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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bio Rad Laboratories Inc | NYSE:BIO.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 279.91 | 280.10 | 279.91 | 279.91 | 6 | 21:00:04 |
(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, 2019
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Commission file number
|
1-7928
|
Delaware
|
94-1381833
|
||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
||
1000 Alfred Nobel Drive,
|
Hercules,
|
California
|
94547
|
(Address of principal executive offices)
|
(Zip Code)
|
(510)
|
724-7000
|
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
|
|
BIOb
|
|
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
|
☐
|
|
Yes
|
☒
|
No
|
☐
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
|
Yes
|
☐
|
No
|
☒
|
Common Shares Outstanding at October 23, 2019:
|
Class A -
|
24,836,205
|
Class B -
|
5,098,637
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS:
|
(Unaudited)
|
|
|
||||
Cash and cash equivalents
|
$
|
561,071
|
|
|
$
|
431,526
|
|
Short-term investments
|
418,177
|
|
|
413,270
|
|
||
Restricted investments
|
5,560
|
|
|
5,560
|
|
||
Accounts receivable, less allowance for doubtful accounts of $23,147 at 2019 and $26,713 at 2018
|
356,025
|
|
|
392,443
|
|
||
Inventories:
|
|
|
|
||||
Raw materials
|
112,432
|
|
|
108,008
|
|
||
Work in process
|
141,268
|
|
|
145,051
|
|
||
Finished goods
|
334,287
|
|
|
330,756
|
|
||
Total inventories
|
587,987
|
|
|
583,815
|
|
||
Prepaid expenses
|
109,584
|
|
|
187,249
|
|
||
Other current assets
|
9,228
|
|
|
9,615
|
|
||
Total current assets
|
2,047,632
|
|
|
2,023,478
|
|
||
Property, plant and equipment
|
1,347,364
|
|
|
1,326,829
|
|
||
Less: accumulated depreciation and amortization
|
(851,488
|
)
|
|
(818,139
|
)
|
||
Property, plant and equipment, net
|
495,876
|
|
|
508,690
|
|
||
Operating lease right-of-use assets
|
217,516
|
|
|
—
|
|
||
Goodwill, net
|
264,084
|
|
|
219,770
|
|
||
Purchased intangibles, net
|
146,965
|
|
|
133,123
|
|
||
Other investments
|
3,931,715
|
|
|
2,655,709
|
|
||
Other assets
|
73,328
|
|
|
70,298
|
|
||
Total assets
|
$
|
7,177,116
|
|
|
$
|
5,611,068
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
(Unaudited)
|
|
|
||||
Accounts payable, accrued payroll and employee benefits
|
$
|
249,835
|
|
|
$
|
265,960
|
|
Current maturities of long-term debt and notes payable
|
1,769
|
|
|
493
|
|
||
Income and other taxes payable
|
35,252
|
|
|
56,188
|
|
||
Current operating lease liabilities
|
33,694
|
|
|
—
|
|
||
Other current liabilities
|
113,490
|
|
|
128,154
|
|
||
Total current liabilities
|
434,040
|
|
|
450,795
|
|
||
Long-term debt, net of current maturities
|
437,808
|
|
|
438,937
|
|
||
Deferred income taxes
|
838,001
|
|
|
553,239
|
|
||
Operating lease liabilities
|
192,600
|
|
|
—
|
|
||
Other long-term liabilities
|
143,475
|
|
|
147,766
|
|
||
Total liabilities
|
2,045,924
|
|
|
1,590,737
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Class A common stock, shares issued 24,942,773 and 24,884,265 at 2019 and 2018, respectively; shares outstanding 24,834,725 and 24,704,772 at 2019 and 2018, respectively
|
2
|
|
|
2
|
|
||
Class B common stock, shares issued 5,100,137 and 5,096,421 at 2019 and 2018, respectively; shares outstanding 5,100,137 and 5,095,504 at 2019 and 2018, respectively
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
396,432
|
|
|
394,342
|
|
||
Class A treasury stock at cost, 108,048 and 179,493 shares at 2019 and 2018, respectively
|
(30,443
|
)
|
|
(49,040
|
)
|
||
Class B treasury stock at cost, 0 and 917 shares at 2019 and 2018, respectively
|
—
|
|
|
(89
|
)
|
||
Retained earnings
|
4,917,313
|
|
|
3,722,073
|
|
||
Accumulated other comprehensive loss
|
(152,113
|
)
|
|
(46,958
|
)
|
||
Total stockholders’ equity
|
5,131,192
|
|
|
4,020,331
|
|
||
Total liabilities and stockholders’ equity
|
$
|
7,177,116
|
|
|
$
|
5,611,068
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
560,633
|
|
|
$
|
545,138
|
|
|
$
|
1,687,231
|
|
|
$
|
1,672,568
|
|
Cost of goods sold
|
253,607
|
|
|
258,422
|
|
|
760,674
|
|
|
781,982
|
|
||||
Gross profit
|
307,026
|
|
|
286,716
|
|
|
926,557
|
|
|
890,586
|
|
||||
Selling, general and administrative expense
|
201,622
|
|
|
201,196
|
|
|
610,460
|
|
|
620,751
|
|
||||
Research and development expense
|
47,944
|
|
|
49,245
|
|
|
145,641
|
|
|
146,122
|
|
||||
Income from operations
|
57,460
|
|
|
36,275
|
|
|
