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2. Fair Value Measurements | 3 Months Ended | 6 Months Ended
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Jun. 30, 2021 | Jun. 30, 2021
Fair Value Disclosures [Abstract] |  |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: •Level 1: Quoted prices in active markets for identical instruments •Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) •Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2021 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 | $ | — |  |  | $ | 68.4 |  |  | $ | — |  |  | $ | 68.4 |
Time deposits | 23.8 |  |  | 10.0 |  |  | — |  |  | 33.8 |
Money market funds | 78.9 |  |  | — |  |  | — |  |  | 78.9 |
Total cash equivalents (a) | 102.7 |  |  | 78.4 |  |  | — |  |  | 181.1 |
Restricted investments (b) | 6.8 |  |  | — |  |  | — |  |  | 6.8 |
Equity securities (c) | 11,607.8 |  |  | — |  |  | — |  |  | 11,607.8 |
Available-for-sale investments: |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 245.2 |  |  | — |  |  | 245.2 |
U.S. government sponsored agencies | — |  |  | 58.5 |  |  | — |  |  | 58.5 |
Foreign government obligations | — |  |  | 3.2 |  |  | — |  |  | 3.2 |
Other foreign obligations | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Certificates of Deposit | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Municipal obligations | — |  |  | 17.9 |  |  | — |  |  | 17.9 |
Asset-backed securities | — |  |  | 28.1 |  |  | — |  |  | 28.1 |
Total available-for-sale investments (d) | — |  |  | 359.9 |  |  | — |  |  | 359.9 |
Forward foreign exchange contracts (e) | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Total financial assets carried at fair value | $ | 11,717.3 |  |  | $ | 439.0 |  |  | $ | — |  |  | $ | 12,156.3 |
Financial liabilities carried at fair value: |  |  |  |  |  |  |
Forward foreign exchange contracts (f) | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Contingent consideration (g) | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Total financial liabilities carried at fair value | $ | — |  |  | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | 0.6 |
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 |
(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
| June 30, 2021 |  | December 31, 2020
Restricted investments | $ | 5.6 |  |  | $ | 5.6 |
Other investments | 1.2 |  |  | 1.1 |
Total | $ | 6.8 |  |  | $ | 6.7 |
(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
| June 30, 2021 |  | December 31, 2020
Short-term investments | $ | 68.7 |  |  | $ | 61.4 |
Other investments | 11,539.1 |  |  | 9,521.0 |
Total | $ | 11,607.8 |  |  | $ | 9,582.4 |
The changes in fair market value on our equity securities for the three and six months ended June 30, 2021 were $1,030.7 million and $2,210.1 million of gains, respectively, which were primarily due to our investment in Sartorius AG and is recorded in Change in fair market value of equity securities in our condensed consolidated statements of income. As of June 30, 2021, 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 own approximately 37% of the ordinary outstanding voting shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of June 30, 2021. (d) Available-for-sale investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
| June 30, 2021 |  | December 31, 2020
Short-term investments | $ | 359.8 |  |  | $ | 267.5 |
Other investments | 0.1 |  |  | 0.1 |
Total | $ | 359.9 |  |  | $ | 267.6 |
(e) Forward foreign exchange contracts in an asset position are included in other current assets in the condensed consolidated balance sheets. (f) Forward foreign exchange contracts in a liability position are included in other current liabilities in the condensed consolidated balance sheets. (g) Contingent consideration liability is included in the following accounts in the condensed consolidated balance sheets (in millions):
| June 30, 2021 |  | December 31, 2020
Other current liabilities | $ | — |  |  | $ | 0.6 |
Other long-term liabilities | 0.1 |  |  | 0.1 |
Total | $ | 0.1 |  |  | $ | 0.7 |
During the fourth quarter of 2019, we recognized a contingent consideration liability for earn-out targets related to our acquisition of a foreign distributor. The first earn-out payment of $0.7 million was paid by the acquisition date. The maximum earn-out payment due was $1.4 million. We paid the second and final earn-out payment per the purchase agreement of $0.6 million in the second quarter in 2021. To estimate the fair value of Level 2 debt securities as of June 30, 2021, our primary pricing provider uses Reuters as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Reuters does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source. Available-for-sale investments consist of the following (in millions):
| June 30, 2021
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Allowances for Credit Losses | Fair Value
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities | $ | 243.3 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | — |  | $ | 245.2 |
Municipal obligations | 17.8 |  |  | 0.1 |  |  | — |  |  | — |  | 17.9 |
