Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Share Name	Share Symbol	Market	Type
Bio Rad Laboratories Inc	NYSE:BIO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	2.05	0.61%	340.53	342.29	337.99	338.50	77,144	18:16:05

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			March 31, 2024


☐			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)


(510)			724-7000

(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

☒

☐

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).

Yes

☒

☐

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).

Yes

☐

☒

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 May 3, 2024:			Class A -			23,445,692			Class B -			5,079,105

BIO-RAD LABORATORIES, INC.

FORM 10-Q MARCH 31, 2024

TABLE OF CONTENTS


Part I – Financial Information			4
Item 1. Financial Statements			4
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Income			6
Condensed Consolidated Statements of Comprehensive Income			7
Condensed Consolidated Statements of Cash Flows			8
Condensed Consolidated Statements of Changes in Stockholders' Equity			9
Notes to Condensed Consolidated Financial Statements			10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			30
Item 3. Quantitative and Qualitative Disclosures about Market Risk			34
Item 4. Controls and Procedures			34
Part II – Other Information			35
Item 1. Legal Proceedings			35
Item 1A. Risk Factors			35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			47
Item 3. Defaults Upon Senior Securities			48
Item 4. Mine Safety Disclosures			48
Item 5. Other Information			48
Item 6. Exhibits			49
Signatures			50

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)


	March 31, 2024		December 31, 2023
ASSETS:	(Unaudited)
Cash and cash equivalents	$	433,280	$	403,815
Short-term investments	1,212,394		1,203,327
Restricted investments	5,560		5,560
Accounts receivable, less allowance for credit losses of $15,305 as of March 31, 2024 and $14,926 as of December 31, 2023	444,809		489,017
Inventory	783,369		780,517
Prepaid expenses	142,742		140,040
Other current assets	38,782		26,054
Total current assets	3,060,936		3,048,330
Property, plant and equipment, net	522,364		529,007
Operating lease right-of-use assets	188,918		194,730
Goodwill, net	412,817		413,569
Purchased intangibles, net	313,602		320,514
Other investments	8,018,383		7,698,070
Other assets	92,873		94,850
Total assets	$	12,609,893	$	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)


	March 31, 2024		December 31, 2023
LIABILITIES AND STOCKHOLDERS’ EQUITY:	(Unaudited)
Accounts payable	$	102,750	$	144,625
Accrued payroll and employee benefits	146,491		139,929
Current maturities of long-term debt and notes payable	487		486
Income and other taxes payable	33,961		35,759
Current operating lease liabilities	40,038		40,379
Other current liabilities	142,427		161,621
Total current liabilities	466,154		522,799
Long-term debt, net of current maturities	1,199,381		1,199,052
Deferred income taxes	1,540,992		1,475,495
Operating lease liabilities	159,814		165,478
Other long-term liabilities	192,418		195,113
Total liabilities	3,558,759		3,557,937

Stockholders’ equity:
Class A common stock, shares issued 25,186,769 and 25,169,944 as of March 31, 2024 and December 31, 2023, respectively; shares outstanding 23,444,836 and 23,422,506 as of March 31, 2024 and December 31, 2023, respectively	2		2
Class B common stock, shares issued and outstanding, 5,079,105 as of March 31, 2024 and 5,095,930 as of December 31, 2023, respectively	1		1
Additional paid-in capital	462,627		449,075
Class A treasury stock at cost, 1,741,933 and 1,747,438 shares as of March 31, 2024 and December 31, 2023, respectively	(630,070)		(632,536)
Retained earnings	9,644,545		9,260,629
Accumulated other comprehensive loss	(425,971)		(336,038)
Total stockholders’ equity	9,051,134		8,741,133
Total liabilities and stockholders’ equity	$	12,609,893	$	12,299,070

The accompanying notes are an integral part of these condensed consolidated financial statements.

BIO-RAD LABORATORIES, INC.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023

Net sales	$	610,820	$	676,844
Cost of goods sold	284,854		314,427
Gross profit	325,966		362,417
Selling, general and administrative expense	214,883		225,553
Research and development expense	66,375		74,951

Income from operations	44,708		61,913
Interest expense	12,277		12,337
Foreign currency exchange gains, net	(1,954)		(2,347)
(Gains) losses from change in fair market value of equity securities and loan receivable	(422,177)		17,525
Other income, net	(34,516)		(50,431)
Income before income taxes	491,078		84,829
Provision for income taxes	(107,162)		(15,867)
Net income	$	383,916	$	68,962

Basic earnings per share:
Net income per basic share	$	13.46	$	2.33
Weighted average common shares - basic	28,518		29,596

Diluted earnings per share:
Net income per diluted share	$	13.45	$	2.32
Weighted average common shares - diluted	28,537		29,747

The accompanying notes are an integral part of these condensed consolidated financial statements.

BIO-RAD LABORATORIES, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
Net income	$	383,916	$	68,962
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(91,668)		55,219
Foreign other post-employment benefits adjustments	1,354		33
Net unrealized holding gains on available-for-sale (AFS) investments	381		3,218
Other comprehensive income (loss)	(89,933)		58,470
Comprehensive income	$	293,983	$	127,432

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)


	Three Months Ended
	March 31,
	2024		2023
Cash flows from operating activities:
Cash received from customers	$	638,324	$	677,522
Cash paid to suppliers and employees	(560,316)		(552,990)
Interest paid, net	(22,425)		(22,482)
Income tax payments, net	(3,835)		(13,283)
Dividend proceeds and miscellaneous receipts, net	15,835		14,662
Proceeds from (payments for) forward foreign exchange contracts, net	2,209		(5,310)
Net cash provided by operating activities	69,792		98,119
Cash flows from investing activities:
Payments for purchases of property, plant and equipment	(40,176)		(35,725)
Proceeds from dispositions of property, plant and equipment	26		—



Payments for purchases of marketable securities and investments	(406,458)		(203,588)
Proceeds from sales of marketable securities and investments	331,463		92,751
Proceeds from maturities of marketable securities and investments	72,052		76,089
Net cash used in investing activities	(43,093)		(70,473)
Cash flows from financing activities:

Payments on long-term borrowings	(118)		(115)
Payments for debt issuance costs	(617)		—

Proceeds from issuance of common stock and from reissuance of treasury stock under the employee stock purchase plan and upon exercise of stock options	5,505		4,424

Payments for purchases of treasury stock	(4,749)		—
Net cash provided by financing activities	21		4,309
Effect of foreign exchange rate changes on cash	2,663		(1,996)
Net increase in cash, cash equivalents and restricted cash	29,383		29,959
Cash, cash equivalents and restricted cash at beginning of period	404,369		434,544
Cash, cash equivalents and restricted cash at end of period	$	433,752	$	464,503

Reconciliation of cash, cash equivalents and restricted cash (in thousands):


	March 31,
	2024		2023
Cash and cash equivalents	$	433,280	$	464,136
Restricted cash included in Other current assets	51		47
Restricted cash included in Other assets	421		320
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	433,752	$	464,503

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)
Stock 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


	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

Stock 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

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 months ended March 31, 2024 and March 31, 2023. Such revenue forms part of the Net sales in our condensed consolidated statements of income.

Contract costs:

We elected a practical expedient and expense costs to obtain contracts as incurred as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income.

Disaggregation of Revenue:

The following table presents our revenues disaggregated by geographic region (in millions):


	Three Months Ended
	March 31,
	2024		2023
United States	$	252.9	$	297.0
EMEA	200.2		204.8
APAC	117.2		135.8
Other (primarily Canada and Latin America)	40.5		39.2
Total net sales	$	610.8	$	676.8

The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 11).

Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements, including installation services. The deferred revenue balance at March 31, 2024 and December 31, 2023 was $70.8 million and $68.3 million, respectively. The short-term deferred revenue balance at March 31, 2024 and December 31, 2023 was $55.1 million and $51.1 million, respectively.

We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income.

Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2024 and 2023 were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	8.4	$	10.6
Provision for warranty	1.4		2.0
Actual warranty costs	(2.3)		(2.7)
Balance at end of period	$	7.5	$	9.9

Accounts Receivable and Allowance for Credit Losses

We record trade accounts receivable at the net invoice value and such receivables are non-interest bearing. We consider receivables past due based on the contractual payment terms. Amounts later determined and specifically identified to be uncollectible are charged or written off against the allowance for credit losses.

Any adjustments made to our historical loss experience reflect current differences in asset-specific risk characteristics, including, for example, accounts receivable by customer type (public or government entity versus private entity) and by geographic location of customer.

Changes in our allowance for credit losses were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	14.9	$	15.0
Provision for expected credit losses	1.6		0.6
Write-offs charged against the allowance	(1.2)		(0.4)

Balance at end of period	$	15.3	$	15.2

Recent Accounting Pronouncements Issued and to be Adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” The ASU includes enhanced disclosure requirements, primarily related to significant segment expenses that are regularly provided to and used by the chief operating decision maker (CODM). The amendments are to be applied retrospectively to all prior periods presented in the financial statements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. The amendments are to be applied prospectively in the financial statements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.

