 | |
Consolidated income (loss) before income taxes | $ | 861.6 | | | $ | 137.1 | | | $ | (1,433.6) | | | $ | (1,278.5) | |
12. LEGAL PROCEEDINGS
We 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.
13. LEASES
We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 15 years, which includes our determination to exercise renewal options.
We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our condensed consolidated balance sheets.
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense is recognized on a straight-line basis over the lease term. Where we act as lessee, we elected not to separate lease and non-lease components.
The components of lease expense were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Operating lease cost | $ | 17.3 | | | $ | 15.7 | | | $ | 52.2 | | | $ | 47.2 | |
| | | | | |
| Finance lease cost: | | | |
| Amortization of right-of-use assets | $ | 0.1 | | | $ | 0.1 | | | $ | 0.3 | | | $ | 0.3 | |
| Interest on lease liabilities | 0.2 | | | 0.2 | | | 0.5 | | | 0.6 | |
| Total finance lease cost | $ | 0.3 | | | $ | 0.3 | | | $ | 0.8 | | | $ | 0.9 | |
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, 2024 and 2023. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three and nine months ended September 30, 2024 and 2023.
Supplemental cash flow information related to leases was as follows (in millions): | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended |
| September 30, | September 30, |
| 2024 | 2023 | 2024 | 2023 |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | |
| Operating cash flows from operating leases | $ | 10.8 | | $ | 10.6 | | $ | 32.2 | | $ | 30.4 | |
| Operating cash flows from finance leases | $ | 0.2 | | $ | 0.2 | | $ | 0.5 | | $ | 0.6 | |
| Financing cash flows from finance leases | $ | 0.1 | | $ | 0.1 | | $ | 0.3 | | $ | 0.3 | |
| | | | |
| Right-of-use assets obtained in exchange for new lease obligations: | | | | |
| Operating leases | $ | 0.1 | | $ | 36.7 | | $ | 11.3 | | $ | 49.0 | |
| | | | |
Supplemental balance sheet information related to leases was as follows (in millions):
| | | | | | | | |
| September 30, 2024 | December 31, 2023 |
| | |
| Operating Leases | | |
| Operating lease right-of-use assets | $ | 173.9 | | $ | 194.7 | |
| | |
| Current operating lease liabilities | $ | 42.8 | | $ | 40.4 | |
| Operating lease liabilities | 143.9 | | 165.5 | |
| Total operating lease liabilities | $ | 186.7 | | $ | 205.9 | |
Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt and notes payable, net of current maturities (in millions):
| | | | | | | | |
| September 30, 2024 | December 31, 2023 |
| | |
| Finance Leases | | |
| Property, plant and equipment, gross | $ | 11.9 | | $ | 11.9 | |
| Less: accumulated depreciation and amortization | (6.2) | | (5.9) | |
| Property, plant and equipment, net | $ | 5.7 | | $ | 6.0 | |
| | |
| Current maturities of long-term debt and notes payable | $ | 0.5 | | $ | 0.5 | |
| Long-term debt, net of current maturities | 9.3 | | 9.6 | |
| Total finance lease liabilities | $ | 9.8 | | $ | 10.1 | |
| | | | | | | | |
| September 30, 2024 | December 31, 2023 |
| | |
| Weighted Average Remaining Lease Term | | |
| Operating leases - in years | 6 | 7 |
| Finance leases - in years | 13 | 14 |
| | |
| Weighted Average Discount Rate | | |
| Operating leases | 4.0 | % | 3.9 | % |
| Finance leases | 6.5 | % | 6.4 | % |
Maturities of lease liabilities were as follows (in millions):
| | | | | | | | | | | |
| Year Ending December 31, | Operating Leases | | Finance Leases |
| | | |
2024 (excluding the nine months ended September 30, 2024) | $ | 10.8 | | | $ | 0.3 | |
2025 | 49.0 | | | 1.1 | |
2026 | 37.3 | | | 1.1 | |
2027 | 28.8 | | | 1.1 | |
2028 | 22.2 | | | 1.1 | |
| Thereafter | 64.1 | | | 10.8 | |
| Total lease payments | 212.2 | | | 15.5 | |
| Less imputed interest | (25.5) | | | (5.7) | |
| Total | $ | 186.7 | | | $ | 9.8 | |
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, 2024, operating leases that have not commenced are not material.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This discussion should be read in conjunction with the information contained in both our consolidated financial statements for the year ended December 31, 2023 and the condensed consolidated financial statements for the three and nine months ended September 30, 2024.
Overview. We are a multinational manufacturer and worldwide distributor of our own life science research and clinical diagnostics products. Our business is organized into two reportable segments, Life Science and Clinical Diagnostics, with the mission to provide scientists with specialized tools needed for biological research and health care specialists with products needed for clinical diagnostics.
We sell more than 12,000 products and services to a diverse client base comprised of scientific research, healthcare, education and government customers worldwide. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve.
We manufacture and supply our customers with a range of reagents, apparatus and equipment to separate complex chemical and biological materials and to identify, analyze and purify components. As our customers require standardization for their experiments and test results, much of our revenues are recurring in nature.
We rely on the support of many governments for both research and healthcare. The current global economic outlook is still uncertain as the need to control social spending by many governments limits opportunities for growth. Approximately 41% of our year-to-date 2024 consolidated net sales are derived from the United States and approximately 59% are derived from international locations, with Europe being our largest international region. The international sales are largely denominated in local currencies such as the Euro, Swiss Franc, Japanese Yen, Chinese Yuan and British Sterling. As a result, our consolidated net sales expressed in dollars benefit when the U.S. dollar weakens and suffer when the dollar strengthens. When the U.S. dollar strengthens, we benefit from lower cost of sales from our own international manufacturing sites, and from lower international operating expenses. We regularly discuss our changes in revenue and expense categories in terms of both changing foreign exchange rates and in terms of a currency neutral basis, if notable, to explain the impact currency has on our results.
We are impacted by ongoing global economic conditions and our business continued to be negatively impacted by the ongoing challenges impacting the biopharma market and small biotech companies. We expect that these conditions will continue to impact our business through the remainder of 2024 and into 2025.
Results of Operations
The following table shows Cost of goods sold, Gross profit, components of operating expense, (Gains) losses from change in fair market value of equity securities and loan receivable, and Net income (loss) as a percentage of Net sales:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
| Cost of goods sold | 45.2 | | | 46.9 | | | 45.4 | | | 46.7 | |
| Gross profit | 54.8 | | | 53.1 | | | 54.6 | | | 53.3 | |
| Selling, general and administrative expense | 30.8 | | | 31.8 | | | 32.1 | | | 31.9 | |
| Research and development expense | 14.0 | | | 6.9 | | | 11.4 | | | 9.2 | |
| (Gains) losses from change in fair market value of equity securities and loan receivable | (122.0) | | | (5.8) | | | 88.5 | | | 79.2 | |
| Net income (loss) | 100.5 | | | 16.8 | | | (59.4) | | | (49.6) | |
Critical Accounting Policies and Estimates
An accounting policy is deemed to be critical if it affects our financial statements materially and requires subjective or complex judgements by management. An accounting estimate is deemed to be critical if it requires assumptions about matters that are highly uncertain at the time the estimate is made, if different estimates reasonably could have been used, or if changes in the estimate that are reasonably likely to occur could materially impact the financial statements. Management believes that there have been no significant changes during the three and nine months ended September 30, 2024 to the items that we disclosed as our critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
There have been no substantial changes in our significant accounting policies during the three and nine months ended September 30, 2024, compared with the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2023.
Three Months Ended September 30, 2024 Compared to
Three Months Ended September 30, 2023
Results of Operations -- Sales, Margins and Expenses
Percentage sales growth in currency neutral amounts are calculated by translating prior period sales in each local currency using the current period monthly average foreign exchange rates for that currency and comparing that to current period sales.
Net sales (sales) for the third quarter of 2024 were $649.7 million compared to $632.1 million in the third quarter of 2023, an increase of 2.8%. On a currency neutral basis, third quarter 2024 sales increased by approximately 3.4% compared to the same period in 2023. The increase in sales was driven by higher sales in our Clinical Diagnostics segment.
The Life Science segment sales for the third quarter of 2024 were $260.9 million, a decrease of 1.0% compared to the same period last year. On a currency neutral basis, sales decreased 0.6% compared to the third quarter in 2023, driven by ongoing weakness in the biotech and biopharma end-markets. Currency neutral sales decreased in the Americas, offset by an increase in EMEA.
The Clinical Diagnostics segment sales for the third quarter of 2024 were $388.8 million, an increase of 5.6% compared to the same period last year. On a currency neutral basis, sales increased 6.4% compared to the third quarter in 2023. The currency neutral sales increase was primarily driven by increased demand for quality control products and supply constraints impacting immunology products in the third quarter of 2023. Currency neutral sales increased across all regions.
Consolidated gross margin was 54.8% for the third quarter of 2024 compared to 53.1% for the third quarter of 2023. Gross margin for the Life Science segment for the third quarter of 2024 increased by approximately 2.2 percentage points from the same period last year. The increase in gross margin was primarily driven by cost control measures and product mix, partially offset by lower sales volume. Gross margin for the Clinical Diagnostics segment for the third quarter of 2024 increased by approximately 1.3 percentage points from the same period last year. The increase in gross margin was primarily driven by cost control measures, higher sales volume, and product mix.
Selling, general and administrative ("SG&A") expense for the third quarter of 2024 was $200.4 million or 30.8% of sales, compared to $201.2 million, or 31.8% of sales for the third quarter of 2023. The decrease in SG&A expense was primarily due to a reduction in discretionary spending.
Research and development ("R&D") expense for the third quarter of 2024 was $91.0 million or 14.0% of sales, compared to $43.5 million or 6.9% of sales in the third quarter of 2023. The increase in R&D expense was primarily due to a one-time acquired in-process research and development expense of $29.5 million impacting the third
quarter of 2024 and a decrease in the fair value of contingent consideration of $14.8 million impacting R&D expense for the third quarter of 2023.
Results of Operations – Non-operating
Interest expense for the third quarter of 2024 and 2023 was $12.2 million and $12.4 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange losses, net was $1.6 million for the third quarter of 2024 compared to foreign currency exchange gains, net of $1.7 million for the third quarter of 2023. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
(Gains) losses from change in fair market value of equity securities and loan receivable was a gain of $792.9 million and $36.4 million for the third quarter of 2024 and 2023, respectively. The change in the fair market value primarily resulted from the recognition of higher holding gains of $761.1 million in the third quarter of 2024 compared to holding gains of $42.5 million in the third quarter of 2023 on our position in Sartorius AG. In addition, higher gains from the change in fair value of our loan receivable of $25.2 million in the third quarter of 2024 compared to a loss of $4.9 million in the third quarter of 2023 contributed to the change.
Other income, net for the third quarter of 2024 was $18.1 million compared to $20.4 million for the third quarter of 2023. The difference in Other income, net was primarily attributable to lower net realized gains on investments.
Our effective income tax rate was 24.2% and 22.5% for the third quarter of 2024 and 2023, respectively. The effective tax rate reported in these periods was primarily affected by the accounting treatment of our equity securities. The difference in the rate is primarily driven by geographical mix of earnings.
Nine Months Ended September 30, 2024 Compared to
Nine Months Ended September 30, 2023
Results of Operations -- Sales, Margins and Expenses
Net sales (sales) for the first nine months of 2024 were $1.90 billion compared to $1.99 billion in the first nine months of 2023, a decrease of 4.6%. On a currency neutral basis, the first nine months of 2024 sales decreased by approximately 4.0% compared to the same period in 2023. The decrease in sales was driven by lower sales in our Life Science segment.
The Life Science segment sales for the first nine months of 2024 were $753.1 million, a decrease of 15.1% compared to the same period last year. On a currency neutral basis, sales decreased 14.8% compared to the first nine months of 2023, driven by ongoing weakness in the biotech and biopharma end-markets. Currency neutral sales decreased across all regions.
The Clinical Diagnostics segment sales for the first nine months of 2024 were $1.1 billion, an increase of 4.1% compared to the same period last year. On a currency neutral basis, sales increased 4.8% compared to the first nine months of 2023. The currency neutral sales increase was primarily driven by increased demand for quality control and blood typing products. Currency neutral sales increased across all regions.
Consolidated gross margins were 54.6% for the first nine months of 2024 compared to 53.3% for the first nine months of 2023. Gross margins for the Life Science segment for the first nine months of 2024 increased by approximately 0.5 percentage points from the same period last year. The increase in gross margin was primarily driven by product mix and cost control measures partially offset by lower sales volume and higher material costs. Gross margin for the Clinical Diagnostics segment for the first nine months of 2024 increased by approximately 2.2
percentage points from the same period last year. The increase in gross margins was primarily driven by higher sales volume, favorable product mix, and cost control measures, partially offset by higher material costs.
SG&A expense for the first nine months of 2024 was $610.0 million or 32.1% of sales, compared to $634.6 million or 31.9% of sales for the first nine months of 2023. The decrease in SG&A expense was primarily due to lower employee-related expenses, lower restructuring costs, and a reduction in discretionary spending.
R&D expense for the first nine months of 2024 was $216.3 million or 11.4% of sales, compared to $183.5 million or 9.2% of sales in the first nine months of 2023. The increase in R&D expense was primarily due to a one-time acquired in-process research and development expense of $29.5 million impacting the first nine months of 2024 and a decrease in the fair value of contingent consideration of $14.4 million impacting R&D expense for the first nine months of 2023.
Results of Operations – Non-operating
Interest expense for the first nine months of 2024 and 2023 was $36.7 million and $37.1 million, respectively, which primarily consisted of interest expense related to the $1.2 billion Senior Notes.
Foreign currency exchange (gains) losses, net consist primarily of foreign currency transaction gains and losses on intercompany net receivables and payables and the change in fair value of our forward foreign exchange contracts used to manage our foreign currency exchange risk. Foreign currency exchange gains, net was $2.0 million for the first nine months of 2024 compared to $5.3 million for the first nine months of 2023. Gains and losses are primarily due to the estimating process inherent in the timing of product shipments and intercompany debt payments, market volatility, and the change in the fair value of our foreign exchange contracts.
(Gains) losses from change in fair market value of equity securities and loan receivable was a loss of $1.68 billion and $1.58 billion for the first nine months of 2024 and 2023, respectively. The change in the fair market value primarily resulted from the recognition of higher holding losses of $1.71 billion in the first nine months of 2024 compared to holding losses of $1.56 billion in the first nine months of 2023 on our position in Sartorius AG. In addition, higher gains from the change in fair value of our loan receivable of $14.7 million in the first nine months of 2024 compared to a loss of $28.9 million in the first nine months of 2023 contributed to the change.
Other income, net for the first nine months of 2024 was $70.7 million compared to $87.4 million for the first nine months of 2023. The difference in Other income, net was primarily attributable to lower dividend income from Sartorius AG.
Our effective income tax rate was 21.3% and 22.8% for the first nine months of 2024 and 2023, respectively. The effective tax rate reported in the first nine months of both 2024 and 2023 was primarily affected by the accounting treatment of our equity securities. The difference in the rate is primarily driven by geographical mix of earnings.
Liquidity and Capital Resources
Bio-Rad operates and conducts business globally, primarily through subsidiary companies established in the markets in which we trade. Goods are manufactured in a small number of locations, and are then shipped to local distribution facilities around the world. Our product mix is diversified, and certain products compete largely on product efficacy, while others compete on price. Gross margins are generally sufficient to exceed normal operating costs, and funding for research and development of new products, as well as routine outflows for capital expenditures, interest and taxes. In addition to the annual positive cash flow from operating activities, additional liquidity is readily available via the sale of short-term investments and access to our $200.0 million unsecured Revolving Credit Agreement that we entered into in February 2024, and to a lesser extent international lines of credit. Borrowings under the Revolving Credit Agreement are available on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Revolving Credit Agreement as of September 30, 2024, however, an immaterial amount was utilized for domestic standby letters of credit that reduced our borrowing availability. As of September 30, 2024, our short-term investments include the net cash proceeds from the sale of Senior Notes of $1.186 billion. Interest is payable
semiannually in arrears on May 15 and September 15 of each year. Management believes that this availability, together with cash flow from operations, will be adequate to meet our current objectives for operations, research and development, capital additions for manufacturing and distribution, plant and equipment, information technology systems and acquisitions of reasonable proportion to our existing total available capital.
At September 30, 2024, we had available $1.63 billion in cash, cash equivalents and short-term investments, of which approximately 16% was held in our foreign subsidiaries. The amount of funds held in the United States can fluctuate due to the timing of receipts and payments in the ordinary course of business and due to other reasons, such as acquisitions and borrowings. As part of our ongoing liquidity assessments, we regularly monitor the mix of domestic and foreign cash flows (both inflows and outflows).
It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws, and there are no substantial incremental costs.
Cash Flows from Operations
Net cash provided by operations was $331.0 million and $293.9 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in operating cash flows was primarily due to lower cash paid to suppliers and employees partially offset by lower cash received from customers, higher income tax paid, higher payments for foreign exchange contracts, and lower dividend proceeds.
Cash Flows from Investing Activities
Net cash used in investing activities was $129.7 million and $52.0 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in cash used in investing activities was primarily due to the timing of our purchases, maturities and sales of marketable securities and investments, and higher payments for acquired in-process research and development and capital expenditures.
Cash Flows from Financing Activities
Net cash used in financing activities was $192.6 million and $225.0 million for the nine months ended September 30, 2024, and 2023, respectively. The decrease in net cash used in financing activities was primarily attributable to lower payments for purchases of treasury stock.
Treasury Shares
During the third quarter of 2024, 127,328 shares of Class A treasury stock with an aggregate total cost of $44.0 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $38.9 million from share reissuance activity during the quarter.
During the third quarter of 2024, we repurchased 330,381 shares of Class A common stock for $97 million under our 2023 Share Repurchase Program. We designated these repurchased shares as treasury stock. As of September 30, 2024, $577.1 million remained available for repurchases under the 2023 Share Repurchase Program.
In July 2024, the board of directors granted the Company authority to repurchase, on a discretionary basis, up to an additional $500 million of the outstanding shares of the Company’s common stock under the 2023 Share Repurchase Program.
During the second quarter of 2024, 21,017 shares of Class A treasury stock with an aggregate total cost of $7.4 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $2.7 million from share reissuance activity during the quarter.
During the second quarter of 2024, we repurchased 346,226 shares of Class A common stock for $100 million under our 2023 Share Repurchase Program. We designated these repurchased shares as treasury stock.
During the first quarter of 2024, 19,755 shares of Class A treasury stock with an aggregate total cost of $7.2 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $1.7 million from share reissuance activity during the quarter.
During the first quarter of 2024, we repurchased 14,250 shares of Class A common stock for $4.7 million under our 2023 Share Repurchase Program. We designated these repurchased shares as treasury stock.
During the third quarter of 2023, 113,908 shares of Class A treasury stock with an aggregate total cost of $45.8 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $45.3 million from share reissuance activity during the quarter.
During the third quarter of 2023, we repurchased 58,478 shares of Class A common stock for $21.3 million under our Share Repurchase Program. We designated these repurchased shares as treasury stock.
In July 2023, the board of directors authorized a new share repurchase program granting the Company authority to repurchase, on a discretionary basis, up to $500 million of the outstanding shares of the Company’s common stock.
During the second quarter of 2023, 17,428 shares of Class A treasury stock with an aggregate total cost of $6.9 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $2.1 million from share reissuance activity during the quarter.
During the second quarter of 2023, we repurchased 549,863 shares of Class A common stock for $207.4 million under our Share Repurchase Program. We designated these repurchased shares as treasury stock.
During the first quarter of 2023, 12,853 shares of Class A treasury stock with an aggregate total cost of $5.3 million were reissued to fulfill grants to employees under our restricted stock program and our Employee Stock Purchase Program. Upon reissuing the Class A treasury stock, Additional paid-in-capital was reduced by $0.7 million from share reissuance activity during the quarter.
Recent Accounting Pronouncements Adopted
We did not adopt any new accounting pronouncements during the three and nine months ended September 30, 2024.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
During the nine months ended September 30, 2024, there have been no material changes from the disclosures about market risk provided in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and
forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Subject to the limitations noted above, our management, with the participation of our CEO and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the CEO and CFO have concluded that, as of such date, our disclosure controls and procedures were effective to meet the objective for which they were designed and operate at the reasonable assurance level.
Changes to Internal Control Over Financial Reporting
We identified no changes in internal control over financial reporting that occurred during our quarter ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
We are a party to various claims, legal actions and complaints arising in the ordinary course of business. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period.
Item 1A. Risk Factors
In evaluating our business and whether to invest in any of our securities, you should carefully read the following risk factors in addition to the other information contained in this report. We believe that any of the following risks (some of which have occurred and any of which may occur in the future) could have a material effect on our business, results of operations or financial condition, our industry or the trading price of our common stock. We operate in a continually changing business environment, and new risks and uncertainties emerge from time to time. We cannot predict these new risks and uncertainties, nor can we assess the extent to which any such new risks and uncertainties or the extent to which the risks and uncertainties set forth below may adversely affect our business, results of operations, financial condition, our industry, the value of our equity holdings, or the trading price of our common stock. Please carefully consider the following discussion of significant factors, events and uncertainties that make an investment in our securities risky and provide important information for the understanding of the “forward-looking” statements discussed in this report. Additional or unforeseen effects from the global economic climate may give rise to or amplify many of these risks discussed below.
Business, Economic, Legal and Industry Risks
Our international operations expose us to additional costs and legal and regulatory risks, which could have a material adverse effect on our business, results of operations and financial condition.
We have significant international operations. We have direct distribution channels in over 35 countries outside the United States, and during the nine months ended September 30, 2024 our foreign entities generated 59% of our net sales. Compliance with complex foreign and U.S. laws and regulations that apply to our international operations increases our cost of doing business. These numerous and sometimes conflicting laws and regulations include, among others, data privacy requirements, labor relations laws, tax laws, unfair competition regulations, import and trade restrictions, tariffs, duties, quotas and other trade barriers, export requirements, U.S. laws such as the Foreign Corrupt Practices Act ("FCPA") and other U.S. federal laws and regulations established by the office of Foreign Asset Control, foreign laws such as the UK Bribery Act 2010 or other foreign laws which prohibit corrupt payments to governmental officials or certain payments or remunerations to customers. In addition, changes in laws or regulations potentially could be disruptive to our operations and business relationships in the affected regions.
