10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ý Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended

December 31, 2016 or

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-8002

THERMO FISHER SCIENTIFIC INC.

(Exact name of Registrant as specified in its charter)

Delaware	04-2209186
(State of incorporation or organization)	(I.R.S. Employer Identification No.)
168 Third Avenue
Waltham, Massachusetts	02451
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 622-1000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered	Title of each class	Name of each exchange on which registered
Common Stock, $1.00 par value	New York Stock Exchange	0.750% Notes due 2024	New York Stock Exchange
Floating Rate Notes due 2018	New York Stock Exchange	2.000% Notes due 2025	New York Stock Exchange
1.500% Notes due 2020	New York Stock Exchange	1.375% Notes due 2028	New York Stock Exchange
2.150% Notes due 2022	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý  No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o  No ý

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ý  No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ý  No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ý                Accelerated filer o                Non-accelerated filer o                Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No ý

As of July 1, 2016, the aggregate market value of the voting stock held by nonaffiliates of the Registrant was approximately $58,745,127,000 (based on the last reported sale of common stock on the New York Stock Exchange Composite Tape reporting system on July 1, 2016).

As of February 4, 2017, the Registrant had 390,391,061 shares of Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Sections of Thermo Fisher’s definitive Proxy Statement for the 2017 Annual Meeting of Shareholders are incorporated by reference into Parts II and III of this report.

THERMO FISHER SCIENTIFIC INC.

ANNUAL REPORT ON FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016

	TABLE OF CONTENTS
		Page
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	15
Item 1B.	Unresolved Staff Comments	19
Item 2.	Properties	20
Item 3.	Legal Proceedings	20
Item 4.	Mine Safety Disclosures	20
	PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
Item 6.	Selected Financial Data	22
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 8.	Financial Statements and Supplementary Data	41
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	41
Item 9A.	Controls and Procedures	41
Item 9B.	Other Information	41
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	42
Item 11.	Executive Compensation	42
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
Item 13.	Certain Relationships and Related Transactions, and Director Independence	42
Item 14.	Principal Accountant Fees and Services	42
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	43

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PART I

Item 1. Business

General Development of Business

Thermo Fisher Scientific Inc. (also referred to in this document as “Thermo Fisher,” “we,” the “company,” or the “registrant”) is the world leader in serving science. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and increase laboratory productivity.

Thermo Fisher has approximately 55,000 employees and serves more than 400,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial quality and process control settings.

We serve our customers through our premier brands, Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services:

• 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.

We continuously increase our depth of capabilities in technologies, software and services, and leverage our extensive global channels to address our customers’ emerging needs. Our goal is to make our customers more productive in an increasingly competitive business environment, and to allow them to solve their challenges, from complex research to improved patient care, environmental and process monitoring, and consumer safety.

Thermo Fisher is a Delaware corporation and was incorporated in 1956. The company completed its initial public offering in 1967 and was listed on the New York Stock Exchange in 1980.

On March 31, 2016, the company acquired, within its Life Sciences Solutions segment, Affymetrix, Inc., expanding its existing portfolio of antibodies and assays for flow cytometry and single-cell biology applications, and its genetic analysis portfolio through the addition of microarrays.

On September 19, 2016, the company acquired, within its Analytical Instruments segment, FEI Company, a provider of high-performance electron microscopy, strengthening the company's analytical instrument portfolio with the addition of high-end electron microscopes.

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Forward-looking Statements

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934 (the Exchange Act), are made throughout this Annual Report on Form 10-K. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position; cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions or divestitures; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Thermo Fisher intends or believes will or may occur in the future.  Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. While the company may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if the company’s estimates change, and readers should not rely on those forward-looking statements as representing the company’s views as of any date subsequent to the date of the filing of this report.

A number of important factors could cause the results of the company to differ materially from those indicated by such forward-looking statements, including those detailed under the heading, “Risk Factors” in Part I, Item 1A.

Business Segments and Products

We report our business in four segments – Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services. For financial information about these segments, including domestic and international operations, see Note 3 to our Consolidated Financial Statements, which begin on page F-1 of this report.

Life Sciences Solutions Segment

Through our Life Sciences Solutions segment, we provide 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. Life Sciences Solutions includes four primary businesses – Biosciences, Genetic Sciences, Clinical Next-Generation Sequencing, and BioProduction.

Biosciences

Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and medical research, discover new drugs and vaccines, and, in the case of some specific products, the diagnosis of disease.

Our biosciences offerings include:

• 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.

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Genetic Sciences

Our genetic sciences business combines a wide variety of instruments and related reagents used to provide high-value genomic solutions to assist customer decisions in the research, clinical and applied markets.

Our offerings include real-time PCR technology used to identify changes in gene expression, genotyping or proteins on an individual gene-by-gene basis; Capillary Electrophoresis (CE) Sequencing, core technology used in DNA sequencing and fragment analysis applications; and Microarray technology, used in gene expression, genotyping and reproductive health. 

Our genetic analyzers served as the foundational platform used to sequence the first human genome.  These systems are used in a variety of basic, commercial and clinical research applications.

Clinical Next-Generation Sequencing

Our Clinical Next-Generation Sequencing (NGS) business focuses on delivering simple, fast and cost-effective NGS technology for a range of applications. The business is focused on targeted sequencing solutions for research use; the application of NGS in oncology; and is an enabling technology and service provider for other businesses within Thermo Fisher.

BioProduction

Our bioproduction business supports developers and manufacturers of biological-based therapeutics and vaccines with a portfolio of premium solutions and services focused on upstream cell culture, downstream purification, analytics for detection and quantitation of process/product impurities, and a suite of single-use solutions spanning the biologics workflow.

Our bioproduction offerings include:

• 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.

Analytical Instruments Segment

Through our Analytical Instruments segment, we provide 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. This segment includes three primary businesses – Chromatography and Mass Spectrometry, Chemical Analysis, and Materials and Structural Analysis.

Chromatography and Mass Spectrometry

Our chromatography and mass spectrometry (MS) business provides analytical instrumentation for organic and inorganic sample analysis across both applied technologies and life science research. These products are complemented by laboratory information management systems (LIMS); chromatography data systems (CDS); database analytical tools; automation systems; a range of consumables, such as a full line of chromatography columns; and a range of sample preparation and separation products including auto-samplers and multiplexing systems.

Chromatography is a technique for separating, identifying and quantifying individual chemical components of substances based on their specific physical and chemical characteristics. Our chromatography product line includes high performance liquid chromatography, ion chromatography and gas chromatography systems, all of which are supported by our Chromeleon chromatography data system software.

• 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/

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MS). These systems are used for a range of applications, from complex proteomic analyses to routine industrial quality assurance and quality control (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, an Orbitrap, 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.

Mass spectrometry is a technique for analyzing chemical compounds, individually or in complex mixtures, by forming charged ions that are then analyzed according to their mass-to-charge ratios. In addition to molecular information, each discrete chemical compound generates a pattern that provides structurally identifiable information. Our comprehensive offering includes life sciences mass spectrometry systems; and inorganic mass spectrometry systems; as well as a range of sample preparation and separation products including auto-samplers and multiplexing systems.

• Life Sciences Mass Spectrometers include three major technologies: triple quadrupole, ion trap and Orbitrap technology. 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 Orbitrap technologies 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.

Chemical Analysis

Our chemical analysis products fall into four main categories: materials and minerals; portable analytical instruments; radiation measurement and security instruments; and environmental and process instruments. Customers use these products to quickly and accurately analyze the composition of materials to optimize workflows primarily in industrial applications or to help them comply with governmental regulations and industry safety standards. Our product lines range from those used on production lines to improve quality and efficiency, to portable systems for rapid and real-time chemical identification in the field or to analyze, measure or respond to hazardous situations.

• Materials and Minerals Instruments include production line process monitoring, and control systems for a range of industrial applications. For example, we offer on line instruments that analyze bulk materials non-invasively and in real time to improve quality control and ensure safe operation in a mine or cement manufacturing plant, 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.

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• 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 X-ray fluorescence (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, Fourier transform infrared (FTIR) and near-infrared (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 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, and stack gas emissions for compliance with regulated emissions standards for criteria pollutant gases. Our products are also used in ambient particulate monitoring applications by customers in mining environments to provide continuous measurements and logging of real-time concentrations and median particle sizes of airborne dust, smoke, mist and fumes to improve efficiency and increase worker safety.

In addition to our broad product offerings, we offer a variety of specialized services to our customers, including equipment servicing, instrument calibration services, asset management and training.

Materials and Structural Analysis

Our materials and structural analysis business, primarily comprised of our FEI acquisition, includes electron microscopy, molecular spectroscopy and laboratory elemental analysis instruments that are used by customers in life sciences, materials sciences and industrial markets to accelerate breakthrough discoveries.

• Electron Microscopy Instruments include transmission electron microscopes which provide imaging and characterization at the atomic scale, with applications in semiconductor development, materials science research and the characterization of protein structure and function. We also offer scanning electron microscopes which resolve features from the optical regime down to the nanometer length scale and are used for a wide variety of applications from materials characterization in science and engineering to applications in natural resources, manufacturing, and biological systems. Our dual beam focused ion beam-scanning electron microscope systems are used for sample preparation, 3D characterization, nanoprototyping, and industrial failure analysis. Our focused ion beam microscopes are used in a range of process control, failure analysis, and materials research applications. We also offer electrical failure analysis instruments which are used in root cause failure analysis and quality control, microCT instruments which are micro-computed tomography solutions for quantitative analysis of a broad range of materials, providing 3D visualization of large volumes non-destructively and 3D visualization software that turns the data and images generated by a broad range of instruments into 3D visualizations of the microscopic sample, allowing quantitative analysis of material properties.

• Molecular Spectroscopy Instruments are divided into four primary techniques: FTIR, Raman, NIR and ultraviolet/visible (UV/Vis) 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.

• Laboratory Elemental Analysis Instruments and analyzers use 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.

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Specialty Diagnostics Segment

Our Specialty Diagnostics segment offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products in order to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost efficient manner. This segment has six primary businesses – Clinical Diagnostics, ImmunoDiagnostics, Microbiology, Anatomical Pathology, Transplant Diagnostics and our Healthcare Market Channel.

Clinical Diagnostics

Our clinical diagnostics products include a broad offering of liquid, ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls and calibration verification fluids. In particular, we provide products used for drugs-of-abuse testing; therapeutic drug monitoring, including immunosuppressant drug testing; thyroid hormone testing; serum toxicology; clinical chemistry; immunology; hematology; coagulation; glucose tolerance testing; first trimester screening; tumor markers testing; and biomarkers testing for sepsis, acute myocardial infarction and congestive heart failure. We also private label many of our reagents and controls for major in vitro diagnostics companies through OEM arrangements. In many instances, we will work with customers or partners to develop new products and applications for their instrument platforms.

We have developed one of the broadest menus for drugs-of-abuse immunoassays. We also provide a broad offering of immunosuppressant drug immunoassays that can be used on a variety of clinical chemistry analyzers.

Our clinical chemistry systems include analyzers and reagents to analyze and measure routine blood and urine chemistry, such as glucose and cholesterol; and advanced testing for specific proteins, therapeutic drug monitoring and drugs-of-abuse. Our diagnostic test range currently covers approximately 80 different validated methods. We also provide pre- and post-analytical automation for preparation of blood specimens before and after analysis, and specialty diagnostic tests based on patented biomarkers for sepsis, cardiovascular and pulmonary diseases, as well as intensive care treatments and prenatal screening.

ImmunoDiagnostics

Our immunodiagnostics offerings include developing, manufacturing and marketing complete blood-test systems to support the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases. In addition, we offer antibody tests for approximately 20 indications to help diagnose autoimmune diseases such as rheumatoid arthritis, celiac disease, lupus and scleroderma. Our products include ImmunoCAP for allergy and asthma tests and EliA for autoimmunity tests.

Microbiology

Our microbiology offerings include dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products and associated products for the microbiology laboratory. Our products help customers worldwide to diagnose infectious disease; determine appropriate antimicrobial therapy; implement effective infection control programs; and detect microbial contamination of their products or manufacturing facilities.

Within the food and pharmaceutical industries, our products are used to assure the safety and quality of consumer products by monitoring production environments; raw materials and end products for bacterial contamination; and animal health in the dairy industry.

Anatomical Pathology

Our anatomical pathology offerings include a broad portfolio of products primarily for cancer diagnosis and medical research in histology, cytology and hematology applications. These products include a wide range of instruments, consumables and reagents for specimen collection and transport, tissue preparation, staining and immunohistochemistry assays and controls. Reagent and consumable products include sample collection and preservation products used to ensure specimen integrity; tissue cassettes and reagents necessary for same-day, high-quality specimen processing; blades and paraffin used to section tissue; and a wide range of leading stains. Also included are a full line of immunohistochemistry antibodies, detection systems, ancillaries and controls.

We also provide a complete range of anatomical pathology instruments including cassette and slide labeling systems, which enable on-demand slide and cassette printing; tissue processors for same-day tissue-processing; embedding stations, microtomes and cryostats used to section tissue; and automated staining and cover slip systems used for primary and immunohistochemistry staining. In cytology, we offer low-speed centrifugation technology coupled with patented EZ cytofunnels to deposit a thin layer of cells onto a microscope slide to ensure better cell capture and better preservation of cell morphology. We manufacture high-quality flat-sheet glass to produce medical disposable products such as microscope slides,

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plates, cover glass, and microarray substrates serving the medical, diagnostics, and scientific communities. We also offer specialized hydrophobic, adhesive, and fluorescent slides through proprietary coating techniques.

Transplant Diagnostics

Our transplant diagnostics products include human leukocyte antigen (HLA) typing and testing for the organ transplant market. Our diagnostic tests are used by transplant centers for tissue typing, primarily to determine the compatibility of donors and recipients pre-transplant, and to detect the presence of antibodies post-transplant that can lead to transplant rejection. These transplant diagnostic tests are widely used across the transplant-testing workflow to improve patient outcomes. Our transplant diagnostic offerings include several lines of HLA typing and antibody detection assays utilizing serological, molecular, enzyme-linked immunosorbent assays (ELISA), flow, and multiplexing technologies.

Healthcare Market Channel

Our Healthcare Market channel offerings include a broad array of consumables, diagnostic kits and reagents, equipment, instruments, solutions and services for hospitals, clinical laboratories, reference laboratories, physicians’ offices and other clinical testing facilities. These products are manufactured by Thermo Fisher and third parties and are primarily used in clinical diagnosis.

Laboratory Products and Services Segment

Our Laboratory Products and Services segment offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more efficient, productive and cost effective. We serve the pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory through five key businesses: Laboratory Equipment, Laboratory Consumables, Global Chemicals, Research and Safety Market Channel, and BioPharma Services.

Laboratory Equipment

Our Laboratory Equipment products are used primarily by pharmaceutical companies for drug discovery and development and by biotechnology companies and universities for life science research to advance the prevention and cure of diseases and enhance quality of life. This offering consists of equipment, accessories, and services for sample preparation, storage and protection, and analysis:

• 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 Consumables

Our laboratory consumables products include plastics, glass and related equipment, which customers use every day to support their scientific research, drug discovery and development, quality and process control, and clinical and basic research and development needs. Our product categories include cell culture and bioproduction; sample preparation and storage; liquid handling; detection instruments; and specialty products and services.

• 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,

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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 offerdetection 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.

Global Chemicals

Global Chemicals comprises a broad range of chemicals, solvents and reagents supporting virtually every laboratory application – from research to drug discovery and development and manufacturing. This portfolio includes organic chemicals used to synthesize new materials; essential laboratory chemicals used by scientists to purify, extract, separate, identify and manufacture products; high purity analytical reagents, bioreagents used in many different applications, from cell growth to detailed protein analysis; novel chemical building blocks, reactive intermediates and screening libraries used to accelerate drug discovery; and precious metals, salts and solutions used in a broad range of applications where highly specific reactions are desired.We provide bulk volumes of many products for scale-up from research to development and customized services for chemical procurement, processing, production, testing, and packaging.

Research and Safety Market Channel

Our Research and Safety Market channel serves academic, pharmaceutical, biotechnology, government and industrial customers. We go to market through our broad sales force, printed catalogs in eight different languages, a state-of-the-art website, www.fishersci.com, containing full product content for more than 650,000 products, and our global network of resellers and distributors. The Fisher Scientific catalog has been published for more than 100 years and is an internationally recognized scientific supply resource.

We have an international network of warehouses in our primary markets through which we maintain inventory and coordinate product delivery. With specialized product vaults and warehouse management systems, we are able to handle the complete range of products we offer to our customers. Our transportation capabilities include our dedicated fleet of delivery vehicles as well as parcel shipping capabilities that are closely integrated with our third-party parcel carriers. Throughout the product delivery process, we provide our customers with convenient access to comprehensive electronic systems that offer automated catalog search, product order and invoicing, and payment capabilities.

Our channel offers a mix of products that are manufactured by Thermo Fisher, by third parties for us on a private-label basis, and by third parties under their brand but offered for sale exclusively through us. We also offer a broad range of third-party products representing leading industry brand names on a non-exclusive basis.

Our research products include a complete offering of laboratory products, ranging from capital equipment and instruments to chemicals to consumable products. Our safety products include clean-room and controlled-environment supplies, personal protective equipment, firefighting, military, and first responder equipment and supplies, and environmental monitoring and sampling equipment. Our education products include science-related and laboratory products for the K-12 and secondary education market.

Our Doe & Ingalls offerings include chemical distribution and supply chain services that help life science and advanced technology manufacturers have reliable, secure supply chains for their chemical raw materials.

In addition to our broad product offerings, we offer a variety of specialized services to our customers through our Unity Lab Services team, including training, equipment servicing and asset management, and dedicated supply management

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Business (continued)

personnel. We also offer scientific support services including desktop delivery, coordination of instrument calibration and service, and on-site customer service.

BioPharma Services

Our BioPharma Services offerings include global services for pharmaceutical and biotechnology companies engaged in clinical trials, including comparator sourcing; specialized packaging; over-encapsulation; multi-lingual and specialized labeling and distribution for phase I through phase IV clinical trials; biological-specimen management; specialty pharmaceutical logistics; and clinical supply-chain planning and management. Thermo Fisher’s biobanking business provides temperature-controlled repository services for pharmaceutical, biotechnology, university, government, clinical and blood-processing customers. Our biobanking services business stores pharmacological and biospecimen samples at commercial sites. Additional services include inventory management, validation, business continuity, and repository management and transportation capabilities, resulting in a complete cold chain sample management solution.

Sales and Marketing

We market and sell our products and services through a direct sales force, customer-service professionals, electronic commerce, third-party distributors and various catalogs.

We have approximately 11,000 sales personnel including highly trained technical specialists who enable us to better meet the needs of our more technical end-users. We also provide customers with product standardization and other supply-chain-management services to reduce procurement costs.

New Products and Research and Development

Our business includes the development and introduction of new products and may include entry into new business segments. During 2016, 2015 and 2014, we spent $755 million, $692 million and $691 million, respectively, on research and development. We anticipate that we will continue to make significant expenditures for research and development as we seek to provide a continuing flow of innovative products to maintain and improve our competitive position.

Raw Materials

Our management team believes that we have a readily available supply of raw materials for all of our significant products from various sources. We do not anticipate any difficulties obtaining the raw materials essential to our business.

Raw material and fuel prices are subject to fluctuations due to market conditions. We employ many strategies, including the use of alternative materials, to mitigate the effect of these fluctuations on our results.

Patents, Licenses and Trademarks

Patents are important in many aspects of our business. No particular patent, or related group of patents, is so important, however, that its loss would significantly affect our operations as a whole. Where appropriate, we seek patent protection for inventions and developments made by our personnel that are incorporated into our products or otherwise fall within our fields of interest. Patent rights resulting from work sponsored by outside parties do not always accrue exclusively to the company and may be limited by agreements or contracts.

We protect some of our technology as trade secrets and, where appropriate, we use trademarks or register trademarks used in connection with products. We also enter into license agreements with others to grant and/or receive rights to patents and know-how.

Seasonal Influences

Revenues in the fourth quarter are historically stronger than in other quarters due to the capital spending patterns of industrial, pharmaceutical and government customers. Sales of flu tests and related diagnostic products vary quarter to quarter and year to year based on the severity and duration of each period’s flu season. Sales of allergy tests vary quarter to quarter and year to year based on the severity and duration of each period’s airborne pollen allergens.

Working Capital Requirements

There are no special inventory requirements or credit terms extended to customers that would have a material adverse effect on our working capital.

Dependency on a Single Customer

There is no single customer the loss of which would have a material adverse effect on our business. No customer accounted for more than 5% of our total revenues in any of the past three years.

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Backlog

Our backlog of firm orders at year-end 2016 and 2015 was as follows:

(In millions)	2016			2015
Life Sciences Solutions	$	470.9		$	400.8
Analytical Instruments	1,701.2			892.2
Specialty Diagnostics	171.1			165.1
Laboratory Products and Services	473.0			456.6
Eliminations	(23.2		)	(28.5		)
	$	2,793.0		$	1,886.2

We believe that virtually all of our backlog at the end of 2016 will be filled during 2017.

Government Contracts

Although the company transacts business with various government agencies, no government contract is of such magnitude that a renegotiation of profits or termination of the contract at the election of the government agency would have a material adverse effect on the company’s financial results.

Competition

The company encounters aggressive and able competition in virtually all of the markets we serve. Because of the diversity of our products and services, we face many different types of competitors and competition. Our competitors include a broad range of manufacturers and third-party distributors. Competitive climates in many of the markets we serve are characterized by changing technology and customer demands that require continuing research and development. Our success primarily depends on the following factors:

• 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.

Environmental Matters

We are subject to various laws and governmental regulations concerning environmental matters and employee safety and health in the United States and other countries. U.S. federal environmental legislation that affects us includes the Toxic Substances Control Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA). We are also subject to regulation by the Occupational Safety and Health Administration (OSHA) concerning employee safety and health matters. The United States Environmental Protection Agency (EPA), OSHA, and other federal agencies have the authority to promulgate regulations that have an effect on our operations.

In addition to these federal activities, various states have been delegated certain authority under the aforementioned federal statutes as well as having authority over these matters under state laws. Many state and local governments have adopted environmental and employee safety and health laws and regulations, some of which are similar to federal requirements.

A number of our operations involve the handling, manufacturing, use or sale of substances that are or could be classified as toxic or hazardous materials within the meaning of applicable laws. Consequently, some risk of environmental harm is inherent in our operations and products, as it is with other companies engaged in similar businesses.

Our expenses for environmental requirements are incurred generally for ongoing compliance and historical remediation matters. Based on current information, we believe that these compliance costs are not material. For historical remediation obligations, our expenditures relate primarily to the cost of permitting, installing, and operating and maintaining groundwater-treatment systems and other remedial measures.

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Business (continued)

Our Fair Lawn and Somerville, New Jersey facilities entered into administrative consent orders with the New Jersey Department of Environmental Protection in 1984 to maintain groundwater-remediation activities at these sites, and are currently under the State’s Licensed Site Remediation Professional Program. As the owner of the Fair Lawn facility, we are listed as a potentially responsible party for remediation within an area called the Fair Lawn Wellfields Superfund Site, and, in 2008, the company and certain other parties entered into a consent order with the U.S. Environmental Protection Agency (USEPA) to complete a Remedial Investigation/Feasibility Study. In 2011, our Life Technologies subsidiary entered into a consent decree with the USEPA and other responsible parties to implement a groundwater remedy at the former Davis Landfill Superfund site in Smithfield, Rhode Island.

We record accruals for environmental 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. We calculate estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge and experience with these environmental matters. We include in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. Accrued liabilities for environmental matters totaled $49 million at December 31, 2016.

