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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | 10. Fair Value of Financial Instruments The following tables set forth the Company’s financial instruments recorded at fair value on a recurring basis and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):
September 30, 2024 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and money market funds |  | $ | 18.3 |  |  | $ | — |  |  | $ | 18.3 |  |  | $ | — |
Interest rate and cross-currency swap agreements |  |  | 13.5 |  |  |  | — |  |  |  | 13.5 |  |  |  | — |
Forward currency contracts |  |  | 1.0 |  |  |  | — |  |  |  | 1.0 |  |  |  | — |
Embedded derivatives in purchase and delivery contracts |  |  | 0.5 |  |  |  | — |  |  |  | 0.5 |  |  |  | — |
Fixed price commodity contracts |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |
Debt securities available for sale |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | 1.2 |
Total assets recorded at fair value |  | $ | 34.7 |  |  | $ | — |  |  | $ | 33.5 |  |  | $ | 1.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 21.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 21.5 |
Hybrid instruments liabilities |  |  | 73.7 |  |  |  | — |  |  |  | — |  |  |  | 73.7 |
Liability awards |  |  | 0.4 |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Interest rate and cross-currency swap agreements |  |  | 26.8 |  |  |  | — |  |  |  | 26.8 |  |  |  | — |
Forward currency contracts |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |  |  |  | — |
Equity interest purchase option liability |  |  | 15.2 |  |  |  | — |  |  |  | — |  |  |  | 15.2 |
Total liabilities recorded at fair value |  | $ | 138.7 |  |  | $ | — |  |  | $ | 27.9 |  |  | $ | 110.8 |
December 31, 2023 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and money market funds |  | $ | 226.9 |  |  | $ | — |  |  | $ | 226.9 |  |  | $ | — |
Interest rate and cross-currency swap agreements |  |  | 20.3 |  |  |  | — |  |  |  | 20.3 |  |  |  | — |
Forward currency contracts |  |  | 1.3 |  |  |  | — |  |  |  | 1.3 |  |  |  | — |
Embedded derivatives in purchase and delivery contracts |  |  | 1.2 |  |  |  | — |  |  |  | 1.2 |  |  |  | — |
Fixed price commodity contracts |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Debt securities available for sale |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | 1.2 |
Total assets recorded at fair value |  | $ | 251.2 |  |  | $ | — |  |  | $ | 250.0 |  |  | $ | 1.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 12.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 12.3 |
Hybrid instruments liabilities |  |  | 70.5 |  |  |  | — |  |  |  | — |  |  |  | 70.5 |
Liability awards |  |  | 0.7 |  |  |  | — |  |  |  | — |  |  |  | 0.7 |
Interest rate and cross-currency swap agreements |  |  | 26.8 |  |  |  | — |  |  |  | 26.8 |  |  |  | — |
Forward currency contracts |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Total liabilities recorded at fair value |  | $ | 110.9 |  |  | $ | — |  |  | $ | 27.4 |  |  | $ | 83.5 |
Derivative financial instruments are classified within Level 2 because there is not an active market for each derivative contract. However, the inputs used to calculate the value of the instruments are obtained from active markets. The Company measures certain assets and liabilities at fair value with changes in fair value recognized in earnings. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets or liabilities and did not elect the fair value option for any financial assets or liabilities which originated during the nine months ended September 30, 2024, or the year ended December 31, 2023. Debt securities: Debt securities consist of investments in redeemable preferred stock. Debt securities are classified as either current or long-term investments based on their contractual maturities unless the Company intends to sell an investment within the next twelve months, in which case it is classified as current on the consolidated balance sheets. Debt securities are classified as available for sale and are carried at fair value. Contingent Consideration: The following table sets forth the changes in contingent consideration liabilities (in millions):
Balance at December 31, 2023 |  | $ | 12.3 |
Current period additions |  |  | 13.4 |
Current period adjustments |  |  | 2.3 |
Current period settlements |  |  | (6.6 | )
Foreign currency effect |  |  | 0.1 |
Balance at September 30, 2024 |  | $ | 21.5 |
Changes in fair value subsequent to acquisition are recognized in “Acquisition-related expenses, net” included in Other Charges, net, in the consolidated statements of income and comprehensive income. Hybrid instruments liabilities: As part of the 2018 Mestrelab Research, S.L. (“Mestrelab”), 2022 PreOmics, 2023 Biognosys, 2023 Zontal, and 2023 MIRO acquisitions and certain other majority owned acquisitions, the Company entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining ownerships for cash at contractually defined redemption values. These rights (embedded derivatives) can be adjusted upon certain events related to post combination employment services. As the options are tied to continued employment, the Company classified the hybrid instruments (noncontrolling interests with embedded derivatives) as long-term liabilities on the consolidated balance sheet. Subsequent to the acquisitions, the carrying value of the hybrid instruments are remeasured to fair value with changes recorded to stock-based compensation expense in proportion to the respective requisite service period vested. The Company classified the hybrid instruments as Level 3 in the fair value hierarchy. The following table sets forth the changes in hybrid instruments liability (in millions):
Balance at December 31, 2023 |  | $ | 70.5 |
Acquisitions |  |  | — |
Current period adjustments |  |  | 2.9 |
Current period settlements |  |  | (0.1 | )
Foreign currency effect |  |  | 0.4 |
Balance at September 30, 2024 |  | $ | 73.7 |
See Note 19, Subsequent Events, for information regarding the Company’s exercise of its call option with respect to Mestrelab.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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