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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 endedJune 30, 2021
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 July 23, 2021:Class A - 24,703,746Class B - 5,068,809




BIO-RAD LABORATORIES, INC.

FORM 10-Q JUNE 30, 2021

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, 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, the duration, severity and impact of the COVID-19 pandemic, global economic conditions, 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, supply chain issues, 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
Item 1.          Financial Statements

BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2021December 31, 2020
ASSETS:(Unaudited)
Cash and cash equivalents$732,836 $662,205 
Short-term investments428,562 328,913 
Restricted investments5,560 5,560 
Accounts receivable, less allowance for doubtful accounts of $17,331 at 2021 and $19,807 at 2020
399,307 419,424 
Inventories:
Raw materials120,145 126,911 
Work in process148,572 151,931 
Finished goods330,272 343,411 
Total inventories598,989 622,253 
Prepaid expenses110,603 90,621 
Other current assets13,236 10,859 
Total current assets2,289,093 2,139,835 
Property, plant and equipment1,447,596 1,452,761 
Less: accumulated depreciation and amortization(965,595)(961,390)
Property, plant and equipment, net482,001 491,371 
Operating lease right-of-use assets190,233 202,136 
Goodwill, net291,916 291,916 
Purchased intangibles, net184,852 199,497 
Other investments11,580,390 9,561,140 
Other assets99,071 86,723 
Total assets$15,117,556 $12,972,618 

















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)





June 30, 2021December 31, 2020
LIABILITIES AND STOCKHOLDERS’ EQUITY:(Unaudited) 
Accounts payable$133,457 $139,451 
Accrued payroll and employee benefits208,888 222,875 
Current maturities of long-term debt and notes payable1,736 1,798 
Income and other taxes payable52,421 57,335 
Current operating lease liabilities35,608 36,507 
Other current liabilities154,942 173,570 
Total current liabilities587,052 631,536 
Long-term debt, net of current maturities10,779 12,258 
Deferred income taxes2,542,189 2,076,785 
Operating lease liabilities163,914 175,128 
Other long-term liabilities218,742 196,971 
Total liabilities3,522,676 3,092,678 
Stockholders’ equity:  
Class A common stock, shares issued 25,095,586 and 25,072,619 at 2021 and 2020, respectively; shares outstanding 24,702,495 and 24,767,870 at 2021 and 2020, respectively
2 2 
Class B common stock, shares issued and outstanding, 5,070,060 at 2021 and 5,076,186 at 2020
1 1 
Additional paid-in capital459,698 429,376 
Class A treasury stock at cost, 393,091 at 2021 and 304,749 shares at 2020
(149,462)(99,907)
Retained earnings11,159,475 9,268,012 
Accumulated other comprehensive income125,166 282,456 
Total stockholders’ equity11,594,880 9,879,940 
Total liabilities and stockholders’ equity$15,117,556 $12,972,618 
















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 EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Net sales$715,931 $536,880 $1,442,727 $1,108,524 
Cost of goods sold314,333 243,892 640,502 498,168 
Gross profit401,598 292,988 802,225 610,356 
Selling, general and administrative expense213,425 189,262 439,278 382,954 
Research and development expense63,391 51,984 137,303 101,287 
Income from operations124,782 51,742 225,644 126,115 
Interest expense363 5,740 761 11,430 
Foreign currency exchange (gains) losses, net(1,761)774 (1,690)1,702 
Change in fair market value of equity securities(1,030,691)(1,183,488)(2,210,094)(2,011,159)
Other expense (income), net96 (17,229)(17,311)(20,502)
Income before income taxes1,156,775 1,245,945 2,453,978 2,144,644 
Provision for income taxes(242,661)(279,516)(562,450)(492,303)
Net income$914,114 $966,429 $1,891,528 $1,652,341 
Basic earnings per share:  
Net income per basic share$30.71 $32.59 $63.49 $55.52 
Weighted average common shares - basic29,764 29,652 29,793 29,759 
Diluted earnings per share:  
Net income per diluted share$30.32 $32.15 $62.70 $54.84 
Weighted average common shares - diluted30,148 30,058 30,167 30,131 


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 EndedSix Months Ended
June 30,June 30,
 2021202020212020
Net income$914,114 $966,429 $1,891,528 $1,652,341 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income taxes56,084 84,475 (158,241)22,465 
Foreign other post-employment benefits adjustments, net of income taxes741 (141)2,599 590 
Net unrealized holding gain (loss) on available-for-sale (AFS) debt investments, net of income taxes(93)3,479 (1,648)3,151 
Other comprehensive income (loss), net of income taxes56,732 87,813 (157,290)26,206 
Comprehensive income$970,846 $1,054,242 $1,734,238 $1,678,547 



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)
 Six Months Ended
 June 30,
 20212020
Cash flows from operating activities:  
Cash received from customers$1,456,601 $1,127,141 
Cash paid to suppliers and employees(1,131,533)(959,300)
Interest paid, net(1,536)(10,847)
Income tax payments, net(77,573)(10,005)
Dividend proceeds and miscellaneous receipts, net22,293 6,092 
(Payments for) proceeds from forward foreign exchange contracts, net(18)1,849 
Net cash provided by operating activities268,234 154,930 
Cash flows from investing activities:  
Capital expenditures(42,935)(39,707)
Proceeds from dispositions of property, plant and equipment13 33 
Proceeds from divestiture of a division 12,240 
Payments for acquisitions, net of cash received (96,889)
Payments for purchases of intangible assets (100)
Payments for purchases of marketable securities and investments(255,277)(172,663)
Proceeds from sales of marketable securities and investments32,801 62,894 
Proceeds from maturities of marketable securities and investments116,794 133,197 
Net cash used in investing activities(148,604)(100,995)
Cash flows from financing activities:  
Payments on long-term borrowings(1,523)(1,597)
Payments of contingent consideration(561)(1,265)
Proceeds from issuances of common stock for share-based compensation8,107 8,202 
Tax payments from net share settlement(507)(6,931)
Payments for purchases of treasury stock(49,998)(100,005)
Net cash used in financing activities(44,482)(101,596)
Effect of foreign exchange rate changes on cash(5,102)(2,858)
Net increase (decrease) in cash, cash equivalents, and restricted cash70,046 (50,519)
Cash, cash equivalents, and restricted cash at beginning of period667,115 662,651 
Cash, cash equivalents, and restricted cash at end of period$737,161 $612,132 