These environmental liabilities do not include third-party recoveries to which we may be entitled. We believe that our accrual is adequate for the environmental liabilities we currently expect to incur. As a result we believe that our ultimate liability with respect to environmental matters will not have a material adverse effect on our financial position, results of operations or cash flows. However, we may be subject to 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, changes in the conduct of our operations, and the effect of changes in accounting rules, which could have a material adverse effect on our financial position, results of operations or cash flows.

Regulatory Affairs

Our operations, and some of the products we offer, are subject to a number of complex and stringent laws and regulations governing the production, handling, transportation and distribution of chemicals, drugs and other similar products, including the operating and security standards of the Food and Drug Administration, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and various state boards of pharmacy as well as comparable state and foreign agencies. As Thermo Fisher’s businesses also include export and import activities, we are subject to pertinent laws enforced by the U.S. Departments of Commerce, State and Treasury. In addition, our logistics activities must comply with the rules and regulations of the Department of Transportation, the Federal Aviation Administration and similar foreign agencies. While we believe we are in compliance in all material respects with such laws and regulations, any noncompliance could result in substantial fines or otherwise restrict our ability to provide competitive distribution services and thereby have an adverse effect on our financial condition. To date, none has had a material impact on our operations.

We are subject to laws and regulations governing government contracts, and failure to address these laws and regulations or comply with government contracts could harm our business by leading to a reduction in revenue associated with these customers. We have agreements relating to the sale of our products to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government. We are also subject to investigation for compliance with the regulations governing government contracts. A failure to comply with these regulations could result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

Number of Employees

We have approximately 55,000 employees.

Financial Information About Geographic Areas

Financial information about geographic areas is summarized in Note 3 to our Consolidated Financial Statements, which begin on page F-1 of this report.

Available Information

The company files annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (SEC) under the Exchange Act. The public may read and copy any materials that we file with the SEC at the SEC’s Public Reference Room at 100 F Street NE, Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Also, the SEC maintains a website that contains reports, proxy and information statements and other information that issuers, including the company, file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov. We also make available free of charge on or through our own website at www.thermofisher.com our Annual Report on Form 10-K, Quarterly Reports on Form

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10-Q, Current Reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. In addition, paper copies of these documents may be obtained free of charge by writing to the company care of its Investor Relations Department at our principal executive office located at 168 Third Avenue, Waltham, Massachusetts 02451.

Executive Officers of the Registrant

Name	Age	Present Title (Fiscal Year First Became Executive Officer)
Marc N. Casper	48	President and Chief Executive Officer (2001)
Mark P. Stevenson	54	Executive Vice President (2014)
Peter M. Wilver	57	Executive Vice President and Chief Administrative Officer (2003)
Patrick M. Durbin	50	Senior Vice President (2015)
Seth H. Hoogasian	62	Senior Vice President, General Counsel and Secretary (2001)
Thomas W. Loewald	53	Senior Vice President and Chief Commercial Officer (2012)
Daniel P. Shine	48	Senior Vice President (2016)
Stephen Williamson	50	Senior Vice President and Chief Financial Officer (2015)
Peter E. Hornstra	57	Vice President and Chief Accounting Officer (2001)

Mr. Casper was appointed President and Chief Executive Officer in October 2009. He was Chief Operating Officer from May 2008 to October 2009 and Executive Vice President from November 2006 to October 2009. He was Senior Vice President from December 2003 to November 2006. From December 2001 to December 2003 he was Vice President.

Mr. Stevenson was appointed Executive Vice President and President, Life Sciences Solutions in February 2014. Prior to the acquisition of Life Technologies Corporation (“Life Technologies”), Mr. Stevenson was President and Chief Operating Officer of Life Technologies from November 2008 to February 2014 and previously President and Chief Operating Officer of Applied Biosystems, Life Technologies’ predecessor entity, from December 2007 to November 2008.

Mr. Wilver was appointed Executive Vice President and Chief Administrative Officer in August 2015. He was Senior Vice President and Chief Financial Officer from November 2006 to August 2015. He was Vice President and Chief Financial Officer from October 2004 to November 2006. Mr. Wilver is retiring from the company on March 31, 2017.

Mr. Durbin was appointed Senior Vice President of Thermo Fisher Scientific and President, Specialty Diagnostics in October 2015. He was President of the BioPharma Services business from January 2010 to October 2015.

Mr. Hoogasian was appointed Senior Vice President in November 2006, Secretary in 2001 and General Counsel in 1992. He was Vice President from 1996 to November 2006.

Mr. Loewald was appointed Chief Commercial Officer in January 2016 and Senior Vice President of Thermo Fisher Scientific in January 2012. He was President, Analytical Instruments from January 2014 to January 2016 and President, Laboratory Products from January 2012 to January 2014. He was President of the Laboratory Equipment business from August 2008 to December 2011 and was President of the Environmental Instruments business from October 2006 until August 2008.

Mr. Shine was appointed Senior Vice President of Thermo Fisher Scientific and President, Analytical Instruments in January 2016.  He was President of the Chromatography and Mass Spectrometry business from November 2012 to January 2016.  He was President of the Chemical Analysis business from July 2011 to November 2012 and President of the Process Instruments business from April 2007 to July 2011.

Mr. Williamson was appointed Senior Vice President and Chief Financial Officer in August 2015. He was Vice President of Financial Operations from May 2008 to August 2015.

Mr. Hornstra was appointed Vice President in February 2007 and Chief Accounting Officer in January 2001. He was Corporate Controller from January 1996 to February 2007.

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Item 1A. Risk Factors

Set forth below are the risks that we believe are material to our investors. This section contains forward-looking statements. You should refer to the explanation of the qualifications and limitations on forward-looking statements in Item 1. Business under the caption "Forward-looking Statements".

We must develop new products, adapt to rapid and significant technological change and respond to introductions of new products by competitors to remain competitive. Our growth strategy includes significant investment in and expenditures for product development. We sell our products in several industries that are characterized by rapid and significant technological changes, frequent new product and service introductions and enhancements and evolving industry standards. Competitive factors include technological innovation, price, service and delivery, breadth of product line, customer support, e-business capabilities and the ability to meet the special requirements of customers. Our competitors may adapt more quickly to new technologies and changes in customers’ requirements than we can. Without the timely introduction of new products, services and enhancements, our products and services will likely become technologically obsolete over time, in which case our revenue and operating results would suffer.

Many of our existing products and those under development are technologically innovative and require significant planning, design, development and testing at the technological, product and manufacturing-process levels. Our customers use many of our products to develop, test and manufacture their own products. As a result, we must anticipate industry trends and develop products in advance of the commercialization of our customers’ products. If we fail to adequately predict our customers’ needs and future activities, we may invest heavily in research and development of products and services that do not lead to significant revenue.

It may be difficult for us to implement our strategies for improving internal growth. Some of the markets in which we compete have been flat or declining over the past several years. To address this issue, we are pursuing a number of strategies to improve our internal growth, including:

• 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.

We may not be able to successfully implement these strategies, and these strategies may not result in the expected growth of our business.

Our business is affected by general economic conditions and related uncertainties affecting markets in which we operate. Our business is affected by general economic conditions, both inside and outside the U.S. If the global economy and financial markets, or economic conditions in Europe, the U.S. or other key markets, are unstable, it could adversely affect the business, results of operations and financial condition of the company and its customers, distributors, and suppliers, having the effect of

• 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.

Demand for some of our products depends on capital spending policies of our customers and on government funding policies. Our customers include pharmaceutical and chemical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions. Many factors, including public policy spending priorities, available resources and product and economic cycles, have a significant effect on the capital spending policies of these entities.

Spending by some of these customers fluctuates based on budget allocations and the timely passage of the annual federal budget. An impasse in federal government budget decisions could lead to substantial delays or reductions in federal spending.

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Risk Factors (continued)

As a multinational corporation, we are exposed to fluctuations in currency exchange rates, which could adversely affect our cash flows and results of operations. International markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions. The exposure to fluctuations in currency exchange rates takes on different forms. International revenues and costs are subject to the risk that fluctuations in exchange rates could adversely affect our reported revenues and profitability when translated into U.S. dollars for financial reporting purposes. These fluctuations could also adversely affect the demand for products and services provided by us. As a multinational corporation, our businesses occasionally invoice third-party customers in currencies other than the one in which they primarily do business (the “functional currency”). Movements in the invoiced currency relative to the functional currency could adversely impact our cash flows and our results of operations. Should our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In 2016, currency translation had an unfavorable effect of $145 million on revenues due to the strengthening of the U.S. dollar relative to other currencies in which the company sells products and services.

Significant developments stemming from the recent U.S. presidential election or the U.K.’s referendum on membership in the EU could have an adverse effect on us. The new U.S. administration has called for substantial changes to trade agreements, such as the North American Free Trade Agreement (NAFTA), and has raised the possibility of imposing significant increases on tariffs on goods imported into the United States, particularly from China and Mexico. The new administration has also indicated an intention to request Congress to make significant changes, replacement or elimination of the Patient Protection and Affordable Care Act, and government negotiation/regulation of drug prices paid by government programs. Changes in U.S. social, political, regulatory and economic conditions or laws and policies governing the health care system and drug prices, foreign trade, manufacturing, and development and investment in the territories and countries where we or our customers operate could adversely affect our operating results and our business.

Additionally, on June 23, 2016, the United Kingdom held a referendum and voted in favor of leaving the European Union, or EU. This referendum has created political and economic uncertainty, particularly in the United Kingdom and the EU, and this uncertainty may last for years. Our business could be affected during this period of uncertainty, and perhaps longer, by the impact of the United Kingdom’s referendum. In addition, our business could be negatively affected by new trade agreements between the United Kingdom and other countries, including the United States, and by the possible imposition of trade or other regulatory barriers in the United Kingdom. These possible negative impacts, and others resulting from the United Kingdom’s actual or threatened withdrawal from the EU, may adversely affect our operating results and our customers’ businesses.

Our inability to protect our intellectual property could have a material adverse effect on our business. In addition, third parties may claim that we infringe their intellectual property, and we could suffer significant litigation or licensing expense as a result. We place considerable emphasis on obtaining patent and trade secret protection for significant new technologies, products and processes because of the length of time and expense associated with bringing new products through the development process and into the marketplace. Our success depends in part on our ability to develop patentable products and obtain and enforce patent protection for our products both in the United States and in other countries. We own numerous U.S. and foreign patents, and we intend to file additional applications, as appropriate, for patents covering our products. Patents may not be issued for any pending or future patent applications owned by or licensed to us, and the claims allowed under any issued patents may not be sufficiently broad to protect our technology. Any issued patents owned by or licensed to us may be challenged, invalidated or circumvented, and the rights under these patents may not provide us with competitive advantages. In addition, competitors may design around our technology or develop competing technologies. Intellectual property rights may also be unavailable or limited in some foreign countries, which could make it easier for competitors to capture increased market position. We could incur substantial costs to defend ourselves in suits brought against us or in suits in which we may assert our patent rights against others. An unfavorable outcome of any such litigation could materially adversely affect our business and results of operations.

We also rely on trade secrets and proprietary know-how with which we seek to protect our products, in part, by confidentiality agreements with our collaborators, employees and consultants. These agreements may be breached and we may not have adequate remedies for any breach. In addition, our trade secrets may otherwise become known or be independently developed by our competitors.

Third parties may assert claims against us to the effect that we are infringing on their intellectual property rights. Our Life Technologies subsidiary is party to several lawsuits in which plaintiffs claim we infringe their intellectual property (Note 10). We could incur substantial costs and diversion of management resources in defending these claims, which could have a material adverse effect on our business, financial condition and results of operations. In addition, parties making these claims could secure a judgment awarding substantial damages, as well as injunctive or other equitable relief, which could effectively block our ability to make, use, sell, distribute, or market our products and services in the United States or abroad. In the event that a claim relating to intellectual property is asserted against us, or third parties not affiliated with us hold pending or issued patents that relate to our products or technology, we may seek licenses to such intellectual property or challenge those patents.

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Risk Factors (continued)

However, we may be unable to obtain these licenses on commercially reasonable terms, if at all, and our challenge of the patents may be unsuccessful. Our failure to obtain the necessary licenses or other rights could prevent the sale, manufacture, or distribution of our products and, therefore, could have a material adverse effect on our business, financial condition and results of operations.

Changes in governmental regulations may reduce demand for our products or increase our expenses. We compete in many markets in which we and our customers must comply with federal, state, local and international regulations, such as environmental, health and safety and food and drug regulations. We develop, configure and market our products to meet customer needs created by those regulations. Any significant change in regulations could reduce demand for our products or increase our expenses. For example, many of our instruments are marketed to the pharmaceutical industry for use in discovering and developing drugs. Changes in the U.S. Food and Drug Administration’s regulation of the drug discovery and development process could have an adverse effect on the demand for these products.

If our security products do not operate as designed and fail to detect explosives or radiation, we could be exposed to product liability and related claims for which we may not have adequate insurance coverage. Products currently or previously sold by our environmental and process instruments and radiation measurement and security instruments businesses include fixed and portable instruments used for chemical, radiation and trace explosives detection. These products are used in airports, embassies, cargo facilities, border crossings and other high-threat facilities for the detection and prevention of terrorist acts. If any of these products were to malfunction, it is possible that explosive or radioactive material could fail to be detected by our product, which could lead to product liability claims. There are also many other factors beyond our control that could lead to liability claims, such as the reliability and competence of the customers’ operators and the training of such operators. Any such product liability claims brought against us could be significant and any adverse determination may result in liabilities in excess of our insurance coverage. Although we carry product liability insurance, we cannot be certain that our current insurance will be sufficient to cover these claims or that it can be maintained on acceptable terms, if at all.

Our inability to complete pending acquisitions or to successfully integrate any new or previous acquisitions could have a material adverse effect on our business. Our business strategy includes the acquisition of technologies and businesses that complement or augment our existing products and services. Certain acquisitions may be difficult to complete for a number of reasons, including the need for antitrust and/or other regulatory approvals. Any acquisition we may complete may be made at a substantial premium over the fair value of the net identifiable assets of the acquired company. Further, we may not be able to integrate acquired businesses successfully into our existing businesses, make such businesses profitable, or realize anticipated cost savings or synergies, if any, from these acquisitions, which could adversely affect our business.

Moreover, we have acquired many companies and businesses. As a result of these acquisitions, we recorded significant goodwill and indefinite-lived intangible assets (primarily tradenames) on our balance sheet, which amount to approximately $21.33 billion and $1.34 billion, respectively, as of December 31, 2016. In addition, we have definite-lived intangible assets totaling $12.63 billion as of December 31, 2016. We assess the realizability of goodwill and indefinite-lived intangible assets annually as well as whenever events or changes in circumstances indicate that these assets may be impaired. We assess the realizability of definite-lived intangible assets whenever events or changes in circumstances indicate that these assets may be impaired. These events or circumstances would generally include operating losses or a significant decline in earnings associated with the acquired business or asset. Our ability to realize the value of the goodwill and intangible assets will depend on the future cash flows of these businesses. These cash flows in turn depend in part on how well we have integrated these businesses. If we are not able to realize the value of the goodwill and intangible assets, we may be required to incur material charges relating to the impairment of those assets.

We are subject to laws and regulations governing government contracts, and failure to address these laws and regulations or comply with government contracts could harm our business by leading to a reduction in revenue associated with these customers. We have agreements relating to the sale of our products to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government. The laws governing government contracts differ from the laws governing private contracts and government contracts may contain pricing terms and conditions that are not applicable to private contracts. We are also subject to investigation for compliance with the regulations governing government contracts. A failure to comply with these regulations could result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

Because we compete directly with certain of our larger customers and product suppliers, our results of operations could be adversely affected in the short term if these customers or suppliers abruptly discontinue or significantly modify their relationship with us. Our largest customer in the laboratory products business is also a significant competitor. Our business may be harmed in the short term if our competitive relationship in the marketplace with certain of our large customers results in a discontinuation of their purchases from us. In addition, we manufacture products that compete directly with products that we

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Risk Factors (continued)

source from third-party suppliers. We also source competitive products from multiple suppliers. Our business could be adversely affected in the short term if any of our large third-party suppliers abruptly discontinues selling products to us.

Because we rely heavily on third-party package-delivery services, a significant disruption in these services or significant increases in prices may disrupt our ability to ship products, increase our costs and lower our profitability. We ship a significant portion of our products to our customers through independent package delivery companies, such as Federal Express in the U.S. and DHL in Europe. We also maintain a small fleet of vehicles dedicated to the delivery of our products and ship our products through other carriers, including national and regional trucking firms, overnight carrier services and the U.S. Postal Service. If one or more of these third-party package-delivery providers were to experience a major work stoppage, preventing our products from being delivered in a timely fashion or causing us to incur additional shipping costs we could not pass on to our customers, our costs could increase and our relationships with certain of our customers could be adversely affected. In addition, if one or more of these third-party package-delivery providers were to increase prices, and we were not able to find comparable alternatives or make adjustments in our delivery network, our profitability could be adversely affected.

We are required to comply with a wide variety of laws and regulations, and are subject to regulation by various federal, state and foreign agencies. For example, some of our operations are subject to regulation by the U.S. Food and Drug Administration and similar international agencies. These regulations govern a wide variety of product activities, from design and development to labeling, manufacturing, promotion, sales and distribution. If we fail to comply with the U.S. Food and Drug Administration’s regulations or those of similar international agencies, we may have to recall products and/or cease their manufacture and distribution, which would increase our costs and reduce our revenues.

We are also subject to a variety of federal, state, local and international laws and regulations that govern, among other things, the importation and exportation of products, the handling, transportation and manufacture of substances that could be classified as hazardous, and our business practices in the U.S. and abroad such as anti-corruption and anti-competition laws. A failure to comply with these laws and regulations could result in criminal, civil and administrative penalties.

Our business could be adversely affected by disruptions at our sites. We rely upon our manufacturing operations to produce many of the products we sell and our warehouse facilities to store products, pending sale. Any significant disruption of those operations for any reason, such as strikes or other labor unrest, power interruptions, fire, or other events beyond our control could adversely affect our sales and customer relationships and therefore adversely affect our business. We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk. Although most of our raw materials are available from a number of potential suppliers, our operations also depend upon our ability to obtain raw materials at reasonable prices. If we are unable to obtain the materials we need at a reasonable price, we may not be able to produce certain of our products or we may not be able to produce certain of these products at a marketable price, which could have an adverse effect on our results of operations.

Fluctuations in our effective tax rate may adversely affect our results of operations and cash flows. As a global company, we are subject to taxation in numerous countries, states and other jurisdictions. In preparing our financial statements, we record the amount of tax that is payable in each of the countries, states and other jurisdictions in which we operate. Our future effective tax rate, however, may be lower or higher than experienced in the past due to numerous factors, including a change in the mix of our profitability from country to country, changes in accounting for income taxes and recently enacted and future changes in tax laws in jurisdictions in which we operate. Any of these factors could cause us to experience an effective tax rate significantly different from previous periods or our current expectations, which could have an adverse effect on our business, results of operations and cash flows.

We may incur unexpected costs from increases in fuel and raw material prices, which could reduce our earnings and cash flow. Our primary commodity exposures are for fuel, petroleum-based resins and steel. While we may seek to minimize the impact of price increases through higher prices to customers and various cost-saving measures, our earnings and cash flows could be adversely affected in the event these measures are insufficient to cover our costs.

A significant disruption in, or breach in security of, our information technology systems could adversely affect our business. As a part of our ongoing effort to upgrade our current information systems, we periodically implement new enterprise resource planning software and other software applications to manage certain of our business operations. As we implement and add functionality, problems could arise that we have not foreseen. Such problems could disrupt our ability to provide quotes, take customer orders and otherwise run our business in a timely manner. When we upgrade or change systems, we may suffer interruptions in service, loss of data or reduced functionality. In addition, if our new systems fail to provide accurate pricing and cost data our results of operations and cash flows could be adversely affected.

We also rely on our technology infrastructure, among other functions, to interact with suppliers, sell our products and services, fulfill orders and bill, collect and make payments, ship products, provide services and support to customers, track

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Risk Factors (continued)

customers, fulfill contractual obligations and otherwise conduct business. Our systems may be vulnerable to damage or interruption from natural disasters, power loss, telecommunication failures, terrorist attacks, computer viruses, computer denial-of-service attacks, unauthorized access to customer or employee data or company trade secrets, and other attempts to harm our systems. Certain of our systems are not redundant, and our disaster recovery planning is not sufficient for every eventuality. Despite any precautions we may take, such problems could result in, among other consequences, interruptions in our services, which could harm our reputation and financial results. Any of the cyber-attacks, breaches or other disruptions or damage described above could interrupt our operations, delay production and shipments, result in theft of our and our customers’ intellectual property and trade secrets, damage customer and business partner relationships and our reputation or result in defective products or services, legal claims and proceedings, liability and penalties under privacy laws and increased cost for security and remediation, each of which could adversely affect our business and financial results.

Our debt may restrict our investment opportunities or limit our activities. As of December 31, 2016, we had approximately $16.63 billion in outstanding indebtedness. In addition, we have availability to borrow under a revolving credit facility that provides for up to $2.50 billion of unsecured multi-currency revolving credit. We may also obtain additional long-term debt and lines of credit to meet future financing needs, which would have the effect of increasing our total leverage.

Our leverage could have negative consequences, including increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing and limiting our ability to acquire new products and technologies through strategic acquisitions.

Our ability to make scheduled payments, refinance our obligations or obtain additional financing will depend on our future operating performance and on economic, financial, competitive and other factors beyond our control. Our business may not generate sufficient cash flow to meet our obligations. If we are unable to service our debt, refinance our existing debt or obtain additional financing, we may be forced to delay strategic acquisitions, capital expenditures or research and development expenditures.

Additionally, the agreements governing our debt require that we maintain certain financial ratios, and contain affirmative and negative covenants that restrict our activities by, among other limitations, limiting our ability to incur additional indebtedness, merge or consolidate with other entities, make investments, create liens, sell assets and enter into transactions with affiliates. The covenants in our revolving credit facility and our term facility (each, a “Facility” and together, the “Facilities”) include a total debt-to-Consolidated EBITDA ratio and an interest coverage ratio. Specifically, the company has agreed that, so long as any lender has any commitment under the revolving credit facility, any letter of credit is outstanding under the revolving credit facility, or any loan or other obligation is outstanding under the revolving credit facility, it will not permit (as the following terms are defined in the credit agreement governing the revolving credit facility) the Consolidated Leverage Ratio (the ratio of consolidated Indebtedness to Consolidated EBITDA) to be greater than 4.5 to 1.0 as of the last day of any fiscal quarter for the first two consecutive quarters following the acquisition of FEI (see Note 2), with such ratio stepping down to 4.0 to 1.0 for the two immediately following fiscal quarters and then stepping down to 3.5 to 1.0 for each fiscal quarter thereafter. The company’s term facility includes Consolidated Leverage Ratio covenants substantively the same as the covenant included in the revolving credit facility.

The company has also agreed that so long as any lender has any commitment under the revolving credit facility or any letter of credit is outstanding under the revolving credit facility, or any loan or other obligation is outstanding under any Facility (including the term loan and bridge facilities), it will not permit the Consolidated Interest Coverage Ratio (the ratio of Consolidated EBITDA to Consolidated Interest Expense) to be less than 3.0 to 1.0 as at the last day of any fiscal quarter.

