Delaware | 04-2209186 | ||||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $1.00 par value | TMO | New York Stock Exchange | ||||||||||||
0.750% Notes due 2024 | TMO 24A | New York Stock Exchange | ||||||||||||
0.125% Notes due 2025 | TMO 25B | New York Stock Exchange | ||||||||||||
2.000% Notes due 2025 | TMO 25 | New York Stock Exchange | ||||||||||||
1.400% Notes due 2026 | TMO 26A | New York Stock Exchange | ||||||||||||
1.450% Notes due 2027 | TMO 27 | New York Stock Exchange | ||||||||||||
1.750% Notes due 2027 | TMO 27B | New York Stock Exchange | ||||||||||||
0.500% Notes due 2028 | TMO 28A | New York Stock Exchange | ||||||||||||
1.375% Notes due 2028 | TMO 28 | New York Stock Exchange | ||||||||||||
1.950% Notes due 2029 | TMO 29 | New York Stock Exchange | ||||||||||||
0.875% Notes due 2031 | TMO 31 | New York Stock Exchange | ||||||||||||
2.375% Notes due 2032 | TMO 32 | New York Stock Exchange | ||||||||||||
2.875% Notes due 2037 | TMO 37 | New York Stock Exchange | ||||||||||||
1.500% Notes due 2039 | TMO 39 | New York Stock Exchange | ||||||||||||
1.875% Notes due 2049 | TMO 49 | New York Stock Exchange |
TABLE OF CONTENTS | ||||||||
Page | ||||||||
PART I | ||||||||
PART II | ||||||||
July 2, | December 31, | October 1, | December 31, | |||||||||||||||||||||||||
(In millions except share and per share amounts) | (In millions except share and per share amounts) | 2022 | 2021 | (In millions except share and per share amounts) | 2022 | 2021 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,888 | $ | 4,477 | Cash and cash equivalents | $ | 2,919 | $ | 4,477 | ||||||||||||||||||
Accounts receivable, less allowances of $177 and $150 | 7,745 | 7,977 | ||||||||||||||||||||||||||
Accounts receivable, less allowances of $185 and $150 | Accounts receivable, less allowances of $185 and $150 | 7,671 | 7,977 | |||||||||||||||||||||||||
Inventories | Inventories | 5,668 | 5,051 | Inventories | 5,722 | 5,051 | ||||||||||||||||||||||
Contract assets, net | Contract assets, net | 1,147 | 968 | Contract assets, net | 1,248 | 968 | ||||||||||||||||||||||
Other current assets | Other current assets | 1,652 | 1,640 | Other current assets | 1,739 | 1,640 | ||||||||||||||||||||||
Total current assets | Total current assets | 18,100 | 20,113 | Total current assets | 19,299 | 20,113 | ||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 8,529 | 8,333 | Property, plant and equipment, net | 8,628 | 8,333 | ||||||||||||||||||||||
Acquisition-related intangible assets, net | Acquisition-related intangible assets, net | 18,578 | 20,113 | Acquisition-related intangible assets, net | 17,813 | 20,113 | ||||||||||||||||||||||
Other assets | Other assets | 4,306 | 4,640 | Other assets | 4,308 | 4,640 | ||||||||||||||||||||||
Goodwill | Goodwill | 41,066 | 41,924 | Goodwill | 40,488 | 41,924 | ||||||||||||||||||||||
Total assets | Total assets | $ | 90,579 | $ | 95,123 | Total assets | $ | 90,536 | $ | 95,123 | ||||||||||||||||||
Liabilities, redeemable noncontrolling interest and equity | Liabilities, redeemable noncontrolling interest and equity | Liabilities, redeemable noncontrolling interest and equity | ||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||
Short-term obligations and current maturities of long-term obligations | Short-term obligations and current maturities of long-term obligations | $ | 1,010 | $ | 2,537 | Short-term obligations and current maturities of long-term obligations | $ | 1,010 | $ | 2,537 | ||||||||||||||||||
Accounts payable | Accounts payable | 2,586 | 2,867 | Accounts payable | 2,471 | 2,867 | ||||||||||||||||||||||
Accrued payroll and employee benefits | Accrued payroll and employee benefits | 1,722 | 2,427 | Accrued payroll and employee benefits | 1,864 | 2,427 | ||||||||||||||||||||||
Contract liabilities | Contract liabilities | 2,722 | 2,655 | Contract liabilities | 2,567 | 2,655 | ||||||||||||||||||||||
Other accrued expenses | Other accrued expenses | 2,957 | 2,950 | Other accrued expenses | 3,206 | 2,950 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 10,997 | 13,436 | Total current liabilities | 11,118 | 13,436 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 3,327 | 3,837 | Deferred income taxes | 3,140 | 3,837 | ||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | 4,534 | 4,540 | Other long-term liabilities | 4,401 | 4,540 | ||||||||||||||||||||||
Long-term obligations | Long-term obligations | 29,250 | 32,333 | Long-term obligations | 28,150 | 32,333 | ||||||||||||||||||||||
Redeemable noncontrolling interest | Redeemable noncontrolling interest | 117 | 122 | Redeemable noncontrolling interest | 119 | 122 | ||||||||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. shareholders’ equity: | Thermo Fisher Scientific Inc. shareholders’ equity: | Thermo Fisher Scientific Inc. shareholders’ equity: | ||||||||||||||||||||||||||
Preferred stock, $100 par value, 50,000 shares authorized; none issued | Preferred stock, $100 par value, 50,000 shares authorized; none issued | — | — | Preferred stock, $100 par value, 50,000 shares authorized; none issued | — | — | ||||||||||||||||||||||
Common stock, $1 par value, 1,200,000,000 shares authorized; 439,863,357 and 439,154,741 shares issued | 440 | 439 | ||||||||||||||||||||||||||
Common stock, $1 par value, 1,200,000,000 shares authorized; 440,352,770 and 439,154,741 shares issued | Common stock, $1 par value, 1,200,000,000 shares authorized; 440,352,770 and 439,154,741 shares issued | 440 | 439 | |||||||||||||||||||||||||
Capital in excess of par value | Capital in excess of par value | 16,467 | 16,174 | Capital in excess of par value | 16,596 | 16,174 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 39,074 | 35,431 | Retained earnings | 40,452 | 35,431 | ||||||||||||||||||||||
Treasury stock at cost, 48,074,395 and 44,720,112 shares | (10,964) | (8,922) | ||||||||||||||||||||||||||
Treasury stock at cost, 48,157,213 and 44,720,112 shares | Treasury stock at cost, 48,157,213 and 44,720,112 shares | (11,011) | (8,922) | |||||||||||||||||||||||||
Accumulated other comprehensive items | Accumulated other comprehensive items | (2,724) | (2,329) | Accumulated other comprehensive items | (2,928) | (2,329) | ||||||||||||||||||||||
Total Thermo Fisher Scientific Inc. shareholders’ equity | Total Thermo Fisher Scientific Inc. shareholders’ equity | 42,293 | 40,793 | Total Thermo Fisher Scientific Inc. shareholders’ equity | 43,549 | 40,793 | ||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 61 | 62 | Noncontrolling interests | 59 | 62 | ||||||||||||||||||||||
Total equity | Total equity | 42,354 | 40,855 | Total equity | 43,608 | 40,855 | ||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and equity | Total liabilities, redeemable noncontrolling interest and equity | $ | 90,579 | $ | 95,123 | Total liabilities, redeemable noncontrolling interest and equity | $ | 90,536 | $ | 95,123 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(In millions except per share amounts) | (In millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | (In millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product revenues | Product revenues | $ | 7,003 | $ | 7,214 | $ | 15,020 | $ | 15,070 | Product revenues | $ | 6,583 | $ | 7,360 | $ | 21,603 | $ | 22,430 | ||||||||||||||||||||||||||||||||||
Service revenues | Service revenues | 3,967 | 2,059 | 7,768 | 4,109 | Service revenues | 4,094 | 1,970 | 11,862 | 6,079 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 10,970 | 9,273 | 22,788 | 19,179 | Total revenues | 10,677 | 9,330 | 33,465 | 28,509 | ||||||||||||||||||||||||||||||||||||||||||
Costs and operating expenses: | Costs and operating expenses: | Costs and operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product revenues | Cost of product revenues | 3,516 | 3,352 | 7,071 | 6,679 | Cost of product revenues | 3,494 | 3,298 | 10,565 | 9,977 | ||||||||||||||||||||||||||||||||||||||||||
Cost of service revenues | Cost of service revenues | 2,855 | 1,397 | 5,654 | 2,767 | Cost of service revenues | 2,881 | 1,381 | 8,535 | 4,148 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 2,209 | 1,899 | 4,486 | 3,725 | Selling, general and administrative expenses | 2,208 | 2,004 | 6,694 | 5,729 | ||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | Research and development expenses | 365 | 343 | 729 | 663 | Research and development expenses | 351 | 351 | 1,080 | 1,014 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring and other costs | Restructuring and other costs | 24 | 119 | 26 | 133 | Restructuring and other costs | 33 | 18 | 59 | 151 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and operating expenses | Total costs and operating expenses | 8,969 | 7,110 | 17,966 | 13,967 | Total costs and operating expenses | 8,967 | 7,052 | 26,933 | 21,019 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 2,001 | 2,163 | 4,822 | 5,212 | Operating income | 1,710 | 2,278 | 6,532 | 7,490 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 36 | 11 | 54 | 23 | Interest income | 68 | 9 | 122 | 32 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (148) | (122) | (284) | (247) | Interest expense | (173) | (128) | (457) | (375) | ||||||||||||||||||||||||||||||||||||||||||
Other income/(expense) | Other income/(expense) | 28 | (3) | (135) | (186) | Other income/(expense) | (4) | 18 | (139) | (168) | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 1,917 | 2,049 | 4,457 | 4,802 | Income before income taxes | 1,601 | 2,177 | 6,058 | 6,979 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | (198) | (219) | (499) | (635) | Provision for income taxes | (31) | (271) | (530) | (906) | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings/(losses) of unconsolidated entities | Equity in earnings/(losses) of unconsolidated entities | (51) | (1) | (70) | (1) | Equity in earnings/(losses) of unconsolidated entities | (72) | (3) | (142) | (4) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,668 | 1,829 | 3,888 | 4,166 | Net income | 1,498 | 1,903 | 5,386 | 6,069 | ||||||||||||||||||||||||||||||||||||||||||
