Company Quick10K Filing
Bio-Rad Laboratories
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 30 $9,137
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-04-01 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-04-16 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-K 2014-03-18 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-18 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-04 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-12-05 Regulation FD
8-K 2019-11-21 Exit Costs
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-08-20 Officers, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-02
8-K 2019-04-22 Officers, Exhibits
8-K 2019-04-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-02 Officers, Exhibits
8-K 2019-03-19 Exhibits
8-K 2019-03-18 Other Events
8-K 2019-02-28 Earnings, Exhibits
8-K 2019-01-02 Officers, Exhibits
8-K 2018-12-04 Other Events
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-06-14 Shareholder Vote
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-04-18 Other Events
8-K 2018-03-19 Exhibits
8-K 2018-03-16 Other Events
8-K 2018-02-27 Earnings, Exhibits
8-K 2018-02-13 Officers
BIO 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31193019.htm
EX-31.2 ex31293019.htm
EX-32.1 ex32193019.htm
EX-32.2 ex32293019.htm

Bio-Rad Laboratories Earnings 2019-09-30

BIO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WAT 14,408 2,823 2,267 2,406 428 580 702 14,780 18% 21.0 21%
PKI 9,598 6,399 3,692 2,802 1,364 252 529 11,558 49% 21.8 4%
BIO 9,137 7,647 2,160 2,289 1,239 905 1,583 8,992 54% 5.7 12%
BRKR 7,442 2,350 1,489 1,972 940 190 323 7,650 48% 23.7 8%
COHR 3,303 2,137 835 1,557 568 126 153 3,383 36% 22.1 6%
AXDX 1,214 159 133 7 3 -86 -73 1,298 41% -17.8 -54%
PACB 927 171 95 79 24 -111 -108 908 30% -8.4 -65%
FLDM 850 284 111 120 32 -69 -60 824 27% -13.8 -24%
QTRX 818 109 35 47 24 -37 -37 752 50% -20.4 -34%
EYPT 175 91 63 10 8 -98 -92 177 79% -1.9 -108%

Document
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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 ended
September 30, 2019
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 number
1-7928
 
BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
94-1381833
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1000 Alfred Nobel Drive,
Hercules,
California
94547
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, Par Value $0.0001 per share
 
BIO
 
New York Stock Exchange
Class B Common Stock, Par Value $0.0001 per share
 
BIOb
 
New 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.
Yes
No

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).
 
Yes
No
 

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 filer
 
Accelerated filer
Non-accelerated filer
 
Smaller 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).
 
Yes
No
.
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 October 23, 2019:
Class A -
24,836,205
Class B -
5,098,637





BIO-RAD LABORATORIES, INC.

FORM 10-Q SEPTEMBER 30, 2019

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, such as statements with respect to our future financial performance, operating results, plans and objectives that involve risk and uncertainties.  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, those 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
Item 1.          Financial Statements

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

 
September 30, 2019
 
December 31, 2018
ASSETS:
(Unaudited)
 
 
Cash and cash equivalents
$
561,071

 
$
431,526

Short-term investments
418,177

 
413,270

Restricted investments
5,560

 
5,560

Accounts receivable, less allowance for doubtful accounts of $23,147 at 2019 and $26,713 at 2018
356,025

 
392,443

Inventories:
 
 
 
Raw materials
112,432

 
108,008

Work in process
141,268

 
145,051

Finished goods
334,287

 
330,756

Total inventories
587,987

 
583,815

Prepaid expenses
109,584

 
187,249

Other current assets
9,228

 
9,615

Total current assets
2,047,632

 
2,023,478

Property, plant and equipment
1,347,364

 
1,326,829

Less: accumulated depreciation and amortization
(851,488
)
 
(818,139
)
Property, plant and equipment, net
495,876

 
508,690

Operating lease right-of-use assets
217,516

 

Goodwill, net
264,084

 
219,770

Purchased intangibles, net
146,965

 
133,123

Other investments
3,931,715

 
2,655,709

Other assets
73,328

 
70,298

Total assets
$
7,177,116

 
$
5,611,068


















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)

