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3. Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2018
Fair Value Disclosures [Abstract] |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions):
| December 31, 2018
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 216.2 |  |  | $ | 0.1 |  |  | $ | (1.3 | ) |  | $ | 215.0 |
Municipal obligations | 11.1 |  |  | — |  |  | (0.1 | ) |  | 11.0 |
Asset-backed securities | 63.5 |  |  | — |  |  | (0.4 | ) |  | 63.1 |
U.S. government sponsored agencies | 80.9 |  |  | 0.2 |  |  | (0.8 | ) |  | 80.3 |
Foreign government obligations | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
| 375.3 |  |  | 0.3 |  |  | (2.6 | ) |  | 373.0 |
Long-term investments: |  |  |  |  |  |  |
Asset-backed securities | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
| 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total | $ | 375.5 |  |  | $ | 0.3 |  |  | $ | (2.6 | ) |  | $ | 373.2 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | conciliation of the Level 3 analytical flow cytometer platform contingent consideration liabilities measured at estimated fair value (in millions):
| 2018
January 1 | $ | 16.7 |
Payment of sales milestone | (2.1 | )
Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (6.2 | )
December 31 | $ | 8.4 |
The following table provides q
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | ntitative information about Level 3 inputs for fair value measurement of our analytical flow cytometer platform contingent consideration liability as of December 31, 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 | Percentage
Analytical flow cytometer platform | Probability-weighted income approach | Sales milestones: |
|  | Discount rate | 11.0 | %
|  | Cost of debt | 5.1 | %
Schedule of Derivative Instruments [Table Text Block] | The following is a summary of our forward foreign currency exchange contracts (in millions):
| December 31,
| 2018
Contracts maturing in January through March 2019 to sell foreign currency: |
Notional value | $ | 50.6 |
Unrealized gain | $ | 0.2 |
Contracts maturing in January through March 2019 to purchase foreign currency: |
Notional value | $ | 284.5 |
Unrealized loss | $ | (0.5 | )
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 December 31, 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 (a): |  |  |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 77.8 |  |  | $ | — |  |  | $ | 77.8 |
Time deposits | 22.7 |  |  | 10.0 |  |  | — |  |  | 32.7 |
Asset-backed securities | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Money market funds | 36.9 |  |  | — |  |  | — |  |  | 36.9 |
Total cash equivalents | 59.6 |  |  | 88.1 |  |  | — |  |  | 147.7 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Equity Securities (b) | 2,672.9 |  |  | — |  |  | — |  |  | 2,672.9 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 215.0 |  |  | — |  |  | 215.0 |
U.S. government sponsored agencies | — |  |  | 80.3 |  |  | — |  |  | 80.3 |
Foreign government obligations | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Municipal obligations | — |  |  | 11.0 |  |  | — |  |  | 11.0 |
Asset-backed securities | — |  |  | 63.3 |  |  | — |  |  | 63.3 |
Total available-for-sale investments (c) | — |  |  | 373.2 |  |  | — |  |  | 373.2 |
Forward foreign exchange contracts (d) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 2,738.1 |  |  | $ | 461.9 |  |  | $ | — |  |  | $ | 3,200.0 |
Financial Liabilities Carried at Fair Value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 0.7 |
Contingent consideration (f) | — |  |  | — |  |  | 8.4 |  |  | 8.4 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 0.7 |  |  | $ | 8.4 |  |  | $ | 9.1 |
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 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 (a): |  |  |  |  |  |  |
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 | 47.1 |  |  | 57.2 |  |  | — |  |  | 104.3 |
Restricted investment: | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Available-for-sale investments (c): |  |  |  |  |  |  |
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 | 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 Consolidated Balance Sheets.
(b) | Equity securities are included in the following accounts in the Consolidated Balance Sheets (in millions):
| December 31, 2018
Short-term investments | $ | 40.2 |
Other investments | 2,632.7 |
Total | $ | 2,672.9 |
The unrealized gains on our equity securities still held as of December 31, 2018 are $607.7 million and are primarily due to our investment in Sartorius AG and is recorded in our 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 Consolidated Balance Sheets (in millions):
| December 31, 2018 |  | December 31, 2017
Short-term investments | $ | 373.0 |  |  | $ | 371.2 |
Other investments | 0.2 |  |  | 930.2 |
Total | $ | 373.2 |  |  | $ | 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 December 31, 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 Consolidated Balance Sheets.
(e) | Forward foreign exchange contracts in a liability position are included in Other current liabilities in the Consolidated Balance Sheets.
(f) | Contingent consideration liabilities are included in the following accounts in the Consolidated Balance Sheets (in millions):
| December 31, 2018 |  | December 31, 2017
Other current liabilities | $ | 3.2 |  |  | $ | 2.7 |
Other long-term liabilities | 5.2 |  |  | 14.0 |
Total | $ | 8.4 |  |  | $ | 16.7 |
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 investments with gross unrealized losses and the associated fair value | The following is a summary of investments with gross unrealized losses and the associated fair value (in millions):
| December 31, 2018 |  | December 31, 2017
Fair value of investments in a loss position 12 months or more | $ | 117.9 |  |  | $ | 43.9 |
Fair value of investments in a loss position less than 12 months | $ | 193.0 |  |  | $ | 168.7 |
Gross unrealized losses for investments in a loss position 12 months or more | $ | 1.8 |  |  | $ | 0.7 |
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.8 |  |  | $ | 0.8 |
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 December 31, 2018 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 155.5 |  |  | $ | 155.2 |
Mature in one to five years | 172.4 |  |  | 171.3 |
Mature in more than five years | 47.6 |  |  | 46.7 |
Total | $ | 375.5 |  |  | $ | 373.2 |
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):
| December 31, 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 | $ | 423.7 |  |  | $ | 435.8 |  |  | 2 |  | $ | 423.1 |  |  | $ | 449.8 |  |  | 2

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