170,456
|
|
|
123,713
|
|
||||
Interest expense
|
5,525
|
|
|
6,064
|
|
|
17,352
|
|
|
17,823
|
|
||||
Foreign currency exchange losses, net
|
898
|
|
|
672
|
|
|
3,411
|
|
|
1,911
|
|
||||
Change in fair market value of equity securities
|
390,620
|
|
|
(318,007
|
)
|
|
(1,384,999
|
)
|
|
(1,420,339
|
)
|
||||
Other (income) expense, net
|
(4,367
|
)
|
|
(2,585
|
)
|
|
(26,959
|
)
|
|
(29,588
|
)
|
||||
(Loss) income before income taxes
|
(335,216
|
)
|
|
350,131
|
|
|
1,561,651
|
|
|
1,553,906
|
|
||||
Benefit from (provision for) income taxes
|
76,400
|
|
|
(80,805
|
)
|
|
(356,462
|
)
|
|
(359,763
|
)
|
||||
Net (loss) income
|
$
|
(258,816
|
)
|
|
$
|
269,326
|
|
|
$
|
1,205,189
|
|
|
$
|
1,194,143
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per basic share
|
$
|
(8.68
|
)
|
|
$
|
9.02
|
|
|
$
|
40.42
|
|
|
$
|
40.04
|
|
Weighted average common shares - basic
|
29,831
|
|
|
29,863
|
|
|
29,815
|
|
|
29,822
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per diluted share
|
$
|
(8.68
|
)
|
|
$
|
8.89
|
|
|
$
|
39.97
|
|
|
$
|
39.50
|
|
Weighted average common shares - diluted
|
29,831
|
|
|
30,292
|
|
|
30,149
|
|
|
30,234
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss) income
|
$
|
(258,816
|
)
|
|
$
|
269,326
|
|
|
$
|
1,205,189
|
|
|
$
|
1,194,143
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(103,332
|
)
|
|
(13,556
|
)
|
|
(109,888
|
)
|
|
(91,128
|
)
|
||||
Foreign other post-employment benefits adjustments, net of income taxes
|
359
|
|
|
105
|
|
|
501
|
|
|
1,281
|
|
||||
Net holding gain (loss) on equity securities and net unrealized holding gain (loss) on available-for-sale investments, net of income taxes
|
433
|
|
|
(138
|
)
|
|
4,232
|
|
|
(1,989
|
)
|
||||
Other comprehensive income (loss), net of income taxes
|
(102,540
|
)
|
|
(13,589
|
)
|
|
(105,155
|
)
|
|
(91,836
|
)
|
||||
Comprehensive (loss) income
|
$
|
(361,356
|
)
|
|
$
|
255,737
|
|
|
$
|
1,100,034
|
|
|
$
|
1,102,307
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Cash received from customers
|
$
|
1,716,486
|
|
|
$
|
1,715,960
|
|
Cash paid to suppliers and employees
|
(1,392,653
|
)
|
|
(1,494,794
|
)
|
||
Interest paid, net
|
(11,381
|
)
|
|
(11,721
|
)
|
||
Income tax payments, net
|
(42,634
|
)
|
|
(57,840
|
)
|
||
Investment proceeds and miscellaneous receipts, net
|
28,092
|
|
|
21,601
|
|
||
Proceeds from forward foreign exchange contracts, net
|
185
|
|
|
7,279
|
|
||
Net cash provided by operating activities
|
298,095
|
|
|
180,485
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(76,934
|
)
|
|
(75,951
|
)
|
||
Proceeds from dispositions of property, plant and equipment
|
85
|
|
|
4,273
|
|
||
Proceeds from divestiture of a product line
|
—
|
|
|
6,964
|
|
||
(Payments for) proceeds from acquisitions, net of cash received
|
(75,811
|
)
|
|
266
|
|
||
Recovery of (payments for) purchases of intangible assets
|
7,383
|
|
|
(3
|
)
|
||
Payments for purchases of marketable securities and investments
|
(266,839
|
)
|
|
(286,826
|
)
|
||
Proceeds from sales of marketable securities and investments
|
83,315
|
|
|
60,488
|
|
||
Proceeds from maturities of marketable securities and investments
|
181,108
|
|
|
158,622
|
|
||
Net cash used in investing activities
|
(147,693
|
)
|
|
(132,167
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payments on long-term borrowings
|
(487
|
)
|
|
(1,595
|
)
|
||
Payments for credit agreement renewal fees
|
(486
|
)
|
|
—
|
|
||
Payments of contingent consideration
|
(2,477
|
)
|
|
(2,078
|
)
|
||
Proceeds from issuances of common stock for share-based compensation
|
9,740
|
|
|
10,858
|
|
||
Tax payments from net share settlement
|
(8,096
|
)
|
|
(8,862
|
)
|
||
Proceeds from reissuances of treasury stock for share-based compensation, net
|
3,831
|
|
|
—
|
|
||
Payments for purchases of treasury stock
|
(20,000
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(17,975
|
)
|
|
(1,677
|
)
|
||
Effect of foreign exchange rate changes on cash
|
(3,239
|
)
|
|
3,965
|
|
||
Net increase in cash, cash equivalents, and restricted cash
|
129,188
|
|
|
50,606
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
434,164
|
|
|
384,983
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
563,352
|
|
|
$
|
435,589
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
Cash and cash equivalents
|
$
|
561,071
|
|
|
$
|
434,517
|
|
Restricted cash included in Other current assets
|
100
|
|
|
102
|
|
||
Restricted cash included in Other assets