 
September 30, 2019
 
December 31, 2018
LIABILITIES AND STOCKHOLDERS’ EQUITY:
(Unaudited)
 
 
Accounts payable, accrued payroll and employee benefits
$
249,835

 
$
265,960

Current maturities of long-term debt and notes payable
1,769

 
493

Income and other taxes payable
35,252

 
56,188

Current operating lease liabilities
33,694

 

Other current liabilities
113,490

 
128,154

Total current liabilities
434,040

 
450,795

Long-term debt, net of current maturities
437,808

 
438,937

Deferred income taxes
838,001

 
553,239

Operating lease liabilities
192,600

 

Other long-term liabilities
143,475

 
147,766

Total liabilities
2,045,924

 
1,590,737

 
 
 
 
Stockholders’ equity:
 
 
 
Class A common stock, shares issued 24,942,773 and 24,884,265 at 2019 and 2018, respectively; shares outstanding 24,834,725 and 24,704,772 at 2019 and 2018, respectively
2

 
2

Class B common stock, shares issued 5,100,137 and 5,096,421 at 2019 and 2018, respectively; shares outstanding 5,100,137 and 5,095,504 at 2019 and 2018, respectively
1

 
1

Additional paid-in capital
396,432

 
394,342

Class A treasury stock at cost, 108,048 and 179,493 shares at 2019 and 2018, respectively
(30,443
)
 
(49,040
)
Class B treasury stock at cost, 0 and 917 shares at 2019 and 2018, respectively

 
(89
)
Retained earnings
4,917,313

 
3,722,073

Accumulated other comprehensive loss
(152,113
)
 
(46,958
)
Total stockholders’ equity
5,131,192

 
4,020,331

Total liabilities and stockholders’ equity
$
7,177,116

 
$
5,611,068



















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


5





BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net sales
$
560,633

 
$
545,138

 
$
1,687,231

 
$
1,672,568

Cost of goods sold
253,607

 
258,422

 
760,674

 
781,982

Gross profit
307,026

 
286,716

 
926,557

 
890,586

Selling, general and administrative expense
201,622

 
201,196

 
610,460

 
620,751

Research and development expense
47,944

 
49,245

 
145,641

 
146,122

Income from operations
57,460

 
36,275

 
170,456

 
123,713

Interest expense
5,525

 
6,064

 
17,352

 
17,823

Foreign currency exchange losses, net
898

 
672

 
3,411

 
1,911

Change in fair market value of equity securities
390,620

 
(318,007
)
 
(1,384,999
)
 
(1,420,339
)
Other (income) expense, net
(4,367
)
 
(2,585
)
 
(26,959
)
 
(29,588
)
(Loss) income before income taxes
(335,216
)
 
350,131

 
1,561,651

 
1,553,906

Benefit from (provision for) income taxes
76,400

 
(80,805
)
 
(356,462
)
 
(359,763
)
Net (loss) income
$
(258,816
)
 
$
269,326

 
$
1,205,189

 
$
1,194,143

 
 
 
 
 
 
 
 
Basic (loss) earnings per share:
 
 
 
 
 
 
 
Net (loss) income per basic share
$
(8.68
)
 
$
9.02

 
$
40.42

 
$
40.04

Weighted average common shares - basic
29,831

 
29,863

 
29,815

 
29,822

 
 
 
 
 
 
 
 
Diluted (loss) earnings per share:
 
 
 
 
 
 
 
Net (loss) income per diluted share
$
(8.68
)
 
$
8.89

 
$
39.97

 
$
39.50

Weighted average common shares - diluted
29,831

 
30,292

 
30,149

 
30,234



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




6



BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(258,816
)
 
$
269,326

 
$
1,205,189

 
$
1,194,143

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
(103,332
)
 
(13,556
)
 
(109,888
)
 
(91,128
)
Foreign other post-employment benefits adjustments, net of income taxes
359

 
105

 
501

 
1,281

Net holding gain (loss) on equity securities and net unrealized holding gain (loss) on available-for-sale investments, net of income taxes
433

 
(138
)
 
4,232

 
(1,989
)
Other comprehensive income (loss), net of income taxes
(102,540
)
 
