BIO-RAD LABORATORIES, INC., 10-K filed on 2/13/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 09, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-7928    
Entity Registrant Name BIO-RAD LABORATORIES, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 94-1381833    
Entity Address, Address Line One 1000 Alfred Nobel Drive,    
Entity Address, City or Town Hercules,    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94547    
City Area Code (510)    
Local Phone Number 724-7000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Central Index Key 0000012208    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Documents Incorporated by Reference Definitive Proxy Statement to be mailed to stockholders in connection with the
registrant's 2026 Annual Meeting of Stockholders (specified portions)
 III 		   
Common Class A      
Document Information [Line Items]      
Title of 12(b) Security Class A Common Stock Par Value $0.0001 per share    
Trading Symbol BIO    
Security Exchange Name NYSE    
Entity Public Float     $ 4,446,568,594
Entity Common Stock, Shares Outstanding   21,924,284  
Common Class B      
Document Information [Line Items]      
Title of 12(b) Security Class B Common Stock Par Value $0.0001 per share    
Trading Symbol BIO.B    
Security Exchange Name NYSE    
Entity Public Float     $ 23,786,912
Entity Common Stock, Shares Outstanding   5,066,110  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Santa Clara, CA
Auditor Firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 529,800 $ 488,100
Short-term investments 1,010,900 1,176,400
Restricted investments 460,600 452,500
Inventory 740,700 760,000
Prepaid expenses 136,500 122,600
Other current assets 27,700 30,700
Total current assets 2,906,200 3,030,300
Property, plant and equipment, net 539,900 528,100
Operating lease right-of-use assets 170,000 160,500
Goodwill, net 579,800 410,500
Purchased intangibles, net 174,300 293,600
Other investments 6,103,600 4,839,200
Other assets 102,700 101,900
Total assets 10,576,500 9,364,100
Current liabilities:    
Accounts payable 129,000 122,300
Accrued payroll and employee benefits 172,300 124,200
Current maturities of long-term debt and notes payable 1,300 1,200
Income and other taxes payable 36,600 31,200
Current operating lease liabilities 36,100 41,700
Other current liabilities 141,700 147,200
Total current liabilities 517,000 467,800
Long-term debt, net of current maturities 1,201,700 1,200,400
Deferred income taxes 1,059,400 818,000
Operating lease liabilities 145,700 131,400
Other long-term liabilities 199,100 177,200
Total liabilities 3,122,900 2,794,800
Commitments and contingent liabilities
Stockholders’ equity:    
Preferred stock 0 0
Additional paid-in capital 476,000 463,200
Class A treasury stock at cost, 3,275,476 shares at 2025 and 2,254,728 shares at 2024 (1,009,600) (772,100)
Retained earnings 8,176,300 7,416,400
Accumulated other comprehensive loss (189,100) (538,200)
Total stockholders’ equity 7,453,600 6,569,300
Total liabilities and stockholders’ equity 10,576,500 9,364,100
Common Class A    
Stockholders’ equity:    
Common stock 0 0
Common Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.4
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss $ 5.5 $ 9.2
Treasury stock (in shares) 3,275,476 2,254,728
Preferred stock authorized 7,500,000 7,500,000
Preferred stock outstanding 0 0
Preferred stock par value $ 0.0001 $ 0.0001
Common Class A    
Common stock issued 25,199,760 25,191,463
Common stock outstanding 21,924,284 22,936,735
Common stock par value $ 0.0001 $ 0.0001
Common stock authorized 80,000,000 80,000,000
Common Class B    
Common stock issued 5,066,110 5,074,409
Common stock outstanding 5,066,110 5,074,409
Common stock par value $ 0.0001 $ 0.0001
Common stock authorized 20,000,000 20,000,000
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 2,583.2 $ 2,566.5 $ 2,671.2
Cost of goods sold 1,243.3 1,187.6 1,244.3
Gross profit 1,339.9 1,378.9 1,426.9
Selling, general and administrative expense 844.3 814.0 841.7
Research and development expense 275.6 295.9 247.4
Impairment of purchased intangibles and related items, net 172.8 0.0 0.0
Income from operations 47.2 269.0 337.8
Interest expense 49.0 48.9 49.4
Foreign currency exchange gains, net (6.6) (3.9) (7.3)
(Gains) losses from change in fair market value of equity securities and loan receivable (900.4) 2,656.8 1,252.3
Other income, net (90.3) (90.3) (106.5)
Net income (loss) before income taxes 995.5 (2,342.5) (850.1)
(Provision for) benefit from income taxes (235.6) 498.3 212.8
Net income (loss) $ 759.9 $ (1,844.2) $ (637.3)
Basic earnings (loss) per share:      
Net income (loss) per basic share (in dollars per share) $ 27.87 $ (65.36) $ (21.82)
Weighted average common shares - basic (in shares) 27,263 28,214 29,209
Diluted earnings (loss) per share:      
Net income (loss) per diluted share (in dollars per share) $ 27.85 $ (65.36) $ (21.82)
Weighted average common shares - diluted (in shares) 27,281 28,214 29,209
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 759.9 $ (1,844.2) $ (637.3)
Foreign currency translation adjustments 333.9 (206.3) 132.4
Foreign other post-employment benefits adjustments 7.4 1.0 (12.8)
Net unrealized holding gains (losses) on available-for-sale (AFS) investments 7.7 3.1 11.2
Net unrealized holding gains (losses) on cash flow hedge 0.1 0.0 0.0
Other comprehensive income (loss), net of tax 349.1 (202.2) 130.8
Comprehensive income (loss) $ 1,109.0 $ (2,046.4) $ (506.5)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Cash received from customers $ 2,656.4 $ 2,553.1 $ 2,684.2
Cash paid to suppliers and employees (2,058.9) (2,058.2) (2,240.5)
Interest paid, net (46.6) (46.5) (47.5)
Income tax payments, net (61.6) (99.4) (129.6)
Dividend proceeds and miscellaneous receipts, net 81.0 86.1 100.1
(Payments for) proceeds from forward foreign exchange contracts, net (38.1) 20.1 8.2
Net cash provided by operating activities 532.2 455.2 374.9
Cash flows from investing activities:      
Payments for purchases of property, plant and equipment (157.6) (165.6) (156.7)
Proceeds from dispositions of property, plant and equipment 0.1 0.1 0.2
Proceeds from divestiture of a division 0.0 0.0 2.5
Payments for business acquisitions, net of cash received (218.5) 0.0 0.0
Payments for acquired in-process research and development 0.0 (23.4) 0.0
Payments for purchases of marketable securities and investments (669.3) (1,276.6) (689.0)
Proceeds from sales of marketable securities and investments 793.6 1,106.0 501.9
Proceeds from maturities of marketable securities and investments 62.0 199.3 361.3
Net cash (used in) provided by investing activities (189.7) (160.2) 20.2
Cash flows from financing activities:      
Payments on long-term debt (0.5) (0.4) (0.5)
Payments for debt issuance costs 0.0 (0.6) 0.0
Proceeds from issuance of common stock and from reissuance of treasury stock under the employee stock purchase plan and upon exercise of stock options 15.8 19.2 18.5
Tax payments from net share settlement (3.0) (3.4) (14.9)
Payments for purchases of treasury stock (295.5) (203.6) (428.7)
Payments of contingent consideration 0.0 (30.0) 0.0
Net cash used in financing activities (283.2) (218.8) (425.6)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (16.9) 9.2 0.4
Net increase (decrease) in cash, cash equivalents and restricted cash 42.4 85.4 (30.1)
Cash, cash equivalents and restricted cash at beginning of year 489.8 404.4 434.5
Cash, cash equivalents and restricted cash at end of year 532.2 489.8 404.4
Cash and cash equivalents 529.8 488.1 403.8
Restricted cash included in Other current assets 2.0 1.4 0.2
Restricted cash included in Other assets 0.4 0.3 0.4
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 532.2 $ 489.8 $ 404.4
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2022 $ 9,615.2 $ 0.0 $ 447.4 $ (263.6) $ 9,898.2 $ (466.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (637.3)       (637.3)  
Other comprehensive income (loss), net of tax 130.8         130.8
Share-based compensation expense 61.3   61.3 0.0    
Purchase of treasury stock (428.7)     (428.7)    
Reissuance of treasury stock 19.1   44.7 64.1 (0.3)  
Shares withheld related to net share settlement of equity awards (14.9)   (14.9)      
Excise tax on stock repurchase (4.3)     (4.3)    
Ending balance at Dec. 31, 2023 8,741.2 0.0 449.1 (632.5) 9,260.6 (336.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (1,844.2)       (1,844.2)  
Other comprehensive income (loss), net of tax (202.2)         (202.2)
Share-based compensation expense 62.3   62.3      
Purchase of treasury stock (201.6)     (201.6)    
Reissuance of treasury stock 19.2   44.8 64.0 0.0  
Shares withheld related to net share settlement of equity awards (3.4)   (3.4)      
Excise tax on stock repurchase (2.0)     (2.0)    
Ending balance at Dec. 31, 2024 6,569.3 0.0 463.2 (772.1) 7,416.4 (538.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 759.9       759.9  
Other comprehensive income (loss), net of tax 349.1         349.1
Share-based compensation expense 58.0   58.0      
Purchase of treasury stock (292.6)     (292.6)    
Reissuance of treasury stock 15.8   42.2 58.0 0.0  
Shares withheld related to net share settlement of equity awards (3.0)   (3.0)      
Excise tax on stock repurchase (2.9)     (2.9)    
Ending balance at Dec. 31, 2025 $ 7,453.6 $ 0.0 $ 476.0 $ (1,009.6) $ 8,176.3 $ (189.1)
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies
1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us,” “the Company” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Use of Estimates

The preparation of the 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 amounts of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets and goodwill, valuation of accounts receivable, estimation of warranty reserve, useful lives of intangible assets and property, plant and equipment, fair value of equity awards, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the Loan receivable and other financial instruments. Actual results could differ materially from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less which are readily convertible into cash. 

Available-for-Sale Investments

Available-for-sale investments consist of corporate debt securities, municipal obligations, asset backed securities, U.S. government sponsored agencies securities and foreign government obligations. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of any related tax effect. Realized gains and losses and other-than-temporary impairments on investments are included in Other income, net (see Note 12).

Concentration of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts, trade accounts receivable and loans receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions.
The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying amounts of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end.

Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. We manage our accounts receivable credit risk through ongoing credit evaluation of our customers' financial conditions. We generally do not require collateral from our customers.

Loans receivable represent the Loan extended to Sartorius-Herbst Beteiligungen II GmbH ("SHB") and is collateralized by the pledge of certain trust interests under the Sartorius family trust ("Trust"), which upon termination of the Trust represent the right to receive Sartorius ordinary shares. The collateral is subject to market volatility based on fluctuation in value of the Sartorius ordinary shares.

Accounts Receivable and Allowance for Credit Losses

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

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

Changes in our allowance for credit losses were as follows (in millions):

December 31
202520242023
Beginning balance
$9.2 $14.9 $15.0 
Provision for expected credit losses(1.8)(0.6)0.5 
Write-offs charged against the allowance(1.9)(5.1)(0.6)
Ending balance
$5.5 $9.2 $14.9 

Inventory

Inventories are valued at the lower of cost and net realizable value and include material, labor and overhead costs. Cost is determined using standard costs, which approximate actual costs, and are relieved from inventory on a first-in, first-out basis. We assess the valuation of our inventory on a periodic basis and make adjustments to the value for estimated excess and obsolete inventory based on estimates and assumptions about future demand, economic conditions and actual usage, which require management judgment. Inventory write-downs are recognized in Cost of goods sold in our consolidated statements of income (loss). We classify our inventories based on our historical and anticipated levels of sales; any inventory in excess of its normal operating cycle is classified as long-term on our consolidated balance sheets. The long-term inventory was immaterial as of December 31, 2025 and 2024.

Property, Plant and Equipment, net

Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows:
Buildings
10 – 50 years
Leasehold improvementsLife of the improvements or lease term, whichever is shorter
Reagent rental equipment
1 – 5 years
Equipment
3 – 12 years
Computer software
3 – 5 years

When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses.

Internal-Use Software Development Costs

Costs incurred in the development of internal use software during the application development stage are capitalized and included in Property, plant and equipment, net on the consolidated balance sheets. Such capitalized costs include costs directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point the project is substantially complete and is ready for its intended purpose. Internal-use software is amortized on a straight-line basis over the estimated useful life of between 3-5 years. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.

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 consolidated balance sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our consolidated balance sheets.

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 the 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 the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense 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.

Intangible Assets

Our intangible assets primarily include goodwill, developed product technology, know how, licenses, tradenames, customer relationships/lists, and in-process research and development assets. Intangible assets with finite lives, which include developed product technology, know how, tradenames, licenses and customer relationships/lists, are carried at cost and amortized using the straight-line method over their estimated useful lives.

The estimated useful lives used in computing amortization of intangible assets are as follows:
Customer relationships/lists
4 – 16 years
Know how
14 years
Developed product technology
2 – 20 years
Licenses
12 – 13 years
Tradenames
6 – 10 years
Covenants not to compete
3 – 10 years

Intangible assets with indefinite lives, which include only goodwill and in-process research and development assets, are not amortized but instead are recorded at cost and evaluated at least annually for impairment.

Impairment of Long-Lived Assets

We review long-lived assets, such as property, plant and equipment and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property, plant and equipment, and other finite-lived intangible assets are measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying amounts. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of impairment for assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable.

There were no impairments of finite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023.

Impairment of Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. We conduct an impairment analysis for goodwill annually in the fourth quarter or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill.

We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test.

We determined that there are two reporting units, which are the same as our operating segments, namely Life Science and Clinical Diagnostics. We generally estimate the fair value of the reporting units in goodwill impairment assessments using an income approach, which includes an analysis of the future cash flows expected to be generated and the risk associated with achieving such cash flows. This approach requires significant management judgment including the discount rate that is applied to the discretely forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the reporting unit. Actual results may differ from management’s estimates. In the current year, we elected to perform a qualitative assessment of goodwill and determined that it is not more likely than not that the fair values of our reporting units are less than their carrying amounts and that goodwill is not impaired for any of our reporting units. There were no impairments of goodwill for the years ended December 31, 2025, 2024 and 2023.
Impairment of Indefinite-Lived Intangible Assets

For indefinite-lived intangible assets, which are comprised of in-process research and development assets, we conduct an impairment analysis annually in the fourth quarter or more frequently if indicators of impairment exist. We first perform a qualitative assessment to determine if it is more likely than not that the carrying amount of each of the in-process research and development assets exceeds its fair value. The qualitative assessment requires the consideration of factors such as adverse macroeconomic conditions, declining market and industry trends in which the Company operates, rising cost factors including inflation, and changes in projected future cash flows. If we determine it is more likely than not that the fair value is less than its carrying amount of the in-process research and development assets, a quantitative assessment is performed. The quantitative assessment compares the fair value of the in-process research and development assets to its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized for the excess. For the years ended December 31, 2024 and 2023, we elected to perform a qualitative assessment of indefinite-lived intangible assets and determined that it is not more likely than not that the fair value is less than its carrying amount and that in-process research and development was not impaired. For the year ended December 31, 2025, all in-process research and development assets were determined to be fully impaired and written off (see Note 4).

 
Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of net operating losses, tax credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which such temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in the provision for income taxes.

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. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the SSP for each distinct product or service.

We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed.

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 SSP. The method used to determine the SSP for product and service revenues is based on the observable prices when the product or services have been sold separately.

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

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

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

In addition, we offer a reagent rental program which provides our customers the ability to use an instrument and consumables (reagents) 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 then determine the lease classification. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases.

We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606, Revenue from Contracts with Customers, but instead is addressed by the lease guidance in ASC 842, Leases. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Maintenance services and reagent sales are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer.
Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue in each of 2025, 2024 and 2023. Such revenue forms part of the Net sales in our consolidated statements of income (loss).

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

The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 16).
Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements, including installation services. The deferred revenue balance at December 31, 2025 and December 31, 2024 was $62.9 million and $61.5 million, respectively. The short-term deferred revenue balance at December 31, 2025 and December 31, 2024 was $48.9 million and $47.8 million, respectively. Deferred revenues are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets.

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 consolidated statements of income (loss).

Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Changes in our warranty liability were as follows (in millions):
December 31
202520242023
Beginning balance
$7.1 $8.4 $10.6 
Provision for warranty5.3 6.1 9.3 
Actual warranty costs(6.3)(7.4)(11.5)
Ending balance
$6.1 $7.1 $8.4 

Shipping and Handling

We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold.

Research and Development

All research and development costs are expensed as incurred. Types of expense incurred in research and development include materials and supplies, employee compensation, consulting and third-party services, depreciation, facility costs and information technology. 

Foreign Currency

Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity.
Foreign currency transaction gains and losses are included in Foreign currency exchange gains, net in the consolidated statements of income (loss). Transaction gains and losses result primarily from fluctuations in exchange rates when intercompany receivables and payables are denominated in currencies other than the functional currency of our subsidiary that recorded the transaction.

Forward Foreign Exchange Contracts

As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes, nor do we seek hedge accounting treatment for any of our contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded as an asset or liability measured at their fair value at each balance sheet date. The resulting gains or losses offset exchange gains or losses, on the related receivables and payables, all of which are recorded in Foreign currency exchange gains, net in the consolidated statements of income (loss). We classify the proceeds from forward foreign exchange contracts, net as cash flows from operating activities in our consolidated statements of cash flows. 

Share-Based Compensation Plans

Share-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. We recognize these compensation costs over the requisite service period of the award, which is generally the vesting term of the share-based payment awards. Forfeitures are recognized as they occur. These plans are described more fully in Note 11.

Earnings (Loss) Per Share

We compute Net income (loss) per share of Class A Common Stock ("Class A") and Class B Common Stock ("Class B") using the two-class method. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (loss) is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the year.

Accordingly, Basic earnings (loss) per share is computed by dividing Net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings (loss) per share takes into account the effect of dilutive instruments, such as stock options, restricted stock and performance stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the Diluted earnings (loss) per share calculation if the effect of including such securities would be anti-dilutive.

The weighted average number of common shares outstanding used to calculate Basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the Diluted earnings (loss) per share calculation are as follows (in thousands):
 Year Ended December 31,
 202520242023
Basic weighted average shares common outstanding27,263 28,214 29,209 
Effect of potentially dilutive stock options, restricted   
   stock and performance stock awards18 — — 
Diluted weighted average common shares outstanding27,281 28,214 29,209 
Anti-dilutive shares336 226 212 
Fair Value of Financial Instruments

For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, marketable securities, accounts payable and foreign exchange contracts, the carrying amounts approximate fair value.

The estimated fair value of financial instruments is based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) using available market information or other appropriate valuation methodologies in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Estimates are not necessarily indicative of the amounts that could be realized in a current market exchange as considerable judgment is required in interpreting market data used to develop estimates of fair value. The use of different market assumptions or estimation techniques could have a material effect on the estimated fair value (see Note 3).

Variable Interest Entities

We enter into relationships with or make investments in other entities that may be variable interest entities ("VIE"). A VIE is consolidated in the financial statements if we are the primary beneficiary. The primary beneficiary has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

In 2021, we extended a loan to a VIE, SHB, a private limited company incorporated under the laws of Germany (see Note 3). We have not consolidated this entity because we do not have the power to direct the activities that most significantly impact the VIE’s economic performance related to repayment of the loan or cash management of the SHB and, thus, we are not considered the primary beneficiary of the VIE. We believe that our maximum exposure to loss as a result of our involvement with the VIE is limited to the receivable due to us from the VIE under the terms of the loan.

Equity Investments

Investments in publicly traded companies in which we do not have the ability to exercise significant influence are reported at fair value, with unrealized gains and losses reported as a component of (Gains) losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income (loss). Companies in which we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method (see Note 3). Our share of the after-tax earnings of equity method investees is included in Other income, net in our consolidated statements of income (loss). Investments in privately held companies in which we do not have the ability to exercise significant influence are accounted for using the cost method with adjustments for observable changes in price or impairments (see Note 3). We monitor our relationships with investees when changes occur that could affect whether we have the ability to exercise significant influence.

Recent Accounting Pronouncements Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. We adopted ASU 2023-09 effective January 1, 2025. This update has been adopted prospectively in the financial statements. See Note 8, Income Taxes for our updated presentation.
Recent Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)". This ASU requires entities to disclose additional information about specific expense categories in the notes to financial statements. As clarified in ASU 2025-01, the guidance set forth in ASU 2024-03 is required to be adopted in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". The ASU allows a practical expedient election to simplify the expected credit loss estimation for accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is applied prospectively and is effective for interim and annual reports beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made. We are currently evaluating whether to apply this practical expedient and if we do, what the impact may be to our financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software". The ASU removes all references to prescriptive and sequential software development stages and instead requires companies to start capitalizing software costs when: (a) management has authorized and committed to funding the software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The ASU allows for adoption using a prospective transition approach, a modified transition approach or a retrospective transition approach. We are currently evaluating the impact to our financial statements and which method of adoption will be applied.

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements". The objective of this ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods and early adoption is permitted. We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities". The objective of this ASU is to establish a comprehensive framework for recognizing, measuring, and presenting government grants received by business entities. The amendments are intended to enhance consistency and transparency in financial reporting by providing clear guidance on how such grants should be accounted for within the financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑11, “Interim Reporting (Topic 270): Narrow‑Scope Improvements.” The objective of this ASU is to enhance the clarity and usefulness of interim financial reporting by introducing targeted disclosure requirements designed to improve transparency for users of interim financial statements. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of these amendments on our consolidated financial statements.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions
2. ACQUISITIONS

Stilla Technologies Acquisition
On June 30, 2025 (the "Acquisition Date"), we acquired all equity interests of Stilla Technologies (“Stilla”).
Stilla is a commercial-stage life science company that develops and markets next-generation droplet digital Polymerase Chain Reaction ("PCR") systems, which supports a broad range of genetic and molecular testing applications. The strategic rationale for the transaction was to strengthen our offering in droplet digital PCR and facilitate entry into new molecular testing markets.
Because the acquired company met the definition of a business, the acquisition of Stilla was accounted for as a business combination, using the acquisition method of accounting.

The Stilla acquisition purchase consideration consisted of (i) $166.5 million cash consideration paid to the sellers, (ii) $47.6 million cash payments to debtors on behalf of Stilla, (iii) $15.0 million of cash paid to escrow accounts for representations and warranties of the sellers, and (iv) the fair value of the contingent consideration of $28.6 million. The contingent consideration of up to $50.0 million is payable upon the achievement of certain technological development and sales-related milestones.

The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions) with information available as of December 31, 2025:
Fair Value
Assets Acquired:
Cash and cash equivalents$10.6 
Developed technology94.9 
Customer relationships2.4 
Other identifiable assets acquired11.3 
Liabilities Assumed:
Other current liabilities(15.6)
Other identifiable liabilities assumed(6.4)
Net identifiable assets acquired97.2 
Goodwill160.5 
Net assets acquired$257.7 

The goodwill and identifiable intangible assets are not deductible for tax purposes. Goodwill related to the acquisition is primarily attributable to opportunities to further develop and enhance the droplet digital PCR systems and combining the operations and technologies of Bio-Rad and Stilla. Developed technology is accounted for as an intangible asset with a finite useful life. Goodwill will be tested for impairment annually and both the goodwill and intangible assets will be tested whenever there are indications of impairment, such as a significant decrease in the market value or a change in the expected useful life of technology. The amortization period and method will be reviewed periodically to ensure they reflect the technology's usage and economic value.