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. We are currently 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 March 31, 2024 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:

Time deposits	—		50.0		—		50.0




Money market funds	137.4		—		—		137.4
Total cash equivalents (a)	137.4		50.0		—		187.4
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,721.7		—		—		7,721.7
Loan under the fair value option (d)	—		—		330.6		330.6
Available-for-sale investments:
Corporate debt securities	—		551.0		—		551.0
U.S. government sponsored agencies	—		281.4		—		281.4
Foreign government obligations	—		3.8		—		3.8


Municipal obligations	—		9.5		—		9.5
Asset-backed securities	—		293.3		—		293.3
Total available-for-sale investments (e)	—		1,139.0		—		1,139.0
Forward foreign exchange contracts (f)	—		2.3		—		2.3
Total financial assets carried at fair value	$	7,866.2	$	1,191.3	$	330.6	$	9,388.1

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	1.3	$	—	$	1.3
Contingent consideration (h)	—		—		17.7		17.7
Total financial liabilities carried at fair value	$	—	$	1.3	$	17.7	$	19.0

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper	$	—	$	12.5	$	—	$	12.5
Time deposits	—		36.6		—		36.6



U.S. government sponsored agencies	—		7.0		—		7.0
Money market funds	28.0		—		—		28.0
Total cash equivalents (a)	28.0		56.1		—		84.1
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,399.3		—		—		7,399.3
Loan under the fair value option (d)	—		—		325.7		325.7
Available-for-sale investments:
Corporate debt securities	—		531.6		—		531.6
U.S. government sponsored agencies	—		255.9		—		255.9
Foreign government obligations	—		12.7		—		12.7

Municipal obligations	—		12.1		—		12.1
Asset-backed securities	—		323.7		—		323.7
Total available-for-sale investments (e)	—		1,136.0		—		1,136.0
Forward foreign exchange contracts (f)	—		4.1		—		4.1
Total financial assets carried at fair value	$	7,434.4	$	1,196.2	$	325.7	$	8,956.3

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	11.7	$	—	$	11.7
Contingent consideration (h)	—		—		17.5		17.5
Total financial liabilities carried at fair value	$	—	$	11.7	$	17.5	$	29.2

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):


	March 31, 2024		December 31, 2023
Restricted investments	$	5.6	$	5.6
Other investments	1.5		1.5
Total	$	7.1	$	7.1


	March 31, 2024		December 31, 2023
Short-term investments	$	73.3	$	67.2
Other investments	7,648.4		7,332.1
Total	$	7,721.7	$	7,399.3

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

(h) Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.2 million in the consolidated statements of income for the three months ended March 31, 2024. No conditions triggering payment of the contingent consideration were met as of March 31, 2024.

Level 1 Fair Value Measurements

As of March 31, 2024, we own 12,987,900 ordinary voting shares and 9,588,908 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 March 31, 2024. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting.

The change in fair market value of our investment in Sartorius for the three months ended March 31, 2024 was a gain of $402.3 million, and is recorded in our condensed consolidated statements of income.

Level 2 Fair Value Measurements

To estimate the fair value of Level 2 debt securities as of March 31, 2024 and December 31, 2023, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source.

Available-for-sale investments consist of the following (in millions):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	553.3	$	0.8	$	(3.1)	$	551.0
Municipal obligations	9.6		—		(0.1)		9.5
Asset-backed securities	294.4		0.6		(1.7)		293.3
U.S. government sponsored agencies	283.5		0.1		(2.2)		281.4
Foreign government obligations	3.8		—		—		3.8


	$	1,144.6	$	1.5	$	(7.1)	$	1,139.0

The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2024 by contractual maturity date (in millions):


	Amortized Cost		Estimated Fair Value
Mature in less than one year	$	272.1	$	270.3
Mature in one to five years	724.7		721.7
Mature in more than five years	147.8		147.0
Total	$	1,144.6	$	1,139.0

Available-for-sale investments consist of the following (in millions):


	December 31, 2023
	Amortized 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 March 31, 2024, there were no significant continuous unrealized losses greater than 12 months.

Our evaluation of credit losses for available-for-sale investments included 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 March 31, 2024, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of March 31, 2024.

Included in Other current assets are $14.8 million and $11.9 million of interest receivable as of March 31, 2024 and December 31, 2023, respectively, primarily associated with securities in our available-for-sale investments portfolio. Associated interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the three months ended March 31, 2024, we have not written-off any uncollected interest receivable.

As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less, are recorded at their fair value at each balance sheet date. The notional amounts provide one measure of foreign exchange exposures as of March 31, 2024 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was derived using the spot rates and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts offset gains or losses from foreign currency remeasurement of the

related receivables and payables, both of which are included in Foreign currency exchange gains, net in the condensed consolidated statements of income.

The following is a summary of our forward foreign currency exchange contracts (in millions):


Contracts maturing in April through June 2024 to sell foreign currency:	March 31, 2024
Notional value	$	673.7
Unrealized loss	$	0.8
Contracts maturing in April through June 2024 to purchase foreign currency:
Notional value	$	65.1
Unrealized gain	$	0.1

Included in Other investments in the condensed consolidated balance sheet are investments without readily determinable fair value measured at cost with adjustments for observable price changes or impairments. The carrying value of these investments was $6.5 million as of March 31, 2024 and December 31, 2023.

Also included in Other investments in the condensed consolidated balance sheet are our equity method investments, for which our share of the equity method investees earnings is included in Other income, net in our condensed consolidated statements of income. The carrying value of these investments, net of impairments, was $31.3 million and $32.3 million as of March 31, 2024 and December 31, 2023, respectively.

The carrying value and fair value of our long-term debt were as follows (in millions):


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior notes	$	1,189.9	$	1,097.2	$	1,189.5	$	1,102.5
Other long-term debt	9.5		9.5		9.6		9.6
Total	$	1,199.4	$	1,106.7	$	1,199.1	$	1,112.1

The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.

Level 3 Fair Value Investments

During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (“Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and

value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our condensed consolidated statements of income. The overall change in fair market value reflected in (Gains) losses from change in fair market value of equity securities and loan receivable during the three months ended March 31, 2024 was a gain of $12.3 million, which includes a $8.8 million gain from change in fair market value of the Loan and a $3.5 million gain from change in fair market value of the value appreciation right. The increase in the fair market value of the value appreciation right was due to an increase in the value of the Sartorius ordinary shares. As of March 31, 2024, the €400 million principal amount of the loan is still due on January 31, 2029.

The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):


December 31, 2023	$	325.7

Net increase in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable	$	12.3
Foreign currency exchange gains (losses), net	$	(7.4)

March 31, 2024	$	330.6

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	—		(0.8)		(0.8)
Period increase, net	—		(0.8)		(0.8)

Balances as of March 31, 2024:
Goodwill	333.3		414.7		748.0
Accumulated impairment losses	(41.8)		(293.4)		(335.2)
Goodwill, net	$	291.5	$	121.3	$	412.8

Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):


	March 31, 2024
	Weighted-Average Remaining Amortization Period (years)	Purchase Price		Accumulated Amortization		Net Carrying Amount
Customer relationships/lists	5.1	$	105.7	$	(96.8)	$	8.9
Know how	1.5	166.9		(160.2)		6.7
Developed product technology	11.9	216.9		(134.5)		82.4
Licenses	4.7	59.0		(43.1)		15.9
Tradenames	5.3	6.0		(4.6)		1.4
Covenants not to compete	2.0	6.5		(5.1)		1.4


Total finite-lived intangible assets		561.0		(444.3)		116.7
In-process research and development		196.9		—		196.9
Total purchased intangible assets		$	757.9	$	(444.3)	$	313.6


	December 31, 2023
	Weighted-Average Remaining Amortization Period (years)	Purchase 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
	March 31,
	2024		2023
Amortization expense	$	5.5	$	6.0

4. INVENTORY

Following are the components of Inventory at March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024		December 31, 2023
Inventory:
Raw materials	$	226.1	$	231.6
Work in process	250.4		246.0
Finished goods	306.9		302.9
Total Inventory	$	783.4	$	780.5

5. SUPPLEMENTAL CASH FLOW INFORMATION

The reconciliation of net income to net cash provided by operating activities is as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Net income	$	383.9	$	69.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37.1		35.6
Reduction in the carrying amount of right-of-use assets	10.7		10.0
Share-based compensation	15.3		16.6

(Gains) losses from change in fair market value of equity securities and loan receivable	(422.2)		17.5


Payments for operating lease liabilities	(10.9)		(9.9)
(Increase) decrease in accounts receivable	37.4		(1.4)
Increase in inventories	(8.8)		(30.1)
Increase in other current assets	(26.3)		(16.0)
Increase (decrease) in accounts payable and other current liabilities	(44.4)		8.2
Increase in income taxes payable	12.3		10.4
Increase (decrease) in deferred income taxes	84.2		(13.9)
Increase (decrease) in other long-term liabilities	(0.4)		2.5
Other	1.9		(0.4)
Net cash provided by operating activities	$	69.8	$	98.1

Non-cash investing activities:
Purchased property, plant and equipment	$	3.5	$	8.4
Purchased marketable securities and investments	$	2.3	$	6.3

6. LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):


	March 31, 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	(10.1)		(10.5)
Long-term debt less unamortized discounts and debt issuance costs	1,189.9		1,189.5
Finance leases and other debt	10.0		10.1
Less current maturities	(0.5)		(0.5)
Long-term debt	$	1,199.4	$	1,199.1

On February 13, 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. The Revolving Credit Agreement matures on February 13, 2029. As of March 31, 2024, no borrowings were outstanding under the Revolving Credit Agreement, although available capacity was reduced by immaterial outstanding letters of credit. We were in compliance with the covenants for the Revolving Credit Agreement during the three months ended March 31, 2024.

7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions):


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2024:	$	(334.1)	$	(2.8)	$	0.9	$	(336.0)
Other comprehensive income (loss), before reclassifications	(92.1)		0.3		0.3		(91.5)
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	0.3		1.2		(0.1)		1.4
Other comprehensive income (loss), net of income taxes	(91.8)		1.4		0.4		(90.0)
Balances as of March 31, 2024:	$	(425.9)	$	(1.4)	$	1.3	$	(426.0)


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2023:	$	(466.5)	$	10.0	$	(10.3)	$	(466.8)
Other comprehensive income, before reclassifications	55.4		0.1		4.0		59.5
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	(0.2)		0.1		(1.0)		(1.1)
Other comprehensive income, net of income taxes	55.2		0.1		3.2		58.5
Balances as of March 31, 2023:	$	(411.3)	$	10.1	$	(7.1)	$	(408.3)

All amounts reclassified out of accumulated other comprehensive income (loss) were reclassified into other income, net in the condensed consolidated statements of income. The reclassification adjustments are calculated using the specific identification method.

The impact to income (loss) before income taxes for amounts reclassified out of accumulated other comprehensive

income (loss) into other income, net in the condensed consolidated statements of income were as follows (in

millions):


	Three Months Ended
	March 31,
Components of comprehensive income (loss)	2024		2023
Amortization of foreign other post-employment benefit items	$	(0.1)	$	(0.1)
Net holding gains on equity securities and available-for-sale investments	$	0.2	$	0.2

8. EARNINGS PER SHARE

Bio-Rad’s issued and outstanding stock consists of Class A Common Stock (Class A) and Class B Common Stock (Class B). Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder.

