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3. Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Debt Securities, Available-for-sale [Table Text Block] | Available-for-sale investments consist of the following (in millions):
| March 31, 2020
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Allowances for Credit Losses | Fair Value
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 199.2 |  |  | $ | 0.9 |  |  | $ | (1.7 | ) |  | $ | — |  | $ | 198.4 |
Municipal obligations | 14.3 |  |  | 0.1 |  |  | — |  |  | — |  | 14.4 |
Asset-backed securities | 72.2 |  |  | 0.2 |  |  | (0.7 | ) |  | — |  | 71.7 |
U.S. government sponsored agencies | 98.1 |  |  | 2.8 |  |  | — |  |  | — |  | 100.9 |
Foreign government obligations | 5.6 |  |  | — |  |  | — |  |  | — |  | 5.6 |
Other foreign obligations | 2.1 |  |  | — |  |  | — |  |  | — |  | 2.1 |
| 391.5 |  |  | 4.0 |  |  | (2.4 | ) |  | — |  | 393.1 |
Long-term investments: |  |  |  |  |  |  |  |
Asset-backed securities | 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
| 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
Total | $ | 391.6 |  |  | $ | 4.0 |  |  | $ | (2.4 | ) |  | $ | — |  | $ | 393.2 |
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 March 31, 2020 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 | $ | — |  |  | $ | 65.5 |  |  | $ | — |  |  | $ | 65.5 |
Asset-backed securities | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Time deposits | 26.4 |  |  | 10.0 |  |  | — |  |  | 36.4 |
Money market funds | 96.5 |  |  | — |  |  | — |  |  | 96.5 |
Total cash equivalents (a) | 122.9 |  |  | 75.6 |  |  | — |  |  | 198.5 |
Restricted investment | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Equity securities (b) | 5,448.4 |  |  | — |  |  | — |  |  | 5,448.4 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 198.4 |  |  | — |  |  | 198.4 |
U.S. government sponsored agencies | — |  |  | 100.9 |  |  | — |  |  | 100.9 |
Foreign government obligations | — |  |  | 5.6 |  |  | — |  |  | 5.6 |
Other foreign obligations | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Municipal obligations | — |  |  | 14.4 |  |  | — |  |  | 14.4 |
Asset-backed securities | — |  |  | 71.8 |  |  | — |  |  | 71.8 |
Total available-for-sale investments (c) | — |  |  | 393.2 |  |  | — |  |  | 393.2 |
Forward foreign exchange contracts (d) | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Total financial assets carried at fair value | $ | 5,576.9 |  |  | $ | 469.5 |  |  | $ | — |  |  | $ | 6,046.4 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (e) | $ | — |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | 1.3 |
Contingent consideration (f) | — |  |  | — |  |  | 3.5 |  |  | 3.5 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 1.3 |  |  | $ | 3.5 |  |  | $ | 4.8 |
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 |
(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):
| March 31, 2020 |  | December 31, 2019
Short-term investments | $ | 40.1 |  |  | $ | 51.0 |
Other investments | 5,408.3 |  |  | 4,613.4 |
Total | $ | 5,448.4 |  |  | $ | 4,664.4 |
The year-to-date unrealized gains on our equity securities as of March 31, 2020 were $827.7 million and were primarily due to our investment in Sartorius AG and are recorded in our Condensed Consolidated Statements of Income. We own shares of ordinary voting stock of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own over 37% of the outstanding voting shares (excluding treasury shares) of Sartorius as of March 31, 2020. The Sartorius family trust and Sartorius family members hold a controlling interest of the outstanding voting shares. We do not have any representative or designee on Sartorius' board of directors, nor do we have the ability to exercise significant influence over the operating and financial policies of Sartorius.
(c) | Available-for-sale investments are included in the following accounts in the Condensed Consolidated Balance Sheets (in millions):
| March 31, 2020 |  | December 31, 2019
Short-term investments | $ | 393.1 |  |  | $ | 402.8 |
Other investments | 0.1 |  |  | 0.1 |
Total | $ | 393.2 |  |  | $ | 402.9 |
(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):
| March 31, 2020 |  | December 31, 2019
Other current liabilities | $ | 3.5 |  |  | $ | 3.3 |
Other long-term liabilities | — |  |  | 1.6 |
Total | $ | 3.5 |  |  | $ | 4.9 |
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, 2019 | $ | 4.9 |
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 | (0.1 | )
Foreign distributor earn-outs: |
Change in estimated fair value of contingent consideration included in Selling, general and administrative expense | — |
March 31, 2020 | $ | 3.5 |
Schedule of available-for-sale investments | 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 |
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):
| March 31, 2020
| Less than 12 months |  | Greater than 12 months |  | Total
Description of securities: | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Corporate debt securities | $ | 106.0 |  | $ | 1.7 |  |  | $ | — |  | $ | — |  |  | $ | 106.0 |  | $ | 1.7 |
Asset-backed securities | 55.2 |  | 0.6 |  |  | 3.7 |  | 0.1 |  |  | 58.9 |  | 0.7 |
Total | $ | 161.2 |  | $ | 2.3 |  |  | $ | 3.7 |  | $ | 0.1 |  |  | $ | 164.9 |  | $ | 2.4 |
| December 31, 2019
| Less than 12 months |  | Greater than 12 months |  | Total
Description of securities: | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses |  | Fair Value | Unrealized Losses
Corporate debt securities | $ | 46.5 |  | $ | 0.1 |  |  | $ | 2.1 |  | $ | — |  |  | $ | 48.6 |  | $ | 0.1 |
Asset-backed securities | 17.9 |  | — |  |  | 7.0 |  | 0.1 |  |  | 24.9 |  | 0.1 |
U.S government sponsored agencies | 27.5 |  | 0.2 |  |  | 10.8 |  | — |  |  | 38.3 |  | 0.2 |
Total | $ | 91.9 |  | $ | 0.3 |  |  | $ | 19.9 |  | $ | 0.1 |  |  | $ | 111.8 |  | $ | 0.4 |
Discussion of current derivative risk management | The following is a summary of our forward foreign exchange contracts (in millions):
| March 31,
| 2020
Contracts maturing in April through June 2020 to sell foreign currency: |
Notional value | $ | 58.6 |
Unrealized gain | $ | 0.2 |
Contracts maturing in April through June 2020 to purchase foreign currency: |
Notional value | $ | 237.1 |
Unrealized loss | $ | (0.9 | )
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 March 31, 2020 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 163.8 |  |  | $ | 163.9 |
Mature in one to five years | 167.3 |  |  | 167.6 |
Mature in more than five years | 60.5 |  |  | 61.7 |
Total | $ | 391.6 |  |  | $ | 393.2 |
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):
| March 31, 2020 |  | December 31, 2019
| 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 | $ | 424.5 |  |  | $ | 422.9 |  |  | 2 |  | $ | 424.4 |  |  | $ | 435.5 |  |  | 2

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