We may revise the preliminary estimates of the fair value of our assets acquired and liabilities assumed as additional information becomes available. In addition, the finalization of working capital adjustments may affect the total consideration transferred. These items are expected to be resolved prior to the end of the measurement period (which will not exceed 12 months from the Acquisition Date).
We included Stilla's estimated fair value of assets acquired and liabilities assumed in our consolidated balance sheets beginning on the Acquisition Date. The results of operations for Stilla post-acquisition are immaterial for the year ended December 31, 2025. Pro forma results of operations for the Stilla acquisition have not been presented because they are not material to the consolidated statements of income (loss).

The acquisition was included in our Life Science segment's results of operations from the Acquisition Date. The amount of acquisition-related costs was not material.
v3.25.4
Fair Value Measurements and Investments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. FAIR VALUE MEASUREMENTS AND INVESTMENTS

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)

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Corporate debt securities
$— $1.6 $— $1.6 
Time deposits— 39.4 — 39.4 
U.S. government sponsored agencies securities
— 59.9 — 59.9 
Money market funds209.7 — — 209.7 
Total cash equivalents (a)209.7 100.9 — 310.6 
Restricted investments (b)1.1 — — 1.1 
Equity Securities (c)5,740.5 — — 5,740.5 
Loan under the fair value option (d)— — 373.4 373.4 
Available-for-sale investments:
Corporate debt securities— 451.9 — 451.9 
U.S. government sponsored agencies securities
— 79.6 — 79.6 
Foreign government obligations— 11.7 — 11.7 
Municipal obligations— 14.9 — 14.9 
Asset-backed securities— 381.5 — 381.5 
Total available-for-sale investments (e)— 939.6 — 939.6 
Forward foreign exchange contracts (f)— 1.2 — 1.2 
Total financial assets carried at fair value$5,951.3 $1,041.7 $373.4 $7,366.4 
Financial liabilities carried at fair value:   
     Forward foreign exchange contracts (g)$— $1.8 $— $1.8 
    Contingent consideration (h)— — 29.6 29.6 
Total financial liabilities carried at fair value$— $1.8 $29.6 $31.4 

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2024 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Time deposits$— $31.2 $— $31.2 
U.S. government sponsored agencies securities
— 14.9 — 14.9 
Money market funds139.4 — — 139.4 
Total cash equivalents (a)139.4 46.1 — 185.5 
Restricted investments (b)1.6 — — 1.6 
Equity securities (c)4,548.0 — — 4,548.0 
Loan under the fair value option (d)— — 317.5 317.5 
Available-for-sale investments:   
Corporate debt securities— 533.6 — 533.6 
U.S. government sponsored agencies securities
— 118.6 — 118.6 
Foreign government obligations— 5.2 — 5.2 
Municipal obligations— 9.4 — 9.4 
Asset-backed securities— 430.8 — 430.8 
Total available-for-sale investments (e)— 1,097.6 — 1,097.6 
Forward foreign exchange contracts (f)— 8.8 — 8.8 
Total financial assets carried at fair value$4,689.0 $1,152.5 $317.5 $6,159.0 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$— $2.4 $— $2.4 
Total financial liabilities carried at fair value$— $2.4 $— $2.4 

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

(b) Restricted investments are included in Other investments in the consolidated balance sheets.

(c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2025December 31, 2024
Short-term investments$71.3 $78.8 
Other investments5,669.2 4,469.2 
   Total$5,740.5 $4,548.0 

(d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets.

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

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

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

(h) Contingent consideration in a liability position is included in Other long-term liabilities in the consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.
Level 1 Fair Value Measurements

As of December 31, 2025, we owned 12,987,900 ordinary voting shares and 9,588,908 preference shares of Sartorius, of Goettingen, Germany, a process technology supplier to the biotechnology, pharmaceutical, chemical and food and beverage industries. We owned approximately 38% of the outstanding ordinary shares (excluding treasury shares) and 28% of the preference shares of Sartorius as of December 31, 2025. The Sartorius family trust (Sartorius family members are beneficiaries of the trust) holds a majority interest of the outstanding ordinary shares of Sartorius. We do not have the ability to exercise significant influence over the operating and financial policies of Sartorius primarily because we do not have any representative or designee on Sartorius' board of directors and have tried and failed to obtain access to operating or financial information necessary to apply the equity method of accounting.

The change in fair market value of our investment in Sartorius for the twelve months ended December 31, 2025 was a gain of $872.6 million and is recorded in our consolidated statements of income (loss).

Level 2 Fair Value Measurements

To estimate the fair value of Level 2 debt securities as of December 31, 2025 and 2024, our primary pricing provider uses Refinitiv as the primary pricing source. Our pricing process allows us to select a hierarchy of pricing sources for securities held. If Refinitiv does not price a Level 2 security that we hold, then the pricing provider will utilize our custodian supplied pricing as the secondary pricing source.

Available-for-sale investments consist of the following (in millions):
 December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowances for Credit LossesEstimated
Fair
Value
Short-term investments:    
Corporate debt securities$447.4 $4.6 $(0.1)— $451.9 
U.S. government sponsored agencies securities
79.1 0.5 — — 79.6 
Foreign government obligations11.6 0.1 — — 11.7 
Municipal obligations14.6 0.3 — — 14.9 
Asset-backed securities378.9 3.3 (0.7)— 381.5 
 $931.6 $8.8 $(0.8)$— $939.6 

The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2025 by contractual maturity date (in millions):
Amortized
Cost		Estimated Fair
Value
Mature in less than one year$57.6 $57.8 
Mature in one to five years593.2 599.1 
Mature in more than five years280.8 282.7 
Total$931.6 $939.6 

Available-for-sale investments consist of the following (in millions):
 December 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair
Value
Short-term investments:    
Corporate debt securities$533.1 $2.1 $(1.6)$533.6 
Municipal obligations9.5 — (0.1)9.4 
Asset-backed securities432.4 1.3 (2.9)430.8 
U.S. government sponsored agencies securities
119.5 0.1 (1.0)118.6 
Foreign government obligations5.2 — — 5.2 
Total$1,099.7 $3.5 $(5.6)$1,097.6 

As of December 31, 2025, there were no significant continuous unrealized losses greater than 12 months.

Our evaluation of credit losses for available-for-sale investments included the extent to which the fair value is less than the amortized cost basis, adverse conditions specifically related to the debt security, an industry or geographic area, and any changes in the rating of a security by a rating agency. Credit loss impairments are limited to the amount that the fair value of an instrument is less than its amortized cost basis.

At December 31, 2025, we concluded that all payments related to our available-for-sale investments are expected to be made in full and on time at par value. The diminution of value in the intervening period is due to market conditions such as illiquidity and interest rate movements and not due to significant, inherent credit concerns surrounding the issuer. As a result, we have no allowances for credit losses on our available-for-sale investments portfolio as of December 31, 2025.
Included in Other current assets are $11.9 million and $13.1 million of interest receivable as of December 31, 2025 and December 31, 2024, respectively, primarily associated with securities in our available-for-sale investments portfolio. Associated interest on these securities is typically payable semi-annually. Due to the short-term nature of our interest receivable asset, we have made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable. We consider any uncollected interest receivable that is overdue greater than one year to be impaired for purposes of write-off. For the year ended December 31, 2025, we have not written off any uncollected interest receivable.

We enter into forward foreign exchange contracts to manage foreign exchange risk arising from movements in foreign exchange rates that affect foreign currency denominated cash, account receivables and payables. We do not use derivative financial instruments for speculative or trading purposes. We do not seek hedge accounting treatment for these balance sheet hedge contracts. As a result, these contracts, generally with maturity dates of 90 days or less, are recorded at their fair value at each balance sheet date. The estimated fair value of these contracts was derived using the spot rates and forward points from Refinitiv on the last business day of the quarter. The resulting gains or losses from foreign exchange contracts are expected to offset remeasurement losses or gains from foreign currency exposures being hedged, both of which are included in Foreign currency exchange gains, net in the consolidated statements of income (loss).

The following is a summary of our foreign currency forward contracts (in millions) that are classified as balance sheet hedges:
 December 31,
 2025
Contracts maturing in January through March 2026 to sell foreign currency:
 
Notional value$870.3 
Unrealized gain/(loss)$(1.0)
Contracts maturing in January through March 2026 to purchase foreign currency:
 
Notional value$107.4 
Unrealized gain/(loss)$0.4 

Included in Other investments in the consolidated balance sheets are investments without readily determinable fair value measured at cost with adjustments for observable price changes or impairments. The carrying amount of these investments was $23.0 million as of each of December 31, 2025 and December 31, 2024.

Also included in Other investments in the consolidated balance sheets are our equity method investments, for which our share of the equity method investees earnings is included in Other income, net in our consolidated statements of income (loss). The carrying amount of these investments, net of impairments, was $36.9 million and $27.9 million as of December 31, 2025 and December 31, 2024, respectively.

The carrying amount and fair value of our long-term debt was as follows (in millions):

December 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Senior notes
$1,193.0 $1,152.6 $1,191.2 $1,098.3 
Other long-term debt
10.0 10.0 9.2 9.2 
Total
$1,203.0 $1,162.6 $1,200.4 $1,107.5 

The fair value of our long-term debt was determined based on quoted market prices and on borrowing rates available to the Company at the respective period ends, which represent level 2 measurements.

Level 3 Fair Value Investments

During the fourth quarter of 2021, we extended a collateralized loan to Sartorius-Herbst Beteiligungen II Gmbh ("SHB"), a private limited company incorporated under the laws of Germany, with a principal amount of €400 million due on January 31, 2029, subject to certain events which could trigger payment prior to maturity (“Loan”). SHB used the Loan proceeds to partially finance the acquisition of interests under the Sartorius family trust (“Trust”) from a beneficiary of the Trust. The Loan is collateralized by the pledge of certain of the Trust interests, which upon termination of the Trust in mid-2028 represent the right to receive Sartorius ordinary shares. Interest on the loan is payable annually in arrears at 1.5% per annum, and the entire principal amount is due at maturity. In addition to contractual interest, we are entitled to certain value appreciation rights associated with the acquired Trust interests, which upon termination of the Trust represent the right to receive Sartorius ordinary shares, that is due upon repayment of the Loan. We elected the fair value option under ASC 825, Financial Instruments for accounting of the Loan to SHB to simplify the accounting. The fair value of the Loan and value appreciation right is estimated under the income approach using a discounted cash flow, and option pricing model, respectively, which results in a fair value measurement categorized in Level 3. The significant assumptions used to estimate fair value of the Loan include an estimate of the discount rate and cash flows of the Loan and the significant assumptions used to estimate the fair value of the value appreciation right include volatility, the risk-free interest rate, expected life (in years) and expected dividend. The inputs are subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected volatility may result in a significantly higher fair value, whereas a decrease in expected life may result in a significantly lower fair value. All subsequent changes in fair value of the Loan and value appreciation right, including accrued interest are recognized in (Gains) losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income (loss). The overall
change in fair market value reflected in (Gains) losses from change in fair market value of equity securities and loan receivable during the twelve months ended December 31, 2025 was a gain of $12.4 million, which includes a $16.1 million gain from change in fair market value of the Loan and a $3.7 million loss from change in fair market value of the value appreciation right. The increase in the fair market value of the loan receivables was due to a closer maturity date and lower discount rate. As of December 31, 2025, the €400.0 million principal amount of the loan is still due on January 31, 2029.


The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2024$317.5 
Change in estimated fair market value, net
12.4 
Foreign currency adjustments gains (losses), net43.5 
December 31, 2025$373.4 


During the second quarter of 2025, we recognized a contingent consideration liability upon our acquisition of Stilla, which represents future potential payments of up to $50.0 million, payable in cash upon the achievement of certain technological and sales-related milestones, commencing on the Acquisition Date through December 31, 2026 and 2027, respectively. At the Acquisition Date, the fair value of the contingent consideration of $28.5 million was determined by using a probability-weighted expected return model for both the achievement of the technological and sales-related milestones. The significant assumptions used to estimate the fair value of the contingent consideration include an estimate of the probability of achievement and the discount rate. The probability of achievement is subject to estimation uncertainty and actual amounts realized may materially differ. An increase in the expected probability of achievement may result in a higher fair value, whereas a decrease in expected probability of achievement may result in a lower fair value. The fair value of the contingent consideration is remeasured at each reporting period based on the assumptions and inputs on the date of remeasurement. The fair value of the estimated contingent consideration was $29.6 million as of December 31, 2025.

The following table provides a reconciliation of the Level 3 Stilla contingent consideration liability in the aggregate measured at estimated fair value (in millions):

December 31, 2024$— 
Stilla contingent consideration
28.5 
Measurement period adjustment
0.1 
Change in estimated fair value
1.0 
December 31, 2025$29.6 

The following table provides quantitative information about Level 3 inputs for fair value measurement of our Stilla contingent consideration liability as of December 31, 2025. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

Valuation Technique Unobservable Input Percentage
Stilla
Probability-weighted expected return model
Discount rate4.1 %
v3.25.4
Goodwill and Other Purchased Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Purchased Intangible Assets
4. GOODWILL AND OTHER PURCHASED INTANGIBLE ASSETS

Changes to goodwill by segment were as follows (in millions):
 20252024
Life
Science		Clinical
Diagnostics		TotalLife
Science		Clinical
Diagnostics		Total
Balances as of December 31:
      
Goodwill$333.3 $412.4 $745.7 $333.3 $415.5 $748.8 
Accumulated impairment losses and write-offs(41.8)(293.4)(335.2)(41.8)(293.4)(335.2)
Goodwill, net291.5 119.0 410.5 291.5 122.1 413.6 
Acquisitions
160.5 — 160.5 — — — 
Foreign currency adjustments(0.6)9.4 8.8 — (3.1)(3.1)
Period change, net159.9 9.4 169.3 — (3.1)(3.1)
Balances as of December 31:      
Goodwill493.2 421.8 915.0 333.3 412.4 745.7 
Accumulated impairment losses and write-offs(41.8)(293.4)(335.2)(41.8)(293.4)(335.2)
Goodwill, net$451.4 $128.4 $579.8 $291.5 $119.0 $410.5 

Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):
December 31, 2025
Weighted-Average Amortization Period (years)Purchase
Price		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships/lists4.4$115.6 $(107.7)$7.9 
Know how0.0174.6 (174.6)— 
Developed product technology10.7315.8 (160.0)155.8 
Licenses3.159.8 (50.3)9.5 
Tradenames3.66.0 (5.1)0.9 
Covenants not to compete0.56.5 (6.3)0.2 
     Total purchased intangible assets
$678.3 $(504.0)$174.3 




 December 31, 2024
Weighted-Average Amortization Period (years)Purchase
Price		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships/lists4.6$102.9 $(95.6)$7.3 
Know how0.8163.4 (160.0)3.4 
Developed product technology11.5215.5 (140.4)75.1 
Licenses4.058.7 (45.6)13.1 
Tradenames4.65.9 (4.8)1.1 
Covenants not to compete1.36.4 (5.5)0.9 
Total finite-lived intangible assets 552.8 (451.9)100.9 
In-process research and development192.7 — 192.7 
Total purchased intangible assets$745.5 $(451.9)$293.6 
Amortization expense related to purchased intangible assets for the years ended December 31, 2025, 2024 and 2023 was $23.8 million, $21.2 million and $23.8 million, respectively. Estimated future amortization expense related to existing purchased intangible assets for the years ending December 31, 2026, 2027, 2028, 2029, 2030 and thereafter is $23.4 million, $21.0 million, $21.0 million, $15.3 million, $13.8 million, and $79.8 million, respectively.

In 2022, the Company acquired Curiosity Diagnostics, Sp. Z. o. o. (“Curiosity”). At the time of the acquisition, Curiosity was developing a sample-to-answer, rapid diagnostics system for the molecular diagnostics market and the in-process research and development (“IPR&D”) asset was valued at $99.0 million. The IPR&D was recorded in one of our foreign subsidiaries and has been translated at each reporting period based on current exchange rates. In December 2025, the Company made a decision to focus on its core diagnostic business within the Clinical Diagnostics segment and to discontinue development of the IPR&D. The IPR&D has no defensive or marketable value and was determined to be abandoned. At the time of impairment, the carrying amount of the IPR&D was $127.7 million. The expense is reflected in Impairment of purchased intangibles and related items, net in the consolidated statements of income (loss) for the year ended December 31, 2025, within the Clinical Diagnostics segment. For accounting purposes, the abandonment triggered a substantial liquidation of the business of the foreign subsidiary (see Note 10).
In 2021, the Company acquired Dropworks, Inc. (“Dropworks”). At the time of the acquisition, Dropworks was developing a droplet digital PCR device with a lower cost one-step workflow and the IPR&D was valued at $81.7 million. The completion of the technology had been delayed and the Company has revised its revenue forecast associated with Dropworks in December 2025. The IPR&D was measured for impairment using a discounted cash flow model based on a revision of our Level 3 valuation inputs and was determined to be fully impaired. The IPR&D has no defensive or marketable value. The expense is reflected in Impairment of purchased intangibles and related items, net in the consolidated statements of income (loss) for the year ended December 31, 2025, within the Life Science segment.
v3.25.4
Inventory
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory
5. INVENTORY

Following are the components of Inventory at December 31, 2025 and December 31, 2024 (in millions):

December 31, 2025December 31, 2024
Inventory:
  Raw materials$212.5 $222.0 
  Work in process234.9 243.2 
  Finished goods 293.3 294.8 
      Total Inventory$740.7 $760.0 
v3.25.4
Property, Plant, and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net
6. PROPERTY, PLANT AND EQUIPMENT, NET

Following are the components of Property, plant and equipment, net at December 31, 2025 and December 31, 2024 (in millions):
December 31, 2025December 31, 2024
Property, plant and equipment:
Land and improvements
$28.9 $27.8 
Building and leasehold improvements
449.4 426.3 
Equipment
1,322.6 1,183.2 
Total property, plant and equipment
1,800.9 1,637.3 
Less: accumulated depreciation and amortization
(1,261.0)(1,109.2)
Property, plant and equipment, net
$539.9 $528.1 


Depreciation expenses during the years ended December 31, 2025, 2024 and 2023 were $141.4 million, $130.1 million and $121.7 million, respectively.
v3.25.4
Notes Payable and Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt
7. NOTES PAYABLE AND LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):
December 31, 2025December 31, 2024
3.3%, Senior Notes due 2027
$400.0 $400.0 
3.7%, Senior Notes due 2032
800.0 800.0 
Less unamortized discounts and debt issuance costs(7.0)(8.8)
Long-term debt less unamortized discounts and debt issuance costs1,193.0 1,191.2 
Finance leases and other debt10.0 10.4 
Less current maturities(1.3)(1.2)
Long-term debt$1,201.7 $1,200.4 

Under domestic and international lines of credit, standby letters of credit and guarantee arrangements, we had $207.9 million available for borrowing and usage as of December 31, 2025, which was reduced by $16.6 million that was utilized for standby letters of credit and guarantee arrangements issued by our banks to support our obligations.


Senior Notes due 2027 and 2032

In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.53% and the issuance of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.84%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semiannually in arrears on March 15 and September 15 of each year until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of December 31, 2025.
Credit Agreement

In February 2024, we entered into a new $200.0 million unsecured revolving credit agreement ("Revolving Credit Agreement") with a group of financial institutions. The Revolving Credit Agreement replaced the Company's previous credit agreement, dated as of April 15, 2019. Borrowings under the Revolving Credit Agreement are on a revolving basis and can be used to make acquisitions, for working capital and for other general corporate purposes. The Revolving Credit Agreement requires Bio-Rad to comply with certain financial ratios and other customary covenants and provisions. We were in compliance with these covenants as of December 31, 2025. The Revolving Credit Agreement matures in February 2029. As of December 31, 2025, no borrowings were outstanding under the Revolving Credit Agreement; however, $6.0 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of December 31, 2025. If we had borrowed against our Revolving Credit Agreement, the borrowing rate would have been 5.00% at December 31, 2025, which is based on the 3-month Secured Overnight Financing Rate ("SOFR").

Maturities of finance leases and other debt at December 31, 2025 were as follows (in millions):

2026$1.3 
2027400.5 
20280.5 
20290.6 
20300.6 
2031 and thereafter806.5 
Total maturities of finance leases and other debt
$1,210.0 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
8. INCOME TAXES

The U.S. and foreign components of income (loss) before taxes are as follows (in millions):
 Year Ended December 31,
 202520242023
U.S.$801.4 $(1,117.0)$(31.0)
Foreign
194.1 (1,225.5)(819.1)
Income (loss) before taxes$995.5 $(2,342.5)$(850.1)


The provision for (benefit from) income taxes consists of the following (in millions):
 Year Ended December 31,
 202520242023
Current tax expense:   
U.S. Federal$38.4 $81.0 $73.8 
U.S. State
6.9 14.0 12.0 
Foreign
17.7 28.5 17.4 
Current tax expense63.0 123.5 103.2 
Deferred tax expense (benefit):
   
U.S. Federal182.7 (571.6)(291.7)
U.S. State
10.1 (34.7)(15.7)
Foreign
(22.3)(20.5)(15.2)
Deferred tax expense (benefit)
170.5 (626.8)(322.6)
Non-current tax expense2.1 5.0 6.6 
Provision for (benefit from) income taxes$235.6 $(498.3)$(212.8)

The reconciliation between our effective tax rate on income (loss) before taxes and the statutory tax rate is as follows (in millions):

 
Year Ended December 31, 2025
 
Amount
Percent
U.S. federal statutory tax rate
$209.1 21.0 %
State and local income taxes, net of federal effect (a)
13.5 1.4 %
Effect of cross border tax laws
Basis difference in investments
35.0 3.5 %
Other
3.1 0.3 %
Tax credits
(5.3)(0.5)%
Valuation allowances
16.8 1.7 %
Nontaxable or nondeductible items
5.5 0.6 %
Other adjustments
1.9 0.2 %
Foreign tax effects
Germany
  Investment revaluation
(53.5)(5.4)%
  Other
(7.4)(0.7)%
Other foreign jurisdictions
15.5 1.5 %
Changes in unrecognized tax benefits
1.4 0.1 %
Provision for income taxes
$235.6 23.7 %

(a) State taxes in Massachusetts, New York, Maryland, New Jersey, Illinois, Minnesota and Tennessee comprise the majority of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliation between our effective tax rate on income (loss) before taxes and the statutory tax rate is as follows:
 
Year Ended December 31,
 20242023
U. S. statutory tax rate21.0 %21.0 %
Impact of foreign operations(11.1)(20.4)
U.S. taxation of foreign income11.3 23.8 
State taxes0.9 2.4 
Other(0.8)(1.8)
Benefit from income taxes21.3 %25.0 %

On December 22, 2017, the U.S. enacted comprehensive tax legislation (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, including the imposition of a one-time mandatory deemed repatriation tax (“Transition Tax”) on certain earnings accumulated offshore since 1986 and the reduction of the corporate tax rate from 35% to 21% for U.S. taxable income, resulting in a one-time remeasurement of U.S. federal deferred tax assets and liabilities. The Tax Act also amended Internal Revenue Code Section 174 requiring capitalization of research and experimentation expenditures. The capitalized expenses are amortized over a period of 5 or 15 years.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which included an Alternative Minimum Tax based on the Adjusted Financial Statement Income of Applicable Corporations. We do not believe the Inflation Reduction Act will have a material impact on our income tax provision and cash taxes, but we continue to monitor U.S. Department of the Treasury guidance and regulations.

On July 4, 2025, the United States enacted tax reform through the One Big Beautiful Bill Act ("OBBBA"). Included in this legislation are provisions that allow for the immediate expensing of domestic United States research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. At this time, we do not believe the OBBBA will have a material impact on our income tax provision, but we continue to monitor and evaluate the full impact of these legislative changes as more guidance becomes available from the U.S. Department of the Treasury.