Given the high level of complexity of the foreign and U.S. laws and regulations that apply to our international operations, we may inadvertently breach some provisions, for example, through fraudulent or negligent behavior of individual employees, our failure to comply with certain formal documentation requirements, or otherwise. In addition, we operate in some countries in which the business environment is subject to a higher risk of corruption. Our success depends, in part, on our ability to anticipate these risks and manage these challenges through policies, procedures and internal controls. However, we have a dispersed international sales organization, and we use distributors and agents in many of our international operations. This structure makes it more difficult for us to ensure that our international selling operations comply with laws and regulations, and our global policies and procedures.
Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers or our employees, requirements to obtain export licenses, cessation of business activities in sanctioned countries, implementation of compliance programs, and prohibitions on the conduct of our business. Violations of laws and regulations also could result in prohibitions on our ability to offer our products in one or more countries and could materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, or our business, results of operations and financial condition. See also our risk factors regarding the COVID-19 pandemic, government regulations, and global economic conditions below.
The industries and market segments in which we operate are highly competitive, and we may not be able to compete effectively.
The life science and clinical diagnostics markets are each highly competitive. Some of our competitors have greater financial resources than we do, making them better equipped to license technologies and intellectual property from third parties or to fund research and development, manufacturing and marketing efforts, or to source high-demand materials and components. Moreover, competitive and regulatory conditions in many markets in which we operate restrict our ability to fully recover, through price increases, higher costs of acquired goods and services resulting from inflation and other drivers of cost increases. Many public tenders have become more competitive due to governments lengthening the commitments of their public tenders to multiple years, which reduce the number of tenders in which we can participate annually. Because the value of these multiple-year tenders is so high, our competitors have been more aggressive with their pricing. Our failure to compete effectively and/or pricing pressures resulting from competition could adversely affect our business, results of operations and financial condition.
We may not be able to grow our business because of our failure to develop new or improved products.
Our future growth depends in part on our ability to continue to improve our product offerings and develop and introduce new products that integrate technological advances. If we are unable to integrate technological advances into our product offerings or to design, develop, manufacture and market new products successfully and in a timely manner, our business, results of operations and financial condition will be adversely affected. Supply chain disruptions, including those caused by the COVID-19 pandemic, have caused some delays to our ability to develop and introduce new products. We have experienced product launch delays in the past and may do so in the future. We cannot assure you that our product and process development efforts will be successful or that new products we introduce will achieve market acceptance. Failure to launch successful new products or improvements to existing products may cause our products to become obsolete, which could harm our business, results of operations and financial condition.
Global economic and geopolitical conditions could adversely affect our operations.
In recent years, we have been faced with challenging global economic conditions. U.S. and international markets have experienced inflationary pressures, and inflation rates in the U.S. and in other countries in which we operate have been at elevated levels. Our raw material costs have increased, and we are not always able to recover these increased costs from our customers. Russia’s invasion of Ukraine and sanctions against Russia also are causing disruptions to global economic conditions and are negatively impacting our business in Russia. The recent escalation of conflicts in the Middle East also has caused some disruptions to the global business environment (including impacting international logistics), the stability of the Middle East region and our business in that region. It is unknown how long any of these disruptions will continue and whether such disruptions will become more severe. In addition, we expect moderating economic growth and changing government policies in China will continue to affect our commercial opportunities in the country. The bank failures in March 2023 and the resulting volatility in the banking sector did cause and could continue to cause disruptions to global economic conditions and may impact access to cash and other financial resources by our customers and suppliers. A deterioration in the global economic environment may result in a decrease in demand for our products, increased competition, downward pressure on prices for our products and longer sales cycles. A weakening of macroeconomic conditions is also adversely affecting our suppliers, which could continue to result in interruptions in the supply of components and raw materials necessary for our products and raw material cost increases. Additionally, the United States and other countries, such as China and India, have imposed tariffs on certain goods. Further escalation of tariffs or other trade barriers could adversely impact our profitability and/or our competitiveness. See also our risk factors regarding our international operations above and regarding the COVID-19 pandemic and government regulations below.
Reductions in government funding and the capital spending programs of our customers could have a material adverse effect on our business, results of operations or financial condition.
Our customers include universities, clinical diagnostics laboratories, government agencies, hospitals and pharmaceutical, biotechnology and chemical companies. The capital spending programs of these institutions and companies have a significant effect on the demand for our products. Such programs are based on a wide variety of factors, including the resources available to make such purchases, the availability of funding from grants by governments or government agencies, the spending priorities for various types of equipment and the policies regarding capital expenditures during industry downturns or recessionary periods. If funding to our customers were to decrease, or if our customers were to decrease or reallocate their budgets in a manner adverse to us, our business, results of operations or financial condition could be materially and adversely affected.
A reduction or interruption in the supply of components and raw materials has adversely affected and could continue to adversely affect our manufacturing operations and related product sales.
The manufacture of our products requires the timely delivery of sufficient amounts of quality components and materials. We manufacture our products around the world. We acquire our components and materials from many suppliers in various countries. We work closely with our suppliers to ensure the continuity of supply, but we cannot guarantee these efforts will always be successful. Further, while we seek to diversify our sources of components and materials, in certain instances we acquire components and materials from a sole supplier. The COVID-19 pandemic created delays and shortages in the supply of components and raw materials. These shortages, along with challenges in ramping up new production facilities, caused a backlog of sales orders, some of which we consider to be significant, and delays in certain new product development activities. Some of the backlog of sales orders continued into 2023 but has now moderated to a more typical level. We have experienced raw material cost increases, some of which will likely continue. In addition, due to the regulatory environment in which we operate, we may need to cease use of certain essential components and materials and be unable to establish acceptable replacement sources for such components or materials. When our supply is reduced or interrupted or of poor quality, and we are unable to develop alternative sources for such supply, our ability to manufacture our products in a timely or cost-effective manner is adversely affected, which affects our ability to sell our products. See also our risk factor regarding the COVID-19 pandemic below.
Pandemics or disease outbreaks, such as the COVID-19 pandemic, have affected and could materially adversely affect our business, operations, financial condition and results of operations.
The COVID-19 pandemic has had, and similar outbreaks could again have, an adverse effect on the United States and global economies, as well as on aspects of our business, operations and financial condition and those of third parties on whom we rely. If a new pandemic were to occur, we expect that parts of our business could again suffer
negative impacts, and that our customers, suppliers, logistics providers, and the global economy could also be negatively impacted.
Breaches of our information systems could have a material adverse effect on our business and results of operations.
We have experienced and expect to continue to experience attempts by individuals and organizations to attack and penetrate our layered security controls, like the December 2019 Cyberattack that was previously discussed in Item 7 of our Annual Report for the period ended December 31, 2019. Through our sales and eCommerce channels, we collect and store confidential information that customers provide to, among other things, purchase products or services, enroll in promotional programs and register on our web site. We also acquire and retain information about suppliers and employees in the normal course of business. Such information on our systems includes personally identifiable information and, in limited instances, protected health information. We also create and maintain proprietary information that is critical to our business, such as our product designs and manufacturing processes. Despite recent initiatives to improve our technology systems, such as our enterprise resource planning implementation and the centralization of our global information technology organization, we could experience a significant data security breach. The Company is also subject to phishing and other fraud schemes including fraudulent vendor communications with requests for payments and fraudulent attempts to redirect payments to improper bank accounts, some of which have been successful. While the Company has adopted training and process changes to limit the success of such fraudulent activity, the Company will be unable to stop all such fraudulent activity which may lead to unrecoverable payments to criminal accounts. Because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not recognized until launched against a target, we may not be able to anticipate all of these techniques or to implement adequate preventive measures. Computer hackers have attempted to penetrate and will likely continue to attempt to penetrate our and our vendors’ information systems and, if successful, could misappropriate confidential customer, supplier, employee or other business information, such as our intellectual property. Third parties could also gain control of our systems and use them for criminal purposes while appearing to be us. As a result, we could lose existing customers, have difficulty attracting new customers, be exposed to claims from customers and suppliers, financial institutions, payment card associations, employees and other persons, have regulatory sanctions or penalties imposed, incur additional expenses or lose revenues as a result of a data privacy breach, or suffer other adverse consequences. Our operations and ability to process sales orders, particularly through our eCommerce channels, could also be disrupted, as they were in the December 2019 Cyberattack. Any significant breakdown, intrusion, interruption, corruption, or destruction of our systems, as well as any data breaches, could have a material adverse effect on our business and results of operations. See also our risk factors regarding our information technology systems below.
If our information technology systems are disrupted, or if we fail to successfully implement, manage and integrate our information technology and reporting systems, our business, results of operations and financial condition could be harmed.
Our information technology (IT) systems are an integral part of our business, and a significant disruption of our IT systems (which increasingly include cloud-based systems provided by third party vendors) could have a material adverse effect on our business, results of operations and financial condition. We depend on our IT systems to process orders, manage inventory, pay our vendors and collect accounts receivable. Our IT systems also allow us to efficiently purchase products from our suppliers and ship products to our customers on a timely basis, maintain cost-effective operations and provide customer service. We cannot assure you that our contingency plans will allow us to operate at our current level of efficiency.
Our ability to implement our business plan in a rapidly evolving market requires effective planning, reporting and analytical processes. We expect that we will need to continue to improve and further integrate our IT systems, reporting systems and operating procedures by training and educating our employees with respect to these improvements and integrations on an ongoing basis in order to effectively run our business. We may suffer interruptions in service, loss of data or reduced functionality when we upgrade or change systems or migrate to cloud-based systems. If we fail to successfully manage and integrate our IT systems, reporting systems and operating procedures, it could adversely affect our business, results of operations and financial condition. See also our risk factors regarding our data security above and events beyond our control below.
We are subject to foreign currency exchange fluctuations, which could have a material adverse effect on our results of operations and financial condition.
A significant portion of our operations and sales are outside of the United States. When we make purchases and sales in currencies other than the U.S. dollars, we are exposed to fluctuations in foreign currencies relative to the U.S. dollar that may adversely affect our results of operations and financial condition. Our international sales are largely denominated in local currencies. As a result, the strengthening of the U.S. dollar negatively impacts our consolidated net sales expressed in U.S. dollars. Conversely, when the U.S. dollar weakens, our expenses at our international sites increase. In addition, the volatility of other currencies may negatively impact our operations outside of the United States and increase our costs to hedge against currency fluctuations. In addition, we hold investments and a loan receivable that are subject to foreign exchange fluctuations. We cannot assure you that future shifts in currency exchange rates will not have a material adverse effect on our results of operations and financial condition.
Changes in the market value of our position in Sartorius AG materially impact our financial results.
Changes in the market value of our position in Sartorius AG will continue to materially impact our condensed consolidated statements of income (loss) and other financial statements. A decline in the market value of our position in Sartorius AG will result in decreases in net income due to write-downs in the value of the equity securities. An increase in the market value of our position in Sartorius AG will result in a favorable impact to net income independent of the actual operating performance of our business. Depending on the extent of the decline or of the increase in the market value of our position in Sartorius AG, these negative or positive impacts on us could continue to be material.
Our share price may change significantly based upon changes in the market value of our position in Sartorius AG, independent of the actual performance of our business. Additionally, non-operating income for a period may be significantly impacted by any distribution of dividends by Sartorius AG, particularly when the dividends amount varies in comparison to prior year periods.
The value of our position in Sartorius AG might cause us to be deemed an investment company under the Investment Company Act of 1940.
As a result of the market value of our position in Sartorius AG, we might be deemed to be an “investment company” under Section 3(a)(1)(C) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company does not believe it is an investment company primarily in reliance on Section 3(b)(1) of the Investment Company Act because we are “primarily engaged” in a business other than that of investing, reinvesting, owning, holding or trading in securities. Rather, we are primarily engaged in the development, manufacturing and marketing of products for the life science research and clinical diagnostic markets, and we believe that our historical development, our public representations of policy, the activity of our officers and directors, the nature of our present assets, the sources of our present income, and the public perception of the nature of our business all support the conclusion that we are an operating company and not an investment company. Although we have discussed this issue with the staff of the SEC and we are comfortable with our position, if it is determined later that the Company may not rely on Section 3(b)(1) or any other exemption under the Investment Company Act and the Company were deemed to be an unregistered investment company, such determination would have a material adverse effect on our business as we would need to register as an investment company and be subject to the regulations of the Investment Company Act which are designed to restrict and regulate mutual funds rather than operating companies. It could also call into question the validity of all contracts to which the Company is a party. If it appeared likely that we would be deemed to be an investment company, we may modify our position in Sartorius AG in order to avoid such determination.
We may incur losses in future periods due to write-downs in the value of financial instruments.
We have positions in a variety of financial instruments including asset backed securities and other similar investments. Financial markets are volatile and the markets for these securities can be illiquid. The value of these securities will continue to be impacted by external market factors including default rates, changes in the value of the underlying property, such as residential or commercial real estate, rating agency actions, the prices at which observable market transactions occur and the financial strength of various entities, such as financial guarantors who provide insurance for the securities. Should we need to convert these positions to cash, we may not be able to sell these instruments without significant losses due to current debtor financial conditions, low trading volume of the securities, or other market considerations.
As discussed further in the Notes to Condensed Consolidated Financial Statements, in Note 2. Fair Value Measurements, under the heading “Level 3 Fair Value Investments”, we made a loan of 400 million Euros to Sartorius-Herbst Beteiligungen II GmbH in November 2021 that is secured by the pledge of certain trust interests which upon termination of the trust represent the right to receive Sartorius ordinary shares (the "Loan"). Prior to a termination of the trust, the trust interests, which are provided as collateral for the Loan, are not tradable on the capital markets and may, in case of an enforcement, have to be sold with a significant discount to the value of the underlying shares.
We also have positions in equity securities, including our position in Sartorius AG. Financial markets are volatile and the markets for these equity securities can be illiquid as well. A decline in the market value of our investments in equity securities has resulted and could continue to result in significant losses due to write-downs in the value of the equity securities. Also, if we need to convert these positions to cash, we may not be able to sell these equity securities without significant losses. In addition, significant declines in the value of the Sartorius ordinary shares have reduced the value of the collateral for the Loan discussed in the previous paragraph. The value of the collateral may be insufficient to cover the repayment of the Loan if the decline in value continues, and Sartorius-Herbst Beteiligungen II GmbH will likely have no other assets from which to repay the Loan. Furthermore, the change in the market value of Sartorius ordinary shares will have an impact on the value appreciation rights acquired in connection with the Loan discussed in the previous paragraph.
Recent and planned changes to our organizational structure could negatively impact our business.
We made significant changes to our organizational structure over the past few years, including the reorganization of aspects of our European operations that was announced in February 2021 and additional restructurings approved in 2023 and 2024. These changes may have unintended consequences, such as distraction of our management and employees, labor unrest, business disruption, disruption of supply, attrition of our workforce, inability to attract or retain key employees, and reduced employee morale or productivity.
Risks relating to intellectual property rights may negatively impact our business.
We rely on a combination of copyright, trade secret, patent and trademark laws and third-party nondisclosure agreements to protect our intellectual property rights and products. However, we cannot assure you that our intellectual property rights will not be challenged, invalidated, circumvented or rendered unenforceable, or that meaningful protection or adequate remedies will be available to us. Unauthorized third parties have attempted to copy our intellectual property, reverse engineer or obtain and use information that we regard as proprietary, or have developed equivalent technologies independently, and may do so in the future. Additionally, third parties have asserted patent, copyright and other intellectual property rights to technologies that are important to us and may do so in the future. If we are unable to license or otherwise access protected technology used in our products, or if we lose our rights under any existing licenses, we could be prohibited from manufacturing and marketing such products. From time to time, we also must enforce our patents or other intellectual property rights or defend ourselves against claimed infringement of the rights of others through litigation. As a result, we could incur substantial costs, be forced to redesign our products, or be required to pay damages or royalties to an infringed party. Any of the foregoing matters could adversely impact our business, results of operations and financial condition.
Changes in the healthcare industry could have an adverse effect on our business, results of operations and financial condition.
There have been, and will continue to be, significant changes in the healthcare industry in an effort to reduce costs. These changes include:
•The trend towards managed care, together with healthcare reform of the delivery system in the United States and efforts to reform in Europe, has resulted in increased pressure on healthcare providers and other participants in the healthcare industry to reduce selling prices. Consolidation among healthcare providers and consolidation among other participants in the healthcare industry has resulted in fewer, more powerful groups, whose purchasing power gives them cost containment leverage. In particular, there has been a consolidation of laboratories and a consolidation of blood transfusion centers. These industry trends and competitive forces place constraints on the levels of overall pricing and thus could have a material adverse effect on our gross margins for products we sell in clinical diagnostic markets.
•Third party payors, such as Medicare and Medicaid in the United States, have reduced their reimbursements for certain medical products and services. Our Clinical Diagnostics business is impacted by the level of reimbursement available for clinical tests from third party payors. In the United States payment for many diagnostic tests furnished to Medicare fee-for-service beneficiaries is made based on the Medicare Clinical Laboratory Fee Schedule (CLFS), a fee schedule established and adjusted from time to time by the Centers for Medicare and Medicaid Services (CMS). Some commercial payors are guided by the CLFS in establishing their reimbursement rates. Laboratories and clinicians may decide not to order or perform certain clinical diagnostic tests if third party payments are inadequate, and we cannot predict whether third party payors will offer adequate reimbursement for tests utilizing our products to make them commercially attractive. Legislation, such as the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (PPACA) and the Middle Class Tax Relief and Job Creation Act of 2012, has reduced the payments for clinical laboratory services paid under the CLFS. In addition, the Protecting Access to Medicare Act of 2014 (PAMA) has made significant changes to the way Medicare will pay for clinical laboratory services, which has further reduced reimbursement rates.
To the extent that the healthcare industry seeks to address the need to contain costs stemming from reform measures such as those contained in the PPACA and the PAMA, or in future legislation, by limiting the number of clinical tests being performed or the amount of reimbursement available for such tests, our business, results of operations and financial condition could be adversely affected. If these changes in the healthcare markets in the United States and Europe continue, we could be forced to alter our approach in selling, marketing, distributing and servicing our products.
We are subject to substantial government regulation, and any changes in regulation or violations of regulations by us could adversely affect our business, prospects, results of operations or financial condition.
Some of our products (primarily our Clinical Diagnostic products), production processes and marketing are subject to U.S. federal, state and local, and foreign regulation, including by the Food and Drug Administration ("FDA") in the United States and its foreign counterparts. The FDA regulates our Clinical Diagnostic products as medical devices, and we are subject to significant regulatory clearances or approvals to market our Clinical Diagnostic products and other requirements including, for example, recordkeeping and reporting requirements, such as the FDA’s medical device reporting regulations and reporting of corrections and removals. The FDA has broad regulatory and enforcement powers. If the FDA determines that we have failed to comply with applicable regulatory requirements, it can impose a variety of enforcement actions ranging from public warning letters, fines, injunctions, consent decrees and civil penalties to suspension or delayed issuance of approvals, seizure or recall of our products, total or partial shutdown of production, withdrawal of approvals or clearances already granted, and criminal prosecution.
The FDA can also require us to repair, replace or refund the cost of devices that we manufactured or distributed. In addition, the FDA may change its clearance and approval policies, adopt additional regulations or revise existing regulations, or take other actions, which may prevent or delay approval or clearance of our products or impact our ability to modify our currently approved or cleared products on a timely basis. Any delay in, or failure to receive or maintain, clearance or approval for our products or changes in regulation could prevent us from generating revenue from these products and adversely affect our business operations and financial results. Additionally, the FDA and other regulatory authorities have broad enforcement powers. Regulatory enforcement or inquiries, or other increased scrutiny on us, could affect the perceived safety and efficacy of our products and dissuade our customers from using our products.
The FDA has issued a final rule applicable to certain clinical diagnostic products referred to as laboratory developed tests. This change in the FDA approach could negatively impact our customers who use our Life Science products for laboratory developed tests.
Many foreign governments have similar rules and regulations regarding the importation, registration, labeling, sale and use of our products. Such agencies may also impose new requirements that may require us to modify or re-register products already on the market or otherwise impact our ability to market our products in those countries. The EU in-vitro Diagnostics Regulation (the “EU IVDR”) includes broad changes regarding in vitro diagnostic devices and medical devices. The EU IVDR required us to modify or re-register some products, and we expect will continue to result in additional costs for ongoing compliance. In addition, Russia has enacted more stringent medical product registration and labeling regulations, China has enacted stricter labeling requirements, and we expect other countries, such as Brazil and India, to impose more regulations that impact our product registrations. The United Kingdom's withdrawal from the EU is resulting in additional regulatory requirements associated with goods
manufactured and sold in the United Kingdom and additional complexities and delays with respect to goods, raw materials and personnel moving between the United Kingdom and the EU. In addition, new government administrations may interpret existing regulations or practices differently. Due to these evolving and diverse requirements, we face uncertain product approval timelines, additional time and effort to comply, as well as the potential for reduced sales and/or fines for noncompliance. Increasing protectionism in such countries also impedes our ability to compete with local companies. We may not be able to participate in certain public tenders in China, India and Russia because of increasing measures to restrict access to such tenders for companies without local manufacturing capabilities. Such regulations could adversely affect our business, results of operations and financial condition. See also our risk factors regarding our international operations and regarding global economic and geopolitical conditions above.
We are also subject to government regulation of the use and handling of a number of materials and controlled substances. The U.S. Drug Enforcement Administration establishes registration, security, recordkeeping, reporting, storage, distribution and other requirements for controlled substances pursuant to the Controlled Substances Act of 1970. Failure to comply with present or future laws and regulations could result in substantial liability to us, suspension or cessation of our operations, restrictions on our ability to expand at our present locations or require us to make significant capital expenditures or incur other significant expenses.
We cannot assure you that we will be able to integrate acquired companies, products or technologies into our company successfully, or that we will be able to realize the anticipated benefits from the acquisitions.
As part of our overall business strategy, we pursue acquisitions of and investments in complementary companies, products and technologies. The benefits of any acquisition or investment may prove to be less than anticipated, which we have experienced in some of our acquisitions and investments, and may not outweigh the costs reported in our financial statements. Completing any potential future acquisitions could cause significant diversion of our management’s time and resources. If we acquire or invest in new companies, products or technologies, we may be required to assume contingent liabilities or record impairment charges for goodwill and other intangible assets over time. Goodwill and non-amortizable intangible assets are subject to impairment testing, and potential periodic goodwill impairment charges, amortization expenses related to certain intangible assets, and other write-offs could harm our operating results. Impairment tests are highly sensitive to changes in assumptions and minor changes to assumptions could result in impairment losses. If the results forecast in our impairment tests are not achieved, or business trends vary from the assumptions used in forecasts, or external factors change detrimentally, future impairment losses may occur, as they have occurred in the past. Increased antitrust enforcement and greater government scrutiny of mergers in the healthcare sector may impact our ability to consummate acquisitions. We cannot assure you that we will successfully overcome these risks or any other problems we encounter in connection with any acquisitions or investments, and any such acquisitions or investments could adversely affect our business, results of operations and financial condition.
