Document
0.350.350.35false--12-31Q320160000012208YesLarge Accelerated FilerBIO RAD LABORATORIES INCNoYes242304485130558244175415124738242303265129641244174195123821P10YP1YP10YP2YP12YP4YP10YP3YP7YP3YP0YP0YP9YP5YP9YP1YP9YP1YP13YP3YP10YP2YP10YP2YP0YP0YP8YP5Y01800000122917122917 0000012208 2016-01-01 2016-09-30 0000012208 us-gaap:CommonClassAMember 2016-10-27 0000012208 us-gaap:CommonClassBMember 2016-10-27 0000012208 bio:TreasuryClassBMember 2016-09-30 0000012208 2015-12-31 0000012208 2016-09-30 0000012208 bio:TreasuryClassBMember 2015-12-31 0000012208 bio:TreasuryClassAMember 2015-12-31 0000012208 us-gaap:CommonClassAMember 2015-12-31 0000012208 us-gaap:CommonClassBMember 2015-12-31 0000012208 bio:TreasuryClassAMember 2016-09-30 0000012208 us-gaap:CommonClassBMember 2016-09-30 0000012208 us-gaap:CommonClassAMember 2016-09-30 0000012208 2015-01-01 2015-09-30 0000012208 2015-07-01 2015-09-30 0000012208 2016-07-01 2016-09-30 0000012208 2015-09-30 0000012208 2014-12-31 0000012208 us-gaap:NewAccountingPronouncementMember 2015-12-31 0000012208 bio:AnalyticalFlowCytometerPlatformMember 2016-01-06 0000012208 bio:AnalyticalFlowCytometerPlatformMember 2016-01-01 2016-03-31 0000012208 bio:AnalyticalFlowCytometerPlatformMember 2016-09-30 0000012208 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2015-12-31 0000012208 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-09-30 0000012208 bio:ForwardforeignexchangecontracttosellforeigncurrencyMember 2016-01-01 2016-09-30 0000012208 bio:ForwardforeignexchangecontracttopurchaseforeigncurrencyMember 2016-09-30 0000012208 bio:ForwardforeignexchangecontracttopurchaseforeigncurrencyMember 2016-01-01 2016-09-30 0000012208 bio:ForwardforeignexchangecontracttosellforeigncurrencyMember 2016-09-30 0000012208 bio:CellsorterMember 2016-01-01 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember 2016-01-01 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestBearingDepositsMember 2016-09-30 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AvailableforsaleSecuritiesMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AvailableforsaleSecuritiesMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0000012208 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2015-12-31 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-12-31 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:ForeignGovernmentDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-12-31 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2015-12-31 0000012208 bio:AnalyticalFlowCytometerPlatformMember bio:ProjectedVolatilityOfSalesMemberMember 2016-01-01 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember bio:MarketPriceOfRiskMember 2016-01-01 2016-09-30 0000012208 bio:CellsorterMember bio:CreditAdjustedDiscountRatesLowerMember 2016-01-01 2016-09-30 0000012208 bio:CellsorterMember bio:MarketPriceOfRiskMember 2016-01-01 2016-09-30 0000012208 bio:CellsorterMember bio:ProjectedVolatilityOfSalesMemberMember 2016-01-01 2016-09-30 0000012208 bio:CellsorterMember 2012-09-30 2016-09-30 0000012208 bio:GnuBIOMember 2014-04-10 0000012208 bio:CellsorterMember 2012-09-30 0000012208 bio:GnuBIOMember 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember bio:SalesmilestoneminimumamountMember 2016-09-30 0000012208 bio:CellsorterMember 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember bio:SalesmilestonepercentageofannualinvoiceslowMember 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember bio:SalesmilestonepercentageofannualinvoicesMember 2016-09-30 0000012208 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000012208 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0000012208 us-gaap:MunicipalNotesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestBearingDepositsMember 2016-09-30 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestBearingDepositsMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestBearingDepositsMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:MunicipalNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestBearingDepositsMember 2016-09-30 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:CommercialPaperMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:MunicipalNotesMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2016-09-30 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:MunicipalNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:CertificatesOfDepositMember us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2016-09-30 0000012208 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-09-30 0000012208 