Our effective income tax rates were 23.7%, 21.3% and 25.0% for the years ended December 31, 2025, 2024 and 2023, respectively. The effective tax rates for the years ended December 31, 2025, 2024 and 2023 were primarily driven by the unrealized gain/loss in equity securities that was taxed at 23.0%, 22.6% and 22.3%, respectively, as well as the geographic mix of earnings.

Many jurisdictions in which we operate have statutory tax rates that differ from the U.S. statutory tax rate of 21%. Our effective tax rate is impacted, either favorably or unfavorably, by many factors including, but not limited to the jurisdictional mix of income before tax, changes to statutory tax rates, changes in tax laws or regulations, tax audits and settlements, and generation of tax credits.

The cash paid for income taxes (net of refunds) is as follows (in millions):
 Year Ended December 31,
 202520242023
U.S. Federal
$41.0 
U.S. State and local
8.2 
Foreign
Germany
(5.5)
Other
17.9 
  Total foreign
12.4 
Cash paid for income taxes (net of refunds)
$61.6 
Cash paid for income taxes (prior to ASU 2023-09)$99.4 $129.6 
Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions):
 December 31,
 20252024
Deferred tax assets:  
Bad debt, inventory and warranty accruals$31.4 $28.2 
Other post-employment benefits, vacation and other reserves14.7 17.0 
Tax credit and net operating loss carryforwards166.3 131.0 
Lease obligations42.8 34.0 
Other30.3 40.8 
    Total gross deferred tax assets285.5 251.0 
Valuation allowance(123.5)(95.2)
       Total deferred tax assets162.0 155.8 
Deferred tax liabilities:  
Property and equipment34.0 37.7 
Lease assets40.4 31.4 
Investments and intangible assets1,102.0 858.1 
        Total deferred tax liabilities1,176.4 927.2 
Net deferred tax liabilities$(1,014.4)$(771.4)

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess our ability to realize our deferred tax assets and establish a valuation allowance if it is more likely than not that some portion, or all, of our deferred tax assets will not be realized. In assessing the realizability of our deferred tax assets, we weigh all available positive and negative evidence. Due to the weight of objectively verifiable negative evidence, we believe that it is more likely than not that certain of our federal, state and foreign deferred tax assets will not be realized as of December 31, 2025, and have maintained a valuation allowance on such deferred tax assets.

The valuation allowance for deferred tax assets is as follows (in millions):

December 31,
202520242023
Beginning balance$95.2 $53.2 $72.8 
Additions charged to expenses28.3 42.0 — 
Deductions from reserves— — (19.6)
Ending balance$123.5 $95.2 $53.2 

As of December 31, 2025, our federal, state and foreign net operating loss carryforwards were approximately $8.8 million, $29.5 million and $401.3 million, respectively. Of our foreign net operating losses, $277.7 million may be carried forward indefinitely. The majority of the remaining foreign net operating losses, if not utilized, will begin to expire in 2026. Our federal and state net operating loss carryforwards, if not utilized, will begin to expire in 2028. As of December 31, 2025, our federal and state tax credit carryforwards were approximately $7.4 million and $85.6 million, respectively. Our federal tax credits, if not utilized, will begin to expire in 2029, and our state tax credits, generally, may be carried forward indefinitely.
Federal and state tax laws impose restrictions on the utilization of net operating loss and certain tax credit carryforwards in the event of a change in our ownership as defined by the Internal Revenue Code Sections 382 and 383. Under Section 382 and 383 of the Internal Revenue Code, substantial changes in our ownership and the ownership of acquired companies may limit the amount of net operating loss and research and development credit carryforwards that are available to offset taxable income. The annual limitation would not automatically result in the loss of net operating loss or research and development credit carryforwards but may limit the amount available in any given future period.

Our income tax returns are audited by U.S. federal, state and foreign tax authorities. We are currently under examination by many of these tax authorities. The tax years open to examination include the years 2012 and forward for the U.S. and certain foreign jurisdictions including France, Germany, India and Switzerland. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We evaluate our exposures associated with our tax filing positions on a quarterly basis.

We record liabilities for unrecognized tax benefits related to uncertain tax positions. We do not believe any currently pending uncertain tax positions will have a material adverse effect on our consolidated financial statements, although an adverse resolution of one or more of these uncertain tax positions in any period may have a material impact on the results of operations for that period.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):
202520242023
Unrecognized tax benefits – January 1
$86.7 $84.7 $85.5 
Additions to tax positions related to prior years3.3 1.7 0.2 
Reductions to tax positions related to prior years(0.6)(2.3)(12.8)
Additions to tax positions related to the current year2.0 6.0 11.6 
Settlements(0.5)(1.5)(0.2)
Lapse of statute of limitations(5.2)(1.5)(0.9)
Foreign currency adjustments1.2 (0.4)1.3 
Unrecognized tax benefits – December 31$86.9 $86.7 $84.7 

We recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted above, the cumulative amount of accrued interest and penalties as of December 31, 2025, 2024 and 2023 was $16.1 million, $12.6 million and $9.6 million, respectively. We accrued interest and penalties of $3.4 million, $3.0 million, and $2.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. The total unrecognized tax benefits and interest and penalties of $103.0 million as of December 31, 2025 was partially offset by deferred tax assets of $19 million and prepaid taxes of $2.9 million, for a net amount of $81.1 million.

It is generally our intention to repatriate certain foreign earnings to the extent that such repatriations are not restricted by local laws or accounting rules, and there are no substantial incremental costs. The determination of the amount of the unrecognized deferred tax liability for foreign earnings that are indefinitely reinvested is not practicable to estimate.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
9. STOCKHOLDERS' EQUITY

Bio-Rad’s issued and outstanding stock consists of Class A and Class B common stock. Each share of Class A and Class B common stock participates equally in the earnings and losses of Bio-Rad, and each share is identical to the next in all respects except as follows. Class A common stock has limited voting rights compared to Class B. Each share of Class A is entitled to one-tenth of a vote on most matters, whereas each share of Class B is always entitled to one vote. Additionally, Class A stockholders are entitled to elect 25% of the directors, with Class B stockholders electing the remaining directors. Cash dividends may be paid on Class A shares without paying a cash dividend on Class B shares. In contrast, no cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the stockholder. The founders of Bio-Rad, the Schwartz family, collectively hold a majority of Bio-Rad’s voting stock. As a result, the Schwartz family is able to exercise control over Bio-Rad.

Changes to Bio-Rad's issued common stock shares are as follows (in thousands):
Class A SharesClass B Shares
Balance at December 31, 202225,162 5,074 
Class B to Class A conversions8 (8)
Issuance of common stock— 30 
Balance at December 31, 202325,170 5,096 
Class B to Class A conversions21 (21)
Issuance of common stock— — 
Balance at December 31, 202425,191 5,075 
Class B to Class A conversions8 (8)
Issuance of common stock— — 
Balance at December 31, 202525,199 5,067 

Treasury Shares

The share repurchase activity under the share repurchase programs through open market transactions for the years ended December 31, 2025, 2024 and 2023 are summarized as follows:
Number of Shares PurchasedWeighted-Average Price per ShareTotal Shares Repurchased To DateRemaining Authorized Value
(in millions)
May 1, 2023 – May 31, 2023549,863 $377.20 1,709,638 $— 
September 1, 2023 – September 30, 202358,478 $364.61 1,768,116 $478.7 
November 1, 2023 – November 30, 2023659,416 $303.30 2,427,532 $278.7 
March 1, 2024 – March 31, 202414,250 $329.98 2,441,782 $274.0 
May 1, 2024 – May 31, 2024221,893 $289.69 2,663,675 $209.7 
June 1, 2024 – June 30, 2024124,333 $287.29 2,788,008 $174.0 
July 1, 2024 – July 31, 2024328,171 $293.01 3,116,179 $577.8 
August 1, 2024 – August 31, 20242,210 $321.73 3,118,389 $577.1 
March 1, 2025 – March 31, 2025399,295 $252.74 3,517,684 $476.2 
April 1, 2025 – April 30, 2025422,648 $234.43 3,940,332 $377.1 
June 1, 2025 – June 30, 2025170,860 $232.51 4,111,192 $337.4 
July 1, 2025 – July 31, 2025187,057 $248.99 4,298,249 $290.8 
August 1, 2025 – August 31, 202525,521 $245.00 4,323,770 $284.6 
For the years ended December 31, 2025 and 2024, we used 184,633 and 183,567, respectively, of the repurchased shares in connection with the vesting of restricted stock units, exercise of stock options, and our Employee Stock Purchase Program. In July 2023, the board of directors authorized a new share repurchase program ("2023 Share Repurchase Program") granting the Company authority to repurchase, on a discretionary basis, up to $500 million of the outstanding shares of the Company's common stock. In July 2024, the board of directors granted the Company authority to repurchase, on a discretionary basis, up to an additional $500 million of the outstanding shares of the Company’s common stock under the 2023 Share Repurchase Program. As of December 31, 2025, the Company had repurchased $715.4 million under the 2023 Share Repurchase Program. As of December 31, 2025, $284.6 million remained available for repurchases under the 2023 Share Repurchase Program.
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) included in our consolidated balance sheets and consolidated statements of changes in stockholders' equity consists of the following components (in millions):
Foreign currency translation adjustmentsForeign other post-employment benefits adjustmentsNet unrealized holding gains (losses) on available-for-sale investments
Net unrealized holding gains (losses) on cash flow hedge
Total Accumulated other comprehensive income (loss)
Balances as of December 31, 2023$(334.1)$(2.8)$0.9 $— $(336.0)
Other comprehensive income (loss), before reclassifications(207.0)(0.7)6.3 — (201.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 1.6 (2.2)— (0.6)
Income tax effects0.7 0.1 (1.0)— (0.2)
Other comprehensive income (loss), net of income taxes(206.3)1.0 3.1 (202.2)
Balances as of December 31, 2024$(540.4)$(1.8)$4.0 $— $(538.2)
Other comprehensive income (loss), before reclassifications371.8 8.3 13.2 0.1 393.4 
Amounts reclassified from accumulated other comprehensive income (loss)(36.6)(0.1)(3.2)— (39.9)
Income tax effects(1.3)(0.8)(2.3)— (4.4)
Other comprehensive income (loss), net of income taxes333.9 7.4 7.7 0.1 349.1 
Balances as of December 31, 2025$(206.5)$5.6 $11.7 $0.1 $(189.1)

In December 2025, the Company abandoned the IPR&D associated with our 2022 acquisition of Curiosity and impaired the asset (see Note 4). For accounting purposes, the abandonment triggered a substantial liquidation of the business of the foreign subsidiary, resulting in the reclassification and recognition of the cumulative translation adjustment ("CTA") associated with that entity of $36.6 million. The reclassification out of Accumulated other comprehensive income (loss) was reflected as a gain and is included in Impairment of purchased intangibles and related items, net in the consolidated statements of income (loss) for the year ended December 31, 2025. All other amounts reclassified out of Accumulated other comprehensive income (loss) were reclassified into Other income, net in the consolidated statements of income (loss). Reclassification adjustments are calculated using the specific identification method.

The impact to Income (loss) before income taxes for amounts reclassified out of Accumulated other comprehensive income (loss) into Other income, net in the consolidated statements of income (loss) were as follows (in millions):
Components of comprehensive income (loss)December 31, 2025December 31, 2024
Amortization of foreign other post-employment benefit items$0.1 $(1.6)
Net holding gains (losses) on equity securities and available-for-sale investments$3.2 $2.2 
v3.25.4
Share-Based Compensation/Equity Awards and Purchase Plans
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation/Equity Awards and Purchase Plans
11. SHARE-BASED COMPENSATION/EQUITY AWARDS AND PURCHASE PLANS

Equity Award Plan

The 2017 Incentive Award Plan, as amended ("2017 Plan") authorizes the grant of stock options, restricted stock, restricted stock units, performance-based stock units and other types of equity awards to officers and certain other employees. Stock options are granted at exercise prices not less than the fair market value of the underlying common stock on the date of grant and have a maximum term of 10 years. We may issue stock options for either Class A or Class B common stock. Prior to September 2020, equity awards granted vest in increments of 20% per year on the yearly anniversary date of the grant. Starting in September 2020, equity awards granted vest in increments of 25% per year on the yearly anniversary date of the grant.

A total of 2,108,724 shares have been reserved for issuance of equity awards under the 2017 Plan and may be of either Class A or Class B common stock. At December 31, 2025, there were 701,495 shares available to be granted.

Employee Stock Purchase Plan
Our 2011 Employee Stock Purchase Plan ("2011 ESPP" or "ESPP") provides that eligible employees may contribute up to the greater of 10% of their compensation or $25,000 annually towards the quarterly purchase of our Class A common stock. The employees’ purchase price is 85% of the lesser of the fair market value of the stock on the first business day or the last business day of each calendar quarter. The Board of Directors authorized the sale of 1,300,000 shares of Class A common stock under the 2011 ESPP.

Share-Based Compensation

Included in our share-based compensation expense is the cost related to stock option grants, ESPP stock purchases and restricted stock unit awards, including performance-based stock awards. Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions):
Year ended December 31,
202520242023
Cost of goods sold$6.3 $6.5 $6.1 
Selling, general and administrative expense40.3 42.9 43.9 
Research and development expense11.4 12.9 11.3 
   Share-based compensation expense$58.0 $62.3 $61.3 

The income tax benefit related to share-based compensation expense was $9.3 million, $10.6 million and $9.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. We did not capitalize any share-based compensation expense as it was immaterial.

The tax benefit (expense) from equity awards vested or exercised during the years ended December 31, 2025, 2024 and 2023 was $(3.2) million, $(3.5) million and $1.3 million, respectively.

For equity awards, we amortize the grant date fair value on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. We recognize forfeitures as they occur.
Stock Options

No stock options were granted during the year ended December 31, 2023. The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions for the year ended December 31, 2025:

 Year Ended December 31,
 20252024
Expected volatility34.2%32.5%
Risk-free interest rate4.02%4.07%
Expected life (in years)6.46.3
Expected dividend——
Weighted-average fair value of options granted$106.56$137.14

Expected volatility is based on the historical volatilities of our common stock for a period equal to the stock option’s expected life. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the number of years that we estimate, based primarily on historical experience, that the options will be outstanding prior to exercise. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero.

The following table summarizes stock option activity:
SharesWeighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding, December 31, 2024101,242 $371.99   
Granted42,412 $256.45   
Exercised(3,000)$159.32   
Forfeited(24,649)$403.73   
Outstanding, December 31, 2025116,005 $328.51 6.39$2.9 
    
Unvested, December 31, 202559,472 $296.81 8.77$1.8 
Exercisable, December 31, 202556,533 $373.45 3.82$1.1 

Intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value on the date of exercise of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was $0.3 million, $0.5 million and $20.2 million, respectively.

Cash received from stock options exercised during the years ended December 31, 2025, December 31, 2024 and December 31, 2023 amounted to $0.5 million, $2.4 million and $0.7 million, respectively.

As of December 31, 2025, there was $5.5 million of total unrecognized compensation expense from stock options. This amount is expected to be recognized in the future over a remaining weighted-average period of approximately three years.


Restricted Stock Units - Service-based

Restricted stock units are rights to receive shares of company stock. The fair value of a restricted stock unit is the market value as determined by the closing price of the stock on the day of grant.
The following table summarizes restricted stock units activity:

Restricted Stock
Units		Weighted-
Average
Grant-Date
Fair Value		Weighted-Average
Remaining
Contractual Term
(in years)		Aggregate
Intrinsic Value
(in millions)
Outstanding, December 31, 2024428,422 $381.21   
Granted263,756 $295.12   
Vested(123,281)$421.45   
Forfeited(71,023)$377.33   
Outstanding, December 31, 2025497,874 $326.20 1.83$150.9 

The total fair value of restricted stock units - service-based vested for the years ended December 31, 2025, 2024 and 2023 was $36.5 million, $40.2 million and $44.7 million, respectively. As of December 31, 2025, there was approximately $143.2 million of total unrecognized compensation expense related to restricted stock units. This amount is expected to be recognized over a remaining weighted-average period of approximately three years.

Employee Stock Purchase Plan

The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions:
 Year Ended December 31,
 202520242023
Expected volatility42.8 %32.4 %35.4 %
Risk-free interest rate4.28 %5.29 %5.15 %
Expected life (in years)0.250.250.24
Expected dividend— — — 
Weighted-average fair value   
of purchase rights$64.64 $68.78 $90.11 

The assumptions are primarily based on historical data. Volatility is based on the historical volatilities of our common stock for a period equal to the expected life of the purchase rights. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. We do not anticipate paying any cash dividends in the future and therefore use an expected dividend yield of zero.

We sold 68,507 shares for total employee contributions of $14.8 million, 65,200 shares for total employee contributions of $16.3 million and 56,985 shares for total employee contributions of $17.8 million under the 2011 ESPP to employees for the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, 285,172 shares remain authorized and available for issuance under the 2011 ESPP.
v3.25.4
Other Income, Net
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Income, Net
12. OTHER INCOME, NET

Other income, net includes the following components (in millions):
 Year Ended December 31,
 202520242023
Interest and investment income$(95.5)$(82.0)$(100.9)
Net realized gains on investments(1.0)(6.7)(0.7)
Other-than-temporary impairment loss on investments
6.0 — — 
Current expected credit losses on loans
1.4 — — 
Escrow receipts on prior acquisition
— — (2.5)
Other income
(1.2)(1.6)(2.4)
Other income, net
$(90.3)$(90.3)$(106.5)
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information
13. SUPPLEMENTAL CASH FLOW INFORMATION

The reconciliation of net income (loss) to net cash provided by operating activities is as follows (in millions):
 Year Ended December 31,
 202520242023
Net income (loss)$759.9 $(1,844.2)$(637.3)
Adjustments to reconcile net income (loss)
   
to net cash provided by operating activities    
Depreciation and amortization165.4 151.6 145.9 
Impairment of purchased intangibles and related items, net
172.8 — — 
Reduction in the carrying amount of right-of-use assets40.0 41.2 46.5 
Share-based compensation58.0 62.3 61.3 
Acquired in-process research and development— 29.5 — 
Other-than-temporary impairment loss on investments
6.0 — — 
Current expected credit losses on loans1.4 — — 
(Gains) losses from change in fair market value of equity securities and loan receivable(900.4)2,656.8 1,252.3 
Gain on divestiture of a division— — (2.5)
Payments for operating lease liabilities(44.2)(42.8)(41.0)
Changes in fair value of contingent consideration1.0 12.5 (18.1)
Decrease in accounts receivable19.6 16.2 11.4 
(Increase) decrease in inventories68.9 8.5 (46.3)
(Increase) decrease in other current assets9.3 (2.2)5.6 
(Increase) decrease in other long-term assets2.9 (5.3)(3.7)
Decrease in accounts payable and other current liabilities(0.1)(40.9)(51.8)
Increase (decrease) in income taxes payable1.5 24.1 (21.3)
Increase (decrease) in deferred income taxes170.5 (626.8)(322.6)
Increase (decrease) in other long-term liabilities(0.2)5.6 (4.1)
Other(0.1)9.1 0.6 
Net cash provided by operating activities$532.2 $455.2 $374.9 
Non-cash investing activities:
Purchased property, plant and equipment$7.8 $4.2 $6.9 
Purchased marketable securities and investments$— $— $0.4 
v3.25.4
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
14. COMMITMENTS AND CONTINGENT LIABILITIES

Deferred Profit Sharing Retirement Plan

We have a profit sharing plan covering substantially all U.S. employees. Contributions are made at the discretion of management. As of December 31, 2025, the Company had no liability related to the U.S. profit sharing plan, compared to $1.9 million as of December 31, 2024. The contribution expense was $19.1 million, $20.4 million and $20.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Purchase Obligations

As of December 31, 2025, we had purchase obligations that have not been recognized on our balance sheet of $105.8 million, which include agreements to purchase goods or services that are enforceable and legally binding to Bio-Rad and that specify all significant terms and exclude agreements that are cancelable without penalty. Recognition of purchase obligations occurs when products or services are delivered to Bio-Rad, generally within Accounts payable or Other current liabilities.

The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2025 were as follows (in millions):

2026$90.2 
202715.2 
20280.4 
2029— 
2030— 
2031 and thereafter
— 

Long-Term Liabilities

As of December 31, 2025, we had obligations that have been recognized on our balance sheet of $123.7 million, which primarily represent long-term deferred revenue and other post-employment benefits. Excluded are tax liabilities for uncertain tax positions and contingencies. We are not able to reasonably estimate the timing of future cash flows of these tax liabilities, therefore, our income tax obligations are excluded.

The annual future fixed and determinable portion of our obligations that have been recognized on our balance sheet as of December 31, 2025 were as follows (in millions):

2026$8.5 
202733.1 
202817.3 
20296.9 
20305.9 
2031 and thereafter
52.0 

Letters of Credit/Guarantees

In the ordinary course of business, we are at times required to post letters of credit/guarantees. The letters of credit/guarantees are issued by financial institutions to guarantee our obligations to various parties. We were contingently liable for $16.6 million of standby letters of credit/guarantees with financial institutions as of December 31, 2025.
Other Post-Employment Benefits
In several foreign locations we are statutorily required to provide retirement benefits or a lump sum termination indemnity to our employees upon termination for virtually any reason. These plans are accounted for as defined benefit plans and the associated net benefit obligation as of December 31, 2025 and 2024 of $57.6 million and $59.2 million, respectively, has been included in Accrued payroll and employee benefits and Other long-term liabilities in the Consolidated Balance Sheets. Most plans are not required to be funded, and as such, there is no trust or other device used to accumulate assets or settle these obligations. However, some of these plans require funding based on local laws in which there is a trust or other device administered by an external plan manager that is used to accumulate assets to assist in settling these obligations. The following disclosures include such plans, which are located in France, Switzerland, Germany, Korea, India, Thailand, Italy, Dubai, Japan and Saudi Arabia.

Obligations and Funded Status
The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions):

Change in benefit obligation:20252024
Benefit obligation at beginning of year$140.3 $154.4 
Service cost5.1 4.9 
Interest cost2.5 2.7 
Plan participants' contributions3.2 3.0 
Actuarial (gain) loss(7.1)2.4 
Gross benefits paid(1.3)(1.2)
Plan amendments0.3 (0.8)
Curtailments(0.6)— 
Settlements(17.0)(14.4)
Foreign currency adjustments17.9 (10.7)
Benefit obligation at end of year143.3 140.3 
Change in plan assets:
Fair value of plan assets at beginning of year81.1 92.2 
Actual return on plan assets1.3 2.6 
Employer contributions4.4 3.5 
Plan participants' contributions3.2 3.0 
Gross benefits paid0.1 0.7 
Settlements(15.8)(14.3)
Foreign currency adjustments11.4 (6.6)
Fair value of plan assets at end of year85.7 81.1 
Underfunded status of plans(57.6)(59.2)
Amounts recognized in the consolidated balance sheets:
Current liabilities (Accrued payroll and employee benefits) (8.4)(2.3)
Noncurrent liabilities (Other long-term liabilities)(49.2)(56.9)
Net liability, end of year
$(57.6)$(59.2)
Components of Net Periodic Benefit Cost
The following sets forth the net periodic benefit cost for the periods indicated (in millions):
Year ended December 31,
202520242023
Service costs$5.1 $4.9 $5.4 
Interest costs2.5 2.7 3.4 
Expected returns on plan assets(1.5)(1.6)(2.2)
Amortization of actuarial losses— — (0.1)
Amortization of prior service costs(0.6)(0.5)(0.4)
Curtailments0.1 — — 
Settlements1.3 2.2 1.3 
Net periodic benefit costs$6.9 $7.7 $7.4 

Assumptions

The above actuarial net gains were primarily based on financial, demographic and experience assumptions.