Product quality and liability issues could harm our reputation and negatively impact our business, results of operations and financial condition.
We must adequately address quality issues associated with our products, including defects in our engineering, design and manufacturing processes, as well as defects in third-party components included in our products. Our instruments, reagents and consumables are complex, and identifying the root cause of quality issues, especially those affecting reagents or third-party components, is difficult. We may incur significant costs and expend substantial time in researching and remediating such issues. Quality issues could also delay our launching or manufacturing of new products. In addition, quality issues, unapproved uses of our products, or inadequate disclosure of risks related to our products, could result in product recalls or product liability or other claims being brought against us. In responding to shortages, we may source components from alternative suppliers and distributors. Quality issues associated with components from these alternative sources may lead to product failures and associated costs notwithstanding our efforts to detect and remediate such quality issues. These issues could harm our reputation, impair our relationship with existing customers and harm our ability to attract new customers, which could negatively impact our business, results of operations and financial condition.
Lack of key personnel could hurt our business.
Our products are very technical in nature, and we operate in a complex and competitive business environment. In general, only highly qualified and well-trained scientists, technicians and other specialized individuals have the necessary skills to develop, market and sell our products, and many of our manufacturing positions require very specialized knowledge and skills. In addition, the global nature of our business also requires that we have sophisticated and experienced staff to comply with increasingly complex international laws and regulations. We
face intense competition for these professionals from our competitors, customers, marketing partners and other companies throughout our industry. If we do not offer competitive compensation and benefits, we may fail to retain or attract a sufficient number of qualified personnel, which could impair our ability to properly run our business. Further, our ability to successfully execute organizational changes, including management transitions within our senior leadership team, are critical to our business success. If we are not able to fully integrate new executives, these changes could impact our ability to successfully execute our business strategy, which could adversely affect our business, results of operations and financial condition.
We may have higher than anticipated tax liabilities.
We are subject to income taxes in the United States and many foreign jurisdictions. We report our results of operations based on our determination of the amount of taxes owed in various tax jurisdictions in which we operate. The determination of our worldwide provision for income taxes and other tax liabilities requires estimation, judgment and calculations where the ultimate tax determination may not be certain. Determination of our tax liabilities is subject to review or examination by tax authorities in various tax jurisdictions. Tax authorities have disagreed with our judgment in the past and may disagree with positions we take in the future resulting in assessments of additional taxes. Any adverse outcome of such review or examination could have a negative impact on our operating results and financial condition.
Economic and political pressures to increase tax revenues in various jurisdictions may make resolving tax disputes more difficult. In recent years, the tax authorities in Europe have disagreed with our tax positions related to hybrid debt, research and development credits, transfer pricing and indirect taxes, among others. We regularly assess the likelihood of the outcome resulting from these examinations to determine the adequacy of our provision for income taxes. Although we believe our tax estimates are reasonable, the final determination of tax audits and any related litigation could be materially different from our historical income tax provisions and accruals.
Changes in tax laws or rates, changes in the interpretation of tax laws or changes in the jurisdictional mix of our earnings could adversely affect our financial position and results of operations.
On December 22, 2017, the U.S. enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) which made a number of substantial changes to how the United States imposes income tax on multinational corporations. The U.S Treasury, Internal Revenue Service and other standard setting bodies continue to issue guidance and interpretation relating to the Tax Act. As future guidance is issued, we may make adjustments to amounts previously reported that could materially impact our financial statements.
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which included an Alternative Minimum Tax based on the Adjusted Financial Statement Income of Applicable Corporations. We do not believe the Inflation Reduction Act will have a material impact on our income tax provision and cash taxes, but we continue to monitor U.S. Department of the Treasury guidance and regulations.
The tax effect of our position in Sartorius AG and the jurisdictional mix of our earnings could continue to materially affect our financial results and cash flow. In addition, the adoption of some or all of the recommendations set forth in the Organization for Economic Co-operation and Development ("OECD")’s project on “Base Erosion and Profit Shifting” ("BEPS") by tax authorities in the countries in which we operate, could negatively impact our effective tax rate. These recommendations focus on payments from affiliates in high tax jurisdictions to affiliates in lower tax jurisdictions and the activities that give rise to a taxable presence in a particular country.
On October 8, 2021, the OECD announced that 136 countries have agreed on a two-pillar framework that would dramatically alter the taxation of multinational enterprises and require that all profit be subject to a global minimum tax rate of 15%. On December 15, 2022, the European Union formally adopted the Pillar Two Directive and EU member states enacted the Pillar Two Directive as of January 1, 2024. Other countries have taken similar actions. We currently believe Pillar 2 legislation will not have a material impact on our income tax provision and cash taxes.
Environmental, health and safety regulations and enforcement proceedings may negatively impact our business, results of operations and financial condition.
Our operations are subject to federal, state, local and foreign environmental laws and regulations that govern such activities as transportation of goods, materials that we use in our products, emissions to air and discharges to water, as well as handling and disposal practices for solid, hazardous and medical wastes. In addition to environmental laws that regulate our operations, we are also subject to environmental laws and regulations that create liability and responsibility for spills, disposals or other releases of hazardous substances into the environment as a result of our
operations or otherwise impacting real property that we own or operate. The environmental laws and regulations also subject us to claims by third parties for damages resulting from any spills, disposals or releases resulting from our operations or at any of our properties. We must also comply with various health and safety regulations in the United States and abroad in connection with our operations.
We may in the future incur capital and operating costs to comply with currently existing laws and regulations, and possible new statutory enactments, and these expenditures may be significant. We have incurred, and may in the future incur, fines related to environmental matters and/or liability for costs or damages related to spills or other releases of hazardous substances into the environment at sites where we have operated, or at off-site locations where we have sent hazardous substances for disposal. We cannot assure you, however, that such matters or any future obligations to comply with environmental or health and safety laws and regulations will not adversely affect our business, results of operations or financial condition.
In addition, there is an increasing focus by U.S. and international regulators, investors, customers, and other stakeholders on environmental, social and governance (ESG) matters. Complying with new laws or regulations concerning sustainability matters, climate related matters or other ESG matters will result in increased compliance costs and create additional non-compliance risks. Failure to adequately meet our stakeholder’s expectations or comply with any such laws or regulations may result in loss of business, reputational damage, an inability to attract customers, an inability to attract and retain top talent, and a negative impact on our business, results of operations and financial condition.
We also have announced certain sustainability goals, which require ongoing investment and operational changes. Our efforts may not achieve their intended outcomes, and we may not achieve such goals, which could negatively impact our reputation and business.
Our current and future debt and related covenants may restrict our future operations.
We have substantial debt and have the ability to incur additional debt. As of September 30, 2024, we had approximately $1.2 billion of outstanding long-term indebtedness, primarily consisting of the 3.3% Senior Notes due in March 2027 and the 3.7% Senior Notes due in March 2032 as further discussed in Note 6 of the condensed consolidated financial statements. In addition, we have a revolving credit facility that provides for up to $200.0 million in borrowing capacity, $0.2 million of which was utilized for domestic standby letters of credit as of September 30, 2024. Our incurrence of substantial amounts of debt may have important consequences. For instance, it could:
•make it more difficult for us to satisfy our financial obligations, including those relating to our outstanding debt;
•require us to dedicate a substantial portion of our cash flow from operations to the payment of interest and principal due under our debt, which will reduce funds available for other business purposes;
•increase our vulnerability to general adverse economic and industry conditions;
•limit our flexibility in planning for, or reacting to, changes in our business and the industries in which we operate;
•place us at a competitive disadvantage compared with some of our competitors that have less debt; and
•limit our ability to obtain additional financing required to fund working capital and capital expenditures and for other general corporate purposes.
Our existing credit facility, our Senior Notes and agreements we may enter in the future, contain or may contain covenants imposing restrictions on our business. These restrictions may affect our ability to operate our business and may limit our ability to take advantage of potential business opportunities as they arise. Existing covenants place restrictions on our ability to, among other things: incur additional debt; acquire other businesses or assets through merger or purchase; create liens; enter into transactions with affiliates; sell assets; and in the case of some of our subsidiaries, guarantee debt. Our existing credit facility also requires that we comply with a maximum consolidated leverage ratio test. Our ability to comply with these covenants may be affected by events beyond our control, including prevailing economic, financial and industry conditions. The breach of any of these restrictions could result in a default. An event of default under our debt agreements would permit some of our lenders to declare all amounts borrowed from them to be due and payable, together with accrued and unpaid interest.
We are subject to healthcare laws and regulations and could face substantial penalties if we are unable to fully comply with such laws.
We are subject to healthcare regulation and enforcement by both the U.S. federal government and the U.S. states and foreign governments in which we conduct our business. These healthcare laws and regulations include, for example:
•the U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from soliciting, receiving, offering or providing remuneration, directly or indirectly, in return for or to induce either the referral of an individual for, or the purchase order or recommendation of, any item or services for which payment may be made under a federal healthcare program such as the Medicare and Medicaid programs;
•U.S. federal false claims laws, which prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented, claims for payment from Medicare, Medicaid, or other third-party payors that are false or fraudulent. In addition, the U.S. federal government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the false claims statutes;
•the U.S. Physician Payment Sunshine Act, which requires certain manufacturers of drugs, biologics, devices and medical supplies to record any transfers of value to U.S. physicians and U.S. teaching hospitals;
•the Health Insurance Portability and Accountability Act ("HIPAA"), as amended by the Health Information Technology for Economic and Clinical Health Act, which governs the conduct of certain electronic healthcare transactions and protects the security and privacy of protected health information; and
•state or foreign law equivalents of each of the U.S. federal laws above, such as anti-kickback and false claims laws, which may apply to items or services reimbursed by any third-party payor, including commercial insurers.
These laws will continue to impose administrative, cost and compliance burdens on us. The shifting compliance environment and the need to build and maintain robust systems to comply with multiple jurisdictions with different compliance and/or reporting requirements increases the possibility that a healthcare company may violate one or more of these requirements. In addition, any action against us for violation of these laws, even if we successfully defend against it, could cause us to incur significant legal expenses and divert our management’s attention from the operation of our business. If our operations are found to be in violation of any of the laws described above or any other governmental regulations that apply to us, we may be subject to penalties, including civil and criminal penalties, damages, fines, exclusion from the Medicare and Medicaid programs, and the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business, results of operations and financial condition.
Risks Related to Being a Public Company
Our failure to establish and maintain effective internal control over financial reporting could result in material misstatements in our financial statements, our failure to meet our reporting obligations and cause investors to lose confidence in our reported financial information, which in turn could cause the trading price of our common stock to decline.
Maintaining effective disclosure controls and procedures and internal controls over financial reporting are necessary for us to produce reliable financial statements. Material weaknesses in our internal control over financial reporting have adversely affected us in the past and could affect us in the future and the results of our periodic management evaluations and annual auditor attestation reports regarding the effectiveness of our internal control over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002. Any failure to maintain or implement new or improved internal controls, or any difficulties that we may encounter in their maintenance or implementation, could result in additional material weaknesses, result in material misstatements in our consolidated financial statements and cause us to fail to meet our reporting obligations. This could cause us to lose public confidence and could cause the trading price of our common stock to decline.
General Business Risks
Natural disasters, climate related events, terrorist attacks, acts of war or other events beyond our control may cause damage or disruption to us and our employees, facilities, information systems, security systems, vendors and customers, which could significantly impact our business, results of operations and financial condition.
We have significant manufacturing and distribution facilities, including in the United States, France, Switzerland, Germany and Singapore. In particular, the western United States has experienced a number of earthquakes, wildfires, floods, landslides and other natural disasters in recent years. These occurrences could damage or destroy our facilities which may result in interruptions to our business and losses that exceed our insurance coverage. In addition, lack of fuel resources due to geo-political instability (such as Russia’s reduction in energy resources supplied to Western Europe), electricity outages, the inability to operate our production and distribution facilities due to power grid failures or lack of fuel, and strikes or other labor unrest at any of our sites or surrounding areas could cause disruption to our business. Acts of terrorism, bioterrorism, violence or war (such as Russia's invasion of Ukraine and the recent escalation of conflicts in the Middle East), weather-related events, or public health issues such as the outbreak of a contagious disease like COVID-19 could also affect the markets in which we operate, our business operations and strategic plans. Political unrest may affect our sales in certain regions, such as in Southeast Asia, the Middle East and Eastern Europe. Any of these events could adversely affect our business, results of operations and financial condition.
Risks Related to Our Common Stock
A significant majority of our voting stock is held by the Schwartz family, which could lead to conflicts of interest.
We have two classes of voting stock: Class A Common Stock and Class B Common Stock. With a few exceptions, holders of Class A and Class B Common Stock vote as a single class. When voting as a single class, each share of Class A Common Stock is entitled to one-tenth of a vote, while each share of Class B Common Stock has one vote. In the election or removal of directors, the classes vote separately and the holders of Class A Common Stock are entitled to elect 25% of the Board of Directors, with holders of Class B Common Stock electing the remaining directors. As a result of the Schwartz family's ownership of our Class A and Class B Common Stock, they are able to elect a majority of our directors, effect fundamental changes in our direction and control matters affecting us, including the determination of business opportunities that may be suitable for our company. The Schwartz family may exercise its control over us according to interests that are different from other investors’ or debtors’ interests. In particular, this concentration of ownership and voting power may have the effect of delaying or preventing a change in control of our company.
The forum selection provision in our bylaws could increase costs to bring a claim, discourage claims or limit the ability of the Company’s stockholders to bring a claim in a judicial forum viewed by the stockholders as more favorable for disputes with the Company or the Company’s directors, officers or other employees.
Our bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s stockholders, (iii) any action arising pursuant to any provision of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or the Bylaws (in each case, as may be amended from time to time) or (iv) any action asserting a claim against the Company or any of its directors, officers or other employees governed by the internal affairs doctrine of the State of Delaware. This choice of forum provision may increase costs to bring a claim, discourage claims or limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or the Company’s directors, officers or other employees, which may discourage such lawsuits against the Company or the Company’s directors, officers and other employees. Alternatively, if a court were to find the choice of forum provision contained in the Company’s bylaws to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions.
Application of the choice of forum provision may be limited in some instances by applicable law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by
the Exchange Act or the rules and regulations thereunder. As a result, the choice of forum provision will not apply to actions arising under the Exchange Act or the rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder, subject to a limited exception for certain “covered class actions.” There is uncertainty, particularly in light of current litigation, as to whether a court would enforce the choice of forum provision with respect to claims under the Securities Act. Our stockholders will not be deemed, by operation of the Company’s choice of forum provision, to have waived claims arising under the federal securities laws and the rules and regulations thereunder.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
As of September 30, 2024, $577.1 million of stock remained available for repurchases under the Company's 2023 Share Repurchase Program, which was authorized by the Board of Directors in July 2023 and July 2024. Repurchases under the 2023 Share Repurchase Program may be made at management's discretion from time to time on the open market, through trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The authorization has no expiration.
The following table contains information on the shares of our common stock that we purchased or otherwise acquired during the three months ended September 30, 2024.
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| 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, 2024 | 328,171 | $ | 293.01 | | 328,171 | $ | 577.8 | |
August 1 to August 31, 2024 | 2,210 | $ | 321.73 | | 2,210 | $ | 577.1 | |
September 1 to September 30, 2024 | — | | $ | — | | — | | $ | 577.1 | |
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
(a) Exhibits
The following documents are filed as part of this report:
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Exhibit
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| 10.1 | |
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| 31.1 | |
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| 31.2 | |
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| 32.1 | |
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| 32.2 | |
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| 101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. |
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| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
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| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
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| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
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| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
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| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
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| 104.1 | The cover page Interactive Data File is formatted in Inline XBRL and is contained in Exhibits 101 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
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| BIO-RAD LABORATORIES, INC. |
| (Registrant) |
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| Date: | October 31, 2024 | | /s/ Norman Schwartz |
| | | | Norman Schwartz, Chairman of the Board and |
| | | | Chief Executive Officer |
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| | | | |
| Date: | October 31, 2024 | | /s/ Roop K. Lakkaraju |
| | | | Roop K. Lakkaraju, Executive Vice President, |
| | | | Chief Financial Officer |
BIO-RAD LABORATORIES, INC.
2017 INCENTIVE AWARD PLAN
RESTRICTED STOCK UNIT AWARD GRANT NOTICE
(NON-EMPLOYEE DIRECTOR FORM)
Bio-Rad Laboratories, Inc., a Delaware corporation, (the “Company”), pursuant to its 2017 Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (“Holder”), Restricted Stock Units (“RSUs”) with respect to the number of shares of the Company’s Class A common stock set forth below (the “Shares”). This Restricted Stock Unit Award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Restricted Stock Unit Agreement”) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, capitalized terms used in this Grant Notice shall have the meanings given such terms in the Plan.
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| Holder: |
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| Grant Date: |
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| Vesting Commencement Date: |
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| Total Number of RSUs: |
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| Award Number: |
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| Vesting Schedule: | 100% of the RSUs shall vest on the earlier of the first anniversary of the Vesting Commencement Date or the date of the Company’s next annual meeting of stockholders, subject to Holder continuing to be a Director of the Company or one of its Subsidiaries. |
By his or her acceptance of the RSUs through the Company's online acceptance procedure (or by his or her signature and the signature of the Company’s representative below), Holder agrees to be bound by the terms and conditions of the Plan, the Restricted Stock Unit Agreement, and this Grant Notice. Holder has reviewed the Plan, the Restricted Stock Unit Agreement, and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Unit Agreement, and the Plan. Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice, the Restricted or Stock Unit Agreement.
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BIO-RAD LABORATORIES, INC.: | HOLDER: |
| By: | ___________________________ | By: | |
| Print Name: | ___________________________ | Print Name: | |
| Title: | ___________________________ | | |
EXHIBIT A TO
BIO-RAD LABORATORIES, INC.
2017 INCENTIVE AWARD PLAN
RESTRICTED STOCK UNIT AWARD GRANT NOTICE
RESTRICTED STOCK UNIT AWARD AGREEMENT
Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this Restricted Stock Unit Award Agreement (this “Agreement”) is attached, Bio-Rad Laboratories, Inc., a Delaware corporation (the “Company”), has granted to Holder the right to receive the number of Restricted Stock Units (the “RSUs”) under the 2017 Incentive Award Plan, as amended from time to time (the “Plan”), as set forth in the Grant Notice.
All capitalized terms used in this Agreement without definition shall have the meanings ascribed in the Plan and the Grant Notice.
The RSUs are subject to the terms and conditions of the Plan, which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
1.Grant and Vesting of the RSUs. As set forth in the Grant Notice, the Company hereby grants Holder RSUs, subject to all the terms and conditions in this Agreement, the Grant Notice and the Plan. The RSUs shall vest on the Vesting Date set forth on the Grant Notice, subject to Holder's continued service as a Director with the Company or any Subsidiary through the applicable Vesting Date. In the event Holder ceases to be a Director prior to a Vesting Date, the RSUs shall cease vesting immediately upon such cessation of service and the unvested RSUs awarded by this Agreement shall be forfeited. However, no shares of Class A common stock (the “Shares”) shall be issued to Holder until the time set forth in Section 2 below. Prior to the actual issuance of any Shares, such RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company. Only whole Shares shall be issued upon vesting of the RSUs, and the Company shall be under no obligation to issue any fractional Shares to Holder.
2.Issuance of Shares. Shares shall be issued to Holder on or as soon as administratively practicable following each vesting date as set forth in the Grant Notice (the “Vesting Date”) (and in no event later than 2 1/2 months following the end of the calendar year in which such Vesting Date or vesting event occurs. After each Vesting Date the Company shall promptly cause to be issued (either in book-entry form or otherwise) to Holder or Holder’s beneficiaries, as the case may be, Shares with respect to RSUs that became vested on such Vesting Date.
3.Dividend Equivalents. No Dividend Equivalents shall be paid to Holder prior to the Vesting Date; rather, such Dividend Equivalents, if any, will accrue, subject to forfeiture in the event Holder ceases to be a Director prior to the Vesting Date, and be notionally credited to Holder’s RSU account and paid out in the form of additional Shares at the time that the underlying RSUs are paid as set forth in Section 2 above.
4.Acceleration of Vesting. Notwithstanding Section 1 above, pursuant to Section 12.2(d) of the Plan, the RSUs shall become fully vested upon a Change in Control.
5.Taxes.
(a) Holder acknowledges and agrees that the liability for all any or all income tax or other tax-related items related to Holder’s participation in the Plan and legally applicable to Holder (“Tax-
Related Items”) is Holder’s responsibility. Holder further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the issuance of Shares upon settlement of the RSUs, the subsequent sale of Shares acquired under the Plan and the receipt of dividends or Dividend Equivalents, if any; and (ii) does not commit to and is under no obligation to structure the terms of the RSUs or any aspect of the RSUs to reduce or eliminate Holder’s liability for Tax-Related Items or achieve any particular tax result.
(b) This Agreement, the RSUs and payments made pursuant to this Agreement are intended to comply with or qualify for an exemption from Section 409A of the Code and the Treasury Regulations thereunder (“Section 409A”) and shall be interpreted in a manner consistent with that intention. Notwithstanding any other provision of this Agreement, the Company reserves the right, to the extent the Company deems necessary or advisable, in its sole discretion, to unilaterally amend the Plan and/or this Agreement to ensure that all RSUs are awarded in a manner that qualifies for exemption from or complies with Section 409A. This Section 5(b) does not create an obligation on the part of the Company to modify the terms of this Agreement or the Plan or to mitigate any additional tax, interest and/or penalties or other adverse tax consequences that may apply under Code Section 409A if compliance is not practical and does not guarantee that the RSUs or the delivery of Shares upon vesting/settlement of the RSU will not be subject to taxes, interest and penalties or any other adverse tax consequences under Section 409A of the Code. The Company will have no liability to Holder or any other party if the RSU that is intended to be exempt from, or compliant with, Section 409A of the Code, is not so exempt or compliant or for any action taken by the Administrator with respect thereto.
6.Award Not Transferable. This grant of RSUs and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.
