Delaware | 04-2209186 |
(State of incorporation or organization) | (I.R.S. Employer Identification No.) |
81 Wyman Street | |
Waltham, Massachusetts | 02451 |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |||
Common Stock, $1.00 par value | New York Stock Exchange | |||
1.500% Notes due 2020 | New York Stock Exchange | |||
2.150% Notes due 2022 | New York Stock Exchange | |||
2.000% Notes due 2025 | New York Stock Exchange |
TABLE OF CONTENTS | ||
Page | ||
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. |
Item 1. | Business |
• | The Thermo Scientific brand offers customers in research, diagnostics, industrial, and applied markets a complete range of high-end analytical instruments as well as laboratory equipment, software, services, consumables and reagents. Our portfolio of products includes innovative technologies for mass spectrometry, chromatography, elemental analysis, molecular spectroscopy, sample preparation, informatics, chemical research and analysis, cell culture, bioprocess production, cellular, protein and molecular biology research, allergy testing, drugs-of-abuse testing, therapeutic drug monitoring testing, microbiology, anatomical pathology, as well as environmental monitoring and process control. |
• | The Applied Biosystems brand offers customers in research, clinical and applied markets integrated instrument systems, reagents, and software for genetic analysis. Our portfolio includes innovative technologies for genetic sequencing and real-time, digital and end point polymerase chain reaction (PCR), that are used to determine meaningful genetic information in applications such as cancer diagnostics, human identification testing, and animal health, as well as inherited and infectious disease. |
• | The Invitrogen brand offers life science customers a broad range of consumables and instruments that accelerate research and ensure consistency of results. Our portfolio of products includes innovative solutions for cellular analysis and biology, flow cytometry, cell culture, protein expression, synthetic biology, molecular biology and protein biology. |
• | Fisher Scientific is our channels brand, offering customers a complete portfolio of laboratory equipment, chemicals, supplies and services used in scientific research, healthcare, safety, and education markets. These products are offered through an extensive network of direct sales professionals, industry-specific catalogs, e-commerce capabilities and supply-chain management services. We also offer a range of biopharma services for clinical trials management and biospecimen storage. |
• | Unity Lab Services is our services brand, offering a complete portfolio of services from enterprise level engagements to individual instruments and laboratory equipment, regardless of the original manufacturer. Through our network of world-class service and support personnel, we provide services that are designed to help our customers improve productivity, reduce costs, and drive decisions with better data. |
• | Reagents, instruments, and consumables used for protein biology, molecular biology, and cell imaging and analysis. The portfolio includes antibodies and products for protein purification, detection, modification, and analysis; and sequencing, detection and purification products used for high content analysis of nucleic acids. Many of these products are also used in applied markets, including agriculture, forensics, diagnostics product development, and toxicology research. |
• | Tools used for genetic engineering, amplification, quantification and analysis as well as RNA isolation, including stem cell reprogramming kits, transfection reagents, RNA interference reagents, along with gene editing tools and gene synthesis products. |
• | Cell culture media and reagents for preserving and growing mammalian cells which are used in many life science research applications. |
• | Fluorescence-based technologies, which facilitate the labeling of molecules for biological research and drug discovery. These technologies include a wide range of cell analysis instruments, including flow cytometers and imaging platforms that enable fluorescence microscopy. |
• | Protein analysis products, including pre-cast electrophoresis gels for separating nucleic acids and proteins, and western blotting and staining tools. |
• | Capillary electrophoresis (CE), quantitative polymerase chain reaction (PCR), and Next Generation Sequencing (NGS) platforms and reagents. These products are used to discover sources of genetic and epigenetic variation, to catalog the DNA structure of organisms, and to verify the composition of genetic research material. In addition to research, these genetic analysis techniques are used in diverse applied markets including human identification (HID), animal health and food safety. For example, in HID we provide our instrument platforms and reagents to forensic laboratories that analyze DNA recovered from crime scenes. Primary customers include the FBI and police departments around the world. Our technologies are also used in numerous clinical research and diagnostic applications with a focus on cancer and inherited disease. These applications include molecular diagnostics, diagnostic development, clinical and translational research, and public health monitoring. |
• | PCR and real-time PCR systems, reagents and assays that enable researchers to amplify and detect targeted nucleic acids (DNA and RNA molecules) for a host of applications in molecular biology. |
• | Single-use bioproduction solutions that provide our customers with faster turnaround and set-up times, minimal validation requirements, reduced investment and running costs, and increased flexibility of manufacturing capacity. |
• | Production cell culture media solutions, which are used by leading biotechnology and pharmaceutical companies to grow cells in controlled conditions and enable large scale cGMP (Current Good Manufacturing Processes) manufacturing of drugs and vaccines. We also provide our customers with the associated services to optimize the productivity of these production platforms. |
• | Chromatography products, which deliver unmatched capacity and resolution for process-scale bioseparations, and offer a broad set of scalable options for the purification of antibodies, antibody fragments and proteins. |
• | Rapid molecular products that deliver accurate results in less than four hours for contaminant detection, identification and quantitation. |
• | Scalable solutions for the manufacture of cell therapy based drugs. |
• | Liquid Chromatography (LC) Systems analyze complex sample matrices in liquids. Our high pressure liquid chromatography (HPLC) and ultrahigh pressure liquid chromatography (UHPLC) systems offer high throughput and sensitivity and are sold either as stand-alone systems or integrated with our mass spectrometers (LC/MS and LC/MS/MS). These systems are used for a range of applications, from complex proteomic analyses to routine industrial QA/QC. |
• | Ion Chromatography (IC) Systems separate ionic (charged) or highly polar molecules (e.g., sugars and carbohydrates), usually found in water-based solutions, and typically detect them based on their electrical conductivity. Our IC products are used in a wide range of applications, including scientific research, and environmental testing, as well as quality control in pharmaceutical, food and beverage, and other industrial processes. |
• | Gas Chromatography (GC) Systems analyze complex sample matrices in gases, comprising both separation and detection technology. Separation technology is common to all gas chromatography analyzers, and is paired with either a conventional detector (GC) or with different types of mass spectrometers (GC/MS). Our GC/MS offering includes a triple stage quadrupole, a single stage quadrupole, and an ion trap, for a range of applications, including food safety testing, quantitative screening of environmental samples, and complex molecular analyses. |
• | Elemental Analysis Spectrometers use atomic spectroscopy techniques to identify trace concentrations of elements in liquid and solid samples primarily in environmental, petrochemical, food safety, metallurgical, geochemical and clinical/toxicology research applications. These products are widely used in growth markets such as China, India and Latin America to support compliance with increasingly stringent international environmental and consumer safety regulations. |
• | Life Sciences Mass Spectrometers include three major product lines: triple quadrupole, ion trap and hybrid systems. Our triple quadrupole systems provide high performance quantitative analysis of chemicals in biological fluids, environmental samples and food matrices. They are also used by the pharmaceutical industry for targeted quantitation during drug discovery. Our ion trap systems are used for in-depth structural analysis of large biomolecules, such as proteins, as well as structural characterization of small molecules, such as drugs and drug metabolites. Our hybrid (LC/MS/MS) mass spectrometers combine linear ion trap, quadrupole and Orbitrap technologies to provide high resolution and accurate mass capabilities for both research and applied markets and are well suited for drug metabolism, proteomics, environmental analysis, food safety, toxicology and clinical research applications. We also offer a comprehensive portfolio of instrument control and data analysis software to help customers simplify their workflows and obtain knowledge from often complex data. |
• | Inorganic Mass Spectrometers include four product lines: isotope ratio mass spectrometry (IRMS); multi-collector mass spectrometry (MC/IRMS); inductively coupled plasma mass spectrometry (ICP/MS); and high resolution trace mass spectrometry (HR Trace/MS). These products are primarily used for qualitative and quantitative analysis of inorganic matter in a range of applications, including environmental analysis, materials science and earth sciences. |
• | Materials and Minerals Instruments include bench-top, production line, and stand-alone systems for a range of industrial applications. For example, our laboratory elemental analyzers use X-ray fluorescence (XRF), X-ray diffraction (XRD), and arc spark optical emission (OES) techniques for accurate and precise analysis of bulk materials in the metals, cement, minerals, and petrochemicals industries. We also offer on line analyzers that employ neutron activation and measurement of gamma rays to analyze bulk materials non-invasively and in real time, as well as systems that enable high-speed weighing during bulk materials handling. We also offer gauging systems that employ ionizing and non-ionizing technologies to measure the total thickness, basis weight and coating thickness of flat-sheet materials, such as steel, plastics, foil, rubber and glass. We also offer on line analyzers based on a variety of technologies such as X-ray imaging and ultra-trace chemical detection, to inspect packaged goods for physical contaminants, validate fill quantities, or check for missing or broken parts on line and at high speeds in the food and beverage, pharmaceutical production and packaging industries to maintain safety and quality standards. |
• | Molecular Spectroscopy Instruments are divided into five primary techniques: Fourier transform infrared (FTIR), Raman, near-infrared (NIR), ultraviolet/visible (UV/Vis), and Nuclear Magnetic Resonance (NMR) spectroscopy. These technologies are typically used in the laboratory to provide information on the structure of molecules to identify, verify and quantify organic materials in pharmaceutical, biotechnology, polymer, chemical, and forensic sciences. Our material characterization instruments include rheometers and extruders that measure viscosity, elasticity, processability, and temperature-related mechanical changes of various materials. We also provide a range of surface analysis instruments commonly used in the semiconductor, metals, coatings, and polymer industries as a product development and failure analysis tool. |
• | Portable Analytical Instruments are rugged handheld products that provide rapid, precise, real-time analysis at the point of need. Our two main product categories are elemental and optical analyzers. Our portable elemental analyzers use XRF technology for identifying metal alloys in scrap metal recycling; QA/QC; precious metals analysis; environmental analysis; and lead screening in a range of consumer products. Our portable optical analyzers utilize Raman, FTIR and NIR technologies for use in the field by first responders, and law enforcement and military personnel who need to quickly and accurately identify chemicals and explosives in critical safety and security situations. Other applications include QA/QC in pharmaceutical production and identification of counterfeit drugs. |
• | Radiation Measurement and Security Products are used to monitor, detect and identify specific forms of radiation and trace explosives in nuclear power, environmental, industrial, medical, and security applications. Our primary customers include national, regional, and local government agencies responsible for monitoring cargo, vehicles and people traveling across borders. These products are also used by first-responders in safety and security situations, and for worker safety in the nuclear power and other industrial markets. |
• | Environmental and Process Instruments include fixed and portable instrumentation that help our customers protect people and the environment as well as comply with government regulations and industry safety standards. Our products are used by environmental regulatory agencies and power plant operators to measure ambient air, stack gas emissions, and particulates in compliance with regulated emissions standards. Our products are also used in process monitoring applications by customers in natural gas, petrochemical, refining, bioprocessing, and a wide variety of other industrial markets to provide measurements that improve efficiency, provide process and quality control, and increase worker safety. |
• | Controlled Temperature Technologies Products include our leading laboratory refrigerators and freezers, ultralow-temperature freezers and cryopreservation storage tanks for maintaining samples in a cold environment to protect them from degradation. We also offer temperature control products such as heated bath circulators, immersion coolers, recirculating chillers, water baths, and dry baths in a range of sizes, temperatures and configurations for life science, analytical chemistry, manufacturing and quality-control applications. |
• | Growth Protection and Separation Products include sample preparation and preservation equipment which protects our customers’ chemical and biological samples and supports the growth of cells and organisms in optimal conditions such as temperature, carbon dioxide and humidity as well as incubators and related products. We also offer centrifugation products, which are used to separate biological matrices and inorganic materials, including microcentrifuges, general use bench-top centrifuges and floor models. Additionally, we offer biological safety cabinets, which enable technicians to handle samples without risk to themselves or their environment and without risk of cross-contamination of samples. |
• | Water and Laboratory Products include water analysis instruments such as meters, electrodes and solutions for the measurement of pH, ions, conductivity, dissolved oxygen, turbidity and other key parameters in the lab and production line. We also offer other laboratory equipment such as water purification systems, shakers, vacuum concentrators, microbiological incubators, ovens, furnaces, hotplates, stirrers, stirring hotplates, and other related products. |
• | Laboratory and Specialty Plastics include cell culture and bioproduction products which support customers in research to production-scale activities. We offer a broad range of surface technologies for different application needs, including applications with traditional stem cell and human stem cell lines. Products include chamber slides, dishes, multidishes, flasks and gas permeable technologies. We also offer a complete line of serological pipettes and conical tubes to address cell-culture sample handling, as well as cell factories and roller bottles, and research serum and media products. These products are widely used in research and in the manufacture of vaccines and biotherapeutics. We also offer sample preparation and storage products such as centrifugation consumables as well as vials and organization systems for ultralow temperature and cryogenic storage, with specific products designed for low protein binding and low DNA binding and containers for packaging life science and diagnostic reagents as well for the storage and transport of bulk intermediates and active pharmaceutical ingredients. Additionally, our offerings include a complete selection of clinical specimen collection, drug-of-abuse collection kits and environmental and food-safety glass and plastic vials, bottles and containers, plastic transfer pipettes, general purpose clinical laboratory consumables and containers for breast milk collection, storage and feeding primarily used in neo-natal units and by lactation specialists. We also provide OEM and custom kit assembly services for clinical and drugs-of-abuse test kits. |
• | Liquid Handling Consumables include a leading offering of laboratory pipette tips and a complementary range of handheld and automated pipetting systems, supporting low- through high-throughput activity. These products optimize productivity and ergonomics, and ensure accurate results. We also offer detection instruments such as microplate readers, washers and purification systems. These instruments offer researchers in the fields of cancer research, drug development, proteomics, and genomics efficiency, high-quality performance and accurate results. |
• | Specialty Products and Services include a complete selection of clinical specimen collection, drug-of-abuse collection kits and environmental and food-safety glass and plastic vials, bottles and containers. We also manufacture plastic transfer pipettes and general purpose clinical laboratory consumables. We also offer containers for breast milk collection, storage and feeding primarily used in neo-natal units and by lactation specialists. In addition, we provide OEM and custom kit assembly services for clinical and drugs-of-abuse test kits. |
(In millions) | 2015 | 2014 | ||||||
Life Sciences Solutions | $ | 400.8 | $ | 365.5 | ||||
Analytical Instruments | 893.2 | 948.0 | ||||||
Specialty Diagnostics | 165.1 | 189.7 | ||||||
Laboratory Products and Services | 456.6 | 442.6 | ||||||
Eliminations | (29.5 | ) | (22.7 | ) | ||||
$ | 1,886.2 | $ | 1,923.1 |
• | technical performance and advances in technology that result in new products and improved price/performance ratios; |
• | product differentiation, availability and reliability; |
• | the depth of our capabilities; |
• | our reputation among customers as a quality provider of products and services; |
• | customer service and support; |
• | active research and application-development programs; and |
• | relative prices of our products and services. |
Name | Age | Present Title (Fiscal Year First Became Executive Officer) | ||
Marc N. Casper | 47 | President and Chief Executive Officer (2001) | ||
Alan J. Malus | 56 | Executive Vice President (2006) | ||
Mark P. Stevenson | 53 | Executive Vice President (2014) | ||
Peter M. Wilver | 56 | Executive Vice President and Chief Administrative Officer (2003) | ||
Patrick M. Durbin | 49 | Senior Vice President (2015) | ||
Seth H. Hoogasian | 61 | Senior Vice President, General Counsel and Secretary (2001) | ||
Thomas W. Loewald | 52 | Senior Vice President and Chief Commercial Officer (2012) | ||
Daniel P. Shine | 47 | Senior Vice President (2016) | ||
Stephen Williamson | 49 | Senior Vice President and Chief Financial Officer (2015) | ||
Peter E. Hornstra | 56 | Vice President and Chief Accounting Officer (2001) |
Item 1A. | Risk Factors |
• | strengthening our presence in selected geographic markets; |
• | allocating research and development funding to products with higher growth prospects; |
• | developing new applications for our technologies; |
• | expanding our service offerings; |
• | continuing key customer initiatives; |
• | combining sales and marketing operations in appropriate markets to compete more effectively; |
• | finding new markets for our products; and |
• | continuing the development of commercial tools and infrastructure to increase and support cross-selling opportunities of products and services to take advantage of our depth in product offerings. |
• | reducing demand for some of our products; |
• | increasing the rate of order cancellations or delays; |
• | increasing the risk of excess and obsolete inventories; |
• | increasing pressure on the prices for our products and services; and |
• | creating longer sales cycles and greater difficulty in collecting sales proceeds. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2015 | 2014 | ||||||||||||||
High | Low | High | Low | ||||||||||||
First Quarter | $ | 139.03 | $ | 121.54 | $ | 127.63 | $ | 109.08 | |||||||
Second Quarter | 136.24 | 125.25 | 123.37 | 112.02 | |||||||||||
Third Quarter | 141.25 | 117.98 | 127.21 | 116.36 | |||||||||||
Fourth Quarter | 143.65 | 117.10 | 129.77 | 107.33 |
2015 | 2014 | ||||||
First Quarter | $ | 0.15 | $ | 0.15 | |||
Second Quarter | 0.15 | 0.15 | |||||
Third Quarter | 0.15 | 0.15 | |||||
Fourth Quarter | 0.15 | 0.15 |
Item 6. | Selected Financial Data |
(In millions except per share amounts) | 2015 (a) | 2014 (b) | 2013 (c) | 2012 (d) | 2011 (e) | |||||||||||||||
Statement of Income Data | ||||||||||||||||||||
Revenues | $ | 16,965.4 | $ | 16,889.6 | $ | 13,090.3 | $ | 12,509.9 | $ | 11,558.8 | ||||||||||
Operating Income | 2,336.2 | 2,503.0 | 1,609.6 | 1,482.1 | 1,250.8 | |||||||||||||||
Income from Continuing Operations | 1,980.3 | 1,895.5 | 1,279.1 | 1,258.4 | 1,023.4 | |||||||||||||||
Net Income | 1,975.4 | 1,894.4 | 1,273.3 | 1,177.9 | 1,329.9 | |||||||||||||||
Earnings per Share from Continuing Operations: | ||||||||||||||||||||
Basic | 4.97 | 4.76 | 3.55 | 3.46 | 2.69 | |||||||||||||||
Diluted | 4.93 | 4.71 | 3.50 | 3.43 | 2.66 | |||||||||||||||
Earnings per Share: | ||||||||||||||||||||
Basic | 4.96 | 4.76 | 3.53 | 3.24 | 3.49 | |||||||||||||||
Diluted | 4.92 | 4.71 | 3.48 | 3.21 | 3.46 | |||||||||||||||
Cash Dividends Declared per Share | 0.60 | 0.60 | 0.60 | 0.54 | — | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Working Capital | $ | 1,593.9 | $ | 1,190.0 | $ | 6,754.7 | $ | 2,741.5 | $ | 1,708.8 | ||||||||||
Total Assets | 40,889.0 | 42,852.1 | 31,863.4 | 27,444.6 | 26,833.7 | |||||||||||||||
Long-term Obligations | 11,473.9 | 12,351.6 | 9,499.6 | 7,031.2 | 5,755.2 | |||||||||||||||
Shareholders' Equity | 21,350.2 | 20,548.1 | 16,856.1 | 15,464.7 | 15,038.1 |
(a) | Reflects $171 million of pre-tax charges for restructuring and other costs; after-tax loss of $5 million related to the company’s discontinued operations; and the repurchase of $500 million of the company’s common stock. |
(b) | Reflects $140 million of pre-tax income from gains on sale of businesses, net of restructuring and other costs; and after-tax loss of $1 million related to the company’s discontinued operations. Also reflects the acquisition of Life Technologies Corporation, in February 2014. |
(c) | Reflects $180 million of pre-tax charges for restructuring and other costs; after-tax loss of $6 million related to the company’s discontinued operations; and the repurchase of $90 million of the company’s common stock. Also reflects the issuance of $3.20 billion of long-term debt in December 2013 to fund the acquisition of Life Technologies in February 2014. |
(d) | Reflects $150 million of pre-tax charges for restructuring and other costs; after-tax loss of $81 million related to the company’s discontinued operations; and the repurchase of $1.15 billion of the company’s common stock. |
(e) | Reflects $231 million of pre-tax charges for restructuring and other costs; after-tax income of $307 million related to the company’s discontinued operations; and the repurchase of $1.34 billion of the company’s common stock. Also reflects the acquisitions of Dionex Corporation, in May 2011, and the Phadia group, in August 2011. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
(Dollars in millions) | 2015 | 2014 | ||||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 4,439.4 | 26.2 | % | $ | 4,195.7 | 24.8 | % | ||||||
Analytical Instruments | 3,208.2 | 18.9 | % | 3,252.2 | 19.3 | % | ||||||||
Specialty Diagnostics | 3,243.9 | 19.1 | % | 3,343.6 | 19.8 | % | ||||||||
Laboratory Products and Services | 6,661.5 | 39.3 | % | 6,601.5 | 39.1 | % | ||||||||
Eliminations | (587.6 | ) | (3.5 | )% | (503.4 | ) | (3.0 | )% | ||||||
$ | 16,965.4 | 100 | % | $ | 16,889.6 | 100 | % |
(a) | Accounts Receivable |
(b) | Inventories |
(c) | Intangible Assets and Goodwill |
(d) | Revenues |
(e) | Income Taxes |
(f) | Contingencies and Litigation |
(g) | Pension and Other Retiree Benefits |
(In millions) | 2015 | 2014 | Total Change | Currency Translation | Acquisitions/ Divestitures | Operations | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Life Sciences Solutions | $ | 4,439.4 | $ | 4,195.7 | $ | 243.7 | $ | (263.8 | ) | $ | 305.9 | $ | 201.6 | |||||||||||
Analytical Instruments | 3,208.2 | 3,252.2 | (44.0 | ) | (188.8 | ) | 4.1 | 140.7 | ||||||||||||||||
Specialty Diagnostics | 3,243.9 | 3,343.6 | (99.7 | ) | (196.6 | ) | 10.8 | 86.1 | ||||||||||||||||
Laboratory Products and Services | 6,661.5 | 6,601.5 | 60.0 | (302.9 | ) | (101.9 | ) | 464.8 | ||||||||||||||||
Eliminations | (587.6 | ) | (503.4 | ) | (84.2 | ) | 13.8 | (7.4 | ) | (90.6 | ) | |||||||||||||
Consolidated Revenues | $ | 16,965.4 | $ | 16,889.6 | $ | 75.8 | $ | (938.3 | ) | $ | 211.5 | $ | 802.6 |
(Dollars in millions) | 2015 | 2014 | Change | ||||||||
Revenues | |||||||||||
Life Sciences Solutions | $ | 4,439.4 | $ | 4,195.7 | 6 | % | |||||
Analytical Instruments | 3,208.2 | 3,252.2 | (1 | )% | |||||||
Specialty Diagnostics | 3,243.9 | 3,343.6 | (3 | )% | |||||||
Laboratory Products and Services | 6,661.5 | 6,601.5 | 1 | % | |||||||
Eliminations | (587.6 | ) | (503.4 | ) | 17 | % | |||||
Consolidated Revenues | $ | 16,965.4 | $ | 16,889.6 | 0 | % | |||||
Segment Income | |||||||||||
Life Sciences Solutions | $ | 1,336.9 | $ | 1,214.9 | 10 | % | |||||
Analytical Instruments | 612.8 | 581.1 | 5 | % | |||||||
Specialty Diagnostics | 872.9 | 916.0 | (5 | )% | |||||||
Laboratory Products and Services | 999.1 | 982.8 | 2 | % | |||||||
Subtotal Reportable Segments | 3,821.7 | 3,694.8 | 3 | % | |||||||
Cost of Revenues Charges | (9.1 | ) | (327.6 | ) | |||||||
Selling, General and Administrative Charges, Net | (46.3 | ) | (130.7 | ) | |||||||
Restructuring and Other (Costs) Income, Net | (115.3 | ) | 598.2 | ||||||||
Amortization of Acquisition-related Intangible Assets | (1,314.8 | ) | (1,331.7 | ) | |||||||
Consolidated Operating Income | $ | 2,336.2 | $ | 2,503.0 | (7 | )% | |||||
Reportable Segments Operating Income Margin | 22.5 | % | 21.9 | % | |||||||
Consolidated Operating Income Margin | 13.8 | % | 14.8 | % |
(Dollars in millions) | 2015 | 2014 | Change | ||||||||
Revenues | $ | 4,439.4 | $ | 4,195.7 | 6 | % | |||||
Operating Income Margin | 30.1 | % | 29.0 | % | 1.1 pt |
(Dollars in millions) | 2015 | 2014 | Change | ||||||||
Revenues | $ | 3,208.2 | $ | 3,252.2 | (1 | )% | |||||
Operating Income Margin | 19.1 | % | 17.9 | % | 1.2 pt |
(Dollars in millions) | 2015 | 2014 | Change | ||||||||
Revenues | $ | 3,243.9 | $ | 3,343.6 | (3 | )% | |||||
Operating Income Margin | 26.9 | % | 27.4 | % | -0.5 pt |
(Dollars in millions) | 2015 | 2014 | Change | ||||||||
Revenues | $ | 6,661.5 | $ | 6,601.5 | 1 | % | |||||
Operating Income Margin | 15.0 | % | 14.9 | % | 0.1 pt |
(In millions) | 2014 | 2013 | Total Change | Currency Translation | Acquisitions/ Divestitures | Operations | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Life Sciences Solutions | $ | 4,195.7 | $ | 712.5 | $ | 3,483.2 | $ | (0.2 | ) | $ | 3,446.2 | $ | 37.2 | |||||||||||
Analytical Instruments | 3,252.2 | 3,154.2 | 98.0 | (29.9 | ) | 15.3 | 112.6 | |||||||||||||||||
Specialty Diagnostics | 3,343.6 | 3,191.7 | 151.9 | (12.4 | ) | 10.1 | 154.2 | |||||||||||||||||
Laboratory Products and Services | 6,601.5 | 6,398.8 | 202.7 | (16.9 | ) | (92.5 | ) | 312.1 | ||||||||||||||||
Eliminations | (503.4 | ) | (366.9 | ) | (136.5 | ) | (0.3 | ) | (69.3 | ) | (66.9 | ) | ||||||||||||
Consolidated Revenues | $ | 16,889.6 | $ | 13,090.3 | $ | 3,799.3 | $ | (59.7 | ) | $ | 3,309.8 | $ | 549.2 |
(Dollars in millions) | 2014 | 2013 | Change | ||||||||
Revenues | |||||||||||
Life Sciences Solutions | $ | 4,195.7 | $ | 712.5 | 489 | % | |||||
Analytical Instruments | 3,252.2 | 3,154.2 | 3 | % | |||||||
Specialty Diagnostics | 3,343.6 | 3,191.7 | 5 | % | |||||||
Laboratory Products and Services | 6,601.5 | 6,398.8 | 3 | % | |||||||
Eliminations | (503.4 | ) | (366.9 | ) | 37 | % | |||||
Consolidated Revenues | $ | 16,889.6 | $ | 13,090.3 | 29 | % | |||||
Segment Income | |||||||||||
Life Sciences Solutions | $ | 1,214.9 | $ | 169.7 | 616 | % | |||||
Analytical Instruments | 581.1 | 558.7 | 4 | % | |||||||
Specialty Diagnostics | 916.0 | 863.7 | 6 | % | |||||||
Laboratory Products and Services | 982.8 | 960.4 | 2 | % | |||||||
Subtotal Reportable Segments | 3,694.8 | 2,552.5 | 45 | % | |||||||
Cost of Revenues Charges | (327.6 | ) | (28.6 | ) | |||||||
Selling, General and Administrative Costs, Net | (130.7 | ) | (73.5 | ) | |||||||
Restructuring and Other Income (Costs), Net | 598.2 | (77.7 | ) | ||||||||
Amortization of Acquisition-related Intangible Assets | (1,331.7 | ) | (763.1 | ) | |||||||
Consolidated Operating Income | $ | 2,503.0 | $ | 1,609.6 | 56 | % | |||||
Reportable Segments Operating Income Margin | 21.9 | % | 19.5 | % | |||||||
Consolidated Operating Income Margin | 14.8 | % | 12.3 | % |
(Dollars in millions) | 2014 | 2013 | Change | ||||||||
Revenues | $ | 4,195.7 | $ | 712.5 | 489 | % | |||||
Operating Income Margin | 29.0 | % | 23.8 | % | 5.2pt |
(Dollars in millions) | 2014 | 2013 | Change | ||||||||
Revenues | $ | 3,252.2 | $ | 3,154.2 | 3 | % | |||||
Operating Income Margin | 17.9 | % | 17.7 | % | 0.2pt |
(Dollars in millions) | 2014 | 2013 | Change | ||||||||
Revenues | $ | 3,343.6 | $ | 3,191.7 | 5 | % | |||||
Operating Income Margin | 27.4 | % | 27.1 | % | 0.3pt |
(Dollars in millions) | 2014 | 2013 | Change | ||||||||
Revenues | $ | 6,601.5 | $ | 6,398.8 | 3 | % | |||||
Operating Income Margin | 14.9 | % | 15.0 | % | (0.1)pt |
Payments due by Period or Expiration of Commitment | ||||||||||||||||||||
(In millions) | 2016 | 2017 and 2018 | 2019 and 2020 | 2021 and Thereafter | Total | |||||||||||||||
Contractual Obligations and Other Commercial Commitments | ||||||||||||||||||||
Debt principal, including short-term debt (a) | $ | 1,050.1 | $ | 1,850.9 | $ | 2,411.7 | $ | 7,088.2 | $ | 12,400.9 | ||||||||||
Interest | 1.0 | 1.7 | 1.1 | 1.2 | 5.0 | |||||||||||||||
Capital lease obligations | 2.9 | 3.5 | 3.8 | 4.7 | 14.9 | |||||||||||||||
Operating lease obligations | 144.0 | 212.8 | 122.4 | 148.8 | 628.0 | |||||||||||||||
Unconditional purchase obligations (b) | 318.3 | 35.9 | 4.3 | 2.0 | 360.5 | |||||||||||||||
Letters of credit and bank guarantees | 118.6 | 10.7 | 16.4 | 1.8 | 147.5 | |||||||||||||||
Surety bonds and other guarantees | 30.4 | 5.6 | — | — | 36.0 | |||||||||||||||
Pension obligations on balance sheet | 32.9 | 63.9 | 73.0 | 434.5 | 604.3 | |||||||||||||||
Asset retirement obligations accrued on balance sheet | 4.1 | 11.6 | 8.1 | 13.2 | 37.0 | |||||||||||||||
Acquisition-related contingent consideration accrued on balance sheet | 0.8 | 1.1 | — | — | 1.9 | |||||||||||||||
Other (c) | 1.5 | — | — | — | 1.5 | |||||||||||||||
$ | 1,704.6 | $ | 2,197.7 | $ | 2,640.8 | $ | 7,694.4 | $ | 14,237.5 |
(a) | Amounts represent the expected cash payments for debt and do not include any deferred issuance costs. |
(b) | Unconditional purchase obligations include agreements to purchase goods, services or fixed assets that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. |
(c) | Obligation represents funding commitments pursuant to investments held by the company. |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
(a) | The following documents are filed as part of this report: |
(1) | Consolidated Financial Statements (see Index on page F-1 of this report) |
(2) | All schedules are omitted because they are not applicable or not required, or because the required information is included either in the consolidated financial statements or in the notes thereto. |
(b) | Exhibits |
See the Exhibit Index on page 43. |
Date: | February 25, 2016 | THERMO FISHER SCIENTIFIC INC. | |
By: | /s/ Marc N. Casper | ||
Marc N. Casper | |||
President and Chief Executive Officer |
Signature | Title | ||
By: | /s/ Marc N. Casper | President, Chief Executive Officer and Director | |
Marc N. Casper | (Principal Executive Officer) | ||
By: | /s/ Jim P. Manzi | Chairman of the Board and Director | |
Jim P. Manzi | |||
By: | /s/ Stephen Williamson | Senior Vice President and Chief Financial Officer | |