(13,589
)
 
(105,155
)
 
(91,836
)
Comprehensive (loss) income
$
(361,356
)
 
$
255,737

 
$
1,100,034

 
$
1,102,307




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)
 
Nine Months Ended
 
September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Cash received from customers
$
1,716,486

 
$
1,715,960

Cash paid to suppliers and employees
(1,392,653
)
 
(1,494,794
)
Interest paid, net
(11,381
)
 
(11,721
)
Income tax payments, net
(42,634
)
 
(57,840
)
Investment proceeds and miscellaneous receipts, net
28,092

 
21,601

Proceeds from forward foreign exchange contracts, net
185

 
7,279

Net cash provided by operating activities
298,095

 
180,485

Cash flows from investing activities:
 
 
 
Capital expenditures
(76,934
)
 
(75,951
)
Proceeds from dispositions of property, plant and equipment
85

 
4,273

Proceeds from divestiture of a product line

 
6,964

(Payments for) proceeds from acquisitions, net of cash received
(75,811
)
 
266

Recovery of (payments for) purchases of intangible assets
7,383

 
(3
)
Payments for purchases of marketable securities and investments
(266,839
)
 
(286,826
)
Proceeds from sales of marketable securities and investments
83,315

 
60,488

Proceeds from maturities of marketable securities and investments
181,108

 
158,622

Net cash used in investing activities
(147,693
)
 
(132,167
)
Cash flows from financing activities:
 
 
 
Payments on long-term borrowings
(487
)
 
(1,595
)
Payments for credit agreement renewal fees
(486
)
 

Payments of contingent consideration
(2,477
)
 
(2,078
)
Proceeds from issuances of common stock for share-based compensation
9,740

 
10,858

Tax payments from net share settlement
(8,096
)
 
(8,862
)
Proceeds from reissuances of treasury stock for share-based compensation, net
3,831

 

Payments for purchases of treasury stock
(20,000
)
 

Net cash used in financing activities
(17,975
)
 
(1,677
)
Effect of foreign exchange rate changes on cash
(3,239
)
 
3,965

Net increase in cash, cash equivalents, and restricted cash
129,188

 
50,606

Cash, cash equivalents, and restricted cash at beginning of period
434,164

 
384,983

Cash, cash equivalents, and restricted cash at end of period
$
563,352

 
$
435,589


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):
 
September 30, 2019
 
September 30, 2018
Cash and cash equivalents
$
561,071

 
$
434,517

Restricted cash included in Other current assets
100

 
102

Restricted cash included in Other assets
2,181

 
970

Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows
$
563,352

 
$
435,589


These restricted cash items are primarily related to performance guarantees.

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 Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
Balance at December 31, 2018
$
3

 
$
394,342

 
$
(49,129
)
 
$
3,722,073

 
$
(46,958
)
 
$
4,020,331

Net income

 

 

 
865,195

 

 
865,195

Other comprehensive loss, net of tax

 

 

 

 
(34,007
)
 
(34,007
)
Stock compensation expense

 
8,505

 

 

 

 
8,505

Reissuance of treasury stock

 

 
5,398

 
(1,567
)
 

 
3,831

Balance at March 31, 2019
$
3

 
$
402,847

 
$
(43,731
)
 
$
4,585,701

 
$
(80,965
)
 
$
4,863,855

Net income

 

 

 
598,810

 

 
598,810

Other comprehensive income, net of tax

 

 

 

 
31,392

 
31,392

Issuance of common stock

 
(64
)
 

 

 

 
(64
)
Stock compensation expense

 
7,818

 

 

 

 
7,818

Purchase of treasury stock

 

 
(15,001
)
 

 

 
(15,001
)
Balance at June 30, 2019
$
3

 
$
410,601

 
$
(58,732
)
 
$
5,184,511

 
$
(49,573
)
 
$
5,486,810

Net loss

 

 

 
(258,816
)
 

 
(258,816
)
Other comprehensive loss, net of tax

 

 

 

 
(102,540
)
 
(102,540
)
Issuance of common stock

 
1,708

 

 

 

 
1,708

Stock compensation expense

 
9,029

 

 

 