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest | Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest | 4 | 1 | 9 | 1 | Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest | 3 | 1 | 12 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,664 | $ | 1,828 | $ | 3,879 | $ | 4,165 | Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,495 | $ | 1,902 | $ | 5,374 | $ | 6,067 | ||||||||||||||||||||||||||||||||||
Earnings per share attributable to Thermo Fisher Scientific Inc. | Earnings per share attributable to Thermo Fisher Scientific Inc. | Earnings per share attributable to Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 4.25 | $ | 4.65 | $ | 9.90 | $ | 10.58 | Basic | $ | 3.82 | $ | 4.83 | $ | 13.72 | $ | 15.41 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 4.22 | $ | 4.61 | $ | 9.83 | $ | 10.50 | Diluted | $ | 3.79 | $ | 4.79 | $ | 13.62 | $ | 15.29 | ||||||||||||||||||||||||||||||||||
Weighted average shares | Weighted average shares | Weighted average shares | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 392 | 393 | 392 | 394 | Basic | 392 | 394 | 392 | 394 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 394 | 396 | 394 | 397 | Diluted | 395 | 397 | 395 | 397 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,668 | $ | 1,829 | $ | 3,888 | $ | 4,166 | Net income | $ | 1,498 | $ | 1,903 | $ | 5,386 | $ | 6,069 | ||||||||||||||||||||||||||||||||||
Other comprehensive items: | Other comprehensive items: | Other comprehensive items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment: | Currency translation adjustment: | Currency translation adjustment: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment (net of tax provision (benefit) of $173, $(23), $262 and $95) | (386) | (71) | (416) | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment (net of tax provision (benefit) of $157, $74, $419 and $169) | Currency translation adjustment (net of tax provision (benefit) of $157, $74, $419 and $169) | (216) | (32) | (632) | 121 | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains and losses on hedging instruments: | Unrealized gains and losses on hedging instruments: | Unrealized gains and losses on hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income (net of tax benefit of $1, $1, $1 and $5) | — | 1 | 1 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income (net of tax benefit of $0, $0, $1 and $5) | Reclassification adjustment for losses included in net income (net of tax benefit of $0, $0, $1 and $5) | 1 | 2 | 2 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liability adjustments: | Pension and other postretirement benefit liability adjustments: | Pension and other postretirement benefit liability adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(2), $0, $(3) and $(2)) | 6 | (2) | 9 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss included in net periodic pension cost (net of tax benefit of $1, $1, $2 and $2) | 2 | 4 | 4 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(3), $(1), $(6) and $(3)) | Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(3), $(1), $(6) and $(3)) | 4 | 3 | 13 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss included in net periodic pension cost (net of tax benefit of $0, $2, $2 and $4) | Amortization of net loss included in net periodic pension cost (net of tax benefit of $0, $2, $2 and $4) | 4 | 3 | 8 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive items | Total other comprehensive items | (378) | (68) | (402) | 177 | Total other comprehensive items | (207) | (24) | (609) | 153 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 1,290 | 1,761 | 3,486 | 4,343 | Comprehensive income | 1,291 | 1,879 | 4,777 | 6,222 | ||||||||||||||||||||||||||||||||||||||||||
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest | Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest | 7 | 1 | 2 | 1 | Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest | — | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Thermo Fisher Scientific Inc. | Comprehensive income attributable to Thermo Fisher Scientific Inc. | $ | 1,283 | $ | 1,760 | $ | 3,484 | $ | 4,342 | Comprehensive income attributable to Thermo Fisher Scientific Inc. | $ | 1,291 | $ | 1,878 | $ | 4,775 | $ | 6,220 |
Six months ended | Nine months ended | |||||||||||||||||||||||||||
July 2, | July 3, | October 1, | October 2, | |||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | 2022 | 2021 | ||||||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||||||||
Net income | Net income | $ | 3,888 | $ | 4,166 | Net income | $ | 5,386 | $ | 6,069 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation of property, plant and equipment | Depreciation of property, plant and equipment | 486 | 409 | Depreciation of property, plant and equipment | 730 | 614 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | Amortization of acquisition-related intangible assets | 1,209 | 872 | Amortization of acquisition-related intangible assets | 1,803 | 1,295 | ||||||||||||||||||||||
Change in deferred income taxes | Change in deferred income taxes | (601) | (307) | Change in deferred income taxes | (862) | (455) | ||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | 26 | 197 | Loss on early extinguishment of debt | 26 | 197 | ||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 155 | 102 | Stock-based compensation | 232 | 153 | ||||||||||||||||||||||
Other non-cash expenses, net | Other non-cash expenses, net | 291 | 213 | Other non-cash expenses, net | 443 | 192 | ||||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions | Changes in assets and liabilities, excluding the effects of acquisitions | (1,724) | (1,447) | Changes in assets and liabilities, excluding the effects of acquisitions | (2,091) | (1,210) | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 3,730 | 4,205 | Net cash provided by operating activities | 5,667 | 6,855 | ||||||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | (40) | (1,425) | Acquisitions, net of cash acquired | (39) | (1,519) | ||||||||||||||||||||||
Purchase of property, plant and equipment | Purchase of property, plant and equipment | (1,146) | (1,168) | Purchase of property, plant and equipment | (1,693) | (1,692) | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | Proceeds from sale of property, plant and equipment | 14 | 5 | Proceeds from sale of property, plant and equipment | 18 | 9 | ||||||||||||||||||||||
Other investing activities, net | Other investing activities, net | 83 | (36) | Other investing activities, net | 80 | (38) | ||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (1,089) | (2,624) | Net cash used in investing activities | (1,634) | (3,240) | ||||||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||||||||
Net proceeds from issuance of debt | Net proceeds from issuance of debt | — | 3,122 | |||||||||||||||||||||||||
Repayment of debt | Repayment of debt | (375) | (2,803) | Repayment of debt | (375) | (2,803) | ||||||||||||||||||||||
Proceeds from issuance of commercial paper | Proceeds from issuance of commercial paper | 1,032 | — | Proceeds from issuance of commercial paper | 1,231 | — | ||||||||||||||||||||||
Repayments of commercial paper | Repayments of commercial paper | (3,490) | — | Repayments of commercial paper | (3,690) | — | ||||||||||||||||||||||
Purchases of company common stock | Purchases of company common stock | (2,000) | (2,000) | Purchases of company common stock | (2,000) | (2,000) | ||||||||||||||||||||||
Dividends paid | Dividends paid | (220) | (190) | Dividends paid | (338) | (292) | ||||||||||||||||||||||
Net proceeds from issuance of company common stock under employee stock plans | Net proceeds from issuance of company common stock under employee stock plans | 51 | 72 | Net proceeds from issuance of company common stock under employee stock plans | 57 | 101 | ||||||||||||||||||||||
Other financing activities, net | Other financing activities, net | (48) | (5) | Other financing activities, net | (86) | (14) | ||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (5,050) | (4,926) | Net cash used in financing activities | (5,201) | (1,886) | ||||||||||||||||||||||
Exchange rate effect on cash | Exchange rate effect on cash | (177) | 44 | Exchange rate effect on cash | (389) | (17) | ||||||||||||||||||||||
Decrease in cash, cash equivalents and restricted cash | (2,586) | (3,301) | ||||||||||||||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (Decrease) increase in cash, cash equivalents and restricted cash | (1,557) | 1,712 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 4,491 | 10,336 | Cash, cash equivalents and restricted cash at beginning of period | 4,491 | 10,336 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 1,905 | $ | 7,035 | Cash, cash equivalents and restricted cash at end of period | $ | 2,934 | $ | 12,048 |