Our ability to comply with these financial restrictions and covenants is dependent on our future performance, which is subject to prevailing economic conditions and other factors, including factors that are beyond our control such as foreign exchange rates and interest rates. Our failure to comply with any of these restrictions or covenants may result in an event of default under the applicable debt instrument, which could permit acceleration of the debt under that instrument and require us to prepay that debt before its scheduled due date. Also, an acceleration of the debt under certain of our debt instruments would trigger an event of default under other of our debt instruments.

Item 1B. Unresolved Staff Comments

Not applicable.

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THERMO FISHER SCIENTIFIC INC.

Item 2. Properties

The location and general character of our principal properties by segment are as follows:

Life Sciences Solutions

We own approximately 4.9 million square feet of office, engineering, laboratory and production space, principally in New York, California, New Jersey, North Carolina, Ohio, Maryland and Illinois, within the U.S., and in Germany, the U.K., China, Lithuania, Denmark and Belgium. We lease approximately 4.9 million square feet of office, engineering, laboratory and production space, principally in California, New York, Massachusetts, Ohio, Utah, Nevada, Texas and North Carolina, within the U.S., and in Singapore, China, the U.K., Germany, Mexico, India, Netherlands and South Korea, under various leases that expire between 2017 and 2050.

Analytical Instruments

We own approximately 2.3 million square feet of office, engineering, laboratory and production space, principally in California, Massachusetts, Wisconsin, Oregon and Minnesota, within the U.S., and in Germany, Netherlands and Italy. We lease approximately 2.0 million square feet of office, engineering, laboratory and production space, principally in California, Texas, Tennessee, Massachusetts, Illinois, Pennsylvania and Florida, within the U.S., and in Czech Republic, China, Germany, the U.K., Japan, and Australia, under various leases that expire between 2017 and 2034.

Specialty Diagnostics

We own approximately 2.1 million square feet of office, engineering, laboratory and production space, principally in Virginia, Kansas and California, within the U.S., and in Sweden, Germany, the U.K and Switzerland. We lease approximately 1.4 million square feet of office, engineering, laboratory and production space, principally in California, Kansas and Michigan, within the U.S., and in Finland, China, the U.K., France, Canada and Japan under various leases that expire between 2017 and 2024.

Laboratory Products and Services

We own approximately 2.5 million square feet of office, engineering, laboratory, warehouse and production space, principally in Pennsylvania, Illinois, Georgia, Kentucky and Massachusetts within the U.S., and in the U.K., Canada and France. We lease approximately 1.3 million square feet of office, engineering, laboratory, warehouse and production space, principally in California, Texas, Massachusetts, North Carolina and Georgia within the U.S., and in Australia, Germany, New Zealand and Sweden under various leases that expire between 2017 and 2031.

Corporate Headquarters

We own approximately 127,000 square feet of office space in Massachusetts.

We believe that all of the facilities that we are currently using are in good condition and are suitable and adequate to meet our current needs. If we are unable to renew any of the leases that are due to expire in 2017 or 2018, we believe that suitable replacement properties are available on commercially reasonable terms.

Item 3. Legal Proceedings

There are various lawsuits and claims against the company involving product liability, intellectual property, employment and commercial issues. See “Note 10 to our Consolidated Financial Statements – Commitments and Contingencies.”

Item 4. Mine Safety Disclosures

Not applicable.

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THERMO FISHER SCIENTIFIC INC.

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Price of Common Stock

Our common stock is traded on the New York Stock Exchange under the symbol TMO. The following table sets forth the high and low sale prices of the company’s common stock for 2016 and 2015, as reported in the consolidated transaction reporting system.

	2016				2015
	High		Low		High		Low
First Quarter	$	142.99	$	119.75	$	139.03	$	121.54
Second Quarter	154.81		140.21		136.24		125.25
Third Quarter	160.68		143.01		141.25		117.98
Fourth Quarter	160.10		139.07		143.65		117.10

The closing price of the company’s common stock on December 31, 2016 and 2015, was $141.10 and $141.85, respectively.

The following table sets forth the per share dividends declared on the company’s common stock for 2016 and 2015.

	2016		2015
First Quarter	$	0.15	$	0.15
Second Quarter	0.15		0.15
Third Quarter	0.15		0.15
Fourth Quarter	0.15		0.15

Our payment of dividends in the future will be determined by our Board of Directors and will depend upon our earnings, financial condition and other factors.

Holders of Common Stock

As of February 4, 2017, the company had 3,937 holders of record of its common stock. This does not include holdings in street or nominee names.

Issuer Purchases of Equity Securities

A summary of the share repurchase activity for the company's fourth quarter of 2016 follows:

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plans or Programs(1) (in millions)
Fiscal October (Oct. 2 - Nov. 5)	—	$	—	—	$	1,500.0
Fiscal November (Nov. 6 - Dec. 3)	600,000	141.83		600,000	1,414.9
Fiscal December (Dec. 4 - Dec. 31)	1,153,466	142.96		1,153,466	1,250.0
Total Fourth Quarter	1,753,466	$	142.58	1,753,466	$	1,250.0

(1) On July 7, 2016, the Board of Directors authorized the repurchase of up to $1.50 billion of the company’s common stock. All of the shares of common stock repurchased by the company during the fourth quarter of 2016 were purchased under this program.

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THERMO FISHER SCIENTIFIC INC.

Item 6. Selected Financial Data

(In millions except per share amounts)	2016 (a)		2015 (b)		2014 (c)		2013 (d)		2012 (e)
Statement of Income Data
Revenues	$	18,274.1	$	16,965.4	$	16,889.6	$	13,090.3	$	12,509.9
Operating Income	2,449.2		2,336.2		2,503.0		1,609.6		1,482.1
Income from Continuing Operations	2,025.3		1,980.3		1,895.5		1,279.1		1,258.4
Net Income	2,021.8		1,975.4		1,894.4		1,273.3		1,177.9
Earnings per Share from Continuing Operations:
Basic	5.13		4.97		4.76		3.55		3.46
Diluted	5.10		4.93		4.71		3.50		3.43
Earnings per Share:
Basic	5.12		4.96		4.76		3.53		3.24
Diluted	5.09		4.92		4.71		3.48		3.21
Cash Dividends Declared per Share	0.60		0.60		0.60		0.60		0.54
Balance Sheet Data
Working Capital	$	2,155.2	$	1,594.9	$	1,190.0	$	6,754.7	$	2,741.5
Total Assets	45,907.5		40,834.3		42,852.1		31,863.4		27,444.6
Long-term Obligations	15,372.4		11,420.2		12,351.6		9,499.6		7,031.2
Shareholders' Equity	21,539.3		21,350.2		20,548.1		16,856.1		15,464.7

The caption "restructuring and other costs/income" in the notes below includes amounts charged to cost of revenues, primarily for the sale of inventories revalued at the date of acquisition, and charges/credits to selling, general and administrative expense primarily for significant acquisition transaction costs.

(a) Reflects $395 million of pre-tax charges for restructuring and other costs and the repurchase of $1.25 billion of the company’s common stock. Also reflects the acquisitions of Affymetrix, Inc. in March 2016 and FEI Company in September 2016.

(b) Reflects $171 million of pre-tax charges for restructuring and other costs and the repurchase of $500 million of the company’s common stock.

(c) Reflects $140 million of pre-tax income from gains on sale of businesses, net of restructuring and other costs. Also reflects the acquisition of Life Technologies Corporation in February 2014.

(d) Reflects $180 million of pre-tax charges for restructuring and other costs 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.

(e) Reflects $150 million of pre-tax charges for restructuring and other costs; after-tax income of $81 million related to the company’s discontinued operations; and the repurchase of $1.15 billion of the company’s common stock.

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THERMO FISHER SCIENTIFIC INC.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Reference is made throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations to Notes to Consolidated Financial Statements, which begin on page F-1 of this report.

Overview

The company develops, manufactures and sells a broad range of products that are sold worldwide. The company expands the product lines and services it offers by developing and commercializing its own technologies and by making strategic acquisitions of complementary businesses. The company’s continuing operations fall into four business segments (see Note 3): Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics and Laboratory Products and Services.

Recent Acquisitions and Divestitures

The company’s strategy is to augment internal growth at existing businesses with complementary acquisitions. The company’s principal recent acquisitions and divestitures are described below.

On February 3, 2014, the company completed the acquisition of Life Technologies Corporation 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 discussed below under the caption “Liquidity and Capital Resources”. Life Technologies was integrated into the Life Sciences Solutions segment and 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. Life Technologies’ revenues totaled $3.87 billion in 2013.

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. The sale of these businesses resulted in a pre-tax gain of approximately $761 million included in restructuring and other costs (income), net. The businesses fell 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.

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. 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.

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.

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 ($393 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.

On March 31, 2016, the company acquired, within the Life Sciences Solutions segment, Affymetrix, Inc., a North America-based provider of cellular and genetic analysis products, for a total purchase price of $1.34 billion, net of cash acquired, including the assumption of $254 million of debt. The acquisition expanded the company's existing portfolio of antibodies and assays for flow cytometry and single-cell biology applications. Additionally, the acquisition expanded the company's genetic analysis portfolio through the addition of microarrays. Revenues of Affymetrix were $360 million in 2015.

On September 19, 2016, the company acquired, within the Analytical Instruments segment, FEI Company, a North America-based provider of high-performance electron microscopy, for a total purchase price of $4.08 billion, net of cash acquired. The acquisition strengthened the company's analytical instrument portfolio with the addition of high-end electron microscopes. Revenues of FEI were $930 million in 2015.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Overview of Results of Operations and Liquidity

(Dollars in millions)	2016					2015
Revenues
Life Sciences Solutions	$	4,978.1		27.2	%	$	4,439.4		26.2	%
Analytical Instruments	3,668.2			20.1	%	3,208.2			18.9	%
Specialty Diagnostics	3,339.2			18.3	%	3,243.9			19.1	%
Laboratory Products and Services	7,030.0			38.5	%	6,661.5			39.3	%
Eliminations	(741.4		)	(4.1	)%	(587.6		)	(3.5	)%
	$	18,274.1		100	%	$	16,965.4		100	%

Sales in 2016 were $18.27 billion, an increase of $1.31 billion from 2015. Sales increased$733 million due to acquisitions. The unfavorable effects of currency translation resulted in a decrease in revenues of $145 million in 2016. Aside from the effects of currency translation and acquisitions, revenues increased$721 million (4%) primarily due to increased demand. Sales to customers in the company’s primary end markets grew. Demand from customers in pharmaceutical and biotech industries was particularly strong. Sales growth was strong in Asia, moderate in Europe and modest in North America. Based on the weakening of currency exchange rates against the U.S. dollar that occurred in 2016, the company currently expects that there will be a continued adverse effect on reported amounts of revenue and operating income in 2017 as a result of the stronger U.S. dollar.  

In 2016, total company operating income and operating income margin were $2.45 billion and 13.4%, respectively, compared with $2.34 billion and 13.8%, respectively, in 2015. The increase in operating income was primarily due to profit on higher sales in local currencies, productivity improvements, net of inflationary cost increases, and, to a lesser extent, acquisitions. These increases were offset in part by higher restructuring and acquisition-related charges in the 2016 period, strategic growth investments and unfavorable sales mix. The company’s references to strategic growth investments generally refer to targeted spending for enhancing commercial capabilities, including expansion of geographic sales reach and e-commerce platforms, marketing initiatives, focused research projects and other expenditures to enhance the customer experience. The company’s references throughout this discussion to productivity improvements generally refer to improved cost efficiencies from its Practical Process Improvement (PPI) business system, reduced costs resulting from global sourcing initiatives, a lower cost structure following restructuring actions, including headcount reductions and consolidation of facilities, and low cost region manufacturing.

The company recorded a benefit from income taxes in 2016. In 2016, the company continued to implement tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $91 million, offset in part by additional U.S. taxes of $37 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2016) for a net benefit of$54 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. The company intends to make similar types of distributions from non-U.S. subsidiaries when they can be made at no net tax cost. The ability of the company to make distributions in future periods of similar type and magnitude will depend on the level of earnings and cash flow in various foreign jurisdictions and on the applicable tax laws in effect at that time. Accordingly, the impact of foreign tax credits on the company’s effective tax rate in future periods is likely to vary. The company also implemented foreign tax credit planning in Sweden which resulted in $100 million of foreign tax credits, with no related incremental U.S. income tax expense. In addition, the company recorded discrete benefits in 2016 totaling $39 million related to prior year tax filings and net charges of $12 million related to tax audits.

The company recorded a benefit from income taxes in 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $111 million, offset in part by additional U.S. taxes of $46 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2015) for a net benefit of $66 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. The company also implemented foreign tax credit planning in Sweden which resulted in $80 million of foreign tax credits, with no related

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Overview of Results of Operations and Liquidity (continued)

incremental U.S. income tax expense. In addition, the company recorded discrete 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. The tax provision in the 2015 period was favorably affected by $37 million as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both 2016 and 2015 was also affected by relatively significant earnings in lower tax jurisdictions. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes were higher than its income tax expense for financial reporting purposes and totaled $663 million and $477 million in 2016 and 2015, respectively.

The company expects its effective tax rate in 2017 will be less than 3% based on currently forecasted rates of profitability in the countries in which the company conducts business and expected generation of foreign tax credits.

Income from continuing operations increased to $2.03 billion in 2016, from $1.98 billion in 2015. The increase in operating income in the 2016 period (discussed above) was offset in part by an increase in interest expense of $55 million primarily due to increases in outstanding debt to fund acquisitions and a lower tax benefit from income taxes in 2016.

During 2016, the company’s cash flow from operations totaled $3.16 billion compared with $2.82 billion for 2015. The increase primarily resulted from lower investments in working capital and higher income before amortization and depreciation in the 2016 period.

As of December 31, 2016, the company’s short-term debt totaled $1.26 billion, including $300 million due within the next twelve months under a 3-year term loan agreement and $953 million of commercial paper obligations. The company has a revolving credit facility with a bank group that provides up to $2.50 billion of unsecured multi-currency revolving credit. 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, 2016, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $72 million as a result of outstanding letters of credit.

The company believes that its existing cash and cash equivalents of $786 million as of December 31, 2016 and its future cash flow from operations together with available borrowing capacity under its revolving credit agreement will be sufficient to meet the cash requirements of its existing businesses for the foreseeable future, including at least the next 24 months.

Critical Accounting Policies and Estimates

The company’s discussion and analysis of its financial condition and results of operations is based upon its financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent liabilities. On an on-going basis, management evaluates its estimates, including those related to bad debts, inventories, business combinations, intangible assets and goodwill, sales returns, income taxes, contingencies and litigation, and pension costs. Management believes the most complex and sensitive judgments, because of their significance to the consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Management bases its estimates on historical experience, current market and economic conditions and other assumptions that management believes are reasonable. The results of these estimates form the basis for judgments about the carrying value of assets and liabilities where the values are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The company believes the following represent its critical accounting policies and estimates used in the preparation of its financial statements:

(a) Accounts Receivable

The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. Such allowances totaled $77 million at December 31, 2016. The company estimates the amount of customer receivables that are uncollectible based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. If the financial condition of the company’s customers were to deteriorate, reducing their ability to make payments, additional allowances would be required.

(b) Inventories

The company writes down its inventories for estimated excess quantities and obsolescence based on differences between the cost and estimated net realizable value taking into consideration usage in the preceding 12 months,

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Critical Accounting Policies and Estimates (continued)

expected demand and any other information that is relevant to the judgment. If ultimate usage or demand varies significantly from expected usage or demand, additional writedowns may be required.

(c) Intangible Assets and Goodwill

The company uses assumptions and estimates in determining the fair value of assets acquired and liabilities assumed in a business combination. The determination of the fair value of intangible assets, which represent a significant portion of the purchase price in many of the company’s acquisitions, requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or non-amortizable and, if the former, the period and the method by which the intangible asset will be amortized. The company estimates the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. Definite-lived intangible assets totaled $12.63 billion at December 31, 2016. The company reviews definite-lived intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Actual cash flows arising from a particular intangible asset could vary from projected cash flows which could imply different carrying values from those established at the dates of acquisition and which could result in impairment of such asset.

The company evaluates goodwill and indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that may reduce the fair value of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, economic factors, unanticipated technological changes or competitive activities, loss of key personnel and acts by governments and courts. Goodwill and indefinite-lived intangible assets totaled $21.33 billion and $1.34 billion, respectively, at December 31, 2016. Estimates of future cash flows require assumptions related to revenue and operating income growth, asset-related expenditures, working capital levels and other factors. Different assumptions from those made in the company’s analysis could materially affect projected cash flows and the company’s evaluation of goodwill and indefinite-lived intangible assets for impairment.

Indications of fair value based on projections of profitability for 2017 and thereafter and on peer revenues and earnings trading multiples were sufficient to conclude that no impairment of goodwill or indefinite-lived intangible assets existed at the end of the tenth fiscal month of 2016, the date of the company’s impairment testing. There can be no assurance, however, that an economic downturn will not materially adversely affect peer trading multiples and the company’s businesses such that they do not achieve their forecasted profitability and these assets become impaired. Should the fair value of the company’s goodwill or indefinite-lived intangible assets decline because of reduced operating performance, market declines, or other indicators of impairment, or as a result of changes in the discount rate, charges for impairment may be necessary.

With the completion of the FEI acquisition in September 2016, the company established a new reporting unit called Materials and Structural Analysis, which consists of the former FEI business. Because this reporting unit consists solely of the acquired business, the book value of which equaled its fair value as of the acquisition date, no cushion of fair value over book value existed at the acquisition date. During its 2016 goodwill impairment testing, the company determined that the Materials and Structural Analysis reporting unit’s cushion of fair value over book value was nominal as of November 5, 2016. Given that the fair value is not substantially in excess of the book value, relatively small decreases in future cash flows from forecasted results or changes in discount rates or other assumptions could result in impairment of goodwill. The key variables that drive the cash flows of the reporting unit are levels of profitability and terminal value growth rate assumptions, as well as the weighted average cost of capital (WACC) rate applied. The estimates used for these assumptions represent management's best estimates, which the company believes are reasonable. These assumptions, however, are subject to uncertainty, including the degree to which the acquired business will grow revenue and profitability levels. The Materials and Structural Analysis reporting unit had $1.99 billion of goodwill, and had an overall carrying value of $3.93 billion as of December 31, 2016.

(d) Revenues

In instances where the company sells equipment with a related installation obligation, the company generally recognizes revenue related to the equipment when title passes. The company recognizes revenue related to the installation when it performs the installation. The allocation of revenue between the equipment and the installation is based on relative selling price at the time of sale. Should the relative value of either the equipment or the installation change, the company’s revenue recognition would be affected.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Critical Accounting Policies and Estimates (continued)

In instances where the company sells equipment with customer-specified acceptance criteria, the company must assess whether it can demonstrate adherence to the acceptance criteria prior to the customer’s acceptance testing to determine the timing of revenue recognition. If the nature of customer-specified acceptance criteria were to change or grow in complexity such that the company could not demonstrate adherence, the company would be required to defer additional revenues upon shipment of its products until completion of customer acceptance testing.

The company records reductions to revenue for estimated product returns by customers. Should a greater or lesser number of products be returned, additional adjustments to revenue may be required.

(e) Income Taxes

In the ordinary course of business there is inherent uncertainty in quantifying the company’s income tax positions. The company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the company has recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. The company’s reserve for these matters totaled $802 million at December 31, 2016. Where applicable, associated interest expense has also been recognized as a component of the provision for income taxes.

The company operates in numerous countries under many legal forms and, as a result, is subject to the jurisdiction of numerous domestic and non-U.S. tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, currency exchange restrictions or the company’s level of operations or profitability in each taxing jurisdiction could have an impact upon the amount of current and deferred tax balances and hence the company’s net income.

The company estimates the degree to which tax assets and loss carryforwards will result in a benefit, based on expected profitability by tax jurisdiction, and provides a valuation allowance for tax assets and loss carryforwards that it believes will more likely than not go unused. If it becomes more likely than not that a tax asset or loss carryforward will be used, the company reverses the related valuation allowance. Any such reversals are recorded as a reduction of the company’s tax provision. The company’s tax valuation allowance totaled $113 million at December 31, 2016. Should the company’s actual future taxable income by tax jurisdiction vary from estimates, additional allowances or reversals thereof may be necessary.

The company provides a liability for future income tax payments in the worldwide tax jurisdictions in which it operates. Should tax return positions that the company expects are sustainable not be sustained upon audit, the company could be required to record an incremental tax provision for such taxes. Should previously unrecognized tax benefits ultimately be sustained, a reduction in the company’s tax provision would result.

The company operates in various jurisdictions around the world. With the exception of its Affymetrix Singapore subsidiary, the company has not provided income taxes on the undistributed earnings of its non-U.S. subsidiaries due to its intention to permanently reinvest such earnings unless the company can remit such earnings to the U.S. without associated net tax cost. The company recorded a deferred tax liability of $156 million in acquisition accounting for the outside basis difference of Affymetrix Singapore as the company intends to integrate it with the company’s existing Singapore operations within the next twelve months. Aside from this plan, the company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.

(f) Contingencies and Litigation

The company records accruals for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, 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. Accruals of acquired businesses, including product liability and environmental accruals, were initially recorded at fair value and

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Critical Accounting Policies and Estimates (continued)

discounted to their net present value. Additionally, the company records receivables from third-party insurers when recovery has been determined to be probable.

(g) Pension and Other Retiree Benefits

Several of the company’s U.S. and non-U.S. subsidiaries sponsor defined benefit pension and other retiree benefit plans. The cost and obligations of these arrangements are calculated using many assumptions to estimate the benefits that the employee earns while working, the amount of which cannot be completely determined until the benefit payments cease. Major assumptions used in the accounting for these employee benefit plans include the discount rate, expected return on plan assets and rate of increase in employee compensation levels. Assumptions are determined based on company data and appropriate market indicators in consultation with third-party actuaries, and are evaluated each year as of the plans’ measurement date. Net periodic pension costs for the company’s pension and other postretirement benefit plans totaled $34 million in 2016. The company’s unfunded benefit obligation totaled $610 million at year-end 2016 compared with $528 million at year-end 2015. Should any of these assumptions change, they would have an effect on net periodic pension costs and the unfunded benefit obligation. For example, a 10% decrease in the discount rate would result in an annual increase in pension and other postretirement benefit expense of approximately $2 million and an increase in the benefit obligation of approximately $93 million.

As of December 31, 2016, the company expects to contribute between $215 and $235 million to its existing defined benefit pension plans in 2017.

As of January 1, 2017, the company changed the method it uses to estimate the service and interest components of net periodic benefit cost for pension and other retiree benefit plans. Historically, the company estimated these service and interest cost components utilizing the single weighted-average discount rate used to measure each plan's benefit obligation at the beginning of the year. Beginning in 2017, the company will utilize a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The company has made this change to provide a more precise measurement of the service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The company has accounted for this change as a change in accounting estimate and will account for it prospectively starting in January 2017. The reduction in service and interest costs for 2017 associated with this change in estimate will be approximately $10 million.

Results of Operations

2016 Compared With 2015

(In millions)	2016			2015			Total Change			Currency Translation			Acquisitions/ Divestitures			Operations
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		$	538.7		$	(37.5	)	$	261.1		$	315.1
Analytical Instruments	3,668.2			3,208.2			460.0			(26.8		)	386.9			99.9
Specialty Diagnostics	3,339.2			3,243.9			95.3			(19.7		)	0.2			114.8
Laboratory Products and Services	7,030.0			6,661.5			368.5			(75.5		)	89.6			354.4
Eliminations	(741.4		)	(587.6		)	(153.8		)	14.6			(5.2		)	(163.2		)
Consolidated Revenues	$	18,274.1		$	16,965.4		$	1,308.7		$	(144.9	)	$	732.6		$	721.0

Sales in 2016 were $18.27 billion, an increase of $1.31 billion from 2015. The unfavorable effects of currency translation resulted in a decrease in revenues of $145 million in 2016. Sales increased$733 million due to acquisitions. Aside from the effects of currency translation and acquisitions, revenues increased$721 million (4%) primarily due to increased demand. Sales to customers in the company’s primary end markets grew. Demand from customers in pharmaceutical and biotech industries was particularly strong. Sales growth was strong in Asia, moderate in Europe and modest in North America.