 
9,029

Purchase of treasury stock

 

 
(4,999
)
 

 

 
(4,999
)
Reissuance of treasury stock

 
(24,906
)
 
33,288

 
(8,382
)
 

 

Balance at September 30, 2019
$
3

 
$
396,432

 
$
(30,443
)
 
$
4,917,313

 
$
(152,113
)
 
$
5,131,192




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

9


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


 
Common Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
Balance at December 31, 2017
$
3

 
$
361,231

 
$
(217
)
 
$
1,830,439

 
$
738,794

 
$
2,930,250

Adoption of new accounting guidance
 
 
 
 
 
 
1,526,019

 
(679,257
)
 
846,762

Net income

 

 

 
656,774

 

 
656,774

Other comprehensive income, net of tax

 

 

 

 
44,548

 
44,548

Issuance of common stock

 
3,872

 

 

 

 
3,872

Stock compensation expense

 
5,885

 

 

 

 
5,885

Balance at March 31, 2018
$
3

 
$
370,988

 
$
(217
)
 
$
4,013,232

 
$
104,085

 
$
4,488,091

Net income

 

 

 
268,043

 

 
268,043

Other comprehensive loss, net of tax

 

 

 

 
(122,795
)
 
(122,795
)
Issuance of common stock

 
(598
)
 

 

 

 
(598
)
Stock compensation expense

 
6,205

 

 

 

 
6,205

Balance at June 30, 2018
$
3

 
$
376,595

 
$
(217
)
 
$
4,281,275

 
$
(18,710
)
 
$
4,638,946

Net income

 

 

 
269,326

 

 
269,326

Other comprehensive loss, net of tax

 

 

 

 
(13,589
)
 
(13,589
)
Issuance of common stock

 
(1,278
)
 

 

 

 
(1,278
)
Stock compensation expense

 
7,076

 

 

 

 
7,076

Balance at September 30, 2018
$
3

 
$
382,393

 
$
(217
)
 
$
4,550,601

 
$
(32,299
)
 
$
4,900,481



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


10



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, 2018 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, 2018.

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

On January 1, 2018, we adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018.  We recorded a net reduction to opening retained earnings of $0.1 million as of January 1, 2018 due to the cumulative impact of adopting ASC 606 with the impact primarily related to a customer loyalty program in the United States for which the resulting non-cash consideration is treated as variable consideration under the new revenue recognition accounting standard.

We recognize revenue from operations through the sale of products, services, 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.

11



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 or may not impact the timing of revenue recognition. Revenue associated with equipment that requires factory installation is not recorded 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 specifications of the customer 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 will recognize the transaction price allocated to the equipment only upon customer acceptance, as the transfer of control has occurred in relation to the equipment at that point in time 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 completion of the services 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 recognized 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, transaction prices are allocated to performance obligations based on stand-alone selling prices. The method used to determine the stand-alone selling prices for service revenues is based on the observable prices when the services have been sold separately.

In those instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. 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.

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 underlying instruments retained at customer locations as well as initial training. We initially determine if a reagent rental arrangement contains a lease at lease 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. In addition, 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. Furthermore, it has historically been very rare for these arrangements to contain an option for the lessee to purchase the underlying asset.


12



As discussed further below under the captions “Leases” and “Recent Accounting Pronouncements Adopted,” as well as in Note 14, Leases, we adopted ASC 842, “Leases,” on a modified retrospective basis effective January 1, 2019 with practical expedients, and did not restate comparative prior periods. 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.

Upon our adoption of ASC 842 in 2019, the maintenance services, along with the reagents, are now allocated to the non-lease elements and will be recognized as income in accordance with ASC 606. This change is in alignment with the requirements of ASC 842, and has resulted in a decrease in the amount of rental income and a corresponding increase in the amount of maintenance service revenue that is included in total reported Net sales in our condensed consolidated income statements. Generally, the terms of the arrangements result in the transfer of control on reagents upon either (i) when the consumables are delivered or (ii) when the consumables are consumed by the customer.