Redeemable Noncontrolling Interest | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Thermo Fisher Scientific Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interest | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Thermo Fisher Scientific Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | Shares | Amount | Shares | Amount | (In millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended July 2, 2022 | Three months ended October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 2, 2022 | $ | 113 | 440 | $ | 440 | $ | 16,292 | $ | 37,528 | 48 | $ | (10,961) | $ | (2,343) | $ | 40,956 | $ | 62 | $ | 41,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 2, 2022 | Balance at July 2, 2022 | $ | 117 | 440 | $ | 440 | $ | 16,467 | $ | 39,074 | 48 | $ | (10,964) | $ | (2,724) | $ | 42,293 | $ | 61 | $ | 42,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | Issuance of shares under employees' and directors' stock plans | — | — | — | 98 | — | — | (3) | — | 95 | — | 95 | Issuance of shares under employees' and directors' stock plans | — | — | — | 52 | — | — | (47) | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 77 | — | — | — | — | 77 | — | 77 | Stock-based compensation | — | — | — | 77 | — | — | — | — | 77 | — | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.30 per share) | Dividends declared ($0.30 per share) | — | — | — | — | (118) | — | — | — | (118) | — | (118) | Dividends declared ($0.30 per share) | — | — | — | — | (117) | — | — | — | (117) | — | (117) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 4 | — | — | — | 1,664 | — | — | — | 1,664 | — | 1,664 | Net income | 5 | — | — | — | 1,495 | — | — | — | 1,495 | (2) | 1,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items | Other comprehensive items | 4 | — | — | — | — | — | — | (381) | (381) | (1) | (382) | Other comprehensive items | (3) | — | — | — | — | — | — | (204) | (204) | — | (204) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests | (4) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 2, 2022 | $ | 117 | 440 | $ | 440 | $ | 16,467 | $ | 39,074 | 48 | $ | (10,964) | $ | (2,724) | $ | 42,293 | $ | 61 | $ | 42,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2022 | Balance at October 1, 2022 | $ | 119 | 440 | $ | 440 | $ | 16,596 | $ | 40,452 | 48 | $ | (11,011) | $ | (2,928) | $ | 43,549 | $ | 59 | $ | 43,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended July 3, 2021 | Three months ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 3, 2021 | $ | — | 438 | $ | 438 | $ | 15,684 | $ | 30,350 | 45 | $ | (8,852) | $ | (2,562) | $ | 35,058 | $ | 10 | $ | 35,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 3, 2021 | Balance at July 3, 2021 | $ | — | 438 | $ | 438 | $ | 15,826 | $ | 32,076 | 45 | $ | (8,856) | $ | (2,630) | $ | 36,854 | $ | 47 | $ | 36,901 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | Issuance of shares under employees' and directors' stock plans | — | — | — | 91 | — | — | (4) | — | 87 | — | 87 | Issuance of shares under employees' and directors' stock plans | — | 1 | 1 | 83 | — | — | (55) | — | 29 | — | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 51 | — | — | — | — | 51 | — | 51 | Stock-based compensation | — | — | — | 51 | — | — | — | — | 51 | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.26 per share) | Dividends declared ($0.26 per share) | — | — | — | — | (102) | — | — | — | (102) | — | (102) | Dividends declared ($0.26 per share) | — | — | — | — | (102) | — | — | — | (102) | — | (102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 1,828 | — | — | — | 1,828 | 1 | 1,829 | Net income | — | — | — | — | 1,902 | — | — | — | 1,902 | 1 | 1,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items | Other comprehensive items | — | — | — | — | — | — | — | (68) | (68) | — | (68) | Other comprehensive items | — | — | — | — | — | — | — | (24) | (24) | — | (24) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests | Contributions from (distributions to) noncontrolling interests | — | — | — | — | — | — | — | — | — | 36 | 36 | Contributions from (distributions to) noncontrolling interests | — | — | — | — | — | — | — | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 3, 2021 | $ | — | 438 | $ | 438 | $ | 15,826 | $ | 32,076 | 45 | $ | (8,856) | $ | (2,630) | $ | 36,854 | $ | 47 | $ | 36,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 2, 2021 | Balance at October 2, 2021 | $ | — | 439 | $ | 439 | $ | 15,960 | $ | 33,876 | 45 | $ | (8,911) | $ | (2,654) | $ | 38,710 | $ | 47 | $ | 38,757 |
Redeemable Noncontrolling Interest | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Thermo Fisher Scientific Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interest | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Thermo Fisher Scientific Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | Shares | Amount | Shares | Amount | (In millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended July 2, 2022 | Nine months ended October 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | 122 | 439 | $ | 439 | $ | 16,174 | $ | 35,431 | 45 | $ | (8,922) | $ | (2,329) | $ | 40,793 | $ | 62 | $ | 40,855 | Balance at December 31, 2021 | $ | 122 | 439 | $ | 439 | $ | 16,174 | $ | 35,431 | 45 | $ | (8,922) | $ | (2,329) | $ | 40,793 | $ | 62 | $ | 40,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | Issuance of shares under employees' and directors' stock plans | — | 1 | 1 | 138 | — | — | (42) | — | 97 | — | 97 | Issuance of shares under employees' and directors' stock plans | — | 1 | 1 | 190 | — | — | (89) | — | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 155 | — | — | — | — | 155 | — | 155 | Stock-based compensation | — | — | — | 232 | — | — | — | — | 232 | — | 232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of company common stock | Purchases of company common stock | — | — | — | — | — | 3 | (2,000) | — | (2,000) | — | (2,000) | Purchases of company common stock | — | — | — | — | — | 3 | (2,000) | — | (2,000) | — | (2,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.60 per share) | — | — | — | — | (236) | — | — | — | (236) | — | (236) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.90 per share) | Dividends declared ($0.90 per share) | — | — | — | — | (353) | — | — | — | (353) | — | (353) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 9 | — | — | — | 3,879 | — | — | — | 3,879 | — | 3,879 | Net income | 14 | — | — | — | 5,374 | — | — | — | 5,374 | (2) | 5,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items | Other comprehensive items | (7) | — | — | — | — | — | — | (395) | (395) | — | (395) | Other comprehensive items | (10) | — | — | — | — | — | — | (599) | (599) | — | (599) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests | Contributions from (distributions to) noncontrolling interests | (7) | — | — | — | — | — | — | — | — | (1) | (1) | Contributions from (distributions to) noncontrolling interests | (7) | — | — | — | — | — | — | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 2, 2022 | $ | 117 | 440 | $ | 440 | $ | 16,467 | $ | 39,074 | 48 | $ | (10,964) | $ | (2,724) | $ | 42,293 | $ | 61 | $ | 42,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2022 | Balance at October 1, 2022 | $ | 119 | 440 | $ | 440 | $ | 16,596 | $ | 40,452 | 48 | $ | (11,011) | $ | (2,928) | $ | 43,549 | $ | 59 | $ | 43,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended July 3, 2021 | Nine months ended October 2, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | — | 437 | $ | 437 | $ | 15,579 | $ | 28,116 | 40 | $ | (6,818) | $ | (2,807) | $ | 34,507 | $ | 10 | $ | 34,517 | Balance at December 31, 2020 | $ | — | 437 | $ | 437 | $ | 15,579 | $ | 28,116 | 40 | $ | (6,818) | $ | (2,807) | $ | 34,507 | $ | 10 | $ | 34,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | Issuance of shares under employees' and directors' stock plans | — | 1 | 1 | 145 | — | 1 | (38) | — | 108 | — | 108 | Issuance of shares under employees' and directors' stock plans | — | 2 | 2 | 228 | — | 1 | (93) | — | 137 | — | 137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | 102 | — | — | — | — | 102 | — | 102 | Stock-based compensation | — | — | — | 153 | — | — | — | — | 153 | — | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of company common stock | Purchases of company common stock | — | — | — | — | — | 4 | (2,000) | — | (2,000) | — | (2,000) | Purchases of company common stock | — | — | — | — | — | 4 | (2,000) | — | (2,000) | — | (2,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.52 per share) | — | — | — | — | (205) | — | — | — | (205) | — | (205) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.78 per share) | Dividends declared ($0.78 per share) | — | — | — | — | (307) | — | — | — | (307) | — | (307) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 4,165 | — | — | — | 4,165 | 1 | 4,166 | Net income | — | — | — | — | 6,067 | — | — | — | 6,067 | 2 | 6,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items | Other comprehensive items | — | — | — | — | — | — | — | 177 | 177 | — | 177 | Other comprehensive items | — | — | — | — | — | — | — | 153 | 153 | — | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests | Contributions from (distributions to) noncontrolling interests | — | — | — | — | — | — | — | — | — | 36 | 36 | Contributions from (distributions to) noncontrolling interests | — | — | — | — | — | — | — | — | — | 35 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 3, 2021 | $ | — | 438 | $ | 438 | $ | 15,826 | $ | 32,076 | 45 | $ | (8,856) | $ | (2,630) | $ | 36,854 | $ | 47 | $ | 36,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 2, 2021 | Balance at October 2, 2021 | $ | — | 439 | $ | 439 | $ | 15,960 | $ | 33,876 | 45 | $ | (8,911) | $ | (2,654) | $ | 38,710 | $ | 47 | $ | 38,757 |
July 2, | December 31, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Raw materials | Raw materials | $ | 2,335 | $ | 1,922 | Raw materials | $ | 2,405 | $ | 1,922 | ||||||||||||||||||
Work in process | Work in process | 699 | 676 | Work in process | 677 | 676 | ||||||||||||||||||||||
Finished goods | Finished goods | 2,634 | 2,453 | Finished goods | 2,640 | 2,453 | ||||||||||||||||||||||
Inventories | Inventories | $ | 5,668 | $ | 5,051 | Inventories | $ | 5,722 | $ | 5,051 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumables | Consumables | $ | 4,993 | $ | 5,372 | $ | 11,103 | $ | 11,336 | Consumables | $ | 4,651 | $ | 5,544 | $ | 15,754 | $ | 16,880 | ||||||||||||||||||||||||||||||||||
Instruments | Instruments | 2,010 | 1,842 | 3,917 | 3,734 | Instruments | 1,932 | 1,816 | 5,849 | 5,550 | ||||||||||||||||||||||||||||||||||||||||||
Services | Services | 3,967 | 2,059 | 7,768 | 4,109 | Services | 4,094 | 1,970 | 11,862 | 6,079 | ||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 10,970 | $ | 9,273 | $ | 22,788 | $ | 19,179 | Consolidated revenues | $ | 10,677 | $ | 9,330 | $ | 33,465 | $ | 28,509 |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
North America | North America | $ | 6,032 | $ | 4,529 | $ | 12,355 | $ | 9,630 | North America | $ | 5,962 | $ | 4,662 | $ | 18,317 | $ | 14,292 | ||||||||||||||||||||||||||||||||||
Europe | Europe | 2,551 | 2,695 | 5,601 | 5,480 | Europe | 2,406 | 2,557 | 8,007 | 8,037 | ||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | Asia-Pacific | 2,042 | 1,749 | 4,106 | 3,458 | Asia-Pacific | 1,971 | 1,836 | 6,077 | 5,294 | ||||||||||||||||||||||||||||||||||||||||||