We compute net income per share of Class A Common Stock (Class A) and Class B Common Stock (Class B) using the two-class method required for participating securities. Our participating securities include Class A and Class B. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the three months ended March 31, 2024 and 2023.

Accordingly, basic earnings per share is computed by dividing net income attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as stock options, restricted stock and performance stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the diluted earnings per share calculation if the effect of including such securities would be anti-dilutive.

The weighted average number of common shares outstanding used to calculate basic and diluted earnings per share, and the anti-dilutive shares that are excluded from the diluted earnings per share calculation are as follows (in thousands):


	Three Months Ended
	March 31,
	2024	2023
Basic weighted average shares outstanding	28,518	29,596
Effect of potentially dilutive stock options, restricted stock and performance stock awards	19	151
Diluted weighted average common shares outstanding	28,537	29,747
Anti-dilutive shares	351	94

9. OTHER INCOME, NET

Other income, net includes the following components (in millions):


	Three Months Ended
	March 31,
	2024		2023
Interest and investment income	$	(34.0)	$	(50.3)
Net realized losses on investments	0.2		0.7




Other income	(0.7)		(0.8)
Other income, net	$	(34.5)	$	(50.4)

10. INCOME TAXES

Our effective income tax rate was 21.8% and 18.7% for the three months ended March 31, 2024 and 2023, respectively.

The realization of deferred tax assets are dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of March 31, 2024, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our federal, state and foreign deferred tax assets decreased by $1.3 million for the period ended March 31, 2024 compared to the year ended December 31, 2023.

Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are

differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis.

We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.

Our gross unrecognized tax benefits were $86.1 million and $84.7 million as of March 31, 2024 and December 31, 2023, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions.

As of March 31, 2024, based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $17.2 million. Substantially all such amounts will impact our effective income tax rate if recognized.

11. SEGMENT INFORMATION

Information regarding net sales and operating profit (loss) for the three months ended March 31, 2024 and 2023 are as follows (in millions):


		Life Science		Clinical Diagnostics		Other Operations

Net sales	2024	$	241.7	$	368.6	$	0.5
	2023	$	323.6	$	352.1	$	1.1

Operating profit (loss)	2024	$	(8.2)	$	53.1	$	(0.2)
	2023	$	35.7	$	26.3	$	(0.1)

Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. Our chief operating decision maker ("CODM") views all operating expenses and corporate overhead as directly supporting the strategies of our segments, and these costs are fully allocated to our reportable segments.

The following reconciles total operating profit to consolidated income before income taxes (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating profit	$	44.7	$	61.9
Interest expense	(12.3)		(12.3)
Foreign currency exchange gains, net	2.0		2.3
Gains (losses) from change in fair market value of equity securities and loan receivable	422.2		(17.5)
Other income, net	34.5		50.4
Consolidated income before income taxes	$	491.1	$	84.8

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. RESTRUCTURING COSTS

In February 2021, we announced a strategy-driven restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacted our operations in EMEA and included the elimination of certain positions, the consolidation of certain functions, and the relocation of certain manufacturing operations from EMEA to APAC. The restructuring plan was implemented in phases and is substantially complete as of March 31, 2024. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits. From February 2021 to March 31, 2024, total restructuring-related expenses were $71.8 million.

The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	0.2	$	12.8	$	13.0

Adjustment to expense	0.1		1.0		1.1
Cash payments	—		(3.2)		(3.2)
Foreign currency adjustments	—		(0.3)		(0.3)
Balances as of March 31, 2024:	$	0.3	$	10.3	$	10.6

During the fiscal year ended December 31, 2023, and continuing into the quarter ended March 31, 2024, management approved a restructuring action to further streamline and improve operating performance. The restructuring plan was approved and implemented in phases. The plan is expected to be substantially completed by the end of 2024.

During the three months ended March 31, 2024, a new phase of the restructuring plan was approved resulting in restructuring expenses of $5.3 million, representing estimated termination benefits to employees. The adjustments to expense recorded were primarily due to changes in the estimates of employee termination benefits on previously approved phases. The timing of the remaining employee termination benefit payments is in accordance with statutory requirements. Excluded from the accrued restructuring plan reserves are $1.6 million of restructuring expense related to the facility closure costs impacting the Life Science segment. From February 2023 to March 31, 2024, total restructuring-related expenses were $31.8 million, primarily representing estimated termination benefits to employees.

The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	3.0	$	7.8	$	10.8
Charged to expense - employee termination benefits	2.1		3.2		5.3
Adjustment to expense	(0.3)		(0.6)		(0.9)
Cash payments	(2.4)		(4.6)		(7.0)
Foreign currency adjustments	—		(0.2)		(0.2)
Balances as of March 31, 2024:	$	2.4	$	5.6	$	8.0

Combined, the accrued restructuring plan reserve of $18.7 million as of March 31, 2024 was recorded in Accrued payroll and employee benefits in the condensed consolidated balance sheets. The amounts reflected in Cost of goods sold, Selling, general and administrative expense and Research and development expense for the three months ended March 31, 2024 were $0.5 million, $4.4 million and $2.2 million, respectively, in the condensed consolidated statements of income.

14. LEASES

We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 15 years, which includes our determination to exercise renewal options.

We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our condensed consolidated balance sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt, net of current maturities in our condensed consolidated balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense is recognized on a straight-line basis over the lease term. Where we act as lessee, we elected not to separate lease and non-lease components.

The components of lease expense were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	18.1	$	15.8

Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1
Interest on lease liabilities	0.2		0.2
Total finance lease cost	$	0.3	$	0.3

Operating lease cost includes original reduction in the carrying amount of ROU assets, the impact of remeasurements, modifications, impairments and abandonments.

Our short-term leases are expensed as incurred, reflecting leases with a lease term of one year or less, and are not significant for the three months ended March 31, 2024 and 2023. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the three months ended March 31, 2024 and 2023.

Supplemental cash flow information related to leases was as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10.9	$	9.9
Operating cash flows from finance leases	$	0.2	$	0.2
Financing cash flows from finance leases	$	0.1	$	0.1

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	7.6	$	2.2

Supplemental balance sheet information related to leases was as follows (in millions):


	March 31, 2024		December 31, 2023

Operating Leases
Operating lease right-of-use assets	$	188.9	$	194.7

Current operating lease liabilities	$	40.0	$	40.4
Operating lease liabilities	159.8		165.5
Total operating lease liabilities	$	199.8	$	205.9

Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt and notes payable, net of current maturities (in millions):


	March 31, 2024		December 31, 2023

Finance Leases
Property, plant and equipment, gross	$	11.8	$	11.9
Less: accumulated depreciation and amortization	(5.9)		(5.9)
Property, plant and equipment, net	$	5.9	$	6.0

Current maturities of long-term debt and notes payable	$	0.5	$	0.5
Long-term debt, net of current maturities	9.5		9.6
Total finance lease liabilities	$	10.0	$	10.1


	March 31, 2024		December 31, 2023

Weighted Average Remaining Lease Term
Operating leases - in years	7		7
Finance leases - in years	14		14

Weighted Average Discount Rate
Operating leases	4.0	%	3.9	%
Finance leases	6.4	%	6.4	%

Maturities of lease liabilities were as follows (in millions):


Year Ending December 31,	Operating Leases		Finance Leases

2024 (excluding the three months ended March 31, 2024)	$	34.1	$	1.2
2025	46.2		1.1
2026	34.7		1.1
2027	27.1		1.1
2028	21.5		1.1
Thereafter	65.4		10.5
Total lease payments	229.0		16.1
Less imputed interest	(29.2)		(6.1)
Total	$	199.8	$	10.0

The value of our operating lease portfolio is principally for facilities with longer durations than the lesser value vehicles, and other equipment with shorter terms and higher turn-over.

As of March 31, 2024, operating leases that have not commenced are not material.

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 months ended March 31, 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 recent economic constraints in China and the ongoing challenges impacting the biopharma market and small biotech companies. We expect that these conditions will continue to impact our business in 2024.

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 as a percentage of net sales:


	Three Months Ended
	March 31,
	2024		2023
Net sales	100.0	%	100.0	%
Cost of goods sold	46.6		46.5
Gross profit	53.4		53.5
Selling, general and administrative expense	35.2		33.3
Research and development expense	10.9		11.1
(Gains) losses from change in fair market value of equity securities and loan receivable	(69.1)		2.6
Net income	62.9		10.2

Critical Accounting Policies and Estimates

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on 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 months ended March 31, 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 months ended March 31, 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 March 31, 2024 Compared to

Three Months Ended March 31, 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 first quarter of 2024 were $610.8 million compared to $676.8 million in the first quarter of 2023, a decrease of 9.8%. On a currency neutral basis, first quarter 2024 sales decreased by approximately 9.6% compared to the same period in 2023. The decrease in net sales was driven by lower sales in our Life Science segment.

The Life Science segment sales for the first quarter of 2024 were $241.7 million, a decrease of 25.3% compared to the same period last year. On a currency neutral basis, sales decreased 25.2% compared to the first quarter in 2023, driven broadly by ongoing weakness in the biotech and biopharma end-markets and the economic environment in China. The currency neutral sales decrease impacted all regions.

The Clinical Diagnostics segment sales for the first quarter of 2024 were $368.6 million, an increase of 4.7% compared to the same period last year. On a currency neutral basis, sales increased 4.8% compared to the first quarter in 2023. The currency neutral sales increase was primarily driven by an increased demand for quality controls, blood typing, and diabetes. Currency neutral sales increased across all regions.

Consolidated gross margin was 53.4% for the first quarter of 2024 compared to 53.5% for the first quarter of 2023. Gross margin for the Life Science segment for the first quarter of 2024 decreased by approximately 3.5 percentage points from the same period last year. The decrease in gross margin was primarily driven by lower sales volume, product mix and higher material costs, partially offset by cost control measures. Gross margin for the Clinical Diagnostics segment for the first quarter of 2024 increased by approximately 3.1 percentage points from the same period last year. The increase in gross margin was primarily driven by favorable product mix and cost control measures, partially offset by higher material costs.

Selling, general and administrative (SG&A) expense for the first quarter of 2024 was $214.9 million or 35.2% of sales, compared to $225.6 million, or 33.3% of sales for the first quarter 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.