7.Rights as Stockholder. Neither Holder nor any person claiming under or through Holder will have any of the rights or privileges of a stockholder of the Company with respect to any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars, and delivered to Holder (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Holder will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
8.Conditions to Issuance of Certificates. Notwithstanding any other provision of this Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the Shares, the Company shall not be required to issue or deliver any certificate or certificates for any Shares prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state, federal, or local law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or other governmental regulatory body, which the Company shall, in its sole and absolute discretion, deem necessary and advisable, (c) the obtaining of any approval or other clearance from any governmental agency that the Company shall, in its absolute discretion, determine to be necessary or advisable, and (d) the lapse of any such reasonable period of time following the date the RSUs vest as the Company may from time to time establish for reasons of administrative convenience. Holder understands that the Company is under no obligation to register or qualify the Shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Holder agrees that the Company shall have unilateral authority to amend the Plan and this Agreement without Holder’s
consent to the extent necessary to facilitate compliance with securities or other laws applicable to the issuance of Shares.
9.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Holder’s participation in the Plan, or Holder’s acquisition or sale of the underlying Shares. Holder understands and agrees he or she should consult with his or her own personal tax, legal and financial advisors regarding Holder’s participation in the Plan before taking any action related to the Plan.
10.Governing Law and Venue. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of the Grant Notice and this Agreement, regardless of the law that might be applied under conflict of laws principles.
For purposes of litigating any dispute that arises under this grant of RSUs or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, agree that such litigation shall be conducted in the courts of Contra Costa County, California, or the federal courts for the United States for the Northern District of California, where this grant is made and/or to be performed.
11.Conformity to Securities Laws. Holder acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the SEC, including without limitation Rule 16b-3 under the Exchange Act. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
12.Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator, provided, that, except as may otherwise be provided by the Plan or this Agreement, no amendment, modification, suspension or termination of this Agreement shall adversely effect the RSUs in any material way without the prior written consent of Holder.
13.Notices. Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the mail by certified or registered mail, with postage and fees prepaid, addressed to Holder to his or her address shown in the Company records, and to the Company at its principal executive office.
14.Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Holder and his or her heirs, executors, administrators, successors and assigns.
15.Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Holder hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
16.Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
17.Imposition of Other Requirements. The Company reserves the right to impose other requirements on Holder’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Holder to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
18.Waiver. Holder acknowledges that a waiver by the Company of breach of any provision of the Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Holder or any other Holder.
19.Insider Trading/Market Abuse Laws. Holder acknowledges that he or she may be subject to insider trading restrictions and/or market abuse laws based on the exchange (if any) on which Shares are listed, and in applicable jurisdictions, including but not limited to the United States, Holder’s country and the designated broker’s country, which may affect Holder’s ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs) or rights linked to the value of Shares under the Plan during such times as Holder is considered to have “inside information” regarding the Company (as defined by the laws in applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Holder placed before he or she possessed inside information. Further, Holder could be prohibited from (i) disclosing the inside information to any third party, which may include fellow directors or any employees and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Holder acknowledges he or she is responsible for complying with any applicable restrictions and is encouraged to speak to his or her personal legal advisor for further details regarding any applicable insider trading and/or market abuse laws in Holder’s country.
20.Recovery of Compensation. As an additional condition of receiving this Award, Holder agrees that the RSU and any proceeds or other benefits Holder may receive hereunder shall be subject to forfeiture and/or repayment to the Company to the extent and in the manner required (i) to comply with any requirements imposed under Applicable Law and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, including, without limitation, pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (collectively, the “Rules and Regulations”) and (ii) under the terms of any policy adopted by the Company as of the date hereof or as may be amended from time to time to comply with Applicable Law or the Rules and Regulations (and such requirements shall be deemed incorporated into this Agreement without the consent of Holder). Further, if Holder receives any amount in excess of what Holder should have received under the terms of the RSU for any reason (including without limitation by reason of a financial restatement, mistake in calculations or administrative error), all as determined by the Administrator, then Holder shall be required to promptly repay any such excess amount to the Company. For purposes of the foregoing, Holder expressly and explicitly authorizes the Company to issue instructions, on Holder’s behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold Holder’s Shares and other amounts acquired under the Plan to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company. This Section 20 is not the Company’s exclusive remedy with respect to such matters.
Exhibit 31.1
Certification of Chief Executive Officer Required By
Exchange Act Rules 13a-14(a) and 15d-14(a)
I, Norman Schwartz, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Bio-Rad Laboratories, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report fairly present, in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
| Date: | October 31, 2024 | | /s/ Norman Schwartz |
| | | | Norman Schwartz, Chairman of the Board and |
| | | | Chief Executive Officer |
Exhibit 31.2
Certification of Chief Financial Officer Required By
Exchange Act Rules 13a-14(a) and 15d-14(a)
I, Roop K. Lakkaraju, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Bio-Rad Laboratories, Inc.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report fairly present, in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
| Date: | October 31, 2024 | | /s/ Roop K. Lakkaraju |
| | | | Roop K. Lakkaraju |
| | | | Executive Vice President, |
| | | | Chief Financial Officer |
Exhibit 32.1
Certification of Periodic Report
I, Norman Schwartz, Chief Executive Officer of Bio-Rad Laboratories, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | | | | |
| Date: | October 31, 2024 | | /s/ Norman Schwartz |
| | | | Norman Schwartz, Chairman of the Board and Chief Executive Officer |
| | | | |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.
Exhibit 32.2
Certification of Periodic Report
I, Roop K. Lakkaraju, Chief Financial Officer of Bio-Rad Laboratories, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | | | | |
| Date: | October 31, 2024 | | /s/ Roop K. Lakkaraju |
| | | | Roop K. Lakkaraju |
| | | | Executive Vice President, |
| | | | Chief Financial Officer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.
v3.24.3
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9 Months Ended |
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Sep. 30, 2024 |
Oct. 28, 2024 |
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001-07928
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BIO-RAD LABORATORIES, INC.
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Hercules,
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BIO
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NYSE
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v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| ASSETS: |
|
|
| Cash and cash equivalents |
$ 410,377
|
$ 403,815
|
| Short-term investments |
1,212,081
|
1,203,327
|
| Restricted investments |
5,560
|
5,560
|
| Accounts receivable, net |
461,940
|
489,017
|
| Inventory |
804,276
|
780,517
|
| Prepaid expenses |
133,228
|
140,040
|
| Other current assets |
28,158
|
26,054
|
| Total current assets |
3,055,620
|
3,048,330
|
| Property, plant and equipment, net |
545,304
|
529,007
|
| Operating lease right-of-use assets |
173,866
|
194,730
|
| Goodwill, net |
415,100
|
413,569
|
| Purchased intangibles, net |
307,325
|
320,514
|
| Other investments |
6,002,635
|
7,698,070
|
| Other assets |
103,622
|
94,850
|
| Assets |
10,603,472
|
12,299,070
|
| LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
| Accounts payable |
122,185
|
144,625
|
| Accrued payroll and employee benefits |
146,024
|
139,929
|
| Current maturities of long-term debt and notes payable |
1,262
|
486
|
| Income and other taxes payable |
43,625
|
35,759
|
| Current operating lease liabilities |
42,834
|
40,379
|
| Other current liabilities |
142,013
|
161,621
|
| Total current liabilities |
497,943
|
522,799
|
| Long-term debt, net of current maturities |
1,200,062
|
1,199,052
|
| Deferred income taxes |
1,076,058
|
1,475,495
|
| Operating lease liabilities |
143,919
|
165,478
|
| Other long-term liabilities |
197,631
|
195,113
|
| Total liabilities |
3,115,613
|
3,557,937
|
| Preferred Stock, Value, Issued |
0
|
0
|
| Stockholders' equity: |
|
|
| Additional paid-in capital |
448,329
|
449,075
|
| Retained earnings |
8,132,231
|
9,260,629
|
| Accumulated other comprehensive loss |
(315,274)
|
(336,038)
|
| Total stockholders' equity |
7,487,859
|
8,741,133
|
| Total liabilities and stockholders' equity |
10,603,472
|
12,299,070
|
| Common Class A [Member] |
|
|
| Stockholders' equity: |
|
|
| Common stock |
2
|
2
|
| Common Class B [Member] |
|
|
| Stockholders' equity: |
|
|
| Common stock |
1
|
1
|
| Treasury Stock, Common |
|
|
| Stockholders' equity: |
|
|
| Treasury stock |
$ (777,430)
|
$ (632,536)
|
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Condensed Consolidated Balance Sheets Parenthetical - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accounts receivable allowance for doubtful accounts |
$ 12,139
|
$ 14,926
|
| Preferred Stock, Par or Stated Value Per Share |
$ 0.0001
|
|
| Preferred Stock, Shares Authorized |
7,500,000
|
|
| Preferred Stock, Shares Issued |
0
|
|
| Common Class A [Member] |
|
|
| Common Stock, Shares, Issued |
25,190,963
|
25,169,944
|
| Common Stock, Shares, Outstanding |
22,920,768
|
23,422,506
|
| Common Class B [Member] |
|
|
| Common Stock, Shares, Issued |
5,074,909
|
5,095,930
|
| Common Stock, Shares, Outstanding |
5,074,909
|
5,095,930
|
| Treasury Stock, Common |
|
|
| Treasury Stock, Shares |
2,270,195
|
1,747,438
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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v3.24.3
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
$ 649,729
|
$ 632,124
|
$ 1,899,025
|
$ 1,990,078
|
| Cost of goods sold |
293,826
|
296,441
|
862,037
|
929,495
|
| Gross profit |
355,903
|
335,683
|
1,036,988
|
1,060,583
|
| Selling, general and administrative expense |
200,440
|
201,199
|
610,042
|
634,576
|
| Research and Development Expense |
90,997
|
43,535
|
216,276
|
183,528
|
| Segment profit (loss) |
64,466
|
90,949
|
210,670
|
242,479
|
| Interest expense |
12,174
|
12,398
|
36,715
|
37,078
|
| Foreign exchange (gains) losses, net |
1,641
|
(1,680)
|
(2,012)
|
(5,280)
|
| Marketable Securities, Unrealized (Gain) Loss |
(792,888)
|
(36,425)
|
1,680,290
|
1,576,542
|
| Other Nonoperating Income (Expense) |
18,081
|
20,446
|
70,740
|
87,365
|
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
861,620
|
137,102
|
(1,433,583)
|
(1,278,496)
|
| (Provision) benefit for income taxes |
(208,448)
|
(30,845)
|
305,185
|
291,464
|
| Net income attributable to Bio-Rad |
$ 653,172
|
$ 106,257
|
$ (1,128,398)
|
$ (987,032)
|
| Basic earnings per share: |
|
|
|
|
| Net income per share basic attributable to Bio-Rad |
$ 23.37
|
$ 3.65
|
$ (39.89)
|
$ (33.63)
|
| Weighted average common shares - basic |
27,949
|
29,102
|
28,286
|
29,349
|
| Diluted earnings per share: |
|
|
|
|
| Net income per share diluted attributable to Bio-Rad |
$ 23.34
|
$ 3.64
|
$ (39.89)
|
$ (33.63)
|
| Weighted average common shares - diluted |
27,985
|
29,223
|
28,286
|
29,349
|
| X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2)(d))
-Publisher FASB
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-SubTopic 10
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-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Net Income (Loss) Attributable to Parent |
$ 653,172
|
$ 106,257
|
$ (1,128,398)
|
$ (987,032)
|
| Foreign currency translation adjustments |
122,932
|
(126,165)
|
6,570
|
(34,342)
|
| Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent |
(69)
|
(342)
|
815
|
(72)
|
| Net unrealized holding gains (losses) on available-for-sale investments net of tax expense |
13,225
|
1,808
|
13,379
|
3,675
|
| Total other comprehensive income (loss) net of tax |
136,088
|
(124,699)
|
20,764
|
(30,739)
|
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest |
$ 789,260
|
$ (18,442)
|
$ (1,107,634)
|
$ (1,017,771)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
| Cash flows from operating activities: |
|
|
| Cash received from customers |
$ 1,920,985
|
$ 2,007,482
|
| Cash paid to suppliers and employees |
(1,531,330)
|
(1,722,173)
|
| Interest paid, net |
(45,628)
|
(46,394)
|
| Income tax payments, net |
(75,710)
|
(40,966)
|
| Investment proceeds and miscellaneous receipts, net |
67,193
|
81,828
|
| Proceeds from forward foreign exchange contracts, net |
(4,462)
|
14,119
|
| Net cash provided by operating activities |
331,048
|
293,896
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(122,686)
|
(114,435)
|
| Proceeds from dispositions of property, plant and equipment |
149
|
104
|
| Payments for acquired in-process research and development |
(23,410)
|
0
|
| Payments for purchases of marketable securities and investments |
(1,053,660)
|
(537,540)
|
| Proceeds from maturities of marketable securities and investments |
169,458
|
260,849
|
| Proceeds from Sale of Debt Securities, Available-for-sale |
900,493
|
339,033
|
| Net cash used in investing activities |
(129,656)
|
(51,989)
|
| Cash flows from financing activities: |
|
|
| Payments on long-term borrowings |
(359)
|
(349)
|
| Payments for debt issuance costs |
(617)
|
0
|
| Proceeds from Issuance of Common Stock |
15,290
|
14,168
|
| Tax payments from net share settlement |
(3,280)
|
(10,118)
|
| Payments for purchases of treasury stock |
(203,586)
|
(228,728)
|
| Net cash used in financing activities |
(192,552)
|
(225,027)
|
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
(1,021)
|
6,891
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect |
7,819
|
23,771
|
| Beginning Cash, Cash Equivalents, and Restricted Cash |
404,369
|
434,544
|
| Cash and cash equivalents |
410,377
|
457,850
|
| Restricted Cash, Current |
1,376
|
79
|
| Restricted Cash, Noncurrent |
435
|
386
|
| Ending Cash, Cash Equivalents, and Restricted Cash |
$ 412,188
|
$ 458,315
|
| X |
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| Namespace Prefix: |
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($)
$ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common |
Retained Earnings [Member] |
AOCI Attributable to Parent |
| Total Stockholders' Equity at Dec. 31, 2022 |
$ 9,615,252
|
$ 3
|
$ 447,454
|
$ (263,586)
|
$ 9,898,203
|
$ (466,822)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
68,962
|
0
|
0
|
0
|
68,962
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
58,470
|
0
|
0
|
0
|
0
|
58,470
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
16,608
|
0
|
16,608
|
0
|
0
|
0
|
| Stock Issued During Period, Value, Treasury Stock Reissued |
4,424
|
0
|
(660)
|
5,290
|
(206)
|
0
|
| Total Stockholders' Equity at Mar. 31, 2023 |
9,763,716
|
3
|
463,402
|
(258,296)
|
9,966,959
|
(408,352)
|
| Total Stockholders' Equity at Dec. 31, 2022 |
9,615,252
|
3
|
447,454
|
(263,586)
|
9,898,203
|
(466,822)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
(987,032)
|
|
|
|
|
|
| Proceeds from Issuance of Common Stock |
(14,168)
|
|
|
|
|
|
| Total Stockholders' Equity at Sep. 30, 2023 |
8,416,198
|
3
|
439,455
|
(436,620)
|
8,910,921
|
(497,561)
|
| Total Stockholders' Equity at Mar. 31, 2023 |
9,763,716
|
3
|
463,402
|
(258,296)
|
9,966,959
|
(408,352)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
(1,162,251)
|
0
|
0
|
0
|
(1,162,251)
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
35,490
|
0
|
0
|
0
|
0
|
35,490
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
12,559
|
0
|
12,559
|
0
|
0
|
0
|
| Treasury Stock, Value, Acquired, Cost Method |
(207,407)
|
0
|
0
|
(207,407)
|
0
|
0
|
| Stock Issued During Period, Value, Treasury Stock Reissued |
4,786
|
0
|
(2,089)
|
6,919
|
(44)
|
0
|
| Total Stockholders' Equity at Jun. 30, 2023 |
8,446,893
|
3
|
473,872
|
(458,784)
|
8,804,664
|
(372,862)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
106,257
|
0
|
0
|
0
|
106,257
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
(124,699)
|
0
|
0
|
0
|
0
|
(124,699)
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
15,952
|
0
|
15,952
|
0
|
0
|
0
|
| Proceeds from Issuance of Common Stock |
(5,111)
|
0
|
(5,111)
|
0
|
0
|
0
|
| Treasury Stock, Value, Acquired, Cost Method |
(23,608)
|
0
|
0
|
(23,608)
|
0
|
0
|
| Reissuance of treasury stock |
514
|
0
|
(45,258)
|
45,772
|
0
|
0
|
| Total Stockholders' Equity at Sep. 30, 2023 |
8,416,198
|
3
|
439,455
|
(436,620)
|
8,910,921
|
(497,561)
|
| Total Stockholders' Equity at Dec. 31, 2023 |
8,741,133
|
3
|
449,075
|
(632,536)
|
9,260,629
|
(336,038)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
383,916
|
0
|
0
|
0
|
383,916
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
(89,933)
|
0
|
0
|
0
|
0
|
(89,933)
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
15,262
|
0
|
15,262
|
0
|
0
|
0
|
| Treasury Stock, Value, Acquired, Cost Method |
(4,702)
|
0
|
0
|
(4,702)
|
0
|
0
|
| Stock Issued During Period, Value, Treasury Stock Reissued |
5,505
|
0
|
(1,710)
|
7,215
|
0
|
0
|
| Stock Repurchased During Period, Excise Tax, Amount |
(47)
|
0
|
0
|
(47)
|
0
|
0
|
| Total Stockholders' Equity at Mar. 31, 2024 |
9,051,134
|
3
|
462,627
|
(630,070)
|
9,644,545
|
(425,971)
|
| Total Stockholders' Equity at Dec. 31, 2023 |
8,741,133
|
3
|
449,075
|
(632,536)
|
9,260,629
|
(336,038)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
(1,128,398)
|
|
|
|
|
|
| Proceeds from Issuance of Common Stock |
(15,290)
|
|
|
|
|
|
| Total Stockholders' Equity at Sep. 30, 2024 |
7,487,859
|
3
|
448,329
|
(777,430)
|
8,132,231
|
(315,274)
|
| Total Stockholders' Equity at Mar. 31, 2024 |
9,051,134
|
3
|
462,627
|
(630,070)
|
9,644,545
|
(425,971)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
(2,165,486)
|
0
|
0
|
0
|
(2,165,486)
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
(25,391)
|
0
|
0
|
0
|
0
|
(25,391)
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
14,999
|
0
|
14,999
|
0
|
0
|
0
|
| Treasury Stock, Value, Acquired, Cost Method |
(100,000)
|
0
|
0
|
(100,000)
|
0
|
0
|
| Stock Issued During Period, Value, Treasury Stock Reissued |
4,683
|
0
|
(2,745)
|
7,428
|
0
|
0
|
| Stock Repurchased During Period, Excise Tax, Amount |
(1,000)
|
0
|
0
|
(1,000)
|
0
|
0
|
| Share-Based Payment Arrangement, Shares Withheld for Settlement of Equity Awards, Amount |
(152)
|
0
|
(152)
|
0
|
0
|
0
|
| Total Stockholders' Equity at Jun. 30, 2024 |
6,778,787
|
3
|
474,729
|
(723,642)
|
7,479,059
|
(451,362)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
653,172
|
0
|
0
|
0
|
653,172
|
0
|
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent |
136,088
|
0
|
0
|
0
|
0
|
136,088
|
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
15,675
|
0
|
15,675
|
0
|
0
|
0
|
| Treasury Stock, Value, Acquired, Cost Method |
(96,868)
|
0
|
0
|
(96,868)
|
0
|
0
|
| Stock Repurchased During Period, Excise Tax, Amount |
(969)
|
0
|
0
|
(969)
|
0
|
0
|
| Share-Based Payment Arrangement, Shares Withheld for Settlement of Equity Awards, Amount |
(3,128)
|
0
|
(3,128)
|
0
|
0
|
0
|
| Reissuance of treasury stock |
(5,102)
|
0
|
38,947
|
(44,049)
|
0
|
0
|
| Total Stockholders' Equity at Sep. 30, 2024 |
$ 7,487,859
|
$ 3
|
$ 448,329
|
$ (777,430)
|
$ 8,132,231
|
$ (315,274)
|
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-Topic 250
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-Topic 250
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 944
-SubTopic 220
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-Topic 946
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-Topic 946
-SubTopic 220
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-Section S99
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-Topic 470
-SubTopic 10
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-Section S99
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-Topic 470
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-Section S99
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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-Topic 470
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
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-Topic 230
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-Section 45
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-Publisher FASB
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
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-Topic 810
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v3.24.3
Basis of Presentation and Use of Estimates
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation and Use of Estimates |
1. BASIS OF PRESENTATION AND USE OF ESTIMATES
Basis of Presentation
In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023.
We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions.
Use of Estimates
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets, valuation of accounts receivable, estimation of warranty reserve, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the loan receivable. Actual results could differ materially from those estimates.
Revenue Recognition
We recognize revenue from operations through the sale of products, services, license of intellectual property and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the stand-alone selling price ("SSP") for each distinct product or service.
We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed.
Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately.
We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied.
The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance.
We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant.
In addition, we offer a reagent rental program which provides our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases.
We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Maintenance services and reagent sales are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer.
Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three and nine months ended September 30, 2024 and 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income (loss). Contract costs:
We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss).
Disaggregation of Revenue:
The following table presents our revenues disaggregated by geographic region (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | United States | $ | 276.2 | | | $ | 275.4 | | | $ | 783.4 | | | $ | 858.8 | | | EMEA | 205.7 | | | 193.1 | | | 612.4 | | | 609.1 | | | APAC | 126.9 | | | 118.9 | | | 375.2 | | | 398.9 | | | Other (primarily Canada and Latin America) | 40.9 | | | 44.7 | | | 128.0 | | | 123.3 | | | Total net sales | $ | 649.7 | | | $ | 632.1 | | | $ | 1,899.0 | | | $ | 1,990.1 | |
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, 2024 and December 31, 2023 was $64.0 million and $68.3 million, respectively. The short-term deferred revenue balance at September 30, 2024 and December 31, 2023 was $48.9 million and $51.1 million, respectively.
We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income (loss).
Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Changes in our warranty liability for the nine months ended September 30, 2024 and 2023 were as follows (in millions): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 8.4 | | $ | 10.6 | | | Provision for warranty | 5.2 | | 6.4 | | | Actual warranty costs | (5.7) | | (9.0) | | | Balance at end of period | $ | 7.9 | | $ | 8.0 | |
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): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 14.9 | | $ | 15.0 | | | Provision for expected credit losses | 2.1 | | 1.4 | | | Write-offs charged against the allowance | (4.9) | | (1.3) | | | | | | Balance at end of period | $ | 12.1 | | $ | 15.1 | |
Saber Bio Acquisition
On July 26, 2024, the Company entered into a stock purchase agreement (the “Transaction”) to acquire all of the outstanding equity interests in Saber Bio (“Saber”). The Transaction closed on August 20, 2024. The Company accounted for the Transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in a single or similar in-process research and development project (“IPR&D”). The Company concluded that the acquired IPR&D does not meet the criteria for capitalization and expensed the acquired IPR&D. This amounted to $29.5 million which was recorded in Research and development expense in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024.
Recent Accounting Pronouncements Issued and to be Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, “Improvements to Reportable Segment Disclosures”. The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker ("CODM"). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will not apply before the Company's fiscal year beginning January 1, 2025. However, on April 4, 2024, the SEC issued an order staying the rule pending the completion of an ongoing judicial review. We are monitoring SEC developments and evaluating the final rule to determine its impact on our disclosures.
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v3.24.3
Fair Value Measurements
|
3 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
2. FAIR VALUE MEASUREMENTS
We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows:
•Level 1: Quoted prices in active markets for identical instruments •Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) •Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments)
Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2024 are classified in the hierarchy as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets carried at fair value: | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | | | | | Time deposits | — | | | 43.2 | | | — | | | 43.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market funds | 110.9 | | | — | | | — | | | 110.9 | | | Total cash equivalents (a) | 110.9 | | | 43.2 | | | — | | | 154.1 | | | Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | | | Equity securities (c) | 5,701.4 | | | — | | | — | | | 5,701.4 | | | Loan under the fair value option (d) | — | | | — | | | 343.5 | | | 343.5 | | | Available-for-sale investments: | | | | | | | | | Corporate debt securities | — | | | 543.8 | | | — | | | 543.8 | | | U.S. government sponsored agencies | — | | | 147.0 | | | — | | | 147.0 | | | Foreign government obligations | — | | | 2.6 | | | — | | | 2.6 | | | | | | | | | | | | | | | | | | | Municipal obligations | — | | | 6.7 | | | — | | | 6.7 | | | Asset-backed securities | — | | | 433.2 | | | — | | | 433.2 | | | Total available-for-sale investments (e) | — | | | 1,133.3 | | | — | | | 1,133.3 | | | Forward foreign exchange contracts (f) | — | | | 2.2 | | | — | | | 2.2 | | | Total financial assets carried at fair value | $ | 5,819.4 | | | $ | 1,178.7 | | | $ | 343.5 | | | $ | 7,341.6 | | | | | | | | | | | Financial liabilities carried at fair value: | | | | | | | | | Forward foreign exchange contracts (g) | $ | — | | | $ | 0.9 | | | $ | — | | | $ | 0.9 | | | Contingent consideration (h) | — | | | — | | | 18.3 | | | 18.3 | | | Total financial liabilities carried at fair value | $ | — | | | $ | 0.9 | | | $ | 18.3 | | | $ | 19.2 | |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets carried at fair value: | | | | | | | | | Cash equivalents: | | | | | | | | | Commercial paper | $ | — | | | $ | 12.5 | | | $ | — | | | $ | 12.5 | | | Time deposits | — | | | 36.6 | | | — | | | 36.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government sponsored agencies | — | | | 7.0 | | | — | | | 7.0 | | | Money market funds | 28.0 | | | — | | | — | | | 28.0 | | | Total cash equivalents (a) | 28.0 | | | 56.1 | | | — | | | 84.1 | | | Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | | | Equity securities (c) | 7,399.3 | | | — | | | — | | | 7,399.3 | | | Loan under the fair value option (d) | — | | | — | | | 325.7 | | | 325.7 | | | Available-for-sale investments: | | | | | | | | | Corporate debt securities | — | | | 531.6 | | | — | | | 531.6 | | | U.S. government sponsored agencies | — | | | 255.9 | | | — | | | 255.9 | | | Foreign government obligations | — | | | 12.7 | | | — | | | 12.7 | | | | | | | | | | | Municipal obligations | — | | | 12.1 | | | — | | | 12.1 | | | Asset-backed securities | — | | | 323.7 | | | — | | | 323.7 | | | Total available-for-sale investments (e) | — | | | 1,136.0 | | | — | | | 1,136.0 | | | Forward foreign exchange contracts (f) | — | | | 4.1 | | | — | | | 4.1 | | | Total financial assets carried at fair value | $ | 7,434.4 | | | $ | 1,196.2 | | | $ | 325.7 | | | $ | 8,956.3 | | | | | | | | | | | Financial liabilities carried at fair value: | | | | | | | | | Forward foreign exchange contracts (g) | $ | — | | | $ | 11.7 | | | $ | — | | | $ | 11.7 | | | Contingent consideration (h) | — | | | — | | | 17.5 | | | 17.5 | | | Total financial liabilities carried at fair value | $ | — | | | $ | 11.7 | | | $ | 17.5 | | | $ | 29.2 | |
(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.
(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Restricted investments | $ | 5.6 | | | $ | 5.6 | | | Other investments | 1.5 | | | 1.5 | | | Total | $ | 7.1 | | | $ | 7.1 | |
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Short-term investments | $ | 78.7 | | | $ | 67.2 | | | Other investments | 5,622.7 | | | 7,332.1 | | | Total | $ | 5,701.4 | | | $ | 7,399.3 | |
(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.
(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.
(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.
(h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.4 million and $0.8 million in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2024.
Level 1 Fair Value Measurements
As of September 30, 2024, 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 outstanding ordinary shares (excluding treasury shares) and 27% of the preference shares of Sartorius as of September 30, 2024. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting.
The change in fair market value of our investment in Sartorius for the three and nine months ended September 30, 2024 was a gain of $761.1 million and a loss of $1,711.0 million, respectively, and are 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, 2024 and December 31, 2023, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source.
Available-for-sale investments consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value | | Short-term investments: | | | | | | | | | | Corporate debt securities | $ | 536.6 | | | $ | 7.5 | | | $ | (0.3) | | | | $ | 543.8 | | | Municipal obligations | 6.6 | | | 0.1 | | | — | | | | 6.7 | | | Asset-backed securities | 430.3 | | | 3.7 | | | (0.8) | | | | 433.2 | | | U.S. government sponsored agencies | 145.9 | | | 1.3 | | | (0.2) | | | | 147.0 | | | Foreign government obligations | 2.6 | | | — | | | — | | | | 2.6 | | | | | | | | | | | | | | | | | | | | | | $ | 1,122.0 | | | $ | 12.6 | | | $ | (1.3) | | | | $ | 1,133.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2024 by contractual maturity date (in millions): | | | | | | | | | | | | | Amortized
Cost | | Estimated Fair
Value | | Mature in less than one year | $ | 120.5 | | | $ | 120.4 | | | Mature in one to five years | 702.9 | | | 711.8 | | | Mature in more than five years | 298.6 | | | 301.1 | | | Total | $ | 1,122.0 | | | $ | 1,133.3 | |
Available-for-sale investments consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value | | Short-term investments: | | | | | | | | | | Corporate debt securities | $ | 534.1 | | | $ | 0.8 | | | $ | (3.3) | | | | $ | 531.6 | | | Municipal obligations | 12.2 | | | — | | | (0.1) | | | | 12.1 | | | Asset-backed securities | 325.7 | | | 0.7 | | | (2.7) | | | | 323.7 | | | U.S. government sponsored agencies | 257.4 | | | 0.1 | | | (1.6) | | | | 255.9 | | | Foreign government obligations | 12.8 | | | — | | | (0.1) | | | | 12.7 | | | | | | | | | | | | Total | $ | 1,142.2 | | | $ | 1.6 | | | $ | (7.8) | | | | $ | 1,136.0 | |
As of September 30, 2024, 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, 2024, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of September 30, 2024. Included in Other current assets are $11.1 million and $11.9 million of interest receivable as of September 30, 2024 and December 31, 2023, respectively, primarily associated with securities in our available-for-sale investments portfolio. Associated interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the nine months ended September 30, 2024, we have not written-off any uncollected interest receivable.
As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less, are recorded at their fair value at each balance sheet date. The notional amounts provide one measure of foreign exchange exposures as of September 30, 2024 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was derived using the spot rates and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts offset gains or losses from foreign currency remeasurement of the related receivables and payables, both of which are included in Foreign currency exchange (gains) losses, net in the condensed consolidated statements of income (loss).
The following is a summary of our forward foreign currency exchange contracts (in millions):
| | | | | | | | | | | | Contracts to sell foreign currency: | September 30, 2024 | | December 31, 2023 | | Notional value | $ | 673.7 | | | $ | 873.5 | | Unrealized gain/(loss) | $ | 1.3 | | | $ | (8.1) | | Contracts to purchase foreign currency: | | | | | Notional value | $ | 44.4 | | | $ | 133.6 | | Unrealized gain/(loss) | $ | — | | | $ | 0.5 | |
Included in Other investments in the condensed consolidated balance sheet are investments without readily determinable fair value measured at cost with adjustments for observable price changes or impairments. The carrying value of these investments was $8.0 million and $6.5 million as of September 30, 2024 and December 31, 2023, respectively.
Also included in Other investments in the condensed consolidated balance sheet are our equity method investments, for which our share of the equity method investees earnings is included in Other income, net in our condensed consolidated statements of income (loss). The carrying value of these investments, net of impairments, was $26.8 million and $32.3 million as of September 30, 2024 and December 31, 2023, respectively.
The carrying value and fair value of our long-term debt were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Senior notes | | $ | 1,190.8 | | | $ | 1,119.9 | | | $ | 1,189.5 | | | $ | 1,102.5 | | Other long-term debt | | 9.3 | | | 9.3 | | | 9.6 | | | 9.6 | | Total | | $ | 1,200.1 | | | $ | 1,129.2 | | | $ | 1,199.1 | | | $ | 1,112.1 | |
The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.
Level 3 Fair Value Investments
During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (“Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our condensed consolidated statements of income (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, 2024 was a gain of $25.2 million, which includes a $18.1 million gain from change in fair market value of the Loan and a $7.1 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, 2024 was a gain of $14.7 million, which includes a $33.1 million gain from change in fair market value of the Loan and a $18.4 million loss from change in fair market value of the value appreciation right. The increase in the fair market value of the value appreciation right was due to an increase in the value of the Sartorius ordinary shares. As of September 30, 2024, the €400 million principal amount of the loan is still due on January 31, 2029.
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):
| | | | | | | December 31, 2023 | $ | 325.7 | | | | Change in estimated fair market value, net | $ | 14.7 | | Foreign currency exchange losses, net | $ | 3.1 | | | | | September 30, 2024 | $ | 343.5 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Goodwill and Other Purchased Intangible Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Goodwill and Other Purchased Intangible Assets |
3. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS
Changes to goodwill by segment are as follows (in millions): | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Total | | Balances as of January 1, 2024: | | | | | | | Goodwill | $ | 333.3 | | | $ | 415.5 | | | $ | 748.8 | | | Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | | | Goodwill, net | 291.5 | | | 122.1 | | | 413.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency adjustments | — | | | 1.5 | | | 1.5 | | Period change, net | — | | | 1.5 | | | 1.5 | | | | | | | | | Balances as of September 30, 2024: | | | | | | | Goodwill | 333.3 | | | 417.0 | | | 750.3 | | | Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | | | Goodwill, net | $ | 291.5 | | | $ | 123.6 | | | $ | 415.1 | |
Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount | | Customer relationships/lists | 4.8 | | $ | 108.4 | | | $ | (100.6) | | | $ | 7.8 | | | Know how | 1.0 | | 169.7 | | | (165.2) | | | 4.5 | | | Developed product technology | 11.6 | | 219.3 | | | (141.5) | | | 77.8 | | | Licenses | 4.2 | | 59.3 | | | (45.2) | | | 14.1 | | | Tradenames | 4.8 | | 6.0 | | | (4.9) | | | 1.1 | | | Covenants not to compete | 1.5 | | 6.4 | | | (5.4) | | | 1.0 | | | | | | | | | | | | | | | | | | | Total finite-lived intangible assets | | | 569.1 | | | (462.8) | | | 106.3 | | | In-process research and development | | | 201.0 | | | — | | | 201.0 | | | Total purchased intangible assets | | | $ | 770.1 | | | $ | (462.8) | | | $ | 307.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount | | Customer relationships/lists | 5.2 | | $ | 108.7 | | | $ | (98.9) | | | $ | 9.8 | | | Know how | 1.8 | | 168.9 | | | (161.1) | | | 7.8 | | | Developed product technology | 12.0 | | 217.8 | | | (132.9) | | | 84.9 | | | Licenses | 4.9 | | 59.2 | | | (42.4) | | | 16.8 | | | Tradenames | 5.6 | | 6.1 | | | (4.7) | | | 1.4 | | | Covenants not to compete | 2.3 | | 6.4 | | | (4.8) | | | 1.6 | | | | | | | | | | | | | | | | | | | Total finite-lived intangible assets | | | 567.1 | | | (444.8) | | | 122.3 | | | In-process research and development | | | 198.2 | | | — | | | 198.2 | | | Total purchased intangible assets | | | $ | 765.3 | | | $ | (444.8) | | | $ | 320.5 | |
Amortization expense related to purchased intangible assets is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization expense | $ | 5.3 | | | $ | 6.2 | | | $ | 16.1 | | | $ | 18.1 | |
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
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v3.24.3
Inventory
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventory |
4. INVENTORY
Following are the components of Inventory at September 30, 2024 and December 31, 2023 (in millions):
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Inventory: | | | | | Raw materials | $ | 229.5 | | | $ | 231.6 | | | Work in process | 255.2 | | | 246.0 | | | Finished goods | 319.6 | | | 302.9 | | | Total Inventory | $ | 804.3 | | | $ | 780.5 | |
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-Topic 330
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v3.24.3
Supplemental Cash Flow Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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): | | | | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | | 2023 | | Net loss | $ | (1,128.4) | | | $ | (987.0) | | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | Depreciation and amortization | 112.4 | | | 108.7 | | | Reduction in the carrying amount of right-of-use assets | 31.1 | | | 30.7 | | | Share-based compensation | 45.9 | | | 45.1 | | Acquired in-process research and development | 29.5 | | | — | | | | | | | Losses from change in fair market value of equity securities and loan receivable | 1,680.3 | | | 1,576.5 | | | | | | | Changes in fair value of contingent consideration | 0.8 | | | (18.5) | | | Payments for operating lease liabilities | (32.2) | | | (30.4) | | | Decrease in accounts receivable | 25.6 | | | 31.6 | | | Increase in inventories | (16.0) | | | (61.7) | | | (Increase) decrease in other current assets | (4.7) | | | 15.0 | | | Decrease in accounts payable and other current liabilities | (24.4) | | | (72.4) | | | Increase in income taxes payable | 21.8 | | | 56.4 | | | Decrease in deferred income taxes | (408.5) | | | (397.4) | | | Increase in other long-term liabilities | 1.4 | | | 3.9 | | | Other | (3.6) | | | (6.6) | | | Net cash provided by operating activities | $ | 331.0 | | | $ | 293.9 | | | | | | | Non-cash investing activities: | | | | | Purchased property, plant and equipment | $ | 7.4 | | | $ | 2.9 | | | Purchased marketable securities and investments | $ | 5.7 | | | $ | — | | | Sold marketable securities and investments | $ | 0.2 | | | $ | — | |
|
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v3.24.3
Long-Term Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Long-term Debt |
6. LONG-TERM DEBT
The principal components of long-term debt are as follows (in millions): | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | 3.3%, Senior Notes due 2027 | $ | 400.0 | | | $ | 400.0 | | 3.7%, Senior Notes due 2032 | 800.0 | | | 800.0 | | | Less unamortized discounts and debt issuance costs | (9.2) | | | (10.5) | | | Long-term debt less unamortized discounts and debt issuance costs | 1,190.8 | | | 1,189.5 | | | Finance leases and other debt | 10.6 | | | 10.1 | | | Less current maturities | (1.3) | | | (0.5) | | | Long-term debt | $ | 1,200.1 | | | $ | 1,199.1 | |
On February 13, 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. The Revolving Credit Agreement matures on February 13, 2029. As of September 30, 2024, no borrowings were outstanding under the Revolving Credit Agreement, although available capacity was reduced by immaterial outstanding letters of credit. As of September 30, 2024, we were in compliance with the covenants for the Revolving Credit Agreement.
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-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent
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v3.24.3
Accumulated Other Comprehensive Income (Loss)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Accumulated Other Comprehensive Income (Loss) |
7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions): | | | | | | | | | | | | | | | | Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) | | Balances as of January 1, 2024: | $ | (334.1) | | $ | (2.8) | | $ | 0.9 | | $ | (336.0) | | | Other comprehensive income, before reclassifications | 6.6 | | 0.1 | | 19.1 | | 25.8 | | | Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | (1.7) | | (2.1) | | | Income tax effects | (0.1) | | 1.1 | | (4.0) | | (3.0) | | | Other comprehensive income, net of income taxes | 6.5 | | 0.8 | | 13.4 | | 20.7 | | | Balances as of September 30, 2024: | $ | (327.6) | | $ | (2.0) | | $ | 14.3 | | $ | (315.3) | |
| | | | | | | | | | | | | | | | Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) | | Balances as of January 1, 2023: | $ | (466.5) | | $ | 10.0 | | $ | (10.3) | | $ | (466.8) | | | Other comprehensive income (loss), before reclassifications | (34.4) | | 0.3 | | 3.7 | | (30.4) | | | Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | 1.1 | | 0.7 | | | Income tax effects | 0.1 | | — | | (1.1) | | (1.0) | | | Other comprehensive income (loss), net of income taxes | (34.3) | | (0.1) | | 3.7 | | (30.7) | | | Balances as of September 30, 2023: | $ | (500.8) | | $ | 9.9 | | $ | (6.6) | | $ | (497.5) | |
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): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | Components of comprehensive income (loss) | 2024 | | 2023 | | 2024 | | 2023 | | Amortization of foreign other post-employment benefit items | $ | 0.1 | | | $ | 0.2 | | | $ | 0.4 | | | $ | 0.4 | | Net holding gains (losses) on equity securities and available-for-sale investments | $ | 2.0 | | | $ | (0.1) | | | $ | 1.7 | | | $ | (1.1) | |
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/220/tableOfContent
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v3.24.3
Earnings (Loss) Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 and 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 nine months ended September 30, 2024 and 2023. 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 (loss) 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): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Basic weighted average shares outstanding | 27,949 | | | 29,102 | | | 28,286 | | | 29,349 | | | Effect of potentially dilutive stock options, restricted stock and performance stock awards | 36 | | | 121 | | | — | | | — | | | Diluted weighted average common shares outstanding | 27,985 | | | 29,223 | | | 28,286 | | | 29,349 | | | Anti-dilutive shares | 257 | | | 154 | | | 411 | | | 229 | |
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
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-Topic 260
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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v3.24.3
Other Income, Net
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Income and Expenses [Abstract] |
|
| Other Income, Net |
9. OTHER INCOME, NET
Other income, net includes the following components (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Interest and investment income | $ | (15.5) | | | $ | (17.3) | | | $ | (66.1) | | | $ | (84.1) | | Net realized (gains) losses on investments | (2.0) | | | 0.1 | | | (1.7) | | | 1.6 | | | | | | | | | | | | | | | | | | | Escrow receipts on prior acquisition | — | | | (2.5) | | | — | | | (2.5) | | | | | | | | | | | Other income | (0.6) | | | (0.7) | | | (2.9) | | | (2.4) | | | Other income, net | $ | (18.1) | | | $ | (20.4) | | | $ | (70.7) | | | $ | (87.4) | |
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-Topic 720
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-Publisher FASB
-URI https://asc.fasb.org/720/tableOfContent
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
10. INCOME TAXES
Our effective income tax rate was 24.2% and 22.5% for the three months ended September 30, 2024 and 2023, respectively. Our effective income tax rate was 21.3% and 22.8% for the nine months ended September 30, 2024 and 2023, respectively.
The realization of deferred tax assets are dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of September 30, 2024, 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 $17.0 million for the period ended September 30, 2024 compared to the year ended December 31, 2023. Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis.
We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.
Our gross unrecognized tax benefits were $88.5 million and $84.7 million as of September 30, 2024 and December 31, 2023, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions.
As of September 30, 2024, based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $16.2 million. Substantially all such amounts will impact our effective income tax rate if recognized.
|
| X |
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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-Section 50
-Paragraph 12C
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-URI https://asc.fasb.org/740/tableOfContent
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-Section 50
-Paragraph 14
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-Topic 740
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-Section 50
-Paragraph 21
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2
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-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
11. SEGMENT INFORMATION
Information regarding net sales and operating profit (loss) for the three months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Other
Operations | | | | | | | | | Net sales | 2024 | $ | 260.9 | | | $ | 388.8 | | | $ | — | | | | 2023 | $ | 263.5 | | | $ | 368.1 | | | $ | 0.5 | | | | | | | | | | Operating profit (loss) | 2024 | $ | (9.8) | | | $ | 74.2 | | | $ | 0.1 | | | | 2023 | $ | 13.0 | | | $ | 78.0 | | | $ | (0.1) | |
Information regarding Net sales and operating profit (loss) for the nine months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Other
Operations | | | | | | | | | Net sales | 2024 | $ | 753.1 | | | $ | 1,145.4 | | | $ | 0.5 | | | | 2023 | $ | 887.3 | | | $ | 1,100.3 | | | $ | 2.5 | | | | | | | | | | Operating profit (loss) | 2024 | $ | 1.1 | | | $ | 209.9 | | | $ | (0.3) | | | | 2023 | $ | 76.7 | | | $ | 166.1 | | | $ | (0.3) | |
Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Our CODM views all operating expenses and corporate overhead as directly supporting the strategies of our segments, and these costs are fully allocated to our reportable segments. The following reconciles total operating profit to consolidated income (loss) before income taxes (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Operating profit | $ | 64.5 | | | $ | 90.9 | | | $ | 210.7 | | | $ | 242.5 | | | Interest expense | (12.2) | | | (12.3) | | | (36.7) | | | (37.2) | | Foreign currency exchange (losses) gains, net | (1.6) | | | 1.7 | | | 2.0 | | | 5.3 | | Gains (losses) from change in fair market value of equity securities and loan receivable | 792.8 | | | 36.4 | | | (1,680.3) | | | (1,576.5) | | | Other income, net | 18.1 | | | 20.4 | | | 70.7 | | | 87.4 | | Consolidated income (loss) before income taxes | $ | 861.6 | | | $ | 137.1 | | | $ | (1,433.6) | | | $ | (1,278.5) | |
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v3.24.3
Legal Proceedings
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Legal Proceedings |
12. LEGAL PROCEEDINGS We 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.
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v3.24.3
Leases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
13. LEASES
We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 15 years, which includes our determination to exercise renewal options.