Other regions | Other regions | 345 | 300 | 726 | 611 | Other regions | 338 | 275 | 1,064 | 886 | ||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 10,970 | $ | 9,273 | $ | 22,788 | $ | 19,179 | Consolidated revenues | $ | 10,677 | $ | 9,330 | $ | 33,465 | $ | 28,509 |
July 2, | December 31, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Current contract assets, net | Current contract assets, net | $ | 1,147 | $ | 968 | Current contract assets, net | $ | 1,248 | $ | 968 | ||||||||||||||||||
Noncurrent contract assets, net | Noncurrent contract assets, net | 10 | 9 | Noncurrent contract assets, net | 9 | 9 | ||||||||||||||||||||||
Current contract liabilities | Current contract liabilities | 2,722 | 2,655 | Current contract liabilities | 2,567 | 2,655 | ||||||||||||||||||||||
Noncurrent contract liabilities | Noncurrent contract liabilities | 1,237 | 1,238 | Noncurrent contract liabilities | 1,200 | 1,238 |
Three months ended | Six months ended | |||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Life Sciences Solutions | $ | 3,292 | $ | 3,557 | $ | 7,523 | $ | 7,760 | ||||||||||||||||||
Analytical Instruments | 1,607 | 1,481 | 3,125 | 2,868 | ||||||||||||||||||||||
Specialty Diagnostics | 1,101 | 1,235 | 2,583 | 2,850 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 5,537 | 3,583 | 10,979 | 7,180 | ||||||||||||||||||||||
Eliminations | (567) | (583) | (1,422) | (1,479) | ||||||||||||||||||||||
Consolidated revenues | 10,970 | 9,273 | 22,788 | 19,179 | ||||||||||||||||||||||
Segment Income | ||||||||||||||||||||||||||
Life Sciences Solutions | 1,327 | 1,718 | 3,503 | 3,997 | ||||||||||||||||||||||
Analytical Instruments | 344 | 280 | 645 | 552 | ||||||||||||||||||||||
Specialty Diagnostics | 243 | 245 | 596 | 673 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 691 | 446 | 1,311 | 977 | ||||||||||||||||||||||
Subtotal reportable segments | 2,605 | 2,689 | 6,055 | 6,199 | ||||||||||||||||||||||
Cost of revenues adjustments | (8) | — | (19) | (8) | ||||||||||||||||||||||
Selling, general and administrative expenses adjustments | 28 | 42 | 21 | 26 | ||||||||||||||||||||||
Restructuring and other costs | (24) | (119) | (26) | (133) | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (600) | (449) | (1,209) | (872) | ||||||||||||||||||||||
Consolidated operating income | 2,001 | 2,163 | 4,822 | 5,212 | ||||||||||||||||||||||
Interest income | 36 | 11 | 54 | 23 | ||||||||||||||||||||||
Interest expense | (148) | (122) | (284) | (247) | ||||||||||||||||||||||
Other income/(expense) | 28 | (3) | (135) | (186) | ||||||||||||||||||||||
Income before income taxes | $ | 1,917 | $ | 2,049 | $ | 4,457 | $ | 4,802 | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Life Sciences Solutions | $ | 2,962 | $ | 3,721 | $ | 10,485 | $ | 11,481 | ||||||||||||||||||
Analytical Instruments | 1,621 | 1,476 | 4,746 | 4,344 | ||||||||||||||||||||||
Specialty Diagnostics | 1,065 | 1,362 | 3,648 | 4,212 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 5,585 | 3,487 | 16,564 | 10,667 | ||||||||||||||||||||||
Eliminations | (556) | (716) | (1,978) | (2,195) | ||||||||||||||||||||||
Consolidated revenues | 10,677 | 9,330 | 33,465 | 28,509 | ||||||||||||||||||||||
Segment Income | ||||||||||||||||||||||||||
Life Sciences Solutions | 1,039 | 1,821 | 4,542 | 5,818 | ||||||||||||||||||||||
Analytical Instruments | 386 | 264 | 1,031 | 816 | ||||||||||||||||||||||
Specialty Diagnostics | 220 | 310 | 816 | 983 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 725 | 383 | 2,036 | 1,360 | ||||||||||||||||||||||
Subtotal reportable segments | 2,370 | 2,778 | 8,425 | 8,977 | ||||||||||||||||||||||
Cost of revenues adjustments | (22) | — | (41) | (8) | ||||||||||||||||||||||
Selling, general and administrative expenses adjustments | (11) | (59) | 10 | (33) | ||||||||||||||||||||||
Restructuring and other costs | (33) | (18) | (59) | (151) | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | (594) | (423) | (1,803) | (1,295) | ||||||||||||||||||||||
Consolidated operating income | 1,710 | 2,278 | 6,532 | 7,490 | ||||||||||||||||||||||
Interest income | 68 | 9 | 122 | 32 | ||||||||||||||||||||||
Interest expense | (173) | (128) | (457) | (375) | ||||||||||||||||||||||
Other income/(expense) | (4) | 18 | (139) | (168) | ||||||||||||||||||||||
Consolidated income before taxes | $ | 1,601 | $ | 2,177 | $ | 6,058 | $ | 6,979 | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 5,846 | $ | 4,355 | $ | 11,943 | $ | 9,247 | United States | $ | 5,787 | $ | 4,495 | $ | 17,730 | $ | 13,742 | ||||||||||||||||||||||||||||||||||
China | China | 1,001 | 794 | 1,911 | 1,569 | China | 954 | 885 | 2,865 | 2,454 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,123 | 4,124 | 8,934 | 8,363 | Other | 3,936 | 3,950 | 12,870 | 12,313 | ||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 10,970 | $ | 9,273 | $ | 22,788 | $ | 19,179 | Consolidated revenues | $ | 10,677 | $ | 9,330 | $ | 33,465 | $ | 28,509 |
Nine months ended | ||||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||
July 2, | July 3, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||
Statutory federal income tax rate | Statutory federal income tax rate | 21 | % | 21 | % | Statutory federal income tax rate | 21 | % | 21 | % | ||||||||||||||||||
Provision for income taxes at statutory rate | Provision for income taxes at statutory rate | $ | 936 | $ | 1,008 | Provision for income taxes at statutory rate | $ | 1,272 | $ | 1,466 | ||||||||||||||||||
Increases (decreases) resulting from: | Increases (decreases) resulting from: | Increases (decreases) resulting from: | ||||||||||||||||||||||||||
Foreign rate differential | Foreign rate differential | (138) | (73) | Foreign rate differential | (285) | (159) | ||||||||||||||||||||||
Income tax credits | Income tax credits | (117) | (173) | Income tax credits | (118) | (205) | ||||||||||||||||||||||
Global intangible low-taxed income | Global intangible low-taxed income | 46 | 50 | Global intangible low-taxed income | 126 | 45 | ||||||||||||||||||||||
Foreign-derived intangible income | Foreign-derived intangible income | (71) | (89) | Foreign-derived intangible income | (102) | (114) | ||||||||||||||||||||||
Excess tax benefits from stock options and restricted stock units | Excess tax benefits from stock options and restricted stock units | (31) | (47) | Excess tax benefits from stock options and restricted stock units | (63) | (96) | ||||||||||||||||||||||
Provision for (reversal of) tax reserves, net | Provision for (reversal of) tax reserves, net | (543) | 22 | |||||||||||||||||||||||||
Intra-entity transfers | Intra-entity transfers | (18) | (162) | Intra-entity transfers | (18) | (258) | ||||||||||||||||||||||
Valuation allowances | Valuation allowances | (175) | 29 | Valuation allowances | 240 | 18 | ||||||||||||||||||||||
Withholding taxes | Withholding taxes | 33 | 28 | Withholding taxes | 48 | 106 | ||||||||||||||||||||||
Tax return reassessments and settlements | Tax return reassessments and settlements | (94) | 1 | |||||||||||||||||||||||||
State income taxes, net of federal tax | State income taxes, net of federal tax | 67 | 78 | State income taxes, net of federal tax | 133 | 115 | ||||||||||||||||||||||
Other, net | Other, net | (33) | (14) | Other, net | (66) | (35) | ||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | $ | 499 | $ | 635 | Provision for income taxes | $ | 530 | $ | 906 |
(In millions) | 2022 | |||||||
Balance at beginning of year | $ | 1,124 | ||||||
Additions for tax positions of current year | ||||||||
Additions for tax positions of prior years | 24 | |||||||
Reductions for tax positions of prior years | (659) | |||||||
Closure of tax years | (2) | |||||||
Settlements | (32) | |||||||
Balance at end of period | $ |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(In millions except per share amounts) | (In millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | (In millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,664 | $ | 1,828 | $ | 3,879 | $ | 4,165 | Net income attributable to Thermo Fisher Scientific Inc. | $ | 1,495 | $ | 1,902 | $ | 5,374 | $ | 6,067 | ||||||||||||||||||||||||||||||||||
Basic weighted average shares | Basic weighted average shares | 392 | 393 | 392 | 394 | Basic weighted average shares | 392 | 394 | 392 | 394 | ||||||||||||||||||||||||||||||||||||||||||
Plus effect of: stock options and restricted stock units | Plus effect of: stock options and restricted stock units | 2 | 3 | 2 | 3 | Plus effect of: stock options and restricted stock units | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Diluted weighted average shares | Diluted weighted average shares | 394 | 396 | 394 | 397 | Diluted weighted average shares | 395 | 397 | 395 | 397 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 4.25 | $ | 4.65 | $ | 9.90 | $ | 10.58 | Basic earnings per share | $ | 3.82 | $ | 4.83 | $ | 13.72 | $ | 15.41 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 4.22 | $ | 4.61 | $ | 9.83 | $ | 10.50 | Diluted earnings per share | $ | 3.79 | $ | 4.79 | $ | 13.62 | $ | 15.29 | ||||||||||||||||||||||||||||||||||
Antidilutive stock options excluded from diluted weighted average shares | Antidilutive stock options excluded from diluted weighted average shares | 2 | 1 | 2 | 1 | Antidilutive stock options excluded from diluted weighted average shares | 2 | — | 2 | 1 |
Effective interest rate at July 2, | July 2, | December 31, | Effective interest rate at October 1, | October 1, | December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2022 | 2021 | (Dollars in millions) | 2022 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Commercial Paper | Commercial Paper | $ | — | $ | 2,522 | Commercial Paper | $ | — | $ | 2,522 | ||||||||||||||||||||||||||||||
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023 | Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023 | 1,000 | 1,000 | Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023 | 1,000 | 1,000 | ||||||||||||||||||||||||||||||||||
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023 | Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023 | 500 | 500 | Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023 | 500 | 500 | ||||||||||||||||||||||||||||||||||