In 2016, total company operating income and operating income margin were $2.45 billion and 13.4%, respectively, compared with $2.34 billion and 13.8%, respectively, in 2015. The increase in operating income was primarily due to profit on higher sales in local currencies, productivity improvements, net of inflationary cost increases, and, to a lesser extent,

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Results of Operations (continued)

acquisitions. These increases were offset in part by higher restructuring and acquisition-related charges in the 2016 period, strategic growth investments and unfavorable sales mix.

In 2016, the company recorded restructuring and other costs, net, of $395 million, including $102 million of charges to cost of revenues for the sale of inventories revalued at the date of acquisition and to conform the accounting policies of FEI and Affymetrix with the company's accounting policies; $104 million of charges to selling, general and administrative expenses primarily for third-party transaction and integration costs related to the acquisitions of FEI and Affymetrix. In addition, the company recorded $164 million of cash restructuring costs, primarily to achieve acquisition synergies, including severance and abandoned facilities costs associated with the closure and consolidation of facilities in the U.S. The company’s other businesses incurred costs for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that have been or are being consolidated in the U.S., Europe and Asia (see Note 14). The company also recorded charges for litigation and environmental remediation matters. These costs were partially offset by gains on the sales of real estate.

In 2015, the company recorded restructuring and other costs, net, of $171 million, including $9 million of charges to cost of revenues for the sale of inventories revalued at the date of acquisition and, to a lesser extent, accelerated depreciation at facilities closing due to real estate consolidation; $46 million of charges to selling, general and administrative expenses primarily for charges associated with product liability litigation, third-party transaction and integration costs primarily related to the acquisitions of Life Technologies and Alfa Aesar, and accelerated depreciation at facilities closing due to real estate consolidation. In addition, the company recorded $82 million of cash restructuring costs primarily for actions to achieve synergies from the Life Technologies acquisition and for abandoned facilities costs associated with a manufacturing facility in the U.S. The company’s other businesses incurred costs for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that have been or are being consolidated, including the consolidation of operations within several facilities in the U.S., Europe and Asia. The company also recorded charges for litigation-related matters associated with acquired businesses and impairment of acquired technology in development. These costs were partially offset by gains on the sale of a small product line and real estate.

As of February 28, 2017, the company has identified restructuring actions that will result in additional charges of approximately $85 million in 2017 and expects to identify additional actions during 2017 which will be recorded when specified criteria are met, such as communication of benefit arrangements and abandonment of leased facilities. Approximately 45% of the additional charges will be incurred in the Life Sciences Solutions segment, 35% in the Analytical Instruments segment, with the remainder incurred across the company's remaining segments. The restructuring projects for which charges were incurred in 2016 are expected to result in annual cost savings of approximately $100 million beginning in part in 2016 and, to a greater extent, in 2017, including $60 million in the Life Sciences Solutions segment, $25 million in the Analytical Instruments segment, $5 million in the Specialty Diagnostics segment and $10 million in the Laboratory Products and Services segment. The restructuring actions for which charges were incurred in 2015 resulted in annual cost savings of approximately $100 million beginning in part in 2015 and to a greater extent in 2016, including $50 million in the Life Sciences Solutions segment, $25 million in the Analytical Instruments segment, $10 million in the Specialty Diagnostics segment and $15 million in the Laboratory Products and Services segment.

Segment Results

The company’s management evaluates segment operating performance using operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition-related activities; 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 facilitate comparison of performance for determining compensation (Note 3). Accordingly, the following segment data is reported on this basis.

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Results of Operations (continued)

(Dollars in millions)	2016			2015			Change
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		12	%
Analytical Instruments	3,668.2			3,208.2			14	%
Specialty Diagnostics	3,339.2			3,243.9			3	%
Laboratory Products and Services	7,030.0			6,661.5			6	%
Eliminations	(741.4		)	(587.6		)	26	%
Consolidated Revenues	$	18,274.1		$	16,965.4		8	%
Segment Income
Life Sciences Solutions	$	1,514.7		$	1,336.9		13	%
Analytical Instruments	745.2			612.8			22	%
Specialty Diagnostics	909.8			872.9			4	%
Laboratory Products and Services	1,052.1			999.1			5	%
Subtotal Reportable Segments	4,221.8			3,821.7			10	%
Cost of Revenues Charges	(101.5		)	(9.1		)
Selling, General and Administrative Charges, Net	(103.9		)	(46.3		)
Restructuring and Other (Costs) Income, Net	(189.2		)	(115.3		)
Amortization of Acquisition-related Intangible Assets	(1,378.0		)	(1,314.8		)
Consolidated Operating Income	$	2,449.2		$	2,336.2		5	%
Reportable Segments Operating Income Margin	23.1		%	22.5		%
Consolidated Operating Income Margin	13.4		%	13.8		%

Income from the company’s reportable segments increased 10% to $4.22 billion in 2016 due primarily to profit on higher sales in local currencies and productivity improvements, net of inflationary cost increases. These increases were offset in part by strategic growth investments and unfavorable sales mix.

Life Sciences Solutions

(Dollars in millions)	2016			2015			Change
Revenues	$	4,978.1		$	4,439.4		12	%
Operating Income Margin	30.4		%	30.1		%	0.3 pt

Sales in the Life Sciences Solutions segment increased$539 million to $4.98 billion in 2016. Sales increased$315 million (7%) due to higher revenues at existing businesses and $261 million due to acquisitions, offset in part by a decrease of $38 million due to the unfavorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for biosciences products and bioprocess production products and, to a lesser extent, next generation sequencing products.

Operating income margin was 30.4% in 2016 compared to 30.1% in 2015. The increase in operating margin resulted from productivity improvements, net of inflationary cost increases, profit on higher sales in local currencies and, to a lesser extent, price increases. These increases were offset in part by unfavorable sales mix, acquisition dilution and strategic growth investments.

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Results of Operations (continued)

Analytical Instruments

(Dollars in millions)	2016			2015			Change
Revenues	$	3,668.2		$	3,208.2		14	%
Operating Income Margin	20.3		%	19.1		%	1.2 pt

Sales in the Analytical Instruments segment increased$460 million to $3.67 billion in 2016. Sales increased $387 million due to acquisitions and $100 million (3%) due to higher revenues at existing businesses, offset in part by a decrease of $27 million due to the unfavorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for products sold by the segment's chromatography and mass spectrometry business and, to a lesser extent, sales of environmental instruments. These increases were offset in part by lower sales of chemical analysis products due primarily to softness in certain industrial end markets.

Operating income margin was 20.3% in 2016 compared to 19.1% in 2015. The increase resulted primarily from productivity improvements, net of inflationary cost increases, profit on higher sales in local currencies and, to a lesser extent, favorable foreign currency exchange. These increases were offset in part by unfavorable sales mix and strategic growth investments.

Specialty Diagnostics

(Dollars in millions)	2016			2015			Change
Revenues	$	3,339.2		$	3,243.9		3	%
Operating Income Margin	27.2		%	26.9		%	0.3 pt

Sales in the Specialty Diagnostics segment increased$95 million to $3.34 billion in 2016. Sales increased $115 million (4%) due to higher revenues at existing businesses, offset in part by a decrease of $20 million due to the unfavorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for products in each of the segment's principal businesses with particular strength in the segment’s healthcare market channel and sales of immunodiagnostics products and clinical diagnostics products.

Operating income margin was 27.2% in 2016 and 26.9% in 2015. The increase resulted primarily from productivity improvements, net of inflationary cost increases, and profit on higher sales in local currencies, offset in part by strategic growth investments.

Laboratory Products and Services

(Dollars in millions)	2016			2015			Change
Revenues	$	7,030.0		$	6,661.5		6	%
Operating Income Margin	15.0		%	15.0		%	0.0 pt

Sales in the Laboratory Products and Services segment increased$369 million to $7.03 billion in 2016. Sales increased$354 million (5%) due to higher revenues at existing businesses and $90 million due to an acquisition. These increases were offset in part by $76 million due to the unfavorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for products in each of the segment’s principal businesses.

Operating income margin was 15.0% in both 2016 and 2015. Increases due to productivity improvements, net of inflationary cost increases, and profit on higher sales in local currencies, were offset by strategic growth investments and unfavorable sales mix.

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Results of Operations (continued)

Other Expense, Net

The company reported other expense, net, of $425 million and $400 million in 2016 and 2015, respectively (Note 4). Interest expense increased$55 million primarily due to an increase in outstanding debt. In 2016, other items, net includes $22 million of charges related to the amortization of fees paid to obtain bridge financing commitments for the acquisition of FEI and $9 million of losses on the early extinguishment of debt, offset in part by $12.5 million of gains on investments. In 2015, other items, net includes losses of $12 million on the early extinguishment of debt and costs of $7.5 million associated with entering into interest rate swap arrangements.

Provision for Income Taxes

The company recorded a benefit from income taxes in 2016. In 2016, the company continued to implement tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $91 million, offset in part by additional U.S. taxes of $37 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2016) for a net benefit of$54 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. The company intends to make similar types of distributions from non-U.S. subsidiaries when they can be made at no net tax cost. The ability of the company to make distributions in future periods of similar type and magnitude will depend on the level of earnings and cash flow in various foreign jurisdictions and on the applicable tax laws in effect at that time. Accordingly, the impact of foreign tax credits on the company’s effective tax rate in future periods is likely to vary. The company also implemented foreign tax credit planning in Sweden which resulted in $100 million of foreign tax credits, with no related incremental U.S. income tax expense. In addition, the company recorded discrete benefits in 2016 totaling $39 million related to prior year tax filings and net charges of $12 million related to tax audits.

The company recorded a benefit from income taxes in 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $111 million, offset in part by additional U.S. taxes of $46 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2015) for a net benefit of $66 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. 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. In addition, the company recorded discrete 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. The tax provision in the 2015 period was favorably affected by $37 million as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both 2016 and 2015 was also affected by relatively significant earnings in lower tax jurisdictions. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes were higher than its income tax expense for financial reporting purposes and totaled $663 million and $477 million in 2016 and 2015, respectively.

The company expects its effective tax rate in 2017 will be less than 3% based on currently forecasted rates of profitability in the countries in which the company conducts business and expected generation of foreign tax credits.

The company has operations and a taxable presence in approximately 50 countries outside the U.S. All of these countries except one have a lower tax rate than the U.S. The countries in which the company has a material presence that have significantly lower tax rates than the U.S. include Germany, the Netherlands, Singapore, Sweden, Switzerland and the United Kingdom. The company’s ability to obtain a benefit from lower tax rates outside the U.S. is dependent on its relative levels of income in countries outside the U.S. and on the statutory tax rates in those countries. Based on the dispersion of the company’s non-U.S. income tax provision among many countries, the company believes that a change in the statutory tax rate in any individual country is not likely to materially affect the company’s income tax provision or net income, aside from any resulting one-time adjustment to the company’s deferred tax balances to reflect a new rate.

Recent Accounting Pronouncements

A description of recently issued accounting standards is included under the heading “Recent Accounting Pronouncements” in Note 1.

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Results of Operations (continued)

Contingent Liabilities

The company is contingently liable with respect to certain legal proceedings and related matters. An unfavorable outcome that differs materially from current accrual estimates, if any, for one or more of the matters described under the headings “Product Liability, Workers Compensation and Other Personal Injury Matters,""Intellectual Property Matters" and "Commercial Matters" in Note 10 could have a material adverse effect on the company’s financial position as well as its results of operations and cash flows.

2015 Compared With 2014

(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

Sales in 2015 were $16.97 billion, an increase of $76 million from 2014. The unfavorable effects of currency translation resulted in a decrease in revenues of $938 million in 2015. Sales increased $212 million due to acquisitions, principally Life Technologies, net of divestitures. Aside from the effects of currency translation and acquisitions/divestitures, revenues increased $803 million (5%) primarily due to increased demand. Sales to customers in the company’s primary end markets grew. Demand from customers in pharmaceutical and biotech industries was particularly strong. Sales growth was moderate in North America and Europe and strong in Asia.

In 2015, total company operating income and operating income margin were $2.34 billion and 13.8%, respectively, compared with $2.50 billion and 14.8%, respectively, in 2014. The decrease in operating income and operating income margin was primarily due to net gains of $895 million on the sale of businesses in 2014, offset in part by $450 million of charges in 2014 associated with the February 2014 acquisition of Life Technologies. The unfavorable impact of foreign currency exchange also contributed to the decrease in profitability. These factors that reduced operating income in 2015 were offset in part by productivity improvements, net of inflationary cost increases and, to a lesser extent, profit on higher sales in local currencies.

In 2015, the company recorded restructuring and other costs, net, of $171 million, including $9 million of charges to cost of revenues for the sale of inventories revalued at the date of acquisition and, to a lesser extent, accelerated depreciation at facilities closing due to real estate consolidation; $46 million of charges to selling, general and administrative expenses primarily for charges associated with product liability litigation, third-party transaction and integration costs primarily related to the acquisitions of Life Technologies and Alfa Aesar, and accelerated depreciation at facilities closing due to real estate consolidation. In addition, the company recorded $82 million of cash restructuring costs primarily for actions to achieve synergies from the Life Technologies acquisition and for abandoned facilities costs associated with a manufacturing facility in the U.S. The company’s other businesses incurred costs for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that have been or are being consolidated, including the consolidation of operations within several facilities in the U.S., Europe and Asia. The company also recorded charges for litigation-related matters associated with acquired businesses and impairment of acquired technology in development. These costs were partially offset by gains on the sale of a small product line and real estate (see Note 14).

In 2014, the company recorded restructuring and other income, net, of $140 million, including net gains on the sale of businesses and real estate of $895 million and $15 million, respectively, offset in part by $328 million of charges to cost of revenues primarily for the sale of inventories revalued at the date of acquisition; $131 million of charges to selling, general and administrative expenses primarily for transaction costs related to the acquisition of Life Technologies; and $29 million of charges for pension settlements. The company incurred $268 million of cash restructuring costs primarily associated with the Life Technologies acquisition including cash compensation to monetize certain equity awards held by Life Technologies

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Results of Operations (continued)

employees at the date of acquisition and severance obligations to former executives and employees of Life Technologies. In addition, the company’s other businesses incurred costs for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that have been or are being consolidated, including the consolidation of operations within several facilities in the U.S., Europe and Asia.

The restructuring actions for which charges were incurred in 2014 resulted in annual cost savings of approximately $120 million beginning in part in 2014 and to a greater extent in 2015, including $80 million in the Life Sciences Solutions segment, $10 million in the Analytical Instruments segment, $10 million in the Specialty Diagnostics segment and $20 million in the Laboratory Products and Services segment.

Segment Results

(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 Costs, Net	(46.3		)	(130.7		)
Restructuring and Other Income (Costs), 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		%

Income from the company’s reportable segments increased 3% to $3.82 billion in 2015 due primarily to productivity improvements, net of inflationary cost increases, and, to a lesser extent, profit on higher sales in local currencies, offset in part by the unfavorable impact of foreign currency exchange and strategic growth investments.

Life Sciences Solutions

(Dollars in millions)	2015			2014			Change
Revenues	$	4,439.4		$	4,195.7		6	%
Operating Income Margin	30.1		%	29.0		%	1.1 pt

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Results of Operations (continued)

Sales in the Life Sciences Solutions segment increased $244 million to $4.44 billion in 2015 primarily due to the acquisition of Life Technologies, net of divestitures. Had the acquisition of Life Technologies been completed at the beginning of 2013, revenues for the 2015 period would have decreased $25 million compared to pro forma 2014 revenues, including a decrease of $278 million due to the unfavorable effects of currency translation, offset in part by an increase of $213 million (5%) due to higher revenues at existing businesses and an increase of $40 million due to other acquisitions, net of dispositions. The increase in pro forma revenue at existing businesses was primarily due to increased demand for bioprocess production products as well as biosciences products.

Operating income margin was 30.1% in 2015 compared to 29.0% in 2014. The increase resulted primarily from productivity improvements (including acquisition cost synergies), net of inflationary cost increases and favorable sales mix. These increases were offset in part by the unfavorable impact of foreign currency exchange and, to a lesser extent, by exclusion in 2014 of January’s lower margin results for Life Technologies. Results for January commonly have a lower margin rate than results for the balance of the quarter, due to the phasing of revenue and costs.

Analytical Instruments

(Dollars in millions)	2015			2014			Change
Revenues	$	3,208.2		$	3,252.2		(1	)%
Operating Income Margin	19.1		%	17.9		%	1.2 pt

Sales in the Analytical Instruments segment decreased $44 million to $3.21 billion in 2015. Sales decreased $189 million due to the unfavorable effects of currency translation, offset in part by increases of $141 million (4%) due to higher revenues at existing businesses and $4 million due to acquisitions. The increase in revenue at existing businesses was primarily due to increased demand for chromatography products and, to a lesser extent, sales of service offerings and increased demand for mass spectrometry instruments. These increases were offset in part by modestly lower sales of chemical analysis products due primarily to softness in certain commodity materials markets.

Operating income margin was 19.1% in 2015 compared to 17.9% in 2014. The increase resulted primarily from productivity improvements, net of inflationary cost increases and profit on incremental sales in local currencies, offset in part by strategic growth investments and the impact of unfavorable foreign currency exchange.

Specialty Diagnostics

(Dollars in millions)	2015			2014			Change
Revenues	$	3,243.9		$	3,343.6		(3	)%
Operating Income Margin	26.9		%	27.4		%	-0.5 pt

Sales in the Specialty Diagnostics segment decreased $100 million to $3.24 billion in 2015. Sales decreased $197 million due to the unfavorable effects of currency translation offset in part by $86 million (3%) due to higher revenues at existing businesses and $11 million due to an acquisition net of a divestiture. The increase in revenue at existing businesses was primarily due to increased demand for clinical diagnostics products, products sold through the segment’s healthcare market channel and immunodiagnostics products. These increases were offset in part by lower sales due to the expiration, in late 2014, of an OEM contract following the acquisition of the customer by a competitor.

Operating income margin was 26.9% in 2015 and 27.4% in 2014. The decrease resulted primarily from strategic growth investments and unfavorable foreign currency exchange, offset in part by productivity improvements, net of inflationary cost increases.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Results of Operations (continued)

Laboratory Products and Services

(Dollars in millions)	2015			2014			Change
Revenues	$	6,661.5		$	6,601.5		1	%
Operating Income Margin	15.0		%	14.9		%	0.1 pt

Sales in the Laboratory Products and Services segment increased $60 million to $6.66 billion in 2015. Sales increased $465 million (7%) due to higher revenues at existing businesses. This increase was offset in part by $303 million due to the unfavorable effects of currency translation and $102 million due to a disposition, net of an acquisition. The increase in revenue at existing businesses was primarily due to increased demand for products in each of the segment’s principal businesses.

Operating income margin was 15.0% in 2015 and 14.9% in 2014. The increase was primarily due to productivity improvements, net of inflationary cost increases as well as profit on incremental sales in local currencies offset in part by unfavorable sales mix and strategic growth investments.

Other Expense, Net

The company reported other expense, net, of $400 million and $416 million in 2015 and 2014, respectively (Note 4). Interest expense decreased $65 million primarily due to a reduction in outstanding debt and effective interest rates. In 2015, other items, net includes losses of $12 million on the early extinguishment of debt and costs of $7.5 million associated with entering into interest rate swap arrangements. In 2014, other items, net includes net gains of $9 million on the sale of investments.

Provision for Income Taxes

The company recorded a benefit from income taxes in 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $111 million, offset in part by additional U.S. taxes of $46 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2015) for a net benefit of $66 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. 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. In addition, the company recorded discrete 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. The tax provision in the 2015 period was favorably affected by $37 million as a result of adjustments to deferred tax balances due to changes in tax rates.

The company’s effective tax rate was 9.2% in 2014. The 2014 provision for income taxes included $390 million related to gains on the sales of businesses. Aside from the discrete tax on the gains, the company had a benefit from income taxes primarily due to restructuring and other costs associated with the acquisition of Life Technologies as well as an increase in the expected benefit from foreign tax credits. In 2014, the company implemented tax planning initiatives related to non-U.S. subsidiaries.  These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $172 million, offset in part by additional U.S. taxes of $55 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2014) for a net benefit of $117 million. The foreign tax credits are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned. The federal tax credit for 2014 research and development activities favorably affected the tax provision in 2014 by $20 million. In 2014, the company recognized a discrete tax benefit of $15 million attributable to tax rulings related to non-U.S. subsidiaries. The tax provision in the 2014 period was favorably affected by $5.5 million as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both 2015 and 2014 was also affected by relatively significant earnings in lower tax jurisdictions. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes were higher than its income tax expense for financial reporting purposes and totaled $477 million and $586 million in 2015 and 2014, respectively.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

Consolidated working capital was $2.16 billion at December 31, 2016, compared with $1.59 billion at December 31, 2015. Included in working capital were cash and cash equivalents of $786 million at December 31, 2016 and $452 million at December 31, 2015.

2016

Cash provided by operating activities was $3.16 billion during 2016. An increase in accounts receivable used cash of $352 million primarily to support growth in sales in local currencies and due to the mid-month timing of the acquisition of FEI when receivables are commonly lower than at quarter-end. Inventories provided cash of $98 million due to a reduction associated with fourth quarter 2016 sales. An increase in other assets used cash of $153 million primarily due to the timing of payments. An increase in other liabilities provided cash of $168 million primarily due to the timing of payments for income taxes and incentive compensation. Cash payments for income taxes increased to $663 million during 2016, compared with $477 million in 2015. The company made cash contributions to its pension and postretirement benefit plans totaling $43 million during 2016. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $122 million during 2016.

During 2016, the company’s investing activities used $5.53 billion of cash. Acquisitions used cash of $5.19 billion. The company’s investing activities also included the purchase of $444 million of property, plant and equipment. In February 2017, the company completed an acquisition for approximately $225 million in cash (Note 16).

The company’s financing activities provided$2.86 billion of cash during 2016. Issuance of senior notes and borrowings under term loans provided cash of $7.60 billion and an increase in commercial paper obligations provided cash of $904 million. Repayment of senior notes, the 364-day term loan and acquired debt used cash of $4.33 billion. The company’s financing activities also included the repurchase of $1.25 billion of the company’s common stock and the payment of $238 million in cash dividends, offset in part by $135 million of proceeds from employee stock option exercises. On July 7, 2016, the Board of Directors authorized the repurchase of up to $1.50 billion of the company’s common stock. At December 31, 2016, $1.25 billion was available for future repurchases of the company’s common stock under this authorization. Early in the first quarter of 2017, the company repurchased $500 million of the company's common stock which reduced the availability under this authorization to $750 million as of February 28, 2017.

As of December 31, 2016, the company’s short-term debt totaled $1.26 billion, including $300 million due within the next twelve months under a 3-year term loan agreement and $953 million of commercial paper obligations. The company has a revolving credit facility with a bank group that provides up to $2.50 billion of unsecured multi-currency revolving credit. 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, 2016, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $72 million as a result of outstanding letters of credit.

