XML 37 R23.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 12 Months Ended
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 
 20221,347.2 1,451.0 4.0 
20211,400.8 1,515.9 5.8 
Depreciation and amortization2023$62.8 $83.1 $— 
202257.9 79.4 — 
202154.8 82.8 — 
Operating profit (loss)2023$108.9 $229.6 $(0.7)
 2022266.8 217.7 (1.9)
2021319.7 181.8 (1.2)
Segment assets2023$287.1 $493.1 $0.3 
2022269.9 448.8 0.6 
2021207.7 363.5 1.0 
The following reconciles total operating profit to consolidated income (loss) before income taxes (in millions):
Year Ended December 31,
 202320222021
Total operating profit$337.8 $482.6 $500.3 
Interest expense(49.3)(38.1)(1.5)
Foreign currency exchange gains (losses), net7.3 0.2 (2.7)
Gains (losses) from change in fair market value of equity securities and loan receivable(1,252.3)(5,193.6)4,926.2 
Other income, net106.4 44.6 26.8 
Consolidated income (loss) before income taxes$(850.1)$(4,704.3)$5,449.1 

The following reconciles total segment assets to consolidated total assets (in millions):
 December 31,
 20232022
Total segment assets$780.5 $719.3 
Cash, short-term investments and other current assets2,267.8 2,438.7 
Property, plant and equipment, net, and operating lease right-of-use assets723.7 679.6 
Goodwill, net413.6 406.5 
Other long-term assets8,113.5 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,
 202320222021
United States$1,121.9 $1,155.5 $1,130.6 
Europe819.8 851.9 946.9 
Asia563.0 639.4 688.4 
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,
 20232022
United States$477.3 $465.7 
Europe197.0 183.7 
Asia82.7 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