The weighted-average assumptions used in computing the benefit obligations were as follows:

20252024
Discount rate2.0 %1.6 %
Compensation rate increase1.9 %1.8 %

The weighted-average assumptions used in computing the net periodic benefit costs were as follows:
202520242023
Discount rate1.7 %1.9 %2.5 %
Expected long-term rate of return on plan assets1.7 %1.8 %2.6 %

As of December 31, 2025 and 2024, the accumulated benefit obligation ("ABO") was $127.9 million and $122.1 million, respectively, if these plans were to be terminated immediately. The ABO and fair value of plan assets for these plans with ABO in excess of plan assets were $42.2 million and $41.0 million as of December 31, 2025 and 2024, respectively.

In some foreign locations we have service award plans that are paid based upon the number of years of employment. Under these plans, the liability as of December 31, 2025 and 2024 was $2.4 million and $2.2 million, respectively, and has been included in Accrued payroll and employee benefits and Other long-term liabilities in the consolidated balance sheets.

Concentrations of Labor Subject to Collective Bargaining Agreements
At December 31, 2025, approximately 6 percent of Bio-Rad's approximately 3,068 U.S. employees were covered by a collective bargaining agreement, which has been extended through December 31, 2025. Many of Bio-Rad's non-U.S. full-time employees, especially in France, are covered by collective bargaining agreements.
v3.25.4
Legal Proceedings
 12 Months Ended
Dec. 31, 2025
Legal Proceedings [Abstract]  
Legal Proceedings
15. LEGAL PROCEEDINGS

We are a party to various claims, legal actions and complaints arising in the ordinary course of business. We record a reserve when we believe a loss arising from these matters is probable and can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. As additional information becomes available, any potential liability related to these matters is assessed and the estimates revised. While we do not believe, at this time, that any ultimate liability resulting from any of these matters will have a material adverse effect on our results of operations, financial position or liquidity, we cannot give any assurance regarding the ultimate outcome of these matters and their resolution could be material to our operating results for any particular period, depending on the level of income for the period.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information
16. SEGMENT INFORMATION

Bio-Rad is a multinational developer, manufacturer and worldwide distributor of its own life science research products and clinical diagnostics products. We have two reportable segments: Life Science and Clinical Diagnostics. These reportable segments are strategic business lines that offer more than 12,000 different products and services and require different marketing strategies. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve.

The Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used for biological research, biopharmaceutical production processes, food testing regimes, and science education. These products are sold to universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers and food testing laboratories.

The Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. These products are primarily sold to hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories.

Other Operations represent a small miscellaneous operation from a prior acquisition, which was sold during 2023 with no material impact on the consolidated statements of income (loss).

The accounting policies of the segments are the same as those described in Significant Accounting Policies (see Note 1). The segment measure of profit and loss used by our chief operating decision maker (“CODM”) is Gross Profit, which represents Net sales reduced by Cost of goods sold. Gross Profit is the primary measure used by the CODM to evaluate segment performance and allocate resources. We identify our CODM as our Chairman of the Board and Chief Executive Officer.

Information regarding industry segments at December 31, 2025, 2024, and 2023 and for the years then ended is as follows (in millions):
Life
Science		Clinical
Diagnostics		Other
Operations
Net sales 2025$1,021.1 $1,562.1 $— 
 20241,028.1 1,537.9 0.5 
20231,178.4 1,489.3 3.5 
Cost of goods sold
2025$468.0 $775.3 $— 
2024445.7 741.3 0.6 
2023514.4 725.8 4.1 
Segment gross profit
2025$553.1 $786.8 $— 
 2024582.4 796.6 (0.1)
2023664.0 763.5 (0.6)
Depreciation and amortization
2025$75.0 $90.4 $— 
202467.3 84.3 — 
202362.8 83.1 — 
Segment assets2025$289.3 $451.4 $— 
2024286.7 473.3 — 
2023287.1 493.1 0.3 

The following reconciles total segment gross profit to consolidated income (loss) before income taxes (in millions):
Year Ended December 31,
 202520242023
Segment gross profit$1,339.9 $1,378.9 $1,426.9 
Selling, general and administrative expense
(844.3)(814.0)(841.7)
Research and development expense
(275.6)(295.9)(247.4)
Impairment of purchased intangibles and related items, net
(172.8)— — 
Interest expense(49.0)(48.9)(49.4)
Foreign currency exchange gains, net6.6 3.9 7.3 
Gains (losses) from change in fair market value of equity securities and loan receivable
900.4 (2,656.8)(1,252.3)
Other income, net90.3 90.3 106.5 
Net income (loss) before income taxes
$995.5 $(2,342.5)$(850.1)

The following reconciles total segment assets to consolidated total assets (in millions):
 December 31,
 20252024
Total segment assets$740.7 $760.0 
Cash and cash equivalents, short-term investments and other current assets
2,165.5 2,270.3 
Property, plant and equipment, net, and operating lease right-of-use assets709.9 688.6 
Goodwill, net579.8 410.5 
Other long-term assets6,380.6 5,234.7 
Total assets$10,576.5 $9,364.1 

The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions):
 Year Ended December 31,
 202520242023
United States$1,022.7 $1,041.5 $1,121.9 
Europe881.8 834.1 819.8 
Asia513.3 521.6 563.0 
Other (primarily Canada and Latin America)165.4 169.3 166.5 
Total net sales$2,583.2 $2,566.5 $2,671.2 

The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions):
 December 31,
 20252024
United States$470.2 $461.4 
Europe187.6 171.3 
Asia93.3 97.1 
Other (primarily Canada and Latin America)16.7 14.1 
Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes$767.8 $743.9 
v3.25.4
Restructuring Costs
 12 Months Ended
Dec. 31, 2025
Restructuring Costs [Abstract]  
Restructuring Costs
17. RESTRUCTURING COSTS

In February 2025, management approved a new restructuring plan in furtherance of our ongoing program to improve operating performance. The restructuring plan primarily impacts our operations in the U.S. and includes the elimination of certain positions, the consolidation of certain functions, and the relocation of certain operations to lower cost locations. As of December 31, 2025, our February 2025 restructuring plan was substantially complete, with majority of planned actions implemented. The remaining activities relate primarily to administrative matters and the settlement of outstanding employee-related obligations, which are expected to be completed by the second quarter of 2026. In addition to the below restructuring plan reserve activity, management recorded $7.5 million of restructuring expense related to facility exit costs, primarily impacting the Clinical Diagnostics segment, and certain other costs. From February 2025 to December 31, 2025, total restructuring-related expenses for our February 2025 restructuring plan were $48.9 million, primarily representing estimated termination benefits to employees.

The adjustments to expense recorded during the year ended December 31, 2025 were primarily due to changes in the estimates of employee termination benefits of our previously announced restructuring plans, and the timing of the remaining employee termination benefit payments in accordance with statutory requirements.

The following table summarizes the activity of our total restructuring reserves (in millions):

Life ScienceClinical DiagnosticsTotal
Balances as of December 31, 2024
$2.0 $13.0 $15.0 
Charged to expense - employee termination benefits
16.9 18.9 35.8 
Adjustments to expense
2.8 — 2.8 
Cash payments(19.2)(23.0)(42.2)
Foreign currency adjustments0.2 1.5 1.7 
Balances as of December 31, 2025
$2.7 $10.4 $13.1 

The accrued restructuring plan reserve of $13.1 million as of December 31, 2025 was recorded in Accrued payroll and employee benefits in the consolidated balance sheets. Restructuring-related expense is allocated in the consolidated statements of income (loss) as follows (in millions):

Year Ended December 31,
202520242023
Cost of goods sold$3.7 $14.8 $3.9 
Selling, general and administrative expense24.4 5.4 17.5 
Research and development expense18.0 1.6 6.5 
Restructuring expense
$46.1 $21.8 $27.9 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
18. LEASES

We have operating leases and to a lesser extent finance leases, for buildings, vehicles and equipment. Our leases have remaining lease terms of 1 year to 13 years, which includes our determination to exercise renewal options.

The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$66.9 $69.5 $63.4 
Finance lease cost:
  Amortization of right-to-use assets$0.3 $0.6 $0.4 
  Interest on lease liabilities0.7 0.7 0.7 
        Total finance lease cost$1.0 $1.3 $1.1 

Operating lease cost includes original reduction in the carrying amount of right-of-use assets, the impact of remeasurements, modifications, impairments and abandonments.

Our short-term leases are expensed as incurred, reflecting leases with a lease term of one year or less, and are not significant for the years ended December 31, 2025, 2024 and 2023. Operating lease variable cost is primarily comprised of reimbursed actual common area maintenance, property taxes and insurance, which are immaterial for the years ended December 31, 2025, 2024 and 2023.

Supplemental cash flow information related to leases were as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
  Operating cash flows from operating leases$44.2 $42.8 $41.0 
  Operating cash flows from finance leases$0.7 $0.7 $0.7 
  Financing cash flows from finance leases$0.3 $0.6 $0.4 
Right-of-use assets obtained in exchange for lease obligations:
  Operating leases$40.7 $15.5 $53.7 

Supplemental balance sheet information related to leases were as follows (in millions):
December 31,
20252024
Operating Leases
  Operating lease right-of-use assets$170.0 $160.5 
  Current operating lease liabilities$36.1 $41.7 
  Operating lease liabilities145.7 131.4 
     Total operating lease liabilities$181.8 $173.1 

Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities.
December 31,
20252024
Finance Leases
  Property, plant and equipment, gross$11.5 $11.7 
  Less: accumulated depreciation and amortization(6.4)(6.1)
      Property, plant and equipment, net$5.1 $5.6 
  Current maturities of long-term debt and notes payable$0.5 $0.4 
  Long-term debt, net of current maturities8.7 9.2 
      Total finance lease liabilities$9.2 $9.6 

December 31,
20252024
Weighted Average Remaining Lease Term
  Operating leases - in years76
  Finance leases - in years1313
Weighted Average Discount Rate
  Operating leases4.8 %4.1 %
  Finance leases6.7 %6.5 %

Maturities of lease liabilities were as follows (in millions):
Year Ending December 31,Operating LeasesFinance Leases
2026$42.5 $1.0 
202735.7 1.1 
202827.6 1.1 
202922.5 1.1 
203017.5 1.1 
Thereafter71.2 8.6 
   Total lease payments217.0 14.0 
Less imputed interest(35.2)(4.8)
    Total$181.8 $9.2 

Our operating lease portfolio primarily consists of facility leases, which generally have longer terms and represent the majority of its value. The remainder relates to vehicles and other equipment, which typically have shorter lease durations and higher turnover.

As of December 31, 2025, operating leases that have not commenced are not material.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework Special Publication 800-53, 800-61 and Center for Internet Security, Critical Security Controls (CIS Controls). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the National Institute of Standards and Technology Cybersecurity Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is part of our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

Our cybersecurity risk management program includes:

•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

•cybersecurity awareness training of our employees, incident response personnel, and senior management;

•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

•a third-party risk management process to oversee critical service providers, suppliers, and vendors.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents in the past fiscal year, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For more information about our cybersecurity related risks, see Part I, Item 1A, Risk Factors under the risks titled "Breaches of our information systems could have a material adverse effect on our business and results of operations" and "If our information technology systems are disrupted, or if we fail to successfully implement, manage and integrate our information technology and reporting systems, our business, results of operations and financial condition could be harmed."
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework Special Publication 800-53, 800-61 and Center for Internet Security, Critical Security Controls (CIS Controls). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the National Institute of Standards and Technology Cybersecurity Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Legal and Regulatory Compliance Committee ("Committee") oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Legal and Regulatory Compliance Committee ("Committee")
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations or reports on cybersecurity topics from our SVP Global Technology & Systems, who is our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including, our Chief Information Security Officer, Chief Privacy Officer, General Counsel, Senior Director of Information Security & IT Compliance, Corporate Treasurer, and Internal Audit Senior Director, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team includes expertise in navigating the complex landscape of cybersecurity, with a robust background in cyber risk management and incident response. With a collective experience that spans several decades, our team has addressed and mitigated diverse cyber threats, ranging from sophisticated attacks to emerging vulnerabilities. Members of our management team hold industry-recognized certifications, including but not limited to CISSP, CISA, and CEH, underscoring their commitment to continuous professional development and adherence to the highest standards in the field.

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including, our Chief Information Security Officer, Chief Privacy Officer, General Counsel, Senior Director of Information Security & IT Compliance, Corporate Treasurer, and Internal Audit Senior Director, is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our management team includes expertise in navigating the complex landscape of cybersecurity, with a robust background in cyber risk management and incident response. With a collective experience that spans several decades, our team has addressed and mitigated diverse cyber threats, ranging from sophisticated attacks to emerging vulnerabilities. Members of our management team hold industry-recognized certifications, including but not limited to CISSP, CISA, and CEH, underscoring their commitment to continuous professional development and adherence to the highest standards in the field.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Board members receive presentations or reports on cybersecurity topics from our SVP Global Technology & Systems, who is our Chief Information Security Officer ("CISO"), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The consolidated financial statements include the accounts of Bio-Rad Laboratories, Inc. and all of our wholly and majority owned subsidiaries (referred to in this report as “Bio-Rad,” “we,” “us,” “the Company” and “our”) after elimination of intercompany balances and transactions. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Use of Estimates
Use of Estimates

The preparation of the 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 amounts of assets and liabilities that are not readily apparent from other sources. Such estimates include, but are not limited to, revenue recognition, the valuation of inventory, the valuation of acquired intangible assets and goodwill, valuation of accounts receivable, estimation of warranty reserve, useful lives of intangible assets and property, plant and equipment, fair value of equity awards, estimation of legal reserves, the recognition and measurement of current and deferred income tax assets and fair value measurement of the Loan receivable and other financial instruments. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less which are readily convertible into cash.
Available-for-sale Investments
Available-for-Sale Investments

Available-for-sale investments consist of corporate debt securities, municipal obligations, asset backed securities, U.S. government sponsored agencies securities and foreign government obligations. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale investments are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive income (loss), net of any related tax effect. Realized gains and losses and other-than-temporary impairments on investments are included in Other income, net (see Note 12).
Concentration of Credit Risk
Concentration of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, investments, foreign exchange contracts, trade accounts receivable and loans receivable. Cash and cash equivalents and investments are placed with various highly rated major financial institutions located in different geographic regions.
The forward contracts used in managing our foreign currency exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. We attempt to minimize this risk by limiting the counterparties to a diverse group of highly-rated domestic and international financial institutions. In the event of non-performance by these counterparties, the carrying amounts of our financial instruments represent the maximum amount of loss we would have incurred as of our fiscal year-end.

Credit risk for trade accounts receivable is generally limited due to the large number of customers and their dispersion across many geographic areas. We manage our accounts receivable credit risk through ongoing credit evaluation of our customers' financial conditions. We generally do not require collateral from our customers.

Loans receivable represent the Loan extended to Sartorius-Herbst Beteiligungen II GmbH ("SHB") and is collateralized by the pledge of certain trust interests under the Sartorius family trust ("Trust"), which upon termination of the Trust represent the right to receive Sartorius ordinary shares. The collateral is subject to market volatility based on fluctuation in value of the Sartorius ordinary shares.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses

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

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

Changes in our allowance for credit losses were as follows (in millions):

December 31
202520242023
Beginning balance
$9.2 $14.9 $15.0 
Provision for expected credit losses(1.8)(0.6)0.5 
Write-offs charged against the allowance(1.9)(5.1)(0.6)
Ending balance
$5.5 $9.2 $14.9 
Inventory
Inventory

Inventories are valued at the lower of cost and net realizable value and include material, labor and overhead costs. Cost is determined using standard costs, which approximate actual costs, and are relieved from inventory on a first-in, first-out basis. We assess the valuation of our inventory on a periodic basis and make adjustments to the value for estimated excess and obsolete inventory based on estimates and assumptions about future demand, economic conditions and actual usage, which require management judgment. Inventory write-downs are recognized in Cost of goods sold in our consolidated statements of income (loss). We classify our inventories based on our historical and anticipated levels of sales; any inventory in excess of its normal operating cycle is classified as long-term on our consolidated balance sheets. The long-term inventory was immaterial as of December 31, 2025 and 2024.
Property, Plant and Equipment
Property, Plant and Equipment, net

Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows:
Buildings
10 – 50 years
Leasehold improvementsLife of the improvements or lease term, whichever is shorter
Reagent rental equipment
1 – 5 years
Equipment
3 – 12 years
Computer software
3 – 5 years

When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses.
Internal-Use Software Development Costs
Internal-Use Software Development Costs

Costs incurred in the development of internal use software during the application development stage are capitalized and included in Property, plant and equipment, net on the consolidated balance sheets. Such capitalized costs include costs directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point the project is substantially complete and is ready for its intended purpose. Internal-use software is amortized on a straight-line basis over the estimated useful life of between 3-5 years. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.
Leases
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 consolidated balance sheets. Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities in our consolidated balance sheets.
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 the 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 the commencement date in determining the present value of lease payments. Operating lease ROU assets also include any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. For purposes of determining the lease term used in the measurement of operating lease ROU assets and operating lease liabilities, we include the noncancellable period of the lease together with those periods covered by the option to extend the lease if we are reasonably certain to exercise that option, the periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option, and the periods covered by the option to extend (or to not terminate) the lease in which exercise of the option is controlled by the lessor. Lease expense 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.
Intangible Assets
Intangible Assets

Our intangible assets primarily include goodwill, developed product technology, know how, licenses, tradenames, customer relationships/lists, and in-process research and development assets. Intangible assets with finite lives, which include developed product technology, know how, tradenames, licenses and customer relationships/lists, are carried at cost and amortized using the straight-line method over their estimated useful lives.

The estimated useful lives used in computing amortization of intangible assets are as follows:
Customer relationships/lists
4 – 16 years
Know how
14 years
Developed product technology
2 – 20 years
Licenses
12 – 13 years
Tradenames
6 – 10 years
Covenants not to compete
3 – 10 years

Intangible assets with indefinite lives, which include only goodwill and in-process research and development assets, are not amortized but instead are recorded at cost and evaluated at least annually for impairment.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

We review long-lived assets, such as property, plant and equipment and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property, plant and equipment, and other finite-lived intangible assets are measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying amounts. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of impairment for assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable.

There were no impairments of finite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023.
Impairment of Goodwill and Indefinite-Lived Intangible Assets
Impairment of Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. We conduct an impairment analysis for goodwill annually in the fourth quarter or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill.

We first may assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test included in U.S. GAAP. To the extent our assessment identifies adverse conditions, or if we elect to bypass the qualitative assessment, goodwill is tested at the reporting unit level using a quantitative impairment test.

We determined that there are two reporting units, which are the same as our operating segments, namely Life Science and Clinical Diagnostics. We generally estimate the fair value of the reporting units in goodwill impairment assessments using an income approach, which includes an analysis of the future cash flows expected to be generated and the risk associated with achieving such cash flows. This approach requires significant management judgment including the discount rate that is applied to the discretely forecasted future cash flows to calculate the present value of those cash flows and the estimate of future cash flows attributable to the reporting unit. Actual results may differ from management’s estimates. In the current year, we elected to perform a qualitative assessment of goodwill and determined that it is not more likely than not that the fair values of our reporting units are less than their carrying amounts and that goodwill is not impaired for any of our reporting units. There were no impairments of goodwill for the years ended December 31, 2025, 2024 and 2023.
Impairment of Indefinite-Lived Intangible Assets
For indefinite-lived intangible assets, which are comprised of in-process research and development assets, we conduct an impairment analysis annually in the fourth quarter or more frequently if indicators of impairment exist. We first perform a qualitative assessment to determine if it is more likely than not that the carrying amount of each of the in-process research and development assets exceeds its fair value. The qualitative assessment requires the consideration of factors such as adverse macroeconomic conditions, declining market and industry trends in which the Company operates, rising cost factors including inflation, and changes in projected future cash flows. If we determine it is more likely than not that the fair value is less than its carrying amount of the in-process research and development assets, a quantitative assessment is performed. The quantitative assessment compares the fair value of the in-process research and development assets to its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized for the excess. For the years ended December 31, 2024 and 2023, we elected to perform a qualitative assessment of indefinite-lived intangible assets and determined that it is not more likely than not that the fair value is less than its carrying amount and that in-process research and development was not impaired. For the year ended December 31, 2025, all in-process research and development assets were determined to be fully impaired and written off (see Note 4).
Income Taxes
Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities reflect the tax effects of net operating losses, tax credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. They are determined using enacted tax rates in effect for the year in which such temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We record deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. When we establish or reduce the valuation allowance against our deferred tax assets, our provision for income taxes will increase or decrease, respectively, in the period that determination to change the valuation allowance is made.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements on a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to unrecognized tax benefits in the provision for income taxes.
Revenue Recognition
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. Revenue is recognized net of any taxes collected from customers (sales tax, value added tax, etc.), which are subsequently remitted to government authorities.
We enter into contracts that can include various combinations of products and services, which are generally accounted for as distinct performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from such product or service on its own or with other resources that are readily available to the customer. The transaction consideration is allocated between separate performance obligations of an arrangement based on the SSP for each distinct product or service.

We recognize revenue from product sales at the point in time when we have satisfied our performance obligation by transferring control of the product to the customer. We use judgment to evaluate whether and when control has transferred and consider the right to payment, legal title, physical possession, risks and rewards of ownership, and customer acceptance if it is not a formality, as indicators to determine the transfer of control to the customer. For products that include installation, the product and installation are separate performance obligations. The product revenue is recognized when control has transferred to the customer, generally upon delivery, and installation service revenue is recognized when the product installation is completed.

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 SSP. The method used to determine the SSP for product and service revenues is based on the observable prices when the product or services have been sold separately.

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

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

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Our payment terms vary by the type and location of our customer, and the products and services offered. The term between invoicing and when payment is due is not significant.
Revenue Recognition, Leases
In addition, we offer a reagent rental program which provides our customers the ability to use an instrument and consumables (reagents) 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 then determine the lease classification. Our reagent rental arrangements are predominantly classified as operating leases and any sales-type leases have historically been immaterial and we do not enter into direct finance leases.

We concluded that the use of the instrument (referred to as “lease elements”) in our reagent rental agreements is not governed by the revenue recognition guidance of ASC 606, Revenue from Contracts with Customers, but instead is addressed by the lease guidance in ASC 842, Leases. Accordingly, we first allocate the transaction price between the lease elements and the non-lease elements based on relative standalone selling prices. Our reagent rental arrangements are predominantly comprised of variable lease payments that fluctuate depending on the volume of reagents purchased, as such arrangements generally do not contain any fixed or minimum lease payments. Maintenance services and reagent sales are allocated to the non-lease elements and recognized as income over time as control is transferred. Maintenance services are recognized ratably over the period whereas reagents revenue is recognized upon transfer of control when either (i) the consumables are delivered or (ii) the consumables are consumed by the customer.
Revenue attributed to the lease elements of our reagent rental arrangements represented approximately 3% of total revenue in each of 2025, 2024 and 2023. Such revenue forms part of the Net sales in our consolidated statements of income (loss).

Contract costs:
As a practical expedient, we expense as incurred costs to obtain contracts as the amortization period would have been one year or less. These costs include our internal sales force and certain partner sales incentive programs and are recorded within Selling, general and administrative expense in our consolidated statements of income (loss).
Disaggregation of Revenue:
The disaggregation of our revenue by geographic region is based primarily on the location of the use of the product or service, and by industry segment sources. The disaggregation of our revenues by industry segment sources are presented in our Segment Information footnote (see Note 16).
Revenue Recognition, Deferred Revenue Deferred revenues primarily represent unrecognized fees billed or collected for extended service arrangements, including installation services. The deferred revenue balance at December 31, 2025 and December 31, 2024 was $62.9 million and $61.5 million, respectively. The short-term deferred revenue balance at December 31, 2025 and December 31, 2024 was $48.9 million and $47.8 million, respectively.
Warranty
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 consolidated statements of income (loss).

Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Changes in our warranty liability were as follows (in millions):
December 31
202520242023
Beginning balance
$7.1 $8.4 $10.6 
Provision for warranty5.3 6.1 9.3 
Actual warranty costs(6.3)(7.4)(11.5)
Ending balance
$6.1 $7.1 $8.4 
Shipping and Handling
Shipping and Handling

We classify all freight costs billed to customers as Net sales. Related freight costs are recognized upon transfer of control of the promised products to customers as a fulfillment cost and included in Cost of goods sold.
Research and Development
Research and Development
All research and development costs are expensed as incurred. Types of expense incurred in research and development include materials and supplies, employee compensation, consulting and third-party services, depreciation, facility costs and information technology.
Foreign Currency
Foreign Currency

Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity.
Foreign currency transaction gains and losses are included in Foreign currency exchange gains, net in the consolidated statements of income (loss). Transaction gains and losses result primarily from fluctuations in exchange rates when intercompany receivables and payables are denominated in currencies other than the functional currency of our subsidiary that recorded the transaction.
Forward Foreign Exchange Contracts
Forward Foreign Exchange Contracts
As part of distributing our products, we regularly enter into intercompany transactions. We enter into forward foreign exchange contracts to manage foreign exchange risk of future movements in exchange rates that affect foreign currency denominated intercompany receivables and payables. We do not use derivative financial instruments for speculative or trading purposes, nor do we seek hedge accounting treatment for any of our contracts. As a result, these contracts, generally with maturity dates of 90 days or less and denominated primarily in currencies of industrial countries, are recorded as an asset or liability measured at their fair value at each balance sheet date. The resulting gains or losses offset exchange gains or losses, on the related receivables and payables, all of which are recorded in Foreign currency exchange gains, net in the consolidated statements of income (loss). We classify the proceeds from forward foreign exchange contracts, net as cash flows from operating activities in our consolidated statements of cash flows.
Share-based Compensation Plans
Share-Based Compensation Plans

Share-based compensation expense for all share-based payment awards granted is determined based on the grant-date fair value. We recognize these compensation costs over the requisite service period of the award, which is generally the vesting term of the share-based payment awards. Forfeitures are recognized as they occur. These plans are described more fully in Note 11.
Earnings (Loss) Per Share Loss) Per Share
We compute Net income (loss) per share of Class A Common Stock ("Class A") and Class B Common Stock ("Class B") using the two-class method. Each share of Class A and Class B participates equally in earnings and losses, but may not participate equally in dividend distributions. No dividends were distributed or declared during any of the periods presented. Earnings (loss) is attributable equally to each share of Class A and Class B common stock and is determined based on the weighted average number of the respective class of common stock outstanding for the year.

Accordingly, Basic earnings (loss) per share is computed by dividing Net income (loss) attributable to Bio-Rad by the weighted average number of common shares outstanding for that period. Diluted earnings (loss) per share takes into account the effect of dilutive instruments, such as stock options, restricted stock and performance stock, and uses the average share price for the period in determining the number of potential common shares that are to be added to the weighted average number of shares outstanding. Potential common shares are excluded from the Diluted earnings (loss) per share calculation if the effect of including such securities would be anti-dilutive.

The weighted average number of common shares outstanding used to calculate Basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the Diluted earnings (loss) per share calculation are as follows (in thousands):
 Year Ended December 31,
 202520242023
Basic weighted average shares common outstanding27,263 28,214 29,209 
Effect of potentially dilutive stock options, restricted   
   stock and performance stock awards18 — — 
Diluted weighted average common shares outstanding27,281 28,214 29,209 
Anti-dilutive shares336 226 212 
Fair Value of Financial Instruments
Fair Value of Financial Instruments

For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, marketable securities, accounts payable and foreign exchange contracts, the carrying amounts approximate fair value.

The estimated fair value of financial instruments is based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) using available market information or other appropriate valuation methodologies in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Estimates are not necessarily indicative of the amounts that could be realized in a current market exchange as considerable judgment is required in interpreting market data used to develop estimates of fair value. The use of different market assumptions or estimation techniques could have a material effect on the estimated fair value (see Note 3).
Variable Interest Entities
Variable Interest Entities

We enter into relationships with or make investments in other entities that may be variable interest entities ("VIE"). A VIE is consolidated in the financial statements if we are the primary beneficiary. The primary beneficiary has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

In 2021, we extended a loan to a VIE, SHB, a private limited company incorporated under the laws of Germany (see Note 3). We have not consolidated this entity because we do not have the power to direct the activities that most significantly impact the VIE’s economic performance related to repayment of the loan or cash management of the SHB and, thus, we are not considered the primary beneficiary of the VIE. We believe that our maximum exposure to loss as a result of our involvement with the VIE is limited to the receivable due to us from the VIE under the terms of the loan.
Equity Method Investments
Equity Investments

Investments in publicly traded companies in which we do not have the ability to exercise significant influence are reported at fair value, with unrealized gains and losses reported as a component of (Gains) losses from change in fair market value of equity securities and loan receivable in our consolidated statements of income (loss). Companies in which we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method (see Note 3). Our share of the after-tax earnings of equity method investees is included in Other income, net in our consolidated statements of income (loss). Investments in privately held companies in which we do not have the ability to exercise significant influence are accounted for using the cost method with adjustments for observable changes in price or impairments (see Note 3). We monitor our relationships with investees when changes occur that could affect whether we have the ability to exercise significant influence.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements to be Adopted
Recent Accounting Pronouncements Adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The ASU includes enhanced disclosure requirements, primarily related to the rate reconciliation and income taxes paid information. We adopted ASU 2023-09 effective January 1, 2025. This update has been adopted prospectively in the financial statements. See Note 8, Income Taxes for our updated presentation.
Recent Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)". This ASU requires entities to disclose additional information about specific expense categories in the notes to financial statements. As clarified in ASU 2025-01, the guidance set forth in ASU 2024-03 is required to be adopted in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our disclosures.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". The ASU allows a practical expedient election to simplify the expected credit loss estimation for accounts receivable and contract assets by assuming conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is applied prospectively and is effective for interim and annual reports beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made. We are currently evaluating whether to apply this practical expedient and if we do, what the impact may be to our financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software". The ASU removes all references to prescriptive and sequential software development stages and instead requires companies to start capitalizing software costs when: (a) management has authorized and committed to funding the software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The ASU allows for adoption using a prospective transition approach, a modified transition approach or a retrospective transition approach. We are currently evaluating the impact to our financial statements and which method of adoption will be applied.

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements". The objective of this ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods and early adoption is permitted. We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities". The objective of this ASU is to establish a comprehensive framework for recognizing, measuring, and presenting government grants received by business entities. The amendments are intended to enhance consistency and transparency in financial reporting by providing clear guidance on how such grants should be accounted for within the financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. We are currently evaluating the impact of these amendments on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025‑11, “Interim Reporting (Topic 270): Narrow‑Scope Improvements.” The objective of this ASU is to enhance the clarity and usefulness of interim financial reporting by introducing targeted disclosure requirements designed to improve transparency for users of interim financial statements. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of these amendments on our consolidated financial statements.
v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Product Warranty Liability
Warranty liabilities are included in Other current liabilities and Other long-term liabilities in the consolidated balance sheets. Changes in our warranty liability were as follows (in millions):
December 31
202520242023
Beginning balance
$7.1 $8.4 $10.6 
Provision for warranty5.3 6.1 9.3 
Actual warranty costs(6.3)(7.4)(11.5)
Ending balance
$6.1 $7.1 $8.4 
Schedule of Weighted Average Number of Shares
The weighted average number of common shares outstanding used to calculate Basic and diluted earnings (loss) per share, and the anti-dilutive shares that are excluded from the Diluted earnings (loss) per share calculation are as follows (in thousands):
 Year Ended December 31,
 202520242023
Basic weighted average shares common outstanding27,263 28,214 29,209 
Effect of potentially dilutive stock options, restricted   
   stock and performance stock awards18 — — 
Diluted weighted average common shares outstanding27,281 28,214 29,209 
Anti-dilutive shares336 226 212 
Accounts Receivable, Allowance for Credit Loss
Changes in our allowance for credit losses were as follows (in millions):

December 31
202520242023
Beginning balance
$9.2 $14.9 $15.0 
Provision for expected credit losses(1.8)(0.6)0.5 
Write-offs charged against the allowance(1.9)(5.1)(0.6)
Ending balance
$5.5 $9.2 $14.9 
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the preliminary allocation of the purchase consideration to the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in millions) with information available as of December 31, 2025:
Fair Value
Assets Acquired:
Cash and cash equivalents$10.6 
Developed technology94.9 
Customer relationships2.4 
Other identifiable assets acquired11.3 
Liabilities Assumed:
Other current liabilities(15.6)
Other identifiable liabilities assumed(6.4)
Net identifiable assets acquired97.2 
Goodwill160.5 
Net assets acquired$257.7 
v3.25.4
Fair Value Measurements and Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair Value Measurements, Recurring and Nonrecurring
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Corporate debt securities
$— $1.6 $— $1.6 
Time deposits— 39.4 — 39.4 
U.S. government sponsored agencies securities
— 59.9 — 59.9 
Money market funds209.7 — — 209.7 
Total cash equivalents (a)209.7 100.9 — 310.6 
Restricted investments (b)1.1 — — 1.1 
Equity Securities (c)5,740.5 — — 5,740.5 
Loan under the fair value option (d)— — 373.4 373.4 
Available-for-sale investments:
Corporate debt securities— 451.9 — 451.9 
U.S. government sponsored agencies securities
— 79.6 — 79.6 
Foreign government obligations— 11.7 — 11.7 
Municipal obligations— 14.9 — 14.9 
Asset-backed securities— 381.5 — 381.5 
Total available-for-sale investments (e)— 939.6 — 939.6 
Forward foreign exchange contracts (f)— 1.2 — 1.2 
Total financial assets carried at fair value$5,951.3 $1,041.7 $373.4 $7,366.4 
Financial liabilities carried at fair value:   
     Forward foreign exchange contracts (g)$— $1.8 $— $1.8 
    Contingent consideration (h)— — 29.6 29.6 
Total financial liabilities carried at fair value$— $1.8 $29.6 $31.4 

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2024 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:   
Cash equivalents:   
Time deposits$— $31.2 $— $31.2 
U.S. government sponsored agencies securities
— 14.9 — 14.9 
Money market funds139.4 — — 139.4 
Total cash equivalents (a)139.4 46.1 — 185.5 
Restricted investments (b)1.6 — — 1.6 
Equity securities (c)4,548.0 — — 4,548.0 
Loan under the fair value option (d)— — 317.5 317.5 
Available-for-sale investments:   
Corporate debt securities— 533.6 — 533.6 
U.S. government sponsored agencies securities
— 118.6 — 118.6 
Foreign government obligations— 5.2 — 5.2 
Municipal obligations— 9.4 — 9.4 
Asset-backed securities— 430.8 — 430.8 
Total available-for-sale investments (e)— 1,097.6 — 1,097.6 
Forward foreign exchange contracts (f)— 8.8 — 8.8 
Total financial assets carried at fair value$4,689.0 $1,152.5 $317.5 $6,159.0 
Financial liabilities carried at fair value:   
Forward foreign exchange contracts (g)$— $2.4 $— $2.4 
Total financial liabilities carried at fair value$— $2.4 $— $2.4 

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

(b) Restricted investments are included in Other investments in the consolidated balance sheets.

(c) Equity securities are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2025December 31, 2024
Short-term investments$71.3 $78.8 
Other investments5,669.2 4,469.2 
   Total$5,740.5 $4,548.0 

(d) The Loan under the fair value option is included in Other investments in the consolidated balance sheets.

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

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

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

(h) Contingent consideration in a liability position is included in Other long-term liabilities in the consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.
  
Debt Securities, Available-for-sale [Table Text Block]
Available-for-sale investments consist of the following (in millions):
 December 31, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowances for Credit LossesEstimated
Fair
Value
Short-term investments:    
Corporate debt securities$447.4 $4.6 $(0.1)— $451.9 
U.S. government sponsored agencies securities
79.1 0.5 — — 79.6 
Foreign government obligations11.6 0.1 — — 11.7 
Municipal obligations14.6 0.3 — — 14.9 
Asset-backed securities378.9 3.3 (0.7)— 381.5 
 $931.6 $8.8 $(0.8)$— $939.6 
Available-for-sale investments consist of the following (in millions):
 December 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair
Value
Short-term investments:    
Corporate debt securities$533.1 $2.1 $(1.6)$533.6 
Municipal obligations9.5 — (0.1)9.4 
Asset-backed securities432.4 1.3 (2.9)430.8 
U.S. government sponsored agencies securities
119.5 0.1 (1.0)118.6 
Foreign government obligations5.2 — — 5.2 
Total$1,099.7 $3.5 $(5.6)$1,097.6 
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date
The following is a summary of the amortized cost and estimated fair value of our debt securities at December 31, 2025 by contractual maturity date (in millions):
Amortized
Cost		Estimated Fair
Value
Mature in less than one year$57.6 $57.8 
Mature in one to five years593.2 599.1 
Mature in more than five years280.8 282.7 
Total$931.6 $939.6 
  
Schedule of Derivative Instruments [Table Text Block]
The following is a summary of our foreign currency forward contracts (in millions) that are classified as balance sheet hedges:
 December 31,
 2025
Contracts maturing in January through March 2026 to sell foreign currency:
 
Notional value$870.3 
Unrealized gain/(loss)$(1.0)
Contracts maturing in January through March 2026 to purchase foreign currency:
 
Notional value$107.4 
Unrealized gain/(loss)$0.4 
  
Debt Securities, Trading, and Equity Securities, FV-NI
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2024$317.5 
Change in estimated fair market value, net
12.4 
Foreign currency adjustments gains (losses), net43.5 
December 31, 2025$373.4 
  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amount and fair value of our long-term debt was as follows (in millions):

December 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Senior notes
$1,193.0 $1,152.6 $1,191.2 $1,098.3 
Other long-term debt
10.0 10.0 9.2 9.2 
Total
$1,203.0 $1,162.6 $1,200.4 $1,107.5 
  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the Level 3 Stilla contingent consideration liability in the aggregate measured at estimated fair value (in millions):

December 31, 2024$— 
Stilla contingent consideration
28.5 
Measurement period adjustment
0.1 
Change in estimated fair value
1.0 
December 31, 2025$29.6 

The following table provides quantitative information about Level 3 inputs for fair value measurement of our Stilla contingent consideration liability as of December 31, 2025. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

Valuation Technique Unobservable Input Percentage
Stilla
Probability-weighted expected return model
Discount rate4.1 %
  
v3.25.4
Goodwill and Other Purchased Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes to goodwill by segment
Changes to goodwill by segment were as follows (in millions):
 20252024
Life
Science		Clinical
Diagnostics		TotalLife
Science		Clinical
Diagnostics		Total
Balances as of December 31:
      
Goodwill$333.3 $412.4 $745.7 $333.3 $415.5 $748.8 
Accumulated impairment losses and write-offs(41.8)(293.4)(335.2)(41.8)(293.4)(335.2)
Goodwill, net291.5 119.0 410.5 291.5 122.1 413.6 
Acquisitions
160.5 — 160.5 — — — 
Foreign currency adjustments(0.6)9.4 8.8 — (3.1)(3.1)
Period change, net159.9 9.4 169.3 — (3.1)(3.1)
Balances as of December 31:      
Goodwill493.2 421.8 915.0 333.3 412.4 745.7 
Accumulated impairment losses and write-offs(41.8)(293.4)(335.2)(41.8)(293.4)(335.2)
Goodwill, net$451.4 $128.4 $579.8 $291.5 $119.0 $410.5 
Schedule of Finite-Lived Intangible Assets by Major-Class
Information regarding our identifiable purchased intangible assets with finite and indefinite lives is as follows (in millions):
December 31, 2025
Weighted-Average Amortization Period (years)Purchase
Price		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships/lists4.4$115.6 $(107.7)$7.9 
Know how0.0174.6 (174.6)— 
Developed product technology10.7315.8 (160.0)155.8 
Licenses3.159.8 (50.3)9.5 
Tradenames3.66.0 (5.1)0.9 
Covenants not to compete0.56.5 (6.3)0.2 
     Total purchased intangible assets
$678.3 $(504.0)$174.3 




 December 31, 2024
Weighted-Average Amortization Period (years)Purchase
Price		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships/lists4.6$102.9 $(95.6)$7.3 
Know how0.8163.4 (160.0)3.4 
Developed product technology11.5215.5 (140.4)75.1 
Licenses4.058.7 (45.6)13.1 
Tradenames4.65.9 (4.8)1.1 
Covenants not to compete1.36.4 (5.5)0.9 
Total finite-lived intangible assets 552.8 (451.9)100.9 
In-process research and development192.7 — 192.7 
Total purchased intangible assets$745.5 $(451.9)$293.6 
v3.25.4
Inventory (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Following are the components of Inventory at December 31, 2025 and December 31, 2024 (in millions):

December 31, 2025December 31, 2024
Inventory:
  Raw materials$212.5 $222.0 
  Work in process234.9 243.2 
  Finished goods 293.3 294.8 
      Total Inventory$740.7 $760.0 
v3.25.4
Property, Plant, and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Following are the components of Property, plant and equipment, net at December 31, 2025 and December 31, 2024 (in millions):
December 31, 2025December 31, 2024
Property, plant and equipment:
Land and improvements
$28.9 $27.8 
Building and leasehold improvements
449.4 426.3 
Equipment
1,322.6 1,183.2 
Total property, plant and equipment
1,800.9 1,637.3 
Less: accumulated depreciation and amortization
(1,261.0)(1,109.2)
Property, plant and equipment, net
$539.9 $528.1 
v3.25.4
Notes Payable and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Principal components of long-term debt
The principal components of long-term debt are as follows (in millions):
December 31, 2025December 31, 2024
3.3%, Senior Notes due 2027
$400.0 $400.0 
3.7%, Senior Notes due 2032
800.0 800.0 
Less unamortized discounts and debt issuance costs(7.0)(8.8)
Long-term debt less unamortized discounts and debt issuance costs1,193.0 1,191.2 
Finance leases and other debt10.0 10.4 
Less current maturities(1.3)(1.2)
Long-term debt$1,201.7 $1,200.4 
Schedule of Maturities of Long-Term Debt
Maturities of finance leases and other debt at December 31, 2025 were as follows (in millions):

2026$1.3 
2027400.5 
20280.5 
20290.6 
20300.6 
2031 and thereafter806.5 
Total maturities of finance leases and other debt
$1,210.0 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
U.S. and international components of income before taxes [Table Text Block]
The U.S. and foreign components of income (loss) before taxes are as follows (in millions):
 Year Ended December 31,
 202520242023
U.S.$801.4 $(1,117.0)$(31.0)
Foreign
194.1 (1,225.5)(819.1)
Income (loss) before taxes$995.5 $(2,342.5)$(850.1)
Provision for income taxes [Table Text Block]
The provision for (benefit from) income taxes consists of the following (in millions):
 Year Ended December 31,
 202520242023
Current tax expense:   
U.S. Federal$38.4 $81.0 $73.8 
U.S. State
6.9 14.0 12.0 
Foreign
17.7 28.5 17.4 
Current tax expense63.0 123.5 103.2 
Deferred tax expense (benefit):
   
U.S. Federal182.7 (571.6)(291.7)
U.S. State
10.1 (34.7)(15.7)
Foreign
(22.3)(20.5)(15.2)
Deferred tax expense (benefit)
170.5 (626.8)(322.6)
Non-current tax expense2.1 5.0 6.6 
Provision for (benefit from) income taxes$235.6 $(498.3)$(212.8)
Reconcilation of effective tax rate on inocme before taxes and statutory rate [Table Text Block]
The reconciliation between our effective tax rate on income (loss) before taxes and the statutory tax rate is as follows (in millions):

 
Year Ended December 31, 2025
 
Amount
Percent
U.S. federal statutory tax rate
$209.1 21.0 %
State and local income taxes, net of federal effect (a)
13.5 1.4 %
Effect of cross border tax laws
Basis difference in investments
35.0 3.5 %
Other
3.1 0.3 %
Tax credits
(5.3)(0.5)%
Valuation allowances
16.8 1.7 %
Nontaxable or nondeductible items
5.5 0.6 %
Other adjustments
1.9 0.2 %
Foreign tax effects
Germany
  Investment revaluation
(53.5)(5.4)%
  Other
(7.4)(0.7)%
Other foreign jurisdictions
15.5 1.5 %
Changes in unrecognized tax benefits
1.4 0.1 %
Provision for income taxes
$235.6 23.7 %

(a) State taxes in Massachusetts, New York, Maryland, New Jersey, Illinois, Minnesota and Tennessee comprise the majority of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliation between our effective tax rate on income (loss) before taxes and the statutory tax rate is as follows:
 
Year Ended December 31,
 20242023
U. S. statutory tax rate21.0 %21.0 %
Impact of foreign operations(11.1)(20.4)
U.S. taxation of foreign income11.3 23.8 
State taxes0.9 2.4 
Other(0.8)(1.8)
Benefit from income taxes21.3 %25.0 %
Significant components of deferred tax assets and liabilities [Table Text Block]
Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions):
 December 31,
 20252024
Deferred tax assets:  
Bad debt, inventory and warranty accruals$31.4 $28.2 
Other post-employment benefits, vacation and other reserves14.7 17.0 
Tax credit and net operating loss carryforwards166.3 131.0 
Lease obligations42.8 34.0 
Other30.3 40.8 
    Total gross deferred tax assets285.5 251.0 
Valuation allowance(123.5)(95.2)
       Total deferred tax assets162.0 155.8 
Deferred tax liabilities:  
Property and equipment34.0 37.7 
Lease assets40.4 31.4 
Investments and intangible assets1,102.0 858.1 
        Total deferred tax liabilities1,176.4 927.2 
Net deferred tax liabilities$(1,014.4)$(771.4)
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):
202520242023
Unrecognized tax benefits – January 1
$86.7 $84.7 $85.5 
Additions to tax positions related to prior years3.3 1.7 0.2 
Reductions to tax positions related to prior years(0.6)(2.3)(12.8)
Additions to tax positions related to the current year2.0 6.0 11.6 
Settlements(0.5)(1.5)(0.2)
Lapse of statute of limitations(5.2)(1.5)(0.9)
Foreign currency adjustments1.2 (0.4)1.3 
Unrecognized tax benefits – December 31$86.9 $86.7 $84.7 
Summary of Valuation Allowance
The valuation allowance for deferred tax assets is as follows (in millions):