Approximately half of the company’s cash balances and cash flows from operations are from outside the U.S. The company uses its non-U.S. cash for needs outside of the U.S. including acquisitions and repayment of acquisition-related intercompany debt to the U.S. In addition, the company also transfers cash to the U.S. using non-taxable returns of capital as well as dividends where the related U.S. foreign tax credit equals or exceeds any tax cost arising from the dividends. As a result of using such means of transferring cash to the U.S., the company does not expect any material adverse liquidity effects from its significant non-U.S. cash balances for the foreseeable future.

The company believes that its existing cash and cash equivalents of $786 million as of December 31, 2016 and its future cash flow from operations together with available borrowing capacity under its revolving credit agreement will be sufficient to meet the cash requirements of its existing businesses for the foreseeable future, including at least the next 24 months.

2015

Cash provided by operating activities was $2.82 billion during 2015. Increases in accounts receivable and inventories used cash of $149 million and $141 million, respectively, primarily to support growth in sales in local currencies. An increase in other assets used cash of $254 million primarily related to the timing of tax payments/refunds. An increase in other liabilities provided cash of $148 million primarily due to the timing of payments for income taxes and incentive compensation. Cash payments for income taxes decreased to $477 million during 2015, compared with $586 million in 2014 that included taxes associated with gains on divestitures. The company made cash contributions to its pension and postretirement benefit plans

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (continued)

totaling $38 million during 2015. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $97 million during 2015.

During 2015, the company’s investing activities used $1.09 billion of cash. Acquisitions used cash of $695 million. The company’s investing activities also included the purchase of $423 million of property, plant and equipment.

The company’s financing activities used $2.49 billion of cash during 2015. Repayments of long-term debt totaled $3.78 billion. Issuance of senior notes provided cash of $1.80 billion and an increase in commercial paper obligations provided cash of $50 million. The company’s financing activities also included the repurchase of $500 million of the company’s common stock and the payment of $241 million in cash dividends, offset in part by $124 million of proceeds from employee stock option exercises.

2014

Cash provided by operating activities was $2.62 billion during 2014 primarily from the company’s earnings. Increases in accounts receivable and inventories used cash of $145 million and $110 million, respectively, primarily to support growth in sales. Other assets decreased by $163 million primarily due to collection of tax refunds including those related to legacy Life Technologies’ operations. Other liabilities increased by $308 million primarily due to the timing of payments for incentive compensation and income taxes. In 2014, the company made cash payments including monetizing certain equity awards, severance obligations and transaction costs totaling $325 million related to the acquisition of Life Technologies. The company made cash contributions to its pension and postretirement benefit plans totaling $50 million during 2014. Cash payments for income taxes totaled $586 million.

During 2014, the company’s investing activities used $11.78 billion of cash, principally for the acquisition of Life Technologies. Acquisitions used cash of $13.06 billion. Proceeds from the sale of businesses provided $1.52 billion. The company’s investing activities also included the purchase of $428 million of property, plant and equipment.

The company’s financing activities provided $4.80 billion of cash during 2014. To partially fund the acquisition of Life Technologies, the company borrowed $5.00 billion under an unsecured term loan and issued 34.9 million shares of its common stock for net proceeds of $2.94 billion in cash (Note 11). Other long-term borrowings totaled $1.59 billion. Repayments of long-term debt, principally the term loan, totaled $4.43 billion. A decrease in commercial paper obligations used cash of $250 million. The company’s financing activities also included the receipt of $155 million of proceeds from employee stock option exercises offset by the payment of $235 million in cash dividends.

Off-Balance Sheet Arrangements

The company did not use special purpose entities or other off-balance-sheet financing arrangements in 2014, 2015 or 2016, except for letters of credit, bank guarantees, residual value guarantees under three lease agreements, surety bonds and other guarantees disclosed in the table or discussed below. The amounts disclosed in the table below for letters of credit, bank guarantees, surety bonds and other guarantees relate to guarantees of the company’s performance, primarily in the ordinary course of business.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (continued)

Contractual Obligations and Other Commercial Commitments

The table below summarizes, by period due or expiration of commitment, the company’s contractual obligations and other commercial commitments as of December 31, 2016.

	Payments due by Period or Expiration of Commitment
(In millions)	2017		2018 and 2019		2020 and 2021		2022 and Thereafter		Total
Contractual Obligations and Other Commercial Commitments
Debt principal, including short-term debt (a)	$	1,253.8	$	3,006.5	$	3,997.0	$	8,431.7	$	16,689.0
Interest	0.9		1.5		1.1		1.1		4.6
Capital lease obligations	1.7		3.7		3.9		2.7		12.0
Operating lease obligations	163.7		235.6		139.7		176.5		715.5
Unconditional purchase obligations (b)	362.2		14.3		1.2		0.3		378.0
Letters of credit and bank guarantees	162.6		12.8		3.2		0.7		179.3
Surety bonds and other guarantees	22.9		0.9		—		—		23.8
Pension obligations on balance sheet	41.4		84.4		83.0		468.0		676.8
Asset retirement obligations accrued on balance sheet	2.8		13.5		9.9		16.3		42.5
Acquisition-related contingent consideration accrued on balance sheet	3.4		—		—		—		3.4
Other (c)	1.4		—		—		—		1.4
	$	2,016.8	$	3,373.2	$	4,239.0	$	9,097.3	$	18,726.3

(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.

Reserves for unrecognized tax benefits of $802 million have not been included in the above table due to the inability to predict the timing of tax audit resolutions.

The company has no material commitments for purchases of property, plant and equipment, other than those included in the above table, but expects that for 2017, such expenditures will approximate $500 million.

Guarantees of residual value under lease arrangements for three facilities have not been included in the above table due to the inability to predict if and when the guarantees may require payment (see Note 10). The residual value guarantees become operative at the end of the leases for up to a maximum of $155 million. The initial terms of these leases end in 2019, 2020 and 2022, although renewal options exist for each.

A guarantee of pension plan obligations of a divested business has not been included in the preceding table due to the inability to predict if and when the guarantee may require payment. 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, 2016 was $40 million.

In disposing of assets or businesses, the company often provides representations, warranties and/or indemnities to cover various risks including, for example, unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste facilities, and unidentified tax liabilities and related legal fees. The company does not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, the company has no reason to believe that these uncertainties would have a material adverse effect on its financial position, annual results of operations or cash flows.

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THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (continued)

The company has recorded liabilities for known indemnifications included as part of environmental liabilities. See Item 1. Business – Environmental Matters for a discussion of these liabilities.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The company is exposed to market risk from changes in interest rates and currency exchange rates, which could affect its future results of operations and financial condition. The company manages its exposure to these risks through its regular operating and financing activities. The company has periodically hedged interest rate risks of fixed-rate instruments with offsetting interest rate swaps. Additionally, the company uses short-term forward and option contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates. Such exposures result from purchases, sales, cash and intercompany loans 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. Income and losses arising from these derivative contracts are recognized as offsets to losses and income resulting from the underlying exposure being hedged. The company does not enter into speculative derivative agreements.

Interest Rates

The company is exposed to changes in interest rates while conducting normal business operations as a result of ongoing investing and financing activities, which affect the company’s debt as well as cash and cash equivalents. As of December 31, 2016, the company’s debt portfolio was comprised primarily of fixed rate borrowings. The fair market value of the company’s fixed interest rate debt is subject to interest rate risk. Generally, the fair market value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise. The total estimated fair value of the company’s debt at December 31, 2016 was $16.98 billion (see Note 12). Fair values were determined from available market prices using current interest rates and terms to maturity. If interest rates were to decrease by 100 basis points, the fair value of the company’s debt at December 31, 2016 would increase by approximately $840 million. If interest rates were to increase by 100 basis points, the fair value of the company’s debt at December 31, 2016 would decrease by approximately $802 million.

In addition, interest rate changes would result in a change in the company’s interest expense due to variable-rate debt instruments including swap arrangements. In 2016, a 100 basis point increase in interest rates on the swap arrangements and variable-rate debt would have increased the company’s annual pre-tax interest expense by approximately $42 million.

Currency Exchange Rates

The company views its investment in international subsidiaries with a functional currency other than the U.S. dollar as permanent. The company’s investment in international subsidiaries is sensitive to fluctuations in currency exchange rates. The functional currencies of the company’s international subsidiaries are principally denominated in British pounds sterling, Swedish kronor, euro, Danish kroner, Canadian dollars and Swiss franc. The effect of a change in the period ending currency exchange rates on the company’s net investment in international subsidiaries is reflected in the “accumulated other comprehensive items” component of shareholders’ equity. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A 10% depreciation in year-end 2016 functional currencies, relative to the U.S. dollar, would result in a reduction of shareholders’ equity of $1.19 billion.

The fair value of forward currency-exchange contracts is sensitive to changes in currency exchange rates. The fair value of forward currency-exchange contracts is the estimated amount that the company would pay or receive upon termination of the contract, taking into account the change in currency exchange rates. A 10% depreciation in year-end 2016 non-functional currency exchange rates related to the company’s contracts would result in an unrealized gain on forward currency-exchange contracts of $126 million. A 10% appreciation in year-end 2016 non-functional currency exchange rates related to the company’s contracts would result in an increase in the unrealized loss on forward currency-exchange contracts of $117 million. The unrealized gains or losses on forward currency-exchange contracts resulting from changes in currency exchange rates are expected to approximately offset losses or gains on the exposures being hedged.

Certain of the company’s cash and cash equivalents are denominated in currencies other than the functional currency of the depositor and are sensitive to changes in currency exchange rates. A 10% depreciation in the related year-end 2016 non-functional currency exchange rates applied to such cash balances would result in a negative impact of $36 million on the company’s net income.

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THERMO FISHER SCIENTIFIC INC.

Item 8. Financial Statements and Supplementary Data

This data is submitted as a separate section to this report. See Item 15 “Exhibits and Financial Statement Schedules.”

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A. Controls and Procedures

Management’s Evaluation of Disclosure Controls and Procedures

The company’s management, with the participation of the company’s chief executive officer and chief financial officer, evaluated the effectiveness of the company’s disclosure controls and procedures as of December 31, 2016. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of the company’s disclosure controls and procedures as of December 31, 2016, the company’s chief executive officer and chief financial officer concluded that, as of such date, the company’s disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in the company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the fiscal quarter ended December 31, 2016, that have materially affected or are reasonably likely to materially affect the company’s internal control over financial reporting.

Management’s Annual Report on Internal Control Over Financial Reporting

The company’s management, including the company’s chief executive officer and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company. Internal control over financial reporting is a process designed 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. The company’s management conducted an assessment of the effectiveness of the company’s internal control over financial reporting as of December 31, 2016 based on criteria established in “Internal Control - Integrated Framework” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, the company’s management concluded that, as of December 31, 2016, the company’s internal control over financial reporting was effective.

The company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of the company’s internal control over financial reporting as of December 31, 2016, as stated in their report that appears on page F-2 of this Annual Report on Form 10-K.

Item 9B. Other Information

Not applicable.

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THERMO FISHER SCIENTIFIC INC.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information with respect to directors required by this Item will be contained in our definitive proxy statement to be filed with the SEC not later than 120 days after the close of business of the fiscal year (2017 Definitive Proxy Statement) and is incorporated in this report by reference.

The information with respect to executive officers required by this Item is included in Item 1 of Part I of this report.

The other information required by this Item will be contained in our 2017 Definitive Proxy Statement and is incorporated in this report by reference.

Item 11. Executive Compensation

The information required by this Item will be contained in our 2017 Definitive Proxy Statement and is incorporated in this report by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this Item will be contained in our 2017 Definitive Proxy Statement and is incorporated in this report by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this Item will be contained in our 2017 Definitive Proxy Statement and is incorporated in this report by reference.

Item 14. Principal Accountant Fees and Services

The information required by this Item will be contained in our 2017 Definitive Proxy Statement and is incorporated in this report by reference.

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THERMO FISHER SCIENTIFIC INC.

PART IV

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)

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheet

Consolidated Statement of Income

Consolidated Statement of Comprehensive Income

Consolidated Statement of Cash Flows

Consolidated Statement of Shareholders’ Equity

Notes to Consolidated Financial Statements

(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 45.

43

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:	February 28, 2017	THERMO FISHER SCIENTIFIC INC.
		By:	/s/ Marc N. Casper
			Marc N. Casper
			President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated, as of February 28, 2017.

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/ Lars R. Sørensen	Director
	Lars R. Sørensen
By:	/s/ Scott M. Sperling	Director
	Scott M. Sperling
By:	/s/ Elaine S. Ullian	Director
	Elaine S. Ullian

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THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

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).

45

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
4.13	Twelfth Supplemental Indenture, dated as of April 13, 2016, 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 April 13, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.14	Thirteenth Supplemental Indenture, dated as of September 12, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 12, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.15	Fourteenth Supplemental Indenture, dated as of September 19, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 19, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.16	Indenture, dated as of August 9, 2016, among Thermo Fisher Scientific (Finance I) B.V., as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed August 9, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.17	First Supplemental Indenture, dated as of August 9, 2016, among Thermo Fisher Scientific (Finance I) B.V., as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed August 9, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.18	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).
4.19	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).
4.20	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	Summary of Thermo Fisher Scientific Inc. Annual Director Compensation.*
10.8	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).*
10.9	Summary of 2016 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the Registrant’s Current Report on Form 8-K filed February 25, 2016 [File No. 1-8002] under the heading “Annual Cash Incentive Plans - Establishment of Criteria for 2016 Bonus” and incorporated in this document by reference).*

46

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
10.10	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).*
10.11	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).*
10.12	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).*
10.13	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).*
10.14	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).*
10.15	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).*
10.16	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).*
10.17	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).*
10.18	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).*
10.19	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).*
10.20	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).*
10.21	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).*
10.22	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).*
10.23	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).*
10.24	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).*
10.25	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).*
10.26	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).*

47

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
10.27	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).*
10.28	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).*
10.29	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).*
10.30	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).*
10.31	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).*
10.32	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).*
10.33	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).*
10.34	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).*
10.35	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).*
10.36	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).*
10.37	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).*
10.38	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).*
10.39	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).*
10.40	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).*
10.41	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).*
10.42	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).*
10.43	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).*
10.44	Form of Thermo Fisher Scientific Inc.’s Stock Option Agreement for Officers.*
10.45	Bridge Credit Agreement, dated July 1, 2016, among the Company, each lender from time to time party thereto, and JPMorgan Chase Bank, N.A. (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed July 1, 2016 [File No. 1-8002] and incorporated in this document by reference).

48

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
10.46	Term Loan Agreement, dated July 1, 2016, among the Company, a Subsidiary of the Company party thereto, each lender from time to time party thereto, and JPMorgan Chase Bank, N.A. (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed July 1, 2016 [File No. 1-8002] and incorporated in this document by reference).
10.47	Credit Agreement, dated July 1, 2016, among the Company, certain Subsidiaries of the Company from time to time party thereto, each lender from time to time party thereto, and Bank of America, N.A. (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed July 1, 2016 [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.
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.

_______________________

*Indicates management contract or compensatory plan, contract or arrangement.

** Certification is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act except to the extent that the registrant specifically incorporates it by reference.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheet at December 31, 2016, and 2015, (ii) Consolidated Statement of Income for the years ended December 31, 2016, 2015 and 2014, (iii) Consolidated Statement of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014 (iv) Consolidated Statement of Cash Flows for the years ended December 31, 2016, 2015 and 2014, (v) Consolidated Statement of Shareholders’ Equity for the years ended December 31, 2016, 2015 and 2014 and (vi) Notes to Consolidated Financial Statements.

49

THERMO FISHER SCIENTIFIC INC.

INDEX OF CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE

The following Consolidated Financial Statements of the Registrant and its subsidiaries are required to be included in Item 15:

	Page
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheet as of December 31, 2016 and 2015	F-3
Consolidated Statement of Income for the years ended December 31, 2016, 2015 and 2014	F-4
Consolidated Statement of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014	F-5
Consolidated Statement of Cash Flows for the years ended December 31, 2016, 2015 and 2014	F-6
Consolidated Statement of Shareholders’ Equity for the years ended December 31, 2016, 2015 and 2014	F-8
Notes to Consolidated Financial Statements	F-9

F- 1

THERMO FISHER SCIENTIFIC INC.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Thermo Fisher Scientific Inc.:

In our opinion, the consolidated balance sheets, and the related consolidated statements of income, of comprehensive income, of shareholders’ equity and of cash flows present fairly, in all material respects, the financial position of Thermo Fisher Scientific Inc. and its subsidiaries at December 31, 2016 and December 31, 2015, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 9A of Thermo Fisher Scientific Inc.’s Annual Report on Form 10-K. Our responsibility is to express opinions on these financial statements, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 28, 2017

F- 2

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED BALANCE SHEET

	December 31,			December 31,
(In millions except share and per share amounts)	2016			2015
Assets
Current Assets:
Cash and cash equivalents	$	786.2		$	452.1
Accounts receivable, less allowances of $77.3 and $70.1	3,048.5			2,544.9
Inventories	2,213.3			1,991.7
Refundable income taxes	378.3			218.1
Other current assets	594.7			534.4
Total current assets	7,021.0			5,741.2
Property, Plant and Equipment, Net	2,577.8			2,448.8
Acquisition-related Intangible Assets, Net	13,969.0			12,758.3
Other Assets	1,011.9			1,058.4
Goodwill	21,327.8			18,827.6
Total Assets	$	45,907.5		$	40,834.3
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	$	1,255.5		$	1,051.8
Accounts payable	926.2			822.2
Accrued payroll and employee benefits	708.7			598.2
Accrued income taxes	165.4			212.5
Deferred revenue	485.9			317.9
Other accrued expenses	1,324.1			1,143.7
Total current liabilities	4,865.8			4,146.3
Deferred Income Taxes	2,557.4			2,622.6
Other Long-term Liabilities	1,572.6			1,295.0
Long-term Obligations	15,372.4			11,420.2
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; 415,138,564 and 411,944,301 shares issued	415.1			411.9
Capital in excess of par value	12,139.6			11,801.2
Retained earnings	13,926.9			12,142.3
Treasury stock at cost, 21,690,679 and 12,314,200 shares	(2,306.0		)	(1,007.9		)
Accumulated other comprehensive items	(2,636.3		)	(1,997.3		)
Total shareholders' equity	21,539.3			21,350.2
Total Liabilities and Shareholders' Equity	$	45,907.5		$	40,834.3

The accompanying notes are an integral part of these consolidated financial statements.

F- 3

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF INCOME

	Year Ended
	December 31,			December 31,			December 31,
(In millions except per share amounts)	2016			2015			2014
Revenues
Product revenues	$	15,712.3		$	14,667.8		$	14,715.1
Service revenues	2,561.8			2,297.6			2,174.5
Total revenues	18,274.1			16,965.4			16,889.6
Costs and Operating Expenses:
Cost of product revenues	8,213.9			7,583.8			7,934.7
Cost of service revenues	1,691.1			1,625.7			1,462.9
Selling, general and administrative expenses	4,975.9			4,612.1			4,896.1
Research and development expenses	754.8			692.3			691.1
Restructuring and other costs (income), net	189.2			115.3			(598.2		)
Total costs and operating expenses	15,824.9			14,629.2			14,386.6
Operating Income	2,449.2			2,336.2			2,503.0
Other Expense, Net	(425.3		)	(399.8		)	(415.8		)
Income from Continuing Operations Before Income Taxes	2,023.9			1,936.4			2,087.2
Benefit from (Provision for) Income Taxes	1.4			43.9			(191.7		)
Income from Continuing Operations	2,025.3			1,980.3			1,895.5
Loss from Discontinued Operations (net of income tax benefit of $2.2, $2.9 and $0.6)	(3.5		)	(4.9		)	(1.1		)
Net Income	$	2,021.8		$	1,975.4		$	1,894.4
Earnings per Share from Continuing Operations
Basic	$	5.13		$	4.97		$	4.76
Diluted	$	5.10		$	4.93		$	4.71
Earnings per Share
Basic	$	5.12		$	4.96		$	4.76
Diluted	$	5.09		$	4.92		$	4.71
Weighted Average Shares
Basic	394.8			398.7			398.2
Diluted	397.4			401.9			402.3
Cash Dividends Declared per Common Share	$	0.60		$	0.60		$	0.60

The accompanying notes are an integral part of these consolidated financial statements.

F- 4

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Year Ended
	December 31,			December 31,			December 31,
(In millions)	2016			2015			2014
Comprehensive Income
Net Income	$	2,021.8		$	1,975.4		$	1,894.4
Other Comprehensive Items:
Currency translation adjustment	(566.7		)	(706.1		)	(1,182.6		)
Unrealized gains and losses on available-for-sale investments:
Unrealized holding (losses) gains arising during the period (net of tax (benefit) provision of ($0.3), $0.0 and $0.1)	(1.6		)	0.5			1.7
Reclassification adjustment for losses (gains) included in net income (net of tax benefit (provision) of $0.2 and ($0.2))	0.7			—			(1.7		)
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $22.4 and $5.5)	(36.6		)	(9.0		)	—
Reclassification adjustment for losses included in net income (net of tax benefit of $3.7, $1.5 and $1.8)	6.1			3.3			3.0
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax benefit of $16.6, $5.0 and $26.5)	(46.9		)	(9.0		)	(52.2		)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $2.0, $2.9 and $13.3)	6.0			8.0			24.0
Total other comprehensive items	(639.0		)	(712.3		)	(1,207.8		)
Comprehensive Income	$	1,382.8		$	1,263.1		$	686.6

The accompanying notes are an integral part of these consolidated financial statements.

F- 5

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

	Year Ended
	December 31,			December 31,			December 31,
(In millions)	2016			2015			2014
Operating Activities
Net income	$	2,021.8		$	1,975.4		$	1,894.4
Loss from discontinued operations	3.5			4.9			1.1
Income from continuing operations	2,025.3			1,980.3			1,895.5
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	1,758.0			1,688.2			1,684.8
Change in deferred income taxes	(620.0		)	(524.8		)	(621.8		)
Net gains on sale of businesses	—			(7.6		)	(895.4		)
Non-cash stock-based compensation	133.5			125.0			117.1
Tax benefits from stock-based compensation awards	(53.5		)	(64.1		)	(65.6		)
Non-cash charges for sale of inventories revalued at the date of acquisition	75.0			6.9			303.4
Other non-cash expenses, net	66.8			58.6			38.0
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(352.2		)	(149.4		)	(145.4		)
Inventories	97.8			(140.7		)	(109.8		)
Other assets	(152.8		)	(254.3		)	163.1
Accounts payable	55.5			(2.7		)	1.2
Other liabilities	167.6			147.7			308.4
Contributions to retirement plans	(42.7		)	(37.5		)	(49.6		)
Net cash provided by continuing operations	3,158.3			2,825.6			2,623.9
Net cash used in discontinued operations	(2.0		)	(8.7		)	(4.3		)
Net cash provided by operating activities	3,156.3			2,816.9			2,619.6
Investing Activities
Acquisitions, net of cash acquired	(5,188.4		)	(694.6		)	(13,060.1		)
Proceeds from sale of businesses, net of cash divested	—			—			1,521.8
Purchase of property, plant and equipment	(444.4		)	(422.9		)	(427.6		)
Proceeds from sale of property, plant and equipment	26.3			18.1			49.3
Proceeds from sale of investments	81.2			12.0			88.6
(Increase) decrease in restricted cash	(1.5		)	5.8			48.6
Other investing activities, net	(5.3		)	(5.8		)	(3.3		)
Net cash used in investing activities	$	(5,532.1	)	$	(1,087.4	)	$	(11,782.7	)

F- 6

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

	Year Ended
	December 31,			December 31,			December 31,
(In millions)	2016			2015			2014
Financing Activities
Net proceeds from issuance of debt	$	7,604.0		$	1,798.0		$	6,592.3
Repayment of debt	(4,334.2		)	(3,780.2		)	(4,466.0		)
Increase (decrease) in commercial paper, net	904.1			49.5			(249.9		)
Purchases of company common stock	(1,250.0		)	(500.0		)	—
Dividends paid	(238.4		)	(240.6		)	(234.8		)
Net proceeds from issuance of company common stock	—			—			2,942.0
Net proceeds from issuance of company common stock under employee stock plans	135.3			124.0			155.4
Tax benefits from stock-based compensation awards	53.5			64.1			65.6
Other financing activities, net	(13.7		)	(6.1		)	(8.5		)
Net cash provided by (used in) financing activities	2,860.6			(2,491.3		)	4,796.1
Exchange Rate Effect on Cash	(150.7		)	(129.6		)	(115.5		)
Increase (Decrease) in Cash and Cash Equivalents	334.1			(891.4		)	(4,482.5		)
Cash and Cash Equivalents at Beginning of Period	452.1			1,343.5			5,826.0
Cash and Cash Equivalents at End of Period	$	786.2		$	452.1		$	1,343.5
See Note 13 for supplemental cash flow information.