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-09-30 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AvailableforsaleSecuritiesMember 2015-12-31 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AvailableforsaleSecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:ForeignGovernmentDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2015-12-31 0000012208 us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2015-12-31 0000012208 us-gaap:OtherLongTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2015-12-31 0000012208 us-gaap:CustomerRelationshipsMember 2015-12-31 0000012208 bio:KnowHowMember 2015-12-31 0000012208 us-gaap:DevelopedTechnologyRightsMember 2015-12-31 0000012208 us-gaap:TradeNamesMember 2015-12-31 0000012208 us-gaap:NoncompeteAgreementsMember 2015-12-31 0000012208 us-gaap:InProcessResearchAndDevelopmentMember 2015-12-31 0000012208 us-gaap:LicensingAgreementsMember 2015-12-31 0000012208 us-gaap:LicensingAgreementsMember 2016-09-30 0000012208 us-gaap:CustomerRelationshipsMember 2016-09-30 0000012208 bio:KnowHowMember 2016-09-30 0000012208 us-gaap:InProcessResearchAndDevelopmentMember 2016-09-30 0000012208 us-gaap:DevelopedTechnologyRightsMember 2016-09-30 0000012208 us-gaap:TradeNamesMember 2016-09-30 0000012208 us-gaap:NoncompeteAgreementsMember 2016-09-30 0000012208 bio:AnalyticalFlowCytometerPlatformMember us-gaap:NoncompeteAgreementsMember 2016-01-01 2016-03-31 0000012208 bio:AnalyticalFlowCytometerPlatformMember us-gaap:DevelopedTechnologyRightsMember 2016-01-01 2016-03-31 0000012208 bio:ClinicalDiagnosticsMember 2016-01-01 2016-09-30 0000012208 bio:ClinicalDiagnosticsMember 2016-09-30 0000012208 bio:LifeScienceMember 2015-12-31 0000012208 bio:ClinicalDiagnosticsMember 2015-12-31 0000012208 bio:LifeScienceMember 2016-01-01 2016-09-30 0000012208 bio:LifeScienceMember 2016-09-30 0000012208 us-gaap:OtherIntangibleAssetsMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:CustomerRelationshipsMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 us-gaap:NoncompeteAgreementsMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 us-gaap:LicensingAgreementsMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 us-gaap:NoncompeteAgreementsMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:NoncompeteAgreementsMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 us-gaap:LicensingAgreementsMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 us-gaap:DevelopedTechnologyRightsMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 bio:KnowHowMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:CustomerRelationshipsMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 us-gaap:CustomerRelationshipsMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:LicensingAgreementsMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:DevelopedTechnologyRightsMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:CustomerRelationshipsMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:LicensingAgreementsMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 bio:KnowHowMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 us-gaap:OtherIntangibleAssetsMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 us-gaap:TradeNamesMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 us-gaap:NoncompeteAgreementsMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:DevelopedTechnologyRightsMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:TradeNamesMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:TradeNamesMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:OtherIntangibleAssetsMember us-gaap:MaximumMember 2016-01-01 2016-09-30 0000012208 us-gaap:TradeNamesMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 us-gaap:OtherIntangibleAssetsMember us-gaap:MinimumMember 2015-01-01 2015-12-31 0000012208 bio:KnowHowMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 bio:KnowHowMember us-gaap:MinimumMember 2016-01-01 2016-09-30 0000012208 us-gaap:DevelopedTechnologyRightsMember us-gaap:MaximumMember 2015-01-01 2015-12-31 0000012208 bio:SeniorNotes4.875due2020Member us-gaap:UnsecuredDebtMember 2015-12-31 0000012208 bio:CapitalLeasesandOtherDebtMember us-gaap:CapitalLeaseObligationsMember 2015-12-31 0000012208 bio:SeniorNotes4.875due2020Member us-gaap:UnsecuredDebtMember 2016-09-30 0000012208 bio:CapitalLeasesandOtherDebtMember us-gaap:CapitalLeaseObligationsMember 2016-09-30 0000012208 bio:SeniorNotes4.875due2020Member us-gaap:UnsecuredDebtMember 2010-12-31 0000012208 us-gaap:LineOfCreditMember 2016-09-30 0000012208 bio:SeniorNotes4.875due2020Member