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Commitments and Contingent Liabilities | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingent Liabilities | 13. COMMITMENTS AND CONTINGENT LIABILITIES Deferred Profit Sharing Retirement Plan We have a profit sharing plan covering substantially all U.S. employees. Contributions are made at the discretion of management. As of December 31, 2023 and 2022, the liability related to the U.S. profit sharing plan was $1.9 million and $1.2 million, respectively. The contribution expense was $20.2 million, $19.1 million and $18.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Purchase Obligations As of December 31, 2023, we had purchase obligations that have not been recognized on our balance sheet of $122.6 million, which include agreements to purchase goods or services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. Recognition of purchase obligations occurs when products or services are delivered to Bio-Rad, generally within Accounts payable or Other current liabilities. The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2023 were as follows in millions:
2024 | $ | 96.4 |
2025 | 24.3 |
2026 | 1.8 |
2027 | 0.1 |
2028 | — |
2029 and thereafter | — |
Long-Term Liabilities As of December 31, 2023, we had obligations that have been recognized on our balance sheet of $121.7 million, which primarily represent long-term deferred revenue and other post-employment benefits. Excluded are tax liabilities for uncertain tax positions and contingencies. We are not able to reasonably estimate the timing of future cash flows of these tax liabilities, therefore, our income tax obligations are excluded. The annual future fixed and determinable portion of our obligations that have been recognized on our balance sheet as of December 31, 2023 were as follows in millions:
2024 | $ | 4.3 |
2025 | 29.8 |
2026 | 6.7 |
2027 | 4.8 |
2028 | 5.7 |
2029 and thereafter | 70.4 |
Letters of Credit/Guarantees In the ordinary course of business, we are at times required to post letters of credit/guarantees. The letters of credit/guarantees are issued by financial institutions to guarantee our obligations to various parties. We were contingently liable for $4.3 million of standby letters of credit/guarantees with financial institutions as of December 31, 2023. Other Post-Employment Benefits In several foreign locations we are statutorily required to provide retirement benefits or a lump sum termination indemnity to our employees upon termination for virtually any reason. These plans are accounted for as defined benefit plans and the associated net benefit obligation as of December 31, 2023 and 2022 of $62.2 million and $46.8 million, respectively, has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Most plans are not required to be funded, and as such, there is no trust or other device used to accumulate assets or settle these obligations. However, some of these plans require funding based on local laws in which there is a trust or other device administered by an external plan manager that is used to accumulate assets to assist in settling these obligations. The following disclosures include such plans, which are located in France, Switzerland, Germany, Korea, India, Thailand, Italy, Dubai and Japan. Obligations and Funded Status The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions):
Change in benefit obligation: | 2023 | 2022
Benefit obligation at beginning of year | $ | 129.2 |  | $ | 155.5 |
Service cost | 5.4 |  | 6.6 |
Interest cost | 3.4 |  | 0.8 |
Plan participants' contributions | 3.3 |  | 3.1 |
Actuarial (gain) loss | 14.0 |  | (23.5) |
Gross benefits paid | (1.0) |  | 0.7 |
Plan amendments | (0.7) |  | (1.0) |
Acquisitions | 2.5 |  | — |
Settlements | (10.6) |  | (7.6) |
Foreign currency adjustments | 8.9 |  | (5.4) |
Benefit obligation at end of year | 154.4 |  | 129.2 |
Change in plan assets: |  |
Fair value of plan assets at beginning year | 82.4 |  | 79.4 |
Actual return on plan assets | 1.7 |  | 1.5 |
Employer contributions | 4.7 |  | 4.3 |
Plan participants' contributions | 3.3 |  | 3.1 |
Gross benefits paid | 0.3 |  | 2.8 |
Acquisitions | 2.4 |  | — |
Settlements | (10.5) |  | (7.6) |
Foreign currency adjustments | 7.9 |  | (1.1) |
Fair value of plan assets at end of year | 92.2 |  | 82.4 |
Underfunded status of plans | (62.2) |  | (46.8) |
Amounts recognized in the consolidated balance sheets: |  |
Current liabilities (Accrued payroll and employee benefits) | (2.7) |  | (1.5) |
Noncurrent liabilities (Other long-term liabilities) | (59.5) |  | (45.3) |
Net liability, end of fiscal year | $ | (62.2) |  | $ | (46.8) |
Components of Net Periodic Benefit Cost The following sets forth the net periodic benefit cost (income) for the periods indicated (in millions):
| 2023 | 2022 | 2021
Service costs | $ | 5.4 |  | $ | 6.6 |  | $ | 8.0 |
Interest costs | 3.4 |  | 0.8 |  | 0.5 |
Expected returns on plan assets | (2.2) |  | (1.0) |  | (1.0) |
Amortization of actuarial losses | (0.1) |  | 0.3 |  | 1.8 |
Amortization of prior service costs | (0.4) |  | (0.3) |  | — |
Curtailments | — |  | — |  | (1.9) |
Settlements | 1.3 |  | (0.2) |  | 1.2 |
Net periodic benefit costs | $ | 7.4 |  | $ | 6.2 |  | $ | 8.6 |
Assumptions The above actuarial net gains were primarily based on financial, demographic and experience assumptions. The weighted-average assumptions used in computing the benefit obligations were as follows:
| 2023 | 2022
Discount rate | 2.0 | % | 2.6 | %
Compensation rate increase | 1.8 | % | 1.7 | %
The weighted-average assumptions used in computing the net periodic benefit costs were as follows:
| 2023 | 2022 | 2021
Discount rate | 2.5 | % | 0.6 | % | 0.3 | %
Expected long-term rate of return on plan assets | 2.6 | % | 1.3 | % | 1.1 | %
The accumulated benefit obligation (ABO), an estimate based on the assumption if these plans were to be terminated immediately, as of December 31, 2023 and 2022 was $114.8 million and $114.9 million, respectively. The ABO and fair value of plan assets for these plans with ABO in excess of plan assets were $22.6 million and $32.5 million as of December 31, 2023 and 2022, respectively. In some foreign locations we have service award plans that are paid based upon the number of years of employment. Under these plans, the liability as of December 31, 2023 and 2022 was $2.4 million and $2.5 million, respectively, and has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Concentrations of Labor Subject to Collective Bargaining Agreements At December 31, 2023, approximately seven percent of Bio-Rad's approximately 3,370 U.S. employees were covered by a collective bargaining agreement, which will expire on November 14, 2025. Many of Bio-Rad's non-U.S. full-time employees, especially in France, are covered by collective bargaining agreements.

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