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):
June 30, 2021June 30, 2020
Cash and cash equivalents$732,836 $607,584 
Restricted cash included in Other current assets3,436 3,575 
Restricted cash included in Other assets889 973 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$737,161 $612,132 

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, 2020$3 $429,376 $(99,907)$9,268,012 $282,456 $9,879,940 
Net income   977,414  977,414 
Other comprehensive loss, 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 
Net income   914,114  914,114 
Other comprehensive income, net of tax    56,732 56,732 
Issuance of common stock 3,548    3,548 
Stock compensation expense 11,428    11,428 
Reissuance of treasury stock (379)443 (65) (1)
Balance at June 30, 2021$3 $459,698 $(149,462)$11,159,475 $125,166 $11,594,880 



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 


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, 2020 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, 2020.

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.
10



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 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.

11


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% and 3% of total revenue for both the three and six months ended June 30, 2021 and June 30, 2020, respectively, and are 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 EndedSix Months Ended
June 30,June 30,
2021202020212020
Europe$229.1 $174.0 $476.7 $369.7 
Asia172.1 129.0 341.0 240.4 
United States274.6 205.4 546.0 434.9 
Other (primarily Canada and Latin America)40.1 28.5 79.0 63.5 
Total net sales$715.9 $536.9 $1,442.7 $1,108.5 

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 revenue by industry segment sources are presented in our Segment Information footnote (see Note 10).

Deferred revenues primarily represents unrecognized fees billed or collected for extended service arrangements. The deferred revenue balance at June 30, 2021 and December 31, 2020 was $66.2 million and $60.0 million, respectively. The short-term deferred revenue balance at June 30, 2021 and December 31, 2020 was $47.5 million and $42.5 million, respectively.

12


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 six-month period ended June 30, 2021 and 2020 were as follows (in millions):
Six Months Ended
June 30,
20212020
Balance at beginning of period$9.8 $9.0 
Provision for warranty5.9 2.9 
Actual warranty costs(5.2)(4.0)
Balance at end of period$10.5 $7.9 

Allowance for Doubtful Accounts

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. We review our exposure to accounts receivable and reserve for amounts if collectability is no longer reasonably assured based on an assessment of various factors including historical loss rates and expectations of forward-looking loss estimates.

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.

Changes in our allowance for doubtful accounts were as follows (in millions):
Six Months Ended
June 30,
20212020
Balance at beginning of period$19.8 $20.2 
Provision for expected credit losses0.6 1.2 
Write-offs charged against the allowance(3.1)(1.2)
 Recoveries collected 0.1 
Balance at end of period$17.3 $20.3 


Recent Accounting Pronouncements Adopted

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)"  The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.  The ASU is effective as of March 12, 2020 through December 31, 2022.  We will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis.  The ASU is currently not expected to have a material impact on our condensed consolidated financial statements. 
13



In January 2020, the FASB issued ASU 2020-01, "Clarifying the Interactions between Topic 321 Investments—Equity Securities, Topic 323 Investments—Equity Method and Joint Ventures, and Topic 815 Derivatives and Hedging." ASU 2020-01 clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. ASU 2020-01 also clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The ASU is currently not expected to have a material impact on our condensed consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes," which
eliminates certain exceptions within ASC 740, Income Taxes, and clarifies other aspects of the current guidance to
promote consistency among reporting entities. ASU 2019-12 was effective for fiscal years beginning after
December 15, 2020, with any adjustments reflected as of January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the condensed consolidated financial statements.


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 June 30, 2021 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper$ $68.4 $ $68.4 
Time deposits23.8 10.0  33.8 
Money market funds78.9   78.9 
Total cash equivalents (a)102.7 78.4  181.1 
Restricted investments (b)6.8   6.8 
Equity securities (c)11,607.8   11,607.8 
Available-for-sale investments:
Corporate debt securities 245.2  245.2 
U.S. government sponsored agencies 58.5  58.5 
Foreign government obligations 3.2  3.2 
Other foreign obligations 2.1  2.1 
Certificates of Deposit 4.9  4.9 
Municipal obligations 17.9  17.9 
Asset-backed securities 28.1  28.1 
Total available-for-sale investments (d) 359.9  359.9 
Forward foreign exchange contracts (e) 0.7  0.7 
Total financial assets carried at fair value$11,717.3 $439.0 $ $12,156.3 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (f)$ $0.5 $ $0.5 
Contingent consideration (g)  0.1 0.1 
Total financial liabilities carried at fair value$ $0.5 $0.1 $0.6 


15


Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2020 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Commercial paper$ $41.7 $ $41.7 
Time deposits17.6 10.0  27.6 
Asset-backed securities 0.9  0.9 
U.S. government sponsored agencies 2.5 2.5 
Money market funds60.1   60.1 
Total cash equivalents (a)77.7 55.1  132.8 
Restricted investments (b)6.7