We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our condensed consolidated balance sheets.
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense is recognized on a straight-line basis over the lease term. Where we act as lessee, we elected not to separate lease and non-lease components.
The components of lease expense were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | $ | 17.3 | | | $ | 15.7 | | | $ | 52.2 | | | $ | 47.2 | | | | | | | | | Finance lease cost: | | | | | Amortization of right-of-use assets | $ | 0.1 | | | $ | 0.1 | | | $ | 0.3 | | | $ | 0.3 | | | Interest on lease liabilities | 0.2 | | | 0.2 | | | 0.5 | | | 0.6 | | | Total finance lease cost | $ | 0.3 | | | $ | 0.3 | | | $ | 0.8 | | | $ | 0.9 | |
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, 2024 and 2023. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three and nine months ended September 30, 2024 and 2023.
Supplemental cash flow information related to leases was as follows (in millions): | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | September 30, | September 30, | | 2024 | 2023 | 2024 | 2023 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | Operating cash flows from operating leases | $ | 10.8 | | $ | 10.6 | | $ | 32.2 | | $ | 30.4 | | | Operating cash flows from finance leases | $ | 0.2 | | $ | 0.2 | | $ | 0.5 | | $ | 0.6 | | | Financing cash flows from finance leases | $ | 0.1 | | $ | 0.1 | | $ | 0.3 | | $ | 0.3 | | | | | | | | Right-of-use assets obtained in exchange for new lease obligations: | | | | | | Operating leases | $ | 0.1 | | $ | 36.7 | | $ | 11.3 | | $ | 49.0 | | | | | | |
Supplemental balance sheet information related to leases was as follows (in millions): | | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Operating Leases | | | | Operating lease right-of-use assets | $ | 173.9 | | $ | 194.7 | | | | | | Current operating lease liabilities | $ | 42.8 | | $ | 40.4 | | | Operating lease liabilities | 143.9 | | 165.5 | | | Total operating lease liabilities | $ | 186.7 | | $ | 205.9 | |
Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt and notes payable, net of current maturities (in millions): | | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Finance Leases | | | | Property, plant and equipment, gross | $ | 11.9 | | $ | 11.9 | | | Less: accumulated depreciation and amortization | (6.2) | | (5.9) | | | Property, plant and equipment, net | $ | 5.7 | | $ | 6.0 | | | | | | Current maturities of long-term debt and notes payable | $ | 0.5 | | $ | 0.5 | | | Long-term debt, net of current maturities | 9.3 | | 9.6 | | | Total finance lease liabilities | $ | 9.8 | | $ | 10.1 | |
| | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Weighted Average Remaining Lease Term | | | | Operating leases - in years | 6 | 7 | | Finance leases - in years | 13 | 14 | | | | | Weighted Average Discount Rate | | | | Operating leases | 4.0 | % | 3.9 | % | | Finance leases | 6.5 | % | 6.4 | % |
Maturities of lease liabilities were as follows (in millions): | | | | | | | | | | | | | Year Ending December 31, | Operating Leases | | Finance Leases | | | | | 2024 (excluding the nine months ended September 30, 2024) | $ | 10.8 | | | $ | 0.3 | | 2025 | 49.0 | | | 1.1 | | 2026 | 37.3 | | | 1.1 | | 2027 | 28.8 | | | 1.1 | | 2028 | 22.2 | | | 1.1 | | | Thereafter | 64.1 | | | 10.8 | | | Total lease payments | 212.2 | | | 15.5 | | | Less imputed interest | (25.5) | | | (5.7) | | | Total | $ | 186.7 | | | $ | 9.8 | |
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, 2024, operating leases that have not commenced are not material.
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
|
|
|
|
| Net Income (Loss) Attributable to Parent |
$ 653,172
|
$ (2,165,486)
|
$ 383,916
|
$ 106,257
|
$ (1,162,251)
|
$ 68,962
|
$ (1,128,398)
|
$ (987,032)
|
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v3.24.3
Basis of Presentation and Use of Estimates (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
Basis of Presentation
In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented. All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year. The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023.
|
| Subsequent Events, Policy |
We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions.
|
| Use of Estimates |
Use of Estimates
The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets, valuation of accounts receivable, estimation of warranty reserve, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the loan receivable. Actual results could differ materially from those estimates.
|
| Revenue Recognition |
Revenue Recognition
We recognize revenue from operations through the sale of products, services, license of intellectual property and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the stand-alone selling price ("SSP") for each distinct product or service.
We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed.
Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately.
We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied.
The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance.
We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant.
In addition, we offer a reagent rental program which provides our customers the ability to use an instrument and consumables (reagents) on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we then determine the lease classification. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases.
We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606 but instead is addressed by the lease guidance in ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Maintenance services and reagent sales are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer.
Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue for both the three and nine months ended September 30, 2024 and 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income (loss). Contract costs:
We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss).
Disaggregation of Revenue:
The following table presents our revenues disaggregated by geographic region (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | United States | $ | 276.2 | | | $ | 275.4 | | | $ | 783.4 | | | $ | 858.8 | | | EMEA | 205.7 | | | 193.1 | | | 612.4 | | | 609.1 | | | APAC | 126.9 | | | 118.9 | | | 375.2 | | | 398.9 | | | Other (primarily Canada and Latin America) | 40.9 | | | 44.7 | | | 128.0 | | | 123.3 | | | Total net sales | $ | 649.7 | | | $ | 632.1 | | | $ | 1,899.0 | | | $ | 1,990.1 | |
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, 2024 and December 31, 2023 was $64.0 million and $68.3 million, respectively. The short-term deferred revenue balance at September 30, 2024 and December 31, 2023 was $48.9 million and $51.1 million, respectively.
|
| Standard Product Warranty, Policy |
We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income (loss).
Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Changes in our warranty liability for the nine months ended September 30, 2024 and 2023 were as follows (in millions): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 8.4 | | $ | 10.6 | | | Provision for warranty | 5.2 | | 6.4 | | | Actual warranty costs | (5.7) | | (9.0) | | | Balance at end of period | $ | 7.9 | | $ | 8.0 | |
|
| 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): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 14.9 | | $ | 15.0 | | | Provision for expected credit losses | 2.1 | | 1.4 | | | Write-offs charged against the allowance | (4.9) | | (1.3) | | | | | | Balance at end of period | $ | 12.1 | | $ | 15.1 | |
|
| Recent Accounting Pronouncements Issued and to be Adopted |
Recent Accounting Pronouncements Issued and to be Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, “Improvements to Reportable Segment Disclosures”. The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker ("CODM"). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will not apply before the Company's fiscal year beginning January 1, 2025. However, on April 4, 2024, the SEC issued an order staying the rule pending the completion of an ongoing judicial review. We are monitoring SEC developments and evaluating the final rule to determine its impact on our disclosures.
|
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v3.24.3
Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Revenue from External Customers by Geographic Areas [Table Text Block] |
The following table presents our revenues disaggregated by geographic region (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | United States | $ | 276.2 | | | $ | 275.4 | | | $ | 783.4 | | | $ | 858.8 | | | EMEA | 205.7 | | | 193.1 | | | 612.4 | | | 609.1 | | | APAC | 126.9 | | | 118.9 | | | 375.2 | | | 398.9 | | | Other (primarily Canada and Latin America) | 40.9 | | | 44.7 | | | 128.0 | | | 123.3 | | | Total net sales | $ | 649.7 | | | $ | 632.1 | | | $ | 1,899.0 | | | $ | 1,990.1 | |
|
| Schedule of Product Warranty Liability [Table Text Block] |
Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Changes in our warranty liability for the nine months ended September 30, 2024 and 2023 were as follows (in millions): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 8.4 | | $ | 10.6 | | | Provision for warranty | 5.2 | | 6.4 | | | Actual warranty costs | (5.7) | | (9.0) | | | Balance at end of period | $ | 7.9 | | $ | 8.0 | |
|
| Accounts Receivable, Allowance for Credit Loss [Table Text Block] |
Changes in our allowance for credit losses were as follows (in millions): | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | 2023 | | Balance at beginning of period | $ | 14.9 | | $ | 15.0 | | | Provision for expected credit losses | 2.1 | | 1.4 | | | Write-offs charged against the allowance | (4.9) | | (1.3) | | | | | | Balance at end of period | $ | 12.1 | | $ | 15.1 | |
|
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements, Recurring and Nonrecurring |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2024 are classified in the hierarchy as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets carried at fair value: | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | | | | | Time deposits | — | | | 43.2 | | | — | | | 43.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market funds | 110.9 | | | — | | | — | | | 110.9 | | | Total cash equivalents (a) | 110.9 | | | 43.2 | | | — | | | 154.1 | | | Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | | | Equity securities (c) | 5,701.4 | | | — | | | — | | | 5,701.4 | | | Loan under the fair value option (d) | — | | | — | | | 343.5 | | | 343.5 | | | Available-for-sale investments: | | | | | | | | | Corporate debt securities | — | | | 543.8 | | | — | | | 543.8 | | | U.S. government sponsored agencies | — | | | 147.0 | | | — | | | 147.0 | | | Foreign government obligations | — | | | 2.6 | | | — | | | 2.6 | | | | | | | | | | | | | | | | | | | Municipal obligations | — | | | 6.7 | | | — | | | 6.7 | | | Asset-backed securities | — | | | 433.2 | | | — | | | 433.2 | | | Total available-for-sale investments (e) | — | | | 1,133.3 | | | — | | | 1,133.3 | | | Forward foreign exchange contracts (f) | — | | | 2.2 | | | — | | | 2.2 | | | Total financial assets carried at fair value | $ | 5,819.4 | | | $ | 1,178.7 | | | $ | 343.5 | | | $ | 7,341.6 | | | | | | | | | | | Financial liabilities carried at fair value: | | | | | | | | | Forward foreign exchange contracts (g) | $ | — | | | $ | 0.9 | | | $ | — | | | $ | 0.9 | | | Contingent consideration (h) | — | | | — | | | 18.3 | | | 18.3 | | | Total financial liabilities carried at fair value | $ | — | | | $ | 0.9 | | | $ | 18.3 | | | $ | 19.2 | |
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Financial assets carried at fair value: | | | | | | | | | Cash equivalents: | | | | | | | | | Commercial paper | $ | — | | | $ | 12.5 | | | $ | — | | | $ | 12.5 | | | Time deposits | — | | | 36.6 | | | — | | | 36.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government sponsored agencies | — | | | 7.0 | | | — | | | 7.0 | | | Money market funds | 28.0 | | | — | | | — | | | 28.0 | | | Total cash equivalents (a) | 28.0 | | | 56.1 | | | — | | | 84.1 | | | Restricted investments (b) | 7.1 | | | — | | | — | | | 7.1 | | | Equity securities (c) | 7,399.3 | | | — | | | — | | | 7,399.3 | | | Loan under the fair value option (d) | — | | | — | | | 325.7 | | | 325.7 | | | Available-for-sale investments: | | | | | | | | | Corporate debt securities | — | | | 531.6 | | | — | | | 531.6 | | | U.S. government sponsored agencies | — | | | 255.9 | | | — | | | 255.9 | | | Foreign government obligations | — | | | 12.7 | | | — | | | 12.7 | | | | | | | | | | | Municipal obligations | — | | | 12.1 | | | — | | | 12.1 | | | Asset-backed securities | — | | | 323.7 | | | — | | | 323.7 | | | Total available-for-sale investments (e) | — | | | 1,136.0 | | | — | | | 1,136.0 | | | Forward foreign exchange contracts (f) | — | | | 4.1 | | | — | | | 4.1 | | | Total financial assets carried at fair value | $ | 7,434.4 | | | $ | 1,196.2 | | | $ | 325.7 | | | $ | 8,956.3 | | | | | | | | | | | Financial liabilities carried at fair value: | | | | | | | | | Forward foreign exchange contracts (g) | $ | — | | | $ | 11.7 | | | $ | — | | | $ | 11.7 | | | Contingent consideration (h) | — | | | — | | | 17.5 | | | 17.5 | | | Total financial liabilities carried at fair value | $ | — | | | $ | 11.7 | | | $ | 17.5 | | | $ | 29.2 | |
(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.
(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Restricted investments | $ | 5.6 | | | $ | 5.6 | | | Other investments | 1.5 | | | 1.5 | | | Total | $ | 7.1 | | | $ | 7.1 | |
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Short-term investments | $ | 78.7 | | | $ | 67.2 | | | Other investments | 5,622.7 | | | 7,332.1 | | | Total | $ | 5,701.4 | | | $ | 7,399.3 | |
(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets. (e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.
(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.
(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.
(h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.4 million and $0.8 million in the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2024, respectively. No conditions triggering payment of the contingent consideration were met as of September 30, 2024.
|
| Debt Securities, Available-for-sale |
Available-for-sale investments consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value | | Short-term investments: | | | | | | | | | | Corporate debt securities | $ | 536.6 | | | $ | 7.5 | | | $ | (0.3) | | | | $ | 543.8 | | | Municipal obligations | 6.6 | | | 0.1 | | | — | | | | 6.7 | | | Asset-backed securities | 430.3 | | | 3.7 | | | (0.8) | | | | 433.2 | | | U.S. government sponsored agencies | 145.9 | | | 1.3 | | | (0.2) | | | | 147.0 | | | Foreign government obligations | 2.6 | | | — | | | — | | | | 2.6 | | | | | | | | | | | | | | | | | | | | | | $ | 1,122.0 | | | $ | 12.6 | | | $ | (1.3) | | | | $ | 1,133.3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale investments consist of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amortized
Cost | | Unrealized
Gains | | Unrealized
Losses | | | Estimated
Fair
Value | | Short-term investments: | | | | | | | | | | Corporate debt securities | $ | 534.1 | | | $ | 0.8 | | | $ | (3.3) | | | | $ | 531.6 | | | Municipal obligations | 12.2 | | | — | | | (0.1) | | | | 12.1 | | | Asset-backed securities | 325.7 | | | 0.7 | | | (2.7) | | | | 323.7 | | | U.S. government sponsored agencies | 257.4 | | | 0.1 | | | (1.6) | | | | 255.9 | | | Foreign government obligations | 12.8 | | | — | | | (0.1) | | | | 12.7 | | | | | | | | | | | | Total | $ | 1,142.2 | | | $ | 1.6 | | | $ | (7.8) | | | | $ | 1,136.0 | |
|
| Summary of amortized cost and estimated fair value of debt securities by contractual maturity date |
The following is a summary of the amortized cost and estimated fair value of our debt securities at September 30, 2024 by contractual maturity date (in millions): | | | | | | | | | | | | | Amortized
Cost | | Estimated Fair
Value | | Mature in less than one year | $ | 120.5 | | | $ | 120.4 | | | Mature in one to five years | 702.9 | | | 711.8 | | | Mature in more than five years | 298.6 | | | 301.1 | | | Total | $ | 1,122.0 | | | $ | 1,133.3 | |
|
| Discussion of current derivative risk management |
The following is a summary of our forward foreign currency exchange contracts (in millions):
| | | | | | | | | | | | Contracts to sell foreign currency: | September 30, 2024 | | December 31, 2023 | | Notional value | $ | 673.7 | | | $ | 873.5 | | Unrealized gain/(loss) | $ | 1.3 | | | $ | (8.1) | | Contracts to purchase foreign currency: | | | | | Notional value | $ | 44.4 | | | $ | 133.6 | | Unrealized gain/(loss) | $ | — | | | $ | 0.5 | |
|
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The carrying value and fair value of our long-term debt were as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Senior notes | | $ | 1,190.8 | | | $ | 1,119.9 | | | $ | 1,189.5 | | | $ | 1,102.5 | | Other long-term debt | | 9.3 | | | 9.3 | | | 9.6 | | | 9.6 | | Total | | $ | 1,200.1 | | | $ | 1,129.2 | | | $ | 1,199.1 | | | $ | 1,112.1 | |
|
| Fair Value Measurement Inputs and Valuation Techniques |
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):
| | | | | | | December 31, 2023 | $ | 325.7 | | | | Change in estimated fair market value, net | $ | 14.7 | | Foreign currency exchange losses, net | $ | 3.1 | | | | | September 30, 2024 | $ | 343.5 | |
|
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v3.24.3
Goodwill and Other Purchased Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Changes to goodwill by segment |
Changes to goodwill by segment are as follows (in millions): | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Total | | Balances as of January 1, 2024: | | | | | | | Goodwill | $ | 333.3 | | | $ | 415.5 | | | $ | 748.8 | | | Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | | | Goodwill, net | 291.5 | | | 122.1 | | | 413.6 | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency adjustments | — | | | 1.5 | | | 1.5 | | Period change, net | — | | | 1.5 | | | 1.5 | | | | | | | | | Balances as of September 30, 2024: | | | | | | | Goodwill | 333.3 | | | 417.0 | | | 750.3 | | | Accumulated impairment losses | (41.8) | | | (293.4) | | | (335.2) | | | Goodwill, net | $ | 291.5 | | | $ | 123.6 | | | $ | 415.1 | |
|
| 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): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount | | Customer relationships/lists | 4.8 | | $ | 108.4 | | | $ | (100.6) | | | $ | 7.8 | | | Know how | 1.0 | | 169.7 | | | (165.2) | | | 4.5 | | | Developed product technology | 11.6 | | 219.3 | | | (141.5) | | | 77.8 | | | Licenses | 4.2 | | 59.3 | | | (45.2) | | | 14.1 | | | Tradenames | 4.8 | | 6.0 | | | (4.9) | | | 1.1 | | | Covenants not to compete | 1.5 | | 6.4 | | | (5.4) | | | 1.0 | | | | | | | | | | | | | | | | | | | Total finite-lived intangible assets | | | 569.1 | | | (462.8) | | | 106.3 | | | In-process research and development | | | 201.0 | | | — | | | 201.0 | | | Total purchased intangible assets | | | $ | 770.1 | | | $ | (462.8) | | | $ | 307.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Weighted-Average Remaining Amortization Period (years) | | Purchase
Price | | Accumulated
Amortization | | Net
Carrying
Amount | | Customer relationships/lists | 5.2 | | $ | 108.7 | | | $ | (98.9) | | | $ | 9.8 | | | Know how | 1.8 | | 168.9 | | | (161.1) | | | 7.8 | | | Developed product technology | 12.0 | | 217.8 | | | (132.9) | | | 84.9 | | | Licenses | 4.9 | | 59.2 | | | (42.4) | | | 16.8 | | | Tradenames | 5.6 | | 6.1 | | | (4.7) | | | 1.4 | | | Covenants not to compete | 2.3 | | 6.4 | | | (4.8) | | | 1.6 | | | | | | | | | | | | | | | | | | | Total finite-lived intangible assets | | | 567.1 | | | (444.8) | | | 122.3 | | | In-process research and development | | | 198.2 | | | — | | | 198.2 | | | Total purchased intangible assets | | | $ | 765.3 | | | $ | (444.8) | | | $ | 320.5 | |
|
| Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
Amortization expense related to purchased intangible assets is as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Amortization expense | $ | 5.3 | | | $ | 6.2 | | | $ | 16.1 | | | $ | 18.1 | |
|
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v3.24.3
Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of Inventory, Current |
Following are the components of Inventory at September 30, 2024 and December 31, 2023 (in millions):
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Inventory: | | | | | Raw materials | $ | 229.5 | | | $ | 231.6 | | | Work in process | 255.2 | | | 246.0 | | | Finished goods | 319.6 | | | 302.9 | | | Total Inventory | $ | 804.3 | | | $ | 780.5 | |
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v3.24.3
Supplemental Cash Flow Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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): | | | | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 | | 2023 | | Net loss | $ | (1,128.4) | | | $ | (987.0) | | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | Depreciation and amortization | 112.4 | | | 108.7 | | | Reduction in the carrying amount of right-of-use assets | 31.1 | | | 30.7 | | | Share-based compensation | 45.9 | | | 45.1 | | Acquired in-process research and development | 29.5 | | | — | | | | | | | Losses from change in fair market value of equity securities and loan receivable | 1,680.3 | | | 1,576.5 | | | | | | | Changes in fair value of contingent consideration | 0.8 | | | (18.5) | | | Payments for operating lease liabilities | (32.2) | | | (30.4) | | | Decrease in accounts receivable | 25.6 | | | 31.6 | | | Increase in inventories | (16.0) | | | (61.7) | | | (Increase) decrease in other current assets | (4.7) | | | 15.0 | | | Decrease in accounts payable and other current liabilities | (24.4) | | | (72.4) | | | Increase in income taxes payable | 21.8 | | | 56.4 | | | Decrease in deferred income taxes | (408.5) | | | (397.4) | | | Increase in other long-term liabilities | 1.4 | | | 3.9 | | | Other | (3.6) | | | (6.6) | | | Net cash provided by operating activities | $ | 331.0 | | | $ | 293.9 | | | | | | | Non-cash investing activities: | | | | | Purchased property, plant and equipment | $ | 7.4 | | | $ | 2.9 | | | Purchased marketable securities and investments | $ | 5.7 | | | $ | — | | | Sold marketable securities and investments | $ | 0.2 | | | $ | — | |
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v3.24.3
Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-term Debt Instruments |
The principal components of long-term debt are as follows (in millions): | | | | | | | | | | | | | September 30,
2024 | | December 31,
2023 | 3.3%, Senior Notes due 2027 | $ | 400.0 | | | $ | 400.0 | | 3.7%, Senior Notes due 2032 | 800.0 | | | 800.0 | | | Less unamortized discounts and debt issuance costs | (9.2) | | | (10.5) | | | Long-term debt less unamortized discounts and debt issuance costs | 1,190.8 | | | 1,189.5 | | | Finance leases and other debt | 10.6 | | | 10.1 | | | Less current maturities | (1.3) | | | (0.5) | | | Long-term debt | $ | 1,200.1 | | | $ | 1,199.1 | |
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-Section 45
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v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions): | | | | | | | | | | | | | | | | Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) | | Balances as of January 1, 2024: | $ | (334.1) | | $ | (2.8) | | $ | 0.9 | | $ | (336.0) | | | Other comprehensive income, before reclassifications | 6.6 | | 0.1 | | 19.1 | | 25.8 | | | Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | (1.7) | | (2.1) | | | Income tax effects | (0.1) | | 1.1 | | (4.0) | | (3.0) | | | Other comprehensive income, net of income taxes | 6.5 | | 0.8 | | 13.4 | | 20.7 | | | Balances as of September 30, 2024: | $ | (327.6) | | $ | (2.0) | | $ | 14.3 | | $ | (315.3) | |
| | | | | | | | | | | | | | | | Foreign currency translation adjustments | Foreign other post-employment benefits adjustments | Net unrealized holding gains (losses) on available-for-sale investments | Total accumulated other comprehensive income (loss) | | Balances as of January 1, 2023: | $ | (466.5) | | $ | 10.0 | | $ | (10.3) | | $ | (466.8) | | | Other comprehensive income (loss), before reclassifications | (34.4) | | 0.3 | | 3.7 | | (30.4) | | | Amounts reclassified from Accumulated other comprehensive income (loss) | — | | (0.4) | | 1.1 | | 0.7 | | | Income tax effects | 0.1 | | — | | (1.1) | | (1.0) | | | Other comprehensive income (loss), net of income taxes | (34.3) | | (0.1) | | 3.7 | | (30.7) | | | Balances as of September 30, 2023: | $ | (500.8) | | $ | 9.9 | | $ | (6.6) | | $ | (497.5) | |
|
| 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): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | Components of comprehensive income (loss) | 2024 | | 2023 | | 2024 | | 2023 | | Amortization of foreign other post-employment benefit items | $ | 0.1 | | | $ | 0.2 | | | $ | 0.4 | | | $ | 0.4 | | Net holding gains (losses) on equity securities and available-for-sale investments | $ | 2.0 | | | $ | (0.1) | | | $ | 1.7 | | | $ | (1.1) | |
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.24.3
Earnings (Loss) Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares |
The weighted average number of common shares outstanding used to calculate basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the diluted earnings (loss) per share calculation are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Basic weighted average shares outstanding | 27,949 | | | 29,102 | | | 28,286 | | | 29,349 | | | Effect of potentially dilutive stock options, restricted stock and performance stock awards | 36 | | | 121 | | | — | | | — | | | Diluted weighted average common shares outstanding | 27,985 | | | 29,223 | | | 28,286 | | | 29,349 | | | Anti-dilutive shares | 257 | | | 154 | | | 411 | | | 229 | |
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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v3.24.3
Other Income, Net (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Income and Expenses [Abstract] |
|
| Schedule of other income (expense), net |
Other income, net includes the following components (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Interest and investment income | $ | (15.5) | | | $ | (17.3) | | | $ | (66.1) | | | $ | (84.1) | | Net realized (gains) losses on investments | (2.0) | | | 0.1 | | | (1.7) | | | 1.6 | | | | | | | | | | | | | | | | | | | Escrow receipts on prior acquisition | — | | | (2.5) | | | — | | | (2.5) | | | | | | | | | | | Other income | (0.6) | | | (0.7) | | | (2.9) | | | (2.4) | | | Other income, net | $ | (18.1) | | | $ | (20.4) | | | $ | (70.7) | | | $ | (87.4) | |
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- DefinitionTabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items.
