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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMarch 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from______________to __________
Commission file number1-7928
BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware94-1381833
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1000 Alfred Nobel Drive,Hercules,California94547
(Address of principal executive offices)(Zip Code)
(510)724-7000
(Registrant's telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per shareBIONew York Stock Exchange
Class B Common Stock, Par Value $0.0001 per shareBIObNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232,405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).
YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Shares Outstanding at April 22, 2022:Class A - 24,877,012Class B - 5,064,594




BIO-RAD LABORATORIES, INC.

FORM 10-Q MARCH 31, 2022

TABLE OF CONTENTS

2


INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS

Other than statements of historical fact, statements made in this report include forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding our future financial performance, operating results, plans and objectives, impact of the COVID-19 pandemic on Bio-Rad’s results and operations, and steps governments, universities, hospitals and private industry, including diagnostic laboratories, are taking or may take as a result of the pandemic. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “believe,” “expect,” “anticipate,” “may,” “will,” “intend,” “estimate,” “continue,” or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. However, actual results may differ materially from those currently anticipated depending on a variety of risk factors including, but not limited to, the duration, severity and impact of the COVID-19 pandemic, global economic conditions, supply chain issues, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, reductions in government funding or capital spending of our customers, international legal and regulatory risks, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, natural disasters and other catastrophic events beyond our control, and other risks and uncertainties identified under “Part II, Item 1A, Risk Factors” of this Quarterly Report on Form 10-Q. We caution you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

3


PART I – FINANCIAL INFORMATION

BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)

March 31, 2022December 31, 2021
ASSETS:(Unaudited)
Cash and cash equivalents$802,316 $470,783 
Short-term investments1,271,163 399,135 
Restricted investments5,560 5,560 
Accounts receivable, less allowance for credit losses of $12,895 at 2022 and $15,142 at 2021
464,107 423,537 
Inventories:
Raw materials146,240 116,880 
Work in process153,250 142,742 
Finished goods306,002 312,617 
Total inventories605,492 572,239 
Prepaid expenses126,657 107,745 
Other current assets28,126 10,089 
Total current assets3,303,421 1,989,088 
Property, plant and equipment1,500,447 1,488,568 
Less: accumulated depreciation and amortization(1,014,704)(997,616)
Property, plant and equipment, net485,743 490,952 
Operating lease right-of-use assets198,453 204,798 
Goodwill, net345,728 347,343 
Purchased intangibles, net247,144 253,939 
Other investments9,689,284 14,387,006 
Other assets103,925 102,669 
Total assets$14,373,698 $17,775,795 
















The accompanying notes are an integral part of these condensed consolidated financial statements.
4






BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(continued)
(In thousands, except share data)

March 31, 2022December 31, 2021
LIABILITIES AND STOCKHOLDERS’ EQUITY:(Unaudited) 
Accounts payable$160,651 $141,941 
Accrued payroll and employee benefits184,542 276,986 
Current maturities of long-term debt and notes payable504 489 
Income and other taxes payable54,309 46,299 
Current operating lease liabilities36,739 36,435 
Other current liabilities211,586 178,788 
Total current liabilities648,331 680,938 
Long-term debt, net of current maturities1,196,739 10,514 
Deferred income taxes1,995,889 3,059,080 
Operating lease liabilities169,734 175,938 
Other long-term liabilities180,089 182,191 
Total liabilities4,190,782 4,108,661 
Stockholders’ equity:  
Class A common stock, shares issued 25,156,113 and 25,133,530 at 2022 and 2021, respectively; shares outstanding 24,876,569 and 24,853,986 at 2022 and 2021, respectively
2 2 
Class B common stock, shares issued and outstanding, 5,064,594 at 2022 and 5,078,452 at 2021
1 1 
Additional paid-in capital459,431 441,733 
Class A treasury stock at cost, 279,544 shares at 2022 and 2021
(106,290)(106,290)
Retained earnings10,137,628 13,507,241 
Accumulated other comprehensive income(307,856)(175,553)
Total stockholders’ equity10,182,916 13,667,134 
Total liabilities and stockholders’ equity$14,373,698 $17,775,795 













The accompanying notes are an integral part of these condensed consolidated financial statements. 
5




BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income (Loss)
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
 March 31,
 20222021
Net sales$700,062 $726,796 
Cost of goods sold296,502 326,169 
Gross profit403,560 400,627 
Selling, general and administrative expense197,594 225,853 
Research and development expense62,543 73,912 
Income from operations143,423 100,862 
Interest expense4,048 398 
Foreign currency exchange (gains) losses, net(2,128)71 
(Gains) losses from change in fair market value of equity securities and loan receivable4,545,117 (1,179,403)
Other income, net(32,597)(17,407)
Income (loss) before income taxes(4,371,017)1,297,203 
Benefit from (provision for) income taxes1,001,404 (319,789)
Net income (loss)$(3,369,613)$977,414 
Basic earnings (loss) per share:  
Net income (loss) per basic share$(112.57)$32.77 
Weighted average common shares - basic29,933 29,823 
Diluted earnings (loss) per share:  
Net income (loss) per diluted share$(112.57)$32.38 
Weighted average common shares - diluted29,933 30,186 


The accompanying notes are an integral part of these condensed consolidated financial statements. 



6


BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Net income (loss)$(3,369,613)$977,414 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes(128,598)(214,323)
Foreign other post-employment benefits adjustments, net of income taxes325 1,857 
Net unrealized holding loss on available-for-sale (AFS) debt investments, net of income taxes(4,030)(1,556)
Other comprehensive loss, net of income taxes(132,303)(214,022)
Comprehensive income (loss)$(3,501,916)$763,392 



The accompanying notes are an integral part of these condensed consolidated financial statements.

7



BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands, unaudited)
 Three Months Ended
 March 31,
 20222021
Cash flows from operating activities:  
Cash received from customers$649,993 $728,013 
Cash paid to suppliers and employees(619,809)(612,803)
Interest paid, net(306)(309)
Income tax payments, net(14,324)(14,727)
Dividend proceeds and miscellaneous receipts, net20,680 12,193 
Proceeds from forward foreign exchange contracts, net10,081 1,243 
Net cash provided by operating activities46,315 113,610 
Cash flows from investing activities:  
Payments for purchases of property, plant and equipment(28,899)(19,547)
Proceeds from dispositions of property, plant and equipment 12 
Payments for purchases of marketable securities and investments(960,940)(74,925)
Proceeds from sales of marketable securities and investments32,096 15,624 
Proceeds from maturities of marketable securities and investments45,781 30,509 
Net cash used in investing activities(911,962)(48,327)
Cash flows from financing activities:  
Proceeds from issuance of Notes, net of debt financing costs1,186,220  
Payments on long-term borrowings(104)(1,401)
Proceeds from issuance of common stock under the employee stock purchase plan and upon exercise of stock options4,177 4,052 
Payments for purchases of treasury stock (49,998)
Net cash provided by (used in) financing activities1,190,293 (47,347)
Effect of foreign exchange rate changes on cash6,877 (7,347)
Net increase in cash, cash equivalents and restricted cash331,523 10,589 
Cash, cash equivalents and restricted cash at beginning of period471,133 667,115 
Cash, cash equivalents and restricted cash at end of period$802,656 $677,704 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that agrees to the same amounts shown in the condensed consolidated statements of cash flows (in thousands):
March 31, 2022March 31, 2021
Cash and cash equivalents$802,316 $673,470 
Restricted cash included in Other current assets14 3,354 
Restricted cash included in Other assets326 880 
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows$802,656 $677,704 

These restricted cash items are primarily related to performance guarantees and other restricted deposits.

The accompanying notes are an integral part of these condensed consolidated financial statements.

8


BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In thousands)
(Unaudited)

Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 31, 2021$3 $441,733 $(106,290)$13,507,241 $(175,553)$13,667,134 
Net income (loss)   (3,369,613) (3,369,613)
Other comprehensive income, net of tax    (132,303)(132,303)
Issuance of common stock 4,177    4,177 
Stock compensation expense 13,521    13,521 
Balance at March 31, 2022$3 $459,431 $(106,290)$10,137,628 $(307,856)$10,182,916 



Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Stockholders' Equity
Balance at December 31, 2020$3 $429,376 $(99,907)$9,268,012 $282,456 $9,879,940 
Net income   977,414  977,414 
Other comprehensive income, net of tax    (214,022)(214,022)
Issuance of common stock 4,052    4,052 
Stock compensation expense 11,673    11,673 
Purchase of treasury stock  (49,998)  (49,998)
Balance at March 31, 2021$3 $445,101 $(149,905)$10,245,426 $68,434 $10,609,059 


The accompanying notes are an integral part of these condensed consolidated financial statements. 