Stephen Williamson | (Principal Financial Officer) | ||
By: | /s/ Peter E. Hornstra | Vice President and Chief Accounting Officer | |
Peter E. Hornstra | (Principal Accounting Officer) | ||
By: | /s/ Nelson J. Chai | Director | |
Nelson J. Chai | |||
By: | /s/ C. Martin Harris | Director | |
C. Martin Harris | |||
By: | /s/ Tyler E. Jacks | Director | |
Tyler E. Jacks | |||
By: | /s/ Judy C. Lewent | Director | |
Judy C. Lewent | |||
By: | /s/ Thomas J. Lynch | Director | |
Thomas J. Lynch | |||
By: | /s/ William G. Parrett | Director | |
William G. Parrett | |||
By: | /s/ Scott M. Sperling | Director | |
Scott M. Sperling | |||
By: | /s/ Elaine S. Ullian | Director | |
Elaine S. Ullian |
Exhibit Number | Description of Exhibit | |
3.1 | Amended and Restated Certificate of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 [File No. 1-8002] and incorporated in this document by reference). | |
3.2 | Amendment to Thermo Fisher Scientific Inc.’s Third Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 14, 2006 [File No. 1-8002] and incorporated in this document by reference). | |
3.3 | Certificate of Elimination of the Series B Junior Participating Preferred Stock of the Company, dated November 13, 2015 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 16, 2015 [File No. 1-8002] and incorporated in this document by reference). | |
3.4 | Bylaws of the Registrant, as amended and effective as of July 12, 2011 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed July 14, 2011 [File No. 1-8002] and incorporated in this document by reference). | |
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. | ||
4.1 | Indenture dated as of November 20, 2009 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K with the SEC on November 20, 2009 [File No. 1-8002] and incorporated in this document by reference). | |
4.2 | First Supplemental Indenture dated as of November 20, 2009 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K with the SEC on November 20, 2009 [File No. 1-8002] and incorporated in this document by reference). | |
4.3 | Second Supplemental Indenture dated as of April 27, 2010 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K with the SEC on April 27, 2010 [File No. 1-8002] and incorporated in this document by reference). | |
4.4 | Third Supplemental Indenture dated as of February 22, 2011 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K with the SEC on February 22, 2011 [File No. 1-8002] and incorporated in this document by reference). | |
4.5 | Fourth Supplemental Indenture dated as of August 16, 2011 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed August 16, 2011 [File No. 1-8002] and incorporated in this document by reference). | |
4.6 | Fifth Supplemental Indenture dated as of August 22, 2012 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed August 22, 2012 [File No. 1-8002] and incorporated in this document by reference). | |
4.7 | Sixth Supplemental Indenture, dated as of December 11, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed December 11, 2013 [File No. 1-8002] and incorporated in this document by reference). | |
4.8 | Seventh Supplemental Indenture, dated as of November 14, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed November 14, 2014 [File No. 1-8002] and incorporated in this document by reference). | |
4.9 | Eighth Supplemental Indenture, dated as of November 24, 2014, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed November 24, 2014 [File No. 1-8002] and incorporated in this document by reference). | |
4.10 | Ninth Supplemental Indenture, dated as of July 21, 2015, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed July 21, 2015 [File No. 1-8002] and incorporated in this document by reference). | |
4.11 | Tenth Supplemental Indenture, dated as of November 24, 2015, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed November 24, 2015 [File No. 1-8002] and incorporated in this document by reference). | |
4.12 | Eleventh Supplemental Indenture, dated as of December 9, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed December 9, 2015 [File No. 1-8002] and incorporated in this document by reference). |
Exhibit Number | Description of Exhibit | |
4.13 | Indenture between Life Technologies and U.S. Bank National Association., as trustee, dated as of February 19, 2010 (filed as Exhibit 4.1 to Life Technologies Corporation’s Current Report on Form 8-K, filed on February 19, 2010 [File No. 000-25317] and incorporated in this document by reference). | |
4.14 | First Supplemental Indenture between Life Technologies and U.S. Bank National Association., as trustee, dated as of February 19, 2010, including the forms of the Life Technologies 3.375% Senior Notes due 2013, 4.400% Senior Notes due 2015 and 6.000% Senior Notes due 2020 (filed as Exhibit 4.2 to Life Technologies Corporation’s Current Report on Form 8-K, filed on February 19, 2010 [File No. 000-25317] and incorporated in this document by reference). | |
4.15 | Second Supplemental Indenture between Life Technologies and U.S. Bank National Association., as trustee, dated as of December 14, 2010, including the forms of the Life Technologies 3.50% Senior Notes due 2016 and 5.00% Senior Notes due 2021 (filed as Exhibit 4.2 to Life Technologies Corporation’s Current Report on Form 8-K, filed on December 14, 2010 [File No. 000-25317] and incorporated in this document by reference). | |
10.1 | Thermo Fisher Scientific Inc. Deferred Compensation Plan for Directors of the Registrant, as amended and restated on September 12, 2007 (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2007 [File No. 1‑8002] and incorporated in this document by reference).* | |
10.2 | Thermo Electron Corporation Deferred Compensation Plan, effective November 1, 2001 (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 29, 2001 [File No. 1-8002] and incorporated in this document by reference).* | |
10.3 | Form of Amended and Restated Indemnification Agreement between the Registrant and its directors and officers (filed as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-4 [Reg. No. 333-90661] and incorporated in this document by reference).* | |
10.4 | Executive Registry Program at the Massachusetts General Hospital (filed as Exhibit 10.74 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 28, 2002 [File No. 1-8002] and incorporated in this document by reference).* | |
10.5 | Form of Executive Change in Control Retention Agreement for Officers (other than Marc Casper) (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed May 3, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.6 | Thermo Fisher Scientific Inc. Executive Severance Policy (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed May 19, 2008 [File No. 1-8002] and incorporated in this document by reference).* | |
10.7 | Form of Thermo Fisher Scientific Inc. Stock Option Agreement for use in connection with the grant of stock options under the Registrant’s equity plans, as amended and restated on November 9, 2006 to officers and directors of the Registrant (other than Marc Casper) (filed as Exhibit 10.12 to the Registrant’s Current Report on Form 8-K filed November 14, 2006 [File No. 1-8002] and incorporated in this document by reference).* | |
10.8 | Summary of Thermo Fisher Scientific Inc. Annual Director Compensation (filed as Exhibit 10.10 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 [File No. 1-8002] and incorporated in this document by reference).* | |
10.9 | Summary of Annual Incentive Program of Thermo Electron Corporation (filed as Exhibit 10.66 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004 [File No. 1-8002] and incorporated in this document by reference).* | |
10.10 | Summary of 2015 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the Registrant’s Current Report on Form 8-K filed February 26, 2015 [File No. 1-8002] under the heading “Annual Cash Incentive Plans - Establishment of Criteria for 2015 Bonus” and incorporated in this document by reference).* | |
10.11 | Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers (filed as Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.12 | Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc. (filed as Exhibit 10.12 to Fisher Scientific International Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992, filed March 24, 1993 [File No. 1-10920] and incorporated in this document by reference).* | |
10.13 | First Amendment to the Fisher Scientific International Inc. Retirement Plan for Non-Employee Directors (filed as Exhibit 10.04 to Fisher Scientific International Inc.’s Quarterly Report on Form 10-Q filed May 10, 2005 [File No. 1-10920] and incorporated in this document by reference).* |
Exhibit Number | Description of Exhibit | |
10.14 | Amendment to Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc. (filed as Exhibit 10.02 to Fisher Scientific International Inc.’s Current Report on Form 8-K filed March 7, 2006 [File No. 1-10920] and incorporated in this document by reference).* | |
10.15 | Fisher Scientific International Inc. 2005 Equity and Incentive Plan, effective as of May 6, 2005 (filed as Exhibit A to Fisher Scientific International Inc.’s definitive proxy statement filed April 4, 2005 [File No. 1-10920] and incorporated in this document by reference).* | |
10.16 | Form of 2005 Equity and Incentive Plan Non-Qualified Stock Option Award Agreement (filed as Exhibit 10.01 to Fisher Scientific International Inc.’s Current Report on Form 8-K filed June 10, 2005 [File No. 1-10920] and incorporated in this document by reference).* | |
10.17 | Thermo Fisher Scientific Inc. Amended and Restated 2005 Deferred Compensation Plan, effective January 1, 2009 (filed as Exhibit 10.43 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 [File No. 1-8002] and incorporated in this document by reference).* | |
10.18 | Description of Amendments to certain Stock Option Plans made in February 2008 (filed as Exhibit 10.75 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 [File No. 1-8002] and incorporated in this document by reference).* | |
10.19 | Thermo Fisher Scientific Inc. 2008 Stock Incentive Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 22, 2008 [File No. 1-8002] and incorporated in this document by reference).* | |
10.20 | Amendment No. 1 to Thermo Fisher Scientific Inc. Amended and Restated 2005 Deferred Compensation Plan (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.21 | Stock Option Agreement, between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.22 | Stock Option Agreement, between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.23 | Time-Based Restricted Stock Unit Agreement between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.24 | Performance-Based Restricted Stock Unit Agreement between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.25 | 2009 Restatement of Executive Severance Agreement, between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.26 | Executive Change In Control Retention Agreement, between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.27 | Noncompetition Agreement, between Marc Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).* | |
10.28 | Amendment No. 1 to Executive Severance Policy, dated February 25, 2010 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No. 1-8002] and incorporated in this document by reference).* | |
10.29 | Amendment No. 1 to 2009 Restatement of Executive Severance Agreement, dated February 25, 2010, between the Registrant and Marc N. Casper (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No. 1-8002] and incorporated in this document by reference).* | |
10.30 | Amendment No. 2 to Executive Severance Policy, dated November 10, 2010 (filed as Exhibit 10.54 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).* |
Exhibit Number | Description of Exhibit | |
10.31 | Amendment No. 2 to 2009 Restatement of Executive Severance Agreement, dated November 10, 2010, between the Registrant and Marc N. Casper (filed as Exhibit 10.55 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).* | |
10.32 | Amendment No. 1 to Executive Change In Control Retention Agreement, dated November 10, 2010, between Marc N. Casper and the Registrant (filed as Exhibit 10.56 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).* | |
10.33 | Amendment to 2008 Stock Incentive Plan dated November 10, 2010 (filed as Exhibit 10.57 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).* | |
10.34 | Form of Thermo Fisher Scientific Inc.’s February 2011 Stock Option Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 24, 2011 [File No. 1-8002] and incorporated in this document by reference).* | |
10.35 | Stock Option Agreement, between Marc Casper and the Registrant, dated February 23, 2011 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 24, 2011 [File No. 1-8002] and incorporated in this document by reference).* | |
10.36 | Form of Thermo Fisher Scientific Inc.’s February 2011 Restricted Stock Unit Agreement for Directors (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2011 [File No. 1-8002] and incorporated in this document by reference).* | |
10.37 | Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper, dated March 2, 2012 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 2, 2012 [File No. 1-8002] and incorporated in this document by reference).* | |
10.38 | Form of Thermo Fisher Scientific Inc.’s March 2012 Performance Restricted Stock Unit Agreement for Band VII Officers (other than Marc Casper) (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed March 2, 2012 [File No. 1-8002] and incorporated in this document by reference).* | |
10.39 | Form of Thermo Fisher Scientific Inc.’s March 2012 Restricted Stock Unit Agreement for Band VII Officers (other than Marc Casper) (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed March 2, 2012 [File No. 1-8002] and incorporated in this document by reference).* | |
10.40 | Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.41 | Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.42 | Form of Thermo Fisher Scientific Inc.’s Stock Option Agreement (filed as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.43 | Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper dated February 26, 2013 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.44 | Form of Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.45 | Form of Stock Option Agreement between Thermo Fisher Scientific Inc. and Marc Casper (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.46 | Thermo Fisher Scientific Inc. 2013 Stock Incentive Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 23, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.47 | Thermo Fisher Scientific Inc. 2013 Annual Incentive Award Plan (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed May 23, 2013 [File No. 1-8002] and incorporated in this document by reference).* | |
10.48 | Credit Agreement, dated July 25, 2013, among the Company, certain Subsidiaries of the Company from time to time party thereto, Bank of America, N.A., and each lender from time to time party thereto (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed July 26, 2013 [File No. 1-8002] and incorporated in this document by reference). |
Exhibit Number | Description of Exhibit | |
10.49 | Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper dated February 26, 2014, (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 27, 2014 [File No. 1-8002] and incorporated in this document by reference).* | |
10.50 | Offer Letter dated December 31, 2013, between the Company and Mark Stevenson (filed as Exhibit 10.55 to the Registrant’s Annual Report on Form 10-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.51 | Restricted Stock Unit Award Agreement between Life Technologies Corporation and Mark Stevenson dated April 2, 2012 (filed as Exhibit 10.57 to the Registrant’s Annual Report on Form 10-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.52 | Restricted Stock Unit Award Agreement between Life Technologies Corporation and Mark Stevenson dated April 1, 2013 (filed as Exhibit 10.58 to the Registrant’s Annual Report on Form 10-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.53 | Change in Control Agreement dated March 5, 2009, by and between Life Technologies Corporation and Mark P. Stevenson (filed as Exhibit 10.59 to the Registrant’s Annual Report on Form 10-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.54 | Amendment to Change in Control Agreement by and between Life Technologies Corporation and Mark P. Stevenson, dated July 21, 2013 (filed as Exhibit 10.60 to the Registrant’s Annual Report on Form 10-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.55 | Supplemental Executive Retirement Plan effective as of December 31, 2005, as amended and restated as of August 28, 2006 (filed as Exhibit 10.3 to Applera Corporation’s Quarterly Report on Form 10-Q filed November 6, 2006 [File No. 1-04389] and incorporated in this document by reference).* | |
10.56 | Amendment to Supplemental Executive Retirement Plan, effective as of January 1, 2010 (filed as Exhibit 10.1 to Life Technologies Corporation’s Current Report on Form 8-K filed December 8, 2009 [File No. 000-25317] and incorporated in this document by reference).* | |
10.57 | Noncompetition Agreement between the Registrant and Mark Stevenson, dated September 10, 2015 (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed October 30, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.58 | Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Peter Wilver dated February 25, 2015 (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.59 | Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Peter Wilver dated February 25, 2015 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference).* | |
10.60 | Incremental Facility Amendment, dated February 23, 2015, to the Credit Agreement, dated July 25, 2013, among the Company, certain Subsidiaries of the Company from time to time party thereto, Bank of America, N.A., and each lender from time to time party thereto (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 26, 2015 [File No. 1-8002] and incorporated in this document by reference). | |
21 | Subsidiaries of the Registrant. | |
23.1 | Consent of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm. | |
31.1 | Certification of Chief Executive Officer required by Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer required by Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of Chief Executive Officer required by Exchange Act Rules 13a-14(b) and 15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | |
32.2 | Certification of Chief Financial Officer required by Exchange Act Rules 13a-14(b) and 15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. |
Exhibit Number | Description of Exhibit | |
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. |
Page | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheet as of December 31, 2015 and 2014 | |
Consolidated Statement of Income for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statement of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statement of Cash Flows for the years ended December 31, 2015, 2014 and 2013 | |
Consolidated Statement of Shareholders’ Equity for the years ended December 31, 2015, 2014 and 2013 | |
Notes to Consolidated Financial Statements |
December 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 452.1 | $ | 1,343.5 | ||||
Accounts receivable, less allowances of $70.1 and $74.1 | 2,544.9 | 2,473.6 | ||||||
Inventories | 1,991.7 | 1,859.5 | ||||||
Deferred tax assets | — | 303.3 | ||||||
Other current assets | 752.5 | 559.9 | ||||||
Total current assets | 5,741.2 | 6,539.8 | ||||||
Property, Plant and Equipment, Net | 2,448.8 | 2,426.5 | ||||||
Acquisition-related Intangible Assets, Net | 12,758.3 | 14,110.1 | ||||||
Other Assets | 1,113.1 | 933.1 | ||||||
Goodwill | 18,827.6 | 18,842.6 | ||||||
Total Assets | $ | 40,889.0 | $ | 42,852.1 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current Liabilities: | ||||||||
Short-term obligations and current maturities of long-term obligations | $ | 1,052.8 | $ | 2,212.4 | ||||
Accounts payable | 822.2 | 820.7 | ||||||
Accrued payroll and employee benefits | 598.2 | 668.9 | ||||||
Accrued income taxes | 212.5 | 165.1 | ||||||
Deferred revenue | 317.9 | 311.9 | ||||||
Other accrued expenses | 1,143.7 | 1,170.8 | ||||||
Total current liabilities | 4,147.3 | 5,349.8 | ||||||
Deferred Income Taxes | 2,622.6 | 3,430.7 | ||||||
Other Long-term Liabilities | 1,295.0 | 1,171.9 | ||||||
Long-term Obligations | 11,473.9 | 12,351.6 | ||||||
Commitments and Contingencies (Note 10) | ||||||||
Shareholders' Equity: | ||||||||
Preferred stock, $100 par value, 50,000 shares authorized; none issued | ||||||||
Common stock, $1 par value, 1,200,000,000 shares authorized; 411,944,301 and 408,461,670 shares issued | 411.9 | 408.5 | ||||||
Capital in excess of par value | 11,801.2 | 11,473.6 | ||||||
Retained earnings | 12,142.3 | 10,406.9 | ||||||
Treasury stock at cost, 12,314,200 and 7,991,782 shares | (1,007.9 | ) | (455.9 | ) | ||||
Accumulated other comprehensive items | (1,997.3 | ) | (1,285.0 | ) | ||||
Total shareholders' equity | 21,350.2 | 20,548.1 | ||||||
Total Liabilities and Shareholders' Equity | $ | 40,889.0 | $ | 42,852.1 |
Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
(In millions except per share amounts) | 2015 | 2014 | 2013 | |||||||||
Revenues | ||||||||||||
Product revenues | $ | 14,667.8 | $ | 14,715.1 | $ | 11,215.2 | ||||||
Service revenues | 2,297.6 | 2,174.5 | 1,875.1 | |||||||||
Total revenues | 16,965.4 | 16,889.6 | 13,090.3 | |||||||||
Costs and Operating Expenses: | ||||||||||||
Cost of product revenues | 7,583.8 | 7,934.7 | 6,309.6 | |||||||||
Cost of service revenues | 1,625.7 | 1,462.9 | 1,251.6 | |||||||||
Selling, general and administrative expenses | 4,612.1 | 4,896.1 | 3,446.3 | |||||||||
Research and development expenses | 692.3 | 691.1 | 395.5 | |||||||||
Restructuring and other costs (income), net | 115.3 | (598.2 | ) | 77.7 | ||||||||
Total costs and operating expenses | 14,629.2 | 14,386.6 | 11,480.7 | |||||||||
Operating Income | 2,336.2 | 2,503.0 | 1,609.6 | |||||||||
Other Expense, Net | (399.8 | ) | (415.8 | ) | (290.1 | ) | ||||||
Income from Continuing Operations Before Income Taxes | 1,936.4 | 2,087.2 | 1,319.5 | |||||||||
Benefit from (Provision for) Income Taxes | 43.9 | (191.7 | ) | (40.4 | ) | |||||||
Income from Continuing Operations | 1,980.3 | 1,895.5 | 1,279.1 | |||||||||
Loss from Discontinued Operations (net of income tax benefit of $2.9, $0.6 and $3.7) | (4.9 | ) | (1.1 | ) | (5.8 | ) | ||||||
Net Income | $ | 1,975.4 | $ | 1,894.4 | $ | 1,273.3 | ||||||
Earnings per Share from Continuing Operations | ||||||||||||
Basic | $ | 4.97 | $ | 4.76 | $ | 3.55 | ||||||
Diluted | $ | 4.93 | $ | 4.71 | $ | 3.50 | ||||||
Earnings per Share | ||||||||||||
Basic | $ | 4.96 | $ | 4.76 | $ | 3.53 | ||||||
Diluted | $ | 4.92 | $ | 4.71 | $ | 3.48 | ||||||
Weighted Average Shares | ||||||||||||
Basic | 398.7 | 398.2 | 360.3 | |||||||||
Diluted | 401.9 | 402.3 | 365.8 | |||||||||
Cash Dividends Declared per Common Share | $ | 0.60 | $ | 0.60 | $ | 0.60 |
Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Comprehensive Income | ||||||||||||
Net Income | $ | 1,975.4 | $ | 1,894.4 | $ | 1,273.3 | ||||||
Other Comprehensive Items: | ||||||||||||
Currency translation adjustment | (706.1 | ) | (1,182.6 | ) | 24.6 | |||||||
Unrealized gains on available-for-sale investments: | ||||||||||||
Unrealized holding gains arising during the period (net of tax provision of $0.0, $0.1 and $0.5) | 0.5 | 1.7 | 1.6 | |||||||||
Reclassification adjustment for gains included in net income (net of tax provision of $0.2 and $2.5) | — | (1.7 | ) | (8.0 | ) | |||||||
Unrealized gains and losses on hedging instruments: | ||||||||||||
Unrealized (losses) gains on hedging instruments (net of tax (benefit) provision of ($5.5) and $3.6) | (9.0 | ) | — | 5.8 | ||||||||
Reclassification adjustment for losses included in net income (net of tax benefit of $1.5, $1.8 and $2.2) | 3.3 | 3.0 | 3.2 | |||||||||
Pension and other postretirement benefit liability adjustments: | ||||||||||||
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (benefit) provision of ($5.0), ($26.5) and $20.3) | (9.0 | ) | (52.2 | ) | 38.2 | |||||||
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $2.9, $13.3 and $3.6) | 8.0 | 24.0 | 7.8 | |||||||||
Total other comprehensive items | (712.3 | ) | (1,207.8 | ) | 73.2 | |||||||
Comprehensive Income | $ | 1,263.1 | $ | 686.6 | $ | 1,346.5 |
Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Operating Activities | ||||||||||||
Net income | $ | 1,975.4 | $ | 1,894.4 | $ | 1,273.3 | ||||||
Loss from discontinued operations | 4.9 | 1.1 | 5.8 | |||||||||
Income from continuing operations | 1,980.3 | 1,895.5 | 1,279.1 | |||||||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 1,688.2 | 1,684.8 | 999.9 | |||||||||
Change in deferred income taxes | (524.8 | ) | (621.8 | ) | (472.8 | ) | ||||||
Net gains on sale of businesses | (7.6 | ) | (895.4 | ) | — | |||||||
Non-cash stock-based compensation | 125.0 | 117.1 | 90.9 | |||||||||
Tax benefits from stock-based compensation awards | (64.1 | ) | (65.6 | ) | (48.8 | ) | ||||||
Non-cash charges for sale of inventories revalued at the date of acquisition | 6.9 | 303.4 | 23.9 | |||||||||
Other non-cash expenses, net | 58.6 | 38.0 | 22.7 | |||||||||
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions: | ||||||||||||
Accounts receivable | (149.4 | ) | (145.4 | ) | (147.9 | ) | ||||||
Inventories | (140.7 | ) | (109.8 | ) | (72.2 | ) | ||||||
Other assets | (254.3 | ) | 163.1 | 168.7 | ||||||||
Accounts payable | (2.7 | ) | 1.2 | 47.0 | ||||||||
Other liabilities | 147.7 | 308.4 | 163.3 | |||||||||
Contributions to retirement plans | (37.5 | ) | (49.6 | ) | (38.2 | ) | ||||||
Net cash provided by continuing operations | 2,825.6 | 2,623.9 | 2,015.6 | |||||||||
Net cash used in discontinued operations | (8.7 | ) | (4.3 | ) | (4.9 | ) | ||||||
Net cash provided by operating activities | 2,816.9 | 2,619.6 | 2,010.7 | |||||||||
Investing Activities | ||||||||||||
Acquisitions, net of cash acquired | (694.6 | ) | (13,060.1 | ) | (11.4 | ) | ||||||
Proceeds from sale of businesses, net of cash divested | — | 1,521.8 | — | |||||||||
Purchase of property, plant and equipment | (422.9 | ) | (427.6 | ) | (282.4 | ) | ||||||
Proceeds from sale of property, plant and equipment | 18.1 | 49.3 | 20.7 | |||||||||
Proceeds from sale of investments | 12.0 | 88.6 | 7.6 | |||||||||
Decrease in restricted cash | 5.8 | 48.6 | 4.0 | |||||||||
Other investing activities, net | (5.8 | ) | (3.3 | ) | (1.8 | ) | ||||||
Net cash used in investing activities | $ | (1,087.4 | ) | $ | (11,782.7 | ) | $ | (263.3 | ) |
Year Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Financing Activities | ||||||||||||
Net proceeds from issuance of long-term debt | $ | 1,798.0 | $ | 6,592.3 | $ | 3,167.8 | ||||||
Repayment of long-term obligations | (3,780.2 | ) | (4,429.4 | ) | (1.0 | ) | ||||||
Increase (decrease) in commercial paper, net | 49.5 | (249.9 | ) | 199.9 | ||||||||
Decrease in short-term notes payable | — | (36.6 | ) | (12.0 | ) | |||||||
Purchases of company common stock | (500.0 | ) | — | (89.8 | ) | |||||||
Dividends paid | (240.6 | ) | (234.8 | ) | (216.2 | ) | ||||||
Net proceeds from issuance of company common stock | — | 2,942.0 | — | |||||||||
Net proceeds from issuance of company common stock under employee stock plans | 124.0 | 155.4 | 230.4 | |||||||||
Tax benefits from stock-based compensation awards | 64.1 | 65.6 | 48.8 | |||||||||
Other financing activities, net | (6.1 | ) | (8.5 | ) | (17.9 | ) | ||||||
Net cash (used in) provided by financing activities | (2,491.3 | ) | 4,796.1 | 3,310.0 | ||||||||
Exchange Rate Effect on Cash | (129.6 | ) | (115.5 | ) | (37.0 | ) | ||||||
(Decrease) Increase in Cash and Cash Equivalents | (891.4 | ) | (4,482.5 | ) | 5,020.4 | |||||||
Cash and Cash Equivalents at Beginning of Period | 1,343.5 | 5,826.0 | 805.6 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 452.1 | $ | 1,343.5 | $ | 5,826.0 | ||||||
See Note 13 for supplemental cash flow information. |
Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Shareholders' Equity | |||||||||||||||||||||||||
(In millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 413.5 | $ | 413.5 | $ | 10,501.1 | $ | 7,697.3 | 56.0 | $ | (2,996.8 | ) | $ | (150.4 | ) | $ | 15,464.7 | ||||||||||||||
Retirement of treasury shares | (50.0 | ) | (50.0 | ) | (2,647.7 | ) | — | (50.0 | ) | 2,697.7 | — | — | ||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | 6.1 | 6.1 | 232.9 | — | 0.3 | (23.3 | ) | — | 215.7 | |||||||||||||||||||||
Stock-based compensation | — | — | 90.9 | — | — | — | — | 90.9 | ||||||||||||||||||||||
Tax benefit related to employees' and directors' stock plans | — | — | 46.6 | — | — | — | — | 46.6 | ||||||||||||||||||||||
Purchases of company common stock | — | — | — | — | 1.3 | (89.8 | ) | — | (89.8 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | (217.3 | ) | — | — | — | (217.3 | ) | ||||||||||||||||||||
Net income | — | — | — | 1,273.3 | — | — | — | 1,273.3 | ||||||||||||||||||||||
Other comprehensive items | — | — | — | — | — | — | 73.2 | 73.2 | ||||||||||||||||||||||
Other | — | — | (1.2 | ) | — | — | — | — | (1.2 | ) | ||||||||||||||||||||
Balance at December 31, 2013 | 369.6 | 369.6 | 8,222.6 | 8,753.3 | 7.6 | (412.2 | ) | (77.2 | ) | 16,856.1 | ||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | 4.0 | 4.0 | 161.3 | — | 0.4 | (43.7 | ) | — | 121.6 | |||||||||||||||||||||
Issuance of shares | 34.9 | 34.9 | 2,907.4 | — | — | — | — | 2,942.3 | ||||||||||||||||||||||
Stock-based compensation | — | — | 117.1 | — | — | — | — | 117.1 | ||||||||||||||||||||||
Tax benefit related to employees' and directors' stock plans | — | — | 65.4 | — | — | — | — | 65.4 | ||||||||||||||||||||||
Dividends declared | — | — | — | (240.8 | ) | — | — | — | (240.8 | ) | ||||||||||||||||||||
Net income | — | — | — | 1,894.4 | — | — | — | 1,894.4 | ||||||||||||||||||||||
Other comprehensive items | — | — | — | — | — | — | (1,207.8 | ) | (1,207.8 | ) | ||||||||||||||||||||
Other | — | — | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||||
Balance at December 31, 2014 | 408.5 | 408.5 | 11,473.6 | 10,406.9 | 8.0 | (455.9 | ) | (1,285.0 | ) | 20,548.1 | ||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans | 3.4 | 3.4 | 139.4 | — | 0.4 | (52.0 | ) | — | 90.8 | |||||||||||||||||||||
Stock-based compensation | — | — | 125.0 | — | — | — | — | 125.0 | ||||||||||||||||||||||
Tax benefit related to employees' and directors' stock plans | — | — | 63.2 | — | — | — | — | 63.2 | ||||||||||||||||||||||
Purchases of company common stock | — | — | — | — | 3.9 | (500.0 | ) | — | (500.0 | ) | ||||||||||||||||||||
Dividends declared | — | — | — | (240.0 | ) | — | — | — | (240.0 | ) | ||||||||||||||||||||
Net income | — | — | — | 1,975.4 | — | — | — | 1,975.4 | ||||||||||||||||||||||
Other comprehensive items | — | — | — | — | — | — | (712.3 | ) | (712.3 | ) | ||||||||||||||||||||
Balance at December 31, 2015 | 411.9 | $ | 411.9 | $ | 11,801.2 | $ | 12,142.3 | 12.3 | $ | (1,007.9 | ) | $ | (1,997.3 | ) | $ | 21,350.2 |
Note 1. | Nature of Operations and Summary of Significant Accounting Policies |
Year Ended December 31, | ||||||||||||
(In millions) | 2015 | 2014 | 2013 | |||||||||
Beginning Balance | $ | 74.1 | $ | 54.1 | $ | 55.5 | ||||||
Provision charged to expense (a) | 5.5 | 20.4 | 6.8 | |||||||||
Accounts recovered | 0.2 | 1.0 | 0.2 | |||||||||
Accounts written off | (4.8 | ) | (11.2 | ) | (8.4 | ) | ||||||
Other (b) | (4.9 | ) | 9.8 | — | ||||||||
Ending Balance | $ | 70.1 | $ | 74.1 | $ | 54.1 |
(a) | In 2014, includes $16.2 million of charges to conform the accounting policies of Life Technologies with the company's accounting policies. |
(b) | Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. |
Year Ended | ||||||||
December 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Beginning Balance | $ | 57.5 | $ | 49.8 | ||||
Provision charged to income | 85.4 | 80.6 | ||||||
Usage | (82.1 | ) | (78.4 | ) | ||||
Acquisitions | 0.5 | 7.1 | ||||||
Adjustments to previously provided warranties, net | (2.6 | ) | 1.0 | |||||
Currency translation | (2.9 | ) | (2.6 | ) | ||||
Ending Balance | $ | 55.8 | $ | 57.5 |
December 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Raw Materials | $ | 421.1 | $ | 441.6 | ||||
Work in Process | 236.8 | 207.6 | ||||||
Finished Goods | 1,333.8 | 1,210.3 | ||||||
Inventories | $ | 1,991.7 | $ | 1,859.5 |
December 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Land | $ | 276.4 | $ | 281.8 | ||||
Buildings and Improvements | 1,050.5 | 955.1 | ||||||
Machinery, Equipment and Leasehold Improvements | 2,786.8 | 2,632.0 | ||||||
Property, Plant and Equipment, at Cost | 4,113.7 | 3,868.9 | ||||||
Less: Accumulated Depreciation and Amortization | 1,664.9 | 1,442.4 | ||||||
Property, Plant and Equipment, Net | $ | 2,448.8 | $ | 2,426.5 |
Balance at December 31, 2015 | Balance at December 31, 2014 | |||||||||||||||||||||||
(In millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Definite Lived: | ||||||||||||||||||||||||
Customer relationships | $ | 11,844.4 | $ | (4,086.9 | ) | $ | 7,757.5 | $ | 11,866.8 | $ | (3,340.6 | ) | $ | 8,526.2 | ||||||||||
Product technology | 4,799.8 | (1,819.0 | ) | 2,980.8 | 4,898.1 | (1,501.3 | ) | 3,396.8 | ||||||||||||||||