The accompanying notes are an integral part of these consolidated financial statements.

F- 7

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

	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, 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
Issuance of shares under employees' and directors' stock plans	3.2	3.2		152.2			—			0.4	(48.1		)	—			107.3
Stock-based compensation	—	—		133.5			—			—	—			—			133.5
Tax benefit related to employees' and directors' stock plans	—	—		52.7			—			—	—			—			52.7
Purchases of company common stock	—	—		—			—			9.0	(1,250.0		)	—			(1,250.0		)
Dividends declared	—	—		—			(237.2		)	—	—			—			(237.2		)
Net income	—	—		—			2,021.8			—	—			—			2,021.8
Other comprehensive items	—	—		—			—			—	—			(639.0		)	(639.0		)
Balance at December 31, 2016	415.1	$	415.1	$	12,139.6		$	13,926.9		21.7	$	(2,306.0	)	$	(2,636.3	)	$	21,539.3

The accompanying notes are an integral part of these consolidated financial statements.

F- 8

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Nature of Operations and Summary of Significant Accounting Policies

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.

F- 9

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The changes in the allowance for doubtful accounts are as follows:

	Year Ended December 31,
(In millions)	2016			2015			2014
Beginning Balance	$	70.1		$	74.1		$	54.1
Provision charged to expense (a)	15.9			5.5			20.4
Accounts recovered	0.2			0.2			1.0
Accounts written off	(9.2		)	(4.8		)	(11.2		)
Other (b)	0.3			(4.9		)	9.8
Ending Balance	$	77.3		$	70.1		$	74.1

(a) In 2016, includes $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. 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.

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 2016 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:

	Year Ended
	December 31,			December 31,
(In millions)	2016			2015
Beginning Balance	$	55.8		$	57.5
Provision charged to income	96.2			85.4
Usage	(86.6		)	(82.1		)
Acquisitions	16.8			0.5
Adjustments to previously provided warranties, net	(2.5		)	(2.6		)
Currency translation	(1.8		)	(2.9		)
Ending Balance	$	77.9		$	55.8

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.

F- 10

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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:

	December 31,		December 31,
(In millions)	2016		2015
Raw Materials	$	466.3	$	421.1
Work in Process	327.9		236.8
Finished Goods	1,419.1		1,333.8
Inventories	$	2,213.3	$	1,991.7

The value of inventories maintained using the LIFO method was $207 million and $191 million at December 31, 2016 and 2015, respectively, which was below estimated replacement cost by $29 million and $28 million, respectively. Reductions to cost of revenues as a result of the liquidation of LIFO inventories were nominal during the three years ended December 31, 2016.

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:

F- 11

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31,		December 31,
(In millions)	2016		2015
Land	$	305.6	$	276.4
Buildings and Improvements	1,154.2		1,050.5
Machinery, Equipment and Leasehold Improvements	2,955.7		2,786.8
Property, Plant and Equipment, at Cost	4,415.5		4,113.7
Less: Accumulated Depreciation and Amortization	1,837.7		1,664.9
Property, Plant and Equipment, Net	$	2,577.8	$	2,448.8

Depreciation and amortization expense of property, plant and equipment was $380 million, $373 million and $353 million in 2016, 2015 and 2014, 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 3to 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:

	Balance at December 31, 2016							Balance at December 31, 2015
(In millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Definite Lived:
Customer relationships	$	13,167.3	$	(4,821.4	)	$	8,345.9	$	11,844.4	$	(4,086.9	)	$	7,757.5
Product technology	5,679.7		(2,204.2		)	3,475.5		4,799.8		(1,819.0		)	2,980.8
Tradenames	1,452.2		(646.0		)	806.2		1,316.7		(548.2		)	768.5
Other	33.0		(33.0		)	—		33.2		(33.0		)	0.2
	20,332.2		(7,704.6		)	12,627.6		17,994.1		(6,487.1		)	11,507.0
Indefinite Lived:
Tradenames	1,234.8		—			1,234.8		1,234.8		—			1,234.8
In-process research and development	106.6		—			106.6		16.5		—			16.5
	1,341.4		—			1,341.4		1,251.3		—			1,251.3
Acquisition-related Intangible Assets	$	21,673.6	$	(7,704.6	)	$	13,969.0	$	19,245.4	$	(6,487.1	)	$	12,758.3

F- 12

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:

(In millions)
2017	$	1,465.7
2018	1,428.1
2019	1,397.1
2020	1,297.0
2021	1,199.6
2022 and Thereafter	5,840.1
Estimated Future Amortization Expense of Definite-lived Intangible Assets	$	12,627.6

Amortization of acquisition-related intangible assets was $1.38 billion, $1.31 billion and $1.33 billion in 2016, 2015 and 2014, 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, pension assets, cost-method and available-for-sale investments, notes receivable, restricted cash 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, 2016 and 2015, the company had cost method investments with carrying amounts of $37 million and $39 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 November 5, 2016 and October 31, 2015, and determined that goodwill was not impaired.

F- 13

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Services			Total
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
Acquisitions	633.1			2,059.0			0.8			—			2,692.9
Finalization of purchase price allocations for 2015 acquisitions	—			—			—			6.8			6.8
Currency translation	(3.1		)	(80.1		)	(108.1		)	(31.0		)	(222.3		)
Other	13.2			4.4			(5.0		)	10.2			22.8
Balance at December 31, 2016	$	7,932.4		$	4,685.8		$	3,659.0		$	5,050.6		$	21,327.8

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 (losses) are included in the accompanying statement of income and in aggregate were $19 million, $(11) million and $33 million in 2016, 2015 and 2014, respectively.

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.

F- 14

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 2016, 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 2017, the FASB issued new guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, the new guidance will require entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for the company in 2020. 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 January 2017, the FASB issued new guidance clarifying the definition of a business and providing criteria to determine when an integrated set of assets and activities is not defined as a business. The new guidance requires such integrated sets to be defined as an asset (and not a business) if substantially all of the fair value of the gross assets acquired or disposed is concentrated in a single identifiable asset or a group of similar identifiable assets. 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 2016, the FASB issued new guidance intended to reduce diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In October 2016, the FASB issued new guidance eliminating the deferral of the tax effects of intra-entity asset transfers. The guidance is effective for the company in 2018. The company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In August 2016, the FASB issued new guidance intended to reduce diversity in practice in how certain transactions are classified on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In March 2016, the FASB issued new guidance which affects the accounting for stock-based compensation. The new guidance simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The company adopted this guidance on January 1, 2017. Adoption of this guidance is not expected to have a material impact on the company's consolidated financial statements; however, the impact in any given period will be dependent upon changes in the company's stock price, the volume of employee stock option exercises and the timing of service- and performance-based restricted unit vestings.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. The guidance is effective for the company in 2019 and must be adopted using a modified retrospective method. Early adoption is permitted. The company is currently evaluating the impact this guidance will have on its consolidated financial statements, however, assets and liabilities will increase upon

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adoption for right-of-use assets and lease liabilities. The company’s future commitments under lease obligations are summarized in Note 10.

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 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 was effective for the company in 2016. Adoption of this guidance did not have a material impact on the company’s consolidated balance sheet.

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. 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 was effective for the company in 2016. As a result of adoption of this standard, debt issuance costs of $55 million were reclassified from other assets to reduce long-term debt as of December 31, 2015.

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. During 2016, the FASB issued additional guidance and clarification. The guidance is currently effective for the company in 2018. Early adoption is permitted. The company expects to adopt this guidance on January 1, 2018 through application of the modified retrospective method. The company’s preliminary assessment of its most commonly used customer terms and conditions and routine sales transactions did not identify material impacts to its consolidated financial statements from the application of the guidance; however, a broad assessment is ongoing that includes surveying the company’s major businesses concerning any unique customer contract terms or transactions that could have implications to the timing of revenue recognition under the new guidance. The company expects this undertaking will be complete in the second half of 2017.

Note 2. Acquisitions and Dispositions

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.

2016

On September 19, 2016, the company acquired, within the Analytical Instruments segment, FEI Company, a North America-based provider of high-performance electron microscopy, for a total purchase price of $4.08 billion, net of cash

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acquired. The acquisition strengthened the company's analytical instrument portfolio with the addition of high-end electron microscopes. Revenues of FEI were $930 million in 2015. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $2.06 billion was allocated to goodwill, approximately $65 million of which is tax deductible.

On March 31, 2016, the company acquired, within the Life Sciences Solutions segment, Affymetrix, Inc., a North America-based provider of cellular and genetic analysis products, for a total purchase price of $1.34 billion, net of cash acquired, including the assumption of $254 million of debt. The acquisition expanded the company's existing portfolio of antibodies and assays for flow cytometry and single-cell biology applications. Additionally, the acquisition expanded the company's genetic analysis portfolio through the addition of microarrays. Revenues of Affymetrix were $360 million in 2015. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $615 million was allocated to goodwill, none of which is tax deductible.

In addition, in 2016, the company acquired, within the Life Sciences Solutions segment, a manufacturer of transfection reagents and cell-related products and selected assets of an existing channel partner, within the Analytical Instruments segment, a provider of X-ray diffraction solutions for material science and industrial applications and, within the Specialty Diagnostics segment, an existing channel partner for its microbiology media products, for an aggregate purchase price of $33 million.

The components of the purchase price and net assets acquired for 2016 acquisitions are as follows:

(In millions)	FEI			Affymetrix			Other			Total
Purchase Price
Cash paid	$	4,440.4		$	1,165.0		$	29.5		$	5,634.9
Debt assumed	—			254.2			0.6			254.8
Purchase price payable	10.8			0.5			2.7			14.0
Cash acquired	(369.1		)	(77.9		)	(0.3		)	(447.3		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4
Net Assets Acquired
Current assets	$	621.4		$	160.6		$	3.4		$	785.4
Property, plant and equipment	153.0			19.3			0.2			172.5
Definite-lived intangible assets:
Customer relationships	1,051.1			500.5			8.7			1,560.3
Product technology	739.8			253.1			7.0			999.9
Tradenames and other	130.0			45.5			—			175.5
Indefinite-lived intangible assets:
In-process research and development	104.7			14.4			—			119.1
Goodwill	2,057.1			615.2			20.6			2,692.9
Other assets	71.6			7.8			0.1			79.5
Liabilities assumed	(846.6		)	(274.6		)	(7.5		)	(1,128.7		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4

The weighted-average amortization periods for definite-lived intangible assets acquired in 2016 are 16 years for customer relationships, 8 years for product technology and 8 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2016 is 13 years.

The company recorded a deferred tax liability of $156 million in the acquisition accounting related to the outside basis difference of the Affymetrix Singapore operations as the company does not intend to permanently reinvest the pre-acquisition Singapore earnings.

Revenues of Affymetrix and FEI in 2016, subsequent to the date of acquisition, were $251 million and $385 million, respectively. Operating losses totaled $125 million and $38 million, respectively, primarily due to acquisition-related charges and restructuring costs related to synergy planning.

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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 ($393 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, $125 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, $124 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:

(In millions)	Alfa Aesar			Advanced Scientifics			Other			Total
Purchase Price
Cash paid	$	393.0		$	289.1		$	18.5		$	700.6
Purchase price payable	—			—			1.3			1.3
Cash acquired	(3.5		)	(0.3		)	(1.3		)	(5.1		)
	$	389.5		$	288.8		$	18.5		$	696.8
Net Assets Acquired
Current assets	$	96.8		$	28.7		$	4.6		$	130.1
Property, plant and equipment	39.0			10.6			0.1			49.7
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	125.1			124.4			8.9			258.4
Other assets	4.5			0.2			—			4.7
Liabilities assumed	(28.6		)	(3.9		)	(3.0		)	(35.5		)
	$	389.5		$	288.8		$	18.5		$	696.8

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. 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.

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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:

(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

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.

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Unaudited Pro Forma Information

Had the acquisitions of FEI and Affymetrix been completed as of the beginning of 2015, the company’s pro forma results for 2016 and 2015 would have been as follows:

(In millions except per share amounts)	2016		2015
Revenues	$	18,988.4	$	18,230.0
Income from Continuing Operations	$	2,045.8	$	1,688.8
Net Income	$	2,042.3	$	1,683.9
Earnings per Share from Continuing Operations:
Basic	$	5.18	$	4.24
Diluted	$	5.15	$	4.20
Earnings per Share:
Basic	$	5.17	$	4.22
Diluted	$	5.14	$	4.19

Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combinations to reflect amounts as if the acquisitions had been completed as of the beginning of 2015, as follows:

• Pre-tax charge to selling, general and administrative expenses of $102 million in 2015, for acquisition-related transaction costs incurred by the company, Affymetrix and FEI;

• Pre-tax charge to cost of revenues of $99 million in 2015, for the sale of Affymetrix and FEI inventories revalued at the date of acquisition;

• Pre-tax charge of $46 million in 2015, for initial restructuring charges incurred by the company relating to the Affymetrix and FEI acquisitions.

• Pre-tax charge of $33 million in 2015, to conform the accounting policies of Affymetrix and FEI with the company’s accounting policies; and

• Pre-tax reduction of revenues of $6 million and $14 million in 2016 and 2015, respectively, for revaluing the Affymetrix and FEI deferred revenue obligations to fair value.

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 acquisitions 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 2015 or 2016 acquisitions occurred at the beginning of 2014 or 2015, 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.

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The assets and liabilities of the Cole-Parmer business were as follows at June 28, 2014:

	June 28,
(In millions)	2014
Current Assets	$	39.5
Long-term Assets	400.3
Current Liabilities	15.5
Long-term Liabilities	84.1

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.

Note 3. Business Segment and Geographical Information

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 as well as from significant litigation-related matters; 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.

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Business Segment Information

(In millions)	2016			2015			2014
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		$	4,195.7
Analytical Instruments	3,668.2			3,208.2			3,252.2
Specialty Diagnostics	3,339.2			3,243.9			3,343.6
Laboratory Products and Services	7,030.0			6,661.5			6,601.5
Eliminations	(741.4		)	(587.6		)	(503.4		)
Consolidated revenues	18,274.1			16,965.4			16,889.6
Segment Income (a)
Life Sciences Solutions	1,514.7			1,336.9			1,214.9
Analytical Instruments	745.2			612.8			581.1
Specialty Diagnostics	909.8			872.9			916.0
Laboratory Products and Services	1,052.1			999.1			982.8
Subtotal reportable segments (a)	4,221.8			3,821.7			3,694.8
Cost of revenues charges	(101.5		)	(9.1		)	(327.6		)
Selling, general and administrative charges, net	(103.9		)	(46.3		)	(130.7		)
Restructuring and other (costs) income, net	(189.2		)	(115.3		)	598.2
Amortization of acquisition-related intangible assets	(1,378.0		)	(1,314.8		)	(1,331.7		)
Consolidated operating income	2,449.2			2,336.2			2,503.0
Other expense, net (b)	(425.3		)	(399.8		)	(415.8		)
Income from continuing operations before income taxes	$	2,023.9		$	1,936.4		$	2,087.2
Depreciation
Life Sciences Solutions	$	141.4		$	146.3		$	131.6
Analytical Instruments	49.7			38.9			39.0
Specialty Diagnostics	70.4			73.7			76.7
Laboratory Products and Services	118.5			114.5			105.8
Consolidated depreciation	$	380.0		$	373.4		$	353.1

(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.

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(In millions)	2016		2015		2014
Total Assets
Life Sciences Solutions	$	18,454.3	$	17,884.3	$	19,257.0
Analytical Instruments	9,519.6		4,763.1		4,133.3
Specialty Diagnostics	6,801.6		7,183.2		8,047.7
Laboratory Products and Services	10,016.3		10,266.6		10,875.7
Corporate/Other (c)	1,115.7		737.1		538.4
Consolidated total assets	$	45,907.5	$	40,834.3	$	42,852.1
Capital Expenditures
Life Sciences Solutions	$	116.7	$	85.1	$	104.4
Analytical Instruments	34.0		59.5		38.1
Specialty Diagnostics	72.3		75.9		84.7
Laboratory Products and Services	116.8		97.7		102.1
Corporate/Other	104.6		104.7		98.3
Consolidated capital expenditures	$	444.4	$	422.9	$	427.6

(c) Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices.

Geographical Information

(In millions)	2016		2015		2014
Revenues (d)
United States	$	9,085.6	$	8,607.3	$	8,147.7
China	1,729.6		1,376.4		1,223.1
Germany	995.8		899.7		1,005.9
United Kingdom	742.2		778.1		754.5
Japan	737.3		611.1		672.8
Other	4,983.6		4,692.8		5,085.6
Consolidated revenues	$	18,274.1	$	16,965.4	$	16,889.6
Long-lived Assets (e)
United States	$	1,630.2	$	1,532.0	$	1,501.7
United Kingdom	216.8		261.1		265.5
Germany	157.6		169.4		170.3
Other	573.2		486.3		489.0
Consolidated long-lived assets	$	2,577.8	$	2,448.8	$	2,426.5

(d) Revenues are attributed to countries based on customer location.

(e) Includes property, plant and equipment, net.

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Note 4. Other Expense, Net

The components of other expense, net, in the accompanying statement of income are as follows:

(In millions)	2016			2015			2014
Interest Income	$	48.4		$	30.6		$	47.7
Interest Expense	(469.6		)	(414.9		)	(479.9		)
Other Items, Net	(4.1		)	(15.5		)	16.4
Other Expense, Net	$	(425.3	)	$	(399.8	)	$	(415.8	)

Other Items, Net

In all periods, other items, net includes currency transaction gains and losses on monetary assets and liabilities. In 2016, other items, net includes $22 million of charges related to the amortization of fees paid to obtain bridge financing commitments for the acquisition of FEI (Note 2) and $9 million of losses on the early extinguishment of debt, offset in part by $12.5 million of gains on investments. The investment gains include an $8 million gain on the sale of a joint venture for net proceeds of $65 million.

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.

Note 5. Stock-based Compensation Expense

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:

(In millions)	2016		2015		2014
Stock Option Awards	$	41.3	$	43.7	$	45.7
Restricted Unit Awards	92.2		81.3		71.4
Total Stock-based Compensation Expense	$	133.5	$	125.0	$	117.1

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 $53 million, $63 million and $65 million, respectively, in 2016, 2015 and 2014.

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

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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: 

	2016		2015		2014
Expected Stock Price Volatility	21	%	24	%	25	%
Risk Free Interest Rate	1.2	%	1.4	%	1.3	%
Expected Life of Options (years)	4.3		4.3		4.4
Expected Annual Dividend	0.5	%	0.5	%	0.5	%

The weighted average per share grant-date fair values of options granted during 2016, 2015 and 2014 were $24.54, $27.04 and $26.89, respectively. The total intrinsic value of options exercised during the same periods was $176 million, $181 million and $208 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, 2016 is presented below:

	Shares (in millions)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (a) (in millions)
Outstanding at December 31, 2015	9.6		$	85.30
Granted	1.8		131.22
Exercised	(2.2	)	62.55
Canceled/Expired	(0.4	)	119.52
Outstanding at December 31, 2016	8.8		$	98.69	3.9
Vested and Unvested Expected to Vest at December 31, 2016	8.5		$	97.50	3.8	$	371.7
Exercisable at December 31, 2016	4.6		$	75.05	2.7	$	307.1

(a) Market price per share on December 31, 2016 was $141.10. The intrinsic value is zero for options with exercise prices above the market price.

As of December 31, 2016, there was $66 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2020 with a weighted average amortization period of 2.2 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

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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, 2016 is presented below:

	Units (in thousands)		Weighted Average Grant-Date Fair Value
Unvested at December 31, 2015	1,561		$	113.64
Granted	786		131.01
Vested	(885	)	102.97
Forfeited	(125	)	125.52
Unvested at December 31, 2016	1,337		$	129.80

The total fair value of shares vested during 2016, 2015 and 2014 was $91 million, $80 million and $61 million, respectively.

As of December 31, 2016, there was $112 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2020 with a weighted average amortization period of 1.9 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 152,000, 151,000 and 119,000 shares, respectively, of its common stock for the 2016, 2015 and 2014 plan years, which ended on December 31.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 6. Pension and Other Postretirement Benefit Plans

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 2016, 2015 and 2014, the company charged to expense $140 million, $131 million and $118 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 2016, 2015 and 2014, the company made cash contributions of approximately $43 million, $38 million and $50 million, respectively. Additionally, in 2016, the company contributed insurance contracts valued at $16 million to two of its German defined benefit plans. Contributions to the plans included in the following table are estimated at between $215 and $235 million for 2017.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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:

	Domestic Pension  Benefits						Non-U.S. Pension  Benefits						Postretirement Benefits
(In millions)	2016			2015			2016			2015			2016			2015
Change in Projected Benefit Obligations
Benefit Obligation at Beginning of Year	$	1,213.1		$	1,291.1		$	1,036.0		$	1,075.4		$	48.8		$	55.3
Business combinations	33.4			—			1.2			52.7			—			—
Service costs	—			—			23.9			25.2			0.5			0.6
Interest costs	51.1			50.0			27.1			27.6			2.0			1.9
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Actuarial (gains) losses	29.8			(48.7		)	149.9			(39.1		)	1.4			(2.2		)
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(88.4		)	(73.4		)	—			(2.7		)
Benefit Obligation at End of Year	$	1,249.1		$	1,213.1		$	1,116.5		$	1,036.0		$	50.1		$	48.8
Change in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	945.4		$	1,047.6		$	817.2		$	825.8		$	7.5		$	8.6
Business combinations	—			—			—			32.1			—			—
Actual return on plan assets	70.8			(28.3		)	124.8			12.4			0.5			(1.1		)
Employer contribution	6.4			5.4			49.5			28.0			2.7			4.1
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(104.8		)	(48.7		)	—			—
Fair Value of Plan Assets at End of Year	$	944.3		$	945.4		$	853.5		$	817.2		$	8.1		$	7.5
Funded Status	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Accumulated Benefit Obligation	$	1,249.1		$	1,213.1		$	1,047.8		$	983.4
Amounts Recognized in Balance Sheet
Non-current asset	$	—		$	—		$	62.7		$	72.7		$	4.3		$	3.8
Current liability	(9.8		)	(2.9		)	(5.7		)	(5.7		)	(2.7		)	(2.6		)
Non-current liability	(295.0		)	(264.8		)	(320.0		)	(285.8		)	(43.6		)	(42.5		)
Net amount recognized	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial loss	$	171.3		$	163.0		$	169.6		$	133.1		$	5.8		$	4.7
Prior service credits	—			—			7.9			(1.6		)	(0.1		)	(0.2		)
Net amount recognized	$	171.3		$	163.0		$	177.5		$	131.5		$	5.7		$	4.5

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2016 and 2015 and are as follows:

	Domestic Pension Benefits				Non-U.S. Pension Benefits				Postretirement Benefits
	2016		2015		2016		2015		2016		2015
Weighted Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	4.07	%	4.25	%	1.95	%	2.83	%	3.77	%	4.12	%
Average rate of increase in employee compensation	4.00	%	4.00	%	3.09	%	3.06	%	—		—
Initial healthcare cost trend rate									6.70	%	6.82	%
Ultimate healthcare cost trend rate									5.08	%	5.21	%

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:

	Domestic Pension Benefits						Non-U.S. Pension Benefits
	2016		2015		2014		2016		2015		2014
Weighted Average Assumptions Used to Determine Net Benefit Cost (Income)
Discount rate	4.25	%	4.00	%	4.46	%	2.83	%	2.69	%	3.91	%
Average rate of increase in employee compensation	4.00	%	4.00	%	4.00	%	3.06	%	3.03	%	3.22	%
Expected long-term rate of return on assets	7.00	%	7.00	%	7.00	%	3.74	%	4.21	%	4.88	%

The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached between 2017 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.