9


BIO-RAD LABORATORIES, INC

Notes to Condensed Consolidated Financial Statements
(Unaudited)

1.BASIS OF PRESENTATION AND USE OF ESTIMATES

Basis of Presentation

In this report, “Bio-Rad,” “we,” “us,” “the Company” and “our” refer to Bio-Rad Laboratories, Inc. and its subsidiaries.  The accompanying unaudited condensed consolidated financial statements of Bio-Rad have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and reflect all adjustments which are, in the opinion of management, necessary to fairly state the results of the interim periods presented.  All such adjustments are of a normal recurring nature. Results for the interim period are not necessarily indicative of the results for the entire year.  The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021.

We evaluate subsequent events and the evidence they provide about conditions existing at the date of the balance sheet as well as conditions that arose after the balance sheet date but through the date the financial statements are issued.  The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading.  To the extent such events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects of those events and conditions.

Use of Estimates

The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting periods. Bio-Rad bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.

Revenue Recognition

We recognize revenue from operations through the sale of products, services, license of intellectual property and rental of instruments. Revenue from contracts with customers is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
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Our contracts from customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment, and may impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recognized until installation is complete and customer acceptance, if required, has occurred. Certain equipment requires installation due to the fact that the instruments are being operated in a clinical/laboratory environment, and the installation services could result in modification of the equipment in order to ensure that the instruments are working according to customer specifications, which are subject to validation tests upon completion of the installation. In these arrangements, which require factory installation, the delivery of the equipment and the installation are separate performance obligations. We recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control in relation to the equipment has occurred at that point as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. The transaction price allocated to the installation services is also recognized upon customer acceptance because without the completion of the installation services and related customer acceptance the customer cannot receive any of the benefits of the service.

At the time revenue is recognized, a provision is recorded for estimated product returns as this right is considered variable consideration. Accordingly, when product revenues are recognized, the transaction price is reduced by the estimated amount of product returns.

Service revenues on extended warranty contracts are recognized ratably over the life of the service agreement as a stand-ready performance obligation. For arrangements that include a combination of products and services, the transaction price is allocated to each performance obligation based on stand-alone selling prices. The method used to determine the stand-alone selling prices for product and service revenues is based on the observable prices when the product or services have been sold separately.

We recognize revenues for a functional license of intellectual property at a point in time when the control of the license and technology transfers to the customer. For license agreements that include sales or usage-based royalty payments to us, we recognize revenue at the later of (i) when the related sale of the product occurs, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied.

The primary purpose of our invoicing terms is to provide customers with simple and predictable methods of purchasing our products and services, not to either provide or receive financing to or from our customers. We record contract liabilities when cash payments are received or due in advance of our performance.

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant.

11



Reagent Rental Agreements

Reagent rental agreements are a diagnostic industry sales method that provides use of an instrument and consumables (reagents) to a customer on a per test basis. These agreements may also include maintenance of the instruments placed at customer locations as well as initial training. We determine if a reagent rental arrangement contains a lease at contract commencement. Where we have determined that such an arrangement contains a lease, we next must ascertain its lease classification for purposes of applying appropriate accounting treatment as an operating, sales-type or direct financing lease. For purposes of determining the lease term used in performing the lease classification test, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if the customer is reasonably certain to exercise that option, the periods covered by an option to terminate the lease if the customer is reasonably certain not to exercise that option, and the periods covered by the option to extend (or not to terminate) the lease in which exercise of the option is controlled by the Company. While most of our reagent rental arrangements contain either the option for a lessee to extend and/or cancel, the period in which the contract is enforceable is a very short period and therefore the lease term has been limited to the noncancellable period. Generally these arrangements do not contain an option for the lessee to purchase the underlying asset.

We concluded that the use of the instrument (referred to as “lease elements”) is not within the guidance of ASC 606 but rather ASC 842. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. The determination of the transaction price requires judgment and consideration of any fixed/minimum payments as well as estimates of variable consideration. After allocation, the amount of variable payments allocated to lease components will be recognized as income under ASC 842, while the amount of variable payments allocated to non-lease components will be recognized as income in accordance with ASC 606.

Maintenance services, along with the reagents, are allocated to the non-lease elements and are recognized as income. Generally, the terms of the arrangements result in the transfer of control for reagents upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer.

Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as very few of such arrangements contain any fixed/minimum lease payments.  Further, our reagent rental arrangements are predominantly classified as operating leases, and any sales-type leases represent in aggregate an immaterial amount of lease income. Our reported lease income is primarily variable in nature and is recognized upon delivery or as the reagents are consumed by the customer.
Revenue allocated to the lease elements of these reagent rental arrangements represented approximately 2% of total revenue for both the three months ended March 31, 2022 and March 31, 2021, and are included as part of Net sales in our condensed consolidated statements of income (loss).

Contract costs:

As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our condensed consolidated statements of income (loss).

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Disaggregation of Revenue:

The following table presents our revenues disaggregated by geographic region (in millions):
Three Months Ended
March 31,
20222021
EMEA$218.9 $247.7 
APAC160.9 168.9 
United States282.5 271.4 
Other (primarily Canada and Latin America)37.8 38.8 
Total net sales$700.1 $726.8 

The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 10).

Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements. The deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.4 million and $71.0 million, respectively. The short-term deferred revenue balance at March 31, 2022 and December 31, 2021 was $59.3 million and $50.9 million, respectively.

We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year. We estimate the cost of warranties at the time the related revenue is recognized based on historical experience, specific warranty terms and customer feedback. These costs are recorded within Cost of goods sold in our condensed consolidated statements of income.  

Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the condensed consolidated balance sheets. Change in our warranty liability for the three months ended March 31, 2022 and 2021 were as follows (in millions):
Three Months Ended
March 31,
20222021
Balance at beginning of period$12.7 $9.8 
Provision for warranty2.2 2.7 
Actual warranty costs(2.7)(2.6)
Balance at end of period$12.2 $9.9 

Allowance for Credit Losses

We record trade accounts receivable at the net invoice value and such receivables are non-interest bearing. We consider receivables past due based on the contractual payment terms. Amounts later determined and specifically identified to be uncollectible are charged or written off against the allowance for credit losses.

Any adjustments made to our historical loss experience reflect current differences in asset-specific risk characteristics, including, for example, accounts receivable by customer type (public or government entity versus private entity) and by geographic location of customer.


13


Changes in our allowance for credit losses were as follows (in millions):
Three Months Ended
March 31,
20222021
Balance at beginning of period$15.1 $19.8 
Provision for expected credit losses(1.8)(0.6)
Write-offs charged against the allowance(0.5)(0.6)
 Recoveries collected0.1  
Balance at end of period$12.9 $18.6 

Recent Accounting Pronouncements Adopted

In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-10, "Government Assistance." The ASU includes tax credits but not within Topic 740, "Income Taxes," cash grants, grants of other assets and project grants. The ASU excludes transactions in which a government is a customer within Topic 606, "Revenue from Contracts with Customers." The ASU was effective for fiscal years beginning after December 15, 2021. The adoption of ASU 2021-10 did not have a material impact on our condensed consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." ASU 2021-08 requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. Under this approach, the acquirer applies the revenue model as if it had originated the contracts. This is a departure from the current requirement to measure contract assets and contract liabilities at fair value. ASU 2021-08 is applied to business combinations occurring on or after January 1, 2023. We early adopted ASU 2021-08 on January 1, 2022, which did not have any impact on our condensed consolidated financial statements as we did not have any new acquisitions.