Historically, our reagent rental arrangements have been 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.  As a result, our lease income is heavily variable in nature.  Further, our reagent rental arrangements are predominantly classified as operating leases, and any sales-type leases represent in aggregate a very insignificant amount of lease income​.​  Hence, our reported lease income is primarily variable in nature and is recognized as the reagents are consumed by the customer or delivered.
  
Revenue allocated to the lease elements of these reagent rental arrangements represents approximately 3% of total revenue for both the three and nine months ended September 30, 2019, and approximately 5% of total revenue for both the three and nine months ended September 30, 2018, and is included as part of Net sales in our Condensed Consolidated Statements of Income.

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, recorded within Selling, general and administrative expense, include our internal sales force compensation programs and certain partner sales incentive programs, as we have determined that annual compensation is commensurate with annual selling activities.

Disaggregation of Revenue:

The following table presents our revenues disaggregated by geographic region based primarily on the location of the use of the product or service (in millions, unaudited):
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Europe
 
$
181.9

 
$
182.7

 
$
556.1

 
$
579.5

Asia
 
120.7

 
110.3

 
354.3

 
341.7

United States
 
225.8

 
218.3

 
674.0

 
649.8

Other (primarily Canada and Latin America)
 
32.2

 
33.8

 
102.8

 
101.6

Total Net sales
 
$
560.6

 
$
545.1

 
$
1,687.2

 
$
1,672.6




13



The disaggregation of our revenue by industry segment sources is presented in our Segment Information footnote (see Note 11).

Deferred revenues represent mostly unrecognized fees billed or collected for extended service arrangements. Deferred revenues are generally recognized ratably over the term of the service contract as our performance extends over the life of the arrangement. A majority of our deferred revenue balance is classified as current with an expected length of one year or less. The increase in our total deferred revenue balance from $37.3 million at December 31, 2018 to $45.6 million at September 30, 2019 is primarily driven by $30.1 million, net, of cash payments received or due in advance of satisfying our performance obligations, partially offset by $21.8 million of revenue recognized that were included in our deferred revenue balance as of December 31, 2018.

We warrant certain equipment against defects in design, materials and workmanship, generally for a period of one year.  Upon revenue recognition of that equipment, we establish, as part of Cost of goods sold, a provision for the expected costs of such warranty based on historical experience, specific warranty terms and customer feedback.  A review is performed on a quarterly basis to assess the adequacy of our warranty accrual.

Components of the warranty accrual, included in Other current liabilities and Other long-term liabilities in the Condensed Consolidated Balance Sheets, were as follows (in millions):

December 31, 2018
$
10.1

Provision for warranty
7.3

Actual warranty costs
(8.4
)
September 30, 2019
$
9.0



Leases

We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Operating lease liabilities in our Condensed Consolidated Balance Sheet as of September 30, 2019. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our Condensed Consolidated Balance Sheet as of September 30, 2019.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Where we act as lessee, we elected not to separate lease and non-lease components.

Where we act as lessor in our reagent rental arrangements, we allocate the consideration in the contract to the separate lease components and non-lease components. After allocation, the amount of variable payments allocated to lease components will be recognized as income under the lease accounting standard ASC 842, while the amount of variable payments allocated to non-lease components will be recognized as income in accordance with ASC 606. Such reagent rental arrangements are more fully described above under the caption "Reagent Rental Agreements."

14




Recent Accounting Pronouncements and Securities and Exchange Commission ("SEC") Rule Adopted

In August 2018, the FASB issued ASU 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." ASU 2018-15 amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. We prospectively adopted ASU 2018-15 effective January 1, 2019. As of September 30, 2019, we capitalized $2.4 million of implementation costs for cloud computing arrangements, net of accumulated amortization, primarily for business analytics software. These costs were recorded in Other current assets and Other assets in the Condensed Consolidated Balance Sheet.

In August 2018, the SEC issued Final Rule Release No. 33-10532, "Disclosure Update and Simplification" that extends to interim periods the annual disclosure requirement of presenting the changes in stockholders' equity, which was effective in the first quarter of 2019.