Research and development (R&D) expense for the first quarter of 2024 was $66.4 million or 10.9% of sales, compared to $75.0 million or 11.1% of sales in the first quarter of 2023. The decrease in R&D expense was primarily due to lower employee-related expenses and lower restructuring costs.

Results of Operations – Non-operating

Interest expense was $12.3 million for both the first quarter of 2024 and 2023, which primarily consist of interest expense related to the $1.2 billion Senior Notes.

Foreign currency exchange gains, 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 quarter of 2024 compared to foreign currency exchange gains, net of $2.3 million for the first 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 $422.2 million and a loss of $17.5 million for the first quarter of 2024 and 2023, respectively. The change in the fair market value primarily resulted from the recognition of holding gains of $402.3 million in the first quarter of 2024 compared to holding losses of $20.1 million in the first quarter of 2023 on our position in Sartorius AG. In addition, gains from the change in fair value of our loan receivable of $12.3 million in the first quarter of 2024 compared to a loss of $2.2 million in the first quarter of 2023 contributed to the change.

Other income, net for the first quarter of 2024 was $34.5 million compared to $50.4 million for the first quarter of 2023. The difference in other income, net of $15.9 million was primarily attributable to lower dividend income from Sartorius AG.

Our effective income tax rate was 21.8% and 18.7% for the first quarter of 2024 and 2023, respectively. The effective tax rate reported in the first quarter of 2024 was primarily affected by an unrealized gain in equity securities and the effective tax rate reported in the first quarter of 2023 was primarily affected by an unrealized loss in 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 March 31, 2024, however, an immaterial amount was utilized for domestic standby letters of credit that reduced our borrowing availability. As of March 31, 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 March 31, 2024, we had available $1.65 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 $69.8 million and $98.1 million for the three months ended March 31, 2024 and 2023, respectively. The decrease in operating cash flows was primarily due to lower cash received from customers and higher cash paid to suppliers and employees, partially offset by lower income tax paid and higher proceeds from foreign exchange contracts.

Cash Flows from Investing Activities

Net cash used in investing activities was $43.1 million and $70.5 million for the three months ended March 31, 2024 and 2023, respectively. The decrease in cash used in investing activities was primarily due to the timing of our purchases, maturities and sales of marketable securities and investments, partially offset by higher capital expenditures.

Cash Flows from Financing Activities

Net cash provided by financing activities was $0.0 million and $4.3 million for the three months ended March 31, 2024, and 2023, respectively. The decrease in net cash provided by financing activities was primarily attributable to higher payments for purchases of treasury stock, partially offset by higher proceeds from reissuance of treasury stock.

Treasury Shares

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. As of March 31, 2024, $274.0 million remained available for repurchases under the 2023 Share Repurchase Program.

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.

No shares were repurchased during the first quarter of 2023.

Recent Accounting Pronouncements Adopted

We did not adopt any new accounting pronouncements during the three months ended March 31, 2024.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

During the three months ended March 31, 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 March 31, 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 three months ended March 31, 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 escalation, in October 2023, of the conflict between Israel and Hamas 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 in numerous manufacturing facilities 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 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 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 could 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, a significant decline in the value of the Sartorius ordinary shares would reduce the value of the collateral for the Loan discussed in the previous paragraph, and in such circumstances the value of the collateral may be insufficient to cover the repayment of the Loan, 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 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 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 includes 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’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 profits to 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 were expected to enact the Pillar Two Directive by December 31, 2023. Other countries are taking similar actions. We do not believe Pillar 2 legislation will 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 March 31, 2024, we had approximately $1.2 billion of outstanding long-term indebtedness, primarily consisting of the 3.300% Senior Notes due in March 2027 and the 3.700% 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 March 31, 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 conflict between Israel and Hamas), 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 March 31, 2024, $274.0 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. Repurchases under the 2023 Share Repurchase Program may be made at management's discretion from time to time on the open market 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 March 31, 2024.


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)
January 1 to January 31, 2024	—	$	—	—	$	278.7
February 1 to February 29, 2024	—	$	—	—	$	278.7
March 1 to March 31, 2024	14,250	$	329.98	14,250	$	274.0

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 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:


Exhibit No.

31.1			Chief Executive Officer Section 302 Certification

31.2			Chief Financial Officer Section 302 Certification

32.1			Chief Executive Officer Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2			Chief Financial Officer Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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

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.


BIO-RAD LABORATORIES, INC.
(Registrant)

Date:	May 8, 2024	/s/ Norman Schwartz
		Norman Schwartz, Chairman of the Board,
		President and Chief Executive Officer


Date:	May 8, 2024	/s/ Roop K. Lakkaraju
		Roop K. Lakkaraju, Executive Vice President,
		Chief Financial Officer

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:	May 8, 2024	/s/ Norman Schwartz
		Norman Schwartz, Chairman of the Board,
		President 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.

(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:	May 8, 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 March 31, 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:	May 8, 2024	/s/ Norman Schwartz
		Norman Schwartz, Chairman of the Board, President 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:

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date:	May 8, 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.

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

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

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

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

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

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

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

Basis of Presentation and Use of Estimates

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Use of Estimates

1. BASIS OF PRESENTATION AND USE OF ESTIMATES

Basis of Presentation

Use of Estimates

Revenue Recognition

allocated between separate performance obligations of an arrangement based on the stand-alone selling price ("SSP") for each distinct product or service.

Contract costs:

Disaggregation of Revenue:

The following table presents our revenues disaggregated by geographic region (in millions):


	Three Months Ended
	March 31,
	2024		2023
United States	$	252.9	$	297.0
EMEA	200.2		204.8
APAC	117.2		135.8
Other (primarily Canada and Latin America)	40.5		39.2
Total net sales	$	610.8	$	676.8


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	8.4	$	10.6
Provision for warranty	1.4		2.0
Actual warranty costs	(2.3)		(2.7)
Balance at end of period	$	7.5	$	9.9

Accounts Receivable and Allowance for Credit Losses

Changes in our allowance for credit losses were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	14.9	$	15.0
Provision for expected credit losses	1.6		0.6
Write-offs charged against the allowance	(1.2)		(0.4)

Balance at end of period	$	15.3	$	15.2

Recent Accounting Pronouncements Issued and to be Adopted

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. FAIR VALUE MEASUREMENTS

•Level 1: Quoted prices in active markets for identical instruments

•Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments)

•Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments)

Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2024 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:

Time deposits	—		50.0		—		50.0




Money market funds	137.4		—		—		137.4
Total cash equivalents (a)	137.4		50.0		—		187.4
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,721.7		—		—		7,721.7
Loan under the fair value option (d)	—		—		330.6		330.6
Available-for-sale investments:
Corporate debt securities	—		551.0		—		551.0
U.S. government sponsored agencies	—		281.4		—		281.4
Foreign government obligations	—		3.8		—		3.8


Municipal obligations	—		9.5		—		9.5
Asset-backed securities	—		293.3		—		293.3
Total available-for-sale investments (e)	—		1,139.0		—		1,139.0
Forward foreign exchange contracts (f)	—		2.3		—		2.3
Total financial assets carried at fair value	$	7,866.2	$	1,191.3	$	330.6	$	9,388.1

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	1.3	$	—	$	1.3
Contingent consideration (h)	—		—		17.7		17.7
Total financial liabilities carried at fair value	$	—	$	1.3	$	17.7	$	19.0

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper	$	—	$	12.5	$	—	$	12.5
Time deposits	—		36.6		—		36.6



U.S. government sponsored agencies	—		7.0		—		7.0
Money market funds	28.0		—		—		28.0
Total cash equivalents (a)	28.0		56.1		—		84.1
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,399.3		—		—		7,399.3
Loan under the fair value option (d)	—		—		325.7		325.7
Available-for-sale investments:
Corporate debt securities	—		531.6		—		531.6
U.S. government sponsored agencies	—		255.9		—		255.9
Foreign government obligations	—		12.7		—		12.7

Municipal obligations	—		12.1		—		12.1
Asset-backed securities	—		323.7		—		323.7
Total available-for-sale investments (e)	—		1,136.0		—		1,136.0
Forward foreign exchange contracts (f)	—		4.1		—		4.1
Total financial assets carried at fair value	$	7,434.4	$	1,196.2	$	325.7	$	8,956.3

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	11.7	$	—	$	11.7
Contingent consideration (h)	—		—		17.5		17.5
Total financial liabilities carried at fair value	$	—	$	11.7	$	17.5	$	29.2

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):


	March 31, 2024		December 31, 2023
Restricted investments	$	5.6	$	5.6
Other investments	1.5		1.5
Total	$	7.1	$	7.1


	March 31, 2024		December 31, 2023
Short-term investments	$	73.3	$	67.2
Other investments	7,648.4		7,332.1
Total	$	7,721.7	$	7,399.3

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

Level 1 Fair Value Measurements

Level 2 Fair Value Measurements

Available-for-sale investments consist of the following (in millions):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	553.3	$	0.8	$	(3.1)	$	551.0
Municipal obligations	9.6		—		(0.1)		9.5
Asset-backed securities	294.4		0.6		(1.7)		293.3
U.S. government sponsored agencies	283.5		0.1		(2.2)		281.4
Foreign government obligations	3.8		—		—		3.8


	$	1,144.6	$	1.5	$	(7.1)	$	1,139.0

The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2024 by contractual maturity date (in millions):


	Amortized Cost		Estimated Fair Value
Mature in less than one year	$	272.1	$	270.3
Mature in one to five years	724.7		721.7
Mature in more than five years	147.8		147.0
Total	$	1,144.6	$	1,139.0

Available-for-sale investments consist of the following (in millions):


	December 31, 2023
	Amortized 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 March 31, 2024, there were no significant continuous unrealized losses greater than 12 months.

related receivables and payables, both of which are included in Foreign currency exchange gains, net in the condensed consolidated statements of income.

The following is a summary of our forward foreign currency exchange contracts (in millions):


Contracts maturing in April through June 2024 to sell foreign currency:	March 31, 2024
Notional value	$	673.7
Unrealized loss	$	0.8
Contracts maturing in April through June 2024 to purchase foreign currency:
Notional value	$	65.1
Unrealized gain	$	0.1

The carrying value and fair value of our long-term debt were as follows (in millions):


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior notes	$	1,189.9	$	1,097.2	$	1,189.5	$	1,102.5
Other long-term debt	9.5		9.5		9.6		9.6
Total	$	1,199.4	$	1,106.7	$	1,199.1	$	1,112.1

The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.

