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2. Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Debt Securities, Available-for-sale [Table Text Block]

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

	June 30, 2018
	Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Short-term investments:
Corporate debt securities	$	224.9			$	0.1			$	(1.4	)		$	223.6
Municipal obligations	15.7				—				(0.1		)		15.6
Asset-backed securities	63.1				—				(0.4		)		62.7
U.S. government sponsored agencies	67.2				—				(1.2		)		66.0
Foreign government obligations	2.6				—				—				2.6
	373.5				0.1				(3.1		)		370.5
Long-term investments:
Asset-backed securities	0.2				—				—				0.2
	0.2				—				—				0.2
Total	$	373.7			$	0.1			$	(3.1	)		$	370.7

The following is a summary of the amortized cost and estimated fair value of our debt securities at June 30, 2018 by contractual maturity date (in millions):

	Amortized Cost				Estimated Fair Value
Mature in less than one year	$	156.7			$	156.4
Mature in one to five years	170.9				169.3
Mature in more than five years	46.1				45.0
Total	$	373.7			$	370.7

Schedule of financial assets and liabilities carried at fair value on a recurring basis

Financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2018 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	$	—			$	68.4			$	—			$	68.4
Time deposits	25.7				10.0				—				35.7
Money market funds	30.2				—				—				30.2
Foreign government obligations	—				1.8				—				1.8
U.S. government sponsored agencies	—				6.0				—				6.0
Total cash equivalents (a)	55.9				86.2				—				142.1
Restricted investment	5.6				—				—				5.6
Equity securities (b)	3,196.6				—				—				3,196.6
Available-for-sale investments:
Corporate debt securities	—				223.6				—				223.6
U.S. government sponsored agencies	—				66.0				—				66.0
Foreign government obligations	—				2.6				—				2.6
Municipal obligations	—				15.6				—				15.6
Asset-backed securities	—				62.9				—				62.9
Total available-for-sale investments (c)	—				370.7				—				370.7
Forward foreign exchange contracts (d)	—				0.6				—				0.6
Total financial assets carried at fair value	$	3,258.1			$	457.5			$	—			$	3,715.6
Financial Liabilities Carried at Fair Value:
Forward foreign exchange contracts (e)	$	—			$	1.0			$	—			$	1.0
Contingent consideration (f)	—				—				13.0				13.0
Total financial liabilities carried at fair value	$	—			$	1.0			$	13.0			$	14.0

As of first quarter 2018, our equity securities are no longer reported as Available-for-sale investments due to the implementation of ASU 2016-01. Changes in fair value of equity securities are now reported on the Condensed Consolidated Statements of Income rather than Other Comprehensive Income (see Note 1).

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2017 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	$	—			$	36.0			$	—			$	36.0
Time deposits	43.7				10.0				—				53.7
U.S. government sponsored agencies	—				11.2				—				11.2
Money market funds	3.4				—				—				3.4
Total cash equivalents (a)	47.1				57.2				—				104.3
Restricted investment	5.6				—				—				5.6
Available-for-sale investments:
Corporate debt securities	—				185.7				—				185.7
U.S. government sponsored agencies	—				67.6				—				67.6
Foreign government obligations	—				3.4				—				3.4
Brokered certificates of deposit	—				0.7				—				0.7
Municipal obligations	—				15.0				—				15.0
Marketable equity securities	973.4				—				—				973.4
Asset-backed securities	—				55.6				—				55.6
Total available-for-sale investments (c)	973.4				328.0				—				1,301.4
Forward foreign exchange contracts (d)	—				0.5				—				0.5
Total financial assets carried at fair value	$	1,026.1			$	385.7			$	—			$	1,411.8
Financial Liabilities Carried at Fair Value:
Forward foreign exchange contracts (e)	$	—			$	1.6			$	—			$	1.6
Contingent consideration (f)	—				—				16.7				16.7
Total financial liabilities carried at fair value	$	—			$	1.6			$	16.7			$	18.3

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

(b) Equity securities are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):

	June 30, 2018
Short-term investments	$	44.7
Other investments	3,151.9
Total	$	3,196.6

The unrealized gains on our equity securities still held as of June 30, 2018 are $1,102.3 million and are primarily due to our investment in Sartorius AG and is recorded in our Condensed Consolidated Statements of Income due to the adoption of ASU 2016-01 (see Note 1).

(c)Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):

	June 30, 2018				December 31, 2017
Short-term investments	$	370.5			$	371.2
Other investments	0.2				930.2
Total	$	370.7			$	1,301.4

In accordance with our adoption of ASU 2016-01 January 1, 2018, our investment in Sartorius AG preferred shares, which was reported within marketable equity securities as Available-for-sale as of December 31, 2017, is now reported as an Equity security as of June 30, 2018 (see Note 1 and footnote (b) above).

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

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

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

	June 30, 2018				December 31, 2017
Other current liabilities	$	2.6			$	2.7
Other long-term liabilities	10.4				14.0
Total	$	13.0			$	16.7

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a reconciliation of the Level 3 analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value (in millions):

January 1, 2018	$	16.7
Analytical flow cytometer platform:
Payment of sales milestone	(1.3		)
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense	(2.4		)
June 30, 2018	$	13.0

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The following table provides quantitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of June 30, 2018. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

	Valuation Technique	Unobservable Input
Analytical flow cytometer platform	Probability-weighted income approach	Sales milestones:
		Discount rate	11.1	%
		Cost of debt	4.8	%

Schedule of available-for-sale investments

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

	December 31, 2017
	Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Short-term investments:
Corporate debt securities	$	185.9			$	0.3			$	(0.5	)		$	185.7
Brokered certificates of deposit	0.7				—				—				0.7
Municipal obligations	15.1				—				(0.1		)		15.0
Asset-backed securities	55.6				—				(0.2		)		55.4
U.S. government sponsored agencies	68.3				—				(0.7		)		67.6
Foreign government obligations	3.4				—				—				3.4
Marketable equity securities	34.4				9.0				—				43.4
	363.4				9.3				(1.5		)		371.2
Long-term investments:
Marketable equity securities	54.5				875.5				—				930.0
Asset-backed securities	0.2				—				—				0.2
	54.7				875.5				—				930.2
Total	$	418.1			$	884.8			$	(1.5	)		$	1,301.4

Summary of fair value of gross unrealized losses for investments with unrealized losses

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

	June 30, 2018				December 31, 2017
Fair value of investments in a loss position 12 months or more	$	36.9			$	43.9
Fair value of investments in a loss position less than 12 months	$	199.4			$	168.7
Gross unrealized losses for investments in a loss position 12 months or more	$	0.9			$	0.7
Gross unrealized losses for investments in a loss position less than 12 months	$	2.2			$	0.8

Discussion of current derivative risk management

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

	June 30,
	2018
Contracts maturing in July through September 2018 to sell foreign currency:
Notional value	$	37.8
Unrealized loss	$	0.1
Contracts maturing in July through September 2018 to purchase foreign currency:
Notional value	$	327.6
Unrealized loss	$	0.5

Estimated fair value of financial instruments

The estimated fair value of the financial instruments discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions):

	June 30, 2018										December 31, 2017
	Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level		Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level
Other investments	—				—						$	91.8			$	1,249.4			2
Total long-term debt, excluding leases and current maturities	$	423.4			$	439.4			2		$	423.1			$	449.8			2

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