|
2,181
|
|
|
970
|
|
||
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows
|
$
|
563,352
|
|
|
$
|
435,589
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders' Equity
|
||||||||||||
Balance at December 31, 2018
|
$
|
3
|
|
|
$
|
394,342
|
|
|
$
|
(49,129
|
)
|
|
$
|
3,722,073
|
|
|
$
|
(46,958
|
)
|
|
$
|
4,020,331
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
865,195
|
|
|
—
|
|
|
865,195
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,007
|
)
|
|
(34,007
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
8,505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,505
|
|
||||||
Reissuance of treasury stock
|
—
|
|
|
—
|
|
|
5,398
|
|
|
(1,567
|
)
|
|
—
|
|
|
3,831
|
|
||||||
Balance at March 31, 2019
|
$
|
3
|
|
|
$
|
402,847
|
|
|
$
|
(43,731
|
)
|
|
$
|
4,585,701
|
|
|
$
|
(80,965
|
)
|
|
$
|
4,863,855
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
598,810
|
|
|
—
|
|
|
598,810
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,392
|
|
|
31,392
|
|
||||||
Issuance of common stock
|
—
|
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
7,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,818
|
|
||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
(15,001
|
)
|
|
—
|
|
|
—
|
|
|
(15,001
|
)
|
||||||
Balance at June 30, 2019
|
$
|
3
|
|
|
$
|
410,601
|
|
|
$
|
(58,732
|
)
|
|
$
|
5,184,511
|
|
|
$
|
(49,573
|
)
|
|
$
|
5,486,810
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(258,816
|
)
|
|
—
|
|
|
(258,816
|
)
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(102,540
|
)
|
|
(102,540
|
)
|
||||||
Issuance of common stock
|
—
|
|
|
1,708
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,708
|
|
||||||
Stock compensation expense
|
—
|
|
|
9,029
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,029
|
|
||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
(4,999
|
)
|
|
—
|
|
|
—
|
|
|
(4,999
|
)
|
||||||
Reissuance of treasury stock
|
—
|
|
|
(24,906
|
)
|
|
33,288
|
|
|
(8,382
|
)
|
|
—
|
|
|
—
|
|
||||||
Balance at September 30, 2019
|
$
|
3
|
|
|
$
|
396,432
|
|
|
$
|
(30,443
|
)
|
|
$
|
4,917,313
|
|
|
$
|
(152,113
|
)
|
|
$
|
5,131,192
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Stockholders' Equity
|
||||||||||||
Balance at December 31, 2017
|
$
|
3
|
|
|
$
|
361,231
|
|
|
$
|
(217
|
)
|
|
$
|
1,830,439
|
|
|
$
|
738,794
|
|
|
$
|
2,930,250
|
|
Adoption of new accounting guidance
|
|
|
|
|
|
|
1,526,019
|
|
|
(679,257
|
)
|
|
846,762
|
|
|||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
656,774
|
|
|
—
|
|
|
656,774
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,548
|
|
|
44,548
|
|
||||||
Issuance of common stock
|
—
|
|
|
3,872
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,872
|
|
||||||
Stock compensation expense
|
—
|
|
|
5,885
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,885
|
|
||||||
Balance at March 31, 2018
|
$
|
3
|
|
|
$
|
370,988
|
|
|
$
|
(217
|
)
|
|
$
|
4,013,232
|
|
|
$
|
104,085
|
|
|
$
|
4,488,091
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
268,043
|
|
|
—
|
|
|
268,043
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(122,795
|
)
|
|
(122,795
|
)
|
||||||
Issuance of common stock
|
—
|
|
|
(598
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(598
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
6,205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,205
|
|
||||||
Balance at June 30, 2018
|
$
|
3
|
|
|
$
|
376,595
|
|
|
$
|
(217
|
)
|
|
$
|
4,281,275
|
|
|
$
|
(18,710
|
)
|
|
$
|
4,638,946
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
269,326
|
|
|
—
|
|
|
269,326
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,589
|
)
|
|
(13,589
|
)
|
||||||
Issuance of common stock
|
—
|
|
|
(1,278
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,278
|
)
|
||||||
Stock compensation expense
|
—
|
|
|
7,076
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,076
|
|
||||||
Balance at September 30, 2018
|
$
|
3
|
|
|
$
|
382,393
|
|
|
$
|
(217
|
)
|
|
$
|
4,550,601
|
|
|
$
|
(32,299
|
)
|
|
$
|
4,900,481
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Europe
|
|
$
|
181.9
|
|
|
$
|
182.7
|
|
|
$
|
556.1
|
|
|
$
|
579.5
|
|
Asia
|
|
120.7
|
|
|
110.3
|
|
|
354.3
|
|
|
341.7
|
|
||||
United States
|
|
225.8
|
|
|
218.3
|
|
|
674.0
|
|
|
649.8
|
|
||||
Other (primarily Canada and Latin America)
|
|
32.2
|
|
|
33.8
|
|
|
102.8
|
|
|
101.6
|
|
||||
Total Net sales
|
|
$
|
560.6
|
|
|
$
|
545.1
|
|
|
$
|
1,687.2
|
|
|
$
|
1,672.6