Level 3 Fair Value Investments

The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):


December 31, 2023	$	325.7

Net increase in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable	$	12.3
Foreign currency exchange gains (losses), net	$	(7.4)

March 31, 2024	$	330.6

Goodwill and Other Purchased Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Purchased Intangible Assets

3. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS

Changes to goodwill by segment are as follows (in millions):


	Life 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	—		(0.8)		(0.8)
Period increase, net	—		(0.8)		(0.8)

Balances as of March 31, 2024:
Goodwill	333.3		414.7		748.0
Accumulated impairment losses	(41.8)		(293.4)		(335.2)
Goodwill, net	$	291.5	$	121.3	$	412.8

Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):


	March 31, 2024
	Weighted-Average Remaining Amortization Period (years)	Purchase Price		Accumulated Amortization		Net Carrying Amount
Customer relationships/lists	5.1	$	105.7	$	(96.8)	$	8.9
Know how	1.5	166.9		(160.2)		6.7
Developed product technology	11.9	216.9		(134.5)		82.4
Licenses	4.7	59.0		(43.1)		15.9
Tradenames	5.3	6.0		(4.6)		1.4
Covenants not to compete	2.0	6.5		(5.1)		1.4


Total finite-lived intangible assets		561.0		(444.3)		116.7
In-process research and development		196.9		—		196.9
Total purchased intangible assets		$	757.9	$	(444.3)	$	313.6


	December 31, 2023
	Weighted-Average Remaining Amortization Period (years)	Purchase 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
	March 31,
	2024		2023
Amortization expense	$	5.5	$	6.0

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

4. INVENTORY

Following are the components of Inventory at March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024		December 31, 2023
Inventory:
Raw materials	$	226.1	$	231.6
Work in process	250.4		246.0
Finished goods	306.9		302.9
Total Inventory	$	783.4	$	780.5

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

5. SUPPLEMENTAL CASH FLOW INFORMATION

The reconciliation of net income to net cash provided by operating activities is as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Net income	$	383.9	$	69.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37.1		35.6
Reduction in the carrying amount of right-of-use assets	10.7		10.0
Share-based compensation	15.3		16.6

(Gains) losses from change in fair market value of equity securities and loan receivable	(422.2)		17.5


Payments for operating lease liabilities	(10.9)		(9.9)
(Increase) decrease in accounts receivable	37.4		(1.4)
Increase in inventories	(8.8)		(30.1)
Increase in other current assets	(26.3)		(16.0)
Increase (decrease) in accounts payable and other current liabilities	(44.4)		8.2
Increase in income taxes payable	12.3		10.4
Increase (decrease) in deferred income taxes	84.2		(13.9)
Increase (decrease) in other long-term liabilities	(0.4)		2.5
Other	1.9		(0.4)
Net cash provided by operating activities	$	69.8	$	98.1

Non-cash investing activities:
Purchased property, plant and equipment	$	3.5	$	8.4
Purchased marketable securities and investments	$	2.3	$	6.3

Long-Term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

6. LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):


	March 31, 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	(10.1)		(10.5)
Long-term debt less unamortized discounts and debt issuance costs	1,189.9		1,189.5
Finance leases and other debt	10.0		10.1
Less current maturities	(0.5)		(0.5)
Long-term debt	$	1,199.4	$	1,199.1

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions):


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2024:	$	(334.1)	$	(2.8)	$	0.9	$	(336.0)
Other comprehensive income (loss), before reclassifications	(92.1)		0.3		0.3		(91.5)
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	0.3		1.2		(0.1)		1.4
Other comprehensive income (loss), net of income taxes	(91.8)		1.4		0.4		(90.0)
Balances as of March 31, 2024:	$	(425.9)	$	(1.4)	$	1.3	$	(426.0)


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2023:	$	(466.5)	$	10.0	$	(10.3)	$	(466.8)
Other comprehensive income, before reclassifications	55.4		0.1		4.0		59.5
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	(0.2)		0.1		(1.0)		(1.1)
Other comprehensive income, net of income taxes	55.2		0.1		3.2		58.5
Balances as of March 31, 2023:	$	(411.3)	$	10.1	$	(7.1)	$	(408.3)

The impact to income (loss) before income taxes for amounts reclassified out of accumulated other comprehensive

income (loss) into other income, net in the condensed consolidated statements of income were as follows (in

millions):

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

8. EARNINGS PER SHARE


	Three Months Ended
	March 31,
	2024	2023
Basic weighted average shares outstanding	28,518	29,596
Effect of potentially dilutive stock options, restricted stock and performance stock awards	19	151
Diluted weighted average common shares outstanding	28,537	29,747
Anti-dilutive shares	351	94

Other Income, Net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Income, Net

9. OTHER INCOME, NET

Other income, net includes the following components (in millions):


	Three Months Ended
	March 31,
	2024		2023
Interest and investment income	$	(34.0)	$	(50.3)
Net realized losses on investments	0.2		0.7




Other income	(0.7)		(0.8)
Other income, net	$	(34.5)	$	(50.4)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES Our effective income tax rate was 21.8% and 18.7% for the three months ended March 31, 2024 and 2023, respectively. The realization of deferred tax assets are dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of March 31, 2024, and have maintained a valuation allowance on such deferred tax assets. The valuation allowance against our federal, state and foreign deferred tax assets decreased by $1.3 million for the period ended March 31, 2024 compared to the year ended December 31, 2023. Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis. We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our condensed consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period. Our gross unrecognized tax benefits were $86.1 million and $84.7 million as of March 31, 2024 and December 31, 2023, respectively. The increase in our gross unrecognized tax benefits is primarily attributable to an increase of uncertain tax accruals in various jurisdictions. As of March 31, 2024, based on the expected outcome of certain examinations or as a result of the expiration of statutes of limitation for certain jurisdictions, we believe that within the next twelve months it is reasonably possible that our previously unrecognized tax benefits could decrease by up to $17.2 million. Substantially all such amounts will impact our effective income tax rate if recognized.

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

11. SEGMENT INFORMATION

Information regarding net sales and operating profit (loss) for the three months ended March 31, 2024 and 2023 are as follows (in millions):


		Life Science		Clinical Diagnostics		Other Operations

Net sales	2024	$	241.7	$	368.6	$	0.5
	2023	$	323.6	$	352.1	$	1.1

Operating profit (loss)	2024	$	(8.2)	$	53.1	$	(0.2)
	2023	$	35.7	$	26.3	$	(0.1)

The following reconciles total operating profit to consolidated income before income taxes (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating profit	$	44.7	$	61.9
Interest expense	(12.3)		(12.3)
Foreign currency exchange gains, net	2.0		2.3
Gains (losses) from change in fair market value of equity securities and loan receivable	422.2		(17.5)
Other income, net	34.5		50.4
Consolidated income before income taxes	$	491.1	$	84.8

Legal Proceedings	3 Months Ended
Legal Proceedings	Mar. 31, 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.

Restructuring Costs

3 Months Ended

Mar. 31, 2024

Restructuring Costs [Abstract]

Restructuring Costs

13. RESTRUCTURING COSTS

The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	0.2	$	12.8	$	13.0

Adjustment to expense	0.1		1.0		1.1
Cash payments	—		(3.2)		(3.2)
Foreign currency adjustments	—		(0.3)		(0.3)
Balances as of March 31, 2024:	$	0.3	$	10.3	$	10.6

The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	3.0	$	7.8	$	10.8
Charged to expense - employee termination benefits	2.1		3.2		5.3
Adjustment to expense	(0.3)		(0.6)		(0.9)
Cash payments	(2.4)		(4.6)		(7.0)
Foreign currency adjustments	—		(0.2)		(0.2)
Balances as of March 31, 2024:	$	2.4	$	5.6	$	8.0

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

14. LEASES

The components of lease expense were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	18.1	$	15.8

Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1
Interest on lease liabilities	0.2		0.2
Total finance lease cost	$	0.3	$	0.3

Operating lease cost includes original reduction in the carrying amount of ROU assets, the impact of remeasurements, modifications, impairments and abandonments.

Supplemental cash flow information related to leases was as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10.9	$	9.9
Operating cash flows from finance leases	$	0.2	$	0.2
Financing cash flows from finance leases	$	0.1	$	0.1

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	7.6	$	2.2

Supplemental balance sheet information related to leases was as follows (in millions):


	March 31, 2024		December 31, 2023

Operating Leases
Operating lease right-of-use assets	$	188.9	$	194.7

Current operating lease liabilities	$	40.0	$	40.4
Operating lease liabilities	159.8		165.5
Total operating lease liabilities	$	199.8	$	205.9

Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt and notes payable, net of current maturities (in millions):


	March 31, 2024		December 31, 2023

Finance Leases
Property, plant and equipment, gross	$	11.8	$	11.9
Less: accumulated depreciation and amortization	(5.9)		(5.9)
Property, plant and equipment, net	$	5.9	$	6.0

Current maturities of long-term debt and notes payable	$	0.5	$	0.5
Long-term debt, net of current maturities	9.5		9.6
Total finance lease liabilities	$	10.0	$	10.1


	March 31, 2024		December 31, 2023

Weighted Average Remaining Lease Term
Operating leases - in years	7		7
Finance leases - in years	14		14

Weighted Average Discount Rate
Operating leases	4.0	%	3.9	%
Finance leases	6.4	%	6.4	%

Maturities of lease liabilities were as follows (in millions):


Year Ending December 31,	Operating Leases		Finance Leases

2024 (excluding the three months ended March 31, 2024)	$	34.1	$	1.2
2025	46.2		1.1
2026	34.7		1.1
2027	27.1		1.1
2028	21.5		1.1
Thereafter	65.4		10.5
Total lease payments	229.0		16.1
Less imputed interest	(29.2)		(6.1)
Total	$	199.8	$	10.0

The value of our operating lease portfolio is principally for facilities with longer durations than the lesser value vehicles, and other equipment with shorter terms and higher turn-over.

As of March 31, 2024, operating leases that have not commenced are not material.