us-gaap:UnsecuredDebtMember 2016-07-01 2016-09-30 0000012208 us-gaap:StandbyLettersOfCreditMember 2016-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2016-01-01 2016-09-30 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-09-30 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-01-01 2016-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2016-09-30 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-01-01 2016-09-30 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-12-31 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-09-30 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2015-12-31 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-09-30 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-12-31 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-01-01 2015-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2015-01-01 2015-09-30 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2015-09-30 0000012208 us-gaap:AccumulatedTranslationAdjustmentMember 2014-12-31 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-09-30 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-01-01 2015-09-30 0000012208 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2014-12-31 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-09-30 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-09-30 0000012208 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2014-12-31 0000012208 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-01-01 2015-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-01-01 2016-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-01-01 2015-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-01-01 2016-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2015-07-01 2015-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-07-01 2016-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-07-01 2015-09-30 0000012208 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-07-01 2016-09-30 0000012208 bio:USFederalMember 2016-07-01 2016-09-30 0000012208 bio:USFederalMember 2015-01-01 2015-09-30 0000012208 bio:USFederalMember 2015-07-01 2015-09-30 0000012208 bio:USFederalMember 2016-01-01 2016-09-30 0000012208 us-gaap:AllOtherSegmentsMember 2015-07-01 2015-09-30 0000012208 bio:ClinicalDiagnosticsMember 2015-07-01 2015-09-30 0000012208 bio:LifeScienceMember 2016-07-01 2016-09-30 0000012208 us-gaap:AllOtherSegmentsMember 2016-07-01 2016-09-30 0000012208 bio:ClinicalDiagnosticsMember 2016-07-01 2016-09-30 0000012208 bio:LifeScienceMember 2015-07-01 2015-09-30 0000012208 us-gaap:OperatingSegmentsMember 2016-01-01 2016-09-30 0000012208 us-gaap:CorporateNonSegmentMember 2016-01-01 2016-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:OtherNonoperatingIncomeExpenseMember 2016-07-01 2016-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:OtherNonoperatingIncomeExpenseMember 2015-07-01 2015-09-30 0000012208 us-gaap:CorporateNonSegmentMember 2016-07-01 2016-09-30 0000012208 us-gaap:OperatingSegmentsMember 2015-07-01 2015-09-30 0000012208 us-gaap:OperatingSegmentsMember 2016-07-01 2016-09-30 0000012208 us-gaap:CorporateNonSegmentMember 2015-01-01 2015-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:OtherNonoperatingIncomeExpenseMember 2016-01-01 2016-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:ForeignCurrencyGainLossMember 2016-07-01 2016-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:ForeignCurrencyGainLossMember 2016-01-01 2016-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:ForeignCurrencyGainLossMember 2015-01-01 2015-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:ForeignCurrencyGainLossMember 2015-07-01 2015-09-30 0000012208 us-gaap:MaterialReconcilingItemsMember us-gaap:OtherNonoperatingIncomeExpenseMember 2015-01-01 2015-09-30 0000012208 us-gaap:OperatingSegmentsMember 2015-01-01 2015-09-30 0000012208 us-gaap:CorporateNonSegmentMember 2015-07-01 2015-09-30 0000012208 us-gaap:AllOtherSegmentsMember 2015-01-01 2015-09-30 0000012208 bio:LifeScienceMember 2015-01-01 2015-09-30 0000012208 us-gaap:AllOtherSegmentsMember 2016-01-01 2016-09-30 0000012208 bio:ClinicalDiagnosticsMember 2015-01-01 2015-09-30 0000012208 us-gaap:EmployeeSeveranceMember 2016-01-01 2016-09-30 0000012208 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-07-01 2016-09-30 0000012208 us-gaap:CostOfGoodsTotalMember 2016-07-01 2016-09-30 0000012208 us-gaap:CostOfGoodsTotalMember 2016-01-01 2016-09-30 0000012208 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-01-01 2016-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:pure xbrli:shares