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
Information regarding net sales and operating profit (loss) for the three months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Other
Operations | | | | | | | | | Net sales | 2024 | $ | 260.9 | | | $ | 388.8 | | | $ | — | | | | 2023 | $ | 263.5 | | | $ | 368.1 | | | $ | 0.5 | | | | | | | | | | Operating profit (loss) | 2024 | $ | (9.8) | | | $ | 74.2 | | | $ | 0.1 | | | | 2023 | $ | 13.0 | | | $ | 78.0 | | | $ | (0.1) | |
Information regarding Net sales and operating profit (loss) for the nine months ended September 30, 2024 and 2023 are as follows (in millions):
| | | | | | | | | | | | | | | | | | | | | | | Life
Science | | Clinical
Diagnostics | | Other
Operations | | | | | | | | | Net sales | 2024 | $ | 753.1 | | | $ | 1,145.4 | | | $ | 0.5 | | | | 2023 | $ | 887.3 | | | $ | 1,100.3 | | | $ | 2.5 | | | | | | | | | | Operating profit (loss) | 2024 | $ | 1.1 | | | $ | 209.9 | | | $ | (0.3) | | | | 2023 | $ | 76.7 | | | $ | 166.1 | | | $ | (0.3) | |
|
| Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
The following reconciles total operating profit to consolidated income (loss) before income taxes (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Operating profit | $ | 64.5 | | | $ | 90.9 | | | $ | 210.7 | | | $ | 242.5 | | | Interest expense | (12.2) | | | (12.3) | | | (36.7) | | | (37.2) | | Foreign currency exchange (losses) gains, net | (1.6) | | | 1.7 | | | 2.0 | | | 5.3 | | Gains (losses) from change in fair market value of equity securities and loan receivable | 792.8 | | | 36.4 | | | (1,680.3) | | | (1,576.5) | | | Other income, net | 18.1 | | | 20.4 | | | 70.7 | | | 87.4 | | Consolidated income (loss) before income taxes | $ | 861.6 | | | $ | 137.1 | | | $ | (1,433.6) | | | $ | (1,278.5) | |
|
| X |
- DefinitionTabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 31
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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v3.24.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Lease, Cost |
The components of lease expense were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | $ | 17.3 | | | $ | 15.7 | | | $ | 52.2 | | | $ | 47.2 | | | | | | | | | Finance lease cost: | | | | | Amortization of right-of-use assets | $ | 0.1 | | | $ | 0.1 | | | $ | 0.3 | | | $ | 0.3 | | | Interest on lease liabilities | 0.2 | | | 0.2 | | | 0.5 | | | 0.6 | | | Total finance lease cost | $ | 0.3 | | | $ | 0.3 | | | $ | 0.8 | | | $ | 0.9 | |
|
| Lessee Supplemental Cash Flow Information |
Supplemental cash flow information related to leases was as follows (in millions): | | | | | | | | | | | | | | | | Three Months Ended | Nine Months Ended | | September 30, | September 30, | | 2024 | 2023 | 2024 | 2023 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | Operating cash flows from operating leases | $ | 10.8 | | $ | 10.6 | | $ | 32.2 | | $ | 30.4 | | | Operating cash flows from finance leases | $ | 0.2 | | $ | 0.2 | | $ | 0.5 | | $ | 0.6 | | | Financing cash flows from finance leases | $ | 0.1 | | $ | 0.1 | | $ | 0.3 | | $ | 0.3 | | | | | | | | Right-of-use assets obtained in exchange for new lease obligations: | | | | | | Operating leases | $ | 0.1 | | $ | 36.7 | | $ | 11.3 | | $ | 49.0 | | | | | | |
|
| Lessee Supplemental Balance Sheet Information |
Supplemental balance sheet information related to leases was as follows (in millions): | | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Operating Leases | | | | Operating lease right-of-use assets | $ | 173.9 | | $ | 194.7 | | | | | | Current operating lease liabilities | $ | 42.8 | | $ | 40.4 | | | Operating lease liabilities | 143.9 | | 165.5 | | | Total operating lease liabilities | $ | 186.7 | | $ | 205.9 | |
Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt and notes payable, net of current maturities (in millions): | | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Finance Leases | | | | Property, plant and equipment, gross | $ | 11.9 | | $ | 11.9 | | | Less: accumulated depreciation and amortization | (6.2) | | (5.9) | | | Property, plant and equipment, net | $ | 5.7 | | $ | 6.0 | | | | | | Current maturities of long-term debt and notes payable | $ | 0.5 | | $ | 0.5 | | | Long-term debt, net of current maturities | 9.3 | | 9.6 | | | Total finance lease liabilities | $ | 9.8 | | $ | 10.1 | |
| | | | | | | | | | September 30, 2024 | December 31, 2023 | | | | | Weighted Average Remaining Lease Term | | | | Operating leases - in years | 6 | 7 | | Finance leases - in years | 13 | 14 | | | | | Weighted Average Discount Rate | | | | Operating leases | 4.0 | % | 3.9 | % | | Finance leases | 6.5 | % | 6.4 | % |
|
| Maturities Of Lease Liabilities For Operating and Finance Leases |
Maturities of lease liabilities were as follows (in millions): | | | | | | | | | | | | | Year Ending December 31, | Operating Leases | | Finance Leases | | | | | 2024 (excluding the nine months ended September 30, 2024) | $ | 10.8 | | | $ | 0.3 | | 2025 | 49.0 | | | 1.1 | | 2026 | 37.3 | | | 1.1 | | 2027 | 28.8 | | | 1.1 | | 2028 | 22.2 | | | 1.1 | | | Thereafter | 64.1 | | | 10.8 | | | Total lease payments | 212.2 | | | 15.5 | | | Less imputed interest | (25.5) | | | (5.7) | | | Total | $ | 186.7 | | | $ | 9.8 | |
|
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| X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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v3.24.3
Basis of Presentation and Use of Estimates Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
|
Aug. 20, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ 649,729
|
$ 632,124
|
$ 1,899,025
|
$ 1,990,078
|
|
|
|
|
|
|
| Cost of goods sold |
|
293,826
|
296,441
|
862,037
|
929,495
|
|
|
|
|
|
|
| Deferred Revenue |
|
64,000
|
|
64,000
|
|
|
|
$ 68,300
|
|
|
|
| Retained earnings |
|
8,132,231
|
|
8,132,231
|
|
|
|
9,260,629
|
|
|
|
| Accumulated other comprehensive loss |
|
(315,274)
|
|
(315,274)
|
|
|
|
(336,038)
|
|
|
|
| Total stockholders' equity |
|
$ 7,487,859
|
8,416,198
|
$ 7,487,859
|
8,416,198
|
$ 6,778,787
|
$ 9,051,134
|
8,741,133
|
$ 8,446,893
|
$ 9,763,716
|
$ 9,615,252
|
| Revenue Allocation Percent To Lease Elements |
|
3.00%
|
|
3.00%
|
|
|
|
|
|
|
|
| Additional paid-in-capital |
|
$ 448,329
|
|
$ 448,329
|
|
|
|
449,075
|
|
|
|
| Selling, general and administrative expense |
|
200,440
|
201,199
|
610,042
|
634,576
|
|
|
|
|
|
|
| Interest expense |
|
12,174
|
12,398
|
36,715
|
37,078
|
|
|
|
|
|
|
| Other Nonoperating Income (Expense) |
|
18,081
|
20,446
|
70,740
|
87,365
|
|
|
|
|
|
|
| Deferred Revenue, Current |
|
48,900
|
|
48,900
|
|
|
|
$ 51,100
|
|
|
|
| Saber Bio Acquisition | Research and Development Expense |
|
|
|
|
|
|
|
|
|
|
|
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Asset Acquisition, Consideration Transferred |
$ 29,500
|
|
|
|
|
|
|
|
|
|
|
| Europe [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
205,700
|
193,100
|
612,400
|
609,100
|
|
|
|
|
|
|
| Asia Pacific [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
126,900
|
118,900
|
375,200
|
398,900
|
|
|
|
|
|
|
| UNITED STATES |
|
|
|
|
|
|
|
|
|
|
|
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
276,200
|
275,400
|
783,400
|
858,800
|
|
|
|
|
|
|
| Americas [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Organization, Consolidation and Presentation of Financial Statements [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ 40,900
|
$ 44,700
|
$ 128,000
|
$ 123,300
|
|
|
|
|
|
|
| X |
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Trading, and Equity Securities, FV-NI |
|
$ 343.5
|
$ 343.5
|
|
$ 325.7
|
|
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
1,133.3
|
|
|
|
|
| Fair Value, Option, Changes in Fair Value, Gain (Loss) |
|
25.2
|
14.7
|
|
|
|
|
| Foreign exchange (gains) losses, net |
|
|
3.1
|
|
|
|
|
| Fair Value, Option, Loans Held as Assets [Abstract] |
|
|
|
|
|
|
|
| Debt Securities |
[2] |
|
|
|
|
|
$ 400.0
|
| Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions |
|
(18.1)
|
(33.1)
|
|
|
|
|
| Derivative, Forward Interest Rate |
|
|
|
|
|
|
1.50%
|
| Value appreciation rights, Unrecognized Unrealized Appreciation (Depreciation), Net |
|
(7.1)
|
18.4
|
|
|
|
|
| Changes in fair value of contingent consideration |
|
|
$ 0.8
|
$ (18.5)
|
|
|
|
| Unrealized Gain on Securities |
|
$ 761.1
|
|
|
|
|
|
| Ordinary voting shares [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Investment ownership percentage |
|
38.00%
|
38.00%
|
|
|
|
|
| Preference shares [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Investment ownership percentage |
|
27.00%
|
27.00%
|
|
|
|
|
| Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
$ 7.1
|
$ 7.1
|
|
7.1
|
|
|
| Equity Securities |
[4] |
5,701.4
|
5,701.4
|
|
7,399.3
|
|
|
| Debt Securities, Trading, and Equity Securities, FV-NI |
[2] |
343.5
|
343.5
|
|
325.7
|
|
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
1,133.3
|
|
1,136.0
|
|
|
| Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure |
[5] |
2.2
|
2.2
|
|
4.1
|
|
|
| Assets, Fair Value Disclosure |
|
7,341.6
|
7,341.6
|
|
8,956.3
|
|
|
| Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure |
[6] |
0.9
|
0.9
|
|
11.7
|
|
|
| Business Combination, Contingent Consideration, Liability |
[7] |
18.3
|
18.3
|
|
17.5
|
|
|
| Liabilities, Fair Value Disclosure |
|
19.2
|
19.2
|
|
29.2
|
|
|
| Fair Value, Recurring | Research and Development Expense |
|
|
|
|
|
|
|
| Fair Value, Option, Loans Held as Assets [Abstract] |
|
|
|
|
|
|
|
| Changes in fair value of contingent consideration |
|
0.4
|
0.8
|
|
|
|
|
| Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
7.1
|
7.1
|
|
7.1
|
|
|
| Equity Securities |
[4] |
5,701.4
|
5,701.4
|
|
7,399.3
|
|
|
| Debt Securities, Trading, and Equity Securities, FV-NI |
[2] |
0.0
|
0.0
|
|
0.0
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure |
[5] |
0.0
|
0.0
|
|
0.0
|
|
|
| Assets, Fair Value Disclosure |
|
5,819.4
|
5,819.4
|
|
7,434.4
|
|
|
| Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure |
[6] |
0.0
|
0.0
|
|
0.0
|
|
|
| Business Combination, Contingent Consideration, Liability |
[7] |
0.0
|
0.0
|
|
0.0
|
|
|
| Liabilities, Fair Value Disclosure |
|
0.0
|
0.0
|
|
0.0
|
|
|
| Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
0.0
|
0.0
|
|
0.0
|
|
|
| Equity Securities |
[4] |
0.0
|
0.0
|
|
0.0
|
|
|
| Debt Securities, Trading, and Equity Securities, FV-NI |
[2] |
0.0
|
0.0
|
|
0.0
|
|
|
| Debt Securities, Available-for-sale |
|
1,133.3
|
1,133.3
|
|
1,136.0
|
[1] |
|
| Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure |
[5] |
2.2
|
2.2
|
|
4.1
|
|
|
| Assets, Fair Value Disclosure |
|
1,178.7
|
1,178.7
|
|
1,196.2
|
|
|
| Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure |
[6] |
0.9
|
0.9
|
|
11.7
|
|
|
| Business Combination, Contingent Consideration, Liability |
[7] |
0.0
|
0.0
|
|
0.0
|
|
|
| Liabilities, Fair Value Disclosure |
|
0.9
|
0.9
|
|
11.7
|
|
|
| Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
0.0
|
0.0
|
|
0.0
|
|
|
| Equity Securities |
[4] |
0.0
|
0.0
|
|
0.0
|
|
|
| Debt Securities, Trading, and Equity Securities, FV-NI |
[2] |
343.5
|
343.5
|
|
325.7
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure |
[5] |
0.0
|
0.0
|
|
0.0
|
|
|
| Assets, Fair Value Disclosure |
|
343.5
|
343.5
|
|
325.7
|
|
|
| Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure |
[6] |
0.0
|
0.0
|
|
0.0
|
|
|
| Business Combination, Contingent Consideration, Liability |
[7] |
18.3
|
18.3
|
|
17.5
|
|
|
| Liabilities, Fair Value Disclosure |
|
18.3
|
18.3
|
|
17.5
|
|
|
| Commercial Paper [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
12.5
|
|
|
| Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
0.0
|
|
|
| Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
12.5
|
|
|
| Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
0.0
|
|
|
| Time Deposits [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
43.2
|
43.2
|
|
36.6
|
|
|
| Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
0.0
|
0.0
|
|
0.0
|
|
|
| Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
43.2
|
43.2
|
|
36.6
|
|
|
| Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
0.0
|
0.0
|
|
0.0
|
|
|
| Money Market Funds [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
110.9
|
110.9
|
|
28.0
|
|
|
| Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
110.9
|
110.9
|
|
28.0
|
|
|
| Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
0.0
|
0.0
|
|
0.0
|
|
|
| Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
0.0
|
0.0
|
|
0.0
|
|
|
| Cash Equivalents [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
154.1
|
154.1
|
|
84.1
|
|
|
| Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
110.9
|
110.9
|
|
28.0
|
|
|
| Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
43.2
|
43.2
|
|
56.1
|
|
|
| Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
0.0
|
0.0
|
|
0.0
|
|
|
| US Treasury Securities | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
7.0
|
|
|
| US Treasury Securities | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
7.0
|
|
|
| US Treasury Securities | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
0.0
|
|
|
| Foreign Government Debt [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
[8] |
|
|
|
0.0
|
|
|
| Municipal Obligations (Member) | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
6.7
|
6.7
|
|
12.1
|
|
|
| Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
6.7
|
6.7
|
|
12.1
|
|
|
| Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Foreign Government Obligations [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
2.6
|
2.6
|
|
12.7
|
|
|
| Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
2.6
|
2.6
|
|
12.7
|
|
|
| Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Corporate Debt Securities [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
543.8
|
543.8
|
|
531.6
|
|
|
| Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
543.8
|
543.8
|
|
531.6
|
|
|
| Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| US Government Sponsored Agencies [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
147.0
|
147.0
|
|
255.9
|
|
|
| US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
147.0
|
147.0
|
|
255.9
|
|
|
| US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Asset-backed Securities [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
433.2
|
433.2
|
|
323.7
|
|
|
| Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
433.2
|
433.2
|
|
323.7
|
|
|
| Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
0.0
|
0.0
|
|
0.0
|
|
|
| Short-term Investments [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Equity Securities |
[4] |
78.7
|
78.7
|
|
67.2
|
|
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
1,133.3
|
|
1,136.0
|
|
|
| Short-term Investments [Member] | Municipal Obligations (Member) | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
6.7
|
6.7
|
|
12.1
|
|
|
| Short-term Investments [Member] | Foreign Government Obligations [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
2.6
|
2.6
|
|
12.7
|
|
|
| Short-term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
543.8
|
543.8
|
|
531.6
|
|
|
| Short-term Investments [Member] | US Government Sponsored Agencies [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
147.0
|
147.0
|
|
255.9
|
|
|
| Short-term Investments [Member] | Asset-backed Securities [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Debt Securities, Available-for-sale |
[1] |
433.2
|
433.2
|
|
323.7
|
|
|
| Other Investments [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
1.5
|
1.5
|
|
1.5
|
|
|
| Equity Securities |
[4] |
5,622.7
|
5,622.7
|
|
7,332.1
|
|
|
| Restricted investment [Member] | Fair Value, Recurring |
|
|
|
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
|
| Restricted Investments, at Fair Value |
[3] |
$ 5.6
|
$ 5.6
|
|
$ 5.6
|
|
|
|
|
| X |
- DefinitionInvestment ownership percentage
| Name: |
bio_Investmentownershippercentage |
| Namespace Prefix: |
bio_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionSartorius Loan value appreciation rights - Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net
| Name: |
bio_ValueAppreciationRightsUnrecognizedUnrealizedAppreciationDepreciationNet |
| Namespace Prefix: |
bio_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase (decrease) in fair value from changes in the assumptions or model used to calculate the fair value of a contract to service financial assets under which the benefits of servicing are expected to more than adequately compensate the servicer.