In February 2016, the FASB issued ASU 2016-02, "Leases," and related accounting standard updates, which requires, among other items, lease accounting to recognize most leases as assets and liabilities on the balance sheet. Qualitative and quantitative disclosures are enhanced to better understand the amount, timing and uncertainty of cash flows arising from leases. We adopted ASU 2016-02 on a modified retrospective basis effective January 1, 2019 with practical expedients, and did not restate comparative prior periods. The practical expedients elected in transition included, among other items, for leases that existed prior to January 1, 2019, not reassessing whether any contracts are or contain embedded leases, not reassessing the classification of existing leases, and not reassessing whether previously capitalized initial direct costs qualify for capitalization. Where we act as a lessee, the adoption of the standard resulted in material additions to the balance sheet for right-of-use assets and the associated liabilities, see Note 14, Leases. Where we act as a lessee, we also elected not to separate lease and non-lease components. Where we act as a lessor in reagent rental arrangements, there was an insignificant impact to our Condensed Consolidated Financial Statements, which is more fully described above under the caption "Reagent Rental Agreements."

Recent Accounting Pronouncements to be Adopted

In November 2018, the FASB issued ASU 2018-18, "Clarifying the Interaction between Topic 808 and Topic 606." Topic 808 is Collaborative Arrangements, and Topic 606 is Revenue from Contracts with Customers. ASU 2018-18 clarifies that certain transactions between collaborative partners should be accounted for as revenue under ASC 606 when the collaborative partner is a customer. We currently do not have any customers that are collaborative partners or anticipate any in the near future. ASU 2018-18 will be effective January 1, 2020.

In August 2018, the FASB issued ASU 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." ASU 2018-14 eliminates and adds certain disclosures for defined benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020 using a retrospective approach. We are currently evaluating the disclosures but do not expect ASU 2018-14 to have a material impact to our disclosures for defined benefit plans.

In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." ASU 2018-13 eliminates, adds and modifies certain disclosures for fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. We do not expect ASU 2018-13 to have a material impact to our fair value disclosures.

15




In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 will replace the current incurred loss approach with an expected loss model for instruments measured at amortized cost and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment model. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are currently evaluating the effect ASU 2016-13 will have on our consolidated financial statements.


2.ACQUISITIONS

In August 2019, we acquired all the issued and outstanding membership interests of a small U.S. manufacturer for approximately $60.0 million. Cash payments at closing, net of closing cash, were $59.7 million. The acquisition was included in our Clinical Diagnostics segment's results of operations from the acquisition date and was accounted for as a business combination. The amount of acquisition-related costs was minimal as Bio-Rad primarily represented itself during the acquisition process. The goodwill related to this acquisition is deductible for income tax purposes. Proforma financial statements are not provided as the acquisition is immaterial to Bio-Rad taken as a whole for the periods presented.

As of September 30, 2019, the preliminary allocation of the payments were $26.8 million to purchased intangibles consisting primarily of customer relationships, developed product technology and tradenames, $4.2 million to acquired net assets, and $28.7 million to goodwill. The purchase price allocation is preliminary as additional time is required to complete the valuation of assets acquired and liabilities assumed.

We believe that the acquisition will accelerate market penetration in the areas of quality controls and assay verification panels in our Clinical Diagnostics operations.

In March 2019, we completed the acquisition of all the issued and outstanding stock of a small U.S. private company for approximately $20.0 million. Cash payments, net of closing cash, consisted of $4.0 million paid in November 2018 and the remaining $16.0 million paid in March 2019. The acquisition was included in our Life Science segment's results of operations from the acquisition date and was accounted for as a business combination. The amount of acquisition-related costs was minimal as Bio-Rad primarily represented itself during the acquisition process. The goodwill related to this acquisition is not deductible for income tax purposes. Pro forma financial statements are not provided as the acquisition is immaterial to Bio-Rad taken as a whole for the periods presented.

The final allocation of the payments were $15.6 million to goodwill that included workforce and time-to-market advantage, $5.5 million to definite-lived intangibles, $0.2 million to in-process research and development, an indefinite-lived intangible asset, and a deferred tax liability of $1.3 million related to the purchased intangibles.

We believe that the acquisition will expand our reagents suite of offerings in our Life Science operations.
 

3.FAIR VALUE MEASUREMENTS