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q
(Mark One)
 
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2016
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from______________to __________

Commission file number 1-7928

BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
94-1381833
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1000 Alfred Nobel Drive, Hercules, California
 
94547
(Address of principal executive offices)
 
(Zip Code)
(510) 724-7000
(Registrant's telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report.)

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    x
     No     o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).
 
Yes    x
     No     o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filer
x
 
Accelerated filer
o
Non-accelerated filer
o
(Do not check if smaller reporting company)
Smaller reporting company
o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes    o
     No     x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of Class
 
Shares Outstanding at October 27, 2016
Class A Common Stock, Par Value $0.0001 per share
 
24,417,421
Class B Common Stock, Par Value $0.0001 per share
 
5,123,819
 




BIO-RAD LABORATORIES, INC.

FORM 10-Q SEPTEMBER 30, 2016

TABLE OF CONTENTS



2



INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS

Other than statements of historical fact, statements made in this report include forward-looking statements, such as statements with respect to our future financial performance, operating results, plans and objectives that involve risk and uncertainties.  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, those 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.


3





PART I – FINANCIAL INFORMATION
Item 1.          Financial Statements

BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
 
September 30, 2016
 
December 31, 2015
ASSETS:
 (Unaudited)
 
 
Cash and cash equivalents
$
417,939

 
$
457,549

Short-term investments
388,177

 
328,718

Restricted investments
4,210

 
4,210

Accounts receivable, net
367,662

 
391,485

Inventories:
 
 
 
Raw materials
117,562

 
109,928

Work in process
130,964

 
114,438

Finished goods
307,832

 
265,858

Total inventories
556,358

 
490,224

Other current assets
115,757

 
105,410

Total current assets
1,850,103

 
1,777,596

Property, plant and equipment, at cost
1,217,176

 
1,117,086

Less: accumulated depreciation and amortization
(742,509
)
 
(679,396
)
Property, plant and equipment, net
474,667

 
437,690

Goodwill, net
506,573

 
495,948

Purchased intangibles, net
220,904

 
214,026

Other investments
903,658

 
719,840

Other assets
63,821

 
64,618

Total assets
$
4,019,726

 
$
3,709,718

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
 
 
 
Accounts payable, accrued payroll and employee benefits
$
280,453

 
$
280,248

Current maturities of long-term debt and notes payable
297

 
298

Income and other taxes payable
22,274

 
29,339

Other current liabilities
139,694

 
131,466

Total current liabilities
442,718

 
441,351

Long-term debt, net of current maturities
434,137

 
433,883

Deferred income taxes
295,245

 
233,475

Deferred revenue
4,400

 
3,743

Other long-term liabilities
140,535

 
106,763

Total liabilities
1,317,035

 
1,219,215

 
 
 
 
Stockholders’ equity:
 
 
 
Class A common stock, shares issued 24,417,541 and 24,230,448 at 2016 and 2015, respectively; shares outstanding 24,417,419 and 24,230,326 at 2016 and 2015, respectively
2

 
2

Class B common stock, shares issued 5,124,738 and 5,130,558 at 2016 and 2015, respectively; shares outstanding 5,123,821 and 5,129,641 at 2016 and 2015, respectively
1

 
1

Additional paid-in capital
324,636

 
300,408

Class A treasury stock at cost, 122 shares at 2016 and 2015
(12
)
 
(12
)
Class B treasury stock at cost, 917 shares at 2016 and 2015
(89
)
 
(89
)
Retained earnings
1,856,750

 
1,808,055

Accumulated other comprehensive income
521,403

 
382,138

Total stockholders’ equity
2,702,691

 
2,490,503

Total liabilities and stockholders’ equity
$
4,019,726

 
$
3,709,718

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

4



BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Net sales
$
508,745

 
$
469,961

 
$
1,496,719

 
$
1,448,884

Cost of goods sold
229,276

 
206,509

 
672,989

 
635,729

Gross profit
279,469

 
263,452

 
823,730

 
813,155

Selling, general and administrative expense
201,452

 
187,445

 
596,704

 
568,845

Research and development expense
49,924

 
43,336

 
150,681

 
137,085

Income from operations
28,093

 
32,671

 
76,345

 
107,225

Interest expense
5,634

 
5,822

 
16,846

 
15,658

Foreign currency exchange losses, net
1,210

 
2,166

 
3,576

 
8,910

Other (income) expense, net
(1,439
)
 
(732
)
 
(13,824
)
 
(8,992
)
Income before income taxes
22,688

 
25,415

 
69,747

 
91,649

Provision for income taxes
(4,283
)
 
(8,045
)
 
(21,052
)
 
(28,038
)
Net income
$
18,405

 
$
17,370

 
$
48,695

 
$
63,611

 
 
 
 
 
 
 
 
Basic earnings per share:
 
 
 
 
 
 
 
Net income per basic share
$
0.63

 
$
0.59

 
$
1.66

 
$
2.18

Weighted average common shares - basic
29,444

 
29,195

 
29,402

 
29,141

 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
Net income per diluted share
$
0.62

 
$
0.59

 
$
1.65

 
$
2.17

Weighted average common shares - diluted
29,671

 
29,439

 
29,592

 
29,372



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


5



BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
Net income
$
18,405

 
$
17,370

 
$
48,695

 
$
63,611

Other comprehensive income:
 
 
 
 
 
 
 
Foreign currency translation adjustments
3,423

 
(27,743
)
 
22,936

 
(10,147
)
Foreign other post-employment benefits adjustments, net of income taxes
32

 
89

 
(73
)
 
513

Net unrealized holding gains on available-for-sale (AFS) investments, net of income taxes
58,387

 
74,987

 
116,402

 
170,069

Other comprehensive income, net of income taxes
61,842

 
47,333

 
139,265

 
160,435

Comprehensive income
$
80,247

 
$
64,703

 
$
187,960

 
$
224,046




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


6




BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
 
Nine Months Ended
 
September 30,
 
2016
 
2015
Cash flows from operating activities:
 
 
 
Cash received from customers
$
1,530,605

 
$
1,443,672

Cash paid to suppliers and employees
(1,365,548
)
 
(1,278,255
)
Interest paid, net
(11,195
)
 
(9,620
)
Income tax payments, net
(37,373
)
 