Tradenames | 1,316.7 | (548.2 | ) | 768.5 | 1,333.0 | (448.7 | ) | 884.3 | ||||||||||||||||
Other | 33.2 | (33.0 | ) | 0.2 | 34.2 | (33.3 | ) | 0.9 | ||||||||||||||||
17,994.1 | (6,487.1 | ) | 11,507.0 | 18,132.1 | (5,323.9 | ) | 12,808.2 | |||||||||||||||||
Indefinite Lived: | ||||||||||||||||||||||||
Tradenames | 1,234.8 | — | 1,234.8 | 1,234.8 | — | 1,234.8 | ||||||||||||||||||
In-process research and development | 16.5 | — | 16.5 | 67.1 | — | 67.1 | ||||||||||||||||||
1,251.3 | — | 1,251.3 | 1,301.9 | — | 1,301.9 | |||||||||||||||||||
Acquisition-related Intangible Assets | $ | 19,245.4 | $ | (6,487.1 | ) | $ | 12,758.3 | $ | 19,434.0 | $ | (5,323.9 | ) | $ | 14,110.1 |
(In millions) | ||||
2016 | $ | 1,278.5 | ||
2017 | 1,254.1 | |||
2018 | 1,216.9 | |||
2019 | 1,183.9 | |||
2020 | 1,075.8 | |||
2021 and Thereafter | 5,497.8 | |||
Estimated Future Amortization Expense of Definite-lived Intangible Assets | $ | 11,507.0 |
(In millions) | Life Sciences Solutions | Analytical Instruments | Specialty Diagnostics | Laboratory Products and Services | Total | |||||||||||||||
Balance at December 31, 2013 | $ | 292.4 | $ | 2,761.4 | $ | 4,258.1 | $ | 5,191.4 | $ | 12,503.3 | ||||||||||
Acquisitions | 7,179.5 | — | — | — | 7,179.5 | |||||||||||||||
Sale of businesses | (122.0 | ) | — | (13.6 | ) | (206.5 | ) | (342.1 | ) | |||||||||||
Currency translation | (105.0 | ) | (31.0 | ) | (347.2 | ) | (13.9 | ) | (497.1 | ) | ||||||||||
Other | 0.4 | (0.6 | ) | 2.3 | (3.1 | ) | (1.0 | ) | ||||||||||||
Balance at December 31, 2014 | 7,245.3 | 2,729.8 | 3,899.6 | 4,967.9 | 18,842.6 | |||||||||||||||
Acquisitions | 125.1 | 1.7 | 4.7 | 120.8 | 252.3 | |||||||||||||||
Finalization of purchase price allocations for 2014 acquisitions | (3.3 | ) | — | — | — | (3.3 | ) | |||||||||||||
Sale of a product line | (5.8 | ) | — | — | — | (5.8 | ) | |||||||||||||
Currency translation | (80.4 | ) | (24.1 | ) | (132.8 | ) | (22.4 | ) | (259.7 | ) | ||||||||||
Other | 8.3 | (4.9 | ) | (0.2 | ) | (1.7 | ) | 1.5 | ||||||||||||
Balance at December 31, 2015 | $ | 7,289.2 | $ | 2,702.5 | $ | 3,771.3 | $ | 5,064.6 | $ | 18,827.6 |
Note 2. | Acquisitions and Dispositions |
(In millions) | Alfa Aesar | Advanced Scientifics | Other | Total | ||||||||||||
Purchase Price | ||||||||||||||||
Cash paid | $ | 392.3 | $ | 289.1 | $ | 18.5 | $ | 699.9 | ||||||||
Purchase price payable | 0.5 | — | 1.3 | 1.8 | ||||||||||||
Cash acquired | (3.7 | ) | (0.3 | ) | (1.3 | ) | (5.3 | ) | ||||||||
$ | 389.1 | $ | 288.8 | $ | 18.5 | $ | 696.4 | |||||||||
Net Assets Acquired | ||||||||||||||||
Current assets | $ | 102.3 | $ | 28.0 | $ | 4.6 | $ | 134.9 | ||||||||
Property, plant and equipment | 39.4 | 10.6 | 0.1 | 50.1 | ||||||||||||
Definite-lived intangible assets: | ||||||||||||||||
Customer relationships | 137.1 | 90.0 | 7.9 | 235.0 | ||||||||||||
Product technology | — | 36.5 | — | 36.5 | ||||||||||||
Tradenames and other | 15.6 | 2.3 | — | 17.9 | ||||||||||||
Goodwill | 118.3 | 125.1 | 8.9 | 252.3 | ||||||||||||
Other assets | 4.3 | 0.2 | — | 4.5 | ||||||||||||
Liabilities assumed | (27.9 | ) | (3.9 | ) | (3.0 | ) | (34.8 | ) | ||||||||
$ | 389.1 | $ | 288.8 | $ | 18.5 | $ | 696.4 |
(In millions) | Life Technologies | Other | Total | |||||||||
Purchase Price | ||||||||||||
Cash paid | $ | 13,487.3 | $ | 47.3 | $ | 13,534.6 | ||||||
Debt assumed | 2,279.5 | — | 2,279.5 | |||||||||
Cash acquired | (463.0 | ) | (11.5 | ) | (474.5 | ) | ||||||
$ | 15,303.8 | $ | 35.8 | $ | 15,339.6 | |||||||
Net Assets Acquired | ||||||||||||
Current assets | $ | 1,755.5 | $ | 18.5 | $ | 1,774.0 | ||||||
Property, plant and equipment | 748.1 | 1.1 | 749.2 | |||||||||
Definite-lived intangible assets: | ||||||||||||
Customer relationships | 5,883.0 | 7.0 | 5,890.0 | |||||||||
Product technology | 2,626.9 | 5.5 | 2,632.4 | |||||||||
Tradenames and other | 619.1 | — | 619.1 | |||||||||
Indefinite-lived intangible assets: | ||||||||||||
In-process research and development | 58.4 | — | 58.4 | |||||||||
Goodwill | 7,167.0 | 12.5 | 7,179.5 | |||||||||
Other assets | 246.7 | 0.1 | 246.8 | |||||||||
Liabilities assumed | (3,800.9 | ) | (8.9 | ) | (3,809.8 | ) | ||||||
$ | 15,303.8 | $ | 35.8 | $ | 15,339.6 |
(In millions except per share amounts) | 2014 | 2013 | ||||||
Revenues | $ | 17,169.2 | $ | 16,831.4 | ||||
Income from Continuing Operations | $ | 2,203.2 | $ | 1,008.4 | ||||
Net Income | $ | 2,202.1 | $ | 1,002.6 | ||||
Earnings per Share from Continuing Operations: | ||||||||
Basic | $ | 5.52 | $ | 2.55 | ||||
Diluted | $ | 5.46 | $ | 2.53 | ||||
Earnings per Share: | ||||||||
Basic | $ | 5.51 | $ | 2.54 | ||||
Diluted | $ | 5.46 | $ | 2.51 |
• | Pre-tax charge to selling, general and administrative expenses of $231 million in 2013, for acquisition-related transaction costs incurred by the company and Life Technologies; |
• | Pre-tax charge to cost of revenues of $301 million in 2013, for the sale of Life Technologies inventories revalued at the date of acquisition; |
• | Pre-tax charge of $92 million in 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition; |
• | Pre-tax charge of $38 million in 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and |
• | Pre-tax reduction of revenues of $8 million and $24 million in 2014 and 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value. |
June 28, | ||||
(In millions) | 2014 | |||
Current Assets | $ | 39.5 | ||
Long-term Assets | 400.3 | |||
Current Liabilities | 15.5 | |||
Long-term Liabilities | 84.1 |
December 31, | ||||
(In millions) | 2013 | |||
Current Assets | $ | 74.3 | ||
Long-term Assets | 229.3 | |||
Current Liabilities | 6.4 | |||
Long-term Liabilities | 22.0 |
Note 3. | Business Segment and Geographical Information |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Revenues | ||||||||||||
Life Sciences Solutions | $ | 4,439.4 | $ | 4,195.7 | $ | 712.5 | ||||||
Analytical Instruments | 3,208.2 | 3,252.2 | 3,154.2 | |||||||||
Specialty Diagnostics | 3,243.9 | 3,343.6 | 3,191.7 | |||||||||
Laboratory Products and Services | 6,661.5 | 6,601.5 | 6,398.8 | |||||||||
Eliminations | (587.6 | ) | (503.4 | ) | (366.9 | ) | ||||||
Consolidated revenues | 16,965.4 | 16,889.6 | 13,090.3 | |||||||||
Segment Income (a) | ||||||||||||
Life Sciences Solutions | 1,336.9 | 1,214.9 | 169.7 | |||||||||
Analytical Instruments | 612.8 | 581.1 | 558.7 | |||||||||
Specialty Diagnostics | 872.9 | 916.0 | 863.7 | |||||||||
Laboratory Products and Services | 999.1 | 982.8 | 960.4 | |||||||||
Subtotal reportable segments (a) | 3,821.7 | 3,694.8 | 2,552.5 | |||||||||
Cost of revenues charges | (9.1 | ) | (327.6 | ) | (28.6 | ) | ||||||
Selling, general and administrative charges, net | (46.3 | ) | (130.7 | ) | (73.5 | ) | ||||||
Restructuring and other (costs) income, net | (115.3 | ) | 598.2 | (77.7 | ) | |||||||
Amortization of acquisition-related intangible assets | (1,314.8 | ) | (1,331.7 | ) | (763.1 | ) | ||||||
Consolidated operating income | 2,336.2 | 2,503.0 | 1,609.6 | |||||||||
Other expense, net (b) | (399.8 | ) | (415.8 | ) | (290.1 | ) | ||||||
Income from continuing operations before income taxes | $ | 1,936.4 | $ | 2,087.2 | $ | 1,319.5 | ||||||
Depreciation | ||||||||||||
Life Sciences Solutions | $ | 146.3 | $ | 131.6 | $ | 17.1 | ||||||
Analytical Instruments | 38.9 | 39.0 | 41.2 | |||||||||
Specialty Diagnostics | 73.7 | 76.7 | 73.9 | |||||||||
Laboratory Products and Services | 114.5 | 105.8 | 104.6 | |||||||||
Consolidated depreciation | $ | 373.4 | $ | 353.1 | $ | 236.8 |
(a) | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. |
(b) | The company does not allocate other expense, net to its segments. |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Total Assets | ||||||||||||
Life Sciences Solutions | $ | 17,884.3 | $ | 19,257.0 | $ | 1,115.5 | ||||||
Analytical Instruments | 4,763.1 | 4,133.3 | 4,321.4 | |||||||||
Specialty Diagnostics | 7,183.2 | 8,047.7 | 9,086.0 | |||||||||
Laboratory Products and Services | 10,266.6 | 10,875.7 | 11,523.5 | |||||||||
Corporate/Other (c) | 791.8 | 538.4 | 5,817.0 | |||||||||
Consolidated total assets | $ | 40,889.0 | $ | 42,852.1 | $ | 31,863.4 | ||||||
Capital Expenditures | ||||||||||||
Life Sciences Solutions | $ | 85.1 | $ | 104.4 | $ | 19.3 | ||||||
Analytical Instruments | 59.5 | 38.1 | 33.5 | |||||||||
Specialty Diagnostics | 75.9 | 84.7 | 77.9 | |||||||||
Laboratory Products and Services | 97.7 | 102.1 | 94.7 | |||||||||
Corporate/Other | 104.7 | 98.3 | 57.0 | |||||||||
Consolidated capital expenditures | $ | 422.9 | $ | 427.6 | $ | 282.4 |
(c) | Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Revenues (d) | ||||||||||||
United States | $ | 8,607.3 | $ | 8,147.7 | $ | 6,617.0 | ||||||
China | 1,376.4 | 1,223.1 | 896.6 | |||||||||
Germany | 899.7 | 1,005.9 | 758.6 | |||||||||
United Kingdom | 778.1 | 754.5 | 532.4 | |||||||||
Other | 5,303.9 | 5,758.4 | 4,285.7 | |||||||||
Consolidated revenues | $ | 16,965.4 | $ | 16,889.6 | $ | 13,090.3 | ||||||
Long-lived Assets (e) | ||||||||||||
United States | $ | 1,532.0 | $ | 1,501.7 | $ | 892.9 | ||||||
United Kingdom | 261.1 | 265.5 | 224.3 | |||||||||
Germany | 169.4 | 170.3 | 165.9 | |||||||||
Other | 486.3 | 489.0 | 484.3 | |||||||||
Consolidated long-lived assets | $ | 2,448.8 | $ | 2,426.5 | $ | 1,767.4 |
(d) | Revenues are attributed to countries based on customer location. |
(e) | Includes property, plant and equipment, net. |
Note 4. | Other Expense, Net |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Interest Income | $ | 30.6 | $ | 47.7 | $ | 28.0 | ||||||
Interest Expense | (414.9 | ) | (479.9 | ) | (262.1 | ) | ||||||
Other Items, Net | (15.5 | ) | 16.4 | (56.0 | ) | |||||||
Other Expense, Net | $ | (399.8 | ) | $ | (415.8 | ) | $ | (290.1 | ) |
Note 5. | Stock-based Compensation Expense |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Stock Option Awards | $ | 43.7 | $ | 45.7 | $ | 41.4 | ||||||
Restricted Unit Awards | 81.3 | 71.4 | 49.5 | |||||||||
Total Stock-based Compensation Expense | $ | 125.0 | $ | 117.1 | $ | 90.9 |
2015 | 2014 | 2013 | |||||||
Expected Stock Price Volatility | 24 | % | 25 | % | 33 | % | |||
Risk Free Interest Rate | 1.4 | % | 1.3 | % | 0.7 | % | |||
Expected Life of Options (years) | 4.3 | 4.4 | 4.5 | ||||||
Expected Annual Dividend | 0.5 | % | 0.5 | % | 0.8 | % |
Shares (in millions) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (a) (in millions) | ||||||||||
Outstanding at December 31, 2014 | 10.5 | $ | 71.34 | ||||||||||
Granted | 1.9 | 130.98 | |||||||||||
Exercised | (2.3 | ) | 53.79 | ||||||||||
Canceled/Expired | (0.5 | ) | 107.90 | ||||||||||
Outstanding at December 31, 2015 | 9.6 | $ | 85.30 | 4.0 | |||||||||
Vested and Unvested Expected to Vest at December 31, 2015 | 9.2 | $ | 83.81 | 3.9 | $ | 534.6 | |||||||
Exercisable at December 31, 2015 | 5.0 | $ | 61.28 | 2.8 | $ | 400.8 |
(a) | Market price per share on December 31, 2015 was $141.85. The intrinsic value is zero for options with exercise prices above the market price. |
Units (in thousands) | Weighted Average Grant-Date Fair Value | ||||||
Unvested at December 31, 2014 | 1,805 | $ | 87.09 | ||||
Granted | 931 | 126.51 | |||||
Vested | (1,022 | ) | 78.36 | ||||
Forfeited | (153 | ) | 114.46 | ||||
Unvested at December 31, 2015 | 1,561 | $ | 113.64 |
Note 6. | Pension and Other Postretirement Benefit Plans |
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
Change in Projected Benefit Obligations | ||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,291.1 | $ | 449.2 | $ | 1,075.4 | $ | 857.9 | $ | 55.3 | $ | 38.7 | ||||||||||||
Business combinations | — | 849.0 | 52.7 | 135.1 | — | 14.9 | ||||||||||||||||||
Service costs | — | 2.0 | 25.2 | 20.0 | 0.6 | 0.6 | ||||||||||||||||||
Interest costs | 50.0 | 53.1 | 27.6 | 36.7 | 1.9 | 2.1 | ||||||||||||||||||
Settlements | — | (58.2 | ) | (7.4 | ) | (19.3 | ) | — | — | |||||||||||||||
Plan participants' contributions | — | — | 4.6 | 3.8 | 1.3 | 5.3 | ||||||||||||||||||
Actuarial (gains) losses | (48.7 | ) | 76.7 | (39.1 | ) | 170.3 | (2.2 | ) | 4.0 | |||||||||||||||
Benefits paid | (79.3 | ) | (80.7 | ) | (29.6 | ) | (32.0 | ) | (5.4 | ) | (8.4 | ) | ||||||||||||
Currency translation and other | — | — | (73.4 | ) | (97.1 | ) | (2.7 | ) | (1.9 | ) | ||||||||||||||
Benefit Obligation at End of Year | $ | 1,213.1 | $ | 1,291.1 | $ | 1,036.0 | $ | 1,075.4 | $ | 48.8 | $ | 55.3 | ||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,047.6 | $ | 374.4 | $ | 825.8 | $ | 670.7 | $ | 8.6 | $ | — | ||||||||||||
Business combinations | — | 687.1 | 32.1 | 96.5 | — | 8.0 | ||||||||||||||||||
Actual return on plan assets | (28.3 | ) | 111.4 | 12.4 | 141.0 | (1.1 | ) | 0.6 | ||||||||||||||||
Employer contribution | 5.4 | 13.6 | 28.0 | 32.9 | 4.1 | 3.1 | ||||||||||||||||||
Settlements | — | (58.2 | ) | (7.4 | ) | (19.3 | ) | — | — | |||||||||||||||
Plan participants' contributions | — | — | 4.6 | 3.8 | 1.3 | 5.3 | ||||||||||||||||||
Benefits paid | (79.3 | ) | (80.7 | ) | (29.6 | ) | (32.0 | ) | (5.4 | ) | (8.4 | ) | ||||||||||||
Currency translation and other | — | — | (48.7 | ) | (67.8 | ) | — | — | ||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 945.4 | $ | 1,047.6 | $ | 817.2 | $ | 825.8 | $ | 7.5 | $ | 8.6 | ||||||||||||
Funded Status | $ | (267.7 | ) | $ | (243.5 | ) | $ | (218.8 | ) | $ | (249.6 | ) | $ | (41.3 | ) | $ | (46.7 | ) | ||||||
Accumulated Benefit Obligation | $ | 1,213.1 | $ | 1,258.3 | $ | 983.4 | $ | 1,014.5 | ||||||||||||||||
Amounts Recognized in Balance Sheet | ||||||||||||||||||||||||
Non-current asset | $ | — | $ | — | $ | 72.7 | $ | 61.8 | $ | 3.8 | $ | 4.8 | ||||||||||||
Current liability | (2.9 | ) | (2.8 | ) | (5.7 | ) | (5.6 | ) | (2.6 | ) | (2.7 | ) | ||||||||||||
Non-current liability | (264.8 | ) | (240.7 | ) | (285.8 | ) | (305.8 | ) | (42.5 | ) | (48.8 | ) | ||||||||||||
Net amount recognized | $ | (267.7 | ) | $ | (243.5 | ) | $ | (218.8 | ) | $ | (249.6 | ) | $ | (41.3 | ) | $ | (46.7 | ) | ||||||
Amounts Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
Net actuarial loss | $ | 163.0 | $ | 129.7 | $ | 133.1 | $ | 161.9 | $ | 4.7 | $ | 4.6 | ||||||||||||
Prior service credits | — | — | (1.6 | ) | — | (0.2 | ) | (0.3 | ) | |||||||||||||||
Net amount recognized | $ | 163.0 | $ | 129.7 | $ | 131.5 | $ | 161.9 | $ | 4.5 | $ | 4.3 |
Domestic Pension Benefits | Non-U.S. Pension Benefits | Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Weighted Average Assumptions Used to Determine Projected Benefit Obligations | ||||||||||||||||||
Discount rate | 4.25 | % | 4.00 | % | 2.83 | % | 2.69 | % | 4.12 | % | 3.76 | % | ||||||
Average rate of increase in employee compensation | 4.00 | % | 4.00 | % | 3.06 | % | 3.03 | % | — | — | ||||||||
Initial healthcare cost trend rate | 6.82 | % | 7.07 | % | ||||||||||||||
Ultimate healthcare cost trend rate | 5.21 | % | 5.22 | % |
Domestic Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||
Weighted Average Assumptions Used to Determine Net Benefit Cost (Income) | ||||||||||||||||||
Discount rate | 4.00 | % | 4.46 | % | 4.00 | % | 2.69 | % | 3.91 | % | 3.65 | % | ||||||
Average rate of increase in employee compensation | 4.00 | % | 4.00 | % | 4.00 | % | 3.03 | % | 3.22 | % | 2.94 | % | ||||||
Expected long-term rate of return on assets | 7.00 | % | 7.00 | % | 7.00 | % | 4.21 | % | 4.88 | % | 4.96 | % |
Pension Plans | ||||||||
(In millions) | 2015 | 2014 | ||||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ||||||||
Projected benefit obligation | $ | 1,739.2 | $ | 1,820.2 | ||||
Fair value of plan assets | 1,180.0 | 1,265.3 |
Pension Plans | ||||||||
(In millions) | 2015 | 2014 | ||||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||||||||
Accumulated benefit obligation | $ | 1,694.3 | $ | 1,738.0 | ||||
Fair value of plan assets | 1,179.7 | 1,265.3 |
Domestic Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||||||||||
(In millions) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Components of Net Benefit Cost (Income) | ||||||||||||||||||||||||
Service cost-benefits earned | $ | — | $ | 2.0 | $ | — | $ | 25.2 | $ | 20.0 | $ | 19.5 | ||||||||||||
Interest cost on benefit obligation | 50.0 | 53.1 | 19.0 | 27.6 | 36.7 | 29.0 | ||||||||||||||||||
Expected return on plan assets | (54.3 | ) | (60.8 | ) | (24.3 | ) | (33.6 | ) | (34.4 | ) | (29.0 | ) | ||||||||||||
Amortization of actuarial net loss | 0.6 | 3.7 | 5.2 | 9.3 | 4.2 | 6.3 | ||||||||||||||||||
Amortization of prior service benefit | — | — | — | (0.2 | ) | (0.1 | ) | (0.3 | ) | |||||||||||||||
Settlement/curtailment loss | — | 25.5 | — | 1.0 | 4.1 | 0.1 | ||||||||||||||||||
Special termination benefits | — | — | — | 1.3 | 0.3 | 1.1 | ||||||||||||||||||
Net periodic benefit cost (income) | $ | (3.7 | ) | $ | 23.5 | $ | (0.1 | ) | $ | 30.6 | $ | 30.8 | $ | 26.7 |
(In millions) | Domestic Pension Benefits | Non-U.S. Pension Benefits | Post- retirement Benefits | |||||||||
Expected Benefit Payments | ||||||||||||
2016 | $ | 82.1 | $ | 30.0 | $ | 2.9 | ||||||
2017 | 84.7 | 28.4 | 2.9 | |||||||||
2018 | 80.6 | 29.7 | 2.9 | |||||||||
2019 | 80.3 | 32.6 | 2.9 | |||||||||
2020 | 80.2 | 34.7 | 2.8 | |||||||||
2021-2025 | 390.1 | 198.6 | 12.9 |
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(In millions) | 2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Domestic Pension Plan Assets | ||||||||||||||||
U.S. equity funds | $ | 252.3 | $ | — | $ | 252.3 | $ | — | ||||||||
International equity funds | 231.5 | — | 231.5 | — | ||||||||||||
Fixed income funds | 442.5 | — | 442.5 | — | ||||||||||||
Private equity funds | 3.3 | — | — | 3.3 | ||||||||||||
Money market funds | 15.8 | — | 15.8 | — | ||||||||||||
Total Domestic Pension Plans | $ | 945.4 | $ | — | $ | 942.1 | $ | 3.3 | ||||||||
Non-U.S. Pension Plan Assets | ||||||||||||||||
Equity funds | $ | 122.8 | $ | 57.3 | $ | 65.5 | $ | — | ||||||||
Fixed income funds | 287.7 | 20.3 | 267.4 | — | ||||||||||||
Hedge funds | 67.5 | — | 67.5 | — | ||||||||||||
Multi-asset funds | 17.4 | — | 17.4 | — | ||||||||||||
Derivative funds | 135.0 | — | 135.0 | — | ||||||||||||
Insurance contracts | 153.6 | — | 153.6 | — | ||||||||||||
Cash / money market funds | 33.2 | 32.8 | 0.4 | — | ||||||||||||
Total Non-U.S. Pension Plans | $ | 817.2 | $ | 110.4 | $ | 706.8 | $ | — |
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(In millions) | 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Domestic Pension Plan Assets | ||||||||||||||||
U.S. equity funds | $ | 290.9 | $ | — | $ | 290.9 | $ | — | ||||||||
International equity funds | 253.9 | — | 253.9 | — | ||||||||||||
Fixed income funds | 462.5 | — | 462.5 | — | ||||||||||||
Private equity funds | 4.7 | — | — | 4.7 | ||||||||||||
Money market funds | 35.6 | — | 35.6 | — | ||||||||||||
Total Domestic Pension Plans | $ | 1,047.6 | $ | — | $ | 1,042.9 | $ | 4.7 | ||||||||
Non-U.S. Pension Plan Assets | ||||||||||||||||
Equity funds | $ | 129.6 | $ | 55.0 | $ | 74.6 | $ | — | ||||||||
Fixed income funds | 341.1 | 21.1 | 320.0 | — | ||||||||||||
Hedge funds | 69.1 | — | 69.1 | — | ||||||||||||
Multi-asset funds | 13.6 | — | 13.6 | — | ||||||||||||
Derivative funds | 105.3 | — | 105.3 | — | ||||||||||||
Insurance contracts | 136.5 | — | 136.5 | — | ||||||||||||
Cash / money market funds | 30.6 | 30.2 | 0.4 | — | ||||||||||||
Total Non-U.S. Pension Plans | $ | 825.8 | $ | 106.3 | $ | 719.5 | $ | — |
Note 7. | Income Taxes |
(In millions) | 2015 | 2014 | 2013 | |||||||||
U.S. | $ | 851.7 | $ | 1,153.3 | $ | 914.9 | ||||||
Non-U.S. | 1,084.7 | 933.9 | 404.6 | |||||||||
Income from Continuing Operations | $ | 1,936.4 | $ | 2,087.2 | $ | 1,319.5 |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Current Income Tax Provision | ||||||||||||
Federal | $ | 184.4 | $ | 444.5 | $ | 242.5 | ||||||
Non-U.S. | 362.7 | 404.8 | 210.1 | |||||||||
State | 8.5 | 35.0 | 13.5 | |||||||||
555.6 | 884.3 | 466.1 | ||||||||||
Deferred Income Tax Provision (Benefit) | ||||||||||||
Federal | $ | (296.4 | ) | $ | (362.4 | ) | $ | (241.3 | ) | |||
Non-U.S. | (288.2 | ) | (297.3 | ) | (178.8 | ) | ||||||
State | (14.9 | ) | (32.9 | ) | (5.6 | ) | ||||||
(599.5 | ) | (692.6 | ) | (425.7 | ) | |||||||
Provision for (benefit from) income taxes | $ | (43.9 | ) | $ | 191.7 | $ | 40.4 |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Continuing Operations | $ | (43.9 | ) | $ | 191.7 | $ | 40.4 | |||||
Discontinued Operations | (2.9 | ) | (0.6 | ) | (3.7 | ) | ||||||
$ | (46.8 | ) | $ | 191.1 | $ | 36.7 |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Provision for Income Taxes at Statutory Rate | $ | 677.7 | $ | 730.5 | $ | 461.8 | ||||||
Increases (Decreases) Resulting From: | ||||||||||||
Foreign rate differential | (274.5 | ) | (278.4 | ) | (180.2 | ) | ||||||
Income tax credits | (316.4 | ) | (239.9 | ) | (227.6 | ) | ||||||
Manufacturing deduction | (37.9 | ) | (45.9 | ) | (33.6 | ) | ||||||
Singapore tax holiday | (20.8 | ) | (34.0 | ) | — | |||||||
Impact of change in tax laws and apportionment on deferred taxes | (37.5 | ) | (21.0 | ) | 3.3 | |||||||
Nondeductible expenses | 9.4 | 23.4 | 19.6 | |||||||||
Provision (reversal) of tax reserves, net | 18.0 | 28.0 | (4.3 | ) | ||||||||
Basis difference on disposal of businesses | — | 18.7 | — | |||||||||
Tax return reassessments and settlements | (53.5 | ) | (3.6 | ) | 10.5 | |||||||
State income taxes, net of federal tax | (7.4 | ) | 9.3 | (3.8 | ) | |||||||
Other, net | (1.0 | ) | 4.6 | (5.3 | ) | |||||||
Provision for (benefit from) income taxes | $ | (43.9 | ) | $ | 191.7 | $ | 40.4 |
(In millions) | 2015 | 2014 | ||||||
Deferred Tax Asset (Liability) | ||||||||
Depreciation and amortization | $ | (4,024.8 | ) | $ | (4,468.8 | ) | ||
Net operating loss and credit carryforwards | 1,083.3 | 941.9 | ||||||
Reserves and accruals | 185.9 | 163.1 | ||||||
Accrued compensation | 312.9 | 339.1 | ||||||
Inventory basis difference | 83.3 | 96.6 | ||||||
Other capitalized costs | 167.9 | 116.0 | ||||||
Other, net | 85.7 | 77.0 | ||||||
Deferred tax assets (liabilities), net before valuation allowance | (2,105.8 | ) | (2,735.1 | ) | ||||
Less: Valuation allowance | 108.9 | 116.2 | ||||||
Deferred tax assets (liabilities), net | $ | (2,214.7 | ) | $ | (2,851.3 | ) |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Balance at beginning of year | $ | 214.1 | $ | 134.2 | $ | 164.8 | ||||||
Additions due to acquisitions | — | 54.3 | — | |||||||||
Additions for tax positions of current year | 14.0 | 35.3 | 12.6 | |||||||||
Additions for tax positions of prior years | 121.2 | 38.3 | 15.6 | |||||||||
Closure of tax years | (5.2 | ) | — | (7.2 | ) | |||||||
Settlements | 5.6 | (48.0 | ) | (51.6 | ) | |||||||
Balance at end of year | $ | 349.7 | $ | 214.1 | $ | 134.2 |
Note 8. | Earnings per Share |
(In millions except per share amounts) | 2015 | 2014 | 2013 | |||||||||
Income from Continuing Operations | $ | 1,980.3 | $ | 1,895.5 | $ | 1,279.1 | ||||||
Loss from Discontinued Operations | (4.9 | ) | (1.1 | ) | (5.8 | ) | ||||||
Net Income | $ | 1,975.4 | $ | 1,894.4 | $ | 1,273.3 | ||||||
Basic Weighted Average Shares | 398.7 | 398.2 | 360.3 | |||||||||
Plus Effect of: | ||||||||||||
Equity forward arrangement | — | 0.2 | 1.8 | |||||||||
Stock options and restricted units | 3.2 | 3.9 | 3.7 | |||||||||
Diluted Weighted Average Shares | 401.9 | 402.3 | 365.8 | |||||||||
Basic Earnings per Share: | ||||||||||||
Continuing operations | $ | 4.97 | $ | 4.76 | $ | 3.55 | ||||||
Discontinued operations | (0.01 | ) | — | (0.02 | ) | |||||||
Basic Earnings per Share | $ | 4.96 | $ | 4.76 | $ | 3.53 | ||||||
Diluted Earnings per Share: | ||||||||||||
Continuing operations | $ | 4.93 | $ | 4.71 | $ | 3.50 | ||||||
Discontinued operations | (0.01 | ) | — | (0.02 | ) | |||||||
Diluted Earnings per Share | $ | 4.92 | $ | 4.71 | $ | 3.48 |
Note 9. | Debt and Other Financing Arrangements |
Effective Interest Rate at December 31, | December 31, | December 31, | |||||||||
(Dollars in millions) | 2015 | 2015 | 2014 | ||||||||
Commercial Paper | 1.14 | % | $ | 49.6 | $ | — | |||||
Term Loan | — | 1,275.0 | |||||||||
4.40% 5-Year Senior Notes, Due 3/1/2015 | — | 500.0 | |||||||||
3.20% 5-Year Senior Notes, Due 5/1/2015 | — | 450.0 | |||||||||
5.00% 10-Year Senior Notes, Due 6/1/2015 | — | 250.0 | |||||||||
3.50% 5-Year Senior Notes, Due 1/15/2016 | — | 400.0 | |||||||||
3.20% 5-Year Senior Notes, Due 3/1/2016 | — | 900.0 | |||||||||
2.25% 5-Year Senior Notes, Due 8/15/2016 | 2.29 | % | 1,000.0 | 1,000.0 | |||||||
1.30% 3-Year Senior Notes, Due 2/1/2017 | 0.91 | % | 900.0 | 900.0 | |||||||
1.85% 5-Year Senior Notes, Due 1/15/2018 | 1.85 | % | 500.0 | 500.0 | |||||||
2.15% 3-Year Senior Notes, Due 12/14/2018 | 2.15 | % | 450.0 | — | |||||||
2.40% 5-Year Senior Notes, Due 2/1/2019 | 2.44 | % | 900.0 | 900.0 | |||||||
6.00% 10-Year Senior Notes, Due 3/1/2020 | 2.98 | % | 750.0 | 750.0 | |||||||
4.70% 10-Year Senior Notes, Due 5/1/2020 | 3.34 | % | 300.0 | 300.0 | |||||||
1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated) | 1.51 | % | 461.6 | — | |||||||
5.00% 10-Year Senior Notes, Due 1/15/2021 | 3.25 | % | 400.0 | 400.0 | |||||||
4.50% 10-Year Senior Notes, Due 3/1/2021 | 3.12 | % | 1,000.0 | 1,000.0 | |||||||
3.60% 10-Year Senior Notes, Due 8/15/2021 | 2.89 | % | 1,100.0 | 1,100.0 | |||||||
3.30% 7-Year Senior Notes, Due 2/15/2022 | 3.30 | % | 800.0 | 800.0 | |||||||
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) | 2.18 | % | 543.1 | — | |||||||
3.15% 10-Year Senior Notes, Due 1/15/2023 | 3.21 | % | 800.0 | 800.0 | |||||||
4.15% 10-Year Senior Notes, Due 2/1/2024 | 4.07 | % | 1,000.0 | 1,000.0 | |||||||
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) | 2.03 | % | 695.2 | 774.3 | |||||||
3.65% 10-Year Senior Notes, Due 12/15/2025 | 3.67 | % | 350.0 | — | |||||||
5.30% 30-Year Senior Notes, Due 2/1/2044 | 5.30 | % | 400.0 | 400.0 | |||||||
Other | 16.3 | 23.2 | |||||||||
Total Borrowings at Par Value | 12,415.8 | 14,422.5 | |||||||||
Fair Value Hedge Accounting Adjustments | 6.2 | (0.5 | ) | ||||||||
Unamortized Premium, Net | 104.7 | 142.0 | |||||||||
Total Borrowings at Carrying Value | 12,526.7 | 14,564.0 | |||||||||
Less: Short-term Obligations and Current Maturities | 1,052.8 | 2,212.4 | |||||||||
Long-term Obligations | $ | 11,473.9 | $ | 12,351.6 |
(In millions) | ||||
2016 | $ | 1,053.0 | ||
2017 | 902.2 | |||
2018 | 952.2 | |||
2019 | 901.9 | |||
2020 | 1,513.6 | |||
2021 and Thereafter | 7,092.9 | |||
$ | 12,415.8 |
Aggregate Notional Amount | Pay Rate as of | |||||||||||
(Dollars in millions) | Pay Rate | December 31, 2015 | Receive Rate | |||||||||
1.30% Senior Notes due 2017 | $ | 900.0 | 1-month LIBOR + 0.6616% | 0.9054 | % | 1.30 | % | |||||
4.70% Senior Notes due 2020 | 300.0 | 1-month LIBOR + 3.1560% | 3.3998 | % | 4.70 | % | ||||||
4.50% Senior Notes due 2021 | 1,000.0 | 1-month LIBOR + 2.8680% | 3.1118 | % | 4.50 | % | ||||||
3.60% Senior Notes due 2021 | 1,100.0 | 1-month LIBOR + 1.9370% | 2.2675 | % | 3.60 | % |
Note 10. | Commitments and Contingencies |
(In millions) | ||||
2016 | $ | 144.0 | ||
2017 | 119.3 | |||
2018 | 93.5 | |||
2019 | 71.7 | |||
2020 | 50.7 | |||
2021 and Thereafter | 148.8 | |||
$ | 628.0 |
Note 11. | Comprehensive Income and Shareholders' Equity |
(In millions) | Currency Translation Adjustment | Unrealized Gains on Available-for- Sale Investments | Unrealized Losses on Hedging Instruments | Pension and Other Postretirement Benefit Liability Adjustment | Total | |||||||||||||||
Balance at December 31, 2014 | $ | (1,070.6 | ) | $ | 1.3 | $ | (20.9 | ) | $ | (194.8 | ) | $ | (1,285.0 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (706.1 | ) | 0.5 | (9.0 | ) | (9.0 | ) | (723.6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive items | — | — | 3.3 | 8.0 | 11.3 | |||||||||||||||
Net other comprehensive items | (706.1 | ) | 0.5 | (5.7 | ) | (1.0 | ) | (712.3 | ) | |||||||||||
Balance at December 31, 2015 | $ | (1,776.7 | ) | $ | 1.8 | $ | (26.6 | ) | $ | (195.8 | ) | $ | (1,997.3 | ) |
Note 12. | Fair Value Measurements and Fair Value of Financial Instruments |
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(In millions) | 2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 54.6 | $ | 54.6 | $ | — | $ | — | ||||||||
Bank time deposits | 2.0 | 2.0 | — | — | ||||||||||||
Investments in mutual funds, unit trusts and other similar instruments | 7.6 | 7.6 | — | — | ||||||||||||
Warrants | 3.4 | — | 3.4 | — | ||||||||||||
Insurance contracts | 108.1 | — | 108.1 | — | ||||||||||||
Derivative contracts | 13.8 | — | 13.8 | — | ||||||||||||
Total Assets | $ | 189.5 | $ | 64.2 | $ | 125.3 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Derivative contracts | $ | 41.8 | $ | — | $ | 41.8 | $ | — | ||||||||
Contingent consideration | 1.9 | — | — | 1.9 | ||||||||||||
Total Liabilities | $ | 43.7 | $ | — | $ | 41.8 | $ | 1.9 |
December 31, | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(In millions) | 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 617.3 | $ | 617.3 | $ | — | $ | — | ||||||||
Bank time deposits | 8.5 | 8.5 | — | — | ||||||||||||
Investments in mutual funds, unit trusts and other similar instruments | 8.7 | 8.7 | — | — | ||||||||||||
Insurance contracts | 102.5 | — | 102.5 | — | ||||||||||||
Derivative contracts | 20.2 | — | 20.2 | — | ||||||||||||
Total Assets | $ | 757.2 | $ | 634.5 | $ | 122.7 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Derivative contracts | $ | 10.4 | $ | — | $ | 10.4 | $ | — | ||||||||
Contingent consideration | 29.6 | — | — | 29.6 | ||||||||||||
Total Liabilities | $ | 40.0 | $ | — | $ | 10.4 | $ | 29.6 |
(In millions) | 2015 | 2014 | ||||||
Contingent Consideration | ||||||||
Beginning Balance | $ | 29.6 | $ | 5.1 | ||||
Acquisition | — | 29.9 | ||||||
Payments | (11.2 | ) | (13.4 | ) | ||||
Change in fair value included in earnings | (2.9 | ) | 8.2 | |||||
Sale of a product line | (13.4 | ) | — | |||||
Currency translation | (0.2 | ) | (0.2 | ) | ||||
Ending Balance | $ | 1.9 | $ | 29.6 |
Fair Value – Assets | Fair Value – Liabilities | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
(In millions) | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Interest rate swaps (a) | $ | 0.2 | $ | — | $ | 16.4 | $ | 3.7 | ||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Currency exchange contracts (b) | 13.6 | 20.2 | 25.4 | 6.7 |
(a) | The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other accrued expenses. |
(b) | The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses. |
Gain (Loss) Recognized | ||||||||
(In millions) | 2015 | 2014 | ||||||
Derivatives Designated as Fair Value Hedges | ||||||||
Interest rate swaps - effective portion | $ | 34.0 | $ | 4.2 | ||||
Interest rate swaps - ineffective portion (a) | (7.4 | ) | 0.9 | |||||
Derivatives Not Designated as Fair Value Hedges | ||||||||
Currency exchange contracts | ||||||||
Included in cost of revenues | $ | 12.4 | $ | 14.7 | ||||
Included in other expense, net | 126.8 | 129.9 |
(a) | The ineffective portion of the loss recognized on interest rate swaps during 2015 includes $7.5 million of costs associated with entering into the swap arrangements. |
December 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
(In millions) | Value | Value | Value | Value | ||||||||||||
Notes Receivable | $ | 12.1 | $ | 14.9 | $ | 8.3 | $ | 8.3 | ||||||||
Debt Obligations: | ||||||||||||||||
Senior notes | $ | 12,460.8 | $ | 12,618.8 | $ | 13,265.8 | $ | 13,590.6 | ||||||||
Term loan | — | — | 1,275.0 | 1,275.0 | ||||||||||||
Commercial paper | 49.6 | 49.6 | — | — | ||||||||||||
Other | 16.3 | 16.3 | 23.2 | 23.2 | ||||||||||||
$ | 12,526.7 | $ | 12,684.7 | $ | 14,564.0 | $ | 14,888.8 |
Note 13. | Supplemental Cash Flow Information |
(In millions) | 2015 | 2014 | 2013 | |||||||||
Cash Paid For: | ||||||||||||
Interest | $ | 437.6 | $ | 435.9 | $ | 215.1 | ||||||
Income Taxes | $ | 476.6 | $ | 585.7 | $ | 226.3 | ||||||
Non-cash Activities | ||||||||||||
Fair value of assets of acquired businesses | $ | 736.5 | $ | 19,623.9 | $ | — | ||||||
Cash paid for acquired businesses | (699.9 | ) | (13,534.6 | ) | — | |||||||
Liabilities assumed of acquired businesses | $ | 36.6 | $ | 6,089.3 | $ | — | ||||||
Fair value of available-for-sale investments contributed to defined benefit plans | $ | — | $ | — | $ | 27.1 | ||||||
Declared but unpaid dividends | $ | 61.3 | $ | 61.9 | $ | 55.8 | ||||||
Issuance of stock upon vesting of restricted stock units | $ | 131.0 | $ | 110.0 | $ | 64.2 |
Note 14. | Restructuring and Other Costs (Income), Net |
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | ||||||||||||
Life Sciences Solutions | $ | 2.0 | $ | 13.6 | $ | 64.4 | $ | 80.0 | ||||||||
Analytical Instruments | 0.1 | (0.3 | ) | 26.6 | 26.4 | |||||||||||
Specialty Diagnostics | 0.8 | (0.4 | ) | 9.7 | 10.1 | |||||||||||
Laboratory Products and Services | 6.2 | 6.1 | 12.6 | 24.9 | ||||||||||||
Corporate | — | 27.3 | 2.0 | 29.3 | ||||||||||||
$ | 9.1 | $ | 46.3 | $ | 115.3 | $ | 170.7 |
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs (Income), Net | Total | ||||||||||||
Life Sciences Solutions | $ | 327.3 | $ | 122.5 | $ | (516.4 | ) | $ | (66.6 | ) | ||||||
Analytical Instruments | (0.8 | ) | 0.9 | 2.5 | 2.6 | |||||||||||
Specialty Diagnostics | 0.9 | 1.5 | 17.7 | 20.1 | ||||||||||||
Laboratory Products and Services | 0.2 | — | (121.0 | ) | (120.8 | ) | ||||||||||
Corporate | — | 5.8 | 19.0 | 24.8 | ||||||||||||
$ | 327.6 | $ | 130.7 | $ | (598.2 | ) | $ | (139.9 | ) |
(In millions) | Cost of Revenues | Selling, General and Administrative Expenses | Restructuring and Other Costs, Net | Total | ||||||||||||
