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3. Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions):
| September 30, 2019
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Short-term investments: |  |  |  |  |  |  |
Corporate debt securities | $ | 180.3 |  |  | $ | 1.5 |  |  | $ | (0.1 | ) |  | $ | 181.7 |
Municipal obligations | 10.6 |  |  | 0.1 |  |  | — |  |  | 10.7 |
Asset-backed securities | 72.0 |  |  | 0.2 |  |  | (0.1 | ) |  | 72.1 |
U.S. government sponsored agencies | 97.6 |  |  | 1.0 |  |  | (0.1 | ) |  | 98.5 |
Foreign government obligations | 4.7 |  |  | — |  |  | — |  |  | 4.7 |
Other foreign obligations | 3.1 |  |  | — |  |  | — |  |  | 3.1 |
| 368.3 |  |  | 2.8 |  |  | (0.3 | ) |  | 370.8 |
Long-term investments: |  |  |  |  |  |  |
Asset-backed securities | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
| 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total | $ | 368.4 |  |  | $ | 2.8 |  |  | $ | (0.3 | ) |  | $ | 370.9 |
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 September 30, 2019 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 | $ | — |  |  | $ | 76.6 |  |  | $ | — |  |  | $ | 76.6 |
Asset-backed securities | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
U.S. government sponsored agencies | — |  |  | 3.2 |  |  | — |  |  | 3.2 |
Time deposits | 23.6 |  |  | 10.0 |  |  | — |  |  | 33.6 |
Money market funds | 62.9 |  |  | — |  |  | — |  |  | 62.9 |
Total cash equivalents (a) | 86.5 |  |  | 89.9 |  |  | — |  |  | 176.4 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Equity securities (b) | 3,950.5 |  |  | — |  |  | — |  |  | 3,950.5 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 181.7 |  |  | — |  |  | 181.7 |
U.S. government sponsored agencies | — |  |  | 98.5 |  |  | — |  |  | 98.5 |
Foreign government obligations | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Other foreign obligations | — |  |  | 3.1 |  |  | — |  |  | 3.1 |
Municipal obligations | — |  |  | 10.7 |  |  | — |  |  | 10.7 |
Asset-backed securities | — |  |  | 72.2 |  |  | — |  |  | 72.2 |
Total available-for-sale investments (c) | — |  |  | 370.9 |  |  | — |  |  | 370.9 |
Forward foreign exchange contracts (d) | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Total financial assets carried at fair value | $ | 4,042.6 |  |  | $ | 461.3 |  |  | $ | — |  |  | $ | 4,503.9 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |
Contingent consideration (f) | — |  |  | — |  |  | 5.3 |  |  | 5.3 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 0.8 |  |  | $ | 5.3 |  |  | $ | 6.1 |
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: |  |  |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 77.8 |  |  | $ | — |  |  | $ | 77.8 |
Time deposits | 22.7 |  |  | 10.0 |  |  | — |  |  | 32.7 |
Asset-backed securities | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Money market funds | 36.9 |  |  | — |  |  | — |  |  | 36.9 |
Total cash equivalents (a) | 59.6 |  |  | 88.1 |  |  | — |  |  | 147.7 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Equity securities (b) | 2,672.9 |  |  | — |  |  | — |  |  | 2,672.9 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 215.0 |  |  | — |  |  | 215.0 |
U.S. government sponsored agencies | — |  |  | 80.3 |  |  | — |  |  | 80.3 |
Foreign government obligations | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Municipal obligations | — |  |  | 11.0 |  |  | — |  |  | 11.0 |
Asset-backed securities | — |  |  | 63.3 |  |  | — |  |  | 63.3 |
Total available-for-sale investments (c) | — |  |  | 373.2 |  |  | — |  |  | 373.2 |
Forward foreign exchange contracts (d) | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Total financial assets carried at fair value | $ | 2,738.1 |  |  | $ | 461.9 |  |  | $ | — |  |  | $ | 3,200.0 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 0.7 |
Contingent consideration (f) | — |  |  | — |  |  | 8.4 |  |  | 8.4 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 0.7 |  |  | $ | 8.4 |  |  | $ | 9.1 |
(a) | Cash equivalents are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.
(b) | Equity securities are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| September 30, 2019 |  | December 31, 2018
Short-term investments | $ | 47.4 |  |  | $ | 40.2 |
Other investments | 3,903.1 |  |  | 2,632.7 |
Total | $ | 3,950.5 |  |  | $ | 2,672.9 |
The year-to-date unrealized gains on our equity securities as of September 30, 2019 were $1,385.0 million and were primarily due to our investment in Sartorius AG and are recorded in our Condensed Consolidated Statements of Income.
(c) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| September 30, 2019 |  | December 31, 2018
Short-term investments | $ | 370.8 |  |  | $ | 373.0 |
Other investments | 0.1 |  |  | 0.2 |
Total | $ | 370.9 |  |  | $ | 373.2 |
(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):
| September 30, 2019 |  | December 31, 2018
Other current liabilities | $ | 3.7 |  |  | $ | 3.2 |
Other long-term liabilities | 1.6 |  |  | 5.2 |
Total | $ | 5.3 |  |  | $ | 8.4 |
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):
December 31, 2018 | $ | 8.4 |
Payment of sales milestone | (2.5 | )
Decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense | (0.6 | )
September 30, 2019 | $ | 5.3 |
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 September 30, 2019. 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 | 11.4 | %
|  | Average cost of debt | 3.9 | %
Schedule of available-for-sale investments | 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 |
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):
| September 30, 2019 |  | December 31, 2018
Fair value of investments in a loss position 12 months or more | $ | 27.3 |  |  | $ | 117.9 |
Fair value of investments in a loss position less than 12 months | $ | 90.3 |  |  | $ | 193.0 |
Gross unrealized losses for investments in a loss position 12 months or more | $ | 0.1 |  |  | $ | 1.8 |
Gross unrealized losses for investments in a loss position less than 12 months | $ | 0.2 |  |  | $ | 0.8 |
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions):
| September 30,
| 2019
Contracts maturing in October through December 2019 to sell foreign currency: |
Notional value | $ | 37.6 |
Unrealized gain or loss | $ | — |
Contracts maturing in October through December 2019 to purchase foreign currency: |
Notional value | $ | 232.5 |
Unrealized loss | $ | 0.2 |
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 September 30, 2019 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 139.9 |  |  | $ | 140.0 |
Mature in one to five years | 168.3 |  |  | 169.4 |
Mature in more than five years | 60.2 |  |  | 61.5 |
Total | $ | 368.4 |  |  | $ | 370.9 |
Estimated fair value of financial instruments | The estimated fair value of our long-term debt discussed above and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions):
| September 30, 2019 |  | December 31, 2018
| Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level |  | Carrying Amount |  | Estimated Fair Value |  | Fair Value Hierarchy Level
Total long-term debt, excluding leases and current maturities | $ | 424.2 |  |  | $ | 435.1 |  |  | 2 |  | $ | 423.7 |  |  | $ | 435.8 |  |  | 2

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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