|
|
December 31, 2018
|
$
|
10.1
|
|
Provision for warranty
|
7.3
|
|
|
Actual warranty costs
|
(8.4
|
)
|
|
September 30, 2019
|
$
|
9.0
|
|
•
|
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)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial assets carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
76.6
|
|
|
$
|
—
|
|
|
$
|
76.6
|
|
Asset-backed securities
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
||||
U.S. government sponsored agencies
|
—
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
||||
Time deposits
|
23.6
|
|
|
10.0
|
|
|
—
|
|
|
33.6
|
|
||||
Money market funds
|
62.9
|
|
|
—
|
|
|
—
|
|
|
62.9
|
|
||||
Total cash equivalents (a)
|
86.5
|
|
|
89.9
|
|
|
—
|
|
|
176.4
|
|
||||
Restricted investment
|
5.6
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
||||
Equity securities (b)
|
3,950.5
|
|
|
—
|
|
|
—
|
|
|
3,950.5
|
|
||||
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
181.7
|
|
|
—
|
|
|
181.7
|
|
||||
U.S. government sponsored agencies
|
—
|
|
|
98.5
|
|
|
—
|
|
|
98.5
|
|
||||
Foreign government obligations
|
—
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
||||
Other foreign obligations
|
—
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
||||
Municipal obligations
|
—
|
|
|
10.7
|
|
|
—
|
|
|
10.7
|
|
||||
Asset-backed securities
|
—
|
|
|
72.2
|
|
|
—
|
|
|
72.2
|
|
||||
Total available-for-sale investments (c)
|
—
|
|
|
370.9
|
|
|
—
|
|
|
370.9
|
|
||||
Forward foreign exchange contracts (d)
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
||||
Total financial assets carried at fair value
|
$
|
4,042.6
|
|
|
$
|
461.3
|
|
|
$
|
—
|
|
|
$
|
4,503.9
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts (e)
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
Contingent consideration (f)
|
—
|
|
|
—
|
|
|
5.3
|
|
|
5.3
|
|
||||
Total financial liabilities carried at fair value
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
5.3
|
|
|
$
|
6.1
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial assets carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
77.8
|
|
|
$
|
—
|
|
|
$
|
77.8
|
|
Time deposits
|
22.7
|
|
|
10.0
|
|
|
—
|
|
|
32.7
|
|
||||
Asset-backed securities
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Money market funds
|
36.9
|
|
|
—
|
|
|
—
|
|
|
36.9
|
|
||||
Total cash equivalents (a)
|
59.6
|
|
|
88.1
|
|
|
—
|
|
|
147.7
|
|
||||
Restricted investment
|
5.6
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
||||
Equity securities (b)
|
2,672.9
|
|
|
—
|
|
|
—
|
|
|
2,672.9
|
|
||||
Available-for-sale investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
—
|
|
|
215.0
|
|
|
—
|
|
|
215.0
|
|
||||
U.S. government sponsored agencies
|
—
|
|
|
80.3
|
|
|
—
|
|
|
80.3
|
|
||||
Foreign government obligations
|
—
|
|
|
3.6
|
|
|
—
|
|
|
3.6
|
|
||||
Municipal obligations
|
—
|
|
|
11.0
|
|
|
—
|
|
|
11.0
|
|
||||
Asset-backed securities
|
—
|
|
|
63.3
|
|
|
—
|
|
|
63.3
|
|
||||
Total available-for-sale investments (c)
|
—
|
|
|
373.2
|
|
|
—
|
|
|
373.2
|
|
||||
Forward foreign exchange contracts (d)
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
||||
Total financial assets carried at fair value
|
$
|
2,738.1
|
|
|
$
|
461.9
|
|
|
$
|
—
|
|
|
$
|
3,200.0
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities carried at fair value:
|
|
|
|
|
|
|
|
||||||||
Forward foreign exchange contracts (e)
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
Contingent consideration (f)
|
—
|
|
|
—
|
|
|
8.4
|
|
|
8.4
|
|
||||
Total financial liabilities carried at fair value
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
8.4
|
|
|
$
|
9.1
|
|
(a)
|
Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.
|
(b)
|
Equity securities are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Short-term investments
|
$
|
47.4
|
|
|
$
|
40.2
|
|
Other investments
|
3,903.1
|
|
|
2,632.7
|
|
||
Total
|
$
|
3,950.5
|
|
|
$
|
2,672.9
|
|
(c)
|
Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Short-term investments
|
$
|
370.8
|
|
|
$
|
373.0
|
|
Other investments
|
0.1
|
|
|
0.2
|
|
||
Total
|
$
|
370.9
|
|
|
$
|
373.2
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Other current liabilities
|
$
|
3.7
|
|
|
$
|
3.2
|
|
Other long-term liabilities
|
1.6
|
|
|
5.2
|
|
||
Total
|
$
|
5.3
|
|
|
$
|
8.4
|
|
December 31, 2018
|
$
|
8.4
|
|
Payment of sales milestone
|
(2.5
|
)
|
|
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense
|
(0.6
|
)
|
|
September 30, 2019