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

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

Basis of Presentation and Use of Estimates (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Subsequent Events, Policy

Use of Estimates

Revenue Recognition

allocated between separate performance obligations of an arrangement based on the stand-alone selling price ("SSP") for each distinct product or service.

Contract costs:

Disaggregation of Revenue:

The following table presents our revenues disaggregated by geographic region (in millions):


	Three Months Ended
	March 31,
	2024		2023
United States	$	252.9	$	297.0
EMEA	200.2		204.8
APAC	117.2		135.8
Other (primarily Canada and Latin America)	40.5		39.2
Total net sales	$	610.8	$	676.8

Standard Product Warranty, Policy


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	8.4	$	10.6
Provision for warranty	1.4		2.0
Actual warranty costs	(2.3)		(2.7)
Balance at end of period	$	7.5	$	9.9

Accounts Receivable and Allowance for Credit Losses

Changes in our allowance for credit losses were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	14.9	$	15.0
Provision for expected credit losses	1.6		0.6
Write-offs charged against the allowance	(1.2)		(0.4)

Balance at end of period	$	15.3	$	15.2

Recent Accounting Pronouncements Issued and to be Adopted

1. Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from External Customers by Geographic Areas [Table Text Block]

The following table presents our revenues disaggregated by geographic region (in millions):


	Three Months Ended
	March 31,
	2024		2023
United States	$	252.9	$	297.0
EMEA	200.2		204.8
APAC	117.2		135.8
Other (primarily Canada and Latin America)	40.5		39.2
Total net sales	$	610.8	$	676.8

Schedule of Product Warranty Liability [Table Text Block]


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	8.4	$	10.6
Provision for warranty	1.4		2.0
Actual warranty costs	(2.3)		(2.7)
Balance at end of period	$	7.5	$	9.9

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

Changes in our allowance for credit losses were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Balance at beginning of period	$	14.9	$	15.0
Provision for expected credit losses	1.6		0.6
Write-offs charged against the allowance	(1.2)		(0.4)

Balance at end of period	$	15.3	$	15.2

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2024 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:

Time deposits	—		50.0		—		50.0




Money market funds	137.4		—		—		137.4
Total cash equivalents (a)	137.4		50.0		—		187.4
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,721.7		—		—		7,721.7
Loan under the fair value option (d)	—		—		330.6		330.6
Available-for-sale investments:
Corporate debt securities	—		551.0		—		551.0
U.S. government sponsored agencies	—		281.4		—		281.4
Foreign government obligations	—		3.8		—		3.8


Municipal obligations	—		9.5		—		9.5
Asset-backed securities	—		293.3		—		293.3
Total available-for-sale investments (e)	—		1,139.0		—		1,139.0
Forward foreign exchange contracts (f)	—		2.3		—		2.3
Total financial assets carried at fair value	$	7,866.2	$	1,191.3	$	330.6	$	9,388.1

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	1.3	$	—	$	1.3
Contingent consideration (h)	—		—		17.7		17.7
Total financial liabilities carried at fair value	$	—	$	1.3	$	17.7	$	19.0

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2023 are classified in the hierarchy as follows (in millions):


	Level 1		Level 2		Level 3		Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper	$	—	$	12.5	$	—	$	12.5
Time deposits	—		36.6		—		36.6



U.S. government sponsored agencies	—		7.0		—		7.0
Money market funds	28.0		—		—		28.0
Total cash equivalents (a)	28.0		56.1		—		84.1
Restricted investments (b)	7.1		—		—		7.1
Equity securities (c)	7,399.3		—		—		7,399.3
Loan under the fair value option (d)	—		—		325.7		325.7
Available-for-sale investments:
Corporate debt securities	—		531.6		—		531.6
U.S. government sponsored agencies	—		255.9		—		255.9
Foreign government obligations	—		12.7		—		12.7

Municipal obligations	—		12.1		—		12.1
Asset-backed securities	—		323.7		—		323.7
Total available-for-sale investments (e)	—		1,136.0		—		1,136.0
Forward foreign exchange contracts (f)	—		4.1		—		4.1
Total financial assets carried at fair value	$	7,434.4	$	1,196.2	$	325.7	$	8,956.3

Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)	$	—	$	11.7	$	—	$	11.7
Contingent consideration (h)	—		—		17.5		17.5
Total financial liabilities carried at fair value	$	—	$	11.7	$	17.5	$	29.2

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):


	March 31, 2024		December 31, 2023
Restricted investments	$	5.6	$	5.6
Other investments	1.5		1.5
Total	$	7.1	$	7.1


	March 31, 2024		December 31, 2023
Short-term investments	$	73.3	$	67.2
Other investments	7,648.4		7,332.1
Total	$	7,721.7	$	7,399.3

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

Debt Securities, Available-for-sale

Available-for-sale investments consist of the following (in millions):


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Short-term investments:
Corporate debt securities	$	553.3	$	0.8	$	(3.1)	$	551.0
Municipal obligations	9.6		—		(0.1)		9.5
Asset-backed securities	294.4		0.6		(1.7)		293.3
U.S. government sponsored agencies	283.5		0.1		(2.2)		281.4
Foreign government obligations	3.8		—		—		3.8


	$	1,144.6	$	1.5	$	(7.1)	$	1,139.0

Available-for-sale investments consist of the following (in millions):


	December 31, 2023
	Amortized 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 March 31, 2024 by contractual maturity date (in millions):


	Amortized Cost		Estimated Fair Value
Mature in less than one year	$	272.1	$	270.3
Mature in one to five years	724.7		721.7
Mature in more than five years	147.8		147.0
Total	$	1,144.6	$	1,139.0

Discussion of current derivative risk management

The following is a summary of our forward foreign currency exchange contracts (in millions):


Contracts maturing in April through June 2024 to sell foreign currency:	March 31, 2024
Notional value	$	673.7
Unrealized loss	$	0.8
Contracts maturing in April through June 2024 to purchase foreign currency:
Notional value	$	65.1
Unrealized gain	$	0.1

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value and fair value of our long-term debt were as follows (in millions):


	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior notes	$	1,189.9	$	1,097.2	$	1,189.5	$	1,102.5
Other long-term debt	9.5		9.5		9.6		9.6
Total	$	1,199.4	$	1,106.7	$	1,199.1	$	1,112.1

Fair Value Measurement Inputs and Valuation Techniques

The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):


December 31, 2023	$	325.7

Net increase in estimated fair market value of the loan included in Gains (losses) in fair market value of equity securities and loan receivable	$	12.3
Foreign currency exchange gains (losses), net	$	(7.4)

March 31, 2024	$	330.6

Goodwill and Other Purchased Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes to goodwill by segment

Changes to goodwill by segment are as follows (in millions):


	Life 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	—		(0.8)		(0.8)
Period increase, net	—		(0.8)		(0.8)

Balances as of March 31, 2024:
Goodwill	333.3		414.7		748.0
Accumulated impairment losses	(41.8)		(293.4)		(335.2)
Goodwill, net	$	291.5	$	121.3	$	412.8

Schedule of identifiable purchased intangible assets with definite lives

Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):


	March 31, 2024
	Weighted-Average Remaining Amortization Period (years)	Purchase Price		Accumulated Amortization		Net Carrying Amount
Customer relationships/lists	5.1	$	105.7	$	(96.8)	$	8.9
Know how	1.5	166.9		(160.2)		6.7
Developed product technology	11.9	216.9		(134.5)		82.4
Licenses	4.7	59.0		(43.1)		15.9
Tradenames	5.3	6.0		(4.6)		1.4
Covenants not to compete	2.0	6.5		(5.1)		1.4


Total finite-lived intangible assets		561.0		(444.3)		116.7
In-process research and development		196.9		—		196.9
Total purchased intangible assets		$	757.9	$	(444.3)	$	313.6


	December 31, 2023
	Weighted-Average Remaining Amortization Period (years)	Purchase 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
	March 31,
	2024		2023
Amortization expense	$	5.5	$	6.0

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Following are the components of Inventory at March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024		December 31, 2023
Inventory:
Raw materials	$	226.1	$	231.6
Work in process	250.4		246.0
Finished goods	306.9		302.9
Total Inventory	$	783.4	$	780.5

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The reconciliation of net income to net cash provided by operating activities is as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Net income	$	383.9	$	69.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37.1		35.6
Reduction in the carrying amount of right-of-use assets	10.7		10.0
Share-based compensation	15.3		16.6

(Gains) losses from change in fair market value of equity securities and loan receivable	(422.2)		17.5


Payments for operating lease liabilities	(10.9)		(9.9)
(Increase) decrease in accounts receivable	37.4		(1.4)
Increase in inventories	(8.8)		(30.1)
Increase in other current assets	(26.3)		(16.0)
Increase (decrease) in accounts payable and other current liabilities	(44.4)		8.2
Increase in income taxes payable	12.3		10.4
Increase (decrease) in deferred income taxes	84.2		(13.9)
Increase (decrease) in other long-term liabilities	(0.4)		2.5
Other	1.9		(0.4)
Net cash provided by operating activities	$	69.8	$	98.1

Non-cash investing activities:
Purchased property, plant and equipment	$	3.5	$	8.4
Purchased marketable securities and investments	$	2.3	$	6.3

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The principal components of long-term debt are as follows (in millions):


	March 31, 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	(10.1)		(10.5)
Long-term debt less unamortized discounts and debt issuance costs	1,189.9		1,189.5
Finance leases and other debt	10.0		10.1
Less current maturities	(0.5)		(0.5)
Long-term debt	$	1,199.4	$	1,199.1

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) included in our condensed consolidated balance sheets consists of the following components (in millions):


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2024:	$	(334.1)	$	(2.8)	$	0.9	$	(336.0)
Other comprehensive income (loss), before reclassifications	(92.1)		0.3		0.3		(91.5)
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	0.3		1.2		(0.1)		1.4
Other comprehensive income (loss), net of income taxes	(91.8)		1.4		0.4		(90.0)
Balances as of March 31, 2024:	$	(425.9)	$	(1.4)	$	1.3	$	(426.0)