December 31,
202520242023
Beginning balance$95.2 $53.2 $72.8 
Additions charged to expenses28.3 42.0 — 
Deductions from reserves— — (19.6)
Ending balance$123.5 $95.2 $53.2 
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
The cash paid for income taxes (net of refunds) is as follows (in millions):
 Year Ended December 31,
 202520242023
U.S. Federal
$41.0 
U.S. State and local
8.2 
Foreign
Germany
(5.5)
Other
17.9 
  Total foreign
12.4 
Cash paid for income taxes (net of refunds)
$61.6 
Cash paid for income taxes (prior to ASU 2023-09)$99.4 $129.6 
The reconciliation of net income (loss) to net cash provided by operating activities is as follows (in millions):
 Year Ended December 31,
 202520242023
Net income (loss)$759.9 $(1,844.2)$(637.3)
Adjustments to reconcile net income (loss)
   
to net cash provided by operating activities    
Depreciation and amortization165.4 151.6 145.9 
Impairment of purchased intangibles and related items, net
172.8 — — 
Reduction in the carrying amount of right-of-use assets40.0 41.2 46.5 
Share-based compensation58.0 62.3 61.3 
Acquired in-process research and development— 29.5 — 
Other-than-temporary impairment loss on investments
6.0 — — 
Current expected credit losses on loans1.4 — — 
(Gains) losses from change in fair market value of equity securities and loan receivable(900.4)2,656.8 1,252.3 
Gain on divestiture of a division— — (2.5)
Payments for operating lease liabilities(44.2)(42.8)(41.0)
Changes in fair value of contingent consideration1.0 12.5 (18.1)
Decrease in accounts receivable19.6 16.2 11.4 
(Increase) decrease in inventories68.9 8.5 (46.3)
(Increase) decrease in other current assets9.3 (2.2)5.6 
(Increase) decrease in other long-term assets2.9 (5.3)(3.7)
Decrease in accounts payable and other current liabilities(0.1)(40.9)(51.8)
Increase (decrease) in income taxes payable1.5 24.1 (21.3)
Increase (decrease) in deferred income taxes170.5 (626.8)(322.6)
Increase (decrease) in other long-term liabilities(0.2)5.6 (4.1)
Other(0.1)9.1 0.6 
Net cash provided by operating activities$532.2 $455.2 $374.9 
Non-cash investing activities:
Purchased property, plant and equipment$7.8 $4.2 $6.9 
Purchased marketable securities and investments$— $— $0.4 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class [Table Text Block]
Changes to Bio-Rad's issued common stock shares are as follows (in thousands):
Class A SharesClass B Shares
Balance at December 31, 202225,162 5,074 
Class B to Class A conversions8 (8)
Issuance of common stock— 30 
Balance at December 31, 202325,170 5,096 
Class B to Class A conversions21 (21)
Issuance of common stock— — 
Balance at December 31, 202425,191 5,075 
Class B to Class A conversions8 (8)
Issuance of common stock— — 
Balance at December 31, 202525,199 5,067 
Class of Treasury Stock [Table Text Block]
The share repurchase activity under the share repurchase programs through open market transactions for the years ended December 31, 2025, 2024 and 2023 are summarized as follows:
Number of Shares PurchasedWeighted-Average Price per ShareTotal Shares Repurchased To DateRemaining Authorized Value
(in millions)
May 1, 2023 – May 31, 2023549,863 $377.20 1,709,638 $— 
September 1, 2023 – September 30, 202358,478 $364.61 1,768,116 $478.7 
November 1, 2023 – November 30, 2023659,416 $303.30 2,427,532 $278.7 
March 1, 2024 – March 31, 202414,250 $329.98 2,441,782 $274.0 
May 1, 2024 – May 31, 2024221,893 $289.69 2,663,675 $209.7 
June 1, 2024 – June 30, 2024124,333 $287.29 2,788,008 $174.0 
July 1, 2024 – July 31, 2024328,171 $293.01 3,116,179 $577.8 
August 1, 2024 – August 31, 20242,210 $321.73 3,118,389 $577.1 
March 1, 2025 – March 31, 2025399,295 $252.74 3,517,684 $476.2 
April 1, 2025 – April 30, 2025422,648 $234.43 3,940,332 $377.1 
June 1, 2025 – June 30, 2025170,860 $232.51 4,111,192 $337.4 
July 1, 2025 – July 31, 2025187,057 $248.99 4,298,249 $290.8 
August 1, 2025 – August 31, 202525,521 $245.00 4,323,770 $284.6 
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) included in our consolidated balance sheets and consolidated statements of changes in stockholders' equity consists of the following components (in millions):
Foreign currency translation adjustmentsForeign other post-employment benefits adjustmentsNet unrealized holding gains (losses) on available-for-sale investments
Net unrealized holding gains (losses) on cash flow hedge
Total Accumulated other comprehensive income (loss)
Balances as of December 31, 2023$(334.1)$(2.8)$0.9 $— $(336.0)
Other comprehensive income (loss), before reclassifications(207.0)(0.7)6.3 — (201.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 1.6 (2.2)— (0.6)
Income tax effects0.7 0.1 (1.0)— (0.2)
Other comprehensive income (loss), net of income taxes(206.3)1.0 3.1 (202.2)
Balances as of December 31, 2024$(540.4)$(1.8)$4.0 $— $(538.2)
Other comprehensive income (loss), before reclassifications371.8 8.3 13.2 0.1 393.4 
Amounts reclassified from accumulated other comprehensive income (loss)(36.6)(0.1)(3.2)— (39.9)
Income tax effects(1.3)(0.8)(2.3)— (4.4)
Other comprehensive income (loss), net of income taxes333.9 7.4 7.7 0.1 349.1 
Balances as of December 31, 2025$(206.5)$5.6 $11.7 $0.1 $(189.1)
Reclassification out of Accumulated Other Comprehensive Income
The impact to Income (loss) before income taxes for amounts reclassified out of Accumulated other comprehensive income (loss) into Other income, net in the consolidated statements of income (loss) were as follows (in millions):
Components of comprehensive income (loss)December 31, 2025December 31, 2024
Amortization of foreign other post-employment benefit items$0.1 $(1.6)
Net holding gains (losses) on equity securities and available-for-sale investments$3.2 $2.2 
v3.25.4
Share-Based Compensation/Equity Awards and Purchase Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Options Activity
The following table summarizes stock option activity:
SharesWeighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding, December 31, 2024101,242 $371.99   
Granted42,412 $256.45   
Exercised(3,000)$159.32   
Forfeited(24,649)$403.73   
Outstanding, December 31, 2025116,005 $328.51 6.39$2.9 
    
Unvested, December 31, 202559,472 $296.81 8.77$1.8 
Exercisable, December 31, 202556,533 $373.45 3.82$1.1 
Stock Options Valuation Assumptions
No stock options were granted during the year ended December 31, 2023. The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions for the year ended December 31, 2025:

 Year Ended December 31,
 20252024
Expected volatility34.2%32.5%
Risk-free interest rate4.02%4.07%
Expected life (in years)6.46.3
Expected dividend——
Weighted-average fair value of options granted$106.56$137.14
Resticted Stock Activity
The following table summarizes restricted stock units activity:

Restricted Stock
Units		Weighted-
Average
Grant-Date
Fair Value		Weighted-Average
Remaining
Contractual Term
(in years)		Aggregate
Intrinsic Value
(in millions)
Outstanding, December 31, 2024428,422 $381.21   
Granted263,756 $295.12   
Vested(123,281)$421.45   
Forfeited(71,023)$377.33   
Outstanding, December 31, 2025497,874 $326.20 1.83$150.9 
Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions:
 Year Ended December 31,
 202520242023
Expected volatility42.8 %32.4 %35.4 %
Risk-free interest rate4.28 %5.29 %5.15 %
Expected life (in years)0.250.250.24
Expected dividend— — — 
Weighted-average fair value   
of purchase rights$64.64 $68.78 $90.11 
Share-based Payment Arrangement, Expensed and Capitalized, Amount Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions):
Year ended December 31,
202520242023
Cost of goods sold$6.3 $6.5 $6.1 
Selling, general and administrative expense40.3 42.9 43.9 
Research and development expense11.4 12.9 11.3 
   Share-based compensation expense$58.0 $62.3 $61.3 
v3.25.4
Other Income, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of other income (expense), net
Other income, net includes the following components (in millions):
 Year Ended December 31,
 202520242023
Interest and investment income$(95.5)$(82.0)$(100.9)
Net realized gains on investments(1.0)(6.7)(0.7)
Other-than-temporary impairment loss on investments
6.0 — — 
Current expected credit losses on loans
1.4 — — 
Escrow receipts on prior acquisition
— — (2.5)
Other income
(1.2)(1.6)(2.4)
Other income, net
$(90.3)$(90.3)$(106.5)
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
The cash paid for income taxes (net of refunds) is as follows (in millions):
 Year Ended December 31,
 202520242023
U.S. Federal
$41.0 
U.S. State and local
8.2 
Foreign
Germany
(5.5)
Other
17.9 
  Total foreign
12.4 
Cash paid for income taxes (net of refunds)
$61.6 
Cash paid for income taxes (prior to ASU 2023-09)$99.4 $129.6 
The reconciliation of net income (loss) to net cash provided by operating activities is as follows (in millions):
 Year Ended December 31,
 202520242023
Net income (loss)$759.9 $(1,844.2)$(637.3)
Adjustments to reconcile net income (loss)
   
to net cash provided by operating activities    
Depreciation and amortization165.4 151.6 145.9 
Impairment of purchased intangibles and related items, net
172.8 — — 
Reduction in the carrying amount of right-of-use assets40.0 41.2 46.5 
Share-based compensation58.0 62.3 61.3 
Acquired in-process research and development— 29.5 — 
Other-than-temporary impairment loss on investments
6.0 — — 
Current expected credit losses on loans1.4 — — 
(Gains) losses from change in fair market value of equity securities and loan receivable(900.4)2,656.8 1,252.3 
Gain on divestiture of a division— — (2.5)
Payments for operating lease liabilities(44.2)(42.8)(41.0)
Changes in fair value of contingent consideration1.0 12.5 (18.1)
Decrease in accounts receivable19.6 16.2 11.4 
(Increase) decrease in inventories68.9 8.5 (46.3)
(Increase) decrease in other current assets9.3 (2.2)5.6 
(Increase) decrease in other long-term assets2.9 (5.3)(3.7)
Decrease in accounts payable and other current liabilities(0.1)(40.9)(51.8)
Increase (decrease) in income taxes payable1.5 24.1 (21.3)
Increase (decrease) in deferred income taxes170.5 (626.8)(322.6)
Increase (decrease) in other long-term liabilities(0.2)5.6 (4.1)
Other(0.1)9.1 0.6 
Net cash provided by operating activities$532.2 $455.2 $374.9 
Non-cash investing activities:
Purchased property, plant and equipment$7.8 $4.2 $6.9 
Purchased marketable securities and investments$— $— $0.4 
v3.25.4
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
Components of Net Periodic Benefit Cost
The following sets forth the net periodic benefit cost for the periods indicated (in millions):
Year ended December 31,
202520242023
Service costs$5.1 $4.9 $5.4 
Interest costs2.5 2.7 3.4 
Expected returns on plan assets(1.5)(1.6)(2.2)
Amortization of actuarial losses— — (0.1)
Amortization of prior service costs(0.6)(0.5)(0.4)
Curtailments0.1 — — 
Settlements1.3 2.2 1.3 
Net periodic benefit costs$6.9 $7.7 $7.4 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
Obligations and Funded Status
The following table sets forth the change in benefit obligations, fair value of plan assets and amounts recognized in the Consolidated Balance Sheets for the plans (in millions):

Change in benefit obligation:20252024
Benefit obligation at beginning of year$140.3 $154.4 
Service cost5.1 4.9 
Interest cost2.5 2.7 
Plan participants' contributions3.2 3.0 
Actuarial (gain) loss(7.1)2.4 
Gross benefits paid(1.3)(1.2)
Plan amendments0.3 (0.8)
Curtailments(0.6)— 
Settlements(17.0)(14.4)
Foreign currency adjustments17.9 (10.7)
Benefit obligation at end of year143.3 140.3 
Change in plan assets:
Fair value of plan assets at beginning of year81.1 92.2 
Actual return on plan assets1.3 2.6 
Employer contributions4.4 3.5 
Plan participants' contributions3.2 3.0 
Gross benefits paid0.1 0.7 
Settlements(15.8)(14.3)
Foreign currency adjustments11.4 (6.6)
Fair value of plan assets at end of year85.7 81.1 
Underfunded status of plans(57.6)(59.2)
Amounts recognized in the consolidated balance sheets:
Current liabilities (Accrued payroll and employee benefits) (8.4)(2.3)
Noncurrent liabilities (Other long-term liabilities)(49.2)(56.9)
Net liability, end of year
$(57.6)$(59.2)
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions

The above actuarial net gains were primarily based on financial, demographic and experience assumptions.

The weighted-average assumptions used in computing the benefit obligations were as follows:

20252024
Discount rate2.0 %1.6 %
Compensation rate increase1.9 %1.8 %

The weighted-average assumptions used in computing the net periodic benefit costs were as follows:
202520242023
Discount rate1.7 %1.9 %2.5 %
Expected long-term rate of return on plan assets1.7 %1.8 %2.6 %
Unrecorded Unconditional Purchase Obligations Disclosure
The annual future fixed and determinable portion of our purchase obligations that have not been recognized on our balance sheet as of December 31, 2025 were as follows (in millions):

2026$90.2 
202715.2 
20280.4 
2029— 
2030— 
2031 and thereafter
— 
Recorded Unconditional Purchase Obligations
The annual future fixed and determinable portion of our obligations that have been recognized on our balance sheet as of December 31, 2025 were as follows (in millions):

2026$8.5 
202733.1 
202817.3 
20296.9 
20305.9 
2031 and thereafter
52.0 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Information regarding industry segments
Information regarding industry segments at December 31, 2025, 2024, and 2023 and for the years then ended is as follows (in millions):
Life
Science		Clinical
Diagnostics		Other
Operations
Net sales 2025$1,021.1 $1,562.1 $— 
 20241,028.1 1,537.9 0.5 
20231,178.4 1,489.3 3.5 
Cost of goods sold
2025$468.0 $775.3 $— 
2024445.7 741.3 0.6 
2023514.4 725.8 4.1 
Segment gross profit
2025$553.1 $786.8 $— 
 2024582.4 796.6 (0.1)
2023664.0 763.5 (0.6)
Depreciation and amortization
2025$75.0 $90.4 $— 
202467.3 84.3 — 
202362.8 83.1 — 
Segment assets2025$289.3 $451.4 $— 
2024286.7 473.3 — 
2023287.1 493.1 0.3 
Reconciliation of segment profit to consolidated income before taxes
The following reconciles total segment gross profit to consolidated income (loss) before income taxes (in millions):
Year Ended December 31,
 202520242023
Segment gross profit$1,339.9 $1,378.9 $1,426.9 
Selling, general and administrative expense
(844.3)(814.0)(841.7)
Research and development expense
(275.6)(295.9)(247.4)
Impairment of purchased intangibles and related items, net
(172.8)— — 
Interest expense(49.0)(48.9)(49.4)
Foreign currency exchange gains, net6.6 3.9 7.3 
Gains (losses) from change in fair market value of equity securities and loan receivable
900.4 (2,656.8)(1,252.3)
Other income, net90.3 90.3 106.5 
Net income (loss) before income taxes
$995.5 $(2,342.5)$(850.1)
Reconciliation of Assets from Segment to Consolidated
The following reconciles total segment assets to consolidated total assets (in millions):
 December 31,
 20252024
Total segment assets$740.7 $760.0 
Cash and cash equivalents, short-term investments and other current assets
2,165.5 2,270.3 
Property, plant and equipment, net, and operating lease right-of-use assets709.9 688.6 
Goodwill, net579.8 410.5 
Other long-term assets6,380.6 5,234.7 
Total assets$10,576.5 $9,364.1 
Net sales and assets to external customers by geographic area
The following presents net sales to external customers by geographic region based primarily on the location of the use of the product or service (in millions):
 Year Ended December 31,
 202520242023
United States$1,022.7 $1,041.5 $1,121.9 
Europe881.8 834.1 819.8 
Asia513.3 521.6 563.0 
Other (primarily Canada and Latin America)165.4 169.3 166.5 
Total net sales$2,583.2 $2,566.5 $2,671.2 

The following presents Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes, by geographic region based upon the location of the asset (in millions):
 December 31,
 20252024
United States$470.2 $461.4 
Europe187.6 171.3 
Asia93.3 97.1 
Other (primarily Canada and Latin America)16.7 14.1 
Total Property, plant and equipment, net, Operating lease right-of-use assets and Other assets, excluding deferred income taxes$767.8 $743.9 
v3.25.4
Restructuring Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring Costs [Abstract]  
Restructuring and Related Costs
The following table summarizes the activity of our total restructuring reserves (in millions):

Life ScienceClinical DiagnosticsTotal
Balances as of December 31, 2024
$2.0 $13.0 $15.0 
Charged to expense - employee termination benefits
16.9 18.9 35.8 
Adjustments to expense
2.8 — 2.8 
Cash payments(19.2)(23.0)(42.2)
Foreign currency adjustments0.2 1.5 1.7 
Balances as of December 31, 2025
$2.7 $10.4 $13.1 

The accrued restructuring plan reserve of $13.1 million as of December 31, 2025 was recorded in Accrued payroll and employee benefits in the consolidated balance sheets. Restructuring-related expense is allocated in the consolidated statements of income (loss) as follows (in millions):

Year Ended December 31,
202520242023
Cost of goods sold$3.7 $14.8 $3.9 
Selling, general and administrative expense24.4 5.4 17.5 
Research and development expense18.0 1.6 6.5 
Restructuring expense
$46.1 $21.8 $27.9 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease, Cost [Table Text Block]
The components of lease expense were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$66.9 $69.5 $63.4 
Finance lease cost:
  Amortization of right-to-use assets$0.3 $0.6 $0.4 
  Interest on lease liabilities0.7 0.7 0.7 
        Total finance lease cost$1.0 $1.3 $1.1 
Lessee Supplemental Cash Flow Information [Table Text Block]
Supplemental cash flow information related to leases were as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
  Operating cash flows from operating leases$44.2 $42.8 $41.0 
  Operating cash flows from finance leases$0.7 $0.7 $0.7 
  Financing cash flows from finance leases$0.3 $0.6 $0.4 
Right-of-use assets obtained in exchange for lease obligations:
  Operating leases$40.7 $15.5 $53.7 
Lessee Supplemental Balance Sheet Information [Table Text Block]
Supplemental balance sheet information related to leases were as follows (in millions):
December 31,
20252024
Operating Leases
  Operating lease right-of-use assets$170.0 $160.5 
  Current operating lease liabilities$36.1 $41.7 
  Operating lease liabilities145.7 131.4 
     Total operating lease liabilities$181.8 $173.1 

Finance leases are included in Property, plant and equipment, net, Current maturities of long-term debt and notes payable, and Long-term debt, net of current maturities.
December 31,
20252024
Finance Leases
  Property, plant and equipment, gross$11.5 $11.7 
  Less: accumulated depreciation and amortization(6.4)(6.1)
      Property, plant and equipment, net$5.1 $5.6 
  Current maturities of long-term debt and notes payable$0.5 $0.4 
  Long-term debt, net of current maturities8.7 9.2 
      Total finance lease liabilities$9.2 $9.6 

December 31,
20252024
Weighted Average Remaining Lease Term
  Operating leases - in years76
  Finance leases - in years1313
Weighted Average Discount Rate
  Operating leases4.8 %4.1 %
  Finance leases6.7 %6.5 %
Maturities Of Lease Liabilities For Operating and Finance Leases [Table Text Block]
Maturities of lease liabilities were as follows (in millions):
Year Ending December 31,Operating LeasesFinance Leases
2026$42.5 $1.0 
202735.7 1.1 
202827.6 1.1 
202922.5 1.1 
203017.5 1.1 
Thereafter71.2 8.6 
   Total lease payments217.0 14.0 
Less imputed interest(35.2)(4.8)
    Total$181.8 $9.2 
v3.25.4
Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Retained earnings $ 8,176.3 $ 7,416.4  
Other assets 102.7 101.9  
Prepaid Taxes 2.9    
(Provision for) benefit from income taxes (235.6) 498.3 $ 212.8
Purchased intangibles, net $ 174.3 $ 293.6  
Property, Plant and Equipment
Property, Plant and Equipment, net

Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows:
Buildings
10 – 50 years
Leasehold improvementsLife of the improvements or lease term, whichever is shorter
Reagent rental equipment
1 – 5 years
Equipment
3 – 12 years
Computer software
3 – 5 years

When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses.
    
Minimum | Building and Building Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 10 years    
Minimum | Reagent Rental Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 1 year    
Minimum | Equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Minimum | Software Development      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Maximum | Building and Building Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 50 years    
Maximum | Reagent Rental Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 5 years    
Maximum | Equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 12 years    
Maximum | Software Development      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 5 years    
v3.25.4
Significant Accounting Policies - Amortization of Intangible Assets (Details)
 12 Months Ended
Dec. 31, 2025
reportingUnit
Accounting Policies [Abstract]  
Property, Plant and Equipment
Property, Plant and Equipment, net

Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. Included in property, plant and equipment are buildings and equipment acquired under capital lease arrangements, reagent rental equipment and capitalized software, including costs for software developed or obtained for internal use.