|
$
|
5.3
|
|
|
|
|
|
|
|
Valuation Technique
|
Unobservable Input
|
|
|
Analytical flow cytometer platform
|
Probability-weighted income approach
|
Sales milestones:
|
|
|
|
|
Discount rate
|
11.4
|
%
|
|
|
Average cost of debt
|
3.9
|
%
|
|
|
|
|
|
September 30, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
$
|
180.3
|
|
|
$
|
1.5
|
|
|
$
|
(0.1
|
)
|
|
$
|
181.7
|
|
Municipal obligations
|
10.6
|
|
|
0.1
|
|
|
—
|
|
|
10.7
|
|
||||
Asset-backed securities
|
72.0
|
|
|
0.2
|
|
|
(0.1
|
)
|
|
72.1
|
|
||||
U.S. government sponsored agencies
|
97.6
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
98.5
|
|
||||
Foreign government obligations
|
4.7
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
||||
Other foreign obligations
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
||||
|
368.3
|
|
|
2.8
|
|
|
(0.3
|
)
|
|
370.8
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Asset-backed securities
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Total
|
$
|
368.4
|
|
|
$
|
2.8
|
|
|
$
|
(0.3
|
)
|
|
$
|
370.9
|
|
|
Amortized
Cost
|
|
Estimated Fair
Value
|
||||
Mature in less than one year
|
$
|
139.9
|
|
|
$
|
140.0
|
|
Mature in one to five years
|
168.3
|
|
|
169.4
|
|
||
Mature in more than five years
|
60.2
|
|
|
61.5
|
|
||
Total
|
$
|
368.4
|
|
|
$
|
370.9
|
|
|
December 31, 2018
|
||||||||||||||
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Estimated
Fair
Value
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
$
|
216.2
|
|
|
$
|
0.1
|
|
|
$
|
(1.3
|
)
|
|
$
|
215.0
|
|
Municipal obligations
|
11.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
11.0
|
|
||||
Asset-backed securities
|
63.5
|
|
|
—
|
|
|
(0.4
|
)
|
|
63.1
|
|
||||
U.S. government sponsored agencies
|
80.9
|
|
|
0.2
|
|
|
(0.8
|
)
|
|
80.3
|
|
||||
Foreign government obligations
|
3.6
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
||||
|
375.3
|
|
|
0.3
|
|
|
(2.6
|
)
|
|
373.0
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Asset-backed securities
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
Total
|
$
|
375.5
|
|
|
$
|
0.3
|
|
|
$
|
(2.6
|
)
|
|
$
|
373.2
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Fair value of investments in a loss position 12 months or more
|
$
|
27.3
|
|
|
$
|
117.9
|
|
Fair value of investments in a loss position less than 12 months
|
$
|
90.3
|
|
|
$
|
193.0
|
|
Gross unrealized losses for investments in a loss position 12 months or more
|
$
|
0.1
|
|
|
$
|
1.8
|
|
Gross unrealized losses for investments in a loss position less than 12 months
|
$
|
0.2
|
|
|
$
|
0.8
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
|
Fair Value Hierarchy Level
|
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
|
Fair Value Hierarchy Level
|
||||||||
Total long-term debt, excluding leases and current maturities
|
$
|
424.2
|
|
|
$
|
435.1
|
|
|
2
|
|
$
|
423.7
|
|
|
$
|
435.8
|
|
|
2
|
|
Life
Science
|
|
Clinical
Diagnostics
|
|
Total
|
||||||
Balances as of December 31, 2018:
|
|
|
|
|
|
||||||
Goodwill
|
$
|
234.5
|
|
|
$
|
320.5
|
|
|
$
|
555.0
|
|
Accumulated impairment losses
|
(41.8
|
)
|
|
(293.4
|
)
|
|
(335.2
|
)
|
|||
Goodwill, net
|
192.7
|
|
|
27.1
|
|
|
219.8
|
|
|||
|
|
|
|
|
|
||||||
Acquisitions
|
15.6
|
|
|
28.7
|
|
|
44.3
|
|
|||
|
|
|
|
|
|
||||||
Balances as of September 30, 2019:
|
|
|
|
|
|
||||||
Goodwill
|
250.1
|
|
|
349.2
|
|
|
599.3
|
|
|||
Accumulated impairment losses
|
(41.8
|
)
|
|
(293.4
|
)
|
|
(335.2
|
)
|
|||
Goodwill, net
|
$
|
208.3
|
|
|
$
|
55.8
|
|
|
$
|
264.1
|
|
|
September 30, 2019
|
||||||||||||
|
Average
Remaining
Life (years)
|
|
Purchase
Price
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||
Customer relationships/lists
|
1-10
|
|
$
|
101.4
|
|
|
$
|
(70.4
|
)
|
|
$
|
31.0
|
|
Know how
|
1-6
|
|
186.0
|
|
|
(158.9
|
)
|
|
27.1
|
|
|||
Developed product technology
|
1-13
|
|
141.5
|
|
|
(90.1
|
)
|
|
51.4
|
|
|||
Licenses
|
6-10
|
|
75.7
|
|
|
(43.3
|
)
|
|
32.4
|
|
|||
Tradenames
|
2-10
|
|
6.4
|
|
|
(3.5
|
)
|
|
2.9
|
|
|||
Covenants not to compete
|
6
|
|
3.2
|
|
|
(1.3
|
)
|
|
1.9
|
|
|||
Other
|
1
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Total definite-lived intangible assets
|
|
|
514.3
|
|
|
(367.5
|
)
|
|
146.8
|
|
|||
In-process research and development
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||
Total purchased intangible assets
|
|
|
$
|
514.5
|
|
|
$
|
(367.5
|
)
|
|
$
|
147.0
|
|
|
December 31, 2018
|
||||||||||||
|
Average
Remaining
Life (years)