Life Sciences Solutions | $ | — | $ | 51.7 | $ | 4.4 | $ | 56.1 | ||||||||
Analytical Instruments | 2.9 | 0.6 | 20.9 | 24.4 | ||||||||||||
Specialty Diagnostics | 24.9 | 12.9 | 24.2 | 62.0 | ||||||||||||
Laboratory Products and Services | 0.8 | — | 25.2 | 26.0 | ||||||||||||
Corporate | — | 8.3 | 3.0 | 11.3 | ||||||||||||
$ | 28.6 | $ | 73.5 | $ | 77.7 | $ | 179.8 |
(In millions) | Severance | Abandonment of Excess Facilities | Other (a) | Total | ||||||||||||
Balance at December 31, 2012 | $ | 20.0 | $ | 8.3 | $ | 2.8 | $ | 31.1 | ||||||||
Costs incurred in 2013 | 57.7 | 10.3 | 13.0 | 81.0 | ||||||||||||
Reserves reversed (b) | (2.6 | ) | (0.1 | ) | (0.3 | ) | (3.0 | ) | ||||||||
Payments | (47.0 | ) | (9.1 | ) | (13.0 | ) | (69.1 | ) | ||||||||
Currency translation | 0.5 | — | — | 0.5 | ||||||||||||
Balance at December 31, 2013 | 28.6 | 9.4 | 2.5 | 40.5 | ||||||||||||
Costs incurred in 2014 (c) | 140.8 | 10.5 | 102.4 | 253.7 | ||||||||||||
Reserves reversed (b) | (5.5 | ) | (0.1 | ) | (0.2 | ) | (5.8 | ) | ||||||||
Payments | (124.1 | ) | (10.4 | ) | (98.1 | ) | (232.6 | ) | ||||||||
Currency translation | (2.1 | ) | 0.4 | (0.7 | ) | (2.4 | ) | |||||||||
Balance at December 31, 2014 | 37.7 | 9.8 | 5.9 | 53.4 | ||||||||||||
Costs incurred in 2015 (d) | 57.0 | 19.1 | 14.6 | 90.7 | ||||||||||||
Reserves reversed (b) | (11.7 | ) | (0.5 | ) | (2.2 | ) | (14.4 | ) | ||||||||
Payments | (66.6 | ) | (15.0 | ) | (15.0 | ) | (96.6 | ) | ||||||||
Currency translation | (1.2 | ) | (0.3 | ) | (0.3 | ) | (1.8 | ) | ||||||||
Balance at December 31, 2015 | $ | 15.2 | $ | 13.1 | $ | 3.0 | $ | 31.3 |
(a) | Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. |
(b) | Represents reductions in cost of plans. |
(c) | Excludes a $895.4 million net gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses and the Cole-Parmer business; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; $9.3 million of provision for losses on pre-acquisition litigation-related matters of Life Technologies; and an aggregate of $19.9 million of non-cash charges, net. |
(d) | Excludes $24.7 million of provision for losses on litigation-related matters; $14.9 million of impairment of acquired technology in development; a $7.6 million gain on the sale of a product line; $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.1 million of non-cash charges, net. |
Note 15. | Unaudited Quarterly Information |
2015 | ||||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | ||||||||||||
Revenues | $ | 3,918.8 | $ | 4,270.9 | $ | 4,123.2 | $ | 4,652.5 | ||||||||
Gross Profit | 1,822.5 | 1,941.8 | 1,883.3 | 2,108.3 | ||||||||||||
Income from Continuing Operations | 385.1 | 511.6 | 477.3 | 606.3 | ||||||||||||
Net Income | 385.1 | 511.6 | 476.1 | 602.6 | ||||||||||||
Earnings per Share from Continuing Operations: | ||||||||||||||||
Basic | 0.97 | 1.28 | 1.20 | 1.52 | ||||||||||||
Diluted | 0.96 | 1.27 | 1.19 | 1.51 | ||||||||||||
Earnings per Share: | ||||||||||||||||
Basic | 0.97 | 1.28 | 1.19 | 1.51 | ||||||||||||
Diluted | 0.96 | 1.27 | 1.18 | 1.50 | ||||||||||||
Cash Dividend Declared per Common Share | 0.15 | 0.15 | 0.15 | 0.15 |
(a) | Costs of $40.2 million. |
(b) | Costs of $24.7 million. |
(c) | Costs of $40.9 million and after-tax loss of $1.2 million related to the company's discontinued operations. |
(d) | Costs of $64.9 million and after-tax loss of $3.7 million related to the company's discontinued operations. |
2014 | ||||||||||||||||
(In millions except per share amounts) | First (a) | Second (b) | Third (c) | Fourth (d) | ||||||||||||
Revenues | $ | 3,903.5 | $ | 4,321.9 | $ | 4,171.4 | $ | 4,492.8 | ||||||||
Gross Profit | 1,620.0 | 1,846.5 | 1,933.6 | 2,091.9 | ||||||||||||
Income from Continuing Operations | 543.1 | 278.5 | 469.9 | 604.0 | ||||||||||||
Net Income | 543.1 | 278.5 | 471.6 | 601.2 | ||||||||||||
Earnings per Share from Continuing Operations: | ||||||||||||||||
Basic | 1.38 | 0.70 | 1.17 | 1.51 | ||||||||||||
Diluted | 1.36 | 0.69 | 1.16 | 1.49 | ||||||||||||
Earnings per Share: | ||||||||||||||||
Basic | 1.38 | 0.70 | 1.18 | 1.50 | ||||||||||||
Diluted | 1.36 | 0.69 | 1.17 | 1.49 | ||||||||||||
Cash Dividend Declared per Common Share | 0.15 | 0.15 | 0.15 | 0.15 |
(a) | Income of $330.9 million. |
(b) | Costs of $231.9 million. |
(c) | Income of $88.2 million and after-tax gain of $1.7 million related to the company's discontinued operations. |
(d) | Costs of $47.3 million and after-tax loss of $2.8 million related to the company's discontinued operations. |
Note 16. | Subsequent Event |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Operating Company LLC | Delaware | 100 |
Thermo Fisher Scientific Senior Financing LLC | Delaware | 100 |
Thermo Fisher Scientific (DE) Holding S.a.r.l. | Luxembourg | 100 |
Laboratory Management Systems, Inc. | Delaware | 100 |
Thermo Fisher Scientific Peru S.A. [1% by Fisher Clinical Services (Peru) LLC] | Peru | 99 |
Thermo Fisher Scientific Malaysia Sdn. Bhd. | Malaysia | 100 |
Thermo Fisher Scientific (Barbados) Holdings Ltd. | Barbados | 100 |
Thermo Scientific Korea Ltd. | Korea | 100 |
Fisher Clinical Logistics LLC | Delaware | 100 |
Fisher Clinical Services (Suzhou) Co., Ltd. | China | 100 |
Fisher Clinical Services Limited Liability Company [1% by Thermo Fisher Scientific Inc.] | Russia | 99 |
Fisher Clinical Services Japan K.K. | Japan | 100 |
Thermo Fisher Scientific Mexico City, S. de R.L. de C.V. [1% by Thermo Fisher Scientific (Mexico City) LLC] | Mexico | 99 |
TFLP LLC | Delaware | 100 |
Cohesive Technologies Inc. | Delaware | 100 |
Cohesive Technologies (UK) Limited | England | 100 |
Thermo Hypersil-Keystone LLC | Delaware | 100 |
Fisher Worldwide Distribution SPV | Cayman Islands | 100 |
Thermo Electron A/S | Denmark | 100 |
TWX, LLC [22.5% by Thermo Scientific Portable Analytical Instruments Inc.] | Massachusetts | 77.5 |
Thermo Fisher GP LLC | Delaware | 100 |
Thermo Fisher Scientific C.V. [1% by TFLP LLC] | Netherlands | 99 |
Phadia GmbH | Germany | 100 |
Oxoid Australia Pty. Limited [35.5% by Oxoid International Limited] | Australia | 64.5 |
Thermo Dutch Holdings Limited Partnership [1% by Thermo Finland Holdings LLC] | England | 99 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fisher Clinical Services Mexico, S. de R.L. de C.V. [1% by Fisher Clinical Services (Mexico) LLC] | Mexico | 99 |
Fisher Clinical Services (Mexico) LLC | Delaware | 100 |
D-finitive Technologies, Inc. | South Carolina | 100 |
Thermo Fisher Scientific Middle East Holdings Inc. | Delaware | 100 |
Thermo Scientific Portable Analytical Instruments Inc. | Delaware | 100 |
Thermo Fisher Germany B.V. | Netherlands | 100 |
NovaWave Technologies, Inc. | California | 100 |
Thermo Fisher Re Ltd. [20% by Thermo Fisher Insurance Holdings Inc.] | Bermuda | 80 |
Thermo Finland Holdings LLC | Delaware | 100 |
Pelican Acquisition Corporation | Delaware | 100 |
Priority Air Holdings Corp | Delaware | 100 |
Priority Air Express, LLC | Delaware | 100 |
Priority Air Express UK Limited | England | 100 |
Priority Air Express Pte. Ltd. | Singapore | 100 |
PAX - DSI Acquisition LLC | Delaware | 100 |
Distribution Solutions International, Inc. | Michigan | 100 |
Thermo EGS Gauging, Inc. | Delaware | 100 |
EGS Gauging Technical Services Company | Delaware | 100 |
EGS Gauging Ltd. | England | 100 |
EGS Gauging Pty Ltd | Australia | 100 |
Thermo Asset Management Services Inc. | Delaware | 100 |
Ionalytics Corporation | Canada | 100 |
Thermo CRS Holdings Ltd. | Canada | 100 |
Thermo CRS Ltd. [Series 1 Preferred Shares held by Oxoid Company, Diagnostix Ltd. and Thermo Fisher Scientific (Mississauga) Inc.] | Canada | 100 |
Robocon Labor- und Industrieroboter Gesellschaft m.b.H | Austria | 100 |
Thermo Fisher Scientific West Palm Holdings LLC | Delaware | 100 |
Thermo Electron North America LLC | Delaware | 100 |
picoSpin, LLC | Colorado | 100 |
Loftus Furnace Company | Pennsylvania | 100 |
NAPCO, Inc. | Connecticut | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fisher Clinical Services (Colombia) LLC | Delaware | 100 |
Fisher Clinical Services Colombia S.A.S. | Colombia | 100 |
Fisher Clinical Services (Peru) LLC | Delaware | 100 |
Fisher Clinical Services Peru S.R.L [1% by Thermo Fisher Scientific Inc.] | Peru | 99 |
Fisher Servicios Clinicos (Chile) LLC | Delaware | 100 |
Fisher Servicios Clinicos Chile Ltda [1% by Thermo Fisher Scientific Inc.] | Chile | 99 |
Staten Island Cogeneration Corporation | New York | 100 |
Doe & Ingalls Investors, Inc. | Delaware | 100 |
Doe & Ingalls Management, LLC | Delaware | 100 |
Doe & Ingalls of California Operating LLC | North Carolina | 100 |
Doe & Ingalls of Florida Operating LLC | Florida | 100 |
Doe & Ingalls of Maryland Operating LLC | North Carolina | 100 |
Doe & Ingalls of Massachusetts Operating LLC | North Carolina | 100 |
Doe & Ingalls of North Carolina Operating LLC | North Carolina | 100 |
Doe & Ingalls Properties II, LLC | North Carolina | 100 |
Doe & Ingalls Properties, LLC | North Carolina | 100 |
Thermo Electron Export Inc. | Barbados | 100 |
Thermo Fisher Scientific (Mexico City) LLC | Delaware | 100 |
Odyssey Luxembourg Holdings S.à r.l. | Luxembourg | 100 |
Fisher Worldwide Gene Distribution SPV | Cayman Islands | 100 |
Thermo Fisher Scientific Odyssey Holdings Limited | England | 100 |
Odyssey Venture Corporation | Delaware | 100 |
Odyssey Holdings Corporation | Delaware | 100 |
One Lambda, Inc | California | 100 |
Odyssey Luxembourg IP Holdings 1 S.à r.l. | Luxembourg | 100 |
Odyssey Luxembourg IP Holdings 2 S.à r.l. | Luxembourg | 100 |
Thermo Foundation, Inc. | Massachusetts | 100 |
Thermo Fisher Financial Services Inc. | Delaware | 100 |
Thermo Fisher Scientific Chemicals Inc. | Delaware | 100 |
Russell pH Limited | Scotland | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Keytek LLC | Delaware | 100 |
Thermo Finland Holdings MT2 B.V. [10% by Thermo Finland Holdings LLC] | Netherlands | 90 |
Thermo Cayman Holdings Ltd. [33.33% by Thermo Cambridge Limited] | Cayman Islands | 66.67 |
European Laboratory Holdings Limited | Ireland | 100 |
Thermo Fisher Investments (Cayman) Ltd. | Cayman Islands | 100 |
Thermo Suomi Holding B.V. [33.33% by Life Sciences International Holdings BV] | Netherlands | 66.67 |
Thermo Fisher (Finland Holdings 2) LLC | Delaware | 100 |
Thermo Fisher (Finland Holdings) Limited Partnership [.5% by Thermo Fisher (Finland Holdings 2) LLC] | England | 99.5 |
Thermo Finland Holdings MT1 B.V. [.5% by Thermo Fisher (Finland Holdings 2) LLC] | Netherlands | 99.5 |
Thermo Fisher Scientific Oy | Finland | 100 |
Thermo Fisher India Holding B.V. [6.13% by Thermo Fisher Scientific Inc., .68% by Thermo Gamma-Metrics LLC and 30.74% by Thermo Fisher Scientific (Ashville) LLC] | Netherlands | 62.45 |
Thermo Fisher Scientific India Pvt Ltd [.00204% by Thermo Fisher Scientific Inc., .00406% by Thermo Electron LED GmbH, 3.38639% by Phadia Holding AB, .00001% by Phadia AB, and 28.21661% by Dionex Corporation] | India | 68.39089 |
Thermo Shandon Limited | England | 100 |
Raymond A Lamb Limited | England | 100 |
Thermo Electron Manufacturing Limited | England | 100 |
Thermo Nicolet Limited | England | 100 |
Thermo Elemental Limited | England | 100 |
Thermo Finnigan Limited | England | 100 |
Thermo Hypersil Ltd | England | 100 |
G V Instruments Limited | England | 100 |
GV Instruments Inc | Delaware | 100 |
GV Instruments Canada Ltd. | Canada | 100 |
JSC “Thermo Fisher Scientific” | Russia | 100 |
Thermedics Detection de Argentina S.A. [10% by Thermo Ramsey Inc.] | Argentina | 90 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fisher Clinical Services Latin America S.R.L. [10% by Thermo Ramsey Inc.] | Argentina | 90 |
Thermo Detection de Mexico, S.A. de C.V. [1% by Thermo Environmental Instruments Inc.] | Mexico | 99 |
Thermo Fisher Scientific eCommerce Solutions, LLC | Delaware | 100 |
Goring Kerr Detection Limited | England | 100 |
Thermo Sentron Canada Inc. [10% by Thermo Fisher Scientific Inc.] | Canada | 90 |
Thermo Ramsey S.A. | Spain | 100 |
Thermo Ramsey Inc. | Massachusetts | 100 |
Thermo Fisher Scientific Brasil Instrumentos de Processo Ltda. [.01% by Thermo Ramsey Inc.] | Brazil | 99.99 |
Thermo Re, Ltd. | Bermuda | 100 |
Thermo Electron (Proprietary) Limited | South Africa | 100 |
Princeton Gamma-Tech Instruments LLC | Delaware | 100 |
TPI Real Estate Holdings LLC | Delaware | 100 |
Comtest Limited | England | 100 |
Thermo Electron Metallurgical Services, Inc. | Texas | 100 |
ONIX Systems Inc. | Delaware | 100 |
Thermo Process Instruments GP, LLC | Delaware | 100 |
Thermo Process Instruments, L.P. [0.10% by Thermo Process Instruments GP, LLC] | Texas | 99.90 |
Thermo Measuretech Canada Inc. | Canada | 100 |
Onix Holdings Limited | England | 100 |
CAC Limited | England | 100 |
Thermo Measurement Ltd | England | 100 |
Thermo Onix Limited | England | 100 |
Thermo Electron Scientific Instruments LLC | Delaware | 100 |
Thermo Fisher Scientific Japan Holdings I B.V. | Netherlands | 100 |
Fuji Partnership [17.8184% by Thermo Fisher Scientific Japan Holdings II B.V. and 10.1634% by Thermo Fisher Scientific Japan Holdings III B.V.] | Japan | 72.0182 |
TK Partnership (aka Silent Partnership) [44.66% by Thermo Fisher Scientific K.K.] | Japan | 55.34 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific (NK) LLC | Delaware | 100 |
Thermo Fisher Eurobonds Ltd. | Cayman Islands | 100 |
Thermo Fisher Scientific (Mississauga) Inc. [Thermo Finnigan LLC owns 100 Series A Preferred shares] | Canada | 100 |
Life Sciences International Limited | England | 100 |
Hybaid Limited | England | 100 |
Equibio Limited | England | 100 |
Thermo Optek Limited | England | 100 |
Thermo Cambridge Limited | England | 100 |
VG Systems Limited | England | 100 |
Thermo Radiometrie Limited | England | 100 |
Thermo Electron Limited | England | 100 |
Thermo Electron Weighing & Inspection Limited | England | 100 |
Thermo Sentron Limited | England | 100 |
Thermo Allen Coding Limited | England | 100 |
Thermo Electron (Management Services) Limited | England | 100 |
Life Sciences International Holdings BV | Netherlands | 100 |
Bioanalysis Labsystems, S.A. [10% by Thermo Fisher Scientific B.V.] | Spain | 90 |
Life Sciences International (Poland) SP z O.O | Poland | 100 |
Thermo Ramsey Italia S.r.l. | Italy | 100 |
Helmet Securities Limited | England | 100 |
Life Sciences International LLC | Delaware | 100 |
Thermo Fisher Scientific (Asheville) LLC | Delaware | 100 |
Thermo Neslab LLC | New Hampshire | 100 |
Thermo Fisher Scientific Japan Holdings II B.V. | Netherlands | 100 |
Lab-Line Instruments, Inc. | Delaware | 100 |
Thermo Scientific Services, Inc. | California | 100 |
Thermo Fisher Scientific (Fuji) LLC | Delaware | 100 |
Jouan LLC | Delaware | 100 |
Kendro Laboratory Products Pty., Ltd. | Australia | 100 |
Thermo Kevex X-Ray Inc. | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Gamma-Metrics LLC | Delaware | 100 |
ThermoSpectra Limited | England | 100 |
Laser Analytical Systems, Inc. | California | 100 |
Thermo Finnigan LLC | Delaware | 100 |
TMOI Inc. | Delaware | 100 |
Thermo Fisher Scientific (China) Holding Limited | England | 100 |
Thermo Fisher Scientific NHK Limited | Hong Kong | 100 |
Thermo Fisher Scientific TR Limited | Hong Kong | 100 |
Thermo Fisher Scientific Baltics UAB [18.24% by Thermo Fisher Scientific (IVGN) Limited and 18.82% by Oxoid Investments GmbH] | Lithuania | 62.94 |
Fermentas China Co., Ltd | China | 100 |
Thermo Fisher Scientific BHK (I) Limited | Hong Kong | 100 |
Thermo Fisher China Business Trust II [1% by Thermo Fisher Scientific BHK (II) Limited] | China | 99 |
Thermo Fisher Scientific BHK (II) Limited | Hong Kong | 100 |
Thermo Fisher Scientific (China-HK) Holding Limited | Hong Kong | 100 |
Alfa Aesar (Hong Kong) Limited | Hong Kong | 100 |
Alfa Aesar (China) Chemical Co. Ltd. | China | 100 |
Thermo Fisher Scientific (Shanghai) Instruments Co., Ltd. | China | 100 |
Thermo Fisher Scientific (Suzhou) Instruments Co., Ltd | China | 100 |
Thermo Fisher Scientific (China) Co., Ltd. | China | 100 |
Thermo Fisher Scientific (Shanghai) Management Co., Ltd. | China | 100 |
Thermo Fisher Scientific (Hong Kong) Limited | Hong Kong | 100 |
Thermo Life Science International Trading (Tianjin) Co., Ltd. | China | 100 |
Thermo Fisher Scientific SL | Spain | 100 |
Thermo Fisher (Cayman) Holdings I Ltd. | Cayman Islands | 100 |
Thermo Fisher (Gibraltar) Limited [50% by Thermo Fisher (Cayman) Holdings II Ltd.] | Gibraltar | 50 |
Thermo Fisher (Gibraltar) II Limited | Gibraltar | 100 |
Navaho Acquisition Corp. | Delaware | 100 |
NanoDrop Technologies LLC | Delaware | 100 |
Thermo Fisher (Cayman) Holdings II Ltd. | Cayman Islands | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo BioAnalysis LLC [5.1% by Life Sciences International Limited and 9.4% by Life Sciences International LLC] | Delaware | 85.5 |
Thermo Fisher Scientific Senior Holdings Australia LLC | Delaware | 100 |
Thermo LabSystems S.A. | Spain | 100 |
Thermo Fisher German Holdings LLC | Delaware | 100 |
Thermo Holding European Operations LLC | Delaware | 100 |
Thermo DMA Inc. | Texas | 100 |
Thermo Shandon Inc. | Pennsylvania | 100 |
Thermo BioAnalysis Limited | England | 100 |
Thermo Fast U.K. Limited | England | 100 |
Thermo Projects Limited | England | 100 |
Thermo LabSystems Inc. | Massachusetts | 100 |
InnaPhase Limited | England | 100 |
InnaPhase, Inc. | Canada | 100 |
Thermo Environmental Instruments Inc. | California | 100 |
27 Forge Parkway LLC | Delaware | 100 |
Thermo Electron (Calgary) Limited | Canada | 100 |
Thermo Orion Inc. | Massachusetts | 100 |
Thermo Fisher Scientific Aquasensors LLC | Delaware | 100 |
Thermo Electron Puerto Rico, Inc. | Puerto Rico | 100 |
Thermo CIDTEC Inc. | New York | 100 |
Thermo Power Corporation | Massachusetts | 100 |
ACI Holdings Inc. | New York | 100 |
Thermo Securities Corporation | Delaware | 100 |
Thermo Eberline Holdings I LLC [49% by Thermo Fisher Scientific Inc.] | Delaware | 51 |
Thermo Eberline Holdings II LLC | Delaware | 100 |
Thermo Eberline LLC | Delaware | 100 |
Thermo Instrument Controls de Mexico, S.A. de C.V. [2% by Thermo Fisher Scientific Inc.] | Mexico | 98 |
ThermoLase LLC | Delaware | 100 |
Trex Medical Corporation | Delaware | 100 |
Fermentas Inc. | Maryland | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
TFS LLC | Massachusetts | 100 |
Thermo Corporation | Delaware | 100 |
Fisher Scientific GmbH | Germany | 100 |
Fisher Scientific (Polska) Sp. z o.o. | Poland | 100 |
Fisher Scientific Germany Beteiligungs GmbH | Germany | 100 |
Fisher Scientific, spol. S.r.o [33% held privately] | Czech Republic | 67 |
Fisher Scientific (Austria) GmbH | Austria | 100 |
White Birch Merger Co. | Delaware | 100 |
Thermo Fisher Scientific Germany BV & Co. KG [Thermo Fisher Germany B.V., general partner with 0% ownership] | Germany | 100 |
Microgenics Corporation | Delaware | 100 |
Consolidated Technologies, Inc. | Wisconsin | 100 |
Microgenics Diagnostics Pty Limited | Australia | 100 |
Remel Inc. | Wisconsin | 100 |
Trek Diagnostic Systems LLC | Delaware | 100 |
Trek Holding Company Ltd. | England | 100 |
Trek Holding Company II Ltd. | England | 100 |
Trek Diagnostic Systems Ltd. | England | 100 |
Thermo Luxembourg Holding S.a.r.l. | Luxembourg | 100 |
Thermo Fisher Scientific Biosciences Corp. | Canada | 100 |
Oxoid Investments GmbH | Germany | 100 |
B.R.A.H.M.S. GmbH [5.025% by Thermo Fisher Scientific Beteiligungsverwaltungs GmbH] | Germany | 94.975 |
B.R.A.H.M.S. Biotech GmbH [6% held privately] | Germany | 94 |
B.R.A.H.M.S. Austria GmbH | Austria | 100 |
B.R.A.H.M.S. Italia s.r.l. | Italy | 100 |
Cezanne S.A.S. | France | 100 |
HENO GmbH i.L. | Germany | 100 |
B.R.A.H.M.S. UK Ltd | England | 100 |
B.R.A.H.M.S. Iberia S.L. | Spain | 100 |
Thermo Fisher Scientific Vermogensverwaltungs GmbH | Germany | 100 |
Fermentas Sweden AB | Sweden | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fermentas UK Limited | England | 100 |
Thermo Fisher Scientific Chromatography Holdings S.à r.l. [1.28% by Thermo Fisher Scientific B.V.] | Luxembourg | 98.72 |
Thermo Fisher Scientific B.V.B.A. | Belgium | 100 |
Thermo Fisher Scientific Chromatography Holdings Aps | Denmark | 100 |
Dionex Corporation | Delaware | 100 |
Thermo Fisher Scientific Pte. Ltd. | Singapore | 100 |
Dionex Sweden AB | Sweden | 100 |
Dionex Brasil Instrumentos Cientificos Ltda [.01% by Thermo Fisher Scientific Brasil Instrumentos de Processo Ltda.] | Brazil | 99.99 |
Dionex I, LLC | Delaware | 100 |
Dionex (Switzerland) AG | Switzerland | 100 |
Dionex Canada Ltd. | Canada | 100 |
Dionex Austria GmbH | Austria | 100 |
Dionex Benelux B.V. | Netherlands | 100 |
Dionex Holding GmbH | Germany | 100 |
Dionex Softron GmbH | Germany | 100 |
Dionex Singapore Pte Ltd. | Singapore | 100 |
Thermo Fisher Scientific Korea Ltd. | Korea | 100 |
Dionex S.A. | France | 100 |
Thermo Fisher Diagnostics (Ireland) Limited | Ireland | 100 |
Dionex (UK) Limited | England | 100 |
Dionex S.p.A. [0.08% held privately] | Italy | 99.92 |
Dionex Pty Ltd. | Australia | 100 |
Dionex China Limited | Hong Kong | 100 |
Dionex (China) Analytical Ltd | China | 100 |
Thermo Fisher Scientific Taiwan Co., Ltd. | Taiwan | 100 |
Dionex Denmark A/S | Denmark | 100 |
Thermo TLH (UK) Limited | England | 100 |
Thermo Fisher Scientific (Breda) Holding BV | Netherlands | 100 |
Thermo Fisher Scientific B.V. | Netherlands | 100 |
Thermo Optek S.A. | Spain | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Finance Company BV | Netherlands | 100 |
Thermo Quest S.A. | Spain | 100 |
Thermo Luxembourg S.a.r.l. | Luxembourg | 100 |
Thermo Fisher Scientific IT Services GmbH | Germany | 100 |
Thermo Fisher Scientific GmbH | Germany | 100 |
BmT GmbH Laborprodukte | Germany | 100 |
Thermo Fisher Scientific (Real Estate 1) S.a.r.l. | Luxembourg | 100 |
Thermo Fisher Scientific Messtechnik GmbH [10.04% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG] | Germany | 89.96 |
Thermo Electron (Karlsruhe) GmbH [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG] | Germany | 90 |
Thermo Electron Pension Trust GmbH | Germany | 100 |
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG [0% by Fisher Scientific Germany Beteiligungs GmbH as the General Partner] | Germany | 100 |
Thermo Fisher Scientific (Bremen) GmbH [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG] | Germany | 90 |
La-Pha-Pack GmbH | Germany | 100 |
Thermo Electron LED GmbH [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG] | Germany | 90 |
Thermo Electron LED GmbH | Austria | 100 |
Thermo TLH L.P. [0.01% by Thermo TLH (U.K.) Limited] | Delaware | 99.99 |
Gerhard Menzel B.V. & Co. KG [.01% by Thermo Fisher Germany B.V.] | Germany | 99.99 |
Microm International GmbH | Germany | 100 |
Oxoid Deutschland GmbH | Germany | 100 |
Microgenics GmbH | Germany | 100 |
ILS Laboratories Scandinavia, AB | Sweden | 100 |
Advanced Scientifics International, Inc. | Pennsylvania | 100 |
Advanced Scientifics, Inc. | Pennsylvania | 100 |
Avances Cientificos de Mexico, S. de R.L. de C.V. [50% by Advanced Scientifics International, Inc.] | Mexico | 50 |
Barnstead Thermolyne LLC | Delaware | 100 |
Thermo Fisher Scientific China Holdings I B.V. | Netherlands | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific China Holdings II B.V. | Netherlands | 100 |
Thermo Fisher Scientific China Holdings III B.V. | Netherlands | 100 |
Thermo Fisher China Business Trust [1% by Thermo Fisher Scientific China Holdings IV B.V.] | China | 99 |
Thermo Fisher Scientific China Holdings IV B.V. | Netherlands | 100 |
Fisher Scientific International LLC | Delaware | 100 |
NERL Diagnostics LLC | Wisconsin | 100 |
FHP LLC | Delaware | 100 |
Alchematrix, Inc. | Delaware | 100 |
Fisher Internet Minority Holdings L.L.C. | Delaware | 100 |
Alchematrix LLC | Delaware | 100 |
Apogent Technologies Inc. | Wisconsin | 100 |
Apogent Holding Company | Delaware | 100 |
Niton Asia Limited | Hong Kong | 100 |
Matrix Technologies LLC | Delaware | 100 |
Molecular BioProducts, Inc. | California | 100 |
Intrinsic BioProbes, Inc. | Arizona | 100 |
Labomex MBP, S. de R. L. De C.V. [.04% by Apogent Technologies Inc.] | Mexico | 99.96 |
National Scientific Company | Wisconsin | 100 |
Lab-Chrom-Pack LLC | New York | 100 |
Robbins Scientific LLC | California | 100 |
Apogent Transition Corp. | Delaware | 100 |
Erie Scientific LLC | Delaware | 100 |
Thermo Fisher Scientific Life Holdings II C.V. [10.000012% by Fisher WWD Holding L.L.C., .000060% by Fisher Scientific Worldwide Inc., and .000001% by Apogent Technologies Inc.] | Netherlands | 89.999927 |
Thermo Fisher Scientific Life Investments GP LLC | Delaware | 100 |
Thermo Fisher Scientific Life Investments C.V. [.01% by Thermo Fisher Scientific Life Investments GP LLC, 21.93% by Thermo Fisher Scientific Inc., 2.17% by Thermo BioAnalysis LLC, and 35.85% by Erie Scientific LLC ] | Netherlands | 40.04 |
Thermo Fisher Scientific Luxembourg Sweden Holdings I S.à r.l | Luxembourg | 100 |
Thermo Fisher Scientific Life Senior GP Holdings II LLC | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Life Senior GP Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Life Senior Holdings II C.V. [.01% by Thermo Fisher Scientific Life Senior GP Holdings II LLC and 17.22% by Thermo Fisher Scientific Luxembourg Sweden Holdings I S.à r.l] | Netherlands | 82.77 |
TFSL Senior GP Holdings 2 LLC | Delaware | 100 |
Thermo Fisher Scientific Life Senior Holdings C.V. [.01% by TFSL Senior GP Holdings 2 LLC] | Netherlands | 99.99 |
TFSL Financing GP LLC | Delaware | 100 |
Thermo Fisher Scientific Life CV GP Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Life Holdings I C.V. [.01% by Thermo Fisher Scientific Life CV GP Holdings LLC] | Netherlands | 99.99 |
Thermo Fisher Scientific Life Switzerland Holdings GP LLC | Delaware | 100 |
Thermo Fisher Scientific Switzerland Holdings C.V. [.01% by Thermo Fisher Scientific Life Switzerland Holdings GP LLC] | Netherlands | 99.99 |
Thermo Fisher Scientific Luxembourg Sweden Holdings II S.à r.l. | Luxembourg | 100 |
SwissAnalytic Group GmbH | Switzerland | 100 |
Thermo Fisher Scientific (Ecublens) SARL | Switzerland | 100 |
Fisher Luxembourg Danish Holdings SARL | Luxembourg | 100 |
Fisher Holdings ApS | Denmark | 100 |
Apogent Denmark ApS | Denmark | 100 |
Fisher BioImage ApS | Denmark | 100 |
Nunc A/S | Denmark | 100 |
Proxeon Biosystems A/S | Denmark | 100 |
Thermo Fisher Scientific Europe GmbH | Switzerland | 100 |
Thermo Fisher Scientific Holdings Europe Limited | England | 100 |
Thermo Fisher Scientific SpA | Italy | 100 |
Erie Electroverre S.A. | Switzerland | 100 |
Kendro Laboratory Products Ltd | England | 100 |
Kendro Containment & Services Limited | England | 100 |
Thermo Fisher Scientific (Johannesburg) (Proprietary) Limited | South Africa | 100 |
Thermo Fisher Scientific (Schweiz) AG | Switzerland | 100 |
Thermo Fisher Scientific Wissenschaftliche Geräte GmbH | Austria | 100 |
Thermo Fisher Scientific (Praha) s.r.o. | Czech Republic | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Life Technologies Investment I LLC | Delaware | 100 |
Thermo Fisher Scientific Life Technologies Investment II LLC | Delaware | 100 |
Thermo Fisher Scientific Life Technologies Investments Holding LP [.10% by Thermo Fisher Scientific Life Technologies Investment I LLC] | England | 99.90 |
Thermo Fisher Scientific Life Financing (Cayman) | Cayman Islands | 100 |
Thermo Fisher Scientific Life Technologies Investment UK II Limited | England | 100 |
Thermo Fisher Scientific Life Holdings Limited | England | 100 |
Life Technologies Limited | Scotland | 100 |
Matrix MicroScience Ltd. | England | 100 |
Thermo Electron Sweden Forvaltning AB [10.08% by Dionex Corporation] | Sweden | 89.92 |
Spectra-Physics AB | Sweden | 100 |
Spectra-Physics Holdings Limited | England | 100 |
Thermo Fisher Scientific Japan Holdings III B.V. | Netherlands | 100 |
Thermo Fisher Scientific K.K. [0% by TFS Breda B.V. - preferred shares] | Japan | 100 |
Thermo Fisher Scientific Spectra-Physics Holdings Luxembourg II S.à r.l. | Luxembourg | 100 |
Thermo MF Physics LLC | Delaware | 100 |
Thermo Fisher Scientific Spectra-Physics Holdings Luxembourg I S.à r.l. | Luxembourg | 100 |
Spectra-Physics Holdings USA, LLC | Delaware | 100 |
Thermo Fisher Scientific Spectra-Physics Investments Malta Limited [1% by Spectra-Physics Holdings USA, LLC] | Malta | 99 |
Saroph Sweden AB | Sweden | 100 |
Thermo Electron Sweden AB | Sweden | 100 |
Thermo Life Sciences AB | Sweden | 100 |
Thermo Electron Australia Pty Limited | Australia | 100 |
Thermo Fisher Scientific Australia Senior Holdings Pty Limited [.5% by Thermo Fisher Scientific Senior Holdings Australia LLC] | Australia | 99.5 |
Thermo Informatics Asia Pacific Pty Ltd. | Australia | 100 |
Thermo Trace Pty Ltd. | Australia | 100 |
Thermo Optek (Australia) Pty Ltd. | Australia | 100 |
Thermo Fisher Scientific Australia Pty Ltd | Australia | 100 |
Lomb Scientific (Aust) Pty Limited | Australia | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Ajax Finechem Pty Limited | Australia | 100 |
Promedica Pty Limited | Australia | 100 |
Technology Design Solutions Pty Ltd | Australia | 100 |
App-Tek International Pty Ltd | Australia | 100 |
EnviroEquip Pty Ltd | Australia | 100 |
Thermo Fisher Scientific New Zealand Holdings | New Zealand | 100 |
Thermo Fisher Scientific New Zealand Limited | New Zealand | 100 |
Thermo Gamma-Metrics Holdings Pty Ltd. | Australia | 100 |
Thermo Gamma-Metrics Pty Ltd | Australia | 100 |
Intalysis Pty Ltd | Australia | 100 |
Thermo Electron (Chile) S.A. [.20% held privately] | Chile | 99.80 |
TFS Breda B.V. [.25% by Thermo Fisher Scientific C.V.] | Netherlands | 99.75 |
Thermo Fisher Scientific Life Financing C.V. [38.65428508% by Thermo Fisher Scientific Life Holdings I C.V. and 0.00000003% by TFSL Financing GP LLC] | Netherlands | 61.34571489 |
Erie-Watala Glass Company Limited [42% held privately] | Hong Kong | 58 |
Metavac LLC | Delaware | 100 |
Abgene Inc. | Delaware | 100 |
Apogent Finance Company | Delaware | 100 |
Capitol Vial, Inc. | Alabama | 100 |
Capitol Scientific Products, Inc. | New York | 100 |
Chase Scientific Glass, Inc. [50% by Apogent Holding Company] | Wisconsin | 50 |
EP Scientific Products LLC | Delaware | 100 |
Erie Scientific Company of Puerto Rico | Delaware | 100 |
Erie Scientific Hungary Kft | Hungary | 100 |
Erie UK Holding Company | Delaware | 100 |
Erie LP Holding LLC | Delaware | 100 |
Erie UK 1 Limited | England | 100 |
Erie Finance Limited | England | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Life Technologies Finland Oy | Finland | 100 |
Remel Europe Limited | England | 100 |
Fisher Scientific Investments (Cayman), Ltd. | Cayman Islands | 100 |
Erie U.K. Limited | England | 100 |
Nalge Nunc International Corporation | Delaware | 100 |
Thermo Fisher Scientific (Monterrey), S. De R.L. De C.V. [1% by Nalge Nunc International (Monterrey) LLC] | Mexico | 99 |
236 Perinton Parkway, LLC | New York | 100 |
ARG Services LLC | Delaware | 100 |
Owl Separation Systems LLC | Wisconsin | 100 |
Nalge Nunc International (Monterrey) LLC | Delaware | 100 |
Erie UK Senior Holding Limited [1.01% by Erie LP Holding LLC] | England | 98.99 |
LambTrack Limited | England | 100 |
Erie UK 2 Limited | England | 100 |
Thermo BioSciences Holdings LLC | Delaware | 100 |
Pierce Biotechnology, Inc. | Delaware | 100 |
Perbio Science, Inc. | Delaware | 100 |
Pierce Milwaukee, Inc. | Delaware | 100 |
Pierce Milwaukee Holding Corp. | Delaware | 100 |
Thermo Fisher Scientific (Milwaukee) LLC [1% by Pierce Milwaukee, Inc.] | Delaware | 99 |
Advanced Biotechnologies Limited | England | 100 |
Abgene Limited | England | 100 |
Apogent U.K. Limited | England | 100 |
Matrix Technologies Corporation Limited | England | 100 |
Nalge (Europe) Limited | England | 100 |
Chromacol Limited | England | 100 |
Epsom Glass Industries Limited | England | 100 |
Ever Ready Thermometer Co., Inc. | Wisconsin | 100 |
Fisher Asia Manufacturing Ventures Inc. [20% held privately] | British Virgin Islands | 80 |
Fisher Laboratory Products Manufacturing (Shanghai) Co., Ltd | China | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Richard-Allan Scientific Company | Wisconsin | 100 |
Lab Vision Corporation | California | 100 |
Lab Vision (UK) Limited [0.05% by Erie U.K. Limited] | England | 99.95 |
Neomarkers, Inc. | California | 100 |
Microm Laborgerate S.L.U | Spain | 100 |
Samco Scientific LLC | Delaware | 100 |
Samco Scientific (Monterrey) LLC | Delaware | 100 |
Seradyn Inc. | Delaware | 100 |
Applied Scientific Corporation | California | 100 |
Cellomics, Inc. | Delaware | 100 |
Fisher BioSciences Japan, KK | Japan | 100 |
CTPS Company | Delaware | 100 |
Clintrak Pharmaceutical Services, LLC | Delaware | 100 |
Fisher Clinical Services (Bristol), LLC | Delaware | 100 |
Clintrak Clinical Labeling Services, LLC | Delaware | 100 |
Fisher Clinical Services GmbH | Germany | 100 |
Cenduit GmbH [50% by Cenduit LLC] | Switzerland | 50 |
Columbia Diagnostics, Inc. | Delaware | 100 |
Drakeside Real Estate Holding Company LLC | Delaware | 100 |
Duke Scientific Corporation | California | 100 |
Fisher Clinical Services Inc. | Pennsylvania | 100 |
Eutech Instruments Pte Ltd. | Singapore | 100 |
Eutech Instruments Europe B.V. | Netherlands | 100 |
Eutech Instruments Sdn Bhd | Malaysia | 100 |
Thermo Fisher Scientific Brasil Serviços de Logística Ltda [.001% by Fisher BioServices Inc.] | Brazil | 99.999 |
Fisher BioServices Inc. | Virginia | 100 |
