QuidelOrtho Corp Fair Value Disclosure
| December 29, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Marketable securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 55.8 | $ | — | $ | 55.8 | |||||||||||||||||||||||||||||||
| Derivative assets | — | 36.6 | — | 36.6 | — | 6.9 | — | 6.9 | |||||||||||||||||||||||||||||||||||||||
| Total assets measured at fair value | $ | — | $ | 36.6 | $ | — | $ | 36.6 | $ | — | $ | 62.7 | $ | — | $ | 62.7 | |||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
| Derivative liabilities | $ | — | $ | 5.4 | $ | — | $ | 5.4 | $ | — | $ | 27.5 | $ | — | $ | 27.5 | |||||||||||||||||||||||||||||||
| Contingent consideration | — | — | — | — | — | — | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
| Total liabilities measured at fair value | $ | — | $ | 5.4 | $ | — | $ | 5.4 | $ | — | $ | 27.5 | $ | 0.1 | $ | 27.6 | |||||||||||||||||||||||||||||||
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.