	Foreign currency translation adjustments		Foreign other post-employment benefits adjustments		Net unrealized holding gains (losses) on available-for-sale investments		Total accumulated other comprehensive income (loss)
Balances as of January 1, 2023:	$	(466.5)	$	10.0	$	(10.3)	$	(466.8)
Other comprehensive income, before reclassifications	55.4		0.1		4.0		59.5
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(0.1)		0.2		0.1
Income tax effects	(0.2)		0.1		(1.0)		(1.1)
Other comprehensive income, net of income taxes	55.2		0.1		3.2		58.5
Balances as of March 31, 2023:	$	(411.3)	$	10.1	$	(7.1)	$	(408.3)

Reclassification Out of Accumulated Other Comprehensive Income

The impact to income (loss) before income taxes for amounts reclassified out of accumulated other comprehensive

income (loss) into other income, net in the condensed consolidated statements of income were as follows (in

millions):

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of weighted-average common shares outstanding used to calculate basic and diluted earnings per shares and the anti-dilutive shares


	Three Months Ended
	March 31,
	2024	2023
Basic weighted average shares outstanding	28,518	29,596
Effect of potentially dilutive stock options, restricted stock and performance stock awards	19	151
Diluted weighted average common shares outstanding	28,537	29,747
Anti-dilutive shares	351	94

Other Income, Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of other income (expense), net

Other income, net includes the following components (in millions):


	Three Months Ended
	March 31,
	2024		2023
Interest and investment income	$	(34.0)	$	(50.3)
Net realized losses on investments	0.2		0.7




Other income	(0.7)		(0.8)
Other income, net	$	(34.5)	$	(50.4)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information regarding net sales and operating profit (loss) for the three months ended March 31, 2024 and 2023 are as follows (in millions):


		Life Science		Clinical Diagnostics		Other Operations

Net sales	2024	$	241.7	$	368.6	$	0.5
	2023	$	323.6	$	352.1	$	1.1

Operating profit (loss)	2024	$	(8.2)	$	53.1	$	(0.2)
	2023	$	35.7	$	26.3	$	(0.1)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following reconciles total operating profit to consolidated income before income taxes (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating profit	$	44.7	$	61.9
Interest expense	(12.3)		(12.3)
Foreign currency exchange gains, net	2.0		2.3
Gains (losses) from change in fair market value of equity securities and loan receivable	422.2		(17.5)
Other income, net	34.5		50.4
Consolidated income before income taxes	$	491.1	$	84.8

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring Costs [Abstract]

Restructuring and Related Costs

The following table summarizes the activity of our February 2021 plan accrued restructuring reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	0.2	$	12.8	$	13.0

Adjustment to expense	0.1		1.0		1.1
Cash payments	—		(3.2)		(3.2)
Foreign currency adjustments	—		(0.3)		(0.3)
Balances as of March 31, 2024:	$	0.3	$	10.3	$	10.6

The following table summarizes the activity of our 2023 accrued restructuring plan reserve (in millions):


	Life Science		Clinical Diagnostics		Total
Balances as of January 1, 2024:	$	3.0	$	7.8	$	10.8
Charged to expense - employee termination benefits	2.1		3.2		5.3
Adjustment to expense	(0.3)		(0.6)		(0.9)
Cash payments	(2.4)		(4.6)		(7.0)
Foreign currency adjustments	—		(0.2)		(0.2)
Balances as of March 31, 2024:	$	2.4	$	5.6	$	8.0

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease, Cost

The components of lease expense were as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Operating lease cost	$	18.1	$	15.8

Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1
Interest on lease liabilities	0.2		0.2
Total finance lease cost	$	0.3	$	0.3

Lessee Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows (in millions):


	Three Months Ended
	March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10.9	$	9.9
Operating cash flows from finance leases	$	0.2	$	0.2
Financing cash flows from finance leases	$	0.1	$	0.1

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	7.6	$	2.2

Lessee Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows (in millions):


	March 31, 2024		December 31, 2023

Operating Leases
Operating lease right-of-use assets	$	188.9	$	194.7

Current operating lease liabilities	$	40.0	$	40.4
Operating lease liabilities	159.8		165.5
Total operating lease liabilities	$	199.8	$	205.9

Finance leases are included in Property, plant and equipment, Current maturities of long-term debt, and Long-term debt and notes payable, net of current maturities (in millions):


	March 31, 2024		December 31, 2023

Finance Leases
Property, plant and equipment, gross	$	11.8	$	11.9
Less: accumulated depreciation and amortization	(5.9)		(5.9)
Property, plant and equipment, net	$	5.9	$	6.0

Current maturities of long-term debt and notes payable	$	0.5	$	0.5
Long-term debt, net of current maturities	9.5		9.6
Total finance lease liabilities	$	10.0	$	10.1


	March 31, 2024		December 31, 2023

Weighted Average Remaining Lease Term
Operating leases - in years	7		7
Finance leases - in years	14		14

Weighted Average Discount Rate
Operating leases	4.0	%	3.9	%
Finance leases	6.4	%	6.4	%

Maturities Of Lease Liabilities For Operating and Finance Leases

Maturities of lease liabilities were as follows (in millions):


Year Ending December 31,	Operating Leases		Finance Leases

2024 (excluding the three months ended March 31, 2024)	$	34.1	$	1.2
2025	46.2		1.1
2026	34.7		1.1
2027	27.1		1.1
2028	21.5		1.1
Thereafter	65.4		10.5
Total lease payments	229.0		16.1
Less imputed interest	(29.2)		(6.1)
Total	$	199.8	$	10.0

1. Basis of Presentation and Use of Estimates Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	$ 610,820	$ 676,844
Cost of goods sold	284,854	314,427
Deferred Revenue	70,800		$ 68,300
Retained earnings	9,644,545		9,260,629
Accumulated other comprehensive loss	(425,971)		(336,038)
Total stockholders' equity	$ 9,051,134	9,763,716	8,741,133	$ 9,615,252
Revenue Allocation Percent To Lease Elements	3.00%
Additional paid-in-capital	$ 462,627		449,075
Selling, general and administrative expense	214,883	225,553
Research and Development Expense	66,375	74,951
Interest expense	12,277	12,337
Other Nonoperating Income (Expense)	34,516	50,431
Deferred Revenue, Current	55,100		$ 51,100
Europe [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	200,200	204,800
Asia Pacific [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	117,200	135,800
UNITED STATES
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	252,900	297,000
Americas [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net sales	$ 40,500	$ 39,200

1. Basis of Presentation and Use of Estimates Warranty Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Warranty accrual, beginning of period	$ 8.4	$ 10.6
Provision for warranty	1.4	2.0
Actual warranty costs	(2.3)	(2.7)
Warranty accrual, end of period	$ 7.5	$ 9.9

1. Basis of Presentation and Use of Estimates Accounts Receivables Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Allowance for Credit Loss	$ 15.3	$ 15.2	$ 14.9	$ 15.0
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	1.6	0.6
Allowance for Loan and Lease Losses, Write-offs	$ (1.2)	$ (0.4)

1. Basis of Presentation and Use of Estimates (Details)	3 Months Ended
1. Basis of Presentation and Use of Estimates (Details)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Allocation Percent To Lease Elements	3.00%

Fair Value Measurements (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unrealized Gain on Securities

$ 402.3

Debt Securities, Trading, and Equity Securities, FV-NI

330.6

$ 325.7

Debt Securities, Available-for-sale

^[1]

1,139.0

Fair Value, Option, Changes in Fair Value, Gain (Loss)

12.3

Foreign exchange (gains) losses, net

(7.4)

Fair Value, Option, Loans Held as Assets [Abstract]

Debt Securities

^[2]

$ 400.0

Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions

(8.8)

Derivative, Forward Interest Rate

1.50%

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net [Abstract]

Value appreciation rights, Unrecognized Unrealized Appreciation (Depreciation), Net

$ (3.5)

Ordinary voting shares [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investment ownership percentage

38.00%

Preference shares [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investment ownership percentage

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

Equity Securities

^[4]

7,721.7

7,399.3

Debt Securities, Trading, and Equity Securities, FV-NI

^[2]

330.6

325.7

Debt Securities, Available-for-sale

^[1]

1,139.0

1,136.0

Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure

^[5]

2.3

4.1

Assets, Fair Value Disclosure

9,388.1

8,956.3

Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure

^[6]

1.3

11.7

Business Combination, Contingent Consideration, Liability

^[7]

17.7

17.5

Liabilities, Fair Value Disclosure

19.0

29.2

Fair Value, Recurring | Research and Development Expense

Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net [Abstract]

Changes in fair value of contingent consideration

0.2

Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restricted Investments, at Fair Value

^[3]

7.1

Equity Securities

^[4]

7,721.7

7,399.3

Debt Securities, Trading, and Equity Securities, FV-NI

^[2]

0.0

Debt Securities, Available-for-sale

^[1]

0.0

Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure

^[5]

0.0

Assets, Fair Value Disclosure

7,866.2

7,434.4

Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure

^[6]

0.0

Business Combination, Contingent Consideration, Liability

^[7]

0.0

Liabilities, Fair Value Disclosure

0.0

Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restricted Investments, at Fair Value

^[3]

0.0

Equity Securities

^[4]

0.0

Debt Securities, Trading, and Equity Securities, FV-NI

^[2]

0.0

Debt Securities, Available-for-sale

1,139.0

1,136.0

^[1]

Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure

^[5]

2.3

4.1

Assets, Fair Value Disclosure

1,191.3

1,196.2

Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure

^[6]

1.3

11.7

Business Combination, Contingent Consideration, Liability

^[7]

0.0

Liabilities, Fair Value Disclosure

1.3

11.7

Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restricted Investments, at Fair Value

^[3]

0.0

Equity Securities

^[4]

0.0

Debt Securities, Trading, and Equity Securities, FV-NI

^[2]

330.6

325.7

Debt Securities, Available-for-sale

^[1]

0.0

Forward Foreign Exchange Contracts, Asset, Fair Value Disclosure

^[5]

0.0

Assets, Fair Value Disclosure

330.6

325.7

Forward Foreign Exchange Contracts, Liability, Fair Value Disclosure

^[6]

0.0

Business Combination, Contingent Consideration, Liability

^[7]

17.7

17.5

Liabilities, Fair Value Disclosure

17.7

17.5

Commercial Paper [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

12.5

Commercial Paper [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

0.0

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]

50.0

36.6

Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

0.0

Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

50.0

36.6

Time Deposits [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

0.0

Money Market Funds [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

137.4

28.0

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]