Southern Trials (Pty) Ltd. | South Africa | 100 |
Schantz Road LLC | Pennsylvania | 100 |
Specialty (SMI) Inc. | California | 100 |
Fisher Germany Holdings GmbH | Germany | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fisher Hamilton China Inc. | Delaware | 100 |
Fisher Manufacturing (Malaysia) Sdn Bhd | Malaysia | 100 |
Fisher Scientific Brazil Inc. | Delaware | 100 |
Systems Manufacturing Corporation | Delaware | 100 |
Fisher Scientific Central America Inc. | Delaware | 100 |
Fisher Scientific Chile Inc. | Delaware | 100 |
Consultores Fisher Scientific Chile Ltd [50% by Fisher Scientific Worldwide Inc.] | Chile | 50 |
Fisher Scientific Colombia Inc. | Delaware | 100 |
Fisher Scientific Company L.L.C. | Delaware | 100 |
Fisher Scientific Costa Rica Sociedad de Responsabilidad Limitada | Costa Rica | 100 |
Thermo Fisher Scientific Brahms LLC | Delaware | 100 |
Biochemical Sciences LLC | Delaware | 100 |
Fisher Scientific de Mexico S.A. | Mexico | 100 |
Medical Analysis Systems, Inc. | Delaware | 100 |
Medical Analysis Systems International, Inc. | California | 100 |
Medical Diagnostics Systems, Inc. | California | 100 |
United Diagnostics, Inc. | Delaware | 100 |
Fisher Scientific Latin America Inc. | Delaware | 100 |
Fisher Scientific Mexico Inc. | Delaware | 100 |
FS Mexicana Holdings LLC [.01% by Fisher Scientific Mexicana, S. de R.L. de C.V] | Delaware | 99.99 |
Fisher Alder S. de R.L. de C.V. [.0020% by Fisher Scientific International LLC] | Mexico | 99.998 |
Fisher Hamilton Mexico LLC | Delaware | 100 |
Fisher Scientific Mexicana, S. de R.L. de C.V. [.01% by Fisher Scientific Worldwide Inc.] | Mexico | 99.99 |
FS Casa Rocas Holdings LLC [1% by Fisher Mexico, S. de R.L. de C.V] | Delaware | 99 |
Fisher Mexico, S. de R.L. de C.V. [.0000269% FS Casa Rocas Holdings LLC] | Mexico | 99.9999731 |
Fisher Scientific Middle East and Africa Inc. | Delaware | 100 |
Fisher Scientific Operating Company | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Fisher Scientific Venezuela Inc. | Delaware | 100 |
Fisher Scientific Worldwide (Shanghai) Co., Ltd. | China | 100 |
FRC Holding Inc., V | Delaware | 100 |
FS (Barbados) Capital Holdings Ltd. | Barbados | 100 |
Golden West Indemnity Company Limited | Bermuda | 100 |
Liberty Lane Real Estate Holding Company LLC | Delaware | 100 |
New FS Holdings Inc. | Delaware | 100 |
Hangar 215, Inc. | Delaware | 100 |
Union Lab Supplies Limited [50% by Fisher Scientific Worldwide Inc.] | Hong Kong | 50 |
Fisher Scientific Worldwide Inc. | Delaware | 100 |
FSIR Holdings (US) Inc. [1.265% by Fisher Clinical Services Inc.] | Delaware | 98.735 |
Liberty Lane Investment LLC | Delaware | 100 |
Fisher Scientific Holding Company LLC | Delaware | 100 |
Fisher Scientific Holdings (M) Sdn Bhd | Malaysia | 100 |
Bumi-Sans Sendirian Berhad | Malaysia | 100 |
Fisher Scientific (M) Sdn Bhd | Malaysia | 100 |
General Scientific Company Sdn Bhd (M) | Malaysia | 100 |
Fisher Scientific Holdings (S) Pte Ltd | Singapore | 100 |
Fisher Scientific Pte. Ltd. [16.57% by Fisher Scientific International LLC] | Singapore | 83.43 |
Fisher Scientific (SEA) Pte. Ltd. | Singapore | 100 |
Fisher Scientific Australia Pty Limited | Australia | 100 |
FSIR Holdings (UK) Limited | England | 100 |
FSWH Company LLC | Delaware | 100 |
FSI Receivables Company LLC | Delaware | 100 |
Fisher Bermuda Holdings Limited | Bermuda | 100 |
Fisher Holdings Luxembourg SARL | Luxembourg | 100 |
Fisher Scientific Worldwide Holdings I C.V. [12% by Fisher Scientific Worldwide Inc.] | Netherlands | 88 |
Thermo Fisher Scientific Norway US Investments LLC | Delaware | 100 |
Thermo Fisher Scientific Norway Holdings AS | Norway | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
FSWH International Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Life Investments US Financing I LLC [1% by FSIR Holdings (US) Inc.] | Delaware | 99 |
Thermo Fisher Scientific Life Senior Holdings, Inc. [6.907% by Thermo Fisher Scientific Inc., 10.154% by Thermo Fisher Scientific Life Investments US Financing II LLC, 25.773% by Thermo Fisher Scientific Life Investments C.V., 10.309% by Thermo Fisher Scientific Norway Holdings AS, and 15.618% by Thermo Fisher Scientific Life Technologies Investment UK I Limited] | Delaware | 31.237 |
Invitrogen Holdings Ltd. | Scotland | 100 |
Invitrogen Europe Limited | Scotland | 100 |
Life Technologies Corporation | Delaware | 100 |
Thermo Fisher Scientific Life Technologies Israel Investment I Limited | England | 100 |
Thermo Fisher Scientific Life Technologies Israel Investment II Limited | England | 100 |
STC Bio Manufacturing, Inc. | Illinois | 100 |
HyClone International Trade (Tianjin) Co., Ltd | China | 100 |
Invitrogen Argentina SA | Argentina | 100 |
Invitrogen BioServices India Private Limited [1% by Invitrogen Holdings LLC] | India | 99 |
Invitrogen IP Holdings, Inc. | Delaware | 100 |
Ion Torrent Systems, Inc. | Delaware | 100 |
Molecular Probes, Inc. | Oregon | 100 |
Acoustic Cytometry Systems, Inc. | Delaware | 100 |
Matrix MicroScience Inc. | Colorado | 100 |
Gold Cattle Standard Testing Labs, Inc. | Texas | 100 |
Westover Scientific, Inc. | Washington | 100 |
Kettlebrook Insurance Co. ltd. [32.5% owned by Invitrogen Europe Limited] | Hawaii | 67.5 |
Thermo Fisher Israel Ltd. | Israel | 100 |
Invitrogen Finance Corp. | Delaware | 100 |
CellzDirect, Inc. | Delaware | 100 |
Applied Biosystems, LLC | Delaware | 100 |
NewcoGen PE, LLC | Delaware | 100 |
Applied Biosystems International Inc. | Delaware | 100 |
BioTrove Corporation | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
BioTrove International, Inc. | Delaware | 100 |
Life Technologies Clinical Services Lab, Inc. | Delaware | 100 |
Compendia Bioscience, Inc. | Michigan | 100 |
AcroMetrix LLC | California | 100 |
Ambion, Inc. | Delaware | 100 |
CHK Holdings Inc. | Delaware | 100 |
Applied Biosystems de Mexico S. de R.L. de C.V. [50% by Applied Biosystems, LLC] | Mexico | 50 |
Thermo Fisher Scientific (IVGN) Limited [25% by Ambion, Inc.] | Hong Kong | 75 |
Thermo Fisher Scientific Life Tech Korea Holdings LLC | Delaware | 100 |
Life Technologies Brasil Comercio e Industria de Produtos para Biotecnologia Ltda [3.45% by Thermo Fisher CHK Holding LLC] | Brazil | 96.55 |
Thermo Fisher CHK Holding LLC | Delaware | 100 |
Invitrogen Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Life Technologies Luxembourg Holding LLC | Delaware | 100 |
Thermo Fisher Scientific Luxembourg Life Technologies UK Holding S.à r.l | Luxembourg | 100 |
Thermo Fisher Scientific Life Technologies Enterprise Holding Limited | England | 100 |
Thermo Fisher Scientific Luxembourg Enterprise Holdings S.à r.l. | Luxembourg | 100 |
Thermo Fisher Scientific Life Enterprises GP LLC | Delaware | 100 |
Thermo Fisher Scientific Life Enterprises C.V. [.10% by Thermo Fisher Scientific Life Enterprises GP LLC] | Netherlands | 99.90 |
Thermo Fisher Scientific Life International GP Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Life International Holdings I C.V. [.10% by Thermo Fisher Scientific Life International GP Holdings LLC] | Netherlands | 99.90 |
Thermo Fisher Scientific Life CV GP Holdings II LLC | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Life International Holdings II C.V. [.55383943% by Thermo Fisher Scientific Life Investments IV S.a.r.l. and .000000004% by Thermo Fisher Scientific Life CV GP Holding II LLC] | Netherlands | 99.44616054 |
Thermo Fisher Scientific Life NL Holdings GP LLC | Delaware | 100 |
Thermo Fisher Scientific Life Netherlands Holding C.V. [10% by Thermo Fisher Scientific Life NL Holdings GP LLC] | Netherlands | 90 |
Thermo Fisher Scientific Life Technologies Investment UK I Limited | England | 100 |
Thermo Fisher Scientific Holdings (Cayman) I [49.47% by Thermo Fisher Scientific Life Technologies Investment I LLC] | Cayman Islands | 50.53 |
Thermo Fisher Scientific Holdings (Cayman) II | Cayman Islands | 100 |
Thermo Fisher Scientific Cayman Investments LLC | Delaware | 100 |
Applied Biosystems B.V. | Netherlands | 100 |
Life Technologies Australia PTY Ltd. | Australia | 100 |
Life Technologies New Zealand Ltd. | New Zealand | 100 |
Invitrogen Hong Kong Limited | Hong Kong | 100 |
Life Technologies Limited [23.5% by Applied Biosystems BV] | Hong Kong | 76.5 |
Life Technologies Holdings PTE Ltd. | Singapore | 100 |
Life Technologies Magyarorszag Kft | Hungary | 100 |
Life Technologies Czech Republic s.r.o. | Czech Republic | 100 |
Life Technologies Polska Sp z.o.o. [.08% by Invitrogen Holdings LLC] | Poland | 99.92 |
Life Technologies International B.V. | Netherlands | 100 |
Life Technologies Europe B.V. | Netherlands | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Prionics AG | Switzerland | 100 |
Prionics Italia S.r.l. | Italy | 100 |
Prionics Deutschland GmbH | Germany | 100 |
Prionics USA Inc. | Delaware | 100 |
Prionics Lelystad B.V. | Netherlands | 100 |
Prionics France SAS | France | 100 |
Prionics Asia Ltd. | Hong Kong | 100 |
IDnostics AG [49% held privately] | Switzerland | 51 |
Applied Biosystems Finance B.V. | Netherlands | 100 |
Life Technologies SA | Spain | 100 |
Stokes Bio Ltd. | Ireland | 100 |
Life Technologies s.r.o [2.1% by Applied Biosystems BV] | Slovakia | 97.9 |
Life Technologies AS | Norway | 100 |
Life Technologies Norway Investments US LLC | Delaware | 100 |
Nihon Dynal K.K. [40% by Veritas Corp. a Joint Venture] | Japan | 60 |
Dynal Biotech Beijing Limited | China | 100 |
Life Technologies SAS | France | 100 |
Laboratoire Services International (LSI) SAS | France | 100 |
BAC BV | Netherlands | 100 |
BAC IP BV | Netherlands | 100 |
Invitrogen Trading (Shanghai) Co., Ltd. | China | 100 |
Life Technologies DaAn Diagnostic (Guangzhou) Co., Ltd. [42.5% held privately] | China | 57.5 |
Life Technologies Finance Ltd. | Scotland | 100 |
Thermo Fisher Scientific (Thailand) Co., Ltd. | Thailand | 100 |
Life Technologies Korea LLC [20% by Thermo Fisher Scientific Life Tech Korea Holdings LLC] | South Korea | 80 |
KDR Biotech Ltd. | South Korea | 100 |
Applied Biosystems Trading (Shanghai) Company Ltd. | China | 100 |
Shanghai Life Technologies Biotechnology Co. Limited | China | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Applied Biosystems Taiwan LLC | Delaware | 100 |
Life Technologies Co., Ltd. [42.6% by Applied Biosystems BV] | Taiwan | 57.4 |
Life Technologies Chile SpA | Chile | 100 |
PE AG | Switzerland | 100 |
ZAO PE Biosystems | Russia | 100 |
Thermo Fisher Scientific Life Investments III S.a.r.l. [1% by FSWH International Holdings LLC] | Luxembourg | 99 |
Thermo Fisher Scientific Life Investments Malta I Limited [.00625% by Thermo Fisher Scientific Life Investments Malta Holding II LLC] | Malta | 99.99375 |
Thermo Fisher Scientific Life Investments Malta Holding II LLC | Delaware | 100 |
Phadia International Holdings C.V. [10% by FSIR Holdings (US) Inc.] | Netherlands | 90 |
Thermo Fisher Scientific Worldwide Investments (Cayman) | Cayman Islands | 100 |
Thermo Fisher Scientific Investments (Sweden) S.a.r.l. [16.086% by CHK Holdings Inc.] | Luxembourg | 83.914 |
Power Sweden Holdings III Aktiebolag | Sweden | 100 |
Thermo Fisher Scientific Investments Malta (Sweden Financing) Limited [.005% by Thermo Fisher Scientific Investments (Sweden) LLC and 10.01% by Thermo Fisher Scientific Life Investments I S.a.r.l] | Malta | 89.98 |
Thermo Fisher Scientific Investments (Sweden) LLC | Delaware | 100 |
Thermo Fisher Scientific Denmark Senior Holdings ApS | Denmark | 100 |
FSII Sweden Holdings I AB | Sweden | 100 |
Power Sweden Holdings I AB | Sweden | 100 |
FSII Sweden Holdings AB | Sweden | 100 |
Life Technologies Japan Ltd. | Japan | 100 |
Life Technologies, Inc. | Canada | 100 |
Life Technologies GmbH | Germany | 100 |
Genomed molekularbiologische und diagnostische Produkte GmbH | Germany | 100 |
Thermo Fisher Scientific GENEART GmbH | Germany | 100 |
LTC Tech South Africa PTY Ltd. | South Africa | 100 |
Power Sweden Holdings II AB | Sweden | 100 |
Perbio Science AB | Sweden | 100 |
Thermo Fisher Scientific Life Investments II S.à r.l. | Luxembourg | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Scientific Life Investments US Financing II LLC [1% by Perbio Science Sweden Holdings AB] | Delaware | 99 |
Thermo Fisher Scientific Life Investments IV S.a.r.l | Luxembourg | 100 |
Thermo Fisher Scientific Life Investments Malta II Limited [.00625% by Thermo Fisher Scientific Life Investments Malta Holding I LLC] | Malta | 99.99375 |
Thermo Fisher Scientific Life Investments Malta Holding I LLC | Delaware | 100 |
Thermo Fisher Scientific Investments (Luxembourg) S.a.r.l. [1% by FSII Sweden Holdings AB] | Luxembourg | 99 |
Thermo Fisher Scientific Malta Holdings LLC | Delaware | 100 |
Thermo Fisher Scientific Investments (Malta) Limited [.040% by Thermo Fisher Scientific Malta Holdings LLC] | Malta | 99.960 |
Life Technologies BPD AB | Sweden | 100 |
Perbio Science Sweden Holdings AB | Sweden | 100 |
Phadia Luxembourg Holdings S.a.r.l. | Luxembourg | 100 |
Phadia Malta Holdings Limited [.05% by Perbio Science Sweden Holdings AB] | Malta | 99.95 |
Fisher Scientific GTF AB | Sweden | 100 |
Fisher Scientific Biotech Line ApS | Denmark | 100 |
CB Diagnostics Holding AB | Sweden | 100 |
CB Diagnostics AB | Sweden | 100 |
Sweden DIA (Sweden) AB | Sweden | 100 |
Phadia Sweden AB | Sweden | 100 |
Phadia Holding AB | Sweden | 100 |
Phadia Diagnosticos Ltda [1% by Phadia AB] | Brazil | 99 |
Beijing Phadia Diagnostics Co Ltd | China | 100 |
Allergon AB | Sweden | 100 |
Nanjing WeiKangLe Trading Industrial Co Ltd | China | 100 |
Laboratory Specialties Proprietary Ltd. | South Africa | 100 |
Phadia AB | Sweden | 100 |
Phadia Real Property AB | Sweden | 100 |
Phadia US Inc. | Delaware | 100 |
Life Technologies BPD UK Limited | England | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Perbio Science UK Limited | England | 100 |
Perbio Science Invest AB | Sweden | 100 |
Perbio Science Nederland B.V. | Netherlands | 100 |
Perbio Science Projekt AB | Sweden | 100 |
Perbio Science Switzerland SA [.3% held privately] | Switzerland | 99.7 |
Thermo Fisher Scientific Life Investments I S.à r.l. | Luxembourg | 100 |
Fisher Scientific Holding HK Limited [.01% by Fisher Scientific Holding Company LLC] | Hong Kong | 99.99 |
Fisher Scientific (Hong Kong) Limited [.022% Fisher Scientific Holding Company LLC] | Hong Kong | 99.978 |
FSWH II C.V. [.0328% by Fisher WWD Holding L.L.C. and 1.4695% by Fisher Clinical Services Inc.] | Netherlands | 98.4977 |
Thermo Fisher Senior Canada Holdings LLC | Delaware | 100 |
Thermo Fisher Insurance Holdings Inc. | Delaware | 100 |
Perbio Science BVBA | Belgium | 100 |
Thermo Fisher Insurance Holdings LLC [45.62% by Thermo Fisher Re Ltd.] | Delaware | 54.38 |
Thermo Scientific Microbiology Sdn Bhd | Malaysia | 100 |
Thermo Scientific Microbiology Pte Ltd. | Singapore | 100 |
Fisher Canada Holding ULC 1 | Canada | 100 |
Fisher Canada Holding ULC 2 | Canada | 100 |
Fisher CLP Holding Limited Partnership [1.6% by Fisher Canada Holding ULC 2] | Canada | 98.4 |
Thermo Fisher Scientific Beteiligungsverwaltungs GmbH | Germany | 100 |
Phadia ApS | Denmark | 100 |
Phadia S.r.l. | Italy | 100 |
Phadia s.r.o. [1% by Phadia AB] | Czech Republic | 99 |
Phadia B.V. | Netherlands | 100 |
Phadia AS | Norway | 100 |
Phadia Korea Co., Ltd. | Korea | 100 |
Phadia Taiwan Inc. | Taiwan | 100 |
Phadia AG | Switzerland | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Thermo Fisher Diagnostics Limited | England | 100 |
Thermo Fisher Diagnostics K.K. | Japan | 100 |
Phadia Austria GmbH | Austria | 100 |
Phadia N.V. [.0016% by Thermo Fisher Diagnostics Limited] | Belgium | 99.9984 |
Thermo Fisher Diagnostics, Sociedade Unipessoal Lda | Portugal | 100 |
Phadia Spain S.L. | Spain | 100 |
Phadia Oy | Finland | 100 |
Fiberlite Centrifuge LLC | Delaware | 100 |
Fisher Canada Limited Partnership [1.14% by Fisher Canada Holding ULC 2] | Canada | 98.86 |
Fisher Scientific Company | Canada | 100 |
Thermo Fisher International Holdings LLC | Delaware | 100 |
Diagnostix Ltd. | Canada | 100 |
Fisher Scientific Oxoid Holdings Ltd. | England | 100 |
Oxoid Company | Canada | 100 |
Fisher Scientific Luxembourg S.a.r.l. | Luxembourg | 100 |
Perbio Science International Netherlands B.V. | Netherlands | 100 |
Perbio Science (Canada) Company | Canada | 100 |
Fisher Scientific UK Holding Company Limited | England | 100 |
Fisher Scientific Oy | Finland | 100 |
Fisher Scientific Norway AS | Norway | 100 |
Fisher Scientific A/S | Norway | 100 |
Doublecape Holding Limited | England | 100 |
I.Q. (BIO) Limited | England | 100 |
Oxoid (ELY) Limited | England | 100 |
Doublecape Limited | England | 100 |
Fisher Scientific Ireland Limited | Ireland | 100 |
Doe & Ingalls Limited | Ireland | 100 |
Fisher Scientific Holding U.K., Limited | England | 100 |
Fisher Scientific U.K., Limited | England | 100 |
Orme Scientific Limited | England | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
FSUK Holdings Limited | England | 100 |
Sterilin Limited | England | 100 |
Fisher Scientific UK Holding Company 2 | England | 100 |
Fisher Clinical Services U.K. Limited | England | 100 |
Fisher Clinical Services Pte Ltd. | Singapore | 100 |
Fisher Clinical Services (Beijing) Co., Ltd. | China | 100 |
Fisher Scientific Europe Holdings B.V. | Netherlands | 100 |
Fisher Scientific The Hague III B.V. | Netherlands | 100 |
Fisher Scientific The Hague IV B.V. [4.545% by Fisher Scientific The Hague I B.V.] | Netherlands | 95.455 |
Acros Organics B.V.B.A. [.0001% by Fisher Scientific The Hague II B.V. and .0206% by Fisher Chimica BVBA] | Belgium | 99.9794 |
Fisher Scientific AG [17.55% by Fisher Scientific S.A.S.] | Switzerland | 82.45 |
Ecochem N.V. [.33% by Fisher Chimica BVBA] | Belgium | 99.67 |
Fisher Chimica BVBA [.01% by Fisher Scientific The Hague II B.V.] | Belgium | 99.99 |
Fisher Scientific The Hague V B.V. | Netherlands | 100 |
Fisher Scientific Ireland Holding Unlimited [1% by Fisher Scientific Europe Holdings B.V.] | Ireland | 99 |
Fisher Clinical Services GmbH | Switzerland | 100 |
Fisher BioPharma Services (India) Private Limited [.315% by Fisher Clinical Services U.K. Limited] | India | 99.685 |
Fisher Scientific Ireland Investments Unlimited [.10% by Fisher Scientific Europe Holdings B.V.] | Ireland | 99.90 |
Fisher Scientific of the Netherlands B.V. | Netherlands | 100 |
Fisher Emergo B.V. | Netherlands | 100 |
Labo-Tech B.V. | Netherlands | 100 |
Fisher Scientific The Hague II B.V. | Netherlands | 100 |
Fisher Scientific The Hague I B.V. | Netherlands | 100 |
Fisher Scientific Jersey Island Limited | Jersey | 100 |
Fisher Maybridge Holdings Limited | England | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Maybridge Chemical Holdings Limited | England | 100 |
Maybridge Limited | England | 100 |
Maybridge Chemical Company Limited | England | 100 |
Fisher Bioblock Holding II SNC [.99% by Fisher Scientific The Hague II BV] | France | 99.01 |
Thermo Electron Holdings SAS [22.12% by Fisher Canada Limited Partnership] | France | 77.88 |
Inel SAS | France | 100 |
Inel Inc. | Delaware | 100 |
Thermo Electron SAS | France | 100 |
Thermo Electron LED S.A.S. | France | 100 |
Jouan Limited | England | 100 |
Thermo Electron Industries | France | 100 |
S.C.I. du 10 rue Dugay Trouin [2% by Thermo Electron Industries] | France | 98 |
Thermo Fisher Scientific Milano Srl [.05% by Thermo Electron Industries] | Italy | 99.95 |
Jouan Robotics SAS | France | 100 |
Perbio Science France SAS | France | 100 |
Fisher Scientific S.A.S. | France | 100 |
Avantec Sarl | France | 100 |
Fisher Scientific SPRL [.1% by Fisher Bioblock Holding II SNC] | Belgium | 99.9 |
NOVODIRECT GmbH Labor- und Industrie- Meßgeräte | Germany | 100 |
SCI Inno 92 [.0004% held privately] | France | 99.9996 |
Fisher Scientific, SL | Spain | 100 |
Fisher Scientific, Unipessoal, Lda. | Portugal | 100 |
Afora, S.A.U. | Spain | 100 |
Bonsai Tecnologies - Sistemas para Biotecnología e Industria, Unipessoal Lda | Portugal | 100 |
Oxoid Holding SAS | France | 100 |
Thermo Fisher Diagnostics SAS | France | 100 |
B.R.A.H.M.S. France S.A.S | France | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Phadia SAS | France | 100 |
Oxoid Senior Holdings Limited | England | 100 |
Oxoid UKH LLC | Delaware | 100 |
Oxoid 2000 Limited | England | 100 |
Oxoid Holdings Limited | England | 100 |
Oxoid International Limited | England | 100 |
OXOID CZ s.r.o. [1% by Oxoid Limited] | Czech Republic | 99 |
Oxoid A/S | Denmark | 100 |
Oxoid AS | Norway | 100 |
Oxoid AB | Sweden | 100 |
Oxoid AG | Switzerland | 100 |
Oxoid Brazil LTDA [.01% by Oxoid Limited] | Brazil | 99.99 |
Oxoid BV | Netherlands | 100 |
Oxoid Inc. | Delaware | 100 |
Oxoid New Zealand Limited | New Zealand | 100 |
Oxoid N.V. [.01% by Oxoid Limited] | Belgium | 99.99 |
Oxoid SA | Spain | 100 |
Thermo Fisher Diagnostics S.p.A. | Italy | 100 |
Oxoid Limited | England | 100 |
Thermo Fisher (Heysham) Limited | England | 100 |
Avocado Research Chemicals Limited | England | 100 |
Thermo Fisher (Kandel) GmbH | Germany | 100 |
G & M Procter Limited | Scotland | 100 |
Oxoid Limited | Ireland | 100 |
Oxoid Pension Trustees Limited | England | 100 |
Fisher Scientific Japan, Ltd. | Japan | 100 |
Fisher Scientific Korea Ltd | Korea | 100 |
Fisher WWD Holding L.L.C. | Delaware | 100 |
Kyle Jordan Investments LLC | Delaware | 100 |
Pacific Rim Far East Industries LLC | Delaware | 100 |
NAME | STATE OR JURISDICTION OF INCORPORATION | PERCENT OF OWNERSHIP |
Pacific Rim Investment, LLC | Delaware | 100 |
Marketbase International Limited | Hong Kong | 100 |
Thermo-Fisher Biochemical Product (Beijing) Co., Ltd. | China | 100 |
Thermo Fisher Scientific HR Services Mexico, S. de R.L. de C.V. [1% by Fisher Clinical Services (Mexico) LLC] | Mexico | 99 |
1. | I have reviewed this Annual Report on Form 10-K of Thermo Fisher Scientific Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Marc N. Casper | ||
Marc N. Casper President and Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of Thermo Fisher Scientific Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Stephen Williamson | ||
Stephen Williamson Senior Vice President and Chief Financial Officer |
/s/ Marc N. Casper | ||
Marc N. Casper President and Chief Executive Officer |
/s/ Stephen Williamson | ||
Stephen Williamson Senior Vice President and Chief Financial Officer |
Document and Entity Information - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 06, 2016 |
Jun. 26, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Thermo Fisher Scientific Inc. | ||
Entity Central Index Key | 0000097745 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 52,614,285 | ||
Entity Common Stock, Shares Outstanding | 396,261,928 | ||
Entity Stock Trading Symbol | TMO |
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts Receivable Allowances | $ 70.1 | $ 74.1 |
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $ 100 | $ 100 |
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 |
Preferred Stock, $100 Par Value - Shares Issued (in shares) | 0 | 0 |
Common Stock, $1 Par Value - Par Value (in dollars per share) | $ 1 | $ 1 |
Common Stock, $1 Par Value - Shares Authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common Stock, $1 Par Value - Shares Issued (in shares) | 411,944,301 | 408,461,670 |
Treasury Stock at Cost (in shares) | 12,314,200 | 7,991,782 |
Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement [Abstract] | |||
Provision for (Benefit from) Income Taxes on Income (Loss) from Discontinued Operations | $ (2.9) | $ (0.6) | $ (3.7) |
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period | $ 0.0 | $ 0.1 | $ 0.5 |
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income | 0.2 | 2.5 | |
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period | (5.5) | 3.6 | |
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income | (1.5) | (1.8) | (2.2) |
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period | (5.0) | (26.5) | 20.3 |
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost | $ (2.9) | $ (13.3) | $ (3.6) |
Nature of Operations and Summary of Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies [Text Block] |
Nature of Operations Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics. Principles of Consolidation The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. Revenue Recognition and Accounts Receivable Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer’s payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. The changes in the allowance for doubtful accounts are as follows:
Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2015 balance sheet will be recognized within one year. Warranty Obligations The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company’s estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. The changes in the carrying amount of standard product warranty obligations are as follows:
Research and Development The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. Income Taxes The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7). Earnings per Share Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8). Cash and Cash Equivalents Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. Inventories Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company’s businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows:
The value of inventories maintained using the LIFO method was $191 million and $203 million at December 31, 2015 and 2014, respectively, which was below estimated replacement cost by $28 million and $25 million, respectively. Reduction to cost of revenues as a result of the liquidation of LIFO inventories were nominal during the three years ended December 31, 2015. Property, Plant and Equipment Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following:
Depreciation and amortization expense of property, plant and equipment was $373 million, $353 million and $237 million in 2015, 2014 and 2013, respectively. Acquisition-related Intangible Assets Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years. In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. Acquisition-related intangible assets are as follows:
The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:
Amortization of acquisition-related intangible assets was $1.31 billion, $1.33 billion and $763 million in 2015, 2014 and 2013, respectively. Other Assets Other assets in the accompanying balance sheet include deferred tax assets, cash surrender value of life insurance, insurance recovery receivables related to product liability matters, investments in joint ventures, pension assets, deferred debt issuance costs, cost-method and available-for-sale investments, restricted cash, notes receivable and other assets. Investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. At December 31, 2015 and 2014, the company had cost method investments with carrying amounts of $38.8 million and $38.5 million, respectively, which are included in other assets. Goodwill The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed quantitative annual tests for impairment at October 31, 2015 and November 1, 2014, and determined that goodwill was not impaired. The changes in the carrying amount of goodwill by segment are as follows:
Loss Contingencies Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at fair value and, as such, were discounted to present value at the dates of acquisition. Currency Translation All assets and liabilities of the company’s non-U.S. subsidiaries are translated at year-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the year. Currency transaction gains and losses are included in the accompanying statement of income and in aggregate were net losses of $11 million and $17 million in 2015 and 2013, respectively, and a net gain of and $33 million in 2014 . Derivative Contracts The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Swiss franc, Japanese yen, Norwegian kroner, and Swedish kronor. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2013 and 2015, in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. Net investment hedges. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets and in determining the fair value of acquired intangible assets (Note 2) and the ultimate loss from abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates. Recent Accounting Pronouncements In January 2016, the FASB issued new guidance which affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This guidance retains the current accounting for classifying and measuring investments in debt securities and loans, but requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. The guidance also changes the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient permitted by the guidance to estimate fair value. A policy election can be made for these investments whereby estimated fair value may be measured at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments. The guidance is effective for the company in 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In November 2015, the FASB issued new guidance which requires all deferred income taxes be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify deferred taxes between current and noncurrent. The company early adopted this guidance in the fourth quarter of 2015, as permitted by the new guidance. The company has applied the guidance prospectively and therefore prior periods have not been retrospectively adjusted. At December 31, 2014, the company's net current deferred tax asset was $303 million. In September 2015, the FASB issued new guidance which eliminates the requirement for an acquirer in a business combination to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new guidance also sets forth new disclosure requirements related to the adjustments. The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In July 2015, the FASB issued new guidance which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance does not apply to inventory that is measured using last-in, first-out (LIFO). The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In April 2015, the FASB issued new guidance which requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for the company in 2016. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet. In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements. |
Acquisitions and Dispositions |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions [Text Block] |
The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. 2015 On September 30, 2015, the company acquired, within the Laboratory Products and Services segment, Alfa Aesar, a U.K.-based global manufacturer of research chemicals from Johnson Matthey Plc, for £257 million ($392 million) in cash. The acquisition expanded the company’s existing portfolio of chemicals, solvents and reagents. Revenues of Alfa Aesar were approximately £78 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $118 million was allocated to goodwill, $41 million of which is tax deductible. In February 2015, the company acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc., a North America-based global provider of single-use systems and process equipment for bioprocess production, for approximately $289 million. The acquisition expanded the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $125 million was allocated to goodwill, all of which is tax deductible. In addition, in 2015, the company acquired, within the Analytical Instruments segment, selected assets of certain existing channel partners for its chromatography and mass spectrometry products and, within the Specialty Diagnostics segment, an existing channel partner for its transplant diagnostics products, for an aggregate purchase price of $19 million. During 2015, the company made contingent purchase price payments totaling $11 million for acquisitions completed prior to 2015. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:
The weighted-average amortization periods for definite-lived intangible assets acquired in 2015 are 15 years for customer relationships, 10 years for product technology and 10 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2015 is 14 years. 2014 On February 3, 2014, the company completed the acquisition of Life Technologies Corporation, within the Life Sciences Solutions segment, for a total purchase price of $15.30 billion, net of cash acquired, including the assumption of $2.28 billion of debt. The company issued debt and common stock in late 2013 and early 2014 to partially fund the acquisition (Notes 9 and 11). Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. The acquisition of Life Technologies extends customer reach and broadens the company’s offerings in biosciences; genetic, medical and applied sciences; and bioproduction. Life Technologies’ revenues totaled $3.87 billion in 2013. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $7.17 billion was allocated to goodwill, substantially none of which is tax deductible. In addition, in 2014, the company acquired an animal health diagnostics company, within the Life Sciences Solutions segment, and a distributor of analytical instruments, within the Analytical Instruments segment, for an aggregate of $36 million, net of cash acquired. During 2014, the company made contingent purchase price payments totaling $13 million for acquisitions completed prior to 2014. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:
The weighted-average amortization periods for intangible assets acquired in 2014 are 16 years for customer relationships, 11 years for product technology and 9 years for definite-lived tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2014 is 14 years. 2013 During 2013, the company made contingent purchase price and post closing adjustment payments totaling $40 million for acquisitions completed prior to 2013. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. Unaudited Pro Forma Information Had the acquisition of Life Technologies been completed as of the beginning of 2013, the company’s pro forma results for 2014 and 2013 would have been as follows:
Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination to reflect amounts as if the acquisition had been completed as of the beginning of 2013, as follows:
These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. The company’s results would not have been materially different from its pro forma results had the company’s other 2014 or 2015 acquisitions occurred at the beginning of 2013 or 2014, respectively. Dispositions On August 15, 2014, the company sold its Cole-Parmer specialty channel business, part of the Laboratory Products and Services segment, for $480 million in cash, net of cash divested. The sale of this business resulted in a pre-tax gain of approximately $134 million, included in restructuring and other costs (income), net. Due to the low tax basis in the Cole-Parmer business, the tax provision related to the sale slightly exceeded the pre-tax gain, resulting in a $4 million after-tax loss on the sale of the business. Revenues and operating income of the business sold were approximately $232 million and $43 million, respectively, for the year ended December 31, 2013 and $149 million and $28 million, respectively, in 2014 through the date of sale. The assets and liabilities of the Cole-Parmer business were as follows at June 28, 2014:
On March 21, 2014, the company sold its legacy sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.06 billion, net of cash divested, or $0.8 billion of after-tax proceeds. The businesses were included principally in the Life Sciences Solutions segment. Divestiture of these businesses was a condition to obtaining antitrust approval for the Life Technologies acquisition. Revenues and operating income of the businesses sold were approximately $250 million and $64 million, respectively, for the year ended December 31, 2013 and $61 million and $12 million, respectively, in 2014 through the date of sale. The sale of these businesses resulted in a pre-tax gain of approximately $761 million, included in restructuring and other costs (income), net. The assets and liabilities of the businesses sold in March 2014 were as follows at December 31, 2013:
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment and Geographical Information [Text Block] |
The company’s financial performance is reported in four segments. A description of each segment follows. Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, academic, and government markets. Analytical Instruments: provides a broad offering of instruments, consumables, software and services that are used for a range of applications in the laboratory, on the production line and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory. Specialty Diagnostics: provides a wide range of diagnostic test kits, reagents, culture media, instruments and associated products used to increase the speed and accuracy of diagnoses. These products are used by customers in healthcare, clinical, pharmaceutical, industrial and food safety laboratories. Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory. The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation. Business Segment Information
Geographical Information
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Other Expense, Net |
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Other Expense, Net [Text Block] |
The components of other expense, net, in the accompanying statement of income are as follows:
Other Items, Net In 2015, other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and losses of $12 million for the early extinguishment of debt. In 2014, other items, net includes $9 million of net gains from equity and available-for-sale investments. In 2013, other items, net includes $74 million of charges related to amortization of fees paid to obtain bridge financing commitments related to the Life Technologies acquisition offset in part by $5 million of gains from sales of equity investments. Additionally, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million. |
Stock-based Compensation Expense |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense [Text Block] |
The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and are as follows:
Certain pre-acquisition equity awards of Life Technologies were converted to rights to receive future cash payments over the remaining vesting period. In addition to stock-based compensation, which is included in the above table, in 2015 and 2014, the company recorded expense for cash-in-lieu of equity of $22 million and $35 million, respectively related to these arrangements. The company has elected to recognize any excess income tax benefits from stock option exercises and restricted stock unit vestings in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value in the accompanying balance sheet were $63 million, $65 million and $47 million, respectively, in 2015, 2014 and 2013. Stock Options The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. The weighted average assumptions used in the Black-Scholes option pricing model are as follows:
The weighted average per share grant-date fair values of options granted during 2015, 2014 and 2013 were $27.04, $26.89 and $19.84, respectively. The total intrinsic value of options exercised during the same periods was $181 million, $208 million and $190 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option. A summary of the company’s option activity for the year ended December 31, 2015 is presented below:
As of December 31, 2015, there was $72 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.4 years. Restricted Share/Unit Awards Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. A summary of the company’s restricted unit activity for the year ended December 31, 2015 is presented below:
The total fair value of shares vested during 2015, 2014 and 2013 was $80 million, $61 million and $47 million, respectively. As of December 31, 2015, there was $118 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.0 years. Employee Stock Purchase Plans Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s gross wages. The company issued 151,000, 119,000 and 100,000 shares, respectively, of its common stock for the 2015, 2014 and 2013 plan years, which ended on December 31. |
Pension and Other Postretirement Benefit Plans |
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General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans [Text Block] |
401(k) Savings Plan and Other Defined Contribution Plans The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. In 2015, 2014 and 2013, the company charged to expense $131 million, $118 million and $87 million, respectively, related to its defined contribution plans. Defined Benefit Pension Plans Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis. The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. During 2015, 2014 and 2013, the company made cash contributions of approximately $38 million, $50 million and $38 million, respectively. Additionally, in 2013 the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans. Contributions to the plans included in the following table are estimated at between $30 and $50 million for 2016. The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans and postretirement benefit plans:
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2015 and 2014 and are as follows:
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:
The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached between 2016 and 2033. The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases. The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2016 are not material. The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations. The net periodic pension benefit cost (income) includes the following components:
The net periodic postretirement benefit cost was not material in 2015, 2014 and 2013. The company offered to settle pension obligations for former employee participants in certain defined benefit plans in 2014. The company recorded a charge of $30 million associated with those plan participants electing to accept the settlement offer. Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2015. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
A change in the assumed healthcare cost trend rate by one percentage point effective January 2015 would not have caused a material change in the accumulated postretirement benefit obligation as of December 31, 2015 and the 2015 aggregate of service and interest costs. Domestic Pension Plan Assets The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 1% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 27% to funds investing in U.S. equities, including a sub-allocation of approximately 2% to real estate-related equities, approximately 24% to funds investing in international equities and approximately 47% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. Non-U.S. Pension Plan Assets The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 35% - 70% for equities and 30% - 65% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 4% - 18% for equities, 45% - 65% for fixed income, 10% - 20% for hedge funds, 4% - 5% for multi-asset funds and 20% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. The fair values of the company’s plan assets at December 31, 2015 and 2014, by asset category are as follows:
The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 12). Certain pension plan assets are measured using net asset value per share (or its equivalent) and are reported as a level 2 investment above due to the company’s ability to redeem its investment either at the balance sheet date or within limited time restrictions. The fair value of the company’s private equity investments, which are classified as level 3 investments, are based on valuations provided by the respective funds. There was no significant activity within the level 3 pension plan assets during the years presented. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Text Block] |
The components of income from continuing operations before provision for income taxes are as follows:
The components of the provision for income taxes of continuing operations are as follows:
The income tax provision (benefit) included in the accompanying statement of income is as follows:
The company receives a tax deduction upon the exercise of non-qualified stock options by employees, or the vesting of restricted stock units held by employees, for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The provision for income taxes that is currently payable does not reflect $63 million, $65 million and $47 million of such benefits that have been allocated to capital in excess of par value in 2015, 2014 and 2013, respectively. The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for income taxes due to the following:
In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. As a result of these initiatives, the company generated U.S. foreign tax credits of $111 million, offset in part by additional U.S. income taxes of $46 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2015. The company also implemented foreign tax credit planning in Sweden which resulted in $80 million of foreign tax credits, with no related incremental U.S. income tax expense. Also in 2015, the company recorded benefits totaling $54 million related to additional prior year foreign tax and other credits as well as restructuring and other costs associated with the 2014 acquisition of Life Technologies. In 2014, non-U.S. subsidiaries of the company made cash and deemed distributions to the company’s U.S. operations which resulted in no net tax cost. As a result of these distributions, the company generated U.S. foreign tax credits of $172 million, offset in part by additional U.S. income taxes of $55 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2014. In 2013, non-U.S. subsidiaries of the company made cash and deemed distributions to the company’s U.S. operations which resulted in no net tax cost. As a result of these distributions, the company generated U.S. foreign tax credits of $160 million, offset in part by additional U.S. income taxes of $56 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2013. In addition, the impact of tax law changes in certain foreign jurisdictions reduced the benefit from the foreign rate differential in 2013. The company has significant activities in Singapore and has received considerable tax incentives. The local taxing authority granted the company pioneer company status which provides an incentive encouraging companies to undertake activities that have the effect of promoting economic or technological development in Singapore. This incentive equates to a tax exemption on earnings associated with most of the company’s manufacturing activities in Singapore and continues through December 31, 2021. In 2015 and 2014, the impact of this tax holiday decreased the annual effective tax rates by 1.1% and 1.6%, respectively, and increased diluted earnings per share by approximately $0.05 and $0.08, respectively. Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:
The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2015, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses, for which any subsequently recognized tax benefits will reduce income tax expense. At December 31, 2015, the company had federal, state and non-U.S. net operating loss carryforwards of $109 million, $1.24 billion and $2.32 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. The federal and state net operating loss carryforwards expire in the years 2016 through 2035. Of the non-U.S. net operating loss carryforwards, $319 million expire in the years 2016 through 2035, and the remainder do not expire. The company also had $379 million of federal foreign tax credit carryforwards as of December 31, 2015, which expire in the years 2017 through 2025. A provision has not been made for U.S. or additional non-U.S. taxes on $8.64 billion of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. because the company plans to keep these amounts permanently reinvested overseas except for instances where the company can remit such earnings to the U.S. without an associated net tax cost. It is not practicable to estimate the unrecognized tax liability due to i) the extent of uncertainty as to which remittance structure would be used (among several possibilities) should a decision be made to repatriate; ii) the availability and the complexity of calculating foreign tax credits; and iii) the implications of indirect taxes, including withholding taxes that could potentially be required depending on the repatriation structure. Unrecognized Tax Benefits As of December 31, 2015, the company had $350 million of unrecognized tax benefits which, if recognized, would reduce the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
During 2015, the company’s unrecognized tax benefits increased $70 million due to the utilization of deferred tax assets and $28 million relating to foreign net operating losses on which the company has a deferred tax asset established. This increase was offset in part by a reduction of $10 million from a resolution of an IRS audit of Life Technologies for which a reserve had previously been established. Of the total $350 million of liability, $3 million is classified as a current liability and the remainder is long-term. During 2014, the company acquired Life Technologies which resulted in an increase in the company’s liability for unrecognized tax benefits of $54 million. The liability also increased due to the provision of tax reserves, primarily related to the sale of the divested businesses and a tax matter in a foreign jurisdiction. During 2014, the company settled the IRS audit relating to the 2010 and 2011 tax years which resulted in a decrease in the company’s liability for unrecognized tax benefits of $48 million. During 2013, the company settled the IRS audit relating to the 2008 and 2009 tax years which resulted in a decrease in the company’s liability for unrecognized tax benefits of $9 million. The liability was also reduced by $21 million due to the company’s withdrawal of a U.S. court case relating to the 2001 to 2003 tax years. Additionally, in 2013, the company benefited from a favorable resolution of a court case in Sweden which resulted in a decrease in the liability for unrecognized tax benefits of $21 million. Of the total $21 million, $17 million reduced income tax expense. The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2015 and 2014 was $19 million and $16 million, respectively. The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S., income tax examinations for years before 2011. |
Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
Options to purchase 3.4 million, 2.4 million and 1.0 million shares of common stock were not included in the computation of diluted earnings per share for 2015, 2014 and 2013, respectively, because their effect would have been antidilutive. |
Debt and Other Financing Arrangements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Other Financing Arrangements [Text Block] |
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount or amortization of any premium and, if applicable, adjustments related to hedging. See Note 12 for fair value information pertaining to the company’s long-term obligations. As of December 31, 2015, the annual repayment requirements for debt obligations are as follows:
As of December 31, 2015, short-term obligations and current maturities of long-term obligations in the accompanying balance sheet included $50 million of commercial paper, short-term bank borrowings and borrowings under lines of credit of certain of the company’s subsidiaries. The weighted average interest rate for short-term borrowings was 1.14% at December 31, 2015. The company had no outstanding short-term borrowings at December 31, 2014. In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $122 million as of December 31, 2015. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates. Credit Facilities The company has a revolving credit facility with a bank group that provides for up to $2.00 billion of unsecured multi-currency revolving credit. The facility expires in July 2018. The agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenant requires the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 3.5 to 1.0 and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest expense of 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of December 31, 2015, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $65 million as a result of outstanding letters of credit. Commercial Paper Program The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company’s other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2015, outstanding borrowings under this program were $50 million, with a weighted average remaining period to maturity of 47 days and are classified as short-term obligations in the accompanying balance sheet. Term Loan In connection with the acquisition of Life Technologies, the company entered into an unsecured term loan agreement. The term loan agreement called for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. As of December 31, 2015, all borrowings under the term loan agreement had been repaid. The company recorded a charge of $3 million for the early extinguishment of this debt in 2015. Senior Notes Interest on the euro-denominated senior notes is payable annually. Interest on each of the other senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. In 2015, the company redeemed its 5% Senior Notes due June 1, 2015, 3.50% Senior Notes due January 1, 2016 and 3.20% Senior Notes due March 1, 2016 and recorded charges totaling $9 million for the early extinguishment of this debt. The 4.40% Senior Notes due 2015, 3.50% Senior Notes due 2016, 6.00% Senior Notes due 2020 and 5.00% Senior Notes due 2021 were assumed by the company in connection with the Life Technologies acquisition. The fair value of these senior notes on the date of acquisition exceeded the par value by $207 million which was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. This adjustment does not affect cash interest payments. Interest Rate Swap Arrangements The company has entered into LIBOR-based interest rate swap arrangements with various banks on several of its outstanding senior notes. The aggregate amounts of the swaps are equal to the principal amounts of the notes and the payment dates of the swaps coincide with the interest payment dates of the notes. The swap contracts provide for the company to pay a variable interest rate and receive a fixed rate. The variable interest rates reset monthly. The swaps have been accounted for as fair value hedges of the notes. See Note 12 for additional information. The following table summarizes the outstanding interest rate swap arrangements on the company's senior notes at December 31, 2015:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Text Block] |
Operating Leases The company leases certain logistics, office, and manufacturing facilities. Income from continuing operations includes expense from operating leases of $181 million, $181 million and $128 million in 2015, 2014 and 2013, respectively. The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2015:
Purchase Obligations The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $361 million at December 31, 2015 and the majority of these obligations are expected to be settled during 2016. Letters of Credit, Guarantees and Other Commitments Outstanding letters of credit and bank guarantees totaled $148 million at December 31, 2015. Substantially all of these letters of credit and guarantees expire before 2021. Outstanding surety bonds and other guarantees totaled $36 million at December 31, 2015. The expiration of these bonds and guarantees ranges through 2017. The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required. The outstanding letters of credit, bank guarantees and surety bonds disclosed above include $18 million for businesses that have been sold. The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits, however the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2015 was $41 million. In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer. The company has funding commitments totaling $2 million at December 31, 2015, related to investments it owns. In 2012, the company entered into an off-balance sheet build-to-suit financing arrangement with a financial institution to fund construction of an operating facility in the U.S. Upon completion of construction in 2014, a five-year lease commenced with options to purchase the facility or renew the lease for up to three 5-year terms. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 9), and has guaranteed the facility’s residual value at the end of the lease, up to a maximum of $58 million. In 2015, a leased operating facility was purchased by a financial institution and the company entered into a revised lease. The new lease has a term of 5 years with options to purchase the facility or renew the lease for up to three 5-year terms. The company has guaranteed the facility's residual value at the end of the lease, up to a maximum of $53 million. Indemnifications In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where appropriate, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications. In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations. In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions. Environmental Matters The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. At December 31, 2015 and 2014, the company’s total environmental liability was approximately $35 million and $32 million, respectively. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations or cash flows. Litigation and Related Contingencies There are various lawsuits and claims pending against the company involving product liability, intellectual property, employment, and contractual issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, and, with respect to certain pending litigation or claims where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed below, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows. Product Liability, Workers Compensation and Other Personal Injury Matters The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2015, was approximately $246 million to $397 million on an undiscounted basis. The portion of these liabilities assumed in the 2006 merger with Fisher was recorded at its fair (present) value at the date of merger. The company’s accrual for all such matters in total, including the discounted liabilities, was $217 million at December 31, 2015 (or $252 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $100 million at December 31, 2015 (or $123 million undiscounted) that are included in other assets in the accompanying balance sheet. The portion of these insurance assets assumed in the merger with Fisher was also recorded at its fair value at the date of merger. In addition to the above accrual, as of December 31, 2015, the company had a product liability accrual of $9 million (undiscounted) relating to divested businesses. The assets and liabilities assumed at the merger date were ascribed a fair value based on the present value of expected future cash flows, using a discount rate equivalent to the risk free rate of interest for monetary assets with comparable maturities (weighted average discount rate of 4.67%). The discount on the liabilities of approximately $36 million and the discount on the assets of approximately $23 million (net discount $13 million) are being accreted to interest expense over the expected settlement period. Although the company believes that the amounts accrued and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis. Intellectual Property Matters On July 13 and 15, 2015, 454 Life Sciences (a member of the Roche Group) filed complaints against Ion Torrent, Inc., Life Technologies Corp., and Thermo Fisher Scientific, Inc. in the United States District Court for the District of Delaware and in Germany. Plaintiff alleges infringement of patents relating to methods of analyzing nucleic acid sequences using emulsion amplification, which plaintiff alleges are impermissibly used in Ion Torrent sequencing workflows. Plaintiff seeks damages for alleged willful infringement and breach of contract, attorneys’ fees and costs, and injunctive relief. On June 6, 2004, Enzo Biochem, Enzo Life Sciences and Yale University filed a complaint against Life Technologies in United States District Court for the District of Connecticut. The plaintiffs allege patent infringement by Applera’s labeled DNA terminator products used in DNA sequencing and fragment analysis. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. In November 2012, the jury awarded damages of $49 million. Prejudgment interest of $12 million was also granted. The $61 million judgment and interest was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. In March 2015 the United States Court of Appeals for the Federal Circuit vacated the judgment and returned the case to the District Court for further proceedings. The company has maintained the $61 million accrual, pending appeals. On January 30, 2012, Enzo Life Sciences filed a complaint against Life Technologies in United States District Court for the District of Delaware. The plaintiff alleges patent infringement by Life Technologies’ Taqman probes and assays, Dynabead oligo-dT beads, NCode oligonucleotide array products, Ion Torrent beads and chips and SOLiD beads and chips. The plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest and injunctive relief. On May 26, 2010, Promega Corp. & Max-Planck-Gesellschaft Zur Forderung Der Wissenschaften EV filed a complaint against Life Technologies in the United States District Court for the Western District of Wisconsin. The plaintiffs allege patent infringement by sales and uses of Applied Biosystems’ short tandem repeat DNA identification products outside the scope of a 2006 license agreement. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. Although a jury initially found willful infringement and assessed damages at $52 million, the District Court subsequently overturned the verdict on the grounds that the plaintiff had failed to prove infringement. The District Court entered judgment in favor of Life Technologies; and plaintiffs and Life Technologies filed cross-appeals with the United States Court of Appeals for the Federal Circuit. The $52 million award was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. On December 15, 2014, the Court of Appeals issued a decision invalidating four of the plaintiffs’ patents, but finding infringement by Life Technologies of the remaining fifth patent. The Court of Appeals also ordered a new trial on damages in the District Court. On December 27, 2011, Illumina Inc. filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging infringement of a patent relating to methods for making bead arrays by Ion Torrent’s semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief. On June 3, 2013, Unisone Strategic IP filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging patent infringement by Life Technologies’ supply chain management system software, which operates with product “supply centers” installed at customer sites. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, and injunctive relief. |
Comprehensive Income and Shareholders Equity |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income and Shareholders' Equity [Text Block] |
Comprehensive Income (Loss) Comprehensive income (loss) combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of shareholders’ equity in the accompanying balance sheet. Changes in each component of accumulated other comprehensive items, net of tax are as follows:
Shareholders’ Equity At December 31, 2015, the company had reserved 36.1 million unissued shares of its common stock for possible issuance under stock-based compensation plans. The company has 50,000 shares of authorized but unissued $100 par value preferred stock. Equity Forward Agreements In June 2013, in anticipation of the acquisition of Life Technologies, the company entered into equity forward agreements. The use of the equity forward agreements substantially eliminated future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating share dilution from the offering by postponing the actual issuance of common stock until the funds were needed for the Life Technologies acquisition. Upon settlement of the agreements, in January 2014, the company issued and delivered 29.6 million shares of its common stock at the then applicable forward sale price of $82.5342 per share. On February 3, 2014, the company issued 5.3 million shares of its common stock at a price of $94.85 per share to settle a private placement subscription agreement that was contingent on the closing of the Life Technologies acquisition. The equity forward and subscription agreements had no initial fair value as they were entered into at the then market price of the common stock. The company did not receive any proceeds from the sale of common stock until the agreements were settled. Upon settlement, the proceeds were recorded in equity. Prior to their settlement, to the extent that the equity forward agreements were dilutive, they have been reflected in the company’s diluted earnings per share calculations using the treasury stock method. Prior to closing, the subscription agreement was not potentially dilutive to the company’s diluted earnings per share calculations due to its contingent nature. |
Fair Value Measurements and Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments [Text Block] |
Fair Value Measurements The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2015. The company’s financial assets and liabilities carried at fair value are primarily comprised of insurance contracts, investments in money market funds, derivative contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration. The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves. Level 3: Inputs are unobservable data points that are not corroborated by market data. The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:
The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014:
The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such future payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense. The following table provides a rollforward of the fair value, as determined by level 3 inputs, of the contingent consideration.
The notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.63 billion and $3.74 billion at December 31, 2015 and December 31, 2014, respectively. While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the consolidated balance sheet. The following tables present the fair value of derivative instruments in the consolidated balance sheet and statement of income.
Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps are included in other expense, net in the accompanying statement of income. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. In 2015 and 2014, pre-tax net gains of $77 million and $21 million, respectively, from the euro-denominated notes were included in currency translation adjustment. Cash Flow Hedge Arrangements In February 2015, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of a debt offering in 2016. Based on the company’s conclusion that a debt offering is probable as a result of debt maturing in 2016 and that such debt would carry semi-annual interest payments over a 10-year term, the swaps hedge the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned 10-year fixed-rate debt issue. The hedge will be terminated upon completion of a debt offering in 2016. The fair value of the hedge at that time will be recorded to accumulated other comprehensive items within shareholders’ equity and will be amortized to interest expense over the term of the debt. The change in the fair value of the hedge, $9 million, net of tax, as of December 31, 2015, was classified as a decrease to accumulated other comprehensive items. In 2013, prior to issuing the 4.15% Senior Notes due 2024, the company entered into interest rate swap agreements to mitigate the risk of interest rates rising prior to completion of a debt offering. Based on the company’s conclusion that a debt offering was probable as a result of near-term debt maturities and that such debt would carry semi-annual interest payments over a 10-year term, the swaps hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $700 million of principal amount of the planned 10-year fixed-rate debt issue. In December 2013, the company issued senior notes and terminated the swap arrangements. The company received $11 million at the termination of these agreements and recorded a gain of $1 million on the ineffective portion in other expense, net in the accompanying statement of income. The remaining favorable change in the fair value of the hedge upon termination (the effective portion) was $6 million, net of tax, and was classified as an increase to accumulated other comprehensive items within shareholder’s equity and is being amortized to interest expense over the term of the debt through 2024. Fair Value of Other Financial Instruments The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
Supplemental Cash Flow Information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Text Block] |
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Restructuring and Other Costs (Income), Net |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Costs (Income), Net [Text Block] |
Restructuring and other costs in 2015 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia; charges associated with product liability litigation and litigation at acquired businesses; impairment of acquired technology in development; and third-party acquisition transaction and integration costs related to recent acquisitions. These charges were partially offset by gains on the sale of a small product line and real estate, and, to a lesser extent, changes in estimates of contingent consideration. In 2015, severance actions associated with facility consolidations and cost reduction measures affected approximately 2% of the company’s workforce. Restructuring and other costs (income) in 2014 primarily included the gains on sale of the company’s sera and media, gene modulation and magnetic beads businesses and the sale of the Cole-Parmer business, and to a lesser extent gains on the sale of real estate, offset in part by sales of inventories revalued at the date of acquisition, cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition, third-party acquisition transaction and integration costs, severance obligations payable to former Life Technologies’ executives and employees, charges to conform the accounting policies of Life Technologies with the company’s accounting policies and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia. In 2014, severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company’s workforce. The company also incurred charges for pension settlements in 2014. Restructuring and other costs in 2013 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia. The company’s 2013 severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company’s workforce. As of February 25, 2016, the company has identified restructuring actions that will result in additional charges of approximately $55 million, primarily in 2016 which will be recorded when specified criteria are met, such as abandonment of leased facilities. 2015 During 2015, the company recorded net restructuring and other costs by segment as follows:
The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions In 2015, the Life Sciences Solutions segment recorded $80.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $2.0 million for accelerated depreciation at facilities closing due to real estate consolidation and sales of inventories revalued at the date of acquisition. The segment also recorded $13.6 million of charges to selling, general and administrative expenses, including $6.2 million of third-party transaction and integration costs related to the acquisitions of Life Technologies and Advanced Scientifics, as well as $9.1 million for accelerated depreciation at facilities closing due to real estate consolidation. These charges were partially offset by $1.7 million of income for changes in estimates of contingent consideration. In addition, the segment recorded $64.4 million of restructuring and other costs, net, $40.4 million of which were cash costs. These costs included $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $0.9 million of charges associated with a previous sale of a business; and $34.5 million of costs primarily associated with headcount reductions and facility consolidations in the U.S. and Europe, including $23.7 million for severance, $4.1 million of abandoned facility costs, and $6.7 million of other cash costs, including retention and outplacement costs. The segment also recorded $20.0 million of charges for pre-acquisition litigation related matters and $14.9 million of impairment of acquired technology in development. These costs were partially offset by a $7.6 million gain on the sale of a small product line and a $3.0 million gain on the sale of real estate. Analytical Instruments In 2015, the Analytical Instruments segment recorded $26.4 million of net restructuring and other charges, $22.1 million of which were cash costs primarily associated with abandoned facilities, including remediation and other closure costs, and, to a lesser extent, headcount reductions. The segment also recorded $4.5 million of non-cash expense primarily for real estate writedowns of abandoned facilities held for sale. Specialty Diagnostics In 2015, the Specialty Diagnostics segment recorded $10.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.8 million for accelerated depreciation at facilities closing due to real estate consolidation; $0.4 million of income to selling, general and administrative expenses for changes in estimates of contingent consideration; and $9.7 million of restructuring and other costs, net, primarily cash costs for employee severance and other costs associated with headcount reductions, as well as consolidation of facilities in the U.S. and Europe. Laboratory Products and Services In 2015, the Laboratory Products and Services segment recorded $24.9 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $6.2 million for sales of inventories revalued at the date of acquisition, as well as $6.1 million of charges to selling, general and administrative expenses, primarily associated with third party transaction costs related to the acquisition of Alfa Aesar. In addition, the segment recorded $7.7 million of cash restructuring costs primarily for employee severance and other costs associated with headcount reductions. The segment also recorded $4.7 million of charges primarily associated with a litigation-related matter of a divested business. Corporate In 2015, the company recorded $29.3 million of restructuring and other costs, principally within selling, general and administrative expenses, including $19.4 million of charges for product liability litigation and $7.9 million of accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $2.0 million of cash restructuring costs primarily for severance at its corporate operations. 2014 During 2014, the company recorded net restructuring and other costs (income) by segment as follows:
The components of net restructuring and other costs (income) by segment are as follows: Life Sciences Solutions In 2014, the Life Sciences Solutions segment recorded $66.6 million of other income, net of restructuring costs. The segment recorded a net gain of $760.3 million primarily from the divestiture of its sera and media, gene modulation and magnetic beads businesses (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $327.3 million, consisting of $303.4 million of charges for sales of inventories revalued at the date of acquisition, $21.4 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies and $2.3 million of accelerated depreciation for facility consolidations. The segment also recorded charges to selling, general and administrative expenses of $122.5 million, including $100.5 million of third-party transaction and integration costs related to the acquisition of Life Technologies (Note 2), $16.2 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies, and $5.7 million for changes in estimates of contingent consideration for acquisitions. In addition, the segment recorded $232.0 million of cash restructuring costs, including $91.7 million for cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition with the remainder principally for severance obligations payable to former Life Technologies’ executives and employees as well as $5.5 million of costs related to the consolidation of various facilities primarily in the U.S. The segment also recorded a $9.3 million provision for losses on pre-acquisition litigation-related matters. Analytical Instruments In 2014, the Analytical Instruments segment recorded $2.6 million of net restructuring and other charges. The segment recorded a net reduction in cost of revenues of $0.8 million; $0.9 million of charges to selling, general and administrative expenses for changes in estimates of contingent consideration; and $2.5 million of other costs, net. These other costs were primarily cash costs including abandoned facility costs and other expenses associated with facility consolidations and employee severance, partially offset by $6.0 million of gains on the sale of real estate. Specialty Diagnostics In 2014, the Specialty Diagnostics segment recorded $20.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.9 million; $1.5 million of charges to selling, general and administrative expenses for changes in estimates of contingent consideration for an acquisition; and $18.7 million of cash costs. The cash costs included $9.5 million for employee severance with the remainder principally for other costs associated with facility consolidations, including the consolidation of a facility in Europe with existing facilities in Europe and China. In addition, the segment recorded $1.0 million of income, net, primarily from a gain on the divestiture of a small business unit. Laboratory Products and Services In 2014, the Laboratory Products and Services segment recorded $120.8 million of other income, net of restructuring costs. The segment recorded a net gain of $133.6 million from the sale of the Cole-Parmer business (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $0.2 million and restructuring charges, of which $7.2 million were cash costs primarily for severance and abandoned facility costs. In addition, the segment also incurred $3.8 million of charges for pension settlements. Corporate In 2014, the company recorded $24.8 million of net restructuring and other charges, including $5.8 million of selling, general and administrative charges associated with product liability litigation and accelerated depreciation on information systems to be abandoned due to integration synergies, and cash costs of $1.7 million for severance at its corporate operations. In addition, the segment recorded $17.3 million of expense, net, primarily from $25.6 million of charges for pension settlements in addition to a writedown to estimated disposal value of a fixed asset held for sale. These costs were partially offset by a $9.6 million gain on the sale of real estate. 2013 During 2013, the company recorded net restructuring and other costs as follows:
The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions In 2013, the Life Sciences Solutions segment recorded $56.1 million of net restructuring and other charges. The segment recorded charges to selling, general and administrative expenses of $51.7 million for transaction costs related to the acquisition of Life Technologies (Note 2) and $4.4 million of other restructuring costs, all of which were cash costs. The cash costs included $4.1 million of transaction expenses related to the agreement to sell its sera and media, gene modulation and magnetic beads businesses (see Note 2). Analytical Instruments In 2013, the Analytical Instruments segment recorded $24.4 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $2.9 million for accelerated depreciation at facilities closing due to real estate consolidation; charges to selling, general and administrative expenses of $0.6 million primarily for revisions of estimated contingent consideration; and $20.9 million of other restructuring costs, net, $23.6 million of which were cash costs. The cash costs, which were associated with headcount reductions and facility consolidations including the consolidation and closure of several facilities in the U.S. and Europe, consisted of $18.3 million of severance; $2.8 million of abandoned facility costs; and $2.5 million of other cash costs, including outplacement costs for severed employees as well as retention and moving and other expenses associated with facility consolidations. In addition, the segment realized net gains of $2.7 million primarily on the sale of real estate in the U.S. and Europe. Specialty Diagnostics In 2013, the Specialty Diagnostics segment recorded $62.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $24.9 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $12.9 million for revisions of estimated contingent consideration based on actual performance of an acquisition; and $24.2 million of other restructuring costs, net, which were primarily cash costs. The cash costs consisted of $17.8 million of severance; $2.8 million of abandoned facility costs primarily for facilities in Europe and the U.S.; and $3.5 million of other cash costs, primarily outplacement costs for severed employees and moving, travel and other expenses associated with facility consolidations. Laboratory Products and Services In 2013, the Laboratory Products and Services segment recorded $26.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.8 million for accelerated depreciation at facilities closing due to real estate consolidation and $25.2 million of other restructuring costs, $22.9 million of which were cash costs. The cash costs, which consisted of headcount reductions and facility consolidations to streamline operations, included $16.4 million of severance; $4.1 million of abandoned facility costs; and $2.4 million of other cash costs, primarily retention, moving and other expenses associated with facility consolidations. The segment also recorded $2.3 million of non-cash expense, net, primarily for pension charges related to the headcount reductions and, to a lesser extent, writedowns to estimated disposal value of real estate held for sale. Corporate In 2013, the company recorded a charge to selling, general and administrative expenses of $8.3 million associated with product liability litigation and $3.0 million of restructuring costs primarily for severance at its corporate operations. The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.
The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2016; and abandoned-facility payments, over lease terms expiring through 2020. |
Unaudited Quarterly Information |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows:
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows:
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Subsequent Events [Abstract] | |||||
Subsequent Event [Text Block] |
In January 2016, the company signed an agreement to acquire, within the Life Sciences Solutions segment, Affymetrix, Inc., a North America-based provider of cellular and genetic analysis products, for approximately $1.3 billion in cash. The acquisition will expand the company's existing portfolio of antibodies and assays for high-growth flow cytometry and single-cell biology applications. Revenues of Affymetrix were $360 million in 2015. The transaction, which is expected to close by the end of the second quarter of 2016, is subject to the approval of Affymetrix shareholders and the satisfaction of customary closing conditions, including regulatory approvals. The company expects to issue debt in advance of closing the acquisition of Affymetrix to partially fund the acquisition. |
Nature of Operations and Summary of Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. |
Revenue Recognition [Policy Text Block] | Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer’s payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. |
Revenue Recognition, Royalty Fees [Policy Text Block] | Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. |
Revenue Recognition, Service Revenue [Policy Text Block] | Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. |
Shipping and Handling Charges [Policy Text Block] | The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. |
Accounts Receivable [Policy Text Block] | Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2015 balance sheet will be recognized within one year. |
Warranty Obligations [Policy Text Block] | Warranty Obligations The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company’s estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. |
Research and Development [Policy Text Block] | Research and Development The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. |
Income Taxes [Policy Text Block] | Income Taxes The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7). |
Earnings Per Share [Policy Text Block] | Earnings per Share Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8). |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. |
Inventories [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company’s businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. |
Acquisition-related Intangible Assets [Policy Text Block] | Acquisition-related Intangible Assets Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years. In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. |
Investments [Policy Text Block] | Investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. |
Goodwill [Policy Text Block] | Goodwill The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed quantitative annual tests for impairment at October 31, 2015 and November 1, 2014, and determined that goodwill was not impaired. |
Loss Contingencies [Policy Text Block] | Loss Contingencies Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at fair value and, as such, were discounted to present value at the dates of acquisition. |
Currency Translation [Policy Text Block] | Currency Translation All assets and liabilities of the company’s non-U.S. subsidiaries are translated at year-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the year. |
Derivatives Contracts [Policy Text Block] | Derivative Contracts The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Swiss franc, Japanese yen, Norwegian kroner, and Swedish kronor. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2013 and 2015, in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. Net investment hedges. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets and in determining the fair value of acquired intangible assets (Note 2) and the ultimate loss from abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, the FASB issued new guidance which affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This guidance retains the current accounting for classifying and measuring investments in debt securities and loans, but requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. The guidance also changes the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient permitted by the guidance to estimate fair value. A policy election can be made for these investments whereby estimated fair value may be measured at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments. The guidance is effective for the company in 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In November 2015, the FASB issued new guidance which requires all deferred income taxes be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify deferred taxes between current and noncurrent. The company early adopted this guidance in the fourth quarter of 2015, as permitted by the new guidance. The company has applied the guidance prospectively and therefore prior periods have not been retrospectively adjusted. At December 31, 2014, the company's net current deferred tax asset was $303 million. In September 2015, the FASB issued new guidance which eliminates the requirement for an acquirer in a business combination to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new guidance also sets forth new disclosure requirements related to the adjustments. The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In July 2015, the FASB issued new guidance which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance does not apply to inventory that is measured using last-in, first-out (LIFO). The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In April 2015, the FASB issued new guidance which requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for the company in 2016. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet. In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements. |
Acquisitions and Dispositions (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations Policy [Policy Text Block] | The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. |
Stockbased Compensation Expense (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Expense Policies [Policy Text Block] | Restricted Share/Unit Awards Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. The company has elected to recognize any excess income tax benefits from stock option exercises and restricted stock unit vestings in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value in the accompanying balance sheet were $63 million, $65 million and $47 million, respectively, in 2015, 2014 and 2013. Stock Options The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. |
Pension and Other Postretirement Benefit Plans (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans, Policies [Policy Text Block] | The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases. Domestic Pension Plan Assets The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 1% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 27% to funds investing in U.S. equities, including a sub-allocation of approximately 2% to real estate-related equities, approximately 24% to funds investing in international equities and approximately 47% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. Non-U.S. Pension Plan Assets The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 35% - 70% for equities and 30% - 65% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 4% - 18% for equities, 45% - 65% for fixed income, 10% - 20% for hedge funds, 4% - 5% for multi-asset funds and 20% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. Defined Benefit Pension Plans Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis. The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. |
Nature of Operations and Summary of Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts [Table Text Block] | The changes in the allowance for doubtful accounts are as follows:
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Warranty Obligations [Table Text Block] | The changes in the carrying amount of standard product warranty obligations are as follows:
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Inventories [Table Text Block] | The components of inventories are as follows:
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Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following:
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Finite-Lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related intangible assets are as follows:
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Indefinite-Lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related intangible assets are as follows:
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Finite-Lived Acquisition-related Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:
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Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by segment are as follows:
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Acquisitions and Dispositions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:
The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:
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Business Acquisition, Pro Forma Information [Table Text Block] | Had the acquisition of Life Technologies been completed as of the beginning of 2013, the company’s pro forma results for 2014 and 2013 would have been as follows:
Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination to reflect amounts as if the acquisition had been completed as of the beginning of 2013, as follows:
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The assets and liabilities of the Cole-Parmer business were as follows at June 28, 2014:
The assets and liabilities of the businesses sold in March 2014 were as follows at December 31, 2013:
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Business Segment and Geographical Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business Segment Information
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Business Segment Information
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Other Expense, Net (Tables) |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The components of other expense, net, in the accompanying statement of income are as follows:
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Stockbased Compensation Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and are as follows:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions used in the Black-Scholes option pricing model are as follows:
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the company’s option activity for the year ended December 31, 2015 is presented below:
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | A summary of the company’s option activity for the year ended December 31, 2015 is presented below:
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Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of the company’s restricted unit activity for the year ended December 31, 2015 is presented below:
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Pension and Other Postretirement Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans and postretirement benefit plans:
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Schedule of Assumptions Used [Table Text Block] | The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2015 and 2014 and are as follows:
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:
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Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
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Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension benefit cost (income) includes the following components:
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Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
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Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the company’s plan assets at December 31, 2015 and 2014, by asset category are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income from continuing operations before provision for income taxes are as follows:
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes of continuing operations are as follows:
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Schedule of Continuing and Discontinued Operations Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) included in the accompanying statement of income is as follows:
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for income taxes due to the following:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:
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Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
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Earnings per Share (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Debt and Other Financing Arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] |
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Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2015, the annual repayment requirements for debt obligations are as follows:
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Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the outstanding interest rate swap arrangements on the company's senior notes at December 31, 2015:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2015:
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Comprehensive Income and Shareholders Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in each component of accumulated other comprehensive items, net of tax are as follows:
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Fair Value Measurements and Fair Value of Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:
The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a rollforward of the fair value, as determined by level 3 inputs, of the contingent consideration.
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
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Restructuring and Other Costs (Income), Net (Tables) |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | During 2014, the company recorded net restructuring and other costs (income) by segment as follows:
During 2013, the company recorded net restructuring and other costs as follows:
During 2015, the company recorded net restructuring and other costs by segment as follows:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.
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Unaudited Quarterly Information (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows:
Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows:
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Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Beginning Balance | $ 74.1 | $ 54.1 | $ 55.5 | |||||
Provision charged to expense | 5.5 | 20.4 | [1] | 6.8 | ||||
Accounts recovered | 0.2 | 1.0 | 0.2 | |||||
Accounts written off | (4.8) | (11.2) | (8.4) | |||||
Other | [2] | (4.9) | 9.8 | |||||
Ending Balance | 70.1 | 74.1 | 54.1 | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Selling General And Administrative Charges Net | 46.3 | 130.7 | 73.5 | |||||
Life Sciences Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Selling General And Administrative Charges Net | $ 13.6 | 122.5 | $ 51.7 | |||||
Costs to Conform Accounting Policies [Member] | Life Sciences Solutions [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Selling General And Administrative Charges Net | $ 16.2 | |||||||
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Warranty Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
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Warranty Obligations [Roll Forward] | ||
Beginning Balance | $ 57.5 | $ 49.8 |
Provision charged to income | 85.4 | 80.6 |
Usage | (82.1) | (78.4) |
Acquisitions | 0.5 | 7.1 |
Adjustments to previously provided warranties, net | (2.6) | 1.0 |
Currency translation | (2.9) | (2.6) |
Ending Balance | $ 55.8 | $ 57.5 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 421.1 | $ 441.6 |
Work in Process | 236.8 | 207.6 |
Finished Goods | 1,333.8 | 1,210.3 |
Inventories | 1,991.7 | 1,859.5 |
LIFO Method Inventories [Abstract] | ||
Value of inventories maintained using the LIFO method | 191.0 | 203.0 |
Excess of estimated replacement cost over stated LIFO value | $ 28.0 | $ 25.0 |
Acquisition-related Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract] | ||
2016 | $ 1,278.5 | |
2017 | 1,254.1 | |
2018 | 1,216.9 | |
2019 | 1,183.9 | |
2020 | 1,075.8 | |
2021 and Thereafter | 5,497.8 | |
Definite-Lived Intangible Assets, Net | $ 11,507.0 | $ 12,808.2 |
Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Accounting Policies [Abstract] | |||
Cost Method Investments | $ 38.8 | $ 38.5 | |
Foreign Currency Transaction Gain (Loss), before Tax | (11.0) | 33.0 | $ (17.0) |
Deferred tax assets | $ 0.0 | $ 303.3 |
Geographical Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | $ 4,652.5 | $ 4,123.2 | $ 4,270.9 | $ 3,918.8 | $ 4,492.8 | $ 4,171.4 | $ 4,321.9 | $ 3,903.5 | $ 16,965.4 | $ 16,889.6 | $ 13,090.3 | |||
Long-lived Assets | 2,448.8 | 2,426.5 | 2,448.8 | 2,426.5 | 1,767.4 | |||||||||
United States | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | [1] | 8,607.3 | 8,147.7 | 6,617.0 | ||||||||||
Long-lived Assets | 1,532.0 | 1,501.7 | 1,532.0 | 1,501.7 | 892.9 | |||||||||
China | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | [1] | 1,376.4 | 1,223.1 | 896.6 | ||||||||||
Germany | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | [1] | 899.7 | 1,005.9 | 758.6 | ||||||||||
Long-lived Assets | 169.4 | 170.3 | 169.4 | 170.3 | 165.9 | |||||||||
United Kingdom | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | [1] | 778.1 | 754.5 | 532.4 | ||||||||||
Long-lived Assets | 261.1 | 265.5 | 261.1 | 265.5 | 224.3 | |||||||||
All Other Countries | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenues | [1] | 5,303.9 | 5,758.4 | 4,285.7 | ||||||||||
Long-lived Assets | $ 486.3 | $ 489.0 | $ 486.3 | $ 489.0 | $ 484.3 | |||||||||
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Other Expense, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Income and Expenses [Abstract] | |||
Interest Income | $ 30.6 | $ 47.7 | $ 28.0 |
Interest Expense | (414.9) | (479.9) | (262.1) |
Other Items, Net | (15.5) | 16.4 | (56.0) |
Other Expense, Net | (399.8) | (415.8) | (290.1) |
Costs associated with entering into interest rate swap arrangements | 7.5 | ||
Losses on Extinguishment of Debt | $ 12.0 | ||
Gain on Sale of Investments | $ 9.0 | 5.0 | |
Fees Associated with Short-term Financing Commitments | 74.0 | ||
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Available-for-sale Securities, Gross Realized Gains | $ 11.0 |
Stockbased Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock Option Awards | $ 43.7 | $ 45.7 | $ 41.4 |
Restricted Unit Awards | 81.3 | 71.4 | 49.5 |
Stock-based Compensation Expense | 125.0 | 117.1 | $ 90.9 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense, Cash-in-Lieu of Pre-acquisition Equity Awards | 22.0 | $ 35.0 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs On Nonvested Awards | $ 72.0 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years 5 months | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs on Nonvested Awards, Period of Recognition | 4 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs On Nonvested Awards | $ 118.0 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs on Nonvested Awards, Period of Recognition | 4 years |
Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Tax benefit related to employees' and directors' stock plans | $ 63.2 | $ 65.4 | $ 46.6 | |||
Expected Stock Price Volatility | 24.00% | 25.00% | 33.00% | |||
Risk Free Interest Rate | 1.40% | 1.30% | 0.70% | |||
Expected Life of Options (years) | 4 years 4 months | 4 years 5 months | 4 years 6 months | |||
Expected Annual Dividend | 0.50% | 0.50% | 0.80% | |||
Weighted Average Grant Date Fair Value of Options Granted in Period (in dollars per share) | $ 27.04 | $ 26.89 | $ 19.84 | |||
Total Intrinsic Value of Options Exercised in Period | $ 181.0 | $ 208.0 | $ 190.0 | |||
Options Outstanding [Roll Forward] | ||||||
Options Outstanding, Beginning Balance | 10.5 | |||||
Granted | 1.9 | |||||
Exercised | (2.3) | |||||
Canceled / Expired | (0.5) | |||||
Options Outstanding, Ending Balance | 9.6 | 10.5 | ||||
Options, Additional Disclosures [Abstract] | ||||||
Options Outstanding, Weighted Average Exercise Price, Beginning of Period (in dollars per share) | $ 71.34 | |||||
Grants in Period, Weighted Average Exercise Price (in dollars per share) | 130.98 | |||||
Exercises in Period, Weighted Average Exercise Price (in dollars per share) | 53.79 | |||||
Canceled / Expired in Period, Weighted Average Exercise Price (in dollars per share) | 107.90 | |||||
Options Outstanding, Weighted Average Exercise Price, End of Period (in dollars per share) | $ 85.30 | $ 71.34 | ||||
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years | |||||
Options Vested and Unvested Expected to Vest | 9.2 | |||||
Options Vested and Unvested Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 83.81 | |||||
Options Vested and Unvested Expected to Vest, Weighted Average Remaining Contractual Term | 3 years 11 months | |||||
Options Vested and Unvested Expected to Vest, Aggregate Intrinsic Value | [1] | $ 534.6 | ||||
Options Exercisable | 5.0 | |||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 61.28 | |||||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 10 months | |||||
Options Exercisable, Intrinsic Value | [1] | $ 400.8 | ||||
Common Stock, Market Value Per Share | $ 141.85 | |||||
Minimum [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Requisite Service Period | 3 years | |||||
Option Term | 7 years | |||||
Maximum [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Requisite Service Period | 5 years | |||||
Option Term | 10 years | |||||
|
Stockbased Compensation, Restricted Units Disclosures (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Unvested Restricted Units [Roll Forward] | |||
Unvested Restricted Units, Beginning Balance | 1,805 | ||
Granted | 931 | ||
Vested | (1,022) | ||
Forfeited | (153) | ||
Unvested Restricted Units, Ending Balance | 1,561 | 1,805 | |
Restricted Units, Additional Disclosures [Abstract] | |||
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 87.09 | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 126.51 | ||
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 78.36 | ||
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 114.46 | ||
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 113.64 | $ 87.09 | |
Fair Value of Units Vested | $ 80 | $ 61 | $ 47 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Requisite Service Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Requisite Service Period | 4 years |
Employee Stock Purchase Plans (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Purchase Price (% of Market Price on Purchase Date) | 95.00% | ||
Maximum Employee Subscription Rate (% of Gross Wages) | 10.00% | ||
Stock Issued During Period, Employee Stock Purchase Plans (in shares) | 151 | 119 | 100 |
Pensions DC Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 131 | $ 118 | $ 87 |
Pensions Funded Status (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Cash contributions to retirement plans | $ 37.5 | $ 49.6 | $ 38.2 |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Employer Contributions in Next Fiscal Year | 30.0 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Employer Contributions in Next Fiscal Year | 50.0 | ||
Domestic Pension Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 1,291.1 | 449.2 | |
Business combinations | 849.0 | ||
Service costs | 2.0 | ||
Interest costs | 50.0 | 53.1 | 19.0 |
Settlements | (58.2) | ||
Actuarial (gains) losses | (48.7) | 76.7 | |
Benefits paid | (79.3) | (80.7) | |
Benefit Obligation at End of Year | 1,213.1 | 1,291.1 | 449.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,047.6 | 374.4 | |
Business combinations | 687.1 | ||
Actual return on plan assets | (28.3) | 111.4 | |
Employer contribution | 5.4 | 13.6 | |
Settlements | (58.2) | ||
Benefits paid | (79.3) | (80.7) | |
Fair Value of Plan Assets at End of Year | 945.4 | 1,047.6 | 374.4 |
Funded Status | (267.7) | (243.5) | |
Accumulated Benefit Obligation | 1,213.1 | 1,258.3 | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Current liability | (2.9) | (2.8) | |
Non-current liability | (264.8) | (240.7) | |
Net amount recognized | (267.7) | (243.5) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 163.0 | 129.7 | |
Net amount recognized | $ 163.0 | $ 129.7 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 4.25% | 4.00% | |
Average rate of increase in employee compensation | 4.00% | 4.00% | |
Non-U.S. Pension Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | $ 1,075.4 | $ 857.9 | |
Business combinations | 52.7 | 135.1 | |
Service costs | 25.2 | 20.0 | 19.5 |
Interest costs | 27.6 | 36.7 | 29.0 |
Settlements | (7.4) | (19.3) | |
Plan participants' contributions | 4.6 | 3.8 | |
Actuarial (gains) losses | (39.1) | 170.3 | |
Benefits paid | (29.6) | (32.0) | |
Currency translation and other | (73.4) | (97.1) | |
Benefit Obligation at End of Year | 1,036.0 | 1,075.4 | 857.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 825.8 | 670.7 | |
Business combinations | 32.1 | 96.5 | |
Actual return on plan assets | 12.4 | 141.0 | |
Employer contribution | 28.0 | 32.9 | |
Settlements | (7.4) | (19.3) | |
Plan participants' contributions | 4.6 | 3.8 | |
Benefits paid | (29.6) | (32.0) | |
Currency translation and other | (48.7) | (67.8) | |
Fair Value of Plan Assets at End of Year | 817.2 | 825.8 | 670.7 |
Funded Status | (218.8) | (249.6) | |
Accumulated Benefit Obligation | 983.4 | 1,014.5 | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current asset | 72.7 | 61.8 | |
Current liability | (5.7) | (5.6) | |
Non-current liability | (285.8) | (305.8) | |
Net amount recognized | (218.8) | (249.6) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 133.1 | 161.9 | |
Prior service credits | (1.6) | ||
Net amount recognized | $ 131.5 | $ 161.9 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 2.83% | 2.69% | |
Average rate of increase in employee compensation | 3.06% | 3.03% | |
Postretirement Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | $ 55.3 | $ 38.7 | |
Business combinations | 14.9 | ||
Service costs | 0.6 | 0.6 | |
Interest costs | 1.9 | 2.1 | |
Plan participants' contributions | 1.3 | 5.3 | |
Actuarial (gains) losses | (2.2) | 4.0 | |
Benefits paid | (5.4) | (8.4) | |
Currency translation and other | (2.7) | (1.9) | |
Benefit Obligation at End of Year | 48.8 | 55.3 | 38.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 8.6 | 0.0 | |
Business combinations | 8.0 | ||
Actual return on plan assets | (1.1) | 0.6 | |
Employer contribution | 4.1 | 3.1 | |
Plan participants' contributions | 1.3 | 5.3 | |
Benefits paid | (5.4) | (8.4) | |
Fair Value of Plan Assets at End of Year | 7.5 | 8.6 | $ 0.0 |
Funded Status | (41.3) | (46.7) | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current asset | 3.8 | 4.8 | |
Current liability | (2.6) | (2.7) | |
Non-current liability | (42.5) | (48.8) | |
Net amount recognized | (41.3) | (46.7) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 4.7 | 4.6 | |
Prior service credits | (0.2) | (0.3) | |
Net amount recognized | $ 4.5 | $ 4.3 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 4.12% | 3.76% | |
Initial healthcare cost trend rate | 6.82% | 7.07% | |
Ultimate healthcare cost trend rate | 5.21% | 5.22% | |
Postretirement Benefits [Member] | Minimum [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | 2016 | ||
Postretirement Benefits [Member] | Maximum [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | 2033 |
Pensions Net Benefit Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Plans, Defined Benefit [Member] | |||
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Settlement/curtailment loss | $ 30.0 | ||
Domestic Pension Benefits [Member] | |||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | |||
Discount rate | 4.00% | 4.46% | 4.00% |
Average rate of increase in employee compensation | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | $ 2.0 | ||
Interest cost on benefit obligation | $ 50.0 | 53.1 | $ 19.0 |
Expected return on plan assets | (54.3) | (60.8) | (24.3) |
Amortization of actuarial net loss | 0.6 | 3.7 | 5.2 |
Settlement/curtailment loss | 25.5 | ||
Net periodic benefit cost (income) | $ (3.7) | $ 23.5 | $ (0.1) |
Non-U.S. Pension Benefits [Member] | |||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | |||
Discount rate | 2.69% | 3.91% | 3.65% |
Average rate of increase in employee compensation | 3.03% | 3.22% | 2.94% |
Expected long-term rate of return on assets | 4.21% | 4.88% | 4.96% |
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | $ 25.2 | $ 20.0 | $ 19.5 |
Interest cost on benefit obligation | 27.6 | 36.7 | 29.0 |
Expected return on plan assets | (33.6) | (34.4) | (29.0) |
Amortization of actuarial net loss | 9.3 | 4.2 | 6.3 |
Amortization of prior service benefit | (0.2) | (0.1) | (0.3) |
Settlement/curtailment loss | 1.0 | 4.1 | 0.1 |
Special termination benefits | 1.3 | 0.3 | 1.1 |
Net periodic benefit cost (income) | 30.6 | 30.8 | $ 26.7 |
Postretirement Benefits [Member] | |||
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | 0.6 | 0.6 | |
Interest cost on benefit obligation | $ 1.9 | $ 2.1 |