0.797% 2-Year Senior Notes, Due 10/18/2023 | 0.797% 2-Year Senior Notes, Due 10/18/2023 | 1.04 | % | 1,350 | 1,350 | 0.797% 2-Year Senior Notes, Due 10/18/2023 | 1.04 | % | 1,350 | 1,350 | ||||||||||||||||||||||||||||||
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | 0.00 | % | 1,770 | 1,933 | Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | 0.39 | % | 1,666 | 1,933 | ||||||||||||||||||||||||||||||
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | 0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | 0.06 | % | 573 | 625 | 0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated) | 0.05 | % | 540 | 625 | ||||||||||||||||||||||||||||||
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) | 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) | 0.93 | % | 1,041 | 1,137 | 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) | 0.92 | % | 980 | 1,137 | ||||||||||||||||||||||||||||||
1.215% 3-Year Senior Notes, Due 10/18/2024 | 1.215% 3-Year Senior Notes, Due 10/18/2024 | 1.42 | % | 2,500 | 2,500 | 1.215% 3-Year Senior Notes, Due 10/18/2024 | 1.42 | % | 2,500 | 2,500 | ||||||||||||||||||||||||||||||
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024 | Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024 | 500 | 500 | Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024 | 500 | 500 | ||||||||||||||||||||||||||||||||||
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) | 0.40 | % | 833 | 910 | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) | 0.39 | % | 784 | 910 | ||||||||||||||||||||||||||||||
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) | 2.09 | % | 666 | 728 | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) | 2.09 | % | 627 | 728 | ||||||||||||||||||||||||||||||
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) | 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) | 0.15 | % | 573 | 625 | 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) | 0.13 | % | 540 | 625 | ||||||||||||||||||||||||||||||
3.65% 10-Year Senior Notes, Due 12/15/2025 | 3.65% 10-Year Senior Notes, Due 12/15/2025 | — | 350 | 3.65% 10-Year Senior Notes, Due 12/15/2025 | — | 350 | ||||||||||||||||||||||||||||||||||
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) | 1.52 | % | 729 | 796 | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) | 1.52 | % | 686 | 796 | ||||||||||||||||||||||||||||||
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) | 1.65 | % | 521 | 568 | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) | 1.64 | % | 490 | 568 | ||||||||||||||||||||||||||||||
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) | 1.96 | % | 625 | 682 | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) | 1.95 | % | 588 | 682 | ||||||||||||||||||||||||||||||
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) | 0.76 | % | 833 | 910 | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) | 0.76 | % | 784 | 910 | ||||||||||||||||||||||||||||||
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) | 1.46 | % | 625 | 682 | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) | 1.46 | % | 588 | 682 | ||||||||||||||||||||||||||||||
1.750% 7-Year Senior Notes, Due 10/15/2028 | 1.89 | % | 700 | 700 | ||||||||||||||||||||||||||||||||||||
1.75% 7-Year Senior Notes, Due 10/15/2028 | 1.75% 7-Year Senior Notes, Due 10/15/2028 | 1.89 | % | 700 | 700 | |||||||||||||||||||||||||||||||||||
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) | 2.07 | % | 729 | 796 | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) | 2.07 | % | 686 | 796 | ||||||||||||||||||||||||||||||
2.60% 10-Year Senior Notes, Due 10/1/2029 | 2.60% 10-Year Senior Notes, Due 10/1/2029 | 2.74 | % | 900 | 900 | 2.60% 10-Year Senior Notes, Due 10/1/2029 | 2.74 | % | 900 | 900 | ||||||||||||||||||||||||||||||
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | 0.88 | % | 1,822 | 1,990 | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | 0.87 | % | 1,715 | 1,990 | ||||||||||||||||||||||||||||||
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) | 1.13 | % | 937 | 1,023 | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) | 1.12 | % | 882 | 1,023 | ||||||||||||||||||||||||||||||
2.00% 10-Year Senior Notes, Due 10/15/2031 | 2.00% 10-Year Senior Notes, Due 10/15/2031 | 2.23 | % | 1,200 | 1,200 | 2.00% 10-Year Senior Notes, Due 10/15/2031 | 2.23 | % | 1,200 | 1,200 | ||||||||||||||||||||||||||||||
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) | 2.54 | % | 625 | 682 | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) | 2.53 | % | 588 | 682 | ||||||||||||||||||||||||||||||
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | 1.20 | % | 1,562 | 1,706 | 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | 1.19 | % | 1,470 | 1,706 | ||||||||||||||||||||||||||||||
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) | 2.94 | % | 729 | 796 | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) | 2.94 | % | 686 | 796 | ||||||||||||||||||||||||||||||
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) | 1.73 | % | 937 | 1,023 | ||||||||||||||||||||||||||||||||||||
2.80% 20-Year Senior Notes, Due 10/15/2041 | 2.90 | % | 1,200 | 1,200 |
Effective interest rate at July 2, | July 2, | December 31, | Effective interest rate at October 1, | October 1, | December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2022 | 2021 | (Dollars in millions) | 2022 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) | 1.73 | % | 882 | 1,023 | |||||||||||||||||||||||||||||||||||
2.80% 20-Year Senior Notes, Due 10/15/2041 | 2.80% 20-Year Senior Notes, Due 10/15/2041 | 2.90 | % | 1,200 | 1,200 | |||||||||||||||||||||||||||||||||||
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | 1.76 | % | 1,302 | 1,421 | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | 1.75 | % | 1,225 | 1,421 | ||||||||||||||||||||||||||||||
5.30% 30-Year Senior Notes, Due 2/1/2044 | 5.30% 30-Year Senior Notes, Due 2/1/2044 | 5.37 | % | 400 | 400 | 5.30% 30-Year Senior Notes, Due 2/1/2044 | 5.37 | % | 400 | 400 | ||||||||||||||||||||||||||||||
4.10% 30-Year Senior Notes, Due 8/15/2047 | 4.10% 30-Year Senior Notes, Due 8/15/2047 | 4.23 | % | 750 | 750 | 4.10% 30-Year Senior Notes, Due 8/15/2047 | 4.23 | % | 750 | 750 | ||||||||||||||||||||||||||||||
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) | 1.98 | % | 1,041 | 1,137 | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) | 1.97 | % | 980 | 1,137 | ||||||||||||||||||||||||||||||
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | 2.06 | % | 781 | 853 | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | 2.06 | % | 735 | 853 | ||||||||||||||||||||||||||||||
Other | Other | 74 | 76 | Other | 72 | 76 | ||||||||||||||||||||||||||||||||||
Total borrowings at par value | Total borrowings at par value | 30,328 | 34,971 | Total borrowings at par value | 29,194 | 34,971 | ||||||||||||||||||||||||||||||||||
Unamortized discount | Unamortized discount | (107) | (117) | Unamortized discount | (101) | (117) | ||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | Unamortized debt issuance costs | (161) | (184) | Unamortized debt issuance costs | (152) | (184) | ||||||||||||||||||||||||||||||||||
Total borrowings at carrying value | Total borrowings at carrying value | 30,060 | 34,670 | Total borrowings at carrying value | 28,941 | 34,670 | ||||||||||||||||||||||||||||||||||
Finance lease liabilities | Finance lease liabilities | 200 | 200 | Finance lease liabilities | 219 | 200 | ||||||||||||||||||||||||||||||||||
Less: Short-term obligations and current maturities | Less: Short-term obligations and current maturities | 1,010 | 2,537 | Less: Short-term obligations and current maturities | 1,010 | 2,537 | ||||||||||||||||||||||||||||||||||
Long-term obligations | Long-term obligations | $ | 29,250 | $ | 32,333 | Long-term obligations | $ | 28,150 | $ | 32,333 |
(In millions) | Principal Value Issued | |||||||
0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated) | ¥ | 22,300 | ||||||
1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated) | ¥ | 28,900 | ||||||
1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated) | ¥ | 4,700 | ||||||
1.490% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated) | ¥ | 6,300 | ||||||
2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated) | ¥ | 14,600 | ||||||
2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated) | ¥ | 33,300 |
(In millions) | (In millions) | Currency translation adjustment | Unrealized losses on hedging instruments | Pension and other postretirement benefit liability adjustment | Total | (In millions) | Currency translation adjustment | Unrealized losses on hedging instruments | Pension and other postretirement benefit liability adjustment | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | (2,065) | $ | (35) | $ | (229) | $ | (2,329) | Balance at December 31, 2021 | $ | (2,065) | $ | (35) | $ | (229) | $ | (2,329) | ||||||||||||||||||||||||||||||||||
Other comprehensive items before reclassifications | Other comprehensive items before reclassifications | (416) | — | 9 | (407) | Other comprehensive items before reclassifications | (632) | — | 13 | (619) | ||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive items | Amounts reclassified from accumulated other comprehensive items | 7 | 1 | 4 | 12 | Amounts reclassified from accumulated other comprehensive items | 10 | 2 | 8 | 20 | ||||||||||||||||||||||||||||||||||||||||||
Net other comprehensive items | Net other comprehensive items | (409) | 1 | 13 | (395) | Net other comprehensive items | (622) | 2 | 21 | (599) | ||||||||||||||||||||||||||||||||||||||||||
Balance at July 2, 2022 | $ | (2,474) | $ | (34) | $ | (216) | $ | (2,724) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2022 | Balance at October 1, 2022 | $ | (2,687) | $ | (33) | $ | (208) | $ | (2,928) |
July 2, | Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||||||||||||
(In millions) | 2022 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 173 | $ | 173 | $ | — | $ | — | ||||||||||||||||||
Investments | 64 | 64 | — | — | ||||||||||||||||||||||
Warrants | 13 | — | 13 | — | ||||||||||||||||||||||
Insurance contracts | 153 | — | 153 | — | ||||||||||||||||||||||