2.    FAIR VALUE MEASUREMENTS

We determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date.  The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability.  A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows:

Level 1: Quoted prices in active markets for identical instruments
Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments)
Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments)

14


Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2022 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper$ $201.6 $ $201.6 
Time deposits21.0 10.0  31.0 
Asset-backed securities 5.5  5.5 
Foreign government obligations 8.0  8.0 
Municipals obligations 9.9 9.9 
U.S. government sponsored agencies 71.2  71.2 
Money market funds101.6   101.6 
Total cash equivalents (a)122.6 306.2  428.8 
Restricted investments (b)6.9   6.9 
Equity securities (c)9,371.2   9,371.2 
Loan under the fair value option (d)— — 342.6 342.6 
Available-for-sale investments:
Corporate debt securities 576.7  576.7 
U.S. government sponsored agencies 254.3  254.3 
Foreign government obligations 1.5  1.5 
Certificates of deposit 8.0  8.0 
Municipal obligations 34.7  34.7 
Asset-backed securities 330.4  330.4 
Total available-for-sale investments (e) 1,205.6  1,205.6 
Forward foreign exchange contracts (f) 0.4  0.4 
Total financial assets carried at fair value$9,500.7 $1,512.2 $342.6 $11,355.5 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$ $4.4 $ $4.4 
Total financial liabilities carried at fair value$ $4.4 $ $4.4 


15


Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2021 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper$ $39.8 $ $39.8 
Time deposits7.2 10.1  17.3 
Asset-backed securities 0.1  0.1 
Foreign government obligations— 0.8  0.8 
Municipals obligations 0.3 0.3 
U.S. government sponsored agencies 33.6 33.6 
Money market funds50.7   50.7 
Total cash equivalents (a)57.9 84.7  142.6 
Restricted investments (b)6.9   6.9 
Equity securities (c)13,977.5   13,977.5 
Loan under the fair value option (d)— — 443.1 443.1 
Available-for-sale investments:
Corporate debt securities 182.3  182.3 
U.S. government sponsored agencies 44.3  44.3 
Foreign government obligations 1.0  1.0 
Other foreign obligations 3.8  3.8 
Municipal obligations 9.0  9.0 
Asset-backed securities 87.3  87.3 
Total available-for-sale investments (e) 327.7  327.7 
Forward foreign exchange contracts (f) 1.7  1.7 
Total financial assets carried at fair value$14,042.3 $414.1 $443.1 $14,899.5 
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)$ $2.8 $ $2.8 
Total financial liabilities carried at fair value$ $2.8 $ $2.8 

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in the following accounts in the condensed consolidated balance sheets (in millions):
March 31, 2022December 31, 2021
Restricted investments$5.6 $5.6 
Other investments1.3 1.3 
    Total$6.9 $6.9 

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
March 31, 2022December 31, 2021
Short-term investments$65.6 $71.4 
Other investments9,305.6 13,906.1 
        Total$9,371.2 $13,977.5 
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(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

Level 1 Fair Value Measurements

As of March 31, 2022, we own 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius AG (Sartorius), of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We own approximately 37% of the ordinary outstanding shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of March 31, 2022. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting.

The changes in fair market value of our investment in Sartorius for the three months ended March 31, 2022 was $4.45 billion loss and is recorded in our condensed consolidated statements of income (loss).

Level 2 Fair Value Measurements

To estimate the fair value of Level 2 debt securities as of March 31, 2022, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source.

Available-for-sale investments consist of the following (in millions):
 March 31, 2022
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowances for Credit Losses
Fair
Value
Short-term investments:    
Corporate debt securities$579.1 $0.2 $(2.6)$ $576.7 
Municipal obligations34.8  (0.1) 34.7 
Asset-backed securities$331.9 $0.1 $(1.6)$ $330.4 
U.S. government sponsored agencies255.2  (0.9) 254.3 
Foreign government obligations$1.5 $ $ $ $1.5 
Certificates of Deposit8.0 — — — 8.0 
 $1,210.5 $0.3 $(5.2)$ $1,205.6 

The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2022 by contractual maturity date (in millions):
17


Amortized
Cost
Estimated Fair
Value
Mature in less than one year$519.2 $518.3 
Mature in one to five years556.2 552.8 
Mature in more than five years135.1 134.5 
Total$1,210.5 $1,205.6 

Available-for-sale investments consist of the following (in millions):
 December 31, 2021
Amortized
Cost