|
|
Purchase
Price
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||
Customer relationships/lists
|
1-6
|
|
$
|
88.7
|
|
|
$
|
(68.3
|
)
|
|
$
|
20.4
|
|
Know how
|
1-7
|
|
190.6
|
|
|
(159.8
|
)
|
|
30.8
|
|
|||
Developed product technology
|
1-10
|
|
130.4
|
|
|
(86.6
|
)
|
|
43.8
|
|
|||
Licenses
|
7-11
|
|
76.3
|
|
|
(40.9
|
)
|
|
35.4
|
|
|||
Tradenames
|
2-6
|
|
3.9
|
|
|
(3.3
|
)
|
|
0.6
|
|
|||
Covenants not to compete
|
7
|
|
3.2
|
|
|
(1.1
|
)
|
|
2.1
|
|
|||
Total definite-lived intangible assets
|
|
|
$
|
493.1
|
|
|
$
|
(360.0
|
)
|
|
$
|
133.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Amortization expense
|
$
|
6.0
|
|
|
$
|
7.0
|
|
|
$
|
17.1
|
|
|
$
|
21.8
|
|
|
|||||||
|
Nine Months Ended
|
||||||
|
September 30, 2019
|
|
September 30, 2018
|
||||
Net income
|
$
|
1,205.2
|
|
|
$
|
1,194.1
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
99.8
|
|
|
103.6
|
|
||
Right-of-use asset amortization
|
31.1
|
|
|
—
|
|
||
Share-based compensation
|
25.4
|
|
|
19.2
|
|
||
(Gains) losses on dispositions of securities
|
(0.2
|
)
|
|
1.0
|
|
||
Other-than-temporary impairment loss on investment
|
1.6
|
|
|
—
|
|
||
Change in fair market value of equity securities
|
(1,385.0
|
)
|
|
(1,420.3
|
)
|
||
Gain on divestiture of a product line
|
—
|
|
|
(5.1
|
)
|
||
Losses on dispositions of fixed assets
|
0.3
|
|
|
1.2
|
|
||
Gain on sale of land
|
—
|
|
|
(4.1
|
)
|
||
Changes in fair value of contingent consideration
|
(0.6
|
)
|
|
(6.5
|
)
|
||
Payments for operating lease liabilities
|
(27.6
|
)
|
|
—
|
|
||
Decrease in accounts receivable
|
30.4
|
|
|
72.2
|
|
||
Increase in inventories
|
(14.5
|
)
|
|
(26.3
|
)
|
||
Decrease (increase) in other current assets
|
47.9
|
|
|
(8.9
|
)
|
||
Decrease in accounts payable and other current liabilities
|
(24.6
|
)
|
|
(43.1
|
)
|
||
Decrease in income taxes payable
|
(2.8
|
)
|
|
(22.1
|
)
|
||
Increase in deferred income taxes
|
310.9
|
|
|
316.7
|
|
||
Increase in other long term liabilities
|
5.5
|
|
|
5.4
|
|
||
Other
|
(4.7
|
)
|
|
3.5
|
|
||
Net cash provided by operating activities
|
$
|
298.1
|
|
|
$
|
180.5
|
|
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
||||
Purchased property, plant and equipment
|
$
|
4.5
|
|
|
$
|
5.7
|
|
Purchased marketable securities and investments
|
$
|
2.8
|
|
|
$
|
1.2
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
4.875% Senior Notes due 2020 principal amount
|
$
|
425.0
|
|
|
$
|
425.0
|
|
Less unamortized discount and debt issuance costs
|
(0.8
|
)
|
|
(1.3
|
)
|
||
4.875% Senior Notes less unamortized discount and debt issuance costs
|
424.2
|
|
|
423.7
|
|
||
Capital leases and other debt
|
—
|
|
|
15.7
|
|
||
Finance leases and other debt
|
15.4
|
|
|
—
|
|
||
|
439.6
|
|
|
439.4
|
|
||
Less current maturities
|
(1.8
|
)
|
|
(0.5
|
)
|
||
Long-term debt
|
$
|
437.8
|
|
|
$
|
438.9
|
|
|
Foreign currency translation adjustments
|
Foreign other post-employment benefits adjustments
|
Net unrealized holding gains on available-for-sale investments
|
Total accumulated other comprehensive income (loss)
|
||||||||
Balances as of January 1, 2019:
|
$
|
(35.5
|
)
|
$
|
(14.8
|
)
|
$
|
3.3
|
|
$
|
(47.0
|
)
|
Other comprehensive (loss) income, before reclassifications
|
(109.9
|
)
|
0.1
|
|
5.1
|
|
(104.7
|
)
|
||||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
0.6
|
|
(0.3
|
)
|
0.3
|
|
||||
Income tax effects
|
—
|
|
(0.2
|
)
|
(0.6
|
)
|
(0.8
|
)
|
||||
Other comprehensive (loss) income, net of income taxes
|
(109.9
|
)
|
0.5
|
|
4.2
|
|
(105.2
|
)
|
||||
Balances as of September 30, 2019:
|
$
|
(145.4
|
)
|
$
|
(14.3
|
)
|
$
|
7.5
|
|
$
|
(152.2
|
)
|
|
Foreign currency translation adjustments
|
Foreign other post-employment benefits adjustments
|
Net unrealized holding gains on available-for-sale investments
|
Total accumulated other comprehensive income (loss)
|
||||||||
Balances as of January 1, 2018:
|
$
|
77.4
|
|
$
|
(22.3
|
)
|
$
|
4.5
|
|
$
|
59.6
|
|
Other comprehensive (loss) income, before reclassifications
|
(91.2
|
)
|
0.5
|
|
(2.3
|
)
|
(93.0
|
)
|
||||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
1.2
|
|
0.3
|
|
1.5
|
|
||||
Income tax effects
|
—
|
|
(0.4
|
)
|
—
|
|
(0.4
|
)
|
||||
Other comprehensive (loss) income, net of income taxes
|
(91.2
|
)
|
1.3
|
|
(2.0
|
)
|
(91.9
|
)
|
||||
Balances as of September 30, 2018:
|
$
|
(13.8
|
)
|
$
|
(21.0
|
)
|
$
|
2.5
|
|
$
|
(32.3
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Basic weighted average shares outstanding