As of January 1, 2017, the company changed the method it uses to estimate the service and interest components of net periodic benefit cost for pension and other retiree benefit plans. Historically, the company estimated these service and interest cost components utilizing the single weighted-average discount rate used to measure each plan's benefit obligation at the beginning of the year. Beginning in 2017, the company will utilize a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The company has made this change to provide a more precise measurement of the service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The company has accounted for this change as a change in accounting estimate and will account for it prospectively starting in January 2017. The reduction in service and interest costs for 2017 associated with this change in estimate will be approximately $10 million.

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.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2017 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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	1,906.6	$	1,739.2
Fair value of plan assets	1,276.1		1,180.0

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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation	$	1,846.7	$	1,694.3
Fair value of plan assets	1,275.7		1,179.7

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:

	Domestic Pension Benefits									Non-U.S. Pension Benefits
(In millions)	2016			2015			2014			2016			2015			2014
Components of Net Benefit Cost (Income)
Service cost-benefits earned	$	—		$	—		$	2.0		$	23.9		$	25.2		$	20.0
Interest cost on benefit obligation	51.1			50.0			53.1			27.1			27.6			36.7
Expected return on plan assets	(49.6		)	(54.3		)	(60.8		)	(28.2		)	(33.6		)	(34.4		)
Amortization of actuarial net loss	0.3			0.6			3.7			7.1			9.3			4.2
Amortization of prior service benefit	—			—			—			(0.2		)	(0.2		)	(0.1		)
Settlement/curtailment loss	—			—			25.5			0.7			1.0			4.1
Special termination benefits	—			—			—			—			1.3			0.3
Net periodic benefit cost (income)	$	1.8		$	(3.7	)	$	23.5		$	30.4		$	30.6		$	30.8

The net periodic postretirement benefit cost was not material in 2016, 2015 and 2014. 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 in 2014 associated with those plan participants electing to accept the settlement offer.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2016. 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:

(In millions)	Domestic Pension Benefits		Non-U.S. Pension Benefits		Post- retirement Benefits
Expected Benefit Payments
2017	$	85.9	$	28.6	$	3.0
2018	81.6		37.5		3.0
2019	81.3		30.8		2.9
2020	81.2		32.9		2.9
2021	82.1		33.3		2.8
2022-2026	393.7		192.7		12.7

A change in the assumed healthcare cost trend rate by one percentage point effective January 2016 would not have caused a material change in the accumulated postretirement benefit obligation as of December 31, 2016 and the 2016 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 1% to real estate-related equities, approximately 25% to funds investing in international equities and approximately 48% 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 target asset allocations of approximately 70% for equities and 30% for fixed income securities and cash. 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 0% - 25% for equities, 33% - 100% for fixed income, 0% - 20% for hedge funds, 0% - 3% for multi-asset funds and 0% - 20% 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.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The fair values of the company’s plan assets at December 31, 2016 and 2015, by asset category are as follows:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Domestic Pension Plan Assets
U.S. equity funds	$	259.0	$	—	$	—	$	—	$	259.0
International equity funds	229.5		—		—		—		229.5
Fixed income funds	436.9		—		—		—		436.9
Private equity funds	1.9		—		—		—		1.9
Money market funds	17.0		—		—		—		17.0
Total Domestic Pension Plans	$	944.3	$	—	$	—	$	—	$	944.3
Non-U.S. Pension Plan Assets
Equity funds	$	123.2	$	56.5	$	—	$	—	$	66.7
Fixed income funds	294.0		19.6		215.9		—		58.5
Hedge funds	80.1		—		—		—		80.1
Multi-asset funds	12.4		—		—		—		12.4
Derivative funds	157.7		—		157.7		—		—
Insurance contracts	177.3		—		177.3		—		—
Cash / money market funds	8.8		6.4		—		—		2.4
Total Non-U.S. Pension Plans	$	853.5	$	82.5	$	550.9	$	—	$	220.1
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(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	$	—	$	—	$	—	$	945.4
Non-U.S. Pension Plan Assets
Equity funds	$	122.8	$	57.3	$	—	$	—	$	65.5
Fixed income funds	287.7		20.3		210.0		—		57.4
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	$	498.6	$	—	$	208.2
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 at net asset value per share 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. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.

Note 7. Income Taxes

The components of income from continuing operations before provision for income taxes are as follows:

(In millions)	2016		2015		2014
U.S.	$	493.2	$	851.7	$	1,153.3
Non-U.S.	1,530.7		1,084.7		933.9
Income from Continuing Operations	$	2,023.9	$	1,936.4	$	2,087.2

The components of the provision for income taxes of continuing operations are as follows:

(In millions)	2016			2015			2014
Current Income Tax Provision
Federal	$	279.9		$	184.4		$	444.5
Non-U.S.	348.7			362.7			404.8
State	9.3			8.5			35.0
	637.9			555.6			884.3
Deferred Income Tax Provision (Benefit)
Federal	$	(510.1	)	$	(296.4	)	$	(362.4	)
Non-U.S.	(103.9		)	(288.2		)	(297.3		)
State	(25.3		)	(14.9		)	(32.9		)
	(639.3		)	(599.5		)	(692.6		)
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

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 $53 million, $63 million and $65 million of such benefits that have been allocated to capital in excess of par value in 2016, 2015 and 2014, respectively.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 millions)	2016			2015			2014
Provision for Income Taxes at Statutory Rate	$	708.4		$	677.7		$	730.5
Increases (Decreases) Resulting From:
Foreign rate differential	(321.7		)	(274.5		)	(278.4		)
Income tax credits	(318.2		)	(316.4		)	(239.9		)
Manufacturing deduction	(37.9		)	(37.9		)	(45.9		)
Singapore tax holiday	(22.7		)	(20.8		)	(34.0		)
Impact of change in tax laws and apportionment on deferred taxes	1.5			(37.5		)	(21.0		)
Nondeductible expenses	12.3			9.4			23.4
Provision (reversal) of tax reserves, net	11.9			18.0			28.0
Basis difference on disposal of businesses	21.8			—			18.7
Tax return reassessments and settlements	(41.0		)	(53.5		)	(3.6		)
State income taxes, net of federal tax	(15.9		)	(7.4		)	9.3
Other, net	0.1			(1.0		)	4.6
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

The company has operations and a taxable presence in approximately 50 countries outside the U.S. All of these countries except one have a lower tax rate than the U.S. The countries in which the company has a material presence that have significantly lower tax rates than the U.S. include Germany, the Netherlands, Singapore, Sweden, Switzerland and the United Kingdom. The company’s ability to obtain a benefit from lower tax rates outside the U.S. is dependent on its relative levels of income in countries outside the U.S. and on the statutory tax rates in those countries.

The foreign tax credits discussed below are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned.

In 2016, the company continued to implement tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $91 million, offset in part by additional U.S. income taxes of $37 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2016). The company also implemented foreign tax credit planning in Sweden which resulted in $100 million of foreign tax credits, with no related incremental U.S. income tax expense.

In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from 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, the company implemented tax planning initiatives related to non-U.S. subsidiaries.  These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from 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).

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

F- 34

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

December 31, 2021. In 2016, 2015 and 2014, the impact of this tax holiday decreased the annual effective tax rates by 1.1%, 1.1% and 1.6%, respectively, and increased diluted earnings per share by approximately $0.06, $0.05 and $0.08, respectively.

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2016			2015
Deferred Tax Asset (Liability)
Depreciation and amortization	$	(4,218.6	)	$	(4,024.8	)
Net operating loss and credit carryforwards	1,453.3			1,083.3
Reserves and accruals	191.6			185.9
Accrued compensation	371.5			312.9
Foreign undistributed earnings	(156.2		)	—
Inventory basis difference	110.4			83.3
Other capitalized costs	83.9			167.9
Unrealized losses on hedging instruments	36.3			16.6
Other, net	65.9			69.1
Deferred tax assets (liabilities), net before valuation allowance	(2,061.9		)	(2,105.8		)
Less: Valuation allowance	113.0			108.9
Deferred tax assets (liabilities), net	$	(2,174.9	)	$	(2,214.7	)

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, 2016, 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, 2016, the company had federal, state and non-U.S. net operating loss carryforwards of $246 million, $1.44 billion and $2.38 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 2017 through 2036. Of the non-U.S. net operating loss carryforwards, $369 million expire in the years 2017 through 2036, and the remainder do not expire. The company also had $620 million of federal foreign tax credit carryforwards as of December 31, 2016, which expire in the years 2017 through 2026.

The company operates in various jurisdictions around the world. With the exception of its Affymetrix Singapore subsidiary, the company has not provided income taxes on the undistributed earnings of its non-U.S. subsidiaries due to its intention to permanently reinvest such earnings unless the company can remit such earnings to the U.S. without associated net tax cost. The company recorded a deferred tax liability of $156 million in acquisition accounting for the outside basis difference of Affymetrix Singapore as the company intends to integrate it with the company’s existing Singapore operations within the next twelve months. Aside from this plan, the company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.

A provision has not been made for U.S. or additional non-U.S. taxes on $12.49 billion of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. 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, 2016, the company had $802 million of unrecognized tax benefits which, if recognized, would reduce the effective tax rate.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2016			2015			2014
Balance at beginning of year	$	349.7		$	214.1		$	134.2
Additions due to acquisitions	54.2			—			54.3
Additions for tax positions of current year	341.6			14.0			35.3
Additions for tax positions of prior years	94.1			121.2			38.3
Closure of tax years	(28.1		)	(5.2		)	—
Settlements	(9.8		)	5.6			(48.0		)
Balance at end of year	$	801.7		$	349.7		$	214.1

During 2016, the company’s unrecognized tax benefits increased $342 million due to the uncertainty around the deductibility of a foreign exchange loss on intercompany investments, $54 million due to acquisitions, $43 million due to tax planning related to prior years that resulted in amended tax filings, $35 million relating to foreign tax positions and $14 million due to the utilization of deferred tax assets. In 2016, the company also settled the Life Technologies tax audit for the 2012 to 2014 tax years which reduced the reserve on unrecognized tax benefits by $10 million. Of the total $802 million of liability, $3 million is classified as a current liability and the remainder is long-term.

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.

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.

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, 2016 and 2015 was $24 million and $19 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.

F- 36

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 8. Earnings per Share

(In millions except per share amounts)	2016			2015			2014
Income from Continuing Operations	$	2,025.3		$	1,980.3		$	1,895.5
Loss from Discontinued Operations	(3.5		)	(4.9		)	(1.1		)
Net Income	$	2,021.8		$	1,975.4		$	1,894.4
Basic Weighted Average Shares	394.8			398.7			398.2
Plus Effect of:
Equity forward arrangement	—			—			0.2
Stock options and restricted units	2.6			3.2			3.9
Diluted Weighted Average Shares	397.4			401.9			402.3
Basic Earnings per Share:
Continuing operations	$	5.13		$	4.97		$	4.76
Discontinued operations	(0.01		)	(0.01		)	—
Basic Earnings per Share	$	5.12		$	4.96		$	4.76
Diluted Earnings per Share:
Continuing operations	$	5.10		$	4.93		$	4.71
Discontinued operations	(0.01		)	(0.01		)	—
Diluted Earnings per Share	$	5.09		$	4.92		$	4.71

Options to purchase 1.5 million, 3.4 million and 2.4 million shares of common stock were not included in the computation of diluted earnings per share for 2016, 2015 and 2014, respectively, because their effect would have been antidilutive.

F- 37

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 9. Debt and Other Financing Arrangements

	Effective Interest Rate at December 31,		December 31,			December 31,
(Dollars in millions)	2016		2016			2015
Commercial Paper	0.15	%	$	953.3		$	49.6
Term Loan	1.96	%	825.0			—
2.25% 5-Year Senior Notes, Due 8/15/2016			—			1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017			—			900.0
1.85% 5-Year Senior Notes, Due 1/15/2018	2.01	%	500.0			500.0
Floating Rate 2-Year Senior Notes, Due 8/9/2018 (euro-denominated)	0.14	%	631.0			—
2.15% 3-Year Senior Notes, Due 12/14/2018	2.35	%	450.0			450.0
2.40% 5-Year Senior Notes, Due 2/1/2019	2.59	%	900.0			900.0
6.00% 10-Year Senior Notes, Due 3/1/2020	2.97	%	750.0			750.0
4.70% 10-Year Senior Notes, Due 5/1/2020	4.23	%	300.0			300.0
1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated)	1.62	%	447.0			461.6
5.00% 10-Year Senior Notes, Due 1/15/2021	3.24	%	400.0			400.0
4.50% 10-Year Senior Notes, Due 3/1/2021	4.33	%	1,000.0			1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021	4.15	%	1,100.0			1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022	3.43	%	800.0			800.0
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)	2.27	%	525.9			543.1
3.15% 10-Year Senior Notes, Due 1/15/2023	3.31	%	800.0			800.0
3.00% 7-Year Senior Notes Due 4/15/2023	4.37	%	1,000.0			—
4.15% 10-Year Senior Notes, Due 2/1/2024	4.16	%	1,000.0			1,000.0
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.93	%	1,051.7			—
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.09	%	673.1			695.2
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350.0			350.0
2.95% 10-Year Senior Notes, Due 9/19/2026	3.19	%	1,200.0			—
1.375% 12-Year Senior Notes, 9/12/2028 (euro-denominated)	1.46	%	631.0			—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400.0			400.0
Other			13.0			16.3
Total Borrowings at Par Value			16,701.0			12,415.8
Fair Value Hedge Accounting Adjustments			(49.3		)	6.2
Unamortized Premium, Net			52.2			104.7
Unamortized Debt Issuance Costs			(76.0		)	(54.7		)
Total Borrowings at Carrying Value			16,627.9			12,472.0
Less: Short-term Obligations and Current Maturities			1,255.5			1,051.8
Long-term Obligations			$	15,372.4		$	11,420.2

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, the amortization of any debt issuance costs and, if applicable, adjustments related to hedging.

See Note 12 for fair value information pertaining to the company’s long-term obligations.

F- 38

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As of December 31, 2016, the annual repayment requirements for debt obligations are as follows:

(In millions)
2017	$	1,255.5
2018	1,983.3
2019	1,026.9
2020	1,498.9
2021	2,502.0
2022 and Thereafter	8,434.4
	$	16,701.0

As of December 31, 2016 and 2015, short-term obligations and current maturities of long-term obligations in the accompanying balance sheet included $953 million and $50 million, respectively, 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 0.15% and 1.14% at December 31, 2016 and 2015, respectively. In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $67 million as of December 31, 2016. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.

Credit Facilities

In July 2016, the company replaced its existing revolving credit facility with a new facility with a bank group that provides for up to $2.50 billion of unsecured multi-currency revolving credit. The facility expires in July 2021. The agreement calls for interest at either a LIBOR-based rate, a EURIBOR-based rate (for funds drawn in Euro) 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 covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 4.5 to 1.0 for the first two consecutive quarters after the closing date of the acquisition of FEI (see Note 2), stepping down to 4.0 to 1.0 for the two immediately following fiscal quarters and then stepping down to 3.5 to 1.0 each fiscal quarter thereafter. The agreement also requires the company to maintain 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, 2016, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $72 million as a result of outstanding letters of credit.

Commercial Paper Programs

The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the 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. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2016, outstanding borrowings under these programs were $953 million, with a weighted average remaining period to maturity of 58 days and are classified as short-term obligations in the accompanying balance sheet.

Term Loans

In connection with the acquisition of FEI, the company entered into a term loan agreement. The term loan agreement is a 3-year unsecured $2.00 billion term loan facility. The agreement calls for interest at either a LIBOR-based rate, a EURIBOR-based rate (for funds drawn under the term loan in Euro) or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreements contain affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenants are consistent with those in the revolving credit facility described above.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In the first quarter of 2016, in connection with the acquisition of Affymetrix, the company entered into a 364-day $1.00 billion unsecured term loan agreement. In August 2016, the company used the proceeds from the issuance of the floating rate senior notes due 2018 to repay all of this term loan.

Senior Notes

Interest on the floating rate senior notes is payable quarterly. Interest is payable annually on the other euro-denominated senior notes and semi-annually on all other senior notes. Each of the notes may be redeemed 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 2016, Thermo Fisher Scientific (Finance I) B.V., a wholly-owned finance subsidiary of the company issued the Floating Rate Senior Notes due 2018 included in the table above. This subsidiary has no independent function other than financing activities. The Floating Rate Senior Notes due 2018 are fully and unconditionally guaranteed by the company and no other subsidiaries of the company have guaranteed the obligations.

Prior to issuing the 3.00% Senior Notes due 2023, the company had entered into an agreement to hedge its exposure related to the interest rate on the anticipated borrowings (described under the heading "Cash Flow Hedge Arrangements"in Note 12) that was terminated in April 2016. The company had a cash outlay of $75 million in 2016 associated with termination of the arrangement, included in other financing activities, net, in the accompanying statement of cash flows.

Interest Rate Swap Arrangements

In 2016, the company terminated certain of its fixed to floating rate swap arrangements. The terminated swaps were accounted for as fair value hedges. As a result of terminating these arrangements, the company received $61 million (excluding accrued interest) in cash in 2016, included in other financing activities, net, in the accompanying statement of cash flows. The proceeds were recorded as part of the carrying value of the underlying debt and will be amortized as a reduction to interest expense over the remaining terms of the respective debt instruments. Subsequently, the company entered into new swap arrangements which are included in the table below.

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, 2016:

	Aggregate Notional Amount		Pay Rate as of
(Dollars in millions)		Pay Rate	December 31, 2016		Receive Rate
4.50% Senior Notes due 2021	1,000.0	1-month LIBOR + 3.4420%	4.0587	%	4.50	%
3.60% Senior Notes due 2021	1,100.0	1-month LIBOR + 2.5150%	3.2189	%	3.60	%
3.00% Senior Notes due 2023	1,000.0	1-month LIBOR + 1.7640%	2.4679	%	3.00	%

F- 40

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 10. Commitments and Contingencies

Operating Leases

The company leases certain logistics, office, and manufacturing facilities. Income from continuing operations includes expense from operating leases of $182 million, $181 million and $181 million in 2016, 2015 and 2014, respectively. The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2016:

(In millions)
2017	$	163.7
2018	132.6
2019	103.0
2020	79.5
2021	60.2
2022 and Thereafter	176.5
	$	715.5

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 $378 million at December 31, 2016 and the majority of these obligations are expected to be settled during 2017.

Letters of Credit, Guarantees and Other Commitments

Outstanding letters of credit and bank guarantees totaled $179 million at December 31, 2016. Substantially all of these letters of credit and guarantees expire before 2022.

Outstanding surety bonds and other guarantees totaled $24 million at December 31, 2016. The expiration of these bonds and guarantees ranges through 2018.

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 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, 2016 was $40 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.

In 2016, 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 2017, a five-year lease will commence 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. The company has also guaranteed the residual value of two other leased operating facilities with initial lease terms ending in 2019 and 2020. The aggregate maximum guarantee under these three lease arrangements is $155 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

F- 41

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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, 2016, the company’s total environmental liability was approximately $49 million. 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 including matters involving product liability, intellectual property, employment and commercial 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, nor, with respect to certain pending litigation or claims where no liability has been accrued, 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, 2016, was approximately $251 million to $397 million on an undiscounted basis. The

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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 $230 million at December 31, 2016 (or $256 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $97 million at December 31, 2016 (or $114 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, 2016, the company had a product liability accrual of $10 million (undiscounted) relating to divested businesses.

The assets and liabilities assumed at the Fisher 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 $26 million and the discount on the assets of approximately $17 million (net discount $9 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 Systems, 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, 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. In February 2016, the District Court granted the company’s motion for summary judgment of non-infringement and entered judgment in its favor. Enzo appealed that decision to the Federal Circuit in March 2016. The company has maintained the $61 million accrual, pending appeals.

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. Life Technologies' petition to the U.S. Supreme Court seeking review of the Court of Appeals’ judgment was granted on June 27, 2016, and the case was stayed in the District Court pending the outcome of the Supreme Court’s review. On February 22, 2017, the Supreme Court issued a decision reversing the Court of Appeals’ judgment and remanding the case to the Court of Appeals for further proceedings in view of the Supreme Court’s legal interpretation of the patent law statute in question. The company has maintained the $52 million accrual, pending conclusion of this matter.

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

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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.

Commercial Matters

On May 5, 2015, and February 12, 2016, the Academy of Allergy & Asthma in Primary Care and United Biologics, LLC d/b/a United Allergy Services, a provider of on-site services to physicians in the delivery of testing and treatment of allergies, filed a complaint against Phadia U.S. Inc. (a subsidiary of the company) and Thermo Fisher Scientific Inc., respectively, in the United States District Court for the Western District of Texas. The plaintiffs allege various claims of anticompetitive activities in violation of antitrust laws, tortious interference with contracts and existing and prospective business relations, and civil conspiracy. On March 28, 2016, the company filed a counterclaim against United Biologics, LLC alleging tortious interference with business relations and seeking a declaratory judgment and injunctive relief. The plaintiffs seek damages, attorneys’ fees, costs, and injunctive relief. The company expects this matter will be scheduled for trial in 2017.

Note 11. Comprehensive Income and Shareholders' Equity

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: 

(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, 2015	$	(1,776.7	)	$	1.8		$	(26.6	)	$	(195.8	)	$	(1,997.3	)
Other comprehensive income (loss) before reclassifications	(566.7		)	(1.6		)	(36.6		)	(46.9		)	(651.8		)
Amounts reclassified from accumulated other comprehensive items	—			0.7			6.1			6.0			12.8
Net other comprehensive items	(566.7		)	(0.9		)	(30.5		)	(40.9		)	(639.0		)
Balance at December 31, 2016	$	(2,343.4	)	$	0.9		$	(57.1	)	$	(236.7	)	$	(2,636.3	)

Shareholders’ Equity

At December 31, 2016, the company had reserved 32.9 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.

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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.

Note 12. Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements

The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2016. 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 tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and December 31, 2015:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable  Inputs		Significant Unobservable Inputs
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	64.8	$	64.8	$	—	$	—
Bank time deposits	2.0		2.0		—		—
Investments in mutual funds and other similar instruments	15.5		15.5		—		—
Warrants	2.0		—		2.0		—
Insurance contracts	102.1		—		102.1		—
Derivative contracts	15.8		—		15.8		—
Total Assets	$	202.2	$	82.3	$	119.9	$	—
Liabilities
Derivative contracts	$	121.9	$	—	$	121.9	$	—
Contingent consideration	3.4		—		—		3.4
Total Liabilities	$	125.3	$	—	$	121.9	$	3.4

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	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 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

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 notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.70 billion and $6.63 billion at December 31, 2016 and December 31, 2015, 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.