Derivative contracts | 103 | — | 103 | — | ||||||||||||||||||||||
Total assets | $ | 506 | $ | 237 | $ | 269 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative contracts | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||||
Contingent consideration | 216 | — | — | 216 | ||||||||||||||||||||||
Total liabilities | $ | 217 | $ | — | $ | 1 | $ | 216 |
October 1, | Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||||||||||||
(In millions) | 2022 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 1,395 | $ | 1,395 | $ | — | $ | — | ||||||||||||||||||
Investments | 48 | 48 | — | — | ||||||||||||||||||||||
Warrants | 12 | — | 12 | — | ||||||||||||||||||||||
Insurance contracts | 152 | — | 152 | — | ||||||||||||||||||||||
Derivative contracts | 167 | — | 167 | — | ||||||||||||||||||||||
Total assets | $ | 1,774 | $ | 1,443 | $ | 331 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative contracts | $ | 2 | $ | — | $ | 2 | $ | — | ||||||||||||||||||
Contingent consideration | 168 | — | — | 168 | ||||||||||||||||||||||
Total liabilities | $ | 170 | $ | — | $ | 2 | $ | 168 |
December 31, | Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||||||||||||
(In millions) | 2021 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | 2,210 | $ | 2,210 | $ | — | $ | — | ||||||||||||||||||
Investments | 298 | 298 | — | — | ||||||||||||||||||||||
Warrants | 15 | — | 15 | — | ||||||||||||||||||||||
Insurance contracts | 181 | — | 181 | — | ||||||||||||||||||||||
Derivative contracts | 36 | — | 36 | — | ||||||||||||||||||||||
Total assets | $ | 2,740 | $ | 2,508 | $ | 232 | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative contracts | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||||||||
Contingent consideration | 317 | — | — | 317 | ||||||||||||||||||||||
Total liabilities | $ | 318 | $ | — | $ | 1 | $ | 317 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | Contingent consideration | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 261 | $ | 227 | $ | 317 | $ | 70 | Beginning balance | $ | 216 | $ | 149 | $ | 317 | $ | 70 | ||||||||||||||||||||||||||||||||||
Acquisitions (including assumed balances) | Acquisitions (including assumed balances) | — | 17 | (18) | 179 | Acquisitions (including assumed balances) | — | — | (18) | 179 | ||||||||||||||||||||||||||||||||||||||||||
Payments | Payments | (2) | (35) | (32) | (42) | Payments | (32) | (1) | (64) | (43) | ||||||||||||||||||||||||||||||||||||||||||
Changes in fair value included in earnings | Changes in fair value included in earnings | (43) | (60) | (51) | (58) | Changes in fair value included in earnings | (16) | 23 | (67) | (35) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 216 | $ | 149 | $ | 216 | $ | 149 | Ending balance | $ | 168 | $ | 171 | $ | 168 | $ | 171 |
July 2, | December 31, | |||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Notional amount | ||||||||||||||
Cross-currency interest rate swaps - designated as net investment hedges | $ | 900 | $ | 900 | ||||||||||
Currency exchange contracts | 1,571 | 2,149 |
(In millions) | October 1, 2022 | December 31, 2021 | ||||||||||||
Notional amount | ||||||||||||||
Cross-currency interest rate swaps - designated as net investment hedges | $ | 900 | $ | 900 | ||||||||||
Currency exchange contracts | 1,676 | 2,149 |
Fair value – assets | Fair value – liabilities | Fair value – assets | Fair value – liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | December 31, | July 2, | December 31, | October 1, | December 31, | October 1, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | 2022 | 2021 | (In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate swaps (a) | Cross-currency interest rate swaps (a) | $ | 98 | $ | 25 | $ | — | $ | — | Cross-currency interest rate swaps (a) | $ | 145 | $ | 25 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange contracts (b) | Currency exchange contracts (b) | 5 | 11 | 1 | 1 | Currency exchange contracts (b) | 22 | 11 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 103 | $ | 36 | $ | 1 | $ | 1 | Total derivatives | $ | 167 | $ | 36 | $ | 2 | $ | 1 |
Gain (loss) recognized | ||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Fair value hedging relationships | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Hedged long-term obligations - included in other income/(expense) | $ | — | $ | — | $ | — | $ | 25 | ||||||||||||||||||
Derivatives designated as hedging instruments - included in other income/(expense) | — | — | — | (3) | ||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive items to other income/(expense) | (1) | (2) | (2) | (19) | ||||||||||||||||||||||
Financial instruments designated as net investment hedges | ||||||||||||||||||||||||||
Foreign currency-denominated debt and other payables | ||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items | 671 | (90) | 1,033 | 376 | ||||||||||||||||||||||
Cross-currency interest rate swaps | ||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items | 51 | (6) | 74 | 32 | ||||||||||||||||||||||
Included in other income/(expense) | 4 | 2 | 6 | 4 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Currency exchange contracts | ||||||||||||||||||||||||||
Included in cost of product revenues | 21 | (11) | 12 | 1 | ||||||||||||||||||||||
Included in other income/(expense) | 13 | (28) | 12 | 155 | ||||||||||||||||||||||
Gain (loss) recognized | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Fair value hedging relationships | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Hedged long-term obligations - included in other income/(expense) | $ | — | $ | — | $ | — | $ | 25 | ||||||||||||||||||
Derivatives designated as hedging instruments - included in other income/(expense) | — | — | — | (3) | ||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive items to other income/(expense) | (1) | (2) | (3) | (21) |
Gain (loss) recognized | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Financial instruments designated as net investment hedges | ||||||||||||||||||||||||||
Foreign currency-denominated debt and other payables | ||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items | 658 | 297 | 1,691 | 673 | ||||||||||||||||||||||
Cross-currency interest rate swaps | ||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items | 46 | 20 | 120 | 52 | ||||||||||||||||||||||
Included in other income/(expense) | 6 | 2 | 12 | 6 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Currency exchange contracts | ||||||||||||||||||||||||||
Included in cost of product revenues | 3 | 7 | 15 | 8 | ||||||||||||||||||||||
Included in other income/(expense) | 20 | (8) | 32 | 147 | ||||||||||||||||||||||
July 2, 2022 | December 31, 2021 | October 1, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | value | value | value | value | (In millions) | value | value | value | value | ||||||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | $ | 29,986 | $ | 27,265 | $ | 32,072 | $ | 33,449 | Senior notes | $ | 28,869 | $ | 25,036 | $ | 32,072 | $ | 33,449 | ||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | — | — | 2,522 | 2,522 | Commercial paper | — | — | 2,522 | 2,522 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 74 | 74 | 76 | 76 | Other | 72 | 72 | 76 | 76 | ||||||||||||||||||||||||||||||||||||||||||
$ | 30,060 | $ | 27,339 | $ | 34,670 | $ | 36,047 | $ | 28,941 | $ | 25,108 | $ | 34,670 | $ | 36,047 |
Nine months ended | ||||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||
July 2, | July 3, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||
Non-cash investing and financing activities | Non-cash investing and financing activities | Non-cash investing and financing activities | ||||||||||||||||||||||||||
Acquired but unpaid property, plant and equipment | Acquired but unpaid property, plant and equipment | $ | 234 | $ | 225 | Acquired but unpaid property, plant and equipment | $ | 213 | $ | 257 | ||||||||||||||||||
Fair value of acquisition contingent consideration | Fair value of acquisition contingent consideration | — | 179 | Fair value of acquisition contingent consideration | — | 179 | ||||||||||||||||||||||
Declared but unpaid dividends | Declared but unpaid dividends | 119 | 104 | Declared but unpaid dividends | 119 | 104 | ||||||||||||||||||||||
Issuance of stock upon vesting of restricted stock units | Issuance of stock upon vesting of restricted stock units | 107 | 97 | Issuance of stock upon vesting of restricted stock units | 225 | 237 |
July 2, | December 31, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,888 | $ | 4,477 | Cash and cash equivalents | $ | 2,919 | $ | 4,477 | ||||||||||||||||||
Restricted cash included in other current assets | Restricted cash included in other current assets | 16 | 13 | Restricted cash included in other current assets | 14 | 13 | ||||||||||||||||||||||
Restricted cash included in other assets | Restricted cash included in other assets | 1 | 1 | Restricted cash included in other assets | 1 | 1 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 1,905 | $ | 4,491 | Cash, cash equivalents and restricted cash | $ | 2,934 | $ | 4,491 |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 2, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2022 | (In millions) | October 1, 2022 | October 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Life Sciences Solutions | Life Sciences Solutions | $ | 5 | $ | 6 | Life Sciences Solutions | $ | 5 | $ | 11 | ||||||||||||||||||||||||||||||||||||||||||
Analytical Instruments | Analytical Instruments | 2 | 4 | Analytical Instruments | 2 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
Specialty Diagnostics | Specialty Diagnostics | 2 | 3 | Specialty Diagnostics | 19 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||
Laboratory Products and Biopharma Services | Laboratory Products and Biopharma Services | 15 | 13 | Laboratory Products and Biopharma Services | 7 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 24 | $ | 26 | $ | 33 | $ | 59 |
(In millions) | Total (a) | |||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 17 | ||||||||||||||||||||||||