(15,646
)
Investment proceeds and miscellaneous receipts, net
14,360

 
9,695

Excess tax benefits from share-based compensation
(1,094
)
 
(3,242
)
(Payments for) proceeds from forward foreign exchange contracts, net
(8,441
)
 
3,654

Net cash provided by operating activities
121,314

 
150,258

Cash flows from investing activities:
 
 
 
Capital expenditures
(96,323
)
 
(84,013
)
Proceeds from dispositions of property, plant and equipment
378

 
41

Payments for acquisition and long-term investment
(11,785
)
 
(3,490
)
Payments for purchases of intangible assets
(6
)
 
(1,375
)
Payments for purchases of marketable securities and investments
(217,820
)
 
(172,440
)
Proceeds from sales of marketable securities and investments
59,687

 
56,630

Proceeds from maturities of marketable securities and investments
102,112

 
121,556

Net cash used in investing activities
(163,757
)
 
(83,091
)
Cash flows from financing activities:
 
 
 
Net borrowings from line-of-credit arrangements and notes payable

 
74

Payments on long-term borrowings
(231
)
 
(206
)
Payments of contingent consideration
(3,500
)
 
(2,983
)
Proceeds from issuances of common stock for share-based compensation
8,828

 
4,726

Excess tax benefits from share-based compensation
1,094

 
3,242

Net cash provided by financing activities
6,191

 
4,853

Effect of foreign exchange rate changes on cash
(3,358
)
 
22,058

Net (decrease) increase in cash and cash equivalents
(39,610
)
 
94,078

Cash and cash equivalents at beginning of period
457,549

 
413,251

Cash and cash equivalents at end of period
$
417,939

 
$
507,329

Reconciliation of net income to net cash provided by operating activities:
 
 
 
Net income
$
48,695

 
$
63,611

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
110,156

 
97,970

Share-based compensation
14,318

 
12,309

Gains on dispositions of securities
(93
)
 
(19
)
Excess tax benefits from share-based compensation
(1,094
)
 
(3,242
)
Changes in fair value of contingent consideration
(2,164
)
 
(730
)
Decrease in accounts receivable
32,650

 
16,996

Increase in inventories
(67,938
)
 
(67,609
)
(Increase) decrease in other current assets
(2,018
)
 
2,620

(Decrease) increase in accounts payable and other current liabilities
(4,645
)
 
17,869

(Decrease) increase in income taxes payable
(8,423
)
 
14,760

(Decrease) increase in deferred income taxes
(8,480
)
 
2,350

Net decrease/increase in other long-term assets/liabilities
10,350

 
(6,627
)
Net cash provided by operating activities
$
121,314

 
$
150,258

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

7



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, 2015 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, 2015.

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. Actual results could differ materially from those estimates.

Recent Accounting Standards Updates

In October 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory." ASU 2016-16 requires immediate recognition of income tax consequences of intercompany asset transfers, other than inventory transfers.  Existing GAAP prohibits recognition of income tax consequences of intercompany asset transfers whereby the seller defers any net tax effect and the buyer is prohibited from recognizing a deferred tax asset on the difference between the newly created tax basis of the asset in its tax jurisdiction and its financial statement carrying amount as reported in the consolidated financial statements.  ASU 2016-16 specifically excludes from its scope intercompany inventory transfers whereby the recognition of tax consequences will take place when the inventory is sold to third parties. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently evaluating the effect ASU 2016-16 will have on our consolidated financial statements.


8



In August 2016, FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect ASU 2016-15 will have on our consolidated statements of cash flows.

In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 will replace the current incurred loss approach with an expected loss model for instruments measured at amortized cost and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. We are currently evaluating the effect ASU 2016-13 will have on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. We are currently evaluating the effect ASU 2016-09 will have on our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-07, "Simplifying the Transition to the Equity Method of Accounting," which eliminates the requirement to retrospectively apply the equity method in previous periods when an investor initially obtains significant influence over an investee. Under current guidance, an investor that doesn’t consolidate an investment and initially accounts for it under a method other than the equity method is required to retrospectively apply the equity method in prior periods in which it held the investment when it subsequently obtained significant influence. ASU 2016-07 will be applied on a prospective basis and is effective for all entities for fiscal years beginning after December 15, 2016, and interim periods within those years and early adoption is permitted. We do not plan to early adopt ASU 2016-07 and currently do not expect it to affect our consolidated financial statements when adopted on January 1, 2017.

