XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
VENTURE CAPITAL INVESTMENTS
6 Months Ended
Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]  
VENTURE CAPITAL INVESTMENTS
VENTURE CAPITAL INVESTMENTS
The Company invests in several venture capital funds that invest in start-up companies, primarily in the life sciences industry. The Company’s ownership interest in these funds ranges from less than 1% to 12.0%. The Company accounts for the investments in limited partnerships (LPs), which are variable interest entities, under the equity method of accounting. The Company is not the primary beneficiary because it has no power to direct the activities that most significantly affect the LPs’ economic performance. The Company accounts for the investments in limited liability companies, which are not variable interest entities, under the equity method of accounting.
The Company’s total commitment to the venture capital funds as of June 30, 2018 was $109.1 million, of which the Company funded $60.7 million through that date. The Company received dividends totaling $1.5 million and zero for the three months ended June 30, 2018 and July 1, 2017, respectively. The Company received dividends totaling $8.5 million and $4.4 million for the six months ended June 30, 2018 and July 1, 2017, respectively. The Company recognized gains of $10.9 million and $2.5 million related to the venture capital investments for the three months ended June 30, 2018 and July 1, 2017, respectively. The Company recognized gains of $17.4 million and $6.7 million related to the venture capital investments for the six months ended June 30, 2018 and July 1, 2017, respectively.