Net restructuring charges incurred in 2022 (b) | ||||||||||||||||||||||||||
Payments | ||||||||||||||||||||||||||
Currency translation | (1) | |||||||||||||||||||||||||
Balance at | $ |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions except per share amounts) | (Dollars in millions except per share amounts) | 2022 | 2021 | Change | 2022 | 2021 | Change | (Dollars in millions except per share amounts) | 2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 10,970 | $ | 9,273 | 18 | % | $ | 22,788 | $ | 19,179 | 19 | % | Revenues | $ | 10,677 | $ | 9,330 | 14 | % | $ | 33,465 | $ | 28,509 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP operating income | GAAP operating income | 2,001 | 2,163 | (7) | % | 4,822 | 5,212 | (7) | % | GAAP operating income | 1,710 | 2,278 | (25) | % | 6,532 | 7,490 | (13) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP operating income margin | GAAP operating income margin | 18.2 | % | 23.3 | % | (5.1) | pt | 21.2 | % | 27.2 | % | (6.0) | pt | GAAP operating income margin | 16.0 | % | 24.4 | % | (8.4) | pt | 19.5 | % | 26.3 | % | (6.8) | pt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (non-GAAP measure) | Adjusted operating income (non-GAAP measure) | 2,605 | 2,689 | (3) | % | 6,055 | 6,199 | (2) | % | Adjusted operating income (non-GAAP measure) | 2,370 | 2,778 | (15) | % | 8,425 | 8,977 | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income margin (non-GAAP measure) | Adjusted operating income margin (non-GAAP measure) | 23.7 | % | 29.0 | % | (5.3) | pt | 26.6 | % | 32.3 | % | (5.7) | pt | Adjusted operating income margin (non-GAAP measure) | 22.2 | % | 29.8 | % | (7.6) | pt | 25.2 | % | 31.5 | % | (6.3) | pt | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share attributable to Thermo Fisher Scientific Inc. | GAAP diluted earnings per share attributable to Thermo Fisher Scientific Inc. | 4.22 | 4.61 | (8) | % | 9.83 | 10.50 | (6) | % | GAAP diluted earnings per share attributable to Thermo Fisher Scientific Inc. | 3.79 | 4.79 | (21) | % | 13.62 | 15.29 | (11) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted earnings per share (non-GAAP measure) | Adjusted earnings per share (non-GAAP measure) | 5.51 | 5.60 | (2) | % | 12.76 | 12.81 | — | % | Adjusted earnings per share (non-GAAP measure) | 5.08 | 5.77 | (12) | % | 17.84 | 18.58 | (4) | % |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||
July 2, 2022 | July 2, 2022 | October 1, 2022 | October 1, 2022 | |||||||||||||||||||||||||
Revenue growth | Revenue growth | 18 | % | 19 | % | Revenue growth | 14 | % | 17 | % | ||||||||||||||||||
Impact of acquisitions | Impact of acquisitions | 19 | % | 19 | % | Impact of acquisitions | 20 | % | 19 | % | ||||||||||||||||||
Impact of currency translation | Impact of currency translation | (4) | % | (3) | % | Impact of currency translation | (5) | % | (3) | % | ||||||||||||||||||
Organic revenue growth* (non-GAAP measure) | Organic revenue growth* (non-GAAP measure) | 3 | % | 3 | % | Organic revenue growth* (non-GAAP measure) | (1) | % | 1 | % |
Three months ended | Six months ended | |||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | |||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Life Sciences Solutions | $ | 3,292 | $ | 3,557 | $ | 7,523 | $ | 7,760 | ||||||||||||||||||
Analytical Instruments | 1,607 | 1,481 | 3,125 | 2,868 | ||||||||||||||||||||||
Specialty Diagnostics | 1,101 | 1,235 | 2,583 | 2,850 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 5,537 | 3,583 | 10,979 | 7,180 | ||||||||||||||||||||||
Eliminations | (567) | (583) | (1,422) | (1,479) | ||||||||||||||||||||||
Consolidated revenues | $ | 10,970 | $ | 9,273 | $ | 22,788 | $ | 19,179 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Life Sciences Solutions | $ | 2,962 | $ | 3,721 | $ | 10,485 | $ | 11,481 | ||||||||||||||||||
Analytical Instruments | 1,621 | 1,476 | 4,746 | 4,344 | ||||||||||||||||||||||
Specialty Diagnostics | 1,065 | 1,362 | 3,648 | 4,212 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services | 5,585 | 3,487 | 16,564 | 10,667 | ||||||||||||||||||||||
Eliminations | (556) | (716) | (1,978) | (2,195) | ||||||||||||||||||||||
Consolidated revenues | $ | 10,677 | $ | 9,330 | $ | 33,465 | $ | 28,509 |
Three months ended | Organic* (non-GAAP measure) | Three months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 3,292 | $ | 3,557 | (7) | % | (3) | % | 1 | % | (5) | % | Revenues | $ | 2,962 | $ | 3,721 | (20) | % | (4) | % | 1 | % | (17) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 1,327 | 1,718 | (23) | % | Segment income | 1,039 | 1,821 | (43) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 40.3 | % | 48.3 | % | -8.0 pt | Segment income margin | 35.1 | % | 48.9 | % | -13.8 pt |
Six months ended | Organic* (non-GAAP measure) | Nine months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 7,523 | $ | 7,760 | (3) | % | (2) | % | 2 | % | (3) | % | Revenues | $ | 10,485 | $ | 11,481 | (9) | % | (3) | % | 2 | % | (7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | $ | 3,503 | $ | 3,997 | (12) | % | Segment income | 4,542 | 5,818 | (22) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 46.6 | % | 51.5 | % | -4.9 pt | Segment income margin | 43.3 | % | 50.7 | % | -7.4 pt |
Three months ended | Organic* (non-GAAP measure) | Three months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 1,607 | $ | 1,481 | 9 | % | (4) | % | — | % | 13 | % | Revenues | $ | 1,621 | $ | 1,476 | 10 | % | (6) | % | — | % | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 344 | 280 | 23 | % | Segment income | 386 | 264 | 47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 21.4 | % | 18.9 | % | 2.5 pt | Segment income margin | 23.8 | % | 17.8 | % | 6.0 pt |
Nine months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 4,746 | $ | 4,344 | 9 | % | (4) | % | — | % | 13 | % | ||||||||||||||||||||||||||
Segment income | 1,031 | 816 | 26 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 21.7 | % | 18.8 | % | 2.9 pt |
Six months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 3,125 | $ | 2,868 | 9 | % | (3) | % | — | % | 12 | % | ||||||||||||||||||||||||||
Segment income | 645 | 552 | 17 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 20.6 | % | 19.3 | % | 1.3 pt |
Three months ended | Organic* (non-GAAP measure) | Three months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 1,101 | $ | 1,235 | (11) | % | (3) | % | — | % | (8) | % | Revenues | $ | 1,065 | $ | 1,362 | (22) | % | (3) | % | — | % | (19) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 243 | 245 | (1) | % | Segment income | 220 | 310 | (29) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 22.1 | % | 19.9 | % | 2.2 pt | Segment income margin | 20.6 | % | 22.7 | % | -2.1 pt |
Six months ended | Organic* (non-GAAP measure) | Nine months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 2,583 | $ | 2,850 | (9) | % | (2) | % | — | % | (7) | % | Revenues | $ | 3,648 | $ | 4,212 | (13) | % | (3) | % | — | % | (11) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 596 | 673 | (11) | % | Segment income | 816 | 983 | (17) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 23.1 | % | 23.6 | % | -0.5 pt | Segment income margin | 22.4 | % | 23.3 | % | -0.9 pt |
Three months ended | Organic* (non-GAAP measure) | Three months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 5,537 | $ | 3,583 | 55 | % | (4) | % | 48 | % | 10 | % | Revenues | $ | 5,585 | $ | 3,487 | 60 | % | (5) | % | 53 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 691 | 446 | 55 | % | Segment income | 725 | 383 | 89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 12.5 | % | 12.4 | % | 0.1 pt | Segment income margin | 13.0 | % | 11.0 | % | 2.0 pt |
Six months ended | Organic* (non-GAAP measure) | Nine months ended | Organic* (non-GAAP measure) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | July 2, 2022 | July 3, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | (Dollars in millions) | October 1, 2022 | October 2, 2021 | Total Change | Currency Translation | Acquisitions/ Divestitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 10,979 | $ | 7,180 | 53 | % | (3) | % | 48 | % | 8 | % | Revenues | $ | 16,564 | $ | 10,667 | 55 | % | (3) | % | 49 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income | Segment income | 1,311 | 977 | 34 | % | Segment income | 2,036 | 1,360 | 50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment income margin | Segment income margin | 11.9 | % | 13.6 | % | -1.7 pt | Segment income margin | 12.3 | % | 12.8 | % | -0.5 pt |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2021 | 2022 | 2021 | (Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Net interest expense | Net interest expense | $ | 112 | $ | 111 | $ | 230 | $ | 224 | Net interest expense | $ | 105 | $ | 119 | $ | 335 | $ | 343 | ||||||||||||||||||||||||||||||||||
GAAP other income/(expense) | GAAP other income/(expense) | 28 | (3) | (135) | (186) | GAAP other income/(expense) | (4) | 18 | (139) | (168) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted other income/(expense) (non-GAAP measure) | Adjusted other income/(expense) (non-GAAP measure) | 10 | 5 | 14 | 19 | Adjusted other income/(expense) (non-GAAP measure) | 10 | 13 | 24 | 32 | ||||||||||||||||||||||||||||||||||||||||||
GAAP tax rate | GAAP tax rate | 10.4 | % | 10.7 | % | 11.2 | % | 13.2 | % | GAAP tax rate | 1.9 | % | 12.4 | % | 8.8 | % | 13.0 | % | ||||||||||||||||||||||||||||||||||
Adjusted tax rate (non-GAAP measure) | Adjusted tax rate (non-GAAP measure) | 13.0 | % | 14.0 | % | 13.6 | % | 15.1 | % | Adjusted tax rate (non-GAAP measure) | 11.8 | % | 14.2 | % | 13.1 | % | 14.9 | % |
July 2, | December 31, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | December 31, 2021 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1,888 | $ | 4,477 | Cash and cash equivalents | $ | 2,919 | $ | 4,477 | ||||||||||||||||||
Total debt | Total debt | 30,260 | 34,870 | Total debt | 29,160 | 34,870 |
Nine months ended | ||||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||
July 2, | July 3, | |||||||||||||||||||||||||||