In February 2016, the FASB issued ASU 2016-02, "Leases," which will require, among other items, lessees to recognize most leases as assets and liabilities on the balance sheet. Qualitative and quantitative disclosures will be enhanced to better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. We do not plan to early adopt. ASU 2016-02 will be adopted on a modified retrospective basis, with elective reliefs, which requires application of ASU 2016-02 for all periods presented. We are currently evaluating the effect ASU 2016-02 will have on our consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." Amendments under ASU 2016-01, among other items, require that all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification, for which changes in fair value are reported in other comprehensive income, for equity securities with readily determinable fair values. For equity investments without readily determinable fair values, the cost method is also eliminated. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Changes in the basis of these equity investments will be reported in current earnings. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the effect ASU 2016-01 will have, if any, on our consolidated financial statements.


9



In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under ASU 2015-16, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The measurement period cannot exceed one year from the date of the acquisition. ASU 2015-16 was effective on January 1, 2016, and we adopted it at the same time as a change in accounting policy, which had no impact on our consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” Under current guidance, an entity subsequently measures inventory at the lower of cost or market, with market defined as replacement cost, net realizable value (NRV), or NRV less a normal profit margin. An entity uses current replacement cost provided that it is not above NRV (i.e., the ceiling) or below NRV less an “approximately normal profit margin” (i.e., the floor). ASU 2015-11 eliminates this analysis and requires entities to measure most inventory “at the lower of cost and NRV.” ASU 2015-11 is effective prospectively for annual periods beginning after December 15, 2016, and interim periods therein, with early adoption permitted. We will not early adopt. We do not expect ASU 2015-11 to have a material impact to our consolidated financial statements when adopted on January 1, 2017.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 was issued to simplify the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the corresponding debt liability. This makes the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. Under prior U.S. GAAP, debt issuance costs were reported on the balance sheet as assets and amortized as interest expense. Under ASU 2015-03, debt issuance costs will continue to be amortized to interest expense using the effective interest method. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" to clarify the SEC staff’s position that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, which is our current practice. We adopted ASU 2015-03 on January 1, 2016 on a retrospective basis as a change in accounting policy. The Condensed Consolidated Balance Sheet as of December 31, 2015, was retrospectively adjusted by decreasing Other assets and Long-term debt, net of current maturities by $1.8 million, respectively.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14 to defer the effective date for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted as of the original effective date in ASU 2014-09, which is annual reporting periods beginning after December 15, 2016, however, we will not early adopt. In May 2016, the FASB issued ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients," which amends and clarifies certain aspects in ASU 2014-09 that include collectiblity, presentation of sales and other taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing," which amends the guidance in ASU 2014-09 on accounting for licenses of intellectual property and identifying performance obligations. In March 2016, The FASB issued ASU 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which amends the principal versus agent guidance in ASU 2014-09. The standards are to be applied retrospectively and permit the use of either the retrospective or cumulative effect transition method. We will use the cumulative effect transition method once we adopt ASUs 2014-09, 2016-12, 2016-10 and 2016-08 on January 1, 2018. We are currently evaluating the effect that these ASUs will have on our consolidated financial statements and related disclosures.

10





2.ACQUISITIONS

Propel Labs, Inc.

In January 2016, we acquired a high performance analytical flow cytometer platform from Propel Labs (Propel) that will enable advanced and novice users to perform basic and multi-parameter cytometry for a wide range of applications and chemistries. This asset acquisition was accounted for as a business combination, as the new analytical flow cytometer platform represented an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return and therefore constitutes a business in accordance with GAAP. The amount of the acquisition-related cost was minimal as Bio-Rad primarily represented itself during the acquisition process. This business acquisition is included in our Life Science segment’s results of operations from the acquisition date.

The fair value of the consideration as of the acquisition date was $38.8 million, which included $9.5 million paid in cash at the closing date and $29.3 million in contingent consideration potentially payable to Propel. The contingent consideration was based on a probability-weighted income approach related to the achievement of certain sales milestones, and was recognized at its estimated fair value of $29.3 million as of September 30, 2016 (see Note 3, "Fair Value Measurements").

The final fair values of the net assets acquired from Propel as of the acquisition date were determined to be $36.0 million of definite-lived intangible assets and $2.8 million of goodwill. We expect the goodwill recorded to be deductible for income tax purposes. The acquired analytical flow cytometer platform fits well into Bio-Rad’s existing Life Science segment product offerings and may offer researchers greater access to this technology.

In addition, Bio-Rad contracted with Propel to provide development services concurrent with and included in the purchase agreement. Bio-Rad is receiving future manufacturing, engineering and marketing support from Propel on which payments will be made upon the successful completion of all contracted services. As a result, these services are not included in the total purchase consideration and a majority will be expensed in future periods.