|
29,831
|
|
|
29,863
|
|
|
29,815
|
|
|
29,822
|
|
Effect of potentially dilutive stock options and restricted stock awards
|
—
|
|
|
429
|
|
|
334
|
|
|
412
|
|
Diluted weighted average common shares
|
29,831
|
|
|
30,292
|
|
|
30,149
|
|
|
30,234
|
|
Anti-dilutive shares
|
95
|
|
|
64
|
|
|
56
|
|
|
35
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest and investment income
|
$
|
(4.1
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(27.4
|
)
|
|
$
|
(20.9
|
)
|
Net realized (gain) loss on investments
|
(0.2
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
0.3
|
|
||||
Other-than-temporary impairment loss on investment
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
||||
Gain on sale of land
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1
|
)
|
||||
Gain on divestiture of product line
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.1
|
)
|
||||
Other (income) expense
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(1.0
|
)
|
|
0.2
|
|
||||
Other (income) expense, net
|
$
|
(4.4
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(27.0
|
)
|
|
$
|
(29.6
|
)
|
|
|
Life
Science
|
|
Clinical
Diagnostics
|
|
Other
Operations
|
||||||
|
|
|
|
|
|
|
||||||
Segment net sales
|
2019
|
$
|
215.7
|
|
|
$
|
341.8
|
|
|
$
|
3.1
|
|
|
2018
|
$
|
206.6
|
|
|
$
|
334.0
|
|
|
$
|
4.5
|
|
|
|
|
|
|
|
|
||||||
Segment net profit (loss)
|
2019
|
$
|
11.6
|
|
|
$
|
43.8
|
|
|
$
|
(0.4
|
)
|
|
2018
|
$
|
10.2
|
|
|
$
|
22.4
|
|
|
$
|
0.1
|
|
|
|
Life
Science
|
|
Clinical
Diagnostics
|
|
Other
Operations
|
||||||
|
|
|
|
|
|
|
||||||
Segment net sales
|
2019
|
$
|
643.9
|
|
|
$
|
1,032.9
|
|
|
$
|
10.4
|
|
|
2018
|
$
|
622.2
|
|
|
$
|
1,038.8
|
|
|
$
|
11.6
|
|
|
|
|
|
|
|
|
||||||
Segment net profit (loss)
|
2019
|
$
|
45.9
|
|
|
$
|
117.1
|
|
|
$
|
(1.1
|
)
|
|
2018
|
$
|
25.7
|
|
|
$
|
86.8
|
|
|
$
|
0.1
|
|
|
|
Life
Science
|
|
Clinical
Diagnostics
|
|
Other
Operations
|
||||||
|
|
|
|
|
|
|
||||||
Segment assets
|
September 30, 2019
|
$
|
500.0
|
|
|
$
|
1,085.6
|
|
|
$
|
7.8
|
|
|
December 31, 2018
|
$
|
450.2
|
|
|
$
|
949.0
|
|
|
$
|
5.9
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total segment profit
|
$
|
55.0
|
|
|
$
|
32.7
|
|
|
$
|
161.9
|
|
|
$
|
112.6
|
|
Foreign currency exchange losses, net
|
(0.9
|
)
|
|
(0.7
|
)
|
|
(3.4
|
)
|
|
(1.9
|
)
|
||||
Net corporate operating, interest and other expense not allocated to segments
|
(3.1
|
)
|
|
(2.5
|
)
|
|
(8.8
|
)
|
|
(6.7
|
)
|
||||
Change in fair market value of equity securities
|
(390.6
|
)
|
|
318.0
|
|
|
1,385.0
|
|
|
1,420.3
|
|
||||
Other income (expense), net
|
4.4
|
|
|
2.6
|
|
|
27.0
|
|
|
29.6
|
|
||||
Consolidated (loss) income before income taxes
|
$
|
(335.2
|
)
|
|
$
|
350.1
|
|
|
$
|
1,561.7
|
|
|
$
|
1,553.9
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Total segment assets
|
$
|
1,593.4
|
|
|
$
|
1,405.1
|
|
Cash and other current assets
|
1,103.6
|
|
|
1,047.2
|
|
||
Property, plant and equipment, net, excluding
|
|
|
|
||||
segment specific gross machinery and equipment
|
64.0
|
|
|
79.9
|
|
||
Goodwill, net
|
264.1
|
|
|
219.8
|
|
||
Other long-term assets
|
4,152.0
|
|
|
2,859.1
|
|
||
Total assets
|
$
|
7,177.1
|
|
|
$
|
5,611.1
|
|
Balances as of December 31, 2018:
|
|
$
|
11.5
|
|
Adjustment to expense
|
|
(0.3
|
)
|
|
Cash payments
|
|
(7.4
|
)
|
|
Foreign currency translation gains
|
|
(0.3
|
)
|
|
Balances as of September 30, 2019:
|
|
$
|
3.5
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||
|
September 30,
|
September 30,
|
||||
|
2019
|
2019
|
||||
Operating lease cost
|
$
|
14.2
|
|
$
|
38.7
|
|
|
|
|
||||
Finance lease cost:
|
|
|
||||
Amortization of right-of-use assets
|
$
|
0.1
|
|
$
|
0.5
|
|
Interest on lease liabilities
|
0.2
|
|
0.7
|
|
||
Total finance lease cost
|
$
|
0.3
|
|
$
|
1.2
|
|
|
|
|
||||
Sublease income
|
$
|
0.7
|
|
$
|
2.2
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||
|
September 30,
|
September 30,
|
||||
|
2019
|
2019
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||||
Operating cash flows from operating leases
|
$
|
11.6
|
|
$
|
34.5
|
|
Operating cash flows from finance leases
|
$
|
0.2
|
|
$
|
0.7
|
|
Financing cash flows from finance leases
|
$
|
0.1
|
|
$
|
0.5
|
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
||||
Operating leases
|
$
|
14.4
|
|
$
|
20.2
|
|
Finance leases
|
$
|
0.1
|
|
$
|
0.1
|
|
|
September 30, 2019
|
||
|
|
||
Operating Leases
|
|
||
Operating lease right-of-use assets
