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Sentence-level differences:
Current (2026):
The Company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, notes receivable, accounts payable, contingent consideration obligations, derivative instruments, and long-term…
The Company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, notes receivable, accounts payable, contingent consideration obligations, derivative instruments, and long-term debt.
Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.
The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable for the asset or liability and their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 may also include certain investment securities for which there is limited market activity or a decrease in the observability of market pricing for the investments, such that the determination of fair value requires significant judgment or estimation.
The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
Total
carrying
value as of
Fair Value Measurements Using
Balance Sheet Location
June 30,
Inputs Considered as
2026
Level 1
Level 2
Level 3
Assets
Exchange traded securities(1)
Other current assets
$
767
$
767
$
—
$
—
Notes receivable(2)
Other current assets
3,913
—
—
3,913
Notes receivable(2)
Other assets
7,560
—
—
7,560
Total assets
$
12,240
$
767
$
—
$
11,473
Liabilities
Derivatives designated as hedging instruments - net investment hedge
Other long-term liabilities
$
14,712
$
—
$
14,712
$
—
Total liabilities
$
14,712
$
—
$
14,712
$
—
(1)
Exchange traded securities received from the buyer in the sale of Exosome Diagnostics.
(2)
Notes receivable relate to the divestiture of our businesses held-for-sale.
Total
carrying
value as of
Fair Value Measurements Using
Balance Sheet Location
June 30,
Inputs Considered as
2025
Level 1
Level 2
Level 3
Assets
Derivatives designated as hedging instruments - cash flow hedges
Other current assets
$
2,843
$
—
$
2,843
$
—
Note receivable(1)
Other current assets
3,078
—
—
3,078
Note receivable(1)
Other assets
2,184
—
—
2,184
Total assets
$
8,105
$
—
$
2,843
$
5,262
Liabilities
Derivatives designated as hedging instruments - net investment hedge
Other long-term liabilities
$
18,034
$
—
$
18,034
$
—
Total liabilities
$
18,034
$
—
$
18,034
$
—
(1)
Notes receivable relates to the divestiture of our business held-for-sale.
Fair value measurements of available for sale securities
Exchange traded securities are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets.
Fair value measurements of notes receivable
The Company had $11.5 million and $5.3 million in notes receivable as of June 30, 2026 and 2025, respectively, for the businesses held-for-sale in the Protein Sciences segment and Diagnostics and Spatial Biology segment. The change in fair value is included in Other non-operating income (expense) within our Consolidated Statements of Earnings and Comprehensive Income.
The following table presents a reconciliation of the notes receivable measured on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
June 30,
2026
2025
Beginning balance
$
5,262
$
7,051
Additions
9,000
—
Payments received
(1,973)
(1,789)
Changes in fair value included in earnings
(816)
—
Ending balance
$
11,473
$
5,262
The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our notes receivable, currently and in the future. The Company primarily estimates the fair value of its notes receivable using a discounted cash flow model that has been internally developed. The models use inputs, such as estimated losses and discount rates, that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. Refer to Note 1 for additional information on the Company’s policy on fair value assessment.
Fair value measurements of derivative instruments
The Company utilizes forward starting swaps designated as a cash flow hedge on forecasted debt. The forward starting swaps reduce the variability of cash flow payments for the Company by converting the variable interest rate on the Company’s forecasted variable interest long-term debt to that of a fixed interest rate. Accordingly, as part of the forward starting swaps, the Company exchanges, at specified intervals, the difference between floating and fixed interest amounts based on a notional principal amount. The Company also uses a cross-currency swap contract to manage its exposure to foreign currency risk associated with the Company’s net investment in its Swiss subsidiary.
The following table presents the contractual amounts of the Company’s outstanding instruments (in millions):
June 30,
Instruments
Designation
2026
2025
Forward starting swaps(1)
Cash flow hedge
$
—
$
200
Cross-currency swap(2)
Net investment hedge
130
140
(1)
In May 2021, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $200 million of notional principal. The effective date of the swap was November 2022 and matured in November 2025. No cash flow hedges were entered into as of June 30, 2026.