3.FAIR VALUE MEASUREMENTS

We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date.  The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability.  A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows:

Level 1: Quoted prices in active markets for identical instruments
Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments)
Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments)

Financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2016 are classified in the hierarchy as follows (in millions):


11



 
Level 1
 
Level 2
 
Level 3
 
Total
Financial Assets Carried at Fair Value:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Commercial paper
$

 
$
11.6

 
$

 
$
11.6

Municipals

 
0.7

 

 
0.7

Foreign time deposits
10.3

 

 

 
10.3

Domestic time deposits

 
20.0

 

 
20.0

Money market funds
6.5

 

 

 
6.5

Total cash equivalents (a)
16.8

 
32.3

 

 
49.1

Restricted investment:
4.2

 

 

 
4.2

Available-for-sale investments:
 
 
 
 
 
 
 
Corporate debt securities

 
185.6

 

 
185.6

U.S. government sponsored agencies

 
76.8

 

 
76.8

Foreign government obligations

 
5.2

 

 
5.2

Brokered CD's

 
3.1

 

 
3.1

Municipal obligations

 
14.8

 

 
14.8

Marketable equity securities
844.5

 

 

 
844.5

Asset-backed securities

 
67.5

 

 
67.5

Total available-for-sale investments (b)
844.5

 
353.0

 

 
1,197.5

Forward foreign exchange contracts (c)

 
0.6

 

 
0.6

Total financial assets carried at fair value
$
865.5

 
$
385.9

 
$

 
$
1,251.4

 
 
 
 
 
 
 
 
Financial Liabilities Carried at Fair Value:
 
 
 
 
 
 
 
Forward foreign exchange contracts (d)
$

 
$
0.8

 
$

 
$
0.8

Contingent consideration (e)

 

 
42.7

 
42.7

Total financial liabilities carried at fair value
$

 
$
0.8

 
$
42.7

 
$
43.5




12



Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2015 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
$

 
$
33.2

 
$

 
$
33.2

Foreign government obligations

 
0.6

 

 
0.6

Foreign time deposits
11.9

 

 

 
11.9

U.S. government sponsored agencies

 
14.6

 

 
14.6

Money market funds
11.3

 

 

 
11.3

Total cash equivalents (a)
23.2

 
48.4

 

 
71.6

Restricted investment:
4.2

 

 

 
4.2

Available-for-sale investments:
 
 
 
 
 
 
 
Corporate debt securities

 
156.9

 

 
156.9

U.S. government sponsored agencies

 
74.8

 

 
74.8

Foreign government obligations

 
4.6

 

 
4.6

Municipal obligations

 
6.4

 

 
6.4

Marketable equity securities
660.1

 

 

 
660.1

Asset-backed securities

 
54.8

 

 
54.8

Total available-for-sale investments (b)
660.1

 
297.5

 

 
957.6

Forward foreign exchange contracts (c)

 
0.9

 

 
0.9

Total financial assets carried at fair value
$
687.5

 
$
346.8

 
$

 
$
1,034.3

 
 
 
 
 
 
 
 
Financial Liabilities Carried at Fair Value:
 
 
 
 
 
 
 
Forward foreign exchange contracts (d)
$

 
$
1.1

 
$

 
$
1.1

Contingent consideration (e)

 

 
19.1

 
19.1

Total financial liabilities carried at fair value
$

 
$
1.1

 
$
19.1

 
$
20.2


(a)
Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

(b)
Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
 
September 30,
2016
 
December 31, 2015
Short-term investments
$
388.2

 
$
328.7

Other investments
809.3

 
628.9

Total
$
1,197.5

 
$
957.6



(c)
Forward foreign exchange contracts in an asset position are included in Other current assets in the Condensed Consolidated Balance Sheets.

(d)
Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Condensed Consolidated Balance Sheets.


13



(e)
Contingent consideration liability is included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):

 
September 30, 2016
 
December 31, 2015
Other current liabilities
$
13.4

 
$
13.5

Other long-term liabilities
29.3

 
5.6

   Total
$
42.7

 
$
19.1



In 2012, we recognized a contingent consideration liability for certain milestones of $44.6 million upon our acquisition of a new cell sorting system from Propel. Since 2012, we have paid $28.9 million upon reaching the milestones and have reduced the valuation of the milestones by $12.3 million to its estimated fair value of $3.4 million as of September 30, 2016.

During the first quarter of 2016, we recognized a contingent consideration liability upon our acquisition of a new high performance analytical flow cytometer platform from Propel. At the acquisition date, the contingent consideration was based on a probability-weighted income approach related to the achievement of sales milestones, ranging from 39% to 20% for the calendar years 2017 through 2020. The sales milestones could potentially range from $0 to an unlimited amount through December 31, 2020. The contingent consideration was recognized at its estimated fair value of $29.3 million as of September 30, 2016.