Asset-backed securities | $ | 27.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  | $ | 28.0 |
U.S. government sponsored agencies | 57.3 |  |  | 1.2 |  |  | — |  |  | — |  | 58.5 |
Foreign government obligations | $ | 3.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  | $ | 3.2 |
Certificates of Deposit | 4.9 |  |  | — |  |  | — |  |  | — |  | 4.9 |
Other foreign obligations | 2.1 |  |  | — |  |  | — |  |  | — |  | 2.1 |
| 356.4 |  |  | 3.4 |  |  | — |  |  | — |  | 359.8 |
Long-term investments: |  |  |  |  |  |  |  |
Asset-backed securities | 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
| 0.1 |  |  | — |  |  | — |  |  | — |  | 0.1 |
Total | $ | 356.5 |  |  | $ | 3.4 |  |  | $ | — |  |  | $ | — |  | $ | 359.9 |
The following is a summary of the amortized cost and estimated fair value of our debt securities at June 30, 2021 by contractual maturity date (in millions):
| Amortized Cost |  | Estimated Fair Value
Mature in less than one year | $ | 257.0 |  |  | $ | 257.4 |
Mature in one to five years | 64.0 |  |  | 65.7 |
Mature in more than five years | 35.5 |  |  | 36.8 |
Total | $ | 356.5 |  |  | $ | 359.9 |
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 |
There were no significant unrealized losses as of June 30, 2021 and December 31, 2020 in either the less than or greater than 12 month categories. Our evaluation of credit losses for available-for-sale debt securities included the extent to which the fair value is less than the amortized cost basis, adverse conditions specifically related to the debt security, an industry or geographic area, and any changes in the rating of a security by a rating agency. Credit loss impairments are limited to the amount that the fair value of an instrument is less than its amortized cost basis. At June 30, 2021, we have concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of June 30, 2021. Included in other current assets are $1.9 million and $1.4 million of interest receivable as of June 30, 2021 and December 31, 2020, respectively, primarily associated with securities in our available-for-sale investments portfolio. The interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the six months ended June 30, 2021, we have not written-off any uncollected interest receivable. As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in foreign exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded at their fair value at each balance sheet date. The notional principal amounts provide one measure of the transaction volume outstanding as of June 30, 2021 and do not represent the amount of Bio-Rad's exposure to loss. The estimated fair value of these contracts was derived using the spot rates from Reuters on the last business day of the quarter and the points provided by counterparties. The resulting gains or losses offset exchange gains or losses on the related receivables and payables, both of which are included in foreign currency exchange (gains) losses, net in the condensed consolidated statements of income. The following is a summary of our forward foreign exchange contracts (in millions):
| June 30,
| 2021
Contracts maturing in July through September 2021 to sell foreign currency: |
Notional value | $ | 274.5 |
Unrealized Loss | $ | 0.1 |
Contracts maturing in July through September 2021 to purchase foreign currency: |
Notional value | $ | 203.5 |
Unrealized (Gain)/Loss | $ | (0.3) |
Included in other investments in the condensed consolidated balance sheets are investments without readily determinable fair value measured at cost and is adjusted for observable price changes or impairments. The carrying value of these investments was $6.5 million and $0.5 million as of June 30, 2021 and December 31, 2020, respectively. Also included in other investments in the condensed consolidated balance sheets are our equity method investments, for which our share of the equity method investees earnings is included in other income, net in our condensed consolidated statements of income. The carrying value of these investments was $33.5 million and $38.4 million as of June 30, 2021 and December 31, 2020, respectively. |
Subsequent Events [Text Block] |  | SUBSEQUENT EVENTOn July 26, 2021, we entered into a Settlement and Patent Cross License Agreement (the “Agreement”) with 10x Genomics, Inc. (“10x”) resolving all outstanding litigation and other proceedings between the two companies. Pursuant to the terms of the Agreement, the companies granted each other a non-exclusive, worldwide, royalty-bearing license and certain sublicenses to manufacture and sell products and services related to single cell analysis. We will receive approximately $32 million from 10x in the third quarter of 2021 primarily related to royalties and interest pertaining to sales of infringing products that occurred during the period from November 14, 2018 through December 31, 2020. In addition, each company shall pay to the other royalties for licensed products and licensed services through December 31, 2030.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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