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of property, plant and equipment are generally as follows:
Buildings
10 – 50 years
Leasehold improvementsLife of the improvements or lease term, whichever is shorter
Reagent rental equipment
1 – 5 years
Equipment
3 – 12 years
Computer software
3 – 5 years

When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses.
Finite-Lived Intangible Assets [Line Items]  
Number of Reporting Units 2
Minimum | Customer Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 4 years
Minimum | Developed Technology Rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 2 years
Minimum | License  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 12 years
Minimum | Trade Names [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 6 years
Minimum | Noncompete Agreements [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 3 years
Maximum | Customer Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 16 years
Maximum | Technology-Based Intangible Assets  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 14 years
Maximum | Developed Technology Rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
Maximum | License  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 13 years
Maximum | Trade Names [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 10 years
Maximum | Noncompete Agreements [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 10 years
v3.25.4
Significant Accounting Policies - Warranty rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]      
Warranty accrual, beginning of period $ 7.1 $ 8.4 $ 10.6
Provision for warranty 5.3 6.1 9.3
Actual warranty costs (6.3) (7.4) (11.5)
Warranty accrual, end of period $ 6.1 $ 7.1 $ 8.4
v3.25.4
Significant Accounting Policies - Earnings per share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Basic weighted average shares outstanding 27,263 28,214 29,209
Effect of potentially dilutive stock options and restricted stock awards 18 0 0
Weighted average common shares - diluted 27,281 28,214 29,209
Anti-dilutive shares excluded from the computation of diluted EPS 336 226 212
v3.25.4
Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Cost of goods sold $ 1,243.3 $ 1,187.6 $ 1,244.3
Retained earnings $ 8,176.3 7,416.4  
Revenue Allocation Percent To Lease Elements 3.00%    
Deferred Revenue $ 62.9 61.5  
Deferred revenue $ 48.9 $ 47.8  
v3.25.4
Significant Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Accounts Receivable, Allowance for Credit Loss $ 5.5 $ 9.2 $ 14.9 $ 15.0
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) (1.8) (0.6) 0.5  
Accounts Receivable, Allowance for Credit Loss, Writeoff (1.9) (5.1) $ (0.6)  
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 0.0 $ 0.0    
Revenue Allocation Percent To Lease Elements 3.00%      
v3.25.4
Acquisitions - Narrative (Details) - Stilla Technologies
$ in Millions
Jun. 30, 2025
USD ($)
Business Combination [Line Items]  
Cash consideration $ 166.5
Business Combination, Consideration Transferred, Liabilities Incurred 47.6
Business Combination, Consideration Transferred, Escrow Payments 15.0
Contingent consideration 28.6
Maximum  
Business Combination [Line Items]  
Contingent consideration $ 50.0
v3.25.4
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill $ 579.8   $ 410.5 $ 413.6
Stilla Technologies        
Business Combination [Line Items]        
Cash and cash equivalents   $ 10.6    
Other identifiable assets acquired   11.3    
Other current liabilities   (15.6)    
Other identifiable liabilities assumed   (6.4)    
Net identifiable assets acquired   97.2    
Goodwill   160.5    
Net assets acquired   257.7    
Developed Technology Rights [Member] | Stilla Technologies        
Business Combination [Line Items]        
Identifiable Intangible Assets   94.9    
Customer Relationships [Member] | Stilla Technologies        
Business Combination [Line Items]        
Identifiable Intangible Assets   $ 2.4    
v3.25.4
Fair Value Measurements and Investments (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Trading, and Equity Securities, FV-NI $ 373.4 [1] $ 317.5 [1]   € 400.0
Debt Securities, Available-for-sale [2] $ 939.6      
Derivative, Forward Interest Rate 1.50%     1.50%
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) $ 1.0 12.5 $ (18.1)  
Loss from change in fair market value of value appreciation rights (3.7)      
Equity Securities, FV-NI, Unrealized Gain 872.6      
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted Investments, at Fair Value [3] 1.1 1.6    
Equity Securities, FV-NI [4] 5,740.5 4,548.0    
Debt Securities, Trading, and Equity Securities, FV-NI [1] 373.4 317.5    
Debt Securities, Available-for-sale 939.6 1,097.6    
Forward foreign exchange contracts, Asset [5] 1.2 8.8    
Financial Assets Carried at Fair Value 7,366.4 6,159.0    
Forward foreign exchange contracts, Liability [6] 1.8 2.4    
Business Combination, Contingent Consideration, Liability [7] 29.6      
Liabilities, Fair Value Disclosure 31.4 2.4    
Fair Value, Recurring [Member] | Asset-backed Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 381.5 430.8    
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 451.9 533.6    
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 79.6 118.6    
Fair Value, Recurring [Member] | Foreign Government Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 11.7 5.2    
Fair Value, Recurring [Member] | Municipal Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 14.9 9.4    
Fair Value, Recurring [Member] | Commercial Paper [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 1.6      
Fair Value, Recurring [Member] | Time Deposits [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 39.4 31.2    
Fair Value, Recurring [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 209.7 139.4    
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 59.9 14.9    
Fair Value, Recurring [Member] | Cash Equivalents [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 310.6 185.5    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted Investments, at Fair Value [3] 1.1 1.6    
Equity Securities, FV-NI [4] 5,740.5 4,548.0    
Debt Securities, Trading, and Equity Securities, FV-NI [1] 0.0 0.0    
Debt Securities, Available-for-sale 0.0 0.0    
Forward foreign exchange contracts, Asset [5] 0.0 0.0    
Financial Assets Carried at Fair Value 5,951.3 4,689.0    
Forward foreign exchange contracts, Liability [6] 0.0 0.0    
Business Combination, Contingent Consideration, Liability [7] 0.0      
Liabilities, Fair Value Disclosure 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0      
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 209.7 139.4    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 209.7 139.4    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted Investments, at Fair Value [3] 0.0 0.0    
Equity Securities, FV-NI [4] 0.0 0.0    
Debt Securities, Trading, and Equity Securities, FV-NI [1] 0.0 0.0    
Debt Securities, Available-for-sale 939.6 1,097.6    
Forward foreign exchange contracts, Asset [5] 1.2 8.8    
Financial Assets Carried at Fair Value 1,041.7 1,152.5    
Forward foreign exchange contracts, Liability [6] 1.8 2.4    
Business Combination, Contingent Consideration, Liability [7] 0.0      
Liabilities, Fair Value Disclosure 1.8 2.4    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 381.5 430.8    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 451.9 533.6    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 79.6 118.6    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 11.7 5.2    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 14.9 9.4    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 1.6      
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 39.4 31.2    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 59.9 14.9    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 100.9 46.1    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted Investments, at Fair Value [3] 0.0 0.0    
Equity Securities, FV-NI [4] 0.0 0.0    
Debt Securities, Trading, and Equity Securities, FV-NI [1] 373.4 317.5    
Debt Securities, Available-for-sale 0.0 0.0    
Forward foreign exchange contracts, Asset [5] 0.0 0.0    
Financial Assets Carried at Fair Value 373.4 317.5    
Forward foreign exchange contracts, Liability [6] 0.0 0.0    
Business Combination, Contingent Consideration, Liability 29.6 [7] 0.0    
Liabilities, Fair Value Disclosure 29.6 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0      
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash equivalents [8] 0.0 0.0    
Short-term Investments [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity Securities, FV-NI 71.3 78.8    
Short-term Investments [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 381.5 430.8    
Short-term Investments [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 451.9 533.6    
Short-term Investments [Member] | Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 79.6 118.6    
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 11.7 5.2    
Short-term Investments [Member] | Fair Value, Recurring [Member] | Municipal Obligations [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 14.9 9.4    
Short-term Investments [Member] | Fair Value, Recurring [Member] | Debt Securities [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Securities, Available-for-sale [2] 939.6 1,097.6    
Other Investments [Member] | Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity Securities, FV-NI $ 5,669.2 $ 4,469.2    
[1] The Loan under the fair value option is included in Other investments in the consolidated balance sheets.
[2] Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.
[3] Restricted investments are included in Other investments in the consolidated balance sheets.
[4] Equity securities are included in the following accounts in the consolidated balance sheets (in millions):
December 31, 2025December 31, 2024
Short-term investments$71.3 $78.8 
Other investments5,669.2 4,469.2 
   Total$5,740.5 $4,548.0 
[5] Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets.
[6] Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets.
[7] Contingent consideration in a liability position is included in Other long-term liabilities in the consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.
[8] Cash equivalents are included in Cash and cash equivalents in the consolidated balance sheets.
v3.25.4
Fair Value Measurements and Investments Foreign Exchange Forward Contracts (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
 [1],[2]
Forward foreign exchange contract to purchase foreign currency [Member]  
Derivatives, Fair Value [Line Items]  
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments $ 0.4
Derivative, Notional Amount 107.4
Forward foreign exchange contract to sell foreign currency [Member]  
Derivatives, Fair Value [Line Items]  
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments (1.0)
Derivative, Notional Amount $ 870.3
[1] Forward foreign exchange contracts in a liability position are included in Other current liabilities in the consolidated balance sheets.
[2] Forward foreign exchange contracts in an asset position are included in Other current assets in the consolidated balance sheets.
v3.25.4
Fair Value Measurements and Investments Available-for-Sale Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] $ 939.6  
Debt Securities, Available-for-sale, Amortized Cost [1] 931.6  
Fair Value, Recurring [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale 939.6 $ 1,097.6
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 451.9 533.6
Fair Value, Recurring [Member] | Municipal Obligations [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 14.9 9.4
Fair Value, Recurring [Member] | Asset-backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 381.5 430.8
Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 79.6 118.6
Fair Value, Recurring [Member] | Foreign Government Obligations [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 11.7 5.2
Short-term Investments [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 451.9 533.6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] (0.1) (1.6)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 4.6 2.1
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] 447.4 533.1
Short-term Investments [Member] | Fair Value, Recurring [Member] | Municipal Obligations [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 14.9 9.4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] 0.0 (0.1)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 0.3 0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] 14.6 9.5
Short-term Investments [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 381.5 430.8
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] (0.7) (2.9)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 3.3 1.3
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] 378.9 432.4
Short-term Investments [Member] | Fair Value, Recurring [Member] | US Government Sponsored Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 79.6 118.6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] 0.0 (1.0)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 0.5 0.1
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] 79.1 119.5
Short-term Investments [Member] | Fair Value, Recurring [Member] | Foreign Government Obligations [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 11.7 5.2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] 0.0 0.0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 0.1 0.0
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] 11.6 5.2
Short-term Investments [Member] | Fair Value, Recurring [Member] | Debt Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale [1] 939.6 1,097.6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax [1] (0.8) (5.6)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax [1] 8.8 3.5
Debt Securities, Available-for-sale, Allowance for Credit Loss [1] 0.0  
Debt Securities, Available-for-sale, Amortized Cost [1] $ 931.6 $ 1,099.7
[1] Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.
v3.25.4
Fair Value Measurements and Investments Amortized Cost and Fair Value of Debt Securities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
 [1]
Fair Value Disclosures [Abstract]  
Mature in less than one year $ 57.6
Mature in one to five years 593.2
Mature in more than five years 280.8
Total Amortized Cost 931.6
Mature in less than one year 57.8
Mature in one to five years 599.1
Mature in more than five years 282.7
Estimated Fair Value $ 939.6
[1] Available-for-sale investments are included in Short-term investments in the consolidated balance sheets.
v3.25.4
Fair Value Measurements and Investments Fair Value and Gross Unrealized Losses with Unrealized Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value, Option, Changes in Fair Value, Gain (Loss) $ 900,400 $ (2,656,800) $ (1,252,300)
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions (16,100)    
Interest expense 49,000 48,900 49,400
Income from operations 47,200 269,000 337,800
Foreign currency exchange gains, net (6,600) (3,900) (7,300)
Other Nonoperating Income (Expense) (90,300) (90,300) (106,500)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 995,500 (2,342,500) (850,100)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair Value, Option, Changes in Fair Value, Gain (Loss) (900,400) 2,656,800 1,252,300
Foreign currency exchange gains, net 6,600 3,900 7,300
Other Nonoperating Income (Expense) 90,300 90,300 106,500
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Interest Expense      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest expense (49,000) (48,900) (49,400)
Operating Segments [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Income from operations $ 1,339,900 $ 1,378,900 $ 1,426,900
v3.25.4
Fair Value Measurements and Investments (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
EUR (€)
shares
Dec. 31, 2024
USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Equity Securities without Readily Determinable Fair Value, Amount $ 23.0    
Interest Receivable, Current 11.9   $ 13.1
Equity Method Investments 36.9   27.9
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financial Instruments, Owned, Principal Investments, at Fair Value (373.4) [1] € (400.0) (317.5) [1]
Fair Value, Option, Changes in Fair Value, Gain (Loss) (12.4) [1]    
Foreign Currency Transaction Gain (Loss), Realized 43.5 [1]    
Fair Value, Recurring [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financial Instruments, Owned, Principal Investments, at Fair Value $ (373.4) [1]   (317.5) [1]
Ordinary voting shares [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Investment ownership percentage 38.00% 38.00%  
Investment Owned, Balance, Shares | shares 12,987,900 12,987,900  
Preference shares [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Investment ownership percentage 28.00% 28.00%  
Investment Owned, Balance, Shares | shares 9,588,908 9,588,908  
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financial Instruments, Owned, Principal Investments, at Fair Value $ 0.0 [1]   $ 0.0 [1]
[1] The Loan under the fair value option is included in Other investments in the consolidated balance sheets.
v3.25.4
Fair Value Measurements and Investments Fair Value of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs $ 1,203.0 $ 1,200.4
Total long-term debt, excluding leases and current maturities 1,162.6 1,107.5
Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs 1,193.0 1,191.2
Total long-term debt, excluding leases and current maturities 1,152.6 1,098.3
Other Long-Term Debt | Other Long-Term Debt    
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs 10.0 9.2
Total long-term debt, excluding leases and current maturities $ 10.0 $ 9.2
v3.25.4
Fair Value Measurements and Investments - Contingent Consideration Liability (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Fair Value, Recurring [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Ending balance $ 29.6 [1]
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Business Combination, Contingent Consideration, Liability, Measurement Input 0.041
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Beginning balance $ 0.0
Stilla contingent consideration 28.5
Measurement period adjustment 0.1
Change in estimated fair value 1.0
Ending balance $ 29.6 [1]
[1] Contingent consideration in a liability position is included in Other long-term liabilities in the consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.
v3.25.4
Goodwill and Other Purchased Intangible Assets Intangible Assets, Goodwill and Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill period start $ 745.7 $ 748.8
Accumulated impairment loss period start (335.2) (335.2)
Goodwill, net period start 410.5 413.6
Goodwill, Acquired During Period 160.5 0.0
Currency fluctuations 8.8 (3.1)
Goodwill, Period Increase (Decrease) 169.3 (3.1)
Goodwill period end 915.0 745.7
Accumulated impairment loss period end (335.2) (335.2)
Goodwill, net period end 579.8 410.5
Life Science [Member]    
Goodwill [Roll Forward]    
Goodwill period start 333.3 333.3
Accumulated impairment loss period start (41.8) (41.8)
Goodwill, net period start 291.5 291.5
Goodwill, Acquired During Period 160.5 0.0
Currency fluctuations (0.6) 0.0
Goodwill, Period Increase (Decrease) 159.9 0.0
Goodwill period end 493.2 333.3
Accumulated impairment loss period end (41.8) (41.8)
Goodwill, net period end 451.4 291.5
Clinical Diagnostics [Member]    
Goodwill [Roll Forward]    
Goodwill period start 412.4 415.5
Accumulated impairment loss period start (293.4) (293.4)
Goodwill, net period start 119.0 122.1
Goodwill, Acquired During Period 0.0 0.0
Currency fluctuations 9.4 (3.1)
Goodwill, Period Increase (Decrease) 9.4 (3.1)
Goodwill period end 421.8 412.4
Accumulated impairment loss period end (293.4) (293.4)
Goodwill, net period end $ 128.4 $ 119.0
v3.25.4
Goodwill and Other Purchased Intangible Assets Intangible Assets, Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Gross $ 678.3 $ 552.8      
Accumulated Amortization (504.0) (451.9)      
Finite-Lived Intangible Assets, Net 174.3 100.9      
Intangible Assets, Gross (Excluding Goodwill)   745.5      
Purchased intangibles, net 174.3 293.6      
Amortization expense (23.8) (21.2) $ (23.8)    
Future Amortization Expense, Year One 23.4        
Future Amortization Expense, Year Two 21.0        
Future Amortization Expense, Year Three 21.0        
Future Amortization Expense, Year Four 15.3        
Future Amortization Expense, Year Five 13.8        
Finite-Lived Intangible Assets, Amortization Expense, after Year Five 79.8        
Curiosity Diagnostics          
Finite-Lived Intangible Assets [Line Items]          
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill $ 127.7     $ 99.0  
In Process Research and Development [Member]          
Finite-Lived Intangible Assets [Line Items]          
Indefinite-lived Intangible Assets (Excluding Goodwill)   $ 192.7      
Customer Relationships [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 4 years 4 months 24 days 4 years 7 months 6 days      
Finite-Lived Intangible Assets, Gross $ 115.6 $ 102.9      
Accumulated Amortization (107.7) (95.6)      
Finite-Lived Intangible Assets, Net $ 7.9 $ 7.3      
Know how [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 0 years 9 months 18 days      
Finite-Lived Intangible Assets, Gross $ 174.6 $ 163.4      
Accumulated Amortization (174.6) (160.0)      
Finite-Lived Intangible Assets, Net $ 0.0 $ 3.4      
Developed Technology Rights [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 10 years 8 months 12 days 11 years 6 months      
Finite-Lived Intangible Assets, Gross $ 315.8 $ 215.5      
Accumulated Amortization (160.0) (140.4)      
Finite-Lived Intangible Assets, Net $ 155.8 $ 75.1      
Licensing Agreements [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 3 years 1 month 6 days 4 years      
Finite-Lived Intangible Assets, Gross $ 59.8 $ 58.7      
Accumulated Amortization (50.3) (45.6)      
Finite-Lived Intangible Assets, Net $ 9.5 $ 13.1      
Trade Names [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 3 years 7 months 6 days 4 years 7 months 6 days      
Finite-Lived Intangible Assets, Gross $ 6.0 $ 5.9      
Accumulated Amortization (5.1) (4.8)      
Finite-Lived Intangible Assets, Net $ 0.9 $ 1.1      
Noncompete Agreements [Member]          
Finite-Lived Intangible Assets [Line Items]          
Finite-Lived Intangible Assets, Remaining Amortization Period 6 months 1 year 3 months 18 days      
Finite-Lived Intangible Assets, Gross $ 6.5 $ 6.4      
Accumulated Amortization (6.3) (5.5)      
Finite-Lived Intangible Assets, Net $ 0.2 $ 0.9      
In Process Research and Development [Member] | Dropworks          
Finite-Lived Intangible Assets [Line Items]          
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill         $ 81.7
v3.25.4
Inventory (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 212.5 $ 222.0
Inventory, Work in Process, Net of Reserves 234.9 243.2
Inventory, Finished Goods, Net of Reserves 293.3 294.8
Inventory $ 740.7 $ 760.0
v3.25.4
Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 1,800,900 $ 1,637,300  
Less: accumulated depreciation and amortization (1,261,000) (1,109,200)  
Property, plant and equipment, net 539,900 528,100  
Depreciation 141,400 130,100 $ 121,700
Land and improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 28,900 27,800  
Building and leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 449,400 426,300  
Equipment      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 1,322,600 $ 1,183,200  
v3.25.4
Notes Payable and Long-Term Debt - Principal Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs $ 1,203.0 $ 1,200.4
Less current maturities (1.3) (1.2)
Long-term debt 1,201.7 1,200.4
3.3%, Senior Notes due 2027    
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs 395.7  
3.3%, Senior Notes due 2027 | Senior Notes    
Debt Instrument [Line Items]    
Senior notes 400.0 400.0
3.7%, Senior Notes due 2032    
Debt Instrument [Line Items]    
Long-term debt less unamortized discounts and debt issuance costs 790.5  
3.7%, Senior Notes due 2032 | Senior Notes    
Debt Instrument [Line Items]    
Senior notes 800.0 800.0
Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Less unamortized discounts and debt issuance costs (7.0) (8.8)
Long-term debt less unamortized discounts and debt issuance costs 1,193.0 1,191.2
Finance Leases and Other Debt [Member] | Finance Lease Obligations [Member]    
Debt Instrument [Line Items]    
Finance leases and other debt $ 10.0 $ 10.4
v3.25.4
Notes Payable and Long-Term Debt - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 13, 2024
Debt Instrument [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity $ 207.9    
Long-term debt less unamortized discounts and debt issuance costs 1,203.0 $ 1,200.4  
Line of Credit      
Debt Instrument [Line Items]      
Letters of Credit Outstanding, Amount $ 6.0    
Maximum borrowing capacity     $ 200.0
Line of Credit Facility, Interest Rate at Period End 5.00%    
Performance Guarantee [Member]      
Debt Instrument [Line Items]      
Letters of Credit Outstanding, Amount $ 16.6    
3.3%, Senior Notes due 2027      
Debt Instrument [Line Items]      
Face amount of debt sold 400.0    
Long-term debt less unamortized discounts and debt issuance costs $ 395.7    
3.3%, Senior Notes due 2027 | 3.3%, Senior Notes due 2027      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Basis for Effective Rate 3.53    
Debt Instrument, Interest Rate, Stated Percentage 3.30%    
3.7%, Senior Notes due 2032      
Debt Instrument [Line Items]      
Face amount of debt sold $ 800.0    
Long-term debt less unamortized discounts and debt issuance costs $ 790.5    
3.7%, Senior Notes due 2032 | 3.7%, Senior Notes due 2032      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Basis for Effective Rate 3.84    
Debt Instrument, Interest Rate, Stated Percentage 3.70%    
Senior Notes      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 101.00%    
v3.25.4
Notes Payable and Long-Term Debt - Maturity Schedule (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months $ 1.3
Long-term Debt, Maturities, Repayments of Principal in Year Two 400.5
Long-term Debt, Maturities, Repayments of Principal in Year Three 0.5
Long-term Debt, Maturities, Repayments of Principal in Year Four 0.6
Long-term Debt, Maturities, Repayments of Principal in Year Five 0.6
Long-term Debt, Maturities, Repayments of Principal after Year Five 806.5
Long-term debt $ 1,210.0
v3.25.4
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]        
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 28.3 $ 42.0 $ 0.0  
Prepaid Taxes 2.9      
U.S. 801.4 (1,117.0) (31.0)  
International 194.1 (1,225.5) (819.1)  
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 995.5 (2,342.5) (850.1)  
U.S. Federal 38.4 81.0 73.8  
State 6.9 14.0 12.0  
International 17.7 28.5 17.4  
Current Income Tax Expense (Benefit) 63.0 123.5 103.2  
U.S. Federal 182.7 (571.6) (291.7)  
State 10.1 (34.7) (15.7)  
International (22.3) (20.5) (15.2)  
Deferred tax benefit 170.5 (626.8) (322.6)  
Non-current tax expense (benefit) 2.1 5.0 6.6  
Provision for income taxes $ 235.6 $ (498.3) $ (212.8)  
U.S. statutory tax rate 21.00% 21.00% 21.00%  
Impact of foreign operations   (11.10%) (20.40%)  
State taxes 1.40% 0.90% 2.40%  
Other   (0.80%) (1.80%)  
Provision for income taxes 23.70% 21.30% 25.00%  
Bad debt, inventory and warranty accruals $ 31.4 $ 28.2    
Other post-employment benefits, vacation and other reserves 14.7 17.0    
Tax credit and net operating loss carryforwards 166.3 131.0    
Other 30.3 40.8    
Total gross deferred tax assets 285.5 251.0    
Valuation allowance (123.5) (95.2) $ (53.2) $ (72.8)
Deductions 0.0 0.0 (19.6)  
Total deferred tax assets 162.0 155.8    
Property and equipment 34.0 37.7    
Investments and intangible assets 1,102.0 858.1    
Total deferred tax liabilities 1,176.4 927.2    
Net deferred tax liabilities (1,014.4) (771.4)    
Unrecognized tax benefits period start 86.7 84.7 85.5  
Additions to tax positions related to prior years 3.3 1.7 0.2  
Reductions to tax positions related to prior years (0.6) (2.3) (12.8)  
Additions to tax positions related to the current year 2.0 6.0 11.6  
Settlements (0.5) (1.5) (0.2)  
Lapse of statute of limitations (5.2) (1.5) (0.9)  
Currency translation   (0.4)    