The following table provides a reconciliation of the Level 3 cell sorting system and analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value based on original valuations and updated quarterly for the nine months ended September 30, 2016 (in millions):

 
2016
January 1
$
9.1

Cell sorting system:
 
Payment of sales milestone
(3.5
)
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense
(2.2
)
 
 
Analytical flow cytometer platform:
 
Acquisition of high performance analytical flow cytometer platform
29.3

September 30
$
32.7




14



The following table provides quantitative information about Level 3 inputs for fair value measurement of our cell sorting system and analytical flow cytometer platform contingent consideration liabilities as of September 30, 2016. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.
 
 
 
Range
 
Valuation Technique
Unobservable Input
From
To
Cell sorting system
Probability-weighted income approach
Sales milestones:
 
 
 
 
Credit adjusted discount rates
0.50%
N/A
 
 
Projected volatility of growth rate
14%
N/A
 
 
Market price of risk
1.30%
N/A
 
 
 
 
 
Analytical flow cytometer platform
Probability-weighted income approach
Sales milestones:
 
 
 
 
Market price of risk
6
%
 
 
 
Volatility
10
%
 
 
 
 
 
 


In 2014, we recognized a contingent consideration liability upon our acquisition of GnuBIO. The contingent consideration for the milestones was valued at $10.7 million at the acquisition date based on assumptions regarding the probability of achieving the milestones, with such amounts discounted to present value. The Level 3 contingent consideration was revalued to a fair value of $10.0 million as of September 30, 2016 and December 31, 2015.

To estimate the fair value of Level 2 debt securities as of September 30, 2016 and December 31, 2015, our primary pricing provider uses S&P Capital IQ as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. The chosen pricing hierarchy for our Level 2 securities, other than certificates of deposit and commercial paper, is S&P Capital IQ as the primary pricing source and then our custodian as the secondary pricing source. If S&P Capital IQ does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing.

For commercial paper as of September 30, 2016 and December 31, 2015, pricing is determined by a straight-line calculation, starting with the purchase price on the date of purchase and increasing to par at maturity. Interest bearing certificates of deposit and commercial paper are priced at par.

Our pricing provider performs daily reasonableness testing of the S&P Capital IQ prices. Price changes of 5% or greater are investigated and resolved. In addition, we perform a quarterly testing of the S&P Capital IQ prices to custodian reported prices. Price differences outside a tolerable variance of approximately 1% are investigated and resolved.


15



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

 
September 30, 2016
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
184.7

 
$
1.0

 
$
(0.1
)
 
$
185.6

Brokered certificates of deposit
3.1

 

 

 
3.1

Municipal obligations
14.7

 
0.1

 

 
14.8

Asset-backed securities
67.1

 
0.2

 
(0.1
)
 
67.2

U.S. government sponsored agencies
76.2

 
0.7

 
(0.1
)
 
76.8

Foreign government obligations
5.2

 

 

 
5.2

Marketable equity securities
31.8

 
4.0

 
(0.3
)
 
35.5

 
382.8

 
6.0

 
(0.6
)
 
388.2

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
754.5

 

 
809.0

Asset-backed securities
0.3

 

 

 
0.3

 
54.8

 
754.5

 

 
809.3

Total
$
437.6

 
$
760.5

 
$
(0.6
)
 
$
1,197.5



 
December 31, 2015
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Estimated
Fair
Value
Short-term investments:
 
 
 
 
 
 
 
Corporate debt securities
$
157.2

 
$
0.1

 
$
(0.4
)
 
$
156.9

Municipal obligations
6.4

 

 

 
6.4

Asset-backed securities
54.8

 

 
(0.2
)
 
54.6

U.S. government sponsored agencies
74.9

 
0.1

 
(0.2
)
 
74.8

Foreign government obligations
4.6

 

 

 
4.6

Marketable equity securities
29.4

 
2.7

 
(0.7
)
 
31.4

 
327.3

 
2.9

 
(1.5
)
 
328.7

Long-term investments:
 
 
 
 
 
 
 
Marketable equity securities
54.5

 
574.2

 

 
628.7

Asset-backed securities
0.3

 

 
(0.1
)
 
0.2

 
54.8

 
574.2

 
(0.1
)
 
628.9

Total
$
382.1

 
$
577.1

 
$
(1.6
)
 
$
957.6



The unrealized gains of our long-term marketable equity securities are primarily due to our investment in Sartorius AG preferred shares.


16



The following is a summary of investments with gross unrealized losses and the associated fair value (in millions):

 
September 30,
2016
 
December 31, 2015
Fair value of investments in a loss position 12 months or more
$
13.2

 
$
10.4

Fair value of investments in a loss position less than 12 months
$
66.7

 
$
204.0

Gross unrealized losses for investments in a loss position 12 months or more
$<