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3. Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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

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

	December 31, 2019
	Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Short-term investments:
Corporate debt securities	$	203.2			$	1.4			$	(0.1	)		$	204.5
Municipal obligations	11.5				0.1				—				11.6
Asset-backed securities	72.7				0.2				(0.1		)		72.8
U.S. government sponsored agencies	105.6				0.7				(0.2		)		106.1
Foreign government obligations	4.7				—				—				4.7
Other foreign obligations	3.1				—				—				3.1
	400.8				2.4				(0.4		)		402.8
Long-term investments:
Asset-backed securities	0.1				—				—				0.1
	0.1				—				—				0.1
Total	$	400.9			$	2.4			$	(0.4	)		$	402.9

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

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

December 31, 2018	$	8.4
Analytical flow cytometer platform:
Payment of sales milestone	(2.5		)
Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense	(1.6		)
Foreign distributor earn-outs:
Acquisition of foreign distributor	$	0.6
December 31, 2019	$	4.9

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 December 31, 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	Percentage
Analytical flow cytometer platform	Probability-weighted income approach	Sales milestones:
		Discount rate	11.1	%
		Cost of debt	3.9	%

Schedule of Derivative Instruments [Table Text Block]

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

	December 31,
	2019
Contracts maturing in January through March 2020 to sell foreign currency:
Notional value	$	52.0
Unrealized gain	$	0.3
Contracts maturing in January through March 2020 to purchase foreign currency:
Notional value	$	269.1
Unrealized loss	$	(0.3	)

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, 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	$	—			$	42.9			$	—			$	42.9
Time deposits	31.2				10.0				—				41.2
Asset-backed securities	—				0.1				—				0.1
Money market funds	69.9				—				—				69.9
Total cash equivalents (a)	101.1				53.0				—				154.1
Restricted investment	5.6				—				—				5.6
Equity Securities (b)	4,664.4				—				—				4,664.4
Available-for-sale investments:
Corporate debt securities	—				204.5				—				204.5
U.S. government sponsored agencies	—				106.1				—				106.1
Foreign government obligations	—				4.7				—				4.7
Other foreign obligations	—				3.1				—				3.1
Municipal obligations	—				11.6				—				11.6
Asset-backed securities	—				72.9				—				72.9
Total available-for-sale investments (c)	—				402.9				—				402.9
Forward foreign exchange contracts (d)	—				0.9				—				0.9
Total financial assets carried at fair value	$	4,771.1			$	456.8			$	—			$	5,227.9
Financial liabilities carried at fair value:
Forward foreign exchange contracts (e)	$	—			$	1.0			$	—			$	1.0
Contingent consideration (f)	—				—				4.9				4.9
Total financial liabilities carried at fair value	$	—			$	1.0			$	4.9			$	5.9

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 Consolidated Balance Sheets.

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

	December 31, 2019				December 31, 2018
Short-term investments	$	51.0			$	40.2
Other investments	4,613.4				2,632.7
Total	$	4,664.4			$	2,672.9

The year-to-date unrealized gains on our equity securities still held as of December 31, 2019 were $2,031.1 million and were primarily due to our investment in Sartorius AG and are recorded in our Consolidated Statements of Income.

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

	December 31, 2019				December 31, 2018
Short-term investments	$	402.8			$	373.0
Other investments	0.1				0.2
Total	$	402.9			$	373.2

(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, 2019				December 31, 2018
Other current liabilities	$	3.3			$	3.2
Other long-term liabilities	1.6				5.2
Total	$	4.9			$	8.4

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 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, 2019				December 31, 2018
Fair value of investments in a loss position 12 months or more	$	19.9			$	117.9
Fair value of investments in a loss position less than 12 months	$	97.8			$	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	$	0.3			$	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, 2019 by contractual maturity date (in millions):

	Amortized Cost				Estimated Fair Value
Mature in less than one year	$	174.5			$	174.6
Mature in one to five years	164.2				165.2
Mature in more than five years	62.2				63.1
Total	$	400.9			$	402.9

Estimated fair value of financial instruments

The estimated fair value of our debt 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, 2019										December 31, 2018
	Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level		Carrying  Amount				Estimated  Fair  Value				Fair Value Hierarchy Level
Total current maturities long-term debt, excluding leases	$	424.4			$	435.5			2		$	—			$	—			2
Total long-term debt, excluding leases and current maturities	$	—			$	—			2		$	423.7			$	435.8			2

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