|
$
|
217.5
|
|
|
|
||
Current operating lease liabilities
|
$
|
33.7
|
|
Operating lease liabilities
|
192.6
|
|
|
Total operating lease liabilities
|
$
|
226.3
|
|
|
September 30, 2019
|
||
|
|
||
Finance Leases
|
|
||
Property, plant and equipment, gross
|
$
|
11.4
|
|
Less: accumulated depreciation and amortization
|
(4.0
|
)
|
|
Property, plant and equipment, net
|
$
|
7.4
|
|
|
|
||
Current maturities of long-term debt and notes payable
|
$
|
0.5
|
|
Long-term debt, net of current maturities
|
11.2
|
|
|
Total finance lease liabilities
|
$
|
11.7
|
|
|
September 30, 2019
|
|
|
|
|
Weighted Average Remaining Lease Term
|
|
|
Operating leases - in years
|
9
|
|
Finance leases - in years
|
18
|
|
|
|
|
Weighted Average Discount Rate
|
|
|
Operating leases
|
4.3
|
%
|
Finance leases
|
6.5
|
%
|
Year Ending December 31,
|
Operating Leases
|
|
Finance Leases
|
||||
|
|
|
|
||||
2019 (excluding the nine months ended September 30, 2019)
|
$
|
11.1
|
|
|
$
|
1.2
|
|
2020
|
41.0
|
|
|
1.3
|
|
||
2021
|
35.4
|
|
|
1.2
|
|
||
2022
|
27.9
|
|
|
1.1
|
|
||
2023
|
24.3
|
|
|
1.1
|
|
||
Thereafter
|
141.3
|
|
|
15.4
|
|
||
Total lease payments
|
281.0
|
|
|
21.3
|
|
||
Less imputed interest
|
(54.7
|
)
|
|
(9.6
|
)
|
||
Total
|
$
|
226.3
|
|
|
$
|
11.7
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
45.2
|
|
|
47.4
|
|
|
45.1
|
|
|
46.8
|
|
Gross profit
|
54.8
|
|
|
52.6
|
|
|
54.9
|
|
|
53.2
|
|
Selling, general and administrative expense
|
36.0
|
|
|
36.9
|
|
|
36.2
|
|
|
37.1
|
|
Research and development expense
|
8.6
|
|
|
9.0
|
|
|
8.6
|
|
|
8.7
|
|
Change in fair market value of equity securities
|
(69.7
|
)
|
|
58.3
|
|
|
82.1
|
|
|
84.9
|
|
Net (loss) income
|
(46.2
|
)
|
|
49.4
|
|
|
71.4
|
|
|
71.4
|
|
•
|
lower cash paid to suppliers and employees in 2019 that included lower payments for employee incentives and value added tax refunds of approximately $50 million,
|
•
|
lower income tax payments in 2019 compared to 2018, and
|
•
|
higher investment income received, partially offset by
|
•
|
forward foreign exchange contracts had lower net proceeds in 2019 compared to 2018.
|
•
|
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.
|
•
|
The PPACA has also imposed a 2.3% excise tax on the sales of certain medical devices in the U.S., which we are required to pay on most of our United States Clinical Diagnostic sales. However, the Consolidated Appropriations Act, 2016 (Pub. L. 114-113), signed into law on December 18, 2015, included a two year moratorium on the medical device excise tax. On January 22, 2018, the moratorium on the medical device excise tax was further extended until January 1, 2020.
|
•
|
assimilate the operations and personnel of acquired companies;
|
•
|
retain acquired business customers;
|
•
|
minimize potential disruption to our ongoing business;
|
•
|
retain key technical and management personnel;
|
•
|
integrate acquired companies into our strategic and financial plans;
|
•
|
accurately assess the value of target companies, products and technologies;
|
•
|
comply with new regulatory requirements;
|
•
|
harmonize standards, controls, procedures and policies;
|
•
|
minimize the impact to our relationships with our employees and customers; and
|
•
|
assess, document and remediate any deficiencies in disclosure controls and procedures and internal control over financial reporting.
|
•
|
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.
|
•
|
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.
|
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, 2019
|
—
|
|
|
$
|
—
|
|
—
|
|
|
$
|
186.1
|
|
August 1 to August 31, 2019
|
14,745
|
|
Class A
|
$
|
339.05
|
|
14,745
|
|
Class A
|
$
|
181.1
|
|
September 1 to September 30, 2019
|
—
|
|
|
$
|
—
|
|
—
|
|
|
$
|
181.1
|
|
Exhibit
No.
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.INS
|
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104.1
|
The cover page Interactive Data File is formatted in Inline XBRL and is contained in Exhibits 101
|
BIO-RAD LABORATORIES, INC.
|
|||
(Registrant)
|
|||
|
|
|
|
Date:
|
November 1, 2019
|
|
/s/ Norman Schwartz
|
|
|
|
Norman Schwartz, Chairman of the Board,
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
November 1, 2019
|
|
/s/ Ilan Daskal
|
|
|
|
Ilan Daskal, Executive Vice President,
|
|
|
|
Chief Financial Officer
|
1 Year Bio Rad Laboratories Chart |
1 Month Bio Rad Laboratories Chart |
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