(In millions) | (In millions) | 2022 | 2021 | (In millions) | October 1, 2022 | October 2, 2021 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 3,730 | $ | 4,205 | Net cash provided by operating activities | $ | 5,667 | $ | 6,855 | ||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (1,089) | (2,624) | Net cash used in investing activities | (1,634) | (3,240) | ||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (5,050) | (4,926) | Net cash used in financing activities | (5,201) | (1,886) | ||||||||||||||||||||||
Free cash flow (non-GAAP measure) | Free cash flow (non-GAAP measure) | 2,598 | 3,042 | Free cash flow (non-GAAP measure) | 3,992 | 5,172 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
July 2, | July 3, | July 2, | July 3, | October 1, | October 2, | October 1, | October 2, | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions except per share amounts) | (Dollars in millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | (Dollars in millions except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Reconciliation of adjusted operating income | Reconciliation of adjusted operating income | Reconciliation of adjusted operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP operating income | GAAP operating income | $ | 2,001 | $ | 2,163 | $ | 4,822 | $ | 5,212 | GAAP operating income | $ | 1,710 | $ | 2,278 | $ | 6,532 | $ | 7,490 | ||||||||||||||||||||||||||||||||||
Cost of revenues adjustments (a) | Cost of revenues adjustments (a) | 8 | — | 19 | 8 | Cost of revenues adjustments (a) | 22 | — | 41 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses adjustments (b) | Selling, general and administrative expenses adjustments (b) | (28) | (42) | (21) | (26) | Selling, general and administrative expenses adjustments (b) | 11 | 59 | (10) | 33 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring and other costs (c) | Restructuring and other costs (c) | 24 | 119 | 26 | 133 | Restructuring and other costs (c) | 33 | 18 | 59 | 151 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | Amortization of acquisition-related intangible assets | 600 | 449 | 1,209 | 872 | Amortization of acquisition-related intangible assets | 594 | 423 | 1,803 | 1,295 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (non-GAAP measure) | Adjusted operating income (non-GAAP measure) | $ | 2,605 | $ | 2,689 | $ | 6,055 | $ | 6,199 | Adjusted operating income (non-GAAP measure) | $ | 2,370 | $ | 2,778 | $ | 8,425 | $ | 8,977 | ||||||||||||||||||||||||||||||||||
Reconciliation of adjusted operating income margin | Reconciliation of adjusted operating income margin | Reconciliation of adjusted operating income margin | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP operating income margin | GAAP operating income margin | 18.2 | % | 23.3 | % | 21.2 | % | 27.2 | % | GAAP operating income margin | 16.0 | % | 24.4 | % | 19.5 | % | 26.3 | % | ||||||||||||||||||||||||||||||||||
Cost of revenues adjustments (a) | Cost of revenues adjustments (a) | 0.1 | % | 0.0 | % | 0.1 | % | 0.0 | % | Cost of revenues adjustments (a) | 0.2 | % | 0.0 | % | 0.1 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses adjustments (b) | Selling, general and administrative expenses adjustments (b) | (0.3) | % | (0.4) | % | (0.1) | % | (0.1) | % | Selling, general and administrative expenses adjustments (b) | 0.1 | % | 0.6 | % | 0.0 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||
Restructuring and other costs (c) | Restructuring and other costs (c) | 0.2 | % | 1.3 | % | 0.1 | % | 0.7 | % | Restructuring and other costs (c) | 0.3 | % | 0.2 | % | 0.2 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | Amortization of acquisition-related intangible assets | 5.5 | % | 4.8 | % | 5.3 | % | 4.5 | % | Amortization of acquisition-related intangible assets | 5.6 | % | 4.6 | % | 5.4 | % | 4.6 | % | ||||||||||||||||||||||||||||||||||
Adjusted operating income margin (non-GAAP measure) | Adjusted operating income margin (non-GAAP measure) | 23.7 | % | 29.0 | % | 26.6 | % | 32.3 | % | Adjusted operating income margin (non-GAAP measure) | 22.2 | % | 29.8 | % | 25.2 | % | 31.5 | % | ||||||||||||||||||||||||||||||||||
Reconciliation of adjusted other income/(expense) | Reconciliation of adjusted other income/(expense) | Reconciliation of adjusted other income/(expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP other income/(expense) | GAAP other income/(expense) | $ | 28 | $ | (3) | $ | (135) | $ | (186) | GAAP other income/(expense) | $ | (4) | $ | 18 | $ | (139) | $ | (168) | ||||||||||||||||||||||||||||||||||
Adjustments (d) | Adjustments (d) | (18) | 8 | 149 | 205 | Adjustments (d) | 14 | (5) | 163 | 200 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted other income/(expense) (non-GAAP measure) | Adjusted other income/(expense) (non-GAAP measure) | $ | 10 | $ | 5 | $ | 14 | $ | 19 | Adjusted other income/(expense) (non-GAAP measure) | $ | 10 | $ | 13 | $ | 24 | $ | 32 | ||||||||||||||||||||||||||||||||||
Reconciliation of adjusted tax rate | Reconciliation of adjusted tax rate | Reconciliation of adjusted tax rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP tax rate | GAAP tax rate | 10.4 | % | 10.7 | % | 11.2 | % | 13.2 | % | GAAP tax rate | 1.9 | % | 12.4 | % | 8.8 | % | 13.0 | % | ||||||||||||||||||||||||||||||||||
Adjustments (e) | Adjustments (e) | 2.6 | % | 3.3 | % | 2.4 | % | 1.9 | % | Adjustments (e) | 9.9 | % | 1.8 | % | 4.3 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||
Adjusted tax rate (non-GAAP measure) | Adjusted tax rate (non-GAAP measure) | 13.0 | % | 14.0 | % | 13.6 | % | 15.1 | % | Adjusted tax rate (non-GAAP measure) | 11.8 | % | 14.2 | % | 13.1 | % | 14.9 | % | ||||||||||||||||||||||||||||||||||
Reconciliation of adjusted earnings per share | Reconciliation of adjusted earnings per share | Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc. | GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc. | $ | 4.22 | $ | 4.61 | $ | 9.83 | $ | 10.50 | GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc. | $ | 3.79 | $ | 4.79 | $ | 13.62 | $ | 15.29 | ||||||||||||||||||||||||||||||||||
Cost of revenues adjustments (a) | Cost of revenues adjustments (a) | 0.02 | — | 0.05 | 0.02 | Cost of revenues adjustments (a) | 0.06 | — | 0.11 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses adjustments (b) | Selling, general and administrative expenses adjustments (b) | (0.07) | (0.10) | (0.05) | (0.07) | Selling, general and administrative expenses adjustments (b) | 0.03 | 0.15 | (0.02) | 0.08 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring and other costs (c) | Restructuring and other costs (c) | 0.06 | 0.30 | 0.06 | 0.34 | Restructuring and other costs (c) | 0.08 | 0.04 | 0.15 | 0.38 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | Amortization of acquisition-related intangible assets | 1.52 | 1.13 | 3.06 | 2.20 | Amortization of acquisition-related intangible assets | 1.50 | 1.06 | 4.56 | 3.26 | ||||||||||||||||||||||||||||||||||||||||||
Other income/expense adjustments (d) | Other income/expense adjustments (d) | (0.05) | 0.02 | 0.38 | 0.51 | Other income/expense adjustments (d) | 0.04 | (0.01) | 0.41 | 0.50 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes adjustments (e) | Provision for income taxes adjustments (e) | (0.32) | (0.36) | (0.75) | (0.69) | Provision for income taxes adjustments (e) | (0.60) | (0.27) | (1.35) | (0.96) | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings/losses of unconsolidated entities | Equity in earnings/losses of unconsolidated entities | 0.13 | — | 0.18 | — | Equity in earnings/losses of unconsolidated entities | 0.18 | 0.01 | 0.36 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS (non-GAAP measure) | Adjusted EPS (non-GAAP measure) | $ | 5.51 | $ | 5.60 | $ | 12.76 | $ | 12.81 | Adjusted EPS (non-GAAP measure) | $ | 5.08 | $ | 5.77 | $ | 17.84 | $ | 18.58 | ||||||||||||||||||||||||||||||||||
Reconciliation of free cash flow | Reconciliation of free cash flow | Reconciliation of free cash flow | ||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP net cash provided by operating activities | GAAP net cash provided by operating activities | $ | 1,528 | $ | 2,227 | $ | 3,730 | $ | 4,205 | GAAP net cash provided by operating activities | $ | 1,937 | $ | 2,650 | $ | 5,667 | $ | 6,855 | ||||||||||||||||||||||||||||||||||
Purchases of property, plant and equipment | Purchases of property, plant and equipment | (506) | (540) | (1,146) | (1,168) | Purchases of property, plant and equipment | (547) | (524) | (1,693) | (1,692) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | Proceeds from sale of property, plant and equipment | 12 | — | 14 | 5 | Proceeds from sale of property, plant and equipment | 4 | 4 | 18 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Free cash flow (non-GAAP measure) | Free cash flow (non-GAAP measure) | $ | 1,034 | $ | 1,687 | $ | 2,598 | $ | 3,042 | Free cash flow (non-GAAP measure) | $ | 1,394 | $ | 2,130 | $ | 3,992 | $ | 5,172 |
(a) Adjusted results in 2022 and 2021 exclude charges for the sale of inventories revalued at the date of acquisition. Adjusted results in the third quarter of 2022 also exclude $22 million of charges for inventory write-downs associated with large-scale abandonment of product lines. | ||
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, | ||
(c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairment of long-lived assets, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Adjusted results in | ||
(d) Adjusted results exclude net gains/losses on | ||
(e) Adjusted provision for income taxes in 2022 and 2021 excludes incremental tax impacts for the |
Exhibit Number | Description of Exhibit | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
The Registrant agrees, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission, upon request, a copy of each instrument with respect to long-term debt of the Registrant or its consolidated subsidiaries. |
Date: | THERMO FISHER SCIENTIFIC INC. | |||||||
/s/ Stephen Williamson | ||||||||
Stephen Williamson | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
/s/ Joseph R. Holmes | ||||||||
Joseph R. Holmes | ||||||||
Vice President and Chief Accounting Officer |