XML 28 R13.htm IDEA: XBRL DOCUMENT
v3.22.4

5. Notes Payable and Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Notes Payable and Long-term Debt | NOTES PAYABLE AND LONG-TERM DEBT The principal components of long-term debt are as follows (in millions):
| December 31, 2022 |  | December 31, 2021
3.3%, Senior Notes due 2027 | $ | 400.0 |  |  | $ | — |
3.7%, Senior Notes due 2032 | 800.0 |  |  | — |
Less unamortized discounts and debt issuance costs | (12.4) |  |  | — |
Long-term debt less unamortized discounts and debt issuance costs | 1,187.6 |  |  | — |
Finance leases and other debt | 10.6 |  |  | 11.0 |
Less current maturities | (0.5) |  |  | (0.5) |
Long-term debt | $ | 1,197.7 |  |  | $ | 10.5 |
Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $207.5 million available for borrowing and usage as of December 31, 2022, which was reduced by $4.3 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations. Senior Notes due 2027 and 2032 In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.5346% and the issuance of the 2032 Notes yielded net cash proceeds of $790.5 at an effective rate of 3.8429%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of December 31, 2022. Credit Agreement In April 2019, Bio-Rad entered into a $200.0 million unsecured revolving credit facility ("Credit Agreement"). Borrowings under the Credit Agreement are on a revolving basis and can be used to make permitted acquisitions, for working capital and for other general corporate purposes. In November 2021 and April 2022, Bio-Rad entered into Amendments No. 1 and 2 (“Amendment”) to the Credit Agreement to add LIBOR replacement language, expand the definition of EBITDA, increase certain financial baskets and to clarify the definitions of certain terms related to cash in the Leverage Ratio calculation. We had no outstanding borrowings under the Credit Agreement as of December 31, 2022; however, $0.2 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2022. The Credit Agreement matures in April 2024. If we had borrowed against our Credit Agreement, the borrowing rate would have been 6.020% at December 31, 2022, which is based on the 3-month LIBOR. The Credit Agreement requires Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as certain restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments and create liens. We were in compliance with all of these ratios and covenants as of December 31, 2022 and 2021. Maturities of finance leases and other debt at December 31, 2022 were as follows (in millions):
2023 | $ | 0.5 |
2024 | 0.5
2025 | 0.5
2026 | 0.5
2027 | 400.4
2028 and thereafter | 808.2
Total Maturities of finance leases and other debt | $ | 1,210.6 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration