Company Quick10K Filing
Bio-Rad Laboratories
Price342.99 EPS12
Shares30 P/E27
MCap10,341 P/FCF35
Net Debt-126 EBIT751
TEV10,215 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-04-01
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-04-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-K 2013-12-31 Filed 2014-03-18
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-10-29
8-K 2020-07-30
8-K 2020-05-21
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-04-01
8-K 2020-02-25
8-K 2020-02-13
8-K 2019-12-05
8-K 2019-11-21
8-K 2019-10-31
8-K 2019-08-20
8-K 2019-08-01
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-04-22
8-K 2019-04-15
8-K 2019-04-02
8-K 2019-03-19
8-K 2019-03-18
8-K 2019-02-28
8-K 2019-01-02
8-K 2018-12-04
8-K 2018-11-01
8-K 2018-08-07
8-K 2018-06-14
8-K 2018-05-08
8-K 2018-04-18
8-K 2018-03-19
8-K 2018-03-16
8-K 2018-02-27
8-K 2018-02-13

BIO 10Q Quarterly Report

Part I - Financial Information
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-10.1 a101globalrestrictedst.htm
EX-10.2 a102stockoptiongrantno.htm
EX-31.1 ex31193020.htm
EX-31.2 ex31293020.htm
EX-32.1 ex32193020.htm
EX-32.2 ex32293020.htm

Bio-Rad Laboratories Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.90.50.2-0.2-0.5-0.92012201420172020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42012201420172020
Ops, Inv, Fin

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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 endedSeptember 30, 2020
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 October 22, 2020:Class A - 24,740,501Class B - 5,090,003




BIO-RAD LABORATORIES, INC.

FORM 10-Q SEPTEMBER 30, 2020

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.  These forward-looking statements may also include statements regarding the 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, 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, 2020December 31, 2019
ASSETS:(Unaudited)
Cash and cash equivalents$840,325 $660,672 
Short-term investments314,102 453,973 
Restricted investments5,560 5,560 
Accounts receivable, less allowance for doubtful accounts of $19,370 at 2020 and $20,205 at 2019
402,241 392,672 
Inventories:
Raw materials149,117 109,570 
Work in process158,577 146,131 
Finished goods332,534 298,306 
Total inventories640,228 554,007 
Prepaid expenses111,296 102,331 
Other current assets10,109 10,940 
Total current assets2,323,861 2,180,155 
Property, plant and equipment1,404,622 1,382,172 
Less: accumulated depreciation and amortization(923,673)(882,833)
Property, plant and equipment, net480,949 499,339 
Operating lease right-of-use assets196,652 201,868 
Goodwill, net291,916 264,131 
Purchased intangibles, net205,305 145,525 
Other investments8,439,897 4,638,205 
Other assets82,351 79,636 
Total assets$12,020,931 $8,008,859 

















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, 2020December 31, 2019
LIABILITIES AND STOCKHOLDERS’ EQUITY:(Unaudited) 
Accounts payable$132,994 $107,014 
Accrued payroll and employee benefits190,091 180,084 
Current maturities of long-term debt and notes payable426,636 426,172 
Income and other taxes payable41,646 36,285 
Current operating lease liabilities34,387 35,365 
Other current liabilities160,903 120,575 
Total current liabilities986,657 905,495 
Long-term debt, net of current maturities12,241 13,579 
Deferred income taxes1,842,659 997,787 
Operating lease liabilities172,144 176,018 
Other long-term liabilities182,085 160,923 
Total liabilities3,195,786 2,253,802 
Stockholders’ equity:  
Class A common stock, shares issued 25,044,738 and 24,966,035 at 2020 and 2019, respectively; shares outstanding 24,739,501 and 24,835,804 at 2020 and 2019, respectively
2 2 
Class B common stock, shares issued and outstanding, 5,091,003 at 2020 and 5,089,532 at 2019
1 1 
Additional paid-in capital412,313 410,020 
Class A treasury stock at cost, 305,237 at 2020 and 130,231 shares at 2019
(100,067)(38,397)
Retained earnings8,428,925 5,470,779 
Accumulated other comprehensive income (loss)83,971 (87,348)
Total stockholders’ equity8,825,145 5,755,057 
Total liabilities and stockholders’ equity$12,020,931 $8,008,859 


















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 EndedNine Months Ended
 September 30,September 30,
 2020201920202019
Net sales$647,263 $560,633 $1,755,787 $1,687,231 
Cost of goods sold279,952 253,607 778,120 760,674 
Gross profit367,311 307,026 977,667 926,557 
Selling, general and administrative expense198,165 201,622 581,119 610,460 
Research and development expense59,546 47,944 160,833 145,641 
Income from operations109,600 57,460 235,715 170,456 
Interest expense5,728 5,525 17,158 17,352 
Foreign currency exchange losses, net776 898 2,478 3,411 
Change in fair market value of equity securities(1,580,350)390,620 (3,591,509)(1,384,999)
Other income, net(1,015)(4,367)(21,517)(26,959)
Income (loss) before income taxes1,684,461 (335,216)3,829,105 1,561,651 
(Provision for) benefit from income taxes(369,637)76,400 (861,940)(356,462)
Net income (loss)$1,314,824 $(258,816)$2,967,165 $1,205,189 
Basic earnings (loss) per share:  
Net income (loss) per basic share$44.24 $(8.68)$99.75 $40.42 
Weighted average common shares - basic29,721 29,831 29,746 29,815 
Diluted earnings (loss) per share:  
Net income (loss) per diluted share$43.64 $(8.68)$98.46 $39.97 
Weighted average common shares - diluted30,128 29,831 30,137 30,149 


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 EndedNine Months Ended
September 30,September 30,
 2020201920202019
Net income (loss)$1,314,824 $(258,816)$2,967,165 $1,205,189 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes144,902 (103,332)167,366 (109,888)
Foreign other post-employment benefits adjustments, net of income taxes333 359 924 501 
Net unrealized holding (loss) gain on available-for-sale (AFS) debt investments, net of income taxes(122)433 3,029 4,232 
Other comprehensive income (loss), net of income taxes145,113 (102,540)171,319 (105,155)
Comprehensive income (loss)$1,459,937 $(361,356)$3,138,484 $1,100,034 



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,
 20202019
Cash flows from operating activities:  
Cash received from customers$1,741,431 $1,716,486 
Cash paid to suppliers and employees(1,406,427)(1,392,653)
Interest paid, net(11,066)(11,381)
Income tax payments, net(51,539)(42,634)
Investment proceeds and miscellaneous receipts, net16,336 28,092 
Proceeds from forward foreign exchange contracts, net1,859 185 
Net cash provided by operating activities290,594 298,095 
Cash flows from investing activities:  
Capital expenditures(59,685)(76,934)
Proceeds from dispositions of property, plant and equipment51 85 
Proceeds from divestiture of a division12,240  
Payments for acquisitions, net of cash received(96,655)(75,811)
(Payments for) recovery of purchases of intangible assets(100)7,383 
Payments for purchases of marketable securities and investments(184,665)(266,839)
Proceeds from sales of marketable securities and investments75,997 83,315 
Proceeds from maturities of marketable securities and investments242,676 181,108 
Net cash used in investing activities(10,141)(147,693)
Cash flows from financing activities:  
Payments on long-term borrowings(1,780)(487)
Payments for credit agreement renewal fees (486)
Payments of contingent consideration(1,724)(2,477)
Proceeds from issuances of common stock for share-based compensation15,181 9,740 
Tax payments from net share settlement(12,830)(8,096)
Proceeds from reissuances of treasury stock for share-based compensation, net 3,831 
Payments for purchases of treasury stock(100,004)(20,000)
Net cash used in financing activities(101,157)(17,975)
Effect of foreign exchange rate changes on cash3,154 (3,239)
Net increase in cash, cash equivalents, and restricted cash182,450 129,188 
Cash, cash equivalents, and restricted cash at beginning of period662,651 434,164 
Cash, cash equivalents, and restricted cash at end of period$845,101 $563,352 

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, 2020September 30, 2019
Cash and cash equivalents$840,325 $561,071 
Restricted cash included in Other current assets3,763 100 
Restricted cash included in Other assets1,013 2,181 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$845,101 $563,352 

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, 2019$3 $410,020 $(38,397)$5,470,779 $(87,348)$5,755,057 
Net income— — — 685,912 — 685,912 
Other comprehensive loss, net of tax— — — — (61,607)(61,607)
Issuance of common stock— 4,068 — — — 4,068 
Stock compensation expense— 9,654 — — — 9,654 
Purchase of treasury stock— — (100,005)— — (100,005)
Balance at March 31, 2020$3 $423,742 $(138,402)$6,156,691 $(148,955)$6,293,079 
Net income— — — 966,429 — 966,429 
Other comprehensive income, net of tax— — — — 87,813 87,813 
Issuance of common stock— (2,797)— — — (2,797)
Stock compensation expense— 8,878 — — — 8,878 
Reissuance of treasury stock— (338)365 (27)—  
Balance at June 30, 2020$3 $429,485 $(138,037)$7,123,093 $(61,142)$7,353,402 
Net income— — — 1,314,824 — 1,314,824 
Other comprehensive income, net of tax— — — — 145,113 145,113 
Issuance of common stock— 1,080 — — — 1,080 
Stock compensation expense— 10,732 — — — 10,732 
Reissuance of treasury stock— (28,984)37,970 (8,992)— (6)
Balance at September 30, 2020$3 $412,313 $(100,067)$8,428,925 $83,971 $8,825,145 



9


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

Common StockAdditional Paid-in CapitalTreasury StockRetained EarningsAccumulated 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. 

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, 2019 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, 2019.

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, 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 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 will 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.

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 instruments placed at customer locations as well as initial training. We initially 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.

12


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 accordance 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 Net sales in our condensed consolidated statements of 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 represents approximately 3% of total revenue for both the three and nine months ended September 30, 2020, and September 30, 2019, 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 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.

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):
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Europe$220.9 $181.9 $590.6 $556.1 
Asia142.0 120.7 382.3 354.3 
United States250.4 225.8 685.4 674.0 
Other (primarily Canada and Latin America)34.0 32.2 97.5 102.8 
Total net sales$647.3 $560.6 $1,755.8 $1,687.2 

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

13



Deferred revenues primarily represents unrecognized fees billed or collected for extended service arrangements. The deferred revenue balance at September 30, 2020 and December 31, 2019 was $55.8 million and $45.8 million, respectively. The short-term deferred revenue balance at September 30, 2020 and December 31, 2019 was $40.9 million and $33.7 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 nine month period ended September 30, 2020 and 2019 were as follows (in millions):
Nine Months Ended
September 30,
20202019
Balance at beginning of period$9.0 $10.1