XML 32 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
8. STOCKHOLDERS' EQUITY

Bio-Rad’s issued and outstanding stock consists of Class A and Class B common stock. Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one-tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise control over Bio-Rad.

Changes to Bio-Rad's issued common stock shares are as follows (in thousands):
Class A SharesClass B Shares
Balance at January 1, 202225,134 5,078 
Class B to Class A conversions20 (20)
Issuance of common stock8 16 
Balance at December 31, 202225,162 5,074 
Class B to Class A conversions8 (8)
Issuance of common stock— 30 
Balance at December 31, 202325,170 5,096 
Class B to Class A conversions21 (21)
Issuance of common stock— — 
Balance at December 31, 202425,191 5,075 

Treasury Shares

The share repurchase activity under the share repurchase programs through open market transactions for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:
Number of Shares PurchasedWeighted-Average Price per ShareTotal Shares Repurchased To DateRemaining Authorized Value
(in millions)
May 1, 2022 - May 31, 2022255,284 $489.65 918,367 $98.1 
November 1, 2022 - November 30, 2022241,408 $375.63 1,159,775 $207.4 
May 1, 2023 – May 31, 2023549,863 $377.20 1,709,638 $— 
September 1, 2023 – September 30, 202358,478 $364.61 1,768,116 $478.7 
November 1, 2023 – November 30, 2023659,416 $303.30 2,427,532 $278.7 
March 1, 2024 – March 31, 202414,250 $329.98 2,441,782 $274.0 
May 1, 2024 – May 31, 2024221,893 $289.69 2,663,675 $209.7 
June 1, 2024 – June 30, 2024124,333 $287.29 2,788,008 $174.0 
July 1, 2024 – July 31, 2024328,171 $293.01 3,116,179 $577.8 
August 1, 2024 – August 31, 20242,210 $321.73 3,118,389 $577.1 
For the years ended December 31, 2024 and 2023, we used 183,567 and 160,811, respectively, of the repurchased shares in connection with the vesting of restricted stock units and our Employee Stock Purchase Program. As of December 31, 2024, the Company had repurchased $1,072.9 million under the 2017 Share Repurchase Program, which completed the level of authorized purchases under that share repurchase program. In July 2023, the board of directors authorized a new share repurchase program ("2023 Share Repurchase Program") granting the Company authority to repurchase, on a discretionary basis, up to $500 million of the outstanding shares of the Company's common stock. In July 2024, the board of directors granted the Company authority to repurchase, on a discretionary basis, up to an additional $500 million of the outstanding shares of the Company’s common stock under the 2023 Share Repurchase Program. As of December 31, 2024, $577.1 million remained available for repurchases under the 2023 Share Repurchase Program.