137.4

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

Money Market Funds [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

0.0

Cash Equivalents [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

187.4

84.1

Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

137.4

28.0

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]

50.0

56.1

Cash Equivalents [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

0.0

US Treasury Securities | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and Cash Equivalents, Fair Value Disclosure

^[8]

7.0

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]

9.5

12.1

Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

9.5

12.1

Municipal Obligations (Member) | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Foreign Government Obligations [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

3.8

12.7

Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

3.8

12.7

Foreign Government Obligations [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Corporate Debt Securities [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

551.0

531.6

Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

551.0

531.6

Corporate Debt Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

US Government Sponsored Agencies [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

281.4

255.9

US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

281.4

255.9

US Government Sponsored Agencies [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Asset-backed Securities [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

293.3

323.7

Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

293.3

323.7

Asset-backed Securities [Member] | Fair Value, Recurring | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

0.0

Short-term Investments [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity Securities

^[4]

73.3

67.2

Debt Securities, Available-for-sale

^[1]

1,139.0

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]

9.5

12.1

Short-term Investments [Member] | Foreign Government Obligations [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

3.8

12.7

Short-term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

551.0

531.6

Short-term Investments [Member] | US Government Sponsored Agencies [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

281.4

255.9

Short-term Investments [Member] | Asset-backed Securities [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Debt Securities, Available-for-sale

^[1]

293.3

323.7

Other Investments [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restricted Investments, at Fair Value

^[3]

1.5

Equity Securities

^[4]

7,648.4

7,332.1

Restricted investment [Member] | Fair Value, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Restricted Investments, at Fair Value

^[3]

$ 5.6

[1]

Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

[2]

The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

[3]

Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):


	March 31, 2024		December 31, 2023
Restricted investments	$	5.6	$	5.6
Other investments	1.5		1.5
Total	$	7.1	$	7.1

[4]

Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):


	March 31, 2024		December 31, 2023
Short-term investments	$	73.3	$	67.2
Other investments	7,648.4		7,332.1
Total	$	7,721.7	$	7,399.3

[5]

Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

[6]

Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

[7]

Contingent considerations in a liability position are included in Other long-term liabilities in the condensed consolidated balance sheets. The changes in the fair value of contingent consideration included in Research and development expense amounted to $0.2 million in the consolidated statements of income for the three months ended March 31, 2024. No conditions triggering payment of the contingent consideration were met as of March 31, 2024.

[8]

Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

Fair Value Measurements (Details)
$ in Millions

3 Months Ended

Mar. 31, 2024

USD ($)

^[1]

Forward foreign exchange contract to sell foreign currency [Member]

Derivatives, Fair Value [Line Items]

Derivative, Notional Amount

$ 673.7

Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments

0.8

Forward foreign exchange contract to purchase foreign currency [Member]

Derivatives, Fair Value [Line Items]

Derivative, Notional Amount

65.1

Loss on Foreign Currency Derivative Instruments not Designated as Hedging Instruments

$ 0.1

[1]	Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

Fair Value Measurements (Details) - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

$ 1,144.6

Debt Securities, Available-for-sale

^[1]

1,139.0

Fair Value, Recurring

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

1,139.0

$ 1,136.0

Fair Value, Recurring | Corporate Debt Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

551.0

531.6

Fair Value, Recurring | Municipal obligations [Member]

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

9.5

12.1

Fair Value, Recurring | US Government Sponsored Agencies [Member]

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

281.4

255.9

Fair Value, Recurring | Foreign Government Obligations [Member]

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

3.8

12.7

Fair Value, Recurring | Asset-backed Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale

^[1]

293.3

323.7

Fair Value, Recurring | Short-term Investments [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

1,144.6

1,142.2

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

1.5

1.6

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

(7.1)

(7.8)

Debt Securities, Available-for-sale

^[1]

1,139.0

1,136.0

Fair Value, Recurring | Short-term Investments [Member] | Corporate Debt Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

553.3

534.1

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

0.8

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

(3.1)

(3.3)

Debt Securities, Available-for-sale

^[1]

551.0

531.6

Fair Value, Recurring | Short-term Investments [Member] | Municipal obligations [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

9.6

12.2

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

0.0

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

(0.1)

Debt Securities, Available-for-sale

^[1]

9.5

12.1

Fair Value, Recurring | Short-term Investments [Member] | US Government Sponsored Agencies [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

283.5

257.4

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

0.1

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

(2.2)

(1.6)

Debt Securities, Available-for-sale

^[1]

281.4

255.9

Fair Value, Recurring | Short-term Investments [Member] | Foreign Government Obligations [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

3.8

12.8

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

0.0

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

0.0

(0.1)

Debt Securities, Available-for-sale

^[1]

3.8

12.7

Fair Value, Recurring | Short-term Investments [Member] | Asset-backed Securities [Member]

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

^[1]

294.4

325.7

Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax

^[1]

0.6

0.7

Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax

^[1]

(1.7)

(2.7)

Debt Securities, Available-for-sale

^[1]

$ 293.3

$ 323.7

[1]	Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

Fair Value Measurements - Amortized Cost and Fair Value of Debt Securities (Details)
$ in Millions

Mar. 31, 2024

USD ($)

^[1]

Fair Value Disclosures [Abstract]

Mature in less than one year

$ 272.1

Mature in one to five years

724.7

Mature in more than five years

147.8

Total Amortized Cost

1,144.6

Mature in less than one year

270.3

Mature in one to five years

721.7

Mature in more than five years

147.0

Estimated Fair Value

$ 1,139.0

[1]	Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

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

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Receivable, Current	$ 14.8	$ 11.9
Ordinary voting shares [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment ownership percentage	38.00%
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

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

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

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

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

Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Feb. 13, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Other Long-Term Debt, Current	$ (500,000)		$ (500,000)
Long-term debt, net of current maturities	1,199,381,000		1,199,052,000
Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 200,000,000
Line of Credit, Current	$ 0
Senior Notes \| 3.3%, Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.30%
Senior Notes, Noncurrent	$ 400,000,000.0		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	(10,100,000)		(10,500,000)
Long-term debt	1,189,900,000		1,189,500,000
Finance Lease Obligations \| Finance Leases and Other Debt
Debt Instrument [Line Items]
Other Long-term Debt	$ 10,000,000.0		$ 10,100,000

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

Earnings Per Share (Details)	3 Months Ended
Earnings Per Share (Details)	Mar. 31, 2024
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Voting Rights	0.1
Election Percentage for Board of Directors	25.00%
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Voting Rights	one

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

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

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

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

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

Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended	32 Months Ended
Restructuring Costs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 18.7
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5.3
Facility Closing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1.6
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	4.4
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	0.5
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Accrual Adjustment	2.2
European Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 71.8
Restructuring Reserve	10.6			$ 13.0
Restructuring Reserve, Accrual Adjustment	1.1
Payments for Restructuring	(3.2)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.3)
European Reorganization \| Life Science
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0.3			0.2
Restructuring Reserve, Accrual Adjustment	0.1
Payments for Restructuring	0.0
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	0.0
European Reorganization \| Clinical Diagnostics
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	10.3			12.8
Restructuring Reserve, Accrual Adjustment	1.0
Payments for Restructuring	(3.2)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.3)
European and American Reorganization
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	5.3	$ 31.8
Restructuring Reserve	8.0			10.8
Restructuring Reserve, Accrual Adjustment	(0.9)
Payments for Restructuring	(7.0)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	(0.2)
European and American Reorganization \| Life Science
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2.1
Restructuring Reserve	2.4			3.0
Restructuring Reserve, Accrual Adjustment	(0.3)
Payments for Restructuring	(2.4)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	0.0
European and American Reorganization \| Clinical Diagnostics
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3.2
Restructuring Reserve	5.6			$ 7.8
Restructuring Reserve, Accrual Adjustment	(0.6)
Payments for Restructuring	(4.6)
Restructuring Reserve, Foreign Currency Translation (Gain) Loss	$ (0.2)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	$ 18,100	$ 15,800
Finance Lease, Right-of-Use Asset, Amortization	100	100
Finance Lease, Interest Expense	200	200
Finance Lease Cost	300	300
Operating Lease, Payments	10,900	9,900
Finance Lease, Interest Payment on Liability	200	200
Finance Lease, Principal Payments	100	100
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	7,600	$ 2,200
Operating lease right-of-use assets	188,918		$ 194,730
Current operating lease liabilities	40,038		40,379
Operating lease liabilities	159,814		165,478
Operating Lease, Liability	199,800		205,900
Finance Lease, Right-Of-Use Asset, before Accumulated Amortization	11,800		11,900
Finance Lease, Right-Of-Use Asset, Accumulated Amortization	5,900		5,900
Finance Lease, Right-Of-Use Asset, after Accumulated Amortization	5,900		6,000
Finance Lease, Liability, Current	500		500
Finance Lease, Liability, Noncurrent	9,500		9,600
Finance Lease, Liability	$ 10,000		$ 10,100
Operating Lease, Weighted Average Remaining Lease Term	7 years		7 years
Finance Lease, Weighted Average Remaining Lease Term	14 years		14 years
Operating Lease, Weighted Average Discount Rate, Percent	4.00%		3.90%
Finance Lease, Weighted Average Discount Rate, Percent	6.40%		6.40%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 34,100
Finance Lease, Liability, Payments, Remainder of Fiscal Year	1,200
Lessee, Operating Lease, Liability, to be Paid, Year One	46,200
Finance Lease, Liability, to be Paid, Year One	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Two	34,700
Finance Lease, Liability, Payments, Due Year Two	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Three	27,100
Finance Lease, Liability, Payments, Due Year Three	1,100
Lessee, Operating Lease, Liability, Payments, Due Year Four	21,500
Finance Lease, Liability, Payments, Due Year Four	1,100
Lessee, Operating Lease, Liability, Payments, Due after Year Five	65,400
Finance Lease, Liability, Payments, Due after Year Five	10,500
Lessee, Operating Lease, Liability, Payments, Due	229,000
Finance Lease, Liability, Payment, Due	16,100
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(29,200)
Finance Lease, Liability, Undiscounted Excess Amount	$ (6,100)
Minimum
Lessee, Lease, Description [Line Items]
Lessee Operating And Finance Leases Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee Operating And Finance Leases Remaining Lease Term	15 years

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BIO Bio Rad Laboratories Inc