| Name: |
us-gaap_AssetAtFairValueChangesInFairValueResultingFromChangesInAssumptions |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionFair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
| Name: |
us-gaap_AssetsFairValueDisclosure |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
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v3.24.3
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v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Millions |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
$ 1,122.0
|
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
|
| Equity Securities, FV-NI, Unrealized Loss |
|
(1,711.0)
|
|
| Equity Securities without Readily Determinable Fair Value, Amount |
|
8.0
|
$ 8.0
|
| Equity Method Investments |
|
26.8
|
32.3
|
| Fair Value, Recurring |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
1,136.0
|
| Fair Value, Recurring | Corporate Debt Securities [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
543.8
|
531.6
|
| Fair Value, Recurring | Municipal obligations [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
6.7
|
12.1
|
| Fair Value, Recurring | US Government Sponsored Agencies [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
147.0
|
255.9
|
| Fair Value, Recurring | Foreign Government Obligations [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
2.6
|
12.7
|
| Fair Value, Recurring | Asset-backed Securities [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Debt Securities, Available-for-sale |
[1] |
433.2
|
323.7
|
| Fair Value, Recurring | Short-term Investments [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
1,122.0
|
1,142.2
|
| Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax |
[1] |
12.6
|
1.6
|
| Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
[1] |
(1.3)
|
(7.8)
|
| Debt Securities, Available-for-sale |
[1] |
1,133.3
|
1,136.0
|
| Fair Value, Recurring | Short-term Investments [Member] | Corporate Debt Securities [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
536.6
|
534.1
|
| Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax |
[1] |
7.5
|
0.8
|
| Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
[1] |
(0.3)
|
(3.3)
|
| Debt Securities, Available-for-sale |
[1] |
543.8
|
531.6
|
| Fair Value, Recurring | Short-term Investments [Member] | Municipal obligations [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
6.6
|
12.2
|
| Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax |
[1] |
0.1
|
0.0
|
| Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
[1] |
0.0
|
(0.1)
|
| Debt Securities, Available-for-sale |
[1] |
6.7
|
12.1
|
| Fair Value, Recurring | Short-term Investments [Member] | US Government Sponsored Agencies [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
145.9
|
257.4
|
| Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax |
[1] |
1.3
|
0.1
|
| Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
[1] |
(0.2)
|
(1.6)
|
| Debt Securities, Available-for-sale |
[1] |
147.0
|
255.9
|
| Fair Value, Recurring | Short-term Investments [Member] | Foreign Government Obligations [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
2.6
|
12.8
|
| 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] |
0.0
|
(0.1)
|
| Debt Securities, Available-for-sale |
[1] |
2.6
|
12.7
|
| Fair Value, Recurring | Short-term Investments [Member] | Asset-backed Securities [Member] |
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
| Amortized Cost |
[1] |
430.3
|
325.7
|
| Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax |
[1] |
3.7
|
0.7
|
| Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax |
[1] |
(0.8)
|
(2.7)
|
| Debt Securities, Available-for-sale |
[1] |
$ 433.2
|
$ 323.7
|
|
|
| X |
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-Topic 320
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-Topic 320
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-Publisher FASB
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-Topic 944
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements and Investments Fair Value of Long-Term Debt (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Long-term debt, net of current maturities |
$ 1,200,062
|
$ 1,199,052
|
| Total long-term debt, excluding leases and current maturities |
1,129,200
|
1,112,100
|
| Senior Notes | Senior Notes |
|
|
| Debt Instrument [Line Items] |
|
|
| Long-term debt |
1,190,800
|
1,189,500
|
| Total long-term debt, excluding leases and current maturities |
1,119,900
|
1,102,500
|
| Other Long-Term Debt | Other Long-Term Debt |
|
|
| Debt Instrument [Line Items] |
|
|
| Long-term debt |
9,300
|
9,600
|
| Total long-term debt, excluding leases and current maturities |
$ 9,300
|
$ 9,600
|
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v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Interest Receivable, Current |
$ 11.1
|
$ 11.9
|
| 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 |
27.00%
|
|
| Investment Owned, Balance, Shares |
9,588,908
|
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v3.24.3
Goodwill and Other Purchased Intangible Assets (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Goodwill [Line Items] |
|
|
| Goodwill |
$ 750,300
|
$ 748,800
|
| Accumulated impairment loss |
(335,200)
|
(335,200)
|
| Goodwill, net |
415,100
|
413,569
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
1,500
|
|
| Goodwill, Period Increase (Decrease) |
1,500
|
|
| Clinical Diagnostics |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill |
417,000
|
415,500
|
| Accumulated impairment loss |
(293,400)
|
(293,400)
|
| Goodwill, net |
123,600
|
122,100
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
1,500
|
|
| Goodwill, Period Increase (Decrease) |
1,500
|
|
| Life Science |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill |
333,300
|
333,300
|
| Accumulated impairment loss |
(41,800)
|
(41,800)
|
| Goodwill, net |
291,500
|
$ 291,500
|
| Goodwill, Foreign Currency Translation Gain (Loss) |
0
|
|
| Goodwill, Period Increase (Decrease) |
$ 0
|
|
| X |
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.24.3
Goodwill and Other Purchased Intangible Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 569,100
|
|
$ 569,100
|
|
$ 567,100
|
| Accumulated Amortization |
(462,800)
|
|
(462,800)
|
|
(444,800)
|
| Net Carrying Amount |
106,300
|
|
106,300
|
|
122,300
|
| Amortization [Abstract] |
|
|
|
|
|
| Amortization expense |
5,300
|
$ 6,200
|
16,100
|
$ 18,100
|
|
| Purchased intangibles, net |
307,325
|
|
307,325
|
|
320,514
|
| Intangible Assets, Gross (Excluding Goodwill) |
$ 770,100
|
|
$ 770,100
|
|
$ 765,300
|
| Customer Relationships [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
4 years 9 months 18 days
|
|
4 years 9 months 18 days
|
|
5 years 2 months 12 days
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 108,400
|
|
$ 108,400
|
|
$ 108,700
|
| Accumulated Amortization |
(100,600)
|
|
(100,600)
|
|
(98,900)
|
| Net Carrying Amount |
$ 7,800
|
|
$ 7,800
|
|
$ 9,800
|
| Know How [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
1 year
|
|
1 year
|
|
1 year 9 months 18 days
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 169,700
|
|
$ 169,700
|
|
$ 168,900
|
| Accumulated Amortization |
(165,200)
|
|
(165,200)
|
|
(161,100)
|
| Net Carrying Amount |
$ 4,500
|
|
$ 4,500
|
|
$ 7,800
|
| Developed Technology Rights [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
11 years 7 months 6 days
|
|
11 years 7 months 6 days
|
|
12 years
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 219,300
|
|
$ 219,300
|
|
$ 217,800
|
| Accumulated Amortization |
(141,500)
|
|
(141,500)
|
|
(132,900)
|
| Net Carrying Amount |
$ 77,800
|
|
$ 77,800
|
|
$ 84,900
|
| Licensing Agreements [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
4 years 2 months 12 days
|
|
4 years 2 months 12 days
|
|
4 years 10 months 24 days
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 59,300
|
|
$ 59,300
|
|
$ 59,200
|
| Accumulated Amortization |
(45,200)
|
|
(45,200)
|
|
(42,400)
|
| Net Carrying Amount |
$ 14,100
|
|
$ 14,100
|
|
$ 16,800
|
| Trade Names [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
4 years 9 months 18 days
|
|
4 years 9 months 18 days
|
|
5 years 7 months 6 days
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 6,000
|
|
$ 6,000
|
|
$ 6,100
|
| Accumulated Amortization |
(4,900)
|
|
(4,900)
|
|
(4,700)
|
| Net Carrying Amount |
$ 1,100
|
|
$ 1,100
|
|
$ 1,400
|
| Noncompete Agreements [Member] |
|
|
|
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Finite-Lived Intangible Assets, Remaining Amortization Period |
1 year 6 months
|
|
1 year 6 months
|
|
2 years 3 months 18 days
|
| Finite-Lived Intangible Assets, Net [Abstract] |
|
|
|
|
|
| Purchase Price |
$ 6,400
|
|
$ 6,400
|
|
$ 6,400
|
| Accumulated Amortization |
(5,400)
|
|
(5,400)
|
|
(4,800)
|
| Net Carrying Amount |
1,000
|
|
1,000
|
|
1,600
|
| In Process Research and Development [Member] |
|
|
|
|
|
| Amortization [Abstract] |
|
|
|
|
|
| Indefinite-lived Intangible Assets (Excluding Goodwill) |
$ 201,000
|
|
$ 201,000
|
|
$ 198,200
|
| X |
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v3.24.3
Inventory (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Inventory Disclosure [Abstract] |
|
|
| Raw materials |
$ 229,500
|
$ 231,600
|
| Work in process |
255,200
|
246,000
|
| Finished goods |
319,600
|
302,900
|
| Inventory |
$ 804,276
|
$ 780,517
|
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-Topic 330
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v3.24.3
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Supplemental Cash Flow Elements [Abstract] |
|
|
|
|
|
|
|
|
| Net loss |
$ 653,172
|
$ (2,165,486)
|
$ 383,916
|
$ 106,257
|
$ (1,162,251)
|
$ 68,962
|
$ (1,128,398)
|
$ (987,032)
|
| Depreciation and amortization |
|
|
|
|
|
|
112,400
|
108,700
|
| Reduction in the carrying amount of right-of-use assets |
|
|
|
|
|
|
31,100
|
30,700
|
| Share-based Compensation |
|
|
|
|
|
|
45,900
|
45,100
|
| Acquired in-process research and development |
|
|
|
|
|
|
29,500
|
0
|
| (Gains) losses from change in fair market value of equity securities and loan receivable |
|
|
|
|
|
|
1,680,300
|
1,576,500
|
| Changes in fair value of contingent consideration |
|
|
|
|
|
|
800
|
(18,500)
|
| Payments of operating lease liabilities |
|
|
|
|
|
|
(32,200)
|
(30,400)
|
| Decrease in accounts receivable |
|
|
|
|
|
|
25,600
|
31,600
|
| Decrease (increase) in inventories |
|
|
|
|
|
|
(16,000)
|
(61,700)
|
| Increase in other current assets |
|
|
|
|
|
|
(4,700)
|
15,000
|
| Decrease in accounts payable and other current liabilities |
|
|
|
|
|
|
(24,400)
|
(72,400)
|
| Increase in income taxes payable |
|
|
|
|
|
|
21,800
|
56,400
|
| Increase in deferred income taxes |
|
|
|
|
|
|
(408,500)
|
(397,400)
|
| Increase in other long term liabilities |
|
|
|
|
|
|
1,400
|
3,900
|
| Other |
|
|
|
|
|
|
(3,600)
|
(6,600)
|
| Net cash provided by operating activities |
|
|
|
|
|
|
331,048
|
293,896
|
| Noncash or Part Noncash Acquisition, Fixed Assets Acquired |
|
|
|
|
|
|
7,400
|
2,900
|
| Noncash or Part Noncash Acquisition, Investments Acquired |
|
|
|
|
|
|
5,700
|
0
|
| Sold marketable securities and investments |
|
|
|
|
|
|
$ 200
|
$ 0
|
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v3.24.3
Long-Term Debt (Details) - USD ($)
|
Sep. 30, 2024 |
Feb. 13, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Other Long-Term Debt, Current |
$ (1,300,000)
|
|
$ (500,000)
|
| Long-term debt, net of current maturities |
1,200,062,000
|
|
1,199,052,000
|
| Line of Credit |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Line of credit maximum borrowing capacity |
|
$ 200,000,000
|
|
| Line of Credit, Current |
$ 0
|
|
|
| Senior Notes | 3.3%, Senior Notes due 2027 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
3.30%
|
|
|
| Senior Notes, Noncurrent |
$ 400,000,000.0
|
|
400,000,000.0
|
| Senior Notes | 3.7%, Senior Notes due 2032 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
3.70%
|
|
|
| Senior Notes, Noncurrent |
$ 800,000,000.0
|
|
800,000,000.0
|
| Senior Notes | Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net |
(9,200,000)
|
|
(10,500,000)
|
| Long-term debt |
1,190,800,000
|
|
1,189,500,000
|
| Finance Lease Obligations | Finance Leases and Other Debt |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Other Long-term Debt |
$ 10,600,000
|
|
$ 10,100,000
|
| X |
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v3.24.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Beginning balance, Accumulated other comprehensive income |
|
|
$ (336,038)
|
|
| Total other comprehensive income (loss) net of tax |
$ 136,088
|
$ (124,699)
|
20,764
|
$ (30,739)
|
| Ending balance, Accumulated other comprehensive income |
(315,274)
|
|
(315,274)
|
|
| Other (income) expense, net |
(18,081)
|
(20,446)
|
(70,740)
|
(87,365)
|
| Accumulated Translation Adjustment |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Beginning balance, Accumulated other comprehensive income |
|
|
(334,100)
|
(466,500)
|
| Other Comprehensive Income (Loss), before Reclassifications, before Tax |
|
|
6,600
|
(34,400)
|
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
|
|
0
|
0
|
| Other Comprehensive Income (Loss), Tax |
|
|
(100)
|
100
|
| Total other comprehensive income (loss) net of tax |
|
|
6,500
|
(34,300)
|
| Ending balance, Accumulated other comprehensive income |
(327,600)
|
(500,800)
|
(327,600)
|
(500,800)
|
| Accumulated Defined Benefit Plans Adjustment |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Beginning balance, Accumulated other comprehensive income |
|
|
(2,800)
|
10,000
|
| Other Comprehensive Income (Loss), before Reclassifications, before Tax |
|
|
100
|
300
|
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
|
|
400
|
400
|
| Other Comprehensive Income (Loss), Tax |
|
|
1,100
|
0
|
| Total other comprehensive income (loss) net of tax |
|
|
800
|
(100)
|
| Ending balance, Accumulated other comprehensive income |
(2,000)
|
9,900
|
(2,000)
|
9,900
|
| Accumulated Defined Benefit Plans Adjustment | Reclassification Out Of Accumulated Other Comprehensive Income |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Other (income) expense, net |
100
|
200
|
400
|
400
|
| Accumulated Net Unrealized Investment Gain (Loss) |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Beginning balance, Accumulated other comprehensive income |
|
|
900
|
(10,300)
|
| Other Comprehensive Income (Loss), before Reclassifications, before Tax |
|
|
19,100
|
3,700
|
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
|
|
1,700
|
(1,100)
|
| Other Comprehensive Income (Loss), Tax |
|
|
(4,000)
|
(1,100)
|
| Total other comprehensive income (loss) net of tax |
|
|
13,400
|
3,700
|
| Ending balance, Accumulated other comprehensive income |
14,300
|
(6,600)
|
14,300
|
(6,600)
|
| Accumulated Net Unrealized Investment Gain (Loss) | Reclassification Out Of Accumulated Other Comprehensive Income |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Other (income) expense, net |
(2,000)
|
100
|
(1,700)
|
1,100
|
| AOCI Attributable to Parent |
|
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
| Beginning balance, Accumulated other comprehensive income |
|
|
(336,000)
|
(466,800)
|
| Other Comprehensive Income (Loss), before Reclassifications, before Tax |
|
|
25,800
|
(30,400)
|
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
|
|
2,100
|
(700)
|
| Other Comprehensive Income (Loss), Tax |
|
|
(3,000)
|
(1,000)
|
| Total other comprehensive income (loss) net of tax |
|
|
20,700
|
(30,700)
|
| Ending balance, Accumulated other comprehensive income |
$ (315,300)
|
$ (497,500)
|
$ (315,300)
|
$ (497,500)
|
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Subparagraph (d)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
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-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Section 50
-Paragraph 1
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (h)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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v3.24.3
Earnings (Loss) Per Share (Details) - shares
shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Basic weighted average shares outstanding |
27,949
|
29,102
|
28,286
|
29,349
|
| Effect of potentially dilutive stock options and restricted stock awards |
36
|
121
|
0
|
0
|
| Diluted weighted average common shares |
27,985
|
29,223
|
28,286
|
29,349
|
| Anti-dilutive shares |
257
|
154
|
411
|
229
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 50
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-Topic 718
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-Section 45
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 23
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Other Income, Net (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Interest and investment income |
$ (15,500)
|
$ (17,300)
|
$ (66,100)
|
$ (84,100)
|
| Net realized (gain) loss on investments |
(2,000)
|
100
|
(1,700)
|
1,600
|
| Escrow receipts on prior acquisition |
0
|
(2,500)
|
0
|
(2,500)
|
| Other Nonoperating (Income) |
(600)
|
(700)
|
(2,900)
|
(2,400)
|
| Other (income) expense, net |
$ (18,081)
|
$ (20,446)
|
$ (70,740)
|
$ (87,365)
|
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| X |
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-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(a))
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Section S99
-Paragraph 2
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-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
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-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
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- DefinitionAmount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
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-Section S99
-Paragraph 1
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v3.24.3
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-Topic 740
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-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
$ 649,729
|
$ 632,124
|
$ 1,899,025
|
$ 1,990,078
|
| Life Science |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
260,900
|
263,500
|
753,100
|
887,300
|
| Income before income taxes |
(9,800)
|
13,000
|
1,100
|
76,700
|
| Clinical Diagnostics |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
388,800
|
368,100
|
1,145,400
|
1,100,300
|
| Income before income taxes |
74,200
|
78,000
|
209,900
|
166,100
|
| Other Operating Segment |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Net sales |
0
|
500
|
500
|
2,500
|
| Income before income taxes |
$ 100
|
$ (100)
|
$ (300)
|
$ (300)
|
| X |
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Interest expense |
$ 12,174
|
$ 12,398
|
$ 36,715
|
$ 37,078
|
| Foreign Currency Transaction Gain (Loss), before Tax |
(1,641)
|
1,680
|
2,012
|
5,280
|
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
861,620
|
137,102
|
(1,433,583)
|
(1,278,496)
|
| Marketable Securities, Unrealized Gain (Loss) |
792,888
|
36,425
|
(1,680,290)
|
(1,576,542)
|
| Other Nonoperating Income (Expense) |
18,081
|
20,446
|
70,740
|
87,365
|
| Net sales |
649,729
|
632,124
|
1,899,025
|
1,990,078
|
| Life Science |
|
|
|
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Income before income taxes |
(9,800)
|
13,000
|
1,100
|
76,700
|
| Net sales |
260,900
|
263,500
|
753,100
|
887,300
|
| Other Operating Segment |
|
|
|
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Income before income taxes |
100
|
(100)
|
(300)
|
(300)
|
| Net sales |
0
|
500
|
500
|
2,500
|
| Clinical Diagnostics |
|
|
|
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Income before income taxes |
74,200
|
78,000
|
209,900
|
166,100
|
| Net sales |
388,800
|
368,100
|
1,145,400
|
1,100,300
|
| Operating Segments |
|
|
|
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Income before income taxes |
64,500
|
90,900
|
210,700
|
242,500
|
| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment |
|
|
|
|
| Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |
|
|
|
|
| Interest expense |
(12,200)
|
(12,300)
|
(36,700)
|
(37,200)
|
| Foreign Currency Transaction Gain (Loss), before Tax |
(1,600)
|
1,700
|
2,000
|
5,300
|
| Marketable Securities, Unrealized Gain (Loss) |
792,800
|
36,400
|
(1,680,300)
|
(1,576,500)
|
| Other Nonoperating Income (Expense) |
$ 18,100
|
$ 20,400
|
$ 70,700
|
$ 87,400
|
| X |
- DefinitionAmount, before tax, of realized and unrealized gain (loss) from foreign currency transaction. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Leases (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Operating Lease, Cost |
$ 17,300
|
$ 15,700
|
$ 52,200
|
$ 47,200
|
|
| Finance Lease, Right-of-Use Asset, Amortization |
100
|
100
|
300
|
300
|
|
| Finance Lease, Interest Expense |
200
|
200
|
500
|
600
|
|
| Finance Lease Cost |
300
|
300
|
800
|
900
|
|
| Operating Lease, Payments |
10,800
|
10,600
|
32,200
|
30,400
|
|
| Finance Lease, Interest Payment on Liability |
200
|
200
|
500
|
600
|
|
| Finance Lease, Principal Payments |
100
|
100
|
300
|
300
|
|
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
100
|
$ 36,700
|
11,300
|
$ 49,000
|
|
| Operating lease right-of-use assets |
173,866
|
|
173,866
|
|
$ 194,730
|
| Current operating lease liabilities |
42,834
|
|
42,834
|
|
40,379
|
| Operating lease liabilities |
143,919
|
|
143,919
|
|
165,478
|
| Operating Lease, Liability |
186,700
|
|
186,700
|
|
205,900
|
| Finance Lease, Right-Of-Use Asset, before Accumulated Amortization |
11,900
|
|
11,900
|
|
11,900
|
| Finance Lease, Right-Of-Use Asset, Accumulated Amortization |
6,200
|
|
6,200
|
|
5,900
|
| Finance Lease, Right-Of-Use Asset, after Accumulated Amortization |
5,700
|
|
5,700
|
|
6,000
|
| Finance Lease, Liability, Current |
500
|
|
500
|
|
500
|
| Finance Lease, Liability, Noncurrent |
9,300
|
|
9,300
|
|
9,600
|
| Finance Lease, Liability |
$ 9,800
|
|
$ 9,800
|
|
$ 10,100
|
| Operating Lease, Weighted Average Remaining Lease Term |
6 years
|
|
6 years
|
|
7 years
|
| Finance Lease, Weighted Average Remaining Lease Term |
13 years
|
|
13 years
|
|
14 years
|
| Operating Lease, Weighted Average Discount Rate, Percent |
4.00%
|
|
4.00%
|
|
3.90%
|
| Finance Lease, Weighted Average Discount Rate, Percent |
6.50%
|
|
6.50%
|
|
6.40%
|
| Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year |
$ 10,800
|
|
$ 10,800
|
|
|
| Finance Lease, Liability, Payments, Remainder of Fiscal Year |
300
|
|
300
|
|
|
| Lessee, Operating Lease, Liability, to be Paid, Year One |
49,000
|
|
49,000
|
|
|
| Finance Lease, Liability, to be Paid, Year One |
1,100
|
|
1,100
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Two |
37,300
|
|
37,300
|
|
|
| Finance Lease, Liability, Payments, Due Year Two |
1,100
|
|
1,100
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Three |
28,800
|
|
28,800
|
|
|
| Finance Lease, Liability, Payments, Due Year Three |
1,100
|
|
1,100
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due Year Four |
22,200
|
|
22,200
|
|
|
| Finance Lease, Liability, Payments, Due Year Four |
1,100
|
|
1,100
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due after Year Five |
64,100
|
|
64,100
|
|
|
| Finance Lease, Liability, Payments, Due after Year Five |
10,800
|
|
10,800
|
|
|
| Lessee, Operating Lease, Liability, Payments, Due |
212,200
|
|
212,200
|
|
|
| Finance Lease, Liability, Payment, Due |
15,500
|
|
15,500
|
|
|
| Lessee, Operating Lease, Liability, Undiscounted Excess Amount |
(25,500)
|
|
(25,500)
|
|
|
| Finance Lease, Liability, Undiscounted Excess Amount |
$ (5,700)
|
|
$ (5,700)
|
|
|
| Minimum |
|
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Lessee Operating And Finance Leases Remaining Lease Term |
|
|
1 year
|
|
|
| Maximum |
|
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Lessee Operating And Finance Leases Remaining Lease Term |
|
|
15 years
|
|
|
| X |
- DefinitionFinance Lease, Right-Of-Use Asset, after Accumulated Amortization
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| Period Type: |
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|
| X |
- DefinitionLessee Operating And Finance Leases Remaining Lease Term
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of interest expense on finance lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
| Name: |
us-gaap_FinanceLeaseLiability |
| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments for finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for finance lease to be paid in remainder of current fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of cash outflow for principal payment on finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
| Name: |
us-gaap_FinanceLeasePrincipalPayments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of accumulated amortization of right-of-use asset from finance lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Subparagraph (a)
-SubTopic 20
-Topic 842
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-SubTopic 20
-Topic 842
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
us-gaap_FinanceLeaseRightOfUseAssetAccumulatedAmortization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization expense attributable to right-of-use asset from finance lease. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
us-gaap_FinanceLeaseRightOfUseAssetAmortization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, before accumulated amortization, of right-of-use asset from finance lease. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-SubTopic 20
-Topic 842
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-1
| Name: |
us-gaap_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average discount rate for finance lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
| Name: |
us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average remaining lease term for finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-3
| Name: |
us-gaap_LesseeLeaseDescriptionLineItems |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease due after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
| Name: |
us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Topic 842
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-Topic 842
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-Topic 842
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-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Topic 842
-SubTopic 20
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-Section 55
-Paragraph 53
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Paragraph 53
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
-SubTopic 20
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-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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