(2)
In July 2023, the Company entered into a pay-fixed rate, receive-fixed rate cross-currency swap contract with a total notional amount of $150 million that was designated as a hedge to lock in the Swiss franc (CHF) rate for a portion of the Company’s CHF net investment in its Lunaphore subsidiary in Switzerland. The objective of the hedge is to protect the net investment in the Company’s CHF-denominated operations against changes in the spot exchange rates, on a pre-tax basis. The hedging instrument has four interim settlement dates, which will reduce the notional on the hedging instrument by $10 million at each interim date, and will reduce the notional to $110 million at maturity.
The pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses within the Consolidated Financial Statements for the years ended June 30, 2026, 2025 and 2024 were as follows (in thousands):
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss
Year Ended
June 30,
2026
2025
2024
Cash flow hedges
Forward starting swaps
$
4,702
$
11,530
$
12,632
Net investment hedges
Cross-currency swap
(557)
14,301
4,015
Total
$
4,145
$
25,831
$
16,647
Gain Reclassified into Income
Year Ended
June 30,
Income Statement
2026
2025
2024
Classification
Cash flow hedges
Forward starting swaps
$
(2,839)
$
(8,448)
$
(10,317)
Interest expense
Net investment hedges
Cross-currency swap
(2,592)
(2,761)
(3,210)
Interest expense
Total
$
(5,431)
$
(11,209)
$
(13,527)
Gains or losses related to the net investment hedges are classified as foreign currency translation adjustments in the schedule of changes in Accumulated Other Comprehensive Loss in Note 8, as these items are attributable to the Company’s hedges of its net investment in foreign operations. Gains or losses related to the cash flow hedges are classified as Unrealized gains (losses) on cash flow hedges in the schedule of changes in Accumulated Other Comprehensive Loss in Note 8.
The instruments were valued using observable market inputs in active markets and therefore are classified as Level 2 liabilities.
Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.
Cash and cash equivalents, certificates of deposit, accounts receivable, and accounts payable – The carrying amounts reported in the Consolidated Balance Sheets approximate fair value because of the short-term nature of these items.
Long-term debt – The carrying amounts reported in the Consolidated Balance Sheets for the amount drawn on our line-of-credit facility and long-term debt approximates fair value because our interest rate is variable and reflects current market rates.
The Company’s financial instruments include cash and cash equivalents, available for sale investments, accounts receivable, accounts payable, contingent consideration obligations, derivative instruments, and long-term debt.
Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. This standard also establishes a hierarchy for inputs used in measuring fair value. This standard maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability based upon the best information available in the circumstances.
The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable for the asset or liability and their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 may also include certain investment securities for which there is limited market activity or a decrease in the observability of market pricing for the investments, such that the determination of fair value requires significant judgment or estimation.
The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
Total
carrying
value as of
Fair Value Measurements Using
Balance Sheet Location
June 30,
Inputs Considered as
2025
Level 1
Level 2
Level 3
Assets
Derivatives designated as hedging instruments - cash flow hedges
Other current assets
$
2,843
$
—
$
2,843
$
—
Total assets
$
2,843
$
—
$
2,843
$
—
Liabilities
Derivatives designated as hedging instruments - net investment hedge
Other long-term liabilities
$
18,034
$
—
$
18,034
$
—
Total liabilities
$
18,034
$
—
$
18,034
$
—
Total
carrying
value as of
Fair Value Measurements Using
Balance Sheet Location
June 30,
Inputs Considered as
2024
Level 1
Level 2
Level 3
Assets
Certificates of deposit(1)
Short-term available-for-sale investments
$
1,072
$
1,072
$
—
$
—
Derivatives designated as hedging instruments - cash flow hedges
Other current assets
805
—
805
—
Derivatives designated as hedging instruments - cash flow hedges
Other assets
9,813
—
9,813
—
Total assets
$
11,690
$
1,072
$
10,618
$
—
Liabilities
Derivatives designated as hedging instruments - net investment hedge
Other long-term liabilities
$
2,051
$
—
$
2,051
$
—
Total liabilities
$
2,051
$
—
$
2,051
$
—
(1)
The certificates of deposit have contractual maturity dates within one year.
Fair value measurements of available for sale securities
Available for sale securities are measured at fair value using quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets.