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation 1.2   1.3  
Unrecognized tax benefits period end 86.9 86.7 84.7  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 16.1 12.6 9.6  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense 3.4 3.0 2.8  
Tax Credit Carryforward, Amount 7.4      
Operating Loss Carryforwards 8.8      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount 209.1      
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount $ 13.5      
Effective Income Tax Rate Reconciliation, Basis Difference In Investments, Percent 3.50%      
Effective Income Tax Rate Reconciliation, Basis Difference In Investments, Amount $ 35.0      
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount $ 3.1      
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Percent 0.30%      
Effective Income Tax Rate Reconciliation, Tax Credit, Percent (0.50%)      
Effective Income Tax Rate Reconciliation, Tax Credit, Amount $ (5.3)      
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent 1.70%      
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount $ 16.8      
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent 0.60%      
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount $ 5.5      
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent 0.10%      
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount $ 1.4      
Effective Income Tax Rate Reconciliation, Investment Revaluation, Percent (5.40%)      
Effective Income Tax Rate Reconciliation, Investment Revaluation, Amount $ (53.5)      
Income Tax Paid, Federal, after Refund Received 41.0      
Income Tax Paid, State and Local, after Refund Received 8.2      
Income Tax Paid, Foreign, after Refund Received 12.4      
Income Taxes Paid, Net, Total $ 61.6 $ 99.4 $ 129.6  
Effective Income Tax Rate Reconciliation, Unrealized Gain (Loss) in Equity Securities, Percent 23.00% 22.60% 22.30%  
Operating lease obligations [Member]        
Income Taxes [Line Items]        
Other $ 42.8 $ 34.0    
Foreign Tax Jurisdiction [Member]        
Income Taxes [Line Items]        
Operating Loss Carryforward With No Expiration Date 277.7      
Domestic Tax Jurisdiction [Member]        
Income Taxes [Line Items]        
Other reconciling items   11.30% 23.80%  
State and Local Jurisdiction [Member]        
Income Taxes [Line Items]        
Tax Credit Carryforward, Amount 85.6      
Operating Loss Carryforwards 29.5      
8888 Foreign Governments [Member]        
Income Taxes [Line Items]        
Operating Loss Carryforwards $ 401.3      
UNITED STATES        
Income Taxes [Line Items]        
Other 0.20%      
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ 1.9      
GERMANY        
Income Taxes [Line Items]        
Other (0.70%)      
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ (7.4)      
Income Tax Paid, Foreign, after Refund Received $ (5.5)      
Foreign Tax Jurisdiction, Other        
Income Taxes [Line Items]        
Impact of foreign operations 1.50%      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 15.5      
Income Tax Paid, Foreign, after Refund Received 17.9      
Including accrued interest and penalties [Member]        
Income Taxes [Line Items]        
Other 19.0      
Unrecognized tax benefits period end 103.0      
Net of prepaid taxes [Member]        
Income Taxes [Line Items]        
Unrecognized tax benefits period end 81.1      
Operating lease assets [Member]        
Income Taxes [Line Items]        
Deferred Tax Liabilities, Leasing Arrangements $ 40.4 $ 31.4    
v3.25.4
Stockholders' Equity (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common Class A        
Class of Stock [Line Items]        
Shares, Issued 25,199 25,191 25,170 25,162
Stock Issued During Period, Shares, Conversion of Convertible Securities (8) (21) (8)  
Stock Issued During Period, Shares, New Issues 0 0 0  
Election Percentage for Board of Directors 25.00%      
Common Class B        
Class of Stock [Line Items]        
Shares, Issued 5,067 5,075 5,096 5,074
Stock Issued During Period, Shares, Conversion of Convertible Securities (8) (21) (8)  
Stock Issued During Period, Shares, New Issues 0 0 30  
Common Stock, Voting Rights one      
v3.25.4
Stockholders' Equity Treasury Shares (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2025
Jul. 31, 2025
Jun. 30, 2025
Apr. 30, 2025
Mar. 31, 2025
Aug. 31, 2024
Jul. 31, 2024
Jun. 30, 2024
May 31, 2024
Mar. 31, 2024
Nov. 30, 2023
Sep. 30, 2023
May 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Equity, Class of Treasury Stock [Line Items]                              
Treasury stock (in shares) 4,323,770 4,298,249 4,111,192 3,940,332 3,517,684 3,118,389 3,116,179 2,788,008 2,663,675 2,441,782 2,427,532 1,768,116 1,709,638 3,275,476 2,254,728
Share Repurchase Program, Remaining Authorized, Amount $ 284.6 $ 290.8 $ 337.4 $ 377.1 $ 476.2 $ 577.1 $ 577.8 $ 174.0 $ 209.7 $ 274.0 $ 278.7 $ 478.7 $ 0.0 $ 284.6  
Share Repurchase Program, Authorized, Amount                           500.0  
Treasury Stock, Shares, Acquired 25,521 187,057 170,860 422,648 399,295 2,210 328,171 124,333 221,893 14,250 659,416 58,478 549,863    
Treasury Stock Acquired, Average Cost Per Share $ 245.00 $ 248.99 $ 232.51 $ 234.43 $ 252.74 $ 321.73 $ 293.01 $ 287.29 $ 289.69 $ 329.98 $ 303.30 $ 364.61 $ 377.20    
Stock Repurchase Program Total Repurchased Amount                           $ 715.4  
Treasury Class-A [Member]                              
Equity, Class of Treasury Stock [Line Items]                              
Stock Issued During Period, Shares, Treasury Stock Reissued                           (184,633) (183,567)
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   $ 6,569.3 $ 8,741.2 $ 9,615.2
Other comprehensive income, net of tax   349.1 (202.2) 130.8
Ending balance $ 7,453.6 7,453.6 6,569.3 8,741.2
Other Nonoperating Income (Expense)   (90.3) (90.3) (106.5)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax 36.6      
Foreign currency translation adjustments [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   (540.4) (334.1)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax   371.8 (207.0)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (36.6) 0.0  
Other Comprehensive Income (Loss), Tax   (1.3) 0.7  
Other comprehensive income, net of tax   333.9 (206.3)  
Ending balance (206.5) (206.5) (540.4) (334.1)
Other Postretirement Benefit Plan [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   (1.8) (2.8)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax   8.3 (0.7)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (0.1) 1.6  
Other Comprehensive Income (Loss), Tax   (0.8) 0.1  
Other comprehensive income, net of tax   7.4 1.0  
Ending balance 5.6 5.6 (1.8) (2.8)
Other Postretirement Benefit Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Nonoperating Income (Expense)   0.1 (1.6)  
Net Unrealized Investment Gain (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   4.0 0.9  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax   13.2 6.3  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (3.2) (2.2)  
Other Comprehensive Income (Loss), Tax   (2.3) (1.0)  
Other comprehensive income, net of tax   7.7 3.1  
Ending balance 11.7 11.7 4.0 0.9
Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other Nonoperating Income (Expense)   (3.2) (2.2)  
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   (538.2) (336.0) (466.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax   393.4 (201.4)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (39.9) (0.6)  
Other Comprehensive Income (Loss), Tax   (4.4) (0.2)  
Other comprehensive income, net of tax   349.1 (202.2)  
Ending balance (189.1) (189.1) (538.2) (336.0)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance   0.0 0.0  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax   0.1 0.0  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   0.0 0.0  
Other Comprehensive Income (Loss), Tax   0.0 0.0  
Other comprehensive income, net of tax   0.1  
Ending balance $ 0.1 $ 0.1 $ 0.0 $ 0.0
v3.25.4
Share-Based Compensation/Equity Awards and Purchase Plans (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Exercise of Option, Tax Benefit $ (3,200,000) $ (3,500,000) $ 1,300,000
Share-based Compensation Expense 58,000,000.0 62,300,000 61,300,000
Share-based Payment Arrangement, Expense, Tax Benefit 9,300,000 10,600,000 9,800,000
Research and Development Expense [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Expense 11,400,000 12,900,000 11,300,000
cost of goods sold [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Expense 6,300,000 6,500,000 6,100,000
Selling, General and Administrative Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Expense $ 40,300,000 $ 42,900,000 43,900,000
2011 Employee Stock Purchase Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Authorized 1,300,000    
Stock Option and Award Plans [Member] | Incentive Award Plan 2017 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Authorized 2,108,724    
Number of Shares Available for Grant 701,495    
Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted Average Remaining Contractual Term (in years) - Outstanding 6 years 4 months 20 days    
Aggregate Intrinsic Value (in millions) - Outstanding $ 2,900,000    
Options - Weighted-Average Exercise Price $ 328.51 $ 371.99  
Options Granted - Weighted Average Exercise Price 256.45    
Options Exercised - Weighted Average Exercise Price $ 159.32    
Options Granted Term 10    
Options Forfeitured/expired - Weighted Average Exercise Price $ 403.73    
Options - Shares Vested and Expected to Vest 59,472    
Options Vested and Expected to Vest - Weighted Average Exercise Price $ 296.81    
Options Vested and Expected to Vest - Weighted Average Remaining Contractual Term (in years) 8 years 9 months 7 days    
Options Vested and Expected to Vest - Aggregate Intrinsic Value (in millions) $ 1,800,000    
Weighted Average Exercise Price - Options Exercisable $ 373.45    
Weighted Average Remaining Contractual Term (in years) - Exercisable 3 years 9 months 25 days    
Options Exercisable Aggregate Intrinsic Value (in millions) $ 1,100,000    
Options, Exercises in Period, Total Intrinsic Value 300,000 $ 500,000 20,200,000
Cash Received from Exercise of Stock Options 500,000 $ 2,400,000 700,000
Total unrecognized compensation cost from stock options $ 5,500,000    
Options Number Exercisable 56,533    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 25.00% 20.00%  
Weighted average fair value of options granted, period for recognition 3 years    
Expected Volatility 34.20% 32.50%  
Risk Free Interest Rate 4.02% 4.07%  
Expected life (in years) 6 years 4 months 24 days 6 years 3 months 18 days  
Expected dividend $ 0 $ 0  
Expected dividend yield 0.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased $ 106.56 $ 137.14  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding beginning of period 101,242    
Options - Shares Granted 42,412    
Options - Shares Exercised (3,000)    
Options - Shares Forfeitures/expired (24,649)    
Outstanding end of period 116,005 101,242  
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Available for Grant 285,172    
Cash Received from Exercise of Stock Options $ 14,800,000 $ 16,300,000 $ 17,800,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans 68,507 65,200 56,985
Employee Contribution Rate - Maximum 10.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Contribution Amount $ 25,000    
Employee Purchase Price Discount from Market Price 85.00%    
Expected Volatility 42.80% 32.40% 35.40%
Risk Free Interest Rate 4.28% 5.29% 5.15%
Expected life (in years) 3 months 3 months 2 months 26 days
Expected dividend $ 0 $ 0 $ 0
Expected dividend yield 0.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased $ 64.64 $ 68.78 $ 90.11
v3.25.4
Share-Based Compensation/Equity Awards and Purchase Plans (Details) - Treasury Class-A [Member] - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 36.5 $ 40.2 $ 44.7
Total unrecognized compensation cost from restricted stock $ 143.2    
Nonvested shares - Weighted Average Grant Date Fair Value $ 326.20 $ 381.21  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]      
Restricted Stock Units Granted 263,756    
Restricted Stock Units - Vested (123,281)    
Restricted Stock Units - Forfeited (71,023)    
Weighted Average Grant Date Fair Value - Granted $ 295.12    
Restricted Stock Units Vested - Weighted-Average Grant-Date Fair Value 421.45    
Resticted Stock Units Cancelled/forfeited - Weighted-Average Grant-Date Fair Value $ 377.33    
Weighted Average Remaining Contractual Term (in years) 1 year 9 months 29 days    
Resticted Stock Units Outstanding Aggregate Intrinsic Value (in millions) $ 150,900,000    
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 497,874 428,422  
v3.25.4
Other Income, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Interest and investment income $ (95.5) $ (82.0) $ (100.9)
Realized Investment Gains (Losses) (1.0) (6.7) (0.7)
Equity Method Investment, Other-than-Temporary Impairment 6.0 0.0 0.0
Financing Receivable, Allowance for Credit Loss, Writeoff 1.4 0.0 0.0
Escrow Deposit Disbursements Related to Property Acquisition 0.0 0.0 (2.5)
Other Nonoperating Income (1.2) (1.6) (2.4)
Other Nonoperating Income (Expense) $ (90.3) $ (90.3) $ (106.5)
v3.25.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Significant Noncash Transactions [Line Items]      
Net income (loss) $ 759.9 $ (1,844.2) $ (637.3)
Depreciation and amortization 165.4 151.6 145.9
Reduction in the carrying amount of right-of-use assets 40.0 41.2 46.5
Share-based compensation 58.0 62.3 61.3
Acquired in Process Research and Development, Operating Activities 0.0 29.5 0.0
Other-than-temporary impairment loss on investments 6.0 0.0 0.0
Provision for Loan, Lease, and Other Losses 1.4 0.0 0.0
Changes in fair market value of equity securities (900.4) 2,656.8 1,252.3
Gain on divestiture of a division 0.0 0.0 (2.5)
Payments for operating lease liabilities (44.2) (42.8) (41.0)
(Increase) decrease in accounts receivable, net 19.6 16.2 11.4
(Increase) decrease in inventories, net 68.9 8.5 (46.3)
(Increase) decrease in Other Current Assets 9.3 (2.2) 5.6
Increase (decrease) in accounts payable and other current liabilities (0.1) (40.9) (51.8)
Increase (decrease) in Income Taxes Payable 1.5 24.1 (21.3)
Increase in deferred income taxes 170.5 (626.8) (322.6)
(Increase) decrease in other long term assets 2.9 (5.3) (3.7)
Increase (Decrease) in Other Noncurrent Liabilities (0.2) 5.6 (4.1)
Other (0.1) 9.1 0.6
Net cash provided by operating activities 532.2 455.2 374.9
Noncash purchased property, plant and equipment 7.8 4.2 6.9
Noncash Purchased Marketable Securities and Investments 0.0 0.0 0.4
Impairment losses on goodwill and long-lived assets 172.8 0.0 0.0
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) $ 1.0 $ 12.5 $ (18.1)
v3.25.4
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Purchase Commitment, Excluding Long-term Commitment [Line Items]    
Post-Employment Benefits Liability $ 2.4 $ 2.2
Recorded Unconditional Purchase Obligation 123.7  
Recorded Unconditional Purchase Obligation Due in Next Twelve Months 8.5  
Recorded Unconditional Purchase Obligation Due in Second Year 33.1  
Recorded Unconditional Purchase Obligation Due in Third Year 17.3  
Recorded Unconditional Purchase Obligation Due in Fourth Year 6.9  
Recorded Unconditional Purchase Obligation Due in Fifth Year 5.9  
Recorded Unconditional Purchase Obligation Due after Fifth Year 52.0  
Unrecorded Unconditional Purchase Obligation 105.8  
Unrecorded Unconditional Purchase Obligation, Due in Twelve Months 90.2  
Unrecorded Unconditional Purchase Obligation, Due within Two Years 15.2  
Unrecorded Unconditional Purchase Obligation, Due within Three Years 0.4  
Unrecorded Unconditional Purchase Obligation, Due within Four Years 0.0  
Unrecorded Unconditional Purchase Obligation, Due within Five Years 0.0  
Unrecorded Unconditional Purchase Obligation, Due after Five Years $ 0.0  
Employees Covered By Collective Bargaining Agreements U.S., Percentage 6.00%  
Defined Benefit Plan, Accumulated Benefit Obligation $ 127.9 122.1
Deferred Compensation Cash-based Arrangements, Liability, Current   1.9
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets $ 42.2 $ 41.0
UNITED STATES    
Purchase Commitment, Excluding Long-term Commitment [Line Items]    
Entity Number of Employees 3,068  
v3.25.4
Commitments and Contingent Liabilities Period Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Contribution expense $ 19.1 $ 20.4 $ 20.2
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Income from operations    
v3.25.4
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 1.70% 1.90% 2.50%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 2.00% 1.60%  
Defined Benefit Plan, Benefit Obligation $ 143.3 $ 140.3 $ 154.4
Defined Benefit Plan, Service Cost 5.1 4.9 5.4
Defined Benefit Plan, Interest Cost 2.5 2.7 3.4
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant 3.2 3.0  
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) (7.1) 2.4  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (1.3) (1.2)  
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment 0.3 (0.8)  
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement (17.0) (14.4)  
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) 17.9 (10.7)  
Defined Benefit Plan, Plan Assets, Amount 85.7 81.1 92.2
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 1.3 2.6  
Defined Benefit Plan, Plan Assets, Contributions by Employer 4.4 3.5  
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant 3.2 3.0  
Defined Benefit Plan, Plan Assets, Benefits Paid 0.1 0.7  
Defined Benefit Plan, Plan Assets, Payment for Settlement (15.8) (14.3)  
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) 11.4 (6.6)  
Defined Benefit Plan, Funded (Unfunded) Status of Plan (57.6) (59.2)  
Liability, Defined Benefit Plan, Current (8.4) (2.3)  
Liability, Defined Benefit Plan, Noncurrent (49.2) (56.9)  
Liability, Defined Benefit Plan (57.6) (59.2)  
Defined Benefit Plan, Expected Return (Loss) on Plan Assets 1.5 1.6 2.2
Defined Benefit Plan, Amortization of Gain (Loss) 0.0 0.0 0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement (1.3) (2.2) (1.3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 6.9 7.7 7.4
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component $ (0.6) $ (0.5) $ (0.4)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 1.90% 1.80%  
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 1.70% 1.80% 2.60%
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment $ (0.6) $ 0.0  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment $ 0.1 $ 0.0 $ 0.0
v3.25.4
Segment Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number Of Products And Services | segment 12,000    
Net sales $ 2,583.2 $ 2,566.5 $ 2,671.2
Cost of goods sold 1,243.3 1,187.6 1,244.3
Interest expense 49.0 48.9 49.4
Depreciation and amortization 165.4 151.6 145.9
Segment profit 1,339.9 1,378.9 1,426.9
Total assets $ 10,576.5 9,364.1  
Number of Reportable Segments | segment 2    
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Total assets $ 740.7 760.0  
Life Science [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,021.1 1,028.1 1,178.4
Cost of goods sold 468.0 445.7 514.4
Depreciation and amortization 75.0 67.3 62.8
Segment profit 553.1 582.4 664.0
Life Science [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Total assets 289.3 286.7 287.1
Clinical Diagnostics [Member]      
Segment Reporting Information [Line Items]      
Net sales 1,562.1 1,537.9 1,489.3
Cost of goods sold 775.3 741.3 725.8
Depreciation and amortization 90.4 84.3 83.1
Segment profit 786.8 796.6 763.5
Clinical Diagnostics [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Total assets 451.4 473.3 493.1
All Other Segments [Member]      
Segment Reporting Information [Line Items]      
Net sales 0.0 0.5 3.5
Cost of goods sold 0.0 0.6 4.1
Depreciation and amortization 0.0 0.0 0.0
Segment profit 0.0 (0.1) (0.6)
All Other Segments [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Total assets $ 0.0 $ 0.0 $ 0.3
v3.25.4
Segment Information Segment Profit Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income from operations $ 47,200 $ 269,000 $ 337,800
Selling, general and administrative expense 844,300 814,000 841,700
Research and development expense 275,600 295,900 247,400
Impairment of purchased intangibles and related items, net 172,800 0 0
Interest expense 49,000 48,900 49,400
Foreign currency exchange gains, net (6,600) (3,900) (7,300)
Debt and Equity Securities, Unrealized Gain (Loss) (900,400) 2,656,800 1,252,300
Other Nonoperating Income (Expense) (90,300) (90,300) (106,500)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 995,500 (2,342,500) (850,100)
Operating Segments [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income from operations 1,339,900 1,378,900 1,426,900
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Impairment of purchased intangibles and related items, net 172,800 0 0
Foreign currency exchange gains, net 6,600 3,900 7,300
Debt and Equity Securities, Unrealized Gain (Loss) 900,400 (2,656,800) (1,252,300)
Other Nonoperating Income (Expense) 90,300 90,300 106,500
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] | Interest Expense      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Selling, general and administrative expense (844,300) (814,000) (841,700)
Research and development expense (275,600) (295,900) (247,400)
Interest expense $ (49,000) $ (48,900) $ (49,400)
v3.25.4
Segment Information Segment Asset Reconciliation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets $ 10,576.5 $ 9,364.1  
Goodwill, net 579.8 410.5 $ 413.6
Operating Segments [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets 740.7 760.0  
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Cash and cash equivalents, short-term investments and other current assets 2,165.5 2,270.3  
Property, plant and equipment, net, and operating lease right-of-use assets 709.9 688.6  
Goodwill, net 579.8 410.5  
Other long-term assets $ 6,380.6 $ 5,234.7  
v3.25.4
Segment Information Segment Information by Geographical Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 2,583.2 $ 2,566.5 $ 2,671.2
Other assets, property, plant and equipment, net and Operating lease right-of-use assets 767.8 743.9  
Europe [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 881.8 834.1 819.8
Other assets, property, plant and equipment, net and Operating lease right-of-use assets 187.6 171.3  
Asia [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 513.3 521.6 563.0
Other assets, property, plant and equipment, net and Operating lease right-of-use assets 93.3 97.1  
UNITED STATES      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,022.7 1,041.5 1,121.9
Other assets, property, plant and equipment, net and Operating lease right-of-use assets 470.2 461.4  
Other (primarily Canada and Latin America) [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 165.4 169.3 $ 166.5
Other assets, property, plant and equipment, net and Operating lease right-of-use assets $ 16.7 $ 14.1  
v3.25.4
Restructuring Costs (Details) - USD ($)
$ in Millions
 11 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   $ 46.1 $ 21.8 $ 27.9
Restructuring Reserve, Ending Balance $ 13.1 13.1    
Facility Closing        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 7.5    
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of goods sold, Research and development expense, Selling, general and administrative expense    
Cost of Sales [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   $ 3.7 14.8 3.9
Selling, General and Administrative Expenses [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   24.4 5.4 17.5
Research and Development Expense [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   18.0 1.6 $ 6.5
Other European and American Reorganization        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Beginning Balance   15.0    
Restructuring charges   35.8    
Payments for Restructuring   (42.2)    
Restructuring Reserve, Foreign Currency Translation (Gain) Loss   (1.7)    
Restructuring Reserve, Ending Balance 13.1 $ 13.1 15.0  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]   Cost of goods sold, Research and development expense, Selling, general and administrative expense    
Other European and American Reorganization | Life Science [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Beginning Balance   $ 2.0    
Restructuring charges   16.9    
Payments for Restructuring   (19.2)    
Restructuring Reserve, Foreign Currency Translation (Gain) Loss   (0.2)    
Restructuring Reserve, Ending Balance 2.7 2.7 2.0  
Other European and American Reorganization | Clinical Diagnostics [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Beginning Balance   13.0    
Restructuring charges   18.9    
Payments for Restructuring   (23.0)    
Restructuring Reserve, Foreign Currency Translation (Gain) Loss   (1.5)    
Restructuring Reserve, Ending Balance 10.4 10.4 $ 13.0  
European Reorganization        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   2.8    
European Reorganization | Life Science [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   2.8    
European Reorganization | Clinical Diagnostics [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve, Accrual Adjustment   $ 0.0    
Global Reorganization        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 48.9      
v3.25.4
Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Deferred Tax Assets, Other $ 30.3 $ 40.8  
U.S. 801.4 $ (1,117.0) $ (31.0)
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 42.5    
Finance Lease, Liability, Payments, Remainder of Fiscal Year $ 1.0    
Operating Lease, Weighted Average Remaining Lease Term 7 years 6 years  
Operating lease right-of-use assets $ 170.0 $ 160.5  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities  
Operating Lease, Payments $ 44.2 $ 42.8 41.0
Operating Lease, Cost 66.9 69.5 63.4
Finance Lease, Right-of-Use Asset, Amortization 0.3 0.6 0.4
Finance Lease, Interest Expense 0.7 0.7 0.7
Finance Lease Cost 1.0 1.3 1.1
Finance Lease, Interest Payment on Liability 0.7 0.7 0.7
Finance Lease, Principal Payments 0.3 0.6 0.4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 40.7 15.5 $ 53.7
Current operating lease liabilities 36.1 41.7  
Operating lease liabilities 145.7 131.4  
Current maturities of long-term debt and notes payable 0.5 0.4  
Finance Lease, Liability, Noncurrent 8.7 9.2  
Operating Lease, Liability $ 181.8 $ 173.1  
Finance Lease, Weighted Average Remaining Lease Term 13 years 13 years  
Operating Lease, Weighted Average Discount Rate, Percent 4.80% 4.10%  
Finance Lease, Weighted Average Discount Rate, Percent 6.70% 6.50%  
Lessee, Operating Lease, Liability, Payments, Due Year Two $ 35.7    
Finance Lease, Liability, Payments, Due Year Two 1.1    
Lessee, Operating Lease, Liability, Payments, Due Year Three 27.6    
Finance Lease, Liability, Payments, Due Year Three 1.1    
Lessee, Operating Lease, Liability, Payments, Due Year Four 22.5    
Finance Lease, Liability, Payments, Due Year Four 1.1    
Lessee, Operating Lease, Liability, Payments, Due Year Five 17.5    
Finance Lease, Liability, Payments, Due Year Five 1.1    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 71.2    
Finance Lease, Liability, Payments, Due after Year Five 8.6    
Lessee, Operating Lease, Liability, Payments, Due 217.0    
Finance Lease, Liability, Payment, Due 14.0    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (35.2)    
Finance Lease, Liability, Undiscounted Excess Amount (4.8)    
Finance Lease, Liability $ 9.2 $ 9.6  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current maturities of long-term debt and notes payable Current maturities of long-term debt and notes payable  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net  
Finance Lease, Right-of-Use Asset, after Accumulated Amortization $ 5.1 $ 5.6  
Property, Plant and Equipment      
Lessee, Lease, Description [Line Items]      
Finance Lease, Right-of-Use Asset, before Accumulated Amortization 11.5 11.7  
Finance Lease, Right-of-Use Asset, Accumulated Amortization $ 6.4 $ 6.1  
Maximum      
Lessee, Lease, Description [Line Items]      
Lessee Operating And Finance Leases Remaining Lease Term 13 years    
Minimum      
Lessee, Lease, Description [Line Items]      
Lessee Operating And Finance Leases Remaining Lease Term 1 year