Pensions Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 1,739.2 | $ 1,820.2 |
Fair value of plan assets | 1,180.0 | 1,265.3 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | 1,694.3 | 1,738.0 |
Fair value of plan assets | $ 1,179.7 | $ 1,265.3 |
Defined Benefit Plan, Measurement Date | December 31 |
Pension Expected Benefit Payments (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Domestic Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2016 | $ 82.1 |
2017 | 84.7 |
2018 | 80.6 |
2019 | 80.3 |
2020 | 80.2 |
2021-2025 | 390.1 |
Non-U.S. Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2016 | 30.0 |
2017 | 28.4 |
2018 | 29.7 |
2019 | 32.6 |
2020 | 34.7 |
2021-2025 | 198.6 |
Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2016 | 2.9 |
2017 | 2.9 |
2018 | 2.9 |
2019 | 2.9 |
2020 | 2.8 |
2021-2025 | $ 12.9 |
Pensions FV Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Domestic Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 945.4 | $ 1,047.6 | $ 374.4 |
Domestic Pension Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 942.1 | 1,042.9 | |
Domestic Pension Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | U.S. Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 27.00% | ||
Fair Value of Plan Assets | $ 252.3 | 290.9 | |
Domestic Pension Benefits [Member] | U.S. Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 252.3 | 290.9 | |
Domestic Pension Benefits [Member] | U.S. Real Estate Related Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 2.00% | ||
Domestic Pension Benefits [Member] | International Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 24.00% | ||
Fair Value of Plan Assets | $ 231.5 | 253.9 | |
Domestic Pension Benefits [Member] | International Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 231.5 | 253.9 | |
Domestic Pension Benefits [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | ||
Fair Value of Plan Assets | $ 442.5 | 462.5 | |
Domestic Pension Benefits [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 442.5 | 462.5 | |
Domestic Pension Benefits [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 15.8 | 35.6 | |
Domestic Pension Benefits [Member] | Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 15.8 | 35.6 | |
Domestic Pension Benefits [Member] | Maximum [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% | ||
Non-U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 817.2 | 825.8 | $ 670.7 |
Non-U.S. Pension Benefits [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 110.4 | 106.3 | |
Non-U.S. Pension Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 706.8 | 719.5 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 287.7 | 341.1 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 20.3 | 21.1 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 267.4 | 320.0 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 122.8 | 129.6 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57.3 | 55.0 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 65.5 | 74.6 | |
Non-U.S. Pension Benefits [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67.5 | 69.1 | |
Non-U.S. Pension Benefits [Member] | Hedge Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67.5 | 69.1 | |
Non-U.S. Pension Benefits [Member] | Multi-asset Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17.4 | 13.6 | |
Non-U.S. Pension Benefits [Member] | Multi-asset Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17.4 | 13.6 | |
Non-U.S. Pension Benefits [Member] | Derivative Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 135.0 | 105.3 | |
Non-U.S. Pension Benefits [Member] | Derivative Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 135.0 | 105.3 | |
Non-U.S. Pension Benefits [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 153.6 | 136.5 | |
Non-U.S. Pension Benefits [Member] | Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 153.6 | 136.5 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 33.2 | 30.6 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 32.8 | 30.2 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0.4 | $ 0.4 | |
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Fixed Income Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Fixed Income Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Equity Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 4.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Equity Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Hedge Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Multi-asset Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 4.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Derivative Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Fixed Income Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Fixed Income Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Equity Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 18.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Equity Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Hedge Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Multi-asset Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Derivative Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% |
Income Taxes Components (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Components of Income From Continuing Operations Before Income Taxes [Abstract] | |||
U.S. | $ 851.7 | $ 1,153.3 | $ 914.9 |
Non-U.S. | 1,084.7 | 933.9 | 404.6 |
Income from Continuing Operations Before Income Taxes | 1,936.4 | 2,087.2 | 1,319.5 |
Current Income Tax Provision [Abstract] | |||
Federal | 184.4 | 444.5 | 242.5 |
Non-U.S. | 362.7 | 404.8 | 210.1 |
State | 8.5 | 35.0 | 13.5 |
Total Current Income Tax Provision | 555.6 | 884.3 | 466.1 |
Deferred Income Tax Provision (Benefit) [Abstract] | |||
Federal | (296.4) | (362.4) | (241.3) |
Non-U.S. | (288.2) | (297.3) | (178.8) |
State | (14.9) | (32.9) | (5.6) |
Total Deferred Income Tax Provision (Benefit) | (599.5) | (692.6) | (425.7) |
Provision for (benefit from) income taxes | (43.9) | 191.7 | 40.4 |
Discontinued Operations, Provision for (Benefit from) Income Taxes | (2.9) | (0.6) | (3.7) |
Total Tax Provision in the Statement of Income | (46.8) | 191.1 | 36.7 |
Excess income tax benefits from stock-based compensation plans recognized in equity | $ 63.2 | $ 65.4 | $ 46.6 |
Income Taxes Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Provision for Income Taxes at Statutory Rate | $ 677.7 | $ 730.5 | $ 461.8 |
Foreign rate differential | (274.5) | (278.4) | (180.2) |
Income tax credits | (316.4) | (239.9) | (227.6) |
Manufacturing deduction | (37.9) | (45.9) | (33.6) |
Singapore tax holiday | (20.8) | (34.0) | |
Impact of change in tax laws and apportionment on deferred taxes | (37.5) | (21.0) | 3.3 |
Nondeductible expenses | 9.4 | 23.4 | 19.6 |
Provision (reversal) of tax reserves, net | 18.0 | 28.0 | (4.3) |
Basis difference on disposal of businesses | 18.7 | ||
Tax return reassessments and settlements | (53.5) | (3.6) | 10.5 |
State income taxes, net of federal tax | (7.4) | 9.3 | (3.8) |
Other, net | (1.0) | 4.6 | (5.3) |
Provision for (benefit from) income taxes | (43.9) | 191.7 | 40.4 |
US foreign tax credits generated by repatriation of foreign earnings | 172.0 | 160.0 | |
US Income taxes on repatriated foreign earnings | 46.0 | $ 55.0 | $ 56.0 |
Credits Generated Due To Tax Planning Initiatives, Non-U.S. Subsidiaries [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
US foreign tax credits generated by repatriation of foreign earnings | 111.0 | ||
Credits Generated Due To Tax Planning Initiatives, Sweden [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
US foreign tax credits generated by repatriation of foreign earnings | $ 80.0 | ||
Singapore | |||
Income Tax Holiday [Line Items] | |||
Income Tax Holiday, Termination Date | 12/31/2021 | ||
Effective Income Tax Rate Reconciliation, Tax Holiday, Percent | 1.10% | 1.60% | |
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.05 | $ 0.08 |
Income Taxes Deferred Taxes (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred Tax Assets (Liabilities) [Abstract] | ||
Depreciation and amortization | $ (4,024.8) | $ (4,468.8) |
Net operating loss and credit carryforwards | 1,083.3 | 941.9 |
Reserves and accruals | 185.9 | 163.1 |
Accrued compensation | 312.9 | 339.1 |
Inventory basis difference | 83.3 | 96.6 |
Other capitalized costs | 167.9 | 116.0 |
Other, net | 85.7 | 77.0 |
Deferred tax assets (liabilities), net before valuation allowance | (2,105.8) | (2,735.1) |
Valuation allowance | 108.9 | 116.2 |
Deferred tax assets (liabilities), net | $ (2,214.7) | $ (2,851.3) |
Income Taxes Loss Carryforwards (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Tax Credit Carryforward [Line Items] | |
Undistributed Earnings of Foreign Subsidiaries | $ 8,640 |
Federal Foreign [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 379 |
Federal Foreign [Member] | Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2017 |
Federal Foreign [Member] | Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2025 |
Federal and State [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 |
Federal and State [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 109 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 1,240 |
Non- U.S. [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 2,320 |
Portion of Non- U.S. with expiration dates [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 319 |
Portion of Non- U.S. with expiration dates [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 |
Portion of Non- U.S. with expiration dates [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 214.1 | $ 134.2 | $ 164.8 |
Additions due to acquisitions | 54.3 | ||
Additions for tax positions of current year | 14.0 | 35.3 | 12.6 |
Additions for tax positions of prior years | 121.2 | 38.3 | 15.6 |
Closure of tax years | (5.2) | (7.2) | |
Settlements | (5.6) | 48.0 | 51.6 |
Balance at end of year | 349.7 | 214.1 | 134.2 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 19.0 | 16.0 | |
Current Liability [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at end of year | 3.0 | ||
IRS [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 10.0 | ||
IRS [Member] | Tax Years 2008 and 2009 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 9.0 | ||
IRS [Member] | Tax Years 2001 and 2003 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 21.0 | ||
IRS [Member] | Tax Years 2010 and 2011 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 48.0 | ||
Sweden Tax Agency [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 21.0 | ||
Portion of Settlement that Reduced Income Tax Expense | $ 17.0 | ||
Utilization of Deferred Tax Assets [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Additions for tax positions of prior years | 70.0 | ||
Foreign Net Operating Losses [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Additions for tax positions of prior years | $ 28.0 |
EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 606.3 | $ 477.3 | $ 511.6 | $ 385.1 | $ 604.0 | $ 469.9 | $ 278.5 | $ 543.1 | $ 1,980.3 | $ 1,895.5 | $ 1,279.1 |
Loss from Discontinued Operations | (3.7) | (1.2) | (2.8) | 1.7 | (4.9) | (1.1) | (5.8) | ||||
Net Income | $ 602.6 | $ 476.1 | $ 511.6 | $ 385.1 | $ 601.2 | $ 471.6 | $ 278.5 | $ 543.1 | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Basic Weighted Average Shares | 398.7 | 398.2 | 360.3 | ||||||||
Effect of Equity Forward Arrangement | 0.2 | 1.8 | |||||||||
Effect of Stock Options and Restricted Units | 3.2 | 3.9 | 3.7 | ||||||||
Diluted Weighted Average Shares | 401.9 | 402.3 | 365.8 | ||||||||
Basic Earnings per Share: | |||||||||||
Continuing operations (in dollars per share) | $ 1.52 | $ 1.20 | $ 1.28 | $ 0.97 | $ 1.51 | $ 1.17 | $ 0.70 | $ 1.38 | $ 4.97 | $ 4.76 | $ 3.55 |
Discontinued operations (in dollars per share) | (0.01) | 0.00 | (0.02) | ||||||||
Earnings Per Share, Basic (in dollars per share) | 1.51 | 1.19 | 1.28 | 0.97 | 1.50 | 1.18 | 0.70 | 1.38 | 4.96 | 4.76 | 3.53 |
Diluted Earnings per Share: | |||||||||||
Continuing operations (in dollars per share) | 1.51 | 1.19 | 1.27 | 0.96 | 1.49 | 1.16 | 0.69 | 1.36 | 4.93 | 4.71 | 3.50 |
Discontinued operations (in dollars per share) | (0.01) | 0.00 | (0.02) | ||||||||
Earnings Per Share, Diluted (in dollars per share) | $ 1.50 | $ 1.18 | $ 1.27 | $ 0.96 | $ 1.49 | $ 1.17 | $ 0.69 | $ 1.36 | $ 4.92 | $ 4.71 | $ 3.48 |
Employee Stock Option [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share | 3.4 | 2.4 | 1.0 |
Debt Outstanding Debt (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Feb. 03, 2014 |
|
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | $ 12,415.8 | $ 14,422.5 | |
Fair Value Hedge Accounting Adjustments | 6.2 | (0.5) | |
Unamortized Premium, Net | 104.7 | 142.0 | |
Total Borrowings at Carrying Value | 12,526.7 | 14,564.0 | |
Less: Short-term Obligations and Current Maturities | 1,052.8 | 2,212.4 | |
Long-term Obligations | 11,473.9 | 12,351.6 | |
Losses on Extinguishment of Debt | $ 12.0 | ||
U.S. Commercial Paper Program [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.14% | ||
Total Borrowings at Par Value | $ 49.6 | ||
Total Borrowings at Carrying Value | 49.6 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | 1,275.0 | ||
Total Borrowings at Carrying Value | 1,275.0 | ||
Losses on Extinguishment of Debt | 3.0 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Carrying Value | $ 12,460.8 | 13,265.8 | |
Debt Instrument, Call Feature | Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. | ||
Business Combination, Fair Value of Long-term Debt in Excess of Par Value | $ 207.0 | ||
Losses on Extinguishment of Debt | $ 9.0 | ||
Senior Notes [Member] | 4.40% 5-Year Senior Notes, Due 3/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.40% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Mar. 01, 2015 | ||
Total Borrowings at Par Value | 500.0 | ||
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 5/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.20% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | May 01, 2015 | ||
Total Borrowings at Par Value | 450.0 | ||
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 6/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jun. 01, 2015 | ||
Total Borrowings at Par Value | 250.0 | ||
Senior Notes [Member] | 3.50% 5-Year Senior Notes, Due 1/15/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.50% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2016 | ||
Total Borrowings at Par Value | 400.0 | ||
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.20% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Mar. 01, 2016 | ||
Total Borrowings at Par Value | 900.0 | ||
Senior Notes [Member] | 2.25% 5-Year Senior Notes, Due 8/15/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.25% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Aug. 15, 2016 | ||
Effective Interest Rate | 2.29% | ||
Total Borrowings at Par Value | $ 1,000.0 | 1,000.0 | |
Senior Notes [Member] | 1.30% 3-Year Senior Notes, Due 2/1/2017 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.30% | ||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Maturity Date | Feb. 01, 2017 | ||
Effective Interest Rate | 0.91% | ||
Total Borrowings at Par Value | $ 900.0 | 900.0 | |
Senior Notes [Member] | 1.85% 5-Year Senior Notes, Due 1/15/2018 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.85% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2018 | ||
Effective Interest Rate | 1.85% | ||
Total Borrowings at Par Value | $ 500.0 | 500.0 | |
Senior Notes [Member] | 2.15% 3-Year Senior Notes, Due 12/14/2018 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.15% | ||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Maturity Date | Dec. 14, 2018 | ||
Effective Interest Rate | 2.15% | ||
Total Borrowings at Par Value | $ 450.0 | ||
Senior Notes [Member] | 2.40% 5-Year Senior Notes, Due 2/1/2019 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.40% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Feb. 01, 2019 | ||
Effective Interest Rate | 2.44% | ||
Total Borrowings at Par Value | $ 900.0 | 900.0 | |
Senior Notes [Member] | 6.00% 10-Year Senior Notes, Due 3/1/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 6.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Mar. 01, 2020 | ||
Effective Interest Rate | 2.98% | ||
Total Borrowings at Par Value | $ 750.0 | 750.0 | |
Senior Notes [Member] | 4.70% 10-Year Senior Notes, Due 5/1/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.70% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | May 01, 2020 | ||
Effective Interest Rate | 3.34% | ||
Total Borrowings at Par Value | $ 300.0 | 300.0 | |
Senior Notes [Member] | 1.50% 5-Year Senior Notes, Due 12/1/2020 (euro denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.50% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Dec. 01, 2020 | ||
Effective Interest Rate | 1.51% | ||
Total Borrowings at Par Value | $ 461.6 | ||
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 1/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2021 | ||
Effective Interest Rate | 3.25% | ||
Total Borrowings at Par Value | $ 400.0 | 400.0 | |
Senior Notes [Member] | 4.50% 10-Year Senior Notes, Due 3/1/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.50% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Mar. 01, 2021 | ||
Effective Interest Rate | 3.12% | ||
Total Borrowings at Par Value | $ 1,000.0 | 1,000.0 | |
Senior Notes [Member] | 3.60% 10-Year Senior Notes, Due 8/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.60% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Aug. 15, 2021 | ||
Effective Interest Rate | 2.89% | ||
Total Borrowings at Par Value | $ 1,100.0 | 1,100.0 | |
Senior Notes [Member] | 3.30% 7-Year Senior Notes, Due 2/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.30% | ||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Maturity Date | Feb. 15, 2022 | ||
Effective Interest Rate | 3.30% | ||
Total Borrowings at Par Value | $ 800.0 | 800.0 | |
Senior Notes [Member] | 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.15% | ||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Maturity Date | Jul. 21, 2022 | ||
Effective Interest Rate | 2.18% | ||
Total Borrowings at Par Value | $ 543.1 | ||
Senior Notes [Member] | 3.15% 10-Year Senior Notes, Due 1/15/2023 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.15% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2023 | ||
Effective Interest Rate | 3.21% | ||
Total Borrowings at Par Value | $ 800.0 | 800.0 | |
Senior Notes [Member] | 4.15% 10-Year Senior Notes, Due 2/1/2024 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.15% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Feb. 01, 2024 | ||
Effective Interest Rate | 4.07% | ||
Total Borrowings at Par Value | $ 1,000.0 | 1,000.0 | |
Senior Notes [Member] | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Apr. 15, 2025 | ||
Effective Interest Rate | 2.03% | ||
Total Borrowings at Par Value | $ 695.2 | 774.3 | |
Senior Notes [Member] | 3.65% 10-Year Senior Notes, Due 12/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.65% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Dec. 15, 2025 | ||
Effective Interest Rate | 3.67% | ||
Total Borrowings at Par Value | $ 350.0 | ||
Senior Notes [Member] | 5.30% 30-Year Senior Notes, Due 2/1/2044 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.30% | ||
Debt Instrument, Term | 30 years | ||
Debt Instrument, Maturity Date | Feb. 01, 2044 | ||
Effective Interest Rate | 5.30% | ||
Total Borrowings at Par Value | $ 400.0 | 400.0 | |
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | 16.3 | 23.2 | |
Total Borrowings at Carrying Value | $ 16.3 | $ 23.2 |
Debt Future Repayments (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Maturities of Long-term Debt [Abstract] | ||
2016 | $ 1,053.0 | |
2017 | 902.2 | |
2018 | 952.2 | |
2019 | 901.9 | |
2020 | 1,513.6 | |
2021 and Thereafter | 7,092.9 | |
Total Repayments of Principal | $ 12,415.8 | $ 14,422.5 |
Debt Short-term Financing (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Feb. 26, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Short-term Financing [Line Items] | |||
Short-term Borrowings | $ 50,000,000 | $ 0 | |
Short-term Borrowings, Weighted Average Interest Rate | 1.14% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 122,000,000 | ||
U.S. Commercial Paper Program [Member] | |||
Short-term Financing [Line Items] | |||
Maximum Period to Maturity Allowed Under Program | 397 days | ||
Short-term Debt, Period to Maturity | 47 days | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 | ||
Line of Credit Facility, Expiration Date | Jul. 31, 2018 | ||
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA | 3.5 | ||
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | 3.0 | ||
Letters of Credit Outstanding, Amount | $ 65,000,000 | ||
Line of Credit Facility, Amount Outstanding | $ 0 |
Interest Rate Swap Arrangements (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 6,630.0 | $ 3,740.0 |
Senior Notes [Member] | 1.30% Senior Notes Due 2017 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 900.0 | |
Interest Rate Swap, Spread above One-month LIBOR | 0.6616% | |
Interest Rate Swap, Variable Rate at Period End | 0.9054% | |
Interest Rate Swap, Fixed Rate | 1.30% | |
Senior Notes [Member] | 4.70% Senior Notes Due 2020 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 300.0 | |
Interest Rate Swap, Spread above One-month LIBOR | 3.156% | |
Interest Rate Swap, Variable Rate at Period End | 3.3998% | |
Interest Rate Swap, Fixed Rate | 4.70% | |
Senior Notes [Member] | 4.50% Senior Notes Due 2021 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 1,000.0 | |
Interest Rate Swap, Spread above One-month LIBOR | 2.868% | |
Interest Rate Swap, Variable Rate at Period End | 3.1118% | |
Interest Rate Swap, Fixed Rate | 4.50% | |
Senior Notes [Member] | 3.60% Senior Notes Due 2021 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 1,100.0 | |
Interest Rate Swap, Spread above One-month LIBOR | 1.937% | |
Interest Rate Swap, Variable Rate at Period End | 2.2675% | |
Interest Rate Swap, Fixed Rate | 3.60% |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Feb. 03, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Leases [Abstract] | ||||
Operating Leases, Rent Expense, Net | $ 181.0 | $ 181.0 | $ 128.0 | |
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2016 | 144.0 | |||
2017 | 119.3 | |||
2018 | 93.5 | |||
2019 | 71.7 | |||
2020 | 50.7 | |||
2021 and Thereafter | 148.8 | |||
Operating Leases, Future Minimum Payments Due, Total | 628.0 | |||
Unconditional Purchase Obligations [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation | $ 361.0 | |||
Term of Unrecorded Unconditional Purchase Obligation | the majority of these obligations are expected to be settled during 2016 | |||
Guarantor Obligations [Line Items] | ||||
Investment Funding Commitment | $ 2.0 | |||
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | ||||
Accrual for Environmental Loss Contingencies, Net | 35.0 | $ 32.0 | ||
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | ||||
Loss Contingency [Abstract] | ||||
Loss Contingency Accrued | 61.0 | |||
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | Life Technologies Corporation [Member] | ||||
Loss Contingency [Abstract] | ||||
Damages Awarded | $ 49.0 | |||
Prejudgment Interest Awarded | 12.0 | |||
Loss Contingency Accrued | 61.0 | |||
Promega Corp and Max-Plank-Gesellschaft [Member] | Life Technologies Corporation [Member] | ||||
Loss Contingency [Abstract] | ||||
Damages Awarded | 52.0 | |||
Loss Contingency Accrued | $ 52.0 | |||
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | ||||
Loss Contingency [Abstract] | ||||
Loss Contingency, Range of Possible Loss, Minimum | 246.0 | |||
Loss Contingency, Range Of Possible Loss, Maximum | 397.0 | |||
Loss Contingency Accrued | 217.0 | |||
Loss Contingency, Accrual, Gross | 252.0 | |||
Estimated Amount Due from Insurers, Net | 100.0 | |||
Estimated Amount Due from Insurers, Undiscounted | $ 123.0 | |||
Loss Contingency, Accrual, Weighted Average Discount Rate | 4.67% | |||
Loss Contingency, Accrual, Discount Amount | $ 36.0 | |||
Estimated Amount Due from Insurers, Discount Amount | 23.0 | |||
Loss Contingency, Net, Discount Amount | 13.0 | |||
Loss Contingency Accrual, Product Liability, Gross, Divested Business | 9.0 | |||
Performance Guarantee [Member] | Businesses Sold [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 18.0 | |||
Letters of Credit / Bank Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 148.0 | |||
Guarantor Obligations, Term | Substantially all of these letters of credit and guarantees expire before 2021. | |||
Surety Bonds and Other Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 36.0 | |||
Guarantor Obligations, Term | The expiration of these bonds and guarantees ranges through 2017. | |||
Pension Obligation Guarantee [Member] | Businesses Sold [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 41.0 | |||
Build to Suit Lease Residual Value Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 58.0 | |||
Leased Operating Facility Residual Value Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 53.0 |
Comprehensive Income and Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 03, 2014 |
Jan. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | $ (1,285.0) | ||||
Other comprehensive income (loss) before reclassifications | (723.6) | ||||
Amounts reclassified from accumulated other comprehensive items | 11.3 | ||||
Total other comprehensive items | (712.3) | $ (1,207.8) | $ 73.2 | ||
Accumulated Other Comprehensive Items, Ending Balance | $ (1,997.3) | $ (1,285.0) | |||
Class of Stock Disclosures [Abstract] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 36,100,000 | ||||
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 | |||
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $ 100 | $ 100 | |||
Equity Forward Agreements [Member] | |||||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||||
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share | $ 82.5342 | ||||
Issuance of shares (in shares) | 29,600,000 | ||||
Subscription Agreement [Member] | |||||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||||
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share | $ 94.85 | ||||
Issuance of shares (in shares) | 5,300,000 | ||||
Currency Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | $ (1,070.6) | ||||
Other comprehensive income (loss) before reclassifications | (706.1) | ||||
Total other comprehensive items | (706.1) | ||||
Accumulated Other Comprehensive Items, Ending Balance | (1,776.7) | $ (1,070.6) | |||
Unrealized Gains on Available-for-Sale Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | 1.3 | ||||
Other comprehensive income (loss) before reclassifications | 0.5 | ||||
Total other comprehensive items | 0.5 | ||||
Accumulated Other Comprehensive Items, Ending Balance | 1.8 | 1.3 | |||
Unrealized Losses Hedging Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | (20.9) | ||||
Other comprehensive income (loss) before reclassifications | (9.0) | ||||
Amounts reclassified from accumulated other comprehensive items | 3.3 | ||||
Total other comprehensive items | (5.7) | ||||
Accumulated Other Comprehensive Items, Ending Balance | (26.6) | (20.9) | |||
Pension and Other Postretirement Benefit Liability Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | (194.8) | ||||
Other comprehensive income (loss) before reclassifications | (9.0) | ||||
Amounts reclassified from accumulated other comprehensive items | 8.0 | ||||
Total other comprehensive items | (1.0) | ||||
Accumulated Other Comprehensive Items, Ending Balance | $ (195.8) | $ (194.8) |
Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Assets [Abstract] | ||
Cash equivalents | $ 54.6 | $ 617.3 |
Bank time deposits | 2.0 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.6 | 8.7 |
Warrants | 3.4 | |
Insurance contracts | 108.1 | 102.5 |
Derivative contracts | 13.8 | 20.2 |
Total Assets | 189.5 | 757.2 |
Liabilities [Abstract] | ||
Derivative contracts | 41.8 | 10.4 |
Contingent consideration | 1.9 | 29.6 |
Total Liabilities | 43.7 | 40.0 |
Quoted Prices in Active Markets (Level I) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 54.6 | 617.3 |
Bank time deposits | 2.0 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.6 | 8.7 |
Total Assets | 64.2 | 634.5 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Warrants | 3.4 | |
Insurance contracts | 108.1 | 102.5 |
Derivative contracts | 13.8 | 20.2 |
Total Assets | 125.3 | 122.7 |
Liabilities [Abstract] | ||
Derivative contracts | 41.8 | 10.4 |
Total Liabilities | 41.8 | 10.4 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities [Abstract] | ||
Contingent consideration | 1.9 | 29.6 |
Total Liabilities | $ 1.9 | $ 29.6 |
Fair Value Measurements, Level 3 Reconciliation (Details) - Contingent Consideration [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 29.6 | $ 5.1 |
Acquisition | 29.9 | |
Payments | (11.2) | (13.4) |
Change in fair value included in earnings | (2.9) | 8.2 |
Sale of a product line | (13.4) | |
Currency translation | (0.2) | (0.2) |
Ending Balance | $ 1.9 | $ 29.6 |
Fair Value Measurements, Derivative Assets & Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value | $ 0.2 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | 16.4 | $ 3.7 |
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value | 13.6 | 20.2 |
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | $ 25.4 | $ 6.7 |
Fair Value Measurements, Derivative Instruments, Gains & Losses (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Costs associated with entering into interest rate swap arrangements | $ 7.5 | ||||||
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge | 77.0 | $ 21.0 | |||||
Notional Amount Of Derivatives | 6,630.0 | 3,740.0 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (9.0) | 0.0 | $ 5.8 | ||||
Foreign Currency Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Not Designated as Fair Value Hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Effective Portion of Gain (Loss) on Derivative, Net | 12.4 | 14.7 | |||||
Foreign Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Fair Value Hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Effective Portion of Gain (Loss) on Derivative, Net | 126.8 | 129.9 | |||||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Fair Value Hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Effective Portion of Gain (Loss) on Derivative, Net | 34.0 | 4.2 | |||||
Ineffective Portion of Gain (Loss) on Derivative, Net | $ (7.4) | [1] | $ 0.9 | ||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Debt Instrument, Term | 10 years | ||||||
Notional Amount Of Derivatives | $ 1,000.0 | ||||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Senior Notes 4.15% Due 2024 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Ineffective Portion of Gain (Loss) on Derivative, Net | $ 1.0 | ||||||
Debt Instrument, Term | 10 years | ||||||
Notional Amount Of Derivatives | 700.0 | $ 700.0 | |||||
Proceeds from Hedge, Financing Activities | 11.0 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 6.0 | ||||||
|
Fair Value of Other Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Financial Instruments [Abstract] | ||
Notes Receivable - Carrying Value | $ 12.1 | $ 8.3 |
Notes Receivable - Fair Value | 14.9 | 8.3 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 12,526.7 | 14,564.0 |
Debt Instrument, Fair Value Disclosure | 12,684.7 | 14,888.8 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 12,460.8 | 13,265.8 |
Debt Instrument, Fair Value Disclosure | 12,618.8 | 13,590.6 |
Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 1,275.0 | |
Debt Instrument, Fair Value Disclosure | 1,275.0 | |
U.S. Commercial Paper Program [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 49.6 | |
Debt Instrument, Fair Value Disclosure | 49.6 | |
Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 16.3 | 23.2 |
Debt Instrument, Fair Value Disclosure | $ 16.3 | $ 23.2 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Supplemental Cash Flow Information [Abstract] | |||
Cash Paid For Interest | $ 437.6 | $ 435.9 | $ 215.1 |
Cash Paid For Income Taxes | 476.6 | 585.7 | 226.3 |
Non-cash Activities [Abstract] | |||
Fair value of assets of acquired businesses | 736.5 | 19,623.9 | |
Cash paid for acquired businesses | (699.9) | (13,534.6) | |
Liabilities assumed of acquired businesses | 36.6 | 6,089.3 | |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Declared but unpaid dividends | 61.3 | 61.9 | 55.8 |
Issuance of stock upon vesting of restricted stock units | $ 131.0 | $ 110.0 | $ 64.2 |
Restructuring and Other Costs (Income), Net (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Feb. 25, 2016 |
|||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring and Related Cost, Percentage of Total Workforce Eliminated | 2.00% | 3.00% | 3.00% | |||||||||||||||||
Identified Future Restructuring Costs | $ 55.0 | |||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | $ 9.1 | $ 327.6 | $ 28.6 | |||||||||||||||||
Selling, General and Administrative Expenses | 46.3 | 130.7 | 73.5 | |||||||||||||||||
Restructuring and Other Costs (Income), Net | 115.3 | (598.2) | 77.7 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | $ 64.9 | $ 40.9 | $ 24.7 | $ 40.2 | $ 47.3 | $ (88.2) | $ 231.9 | $ (330.9) | 170.7 | (139.9) | 179.8 | |||||||||
Restructuring and Related Costs, Cash Costs | 90.7 | [1] | 253.7 | [2] | 81.0 | |||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 1.1 | 19.9 | ||||||||||||||||||
Loss (Gain) Related to Litigation-related Matter | 24.7 | |||||||||||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (895.4) | 0.0 | |||||||||||||||||
Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 57.0 | 140.8 | 57.7 | |||||||||||||||||
Abandonment of Excess Facilities [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 19.1 | 10.5 | 10.3 | |||||||||||||||||
Other Restructuring [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | [3] | 14.6 | 102.4 | 13.0 | ||||||||||||||||
Monetized Equity Awards [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 19.6 | |||||||||||||||||||
Life Sciences Solutions [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 2.0 | 327.3 | ||||||||||||||||||
Selling, General and Administrative Expenses | 13.6 | 122.5 | 51.7 | |||||||||||||||||
Restructuring and Other Costs (Income), Net | 64.4 | (516.4) | 4.4 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | 80.0 | (66.6) | 56.1 | |||||||||||||||||
Restructuring and Related Costs, Cash Costs | 40.4 | 232.0 | 4.4 | |||||||||||||||||
Loss (Gain) Related to Litigation-related Matter | 20.0 | 9.3 | ||||||||||||||||||
Impairment of Acquired Technology in Development | 14.9 | |||||||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (3.0) | |||||||||||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (760.3) | ||||||||||||||||||
Life Sciences Solutions [Member] | Costs associated with headcount reductions and facility consolidations [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 34.5 | |||||||||||||||||||
Life Sciences Solutions [Member] | Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 23.7 | |||||||||||||||||||
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 4.1 | 5.5 | ||||||||||||||||||
Life Sciences Solutions [Member] | Other Restructuring [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 6.7 | |||||||||||||||||||
Life Sciences Solutions [Member] | Monetized Equity Awards [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 91.7 | |||||||||||||||||||
Life Sciences Solutions [Member] | Transaction Costs Related to Acquisition [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Selling, General and Administrative Expenses | 6.2 | 100.5 | 51.7 | |||||||||||||||||
Life Sciences Solutions [Member] | Transaction Costs Related to Divestiture [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 0.9 | 4.1 | ||||||||||||||||||
Life Sciences Solutions [Member] | Charges for Changes in Estimates of Contingent Consideration for Acquisitions [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Selling, General and Administrative Expenses | (1.7) | 5.7 | ||||||||||||||||||
Life Sciences Solutions [Member] | Costs to Conform Accounting Policies [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 21.4 | |||||||||||||||||||
Selling, General and Administrative Expenses | 16.2 | |||||||||||||||||||
Life Sciences Solutions [Member] | Charges for Sales of Inventories Revalued at Acquisition [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 303.4 | |||||||||||||||||||
Life Sciences Solutions [Member] | Accelerated Depreciation Related to Facility Consolidations [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 2.3 | |||||||||||||||||||
Selling, General and Administrative Expenses | 9.1 | |||||||||||||||||||
Life Sciences Solutions [Member] | Charges For Cash Compensation Contractually Due To Employees Of Acquired Business [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 5.0 | |||||||||||||||||||
Analytical Instruments [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 0.1 | (0.8) | 2.9 | |||||||||||||||||
Selling, General and Administrative Expenses | (0.3) | 0.9 | 0.6 | |||||||||||||||||
Restructuring and Other Costs (Income), Net | 26.6 | 2.5 | 20.9 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | 26.4 | 2.6 | 24.4 | |||||||||||||||||
Restructuring and Related Costs, Cash Costs | 22.1 | 23.6 | ||||||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | (2.7) | |||||||||||||||||||
Asset Writedowns | 4.5 | |||||||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (6.0) | |||||||||||||||||||
Analytical Instruments [Member] | Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 18.3 | |||||||||||||||||||
Analytical Instruments [Member] | Abandonment of Excess Facilities [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.8 | |||||||||||||||||||
Analytical Instruments [Member] | Other Restructuring [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.5 | |||||||||||||||||||
Specialty Diagnostics [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 0.8 | 0.9 | 24.9 | |||||||||||||||||
Selling, General and Administrative Expenses | (0.4) | 1.5 | 12.9 | |||||||||||||||||
Restructuring and Other Costs (Income), Net | 9.7 | 17.7 | 24.2 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | 10.1 | 20.1 | 62.0 | |||||||||||||||||
Restructuring and Related Costs, Cash Costs | 18.7 | |||||||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | (1.0) | |||||||||||||||||||
Specialty Diagnostics [Member] | Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 9.5 | 17.8 | ||||||||||||||||||
Specialty Diagnostics [Member] | Abandonment of Excess Facilities [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.8 | |||||||||||||||||||
Specialty Diagnostics [Member] | Other Restructuring [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 3.5 | |||||||||||||||||||
Laboratory Products and Services [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Cost of Revenues | 6.2 | 0.2 | 0.8 | |||||||||||||||||
Selling, General and Administrative Expenses | 6.1 | |||||||||||||||||||
Restructuring and Other Costs (Income), Net | 12.6 | (121.0) | 25.2 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | 24.9 | (120.8) | 26.0 | |||||||||||||||||
Restructuring and Related Costs, Cash Costs | 7.7 | 7.2 | 22.9 | |||||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 2.3 | |||||||||||||||||||
Loss (Gain) due to Pension Plan Settlements and Curtailments | 3.8 | |||||||||||||||||||
Loss (Gain) Related to Litigation-related Matter | 4.7 | |||||||||||||||||||
Loss (Gain) on Divestiture of Businesses | (133.6) | |||||||||||||||||||
Laboratory Products and Services [Member] | Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 16.4 | |||||||||||||||||||
Laboratory Products and Services [Member] | Abandonment of Excess Facilities [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 4.1 | |||||||||||||||||||
Laboratory Products and Services [Member] | Other Restructuring [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.4 | |||||||||||||||||||
Corporate [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Selling, General and Administrative Expenses | 27.3 | 5.8 | 8.3 | |||||||||||||||||
Restructuring and Other Costs (Income), Net | 2.0 | 19.0 | 3.0 | |||||||||||||||||
Total Restructuring and Other Costs (Income), Net | 29.3 | 24.8 | $ 11.3 | |||||||||||||||||
Charges for Product Liability Litigation | 19.4 | |||||||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 17.3 | |||||||||||||||||||
Loss (Gain) due to Pension Plan Settlements and Curtailments | 25.6 | |||||||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (9.6) | |||||||||||||||||||
Corporate [Member] | Severance [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.0 | $ 1.7 | ||||||||||||||||||
Corporate [Member] | Accelerated Depreciation Related to Facility Consolidations [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Selling, General and Administrative Expenses | $ 7.9 | |||||||||||||||||||
|
Restructuring Reserves (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Beginning balance | $ 53.4 | $ 40.5 | $ 31.1 | |||||||||||
Costs incurred | 90.7 | [1] | 253.7 | [2] | 81.0 | |||||||||
Reserves reversed | [3] | (14.4) | (5.8) | (3.0) | ||||||||||
Payments | (96.6) | (232.6) | (69.1) | |||||||||||
Currency translation | (1.8) | (2.4) | 0.5 | |||||||||||
Ending balance | 31.3 | 53.4 | 40.5 | |||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (895.4) | 0.0 | |||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 1.1 | 19.9 | ||||||||||||
Loss (Gain) Related to Litigation-related Matter | 24.7 | |||||||||||||
Severance [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Beginning balance | 37.7 | 28.6 | 20.0 | |||||||||||
Costs incurred | 57.0 | 140.8 | 57.7 | |||||||||||
Reserves reversed | [3] | (11.7) | (5.5) | (2.6) | ||||||||||
Payments | (66.6) | (124.1) | (47.0) | |||||||||||
Currency translation | (1.2) | (2.1) | 0.5 | |||||||||||
Ending balance | $ 15.2 | 37.7 | 28.6 | |||||||||||
Restructuring Reserve, Expected Final Year of Payments | 2016 | |||||||||||||
Abandonment of Excess Facilities [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Beginning balance | $ 9.8 | 9.4 | 8.3 | |||||||||||
Costs incurred | 19.1 | 10.5 | 10.3 | |||||||||||
Reserves reversed | [3] | (0.5) | (0.1) | (0.1) | ||||||||||
Payments | (15.0) | (10.4) | (9.1) | |||||||||||
Currency translation | (0.3) | 0.4 | ||||||||||||
Ending balance | $ 13.1 | 9.8 | 9.4 | |||||||||||
Restructuring Reserve, Expected Final Year of Payments | 2020 | |||||||||||||
Other Restructuring [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Beginning balance | [4] | $ 5.9 | 2.5 | 2.8 | ||||||||||
Costs incurred | [4] | 14.6 | 102.4 | 13.0 | ||||||||||
Reserves reversed | [3],[4] | (2.2) | (0.2) | (0.3) | ||||||||||
Payments | [4] | (15.0) | (98.1) | (13.0) | ||||||||||
Currency translation | [4] | (0.3) | (0.7) | |||||||||||
Ending balance | [4] | $ 3.0 | 5.9 | 2.5 | ||||||||||
Restructuring Reserve, Expected Final Year of Payments | 2016 | |||||||||||||
Monetized Equity Awards [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 19.6 | |||||||||||||
Life Sciences Solutions [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Costs incurred | $ 40.4 | 232.0 | $ 4.4 | |||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (760.3) | ||||||||||||
Loss (Gain) Related to Litigation-related Matter | 20.0 | 9.3 | ||||||||||||
Impairment of Acquired Technology in Development | 14.9 | |||||||||||||
Life Sciences Solutions [Member] | Severance [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Costs incurred | 23.7 | |||||||||||||
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Costs incurred | 4.1 | 5.5 | ||||||||||||
Life Sciences Solutions [Member] | Other Restructuring [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Costs incurred | $ 6.7 | |||||||||||||
Life Sciences Solutions [Member] | Monetized Equity Awards [Member] | ||||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||||
Costs incurred | $ 91.7 | |||||||||||||
|
Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 4,652.5 | $ 4,123.2 | $ 4,270.9 | $ 3,918.8 | $ 4,492.8 | $ 4,171.4 | $ 4,321.9 | $ 3,903.5 | $ 16,965.4 | $ 16,889.6 | $ 13,090.3 |
Gross Profit | 2,108.3 | 1,883.3 | 1,941.8 | 1,822.5 | 2,091.9 | 1,933.6 | 1,846.5 | 1,620.0 | |||
Income from continuing operations | 606.3 | 477.3 | 511.6 | 385.1 | 604.0 | 469.9 | 278.5 | 543.1 | 1,980.3 | 1,895.5 | 1,279.1 |
Net Income | $ 602.6 | $ 476.1 | $ 511.6 | $ 385.1 | $ 601.2 | $ 471.6 | $ 278.5 | $ 543.1 | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Earnings per Share from Continuing Operations [Abstract] | |||||||||||
Basic (in dollars per share) | $ 1.52 | $ 1.20 | $ 1.28 | $ 0.97 | $ 1.51 | $ 1.17 | $ 0.70 | $ 1.38 | $ 4.97 | $ 4.76 | $ 3.55 |
Diluted (in dollars per share) | 1.51 | 1.19 | 1.27 | 0.96 | 1.49 | 1.16 | 0.69 | 1.36 | 4.93 | 4.71 | 3.50 |
Earnings per Share | |||||||||||
Basic (in dollars per share) | 1.51 | 1.19 | 1.28 | 0.97 | 1.50 | 1.18 | 0.70 | 1.38 | 4.96 | 4.76 | 3.53 |
Diluted (in dollars per share) | 1.50 | 1.18 | 1.27 | 0.96 | 1.49 | 1.17 | 0.69 | 1.36 | 4.92 | 4.71 | 3.48 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.60 | $ 0.60 |
Total Restructuring and Other Costs (Income), Net | $ 64.9 | $ 40.9 | $ 24.7 | $ 40.2 | $ 47.3 | $ (88.2) | $ 231.9 | $ (330.9) | $ 170.7 | $ (139.9) | $ 179.8 |
Gain (Loss) from Discontinued Operations | $ (3.7) | $ (1.2) | $ (2.8) | $ 1.7 | $ (4.9) | $ (1.1) | $ (5.8) |
Subsequent Event (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jul. 02, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 699.9 | $ 13,534.6 | |
Affymetrix, Inc. [Member] | |||
Subsequent Event [Line Items] | |||
Revenue Reported by Acquired Entity | $ 360.0 | ||
Scenario, Forecast [Member] | Affymetrix, Inc. [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 1,300.0 |
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