Fair value measurements of derivative instruments
The Company utilizes forward starting swaps designated as a cash flow hedge on forecasted debt. The forward starting swaps reduce the variability of cash flow payments for the Company by converting the variable interest rate on the Company’s forecasted variable interest long-term debt to that of a fixed interest rate. Accordingly, as part of the forward starting swaps, the Company exchanges, at specified intervals, the difference between floating and fixed interest amounts based on a notional principal amount. The Company also uses a cross-currency swap contract to manage its exposure to foreign currency risk associated with the Company’s net investment in its Swiss subsidiary.
The following table presents the contractual amounts of the Company’s outstanding instruments (in millions):
June 30,
June 30,
Instruments
Designation
2025
2024
Forward starting swaps(1)
Cash flow hedge
$
200
$
300
Cross-currency swap(2)
Net investment hedge
140
150
(1)
In May 2021, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $200 million of notional principal. The effective date of the swap was November 2022 with the full swap maturing in November 2025.
(2)
In July 2023, the Company entered into a pay-fixed rate, receive-fixed rate cross-currency swap contract with a total notional amount of $150 million that was designated as a hedge to lock in the Swiss franc (CHF) rate for a portion of the Company’s CHF net investment in its Lunaphore subsidiary in Switzerland. The objective of the hedge is to protect the net investment in the Company’s CHF-denominated operations against changes in the spot exchange rates, on a pre-tax basis. The hedging instrument has four interim settlement dates, which will reduce the notional on the hedging instrument by $10 million at each interim date, and will reduce the notional to $110 million at maturity.
The pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses with our Consolidated Financial Statements for the years ended June 30, 2025, 2024 and 2023 were as follows (in thousands):
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss
Year Ended
June 30,
2025
2024
2023
Cash flow hedges
Forward starting swaps
$
11,530
$
12,632
$
(1,340)
Net investment hedges
Cross-currency swap
14,301
4,015
—
Total
$
25,831
$
16,647
$
(1,340)
(Gain) Loss Reclassified into Income
Year Ended
June 30,
Income Statement
2025
2024
2023
Classification
Cash flow hedges
Forward starting swaps
$
(8,448)
$
(10,317)
$
(4,526)
Interest expense
Net investment hedges
Cross-currency swap
(2,761)
(3,210)
—
Interest expense
Total
$
(11,209)
$
(13,527)
$
(4,526)
Gains or losses related to the net investment hedges are classified as foreign currency translation adjustments in the schedule of changes in Accumulated Other Comprehensive Income (“AOCI”) in Note 8, as these items are attributable to the Company’s hedges of its net investment in foreign operations. Gains or losses related to the cash flow hedges are classified as Unrealized gains (losses) on cash flow hedges in the schedule of changes in AOCI in Note 8.
The instruments were valued using observable market inputs in active markets and therefore are classified as Level 2 liabilities.
Fair value measurements of contingent consideration
As of December 31 2023, the Company's obligation for potential contingent consideration payments related to the Namocell and Asuragen acquisitions was relieved as the likelihood that the revenue thresholds and product milestones would be achieved in the timeframe established within the purchase agreement was remote. As a result, the Company reversed an accrual for the fair value of the contingent liabilities at the date of settlement during fiscal 2024, respectively. There was no contingent consideration throughout all of fiscal 2025.
The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
June 30,
2025
2024
Fair value at the beginning of period
$
—
$
3,500
Purchase price contingent consideration (Note 4)
—
—
Change in fair value of contingent consideration
—
(3,500)
Payments
—
—
Fair value at the end of period
$
—
$
—
The use of different assumptions, applying different judgment to matters that inherently are subjective and changes in future market conditions could result in different estimates of fair value of our securities or contingent consideration, currently and in the future. If market conditions deteriorate, we may incur impairment charges for securities in our investment portfolio.
Fair value measurements of other financial instruments – The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate fair value.
Cash and cash equivalents, certificates of deposit, accounts receivable, and accounts payable – The carrying amounts reported in the Consolidated Balance Sheets approximate fair value because of the short-term nature of these items.
Long-term debt – The carrying amounts reported in the Consolidated Balance Sheets for the amount drawn on our line-of-credit facility and long-term debt approximates fair value because our interest rate is variable and reflects current market rates.
2026: Note 5. Fair Value Measurements: — exact passage unavailable; open filing
2025: Note 5. Fair Value Measurements: — exact passage unavailable; open filing
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