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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | 15. SEGMENT INFORMATION Bio-Rad is a multinational manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 12,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve. The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used for biological research, biopharmaceutical production processes and food testing regimes. These products are sold to universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers and food testing laboratories. The Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. These products are primarily sold to hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories. Other Operations represent a small miscellaneous operation from a prior acquisition, which was sold during 2023 with no material impact on the consolidated statements of income (loss). Segment results are presented in the same manner as we present our operations internally to make operating decisions and assess performance. The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). Our chief operating decision maker ("CODM") views all operating expenses including depreciation and amortization and corporate overhead as directly supporting the strategies of our segments and these costs are fully allocated to our reportable segments. The CODM evaluates the performance of our segments and allocates resources primarily based on operating income, which represents revenues reduced by product costs and operating expenses. Information regarding industry segments at December 31, 2023, 2022, and 2021 and for the years then ended is as follows (in millions):
|  |  | Life Science |  | Clinical Diagnostics |  | Other Operations
Net sales | 2023 |  | $ | 1,178.4 |  |  | $ | 1,489.3 |  |  | $ | 3.6 |
| 2022 |  | 1,347.2 |  |  | 1,451.0 |  |  | 4.0 |
| 2021 |  | 1,400.8 |  |  | 1,515.9 |  |  | 5.8 |
Depreciation and amortization | 2023 |  | $ | 62.8 |  |  | $ | 83.1 |  |  | $ | — |
| 2022 |  | 57.9 |  |  | 79.4 |  |  | — |
| 2021 |  | 54.8 |  |  | 82.8 |  |  | — |
Operating profit (loss) | 2023 |  | $ | 108.9 |  |  | $ | 229.6 |  |  | $ | (0.7) |
| 2022 |  | 266.8 |  |  | 217.7 |  |  | (1.9) |
| 2021 |  | 319.7 |  |  | 181.8 |  |  | (1.2) |
Segment assets | 2023 |  | $ | 287.1 |  |  | $ | 493.1 |  |  | $ | 0.3 |
| 2022 |  | 269.9 |  |  | 448.8 |  |  | 0.6 |
| 2021 |  | 207.7 |  |  | 363.5 |  |  | 1.0 |
The following reconciles total operating profit to consolidated income (loss) before income taxes (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Total operating profit | $ | 337.8 |  |  | $ | 482.6 |  |  | $ | 500.3 |
Interest expense | (49.3) |  |  | (38.1) |  |  | (1.5) |
Foreign currency exchange gains (losses), net | 7.3 |  |  | 0.2 |  |  | (2.7) |
Gains (losses) from change in fair market value of equity securities and loan receivable | (1,252.3) |  |  | (5,193.6) |  |  | 4,926.2 |
Other income, net | 106.4 |  |  | 44.6 |  |  | 26.8 |
Consolidated income (loss) before income taxes | $ | (850.1) |  |  | $ | (4,704.3) |  |  | $ | 5,449.1 |
The following reconciles total segment assets to consolidated total assets (in millions):
|  | December 31,
|  | 2023 |  | 2022
Total segment assets |  | $ | 780.5 |  |  | $ | 719.3 |
Cash, short-term investments and other current assets |  | 2,267.8 |  |  | 2,438.7 |
Property, plant and equipment, net, and operating lease right-of-use assets |  | 723.7 |  |  | 679.6 |
Goodwill, net |  | 413.6 |  |  | 406.5 |
Other long-term assets |  | 8,113.5 |  |  | 9,257.6 |
Total assets |  | $ | 12,299.1 |  |  | $ | 13,501.7 |
The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
United States |  | $ | 1,121.9 |  |  | $ | 1,155.5 |  |  | $ | 1,130.6 |
Europe |  | 819.8 |  |  | 851.9 |  |  | 946.9 |
Asia |  | 563.0 |  |  | 639.4 |  |  | 688.4 |
Other (primarily Canada and Latin America) |  | 166.6 |  |  | 155.4 |  |  | 156.6 |
Total net sales |  | $ | 2,671.3 |  |  | $ | 2,802.2 |  |  | $ | 2,922.5 |
The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions):
|  | December 31,
|  | 2023 |  | 2022
United States |  | $ | 477.3 |  |  | $ | 465.7 |
Europe |  | 197.0 |  |  | 183.7 |
Asia |  | 82.7 |  |  | 63.8 |
Other (primarily Canada and Latin America) |  | 19.1 |  |  | 15.6 |
Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes |  | $ | 776.1 |  |  | $ | 728.8 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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