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3. Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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			(3.3)
Net decrease in estimated fair value of contingent consideration included in Selling, general and administrative expense			(1.0)
Foreign distributor earn-outs:
Change in estimated fair value of contingent consideration included in Selling, general and administrative expense			—
Celsee, Inc.:
Fair value of contingent consideration			0.1
December 31, 2020			$	0.7

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

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

			December 31, 2020
			Amortized Cost						Unrealized Gains						Unrealized Losses						Allowances for Credit Losses						Estimated Fair Value
Short-term investments:
Corporate debt securities			$	130.5					$	2.7					$	—					—						$	133.2
Municipal obligations			15.0						0.2						—						—						15.2
Asset-backed securities			35.8						0.3						—						—						36.1
U.S. government sponsored agencies			74.7						2.2						—						—						76.9
Foreign government obligations			4.0						—						—						—						4.0
Other foreign obligations			2.1						—						—						—						2.1
			262.1						5.4						—						—						267.5
Long-term investments:
Asset-backed securities			0.1						—						—						—						0.1
			0.1						—						—						—						0.1
Total			$	262.2					$	5.4					$	—					$	—					$	267.6

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 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, 2020 by contractual maturity date (in millions):

			Amortized Cost						Estimated Fair Value
Mature in less than one year			$	130.9					$	131.5
Mature in one to five years			88.1						90.5
Mature in more than five years			43.2						45.6
Total			$	262.2					$	267.6

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):

There were no significant unrealized losses as of December 31, 2020 in either the less than or greater than 12 month categories.

Gross unrealized losses and associated fair value (in millions) as of December 31, 2019 were:

			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

Schedule of Derivative Instruments [Table Text Block]

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

			December 31,
			2020
Contracts maturing in January through March 2021 to sell foreign currency:
Notional value			$	125.3
Unrealized loss			$	(0.4)
Contracts maturing in January through March 2021 to purchase foreign currency:
Notional value			$	301.6
Unrealized gain			$	0.4

Estimated fair value of financial instruments

The estimated fair value of our long-term debt and the level of the fair value hierarchy within which the fair value measurement is categorized are as follows (in millions):

			December 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			$	—					$	—					N/A						$	424.4					$	435.5					2

Fair Value Measurements, Recurring and Nonrecurring

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 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			$	—					$	41.7					$	—					$	41.7
Time deposits			17.6						10.0						—						27.6
Asset-backed securities			—						0.9						—						0.9
U.S. government sponsored agencies			—						2.5						—						2.5
Money market funds			60.1						—						—						60.1
Total cash equivalents (a)			77.7						55.1						—						132.8
Restricted investments (b)			6.7						—						—						6.7
Equity Securities (c)			9,582.4						—						—						9,582.4
Available-for-sale investments:
Corporate debt securities			—						133.2						—						133.2
U.S. government sponsored agencies			—						76.9						—						76.9
Foreign government obligations			—						4.0						—						4.0
Other foreign obligations			—						2.1						—						2.1
Municipal obligations			—						15.2						—						15.2
Asset-backed securities			—						36.2						—						36.2
Total available-for-sale investments (d)			—						267.6						—						267.6
Forward foreign exchange contracts (e)			—						1.0						—						1.0
Total financial assets carried at fair value			$	9,666.8					$	323.7					$	—					$	9,990.5
Financial liabilities carried at fair value:
Forward foreign exchange contracts (f)			$	—					$	1.0					$	—					$	1.0
Contingent consideration (g)			—						—						0.7						0.7
Total financial liabilities carried at fair value			$	—					$	1.0					$	0.7					$	1.7

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 investments (b)			5.6						—						—						5.6
Equity securities (c)			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 (d)			—						402.9						—						402.9
Forward foreign exchange contracts (e)			—						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 (f)			$	—					$	1.0					$	—					$	1.0
Contingent consideration (g)			—						—						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 consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the consolidated balance sheets (in millions):

			December 31, 2020						December 31, 2019
Restricted investments			$	5.6					$	5.6
Other investments			1.1						—
Total			$	6.7					$	5.6

(c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions):

			December 31, 2020						December 31, 2019
Short-term investments			$	61.4					$	51.0
Other investments			9,521.0						4,613.4
Total			$	9,582.4					$	4,664.4

The change in fair market value on our equity securities for the year ended December 31, 2020 was $4,495.8 million gain, which was primarily due to our investment in Sartorius AG and is recorded in our consolidated statements of income.

As of December 31, 2020, we own 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We did not purchase any incremental shares for the years ended December 31, 2020 and 2019. We own approximately 37% of the ordinary outstanding voting shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of December 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.

(d) Available-for-sale investments are included in the following accounts in the consolidated balance sheets (in millions):

			December 31, 2020						December 31, 2019
Short-term investments			$	267.5					$	402.8
Other investments			0.1						0.1
Total			$	267.6					$	402.9

(e) Forward foreign exchange contracts in an asset position are included in other current assets in the consolidated balance sheets.

(f) Forward foreign exchange contracts in a liability position are included in other current liabilities in the consolidated balance sheets.

(g) Contingent consideration liabilities are included in the following accounts in the consolidated balance sheets (in millions):

			December 31, 2020						December 31, 2019
Other current liabilities			$	0.6					$	3.3
Other long-term liabilities			0.1						1.6
Total			$	0.7					$	4.9

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