	Fair Value – Assets				Fair Value – Liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2016		2015		2016		2015
Derivatives Designated as Hedging Instruments
Interest rate swaps (a)	$	—	$	0.2	$	109.5	$	16.4
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts (b)	15.8		13.6		12.4		25.4

(a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other long-term liabilities.

(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.

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	Gain (Loss) Recognized
(In millions)	2016			2015
Derivatives Designated as Fair Value Hedges
Interest rate swaps - effective portion	$	21.1		$	34.0
Interest rate swaps - ineffective portion (a)	(0.7		)	(7.4		)
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts
Included in cost of revenues	$	(15.1	)	$	12.4
Included in other expense, net	(98.9		)	126.8

(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.

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 2016 and 2015, pre-tax net gains of $172 million and $77 million, respectively, from the euro-denominated notes were included in currency translation adjustment.

Cash Flow Hedge Arrangements

In 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 was 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 hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned fixed-rate debt issue. The change in the fair value of the hedge during 2016, $37 million, net of tax, was classified as a decrease to accumulated other comprehensive items within shareholders’ equity. The hedge was terminated in advance of completing a debt offering in April 2016 (Note 9). The fair value of the hedge at that time, $46 million, net of tax, was classified as a reduction to accumulated other comprehensive items and is being amortized to interest expense over the term of the debt.

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

	December 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	26.2	$	28.4	$	12.1	$	14.9
Debt Obligations:
Senior notes	$	14,838.3	$	15,184.4	$	12,406.1	$	12,618.8
Term loan	823.3		825.0		—		—
Commercial paper	953.3		953.3		49.6		49.6
Other	13.0		13.0		16.3		16.3
	$	16,627.9	$	16,975.7	$	12,472.0	$	12,684.7

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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Note 13. Supplemental Cash Flow Information

(In millions)	2016			2015			2014
Cash Paid For:
Interest	$	457.9		$	437.6		$	435.9
Income Taxes	$	663.2		$	476.6		$	585.7
Non-cash Activities
Fair value of assets of acquired businesses	$	7,032.4		$	737.4		$	19,623.9
Cash paid for acquired businesses	(5,634.9		)	(700.6		)	(13,534.6		)
Liabilities assumed of acquired businesses	$	1,397.5		$	36.8		$	6,089.3
Declared but unpaid dividends	$	60.1		$	61.3		$	61.9
Issuance of stock upon vesting of restricted stock units	$	126.9		$	131.0		$	110.0
Fair value of investments contributed to defined benefit plans	$	15.9		$	—		$	—

Note 14. Restructuring and Other Costs (Income), Net

Restructuring and other costs in 2016 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; third-party acquisition transaction and integration costs primarily associated with the acquisitions of FEI and Affymetrix; sales of inventories revalued at the date of acquisition; costs to conform the accounting policies of FEI and Affymetrix with the company's accounting policies; costs to achieve synergies related to acquisitions, including severance and abandoned facility costs; and net charges for environmental and litigation-related matters. These charges were partially offset by gains on sales of assets. In 2016, severance actions associated with facility consolidations and cost reduction measures affected less than 3% of the company’s workforce.

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.

As of February 28, 2017, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in 2017 which will be recorded when specified criteria are met, such as communication of benefit arrangements and abandonment of leased facilities.

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2016

During 2016, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses			Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	31.2	$	36.0		$	87.6	$	154.8
Analytical Instruments	62.4		46.5			68.3		177.2
Specialty Diagnostics	—		(0.3		)	14.9		14.6
Laboratory Products and Services	7.9		0.5			17.7		26.1
Corporate	—		21.2			0.7		21.9
	$	101.5	$	103.9		$	189.2	$	394.6

Life Sciences Solutions

In 2016, the Life Sciences Solutions segment recorded $154.8 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $31.2 million, including $27.2 million for sales of inventories revalued at the date of acquisition and $3.9 million to conform the accounting policies of Affymetrix with the company's accounting policies. The segment recorded $36.0 million of charges to selling, general and administrative expenses, including $33.8 million of third-party transaction and integration costs primarily related to the acquisition of Affymetrix, $4.1 million for accelerated depreciation at facilities closing due to real estate consolidation, offset in part by credits of $1.9 million from changes in estimates of contingent acquisition consideration. In addition, the segment recorded $78.1 million of cash restructuring costs, including $60.2 million of severance and related costs primarily to achieve acquisition synergies, and $17.9 million of abandoned facilities costs principally for the consolidation of facilities in the U.S. The segment also recorded $9.5 million of other costs, net, primarily for charges associated with litigation-related matters at acquired businesses.

Analytical Instruments

In 2016, the Analytical Instruments segment recorded $177.2 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $62.4 million, including $20.8 million to conform the accounting policies of FEI with the company's accounting policies and $41.6 million for the sales of inventory revalued at the date of acquisition. The segment recorded $46.5 million of charges to selling, general, and administrative expense, including $37.8 million of third-party transaction costs related to the acquisition of FEI, as well as $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. The segment also recorded $67.7 million of cash restructuring costs primarily for severance obligations payable to former FEI executives and charges associated with abandoned facilities, including remediation and other closure costs of a manufacturing facility in the U.S.

Specialty Diagnostics

In 2016, the Specialty Diagnostics segment recorded $14.6 million of net restructuring and other charges. These costs were principally comprised of $10.0 million for charges associated with litigation-related matters and $6.3 million of cash restructuring costs for severance and other costs associated with headcount reductions and facility consolidations. The segment also recorded $1.4 million of other income, net, primarily gains on the sale of real estate, offset in part by charges for the settlement of retirement plans.

Laboratory Products and Services

In 2016, the Laboratory Products and Services segment recorded $26.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $7.9 million, including $6.2 million for sales of inventories revalued at the date of acquisition, and $1.7 million for accelerated depreciation at facilities closing due to real estate consolidation. The segment recorded $10.9 million of cash restructuring costs, primarily for employee severance and other costs associated with headcount reductions and facility consolidations. In addition, the segment recorded $8.3 million of charges for an increase in environmental remediation cost estimates associated with a Superfund site in the U.S., offset in part by $1.3 million of gains on the settlement of litigation.

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Corporate

In 2016, the company recorded $21.9 million of restructuring and other costs, principally within selling, general, and administrative expenses, including $17.2 million of charges for product liability litigation and $4.0 million of accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $1.1 million of restructuring charges for severance and other costs associated with facility consolidation at its corporate operations.

2015

During 2015, the company recorded net restructuring and other costs by segment as follows:

(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

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

F- 50

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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:

(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	)

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,

F- 51

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

F- 52

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

(In millions)	Severance			Abandonment of Excess Facilities			Other (a)			Total
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
Costs incurred in 2016 (e)	109.1			45.9			11.9			166.9
Reserves reversed (b)	(1.9		)	(0.4		)	(0.5		)	(2.8		)
Payments	(83.2		)	(26.6		)	(12.2		)	(122.0		)
Currency translation	(1.0		)	(0.1		)	—			(1.1		)
Balance at December 31, 2016	$	38.2		$	31.9		$	2.2		$	72.3

(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.

(e) Excludes $24.0 million of provision for losses on litigation-related matters; $8.3 million of provision for environmental remediation; $4.6 million of net gains on the sale of real estate; and an aggregate of $2.6 million of non-cash income, net.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2017; and abandoned-facility payments, over lease terms expiring through 2027.

F- 53

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 15. Unaudited Quarterly Information

	2016
(In millions except per share amounts)	First (a)		Second (b)		Third (c)		Fourth (d)
Revenues	$	4,294.8	$	4,535.2	$	4,490.9	$	4,953.2
Gross Profit	1,957.9		2,078.5		2,053.9		2,278.8
Income from Continuing Operations	402.3		516.8		473.5		632.7
Net Income	402.2		516.6		473.5		629.5
Earnings per Share from Continuing Operations:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Earnings per Share:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Cash Dividend Declared per Common Share	0.15		0.15		0.15		0.15

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $90.1 million.

(b) Costs of $56.6 million.

(c) Costs of $149.8 million.

(d) Costs of $98.1 million.

	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

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $40.2 million.

(b) Costs of $24.7 million.

(c) Costs of $40.9 million.

(d) Costs of $64.9 million.

Note 16. Subsequent Event

In February 2017, the company acquired, within the Life Sciences Solutions segment, Finesse Solutions, Inc., a North America-based developer of scalable control automation systems and software for bioproduction, for approximately $225 million. The acquisition expanded the company's bioproduction offerings. Revenues of Finesse were approximately $50 million in 2016. The purchase price allocation for the acquisition is not yet available.

F- 54

EX-10.7

Exhibit 10.7

Effective as of 1/1/17

SUMMARY OF ANNUAL NON-MANAGEMENT DIRECTOR COMPENSATION

I.Board Members (Other than the Chairman)

A. Annual Cash Compensation

Annual Cash Retainer:	$125,000
Additional Cash Retainer for Chairman of Audit Committee:	$25,000
Additional Cash Retainer for Chairs of Compensation Committee, Nominating and Corporate Governance Committee, Science and Technology Committee and Strategy and Finance Committee:	$15,000

B. Equity Compensation

Annual equity grants are made upon the recommendation of the Compensation Committee.

II. Chairman of the Board

A. Annual Cash Compensation

Annual Cash Retainer: $295,000

B. Equity Compensation

Annual equity grants are made upon the recommendation of the Compensation Committee.

III. Travel Expenses

Directors are reimbursed for reasonable out-of-pocket expenses incurred in attending meetings.

147014-1

EX-10.44

Exhibit 10.44

THERMO FISHER SCIENTIFIC INC.

NONSTATUTORY STOCK OPTION AGREEMENT

Granted Under

[NAME OF EQUITY INCENTIVE PLAN]

1.Grant of Option.

This agreement evidences the grant by Thermo Fisher Scientific Inc., a Delaware corporation (the “Company”), on [           ], 20[ ](the “Grant Date”) to[] (the “Participant”), an employee, officer, consultant, or director of the Company or one of its Subsidiaries, of an Option to purchase, in whole or in part, on the terms provided herein and in the Company’s [Name of Equity Incentive Plan] (the “Plan”), a total of [] shares (the “Shares”) of common stock, $1.00par value per share, of the Company (“Common Stock”) at $[] per Share. Unless earlier terminated, this Option shall expire at 5:00 p.m., Eastern time, on [_______](the “Final Exercise Date”).

It is intended that the Option evidenced by this agreement shall not be an incentive stock Option as defined in Section 422 of the Code. Except as otherwise indicated by the context, the term “Participant”, as used in this Option, shall be deemed to include any person who acquires the right to exercise this Option validly under its terms. Capitalized terms used in this Agreement and not otherwise defined shall have the same meaning as in the Plan.

2.Vesting Schedule. Except as otherwise provided in paragraphs (d) through (g) of Section 3 below and the Plan, this Option will become exercisable (“vest”) as to__________________. [The vesting of this Option shall be in accordance with the provision of the Plan. In the event of this Option vests based solely on the passage of time, insert the following in the blank above: "[       ]% of the original number of Shares on the [____] anniversary of the Grant Date and as to an additional [      ] % of the original number of Shares at the end of [each] anniversary of the Grant Date following the first anniversary of the Grant Date until the [__________] anniversary of the Grant Date"]provided that on each such vesting date the Participant is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company (an “Eligible Participant”). The right of exercise shall be cumulative so that to the extent the Option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this Option under Section 3 hereof.

3.Exercise of Option.

(a)    Form of Exercise. Each election to exercise this Option shall be in accordance with the instructions provided from time to time by the Company. The Participant may purchase

less than the number of shares covered hereby, provided that no partial exercise of this Option may be for any fractional share.

(b)    Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (c)-(f) below, the right to exercise this Option shall terminatethree months after such cessation (but in no event after the Final Exercise Date), providedthat this Option shall be exercisable only to the extent that the Participant was entitled to exercise this Option on the date of such cessation.

(c)    Death or Disability. If the Participant’s employment with the Company or a Subsidiary is terminated by reason of death or “disability” (as defined below) prior to the Final Exercise Date while he or she is an Eligible Participant, this Option shall vest and become 100% exercisable upon the date of such termination due to death or disability and the right to exercise this Option shall terminate one year following such date (but in no event after the Final Exercise Date). For the purposes of this Agreement, a Participant shall be deemed to be "disabled" at such time as the Participant is receiving disability benefits under the Company's Long Term Disability Coverage, as then in effect.

(d)    Discharge for Cause. If the Participant, prior to the Final Exercise Date, is discharged by the Company or a Subsidiary for “Cause” (as defined in the Plan), the right to exercise this Option shall terminate immediately upon the effective date of such discharge. The Participant shall be considered to have been discharged for Cause if the Company determines, within 30 days after the Participant's resignation, that discharge for Cause was warranted.

(e)    Retirement. If the Participant "retires" from the Company or a Subsidiary prior to the Final Exercise Date then, subject to Section 3(d) above, this Option shall vest and become 100% exercisable upon the date of such retirement and the right to exercise this Option shall terminate on the Final Exercise Date, provided that the retirement date occurs at least two years after the Grant Date. For the purposes of this Agreement, a Participant shall be deemed to have "retired" (i) in the event of a non-employee director of the Company, when he or she ceases to be a director of the Company and (ii) in the event of an employee of the Company or a Subsidiary, upon his or her resignation from employment with the Company or a Subsidiary either (A) after the age of 55 and the completion of 10 continuous years service to the Company or a Subsidiary comprising at least 20 hours per week or (B) after the age of 60 and the completion of 5 continuous years service to the Company or a Subsidiary comprising at least 20 hours per week.

(f)    Change in Control Event. If the Participant’s employment or service is terminated by the Company or any Subsidiary without “Cause” (as defined in the Plan) or by the Participant for “Good Reason” (as defined in the Plan), in each case within 18 months following a Change in Control Event, this Option shall vest and become 100% exercisable upon the date of such termination of employment or service and the right to exercise this Option shall terminate one year following such date (but in no event after the Final Exercise Date).

4.Withholding. No Shares will be issued pursuant to the exercise of this Option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in

- 2 -

respect of this Option in accordance with the instructions provided from time to time by the Company; provided, however, except as otherwise permitted by the Board, the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income).

5.Nontransferability of Option. This Option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this Option shall be exercisable only by the Participant. Notwithstanding the foregoing, the Company consents to the gratuitous transfer of this Option by the Participant to or for the benefit of any immediate family member, family trust or family partnership established solely for the benefit of the Participant and/or an immediate family member thereof; provided that with respect to such proposed transferee the Company would be eligible to use a Form S-8 for the registration of the sale of the Common Stock subject to such Option under the Securities Act of 1933, as amended; and providedfurther that the Company shall not be required to recognize any such transfer until such time as the Participant and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by all of the terms and conditions of this Agreement.

6.Provisions of the Plan. This Option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Option.

7.No Right To Employment or Other Status. The grant of this Option shall not be construed as giving the Participant the right to continued employment or any other relationship with the Company or Subsidiary. The Company and Subsidiaries expressly reserve the right at any time to dismiss or otherwise terminate its relationship with the Participant free from any liability or claim under the Plan or this Agreement, except as expressly provided herein.

8.Restrictive Covenants. If the Participant engages in any conduct in breach of any noncompetition, nonsolicitation or confidentiality obligations to the Company or any Subsidiary under any agreement, policy or plan of the Company or any Subsidiary, then such conduct shall also be deemed to be a breach of the terms of the Plan and this Agreement. Upon such breach, this Option shall be cancelled and, to the extent some or all of this Option was exercised within a period of 12 months prior to such breach, the Participant shall be required to forfeit to the Company, upon demand, any cash or Shares acquired by the Participant upon such exercise or sale.

9.Governing Law. This Option shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law.

- 3 -

IN WITNESS WHEREOF, the Company has caused this Option to be executed under its corporate seal by its duly authorized officer. This Option shall take effect as a sealed instrument.

	THERMO FISHER SCIENTIFIC INC.
Dated: _________	By: ____________________________________
	Name: _________________________________
	Title: __________________________________

- 4 -

EX-21

Exhibit 21

 THERMO FISHER SCIENFITIC INC.

Subsidiary List

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
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
Fisher Clinical Services (Korea) Co., Ltd	Korea	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% byThermo 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
Thermo Fisher Scientific (Australia) C.V. [.00009% by Thermo Fisher GP LLC]	Netherlands	99.99991

1

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Thermo Dutch Holdings Limited Partnership [1% by Thermo Finland Holdings LLC]	England	99
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 Portable Holdings LLC	Delaware	100
TSP Holdings I LLC	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 LLC	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

2

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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 [47% by Thermo Fisher Scientific Inc.]	Delaware	53
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 Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific Odyssey Holdings Limited	England	100

3

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Odyssey Venture Corporation	Delaware	100
Thermo Fisher Scientific Luxembourg Venture Holdings I S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Luxembourg Venture Holdings II S.a.r.l.	Luxembourg	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
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 (Asheville) LLC]	Netherlands	62.45
Thermo Fisher Scientific India Pvt Ltd [.00161 % by Thermo Fisher Scientific Inc., .00320% by Thermo Electron LED GmbH, 2.66891% by Phadia Holding AB, .00001% by Phadia AB, and 22.23825% by Dionex Corporation]	India	75.08802
Thermo Shandon Limited	England	100

4

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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 LLC]	Argentina	90
Fisher Clinical Services Latin America S.R.L. [10% by Thermo Ramsey LLC]	Argentina	90
Thermo Detection de Mexico S. de R.L. de C.V. [1% by Thermo Environmental Instruments LLC]	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 LLC	Massachusetts	100
Thermo Fisher Project Cyprus LLC	Delaware	100
Thermo Fisher Scientific Brasil Instrumentos de Processo Ltda. [.01% by Thermo Ramsey LLC]	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

5

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
Thermo Fisher Scientific (NK) LLC	Delaware	100
Thermo Fisher Eurobonds Ltd.	Cayman Islands	100
Thermo Fisher Scientific LSI Financing (Barbados) SRL	Barbados	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

6

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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 LLC	Delaware	100
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

7

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

8

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Thermo Environmental Instruments LLC	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
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
Thermo Fisher Scientific Germany BV & Co. KG [Thermo Fisher Germany B.V., general partner with 0% ownership]	Germany	100
Thermo Fisher Scientific (Finance III) S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific (Finance II) S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific (Finance I) S.a.r.l.	Luxembourg	100

9

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Falcon Senior Holdings Inc.	Delaware	100
Thermo Fisher Scientific FLC B.V.	Netherlands	100
Thermo Fisher Scientific FLC Finance C.V. [1% by Thermo Fisher Scientific FLC LLC]	Netherlands	99
Thermo Fisher Scientific FLC LLC	Delaware	100
FEI Company	Oregon	100
ASPEX Corporation	Pennsylvania	100
FEI Technologies, Inc.	Oregon	100
FEI Korea Ltd.	Korea	100
FEI Houston, Inc.	Delaware	100
FEI Melbourne Pty Ltd.	Australia	100
FEI EFA, Inc.	Delaware	100
DCG Systems GmbH	Germany	100
DCG Systems LLC	Delaware	100
DCG Systems C.V. [.01% by DCG Systems, LLC]	Netherlands	99.99
DCG Systems B.V.	Netherlands	100
FEI EFA International Pte. Ltd.	Singapore	100
DCG Systems G.K.	Japan	100
DCG Systems Korea Ltd.	Korea	100
FEI Global Holdings C.V. [1% by FEI Technologies, Inc.]	Netherlands	99
FEI Electron Optics International B.V.	Netherlands	100
FEI Deutschland GmbH	Germany	100
KonTEM GmbH	Germany	100
FEI Munich GmbH	Germany	100
FEI Microscopy Solutions Ltd	Israel	100
FEI CPD B.V.	Netherlands	100
FEI Company of USA (S.E.A.) Pte Ltd.	Singapore	100
FEI Europe B.V.	Netherlands	100
FEI Electron Optics B.V.	Netherlands	100

10

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
FEI Hong Kong Company Limited	Hong Kong	100
FEI Trading (Shanghai) Co., Ltd.	China	100
FEI Czech Republic s.r.o.	Czech Republic	100
FEI Asia Pacific Co., Ltd.	China	100
FEI Technology de Mexico S.A. de C.V. [2% by FEI Company]	Mexico	98
FEI Technology de Nanotechnologia Ltda [1% by FEI Europe B.V.]	Brazil	99
FEI UK Ltd.	England	100
FEI France SAS	France	100
FEI Italia Srl	Italy	100
FEI SAS	France	100
FEI Company Japan Ltd.	Japan	100
FEI Norway Holding AS	Norway	100
FEI Australia Pty Ltd	Australia	100
FEI Trondheim AS	Norway	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

11

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
B.R.A.H.M.S. Austria GmbH	Austria	100
Cezanne S.A.S.	France	100
HENO GmbH i.L.	Germany	100
B.R.A.H.M.S. UK Ltd	England	100
Thermo Fisher Scientific Vermogensverwaltungs GmbH	Germany	100
Fermentas Sweden AB	Sweden	100
Fermentas UK Limited	England	100
Thermo Fisher Scientific Luxembourg German Holdings S.a.r.l.	Luxembourg	100
Dionex (UK) Limited [0.10% by Dionex Corporation]	England	99.90
Thermo Fisher Scientific Chromatography Holdings S.à r.l. [4% by Oxoid Investments GmbH and 1.28% by Thermo Fisher Scientific B.V.]	Luxembourg	94.719
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
Phadia Korea Co., Ltd	Korea	100
Dionex S.A.	France	100
Thermo Fisher Diagnostics (Ireland) Limited	Ireland	100

12

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

13

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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. [1.005% by Advanced Scientifics International, Inc.]	Mexico	98.995
Barnstead Thermolyne LLC	Delaware	100
Thermo Fisher Scientific China Holdings I B.V.	Netherlands	100
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

14

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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 AL-1 LLC	Delaware	100
Thermo Fisher Scientific Life Holdings III C.V. [33.19378799% by Erie Scientific LLC, 20.30539491% by Thermo Fisher Scientific Inc., 2.01316373 by Thermo BioAnalysis LLC, and .00000002% by Thermo Fisher Scientific AL-1 LLC]	Netherlands	44.48765335
Thermo Fisher Scientific Life Investments GP LLC	Delaware	100
Thermo Fisher Scientific Life Investments C.V. [.00000002% by Thermo Fisher Scientific Life Investments GP LLC]	Netherlands	99.99999998
Thermo Fisher Scientific Life Senior Holdings, Inc. [27.96% by Thermo Fisher Scientific Life Investments US Financing I LLC, 6.18% by Thermo Fisher Scientific Inc., 9.09% by Thermo Fisher Scientific Life Investments US Financing II LLC, 9.23% by Thermo Fisher Scientific Norway Holdings AS, and 13.98% by Thermo Fisher Scientific Life Technologies Investment UK I Limited]	Delaware	33.57
Thermo Fisher Scientific Invitrogen Financing (Barbados) SRL	Barbados	100
Invitrogen Holdings Ltd.	Scotland	100
Invitrogen Europe Limited	Scotland	100
Affymetrix, Inc	Delaware	100
Affymetrix Biotech Ltda. [1% by Affymetrix Pte Ltd]	Brazil	99
Affymetrix Japan K.K.	Japan	100
Affymetrix Pte Ltd	Singapore	100
Affymetrix Biotech Shanghai Ltd	China	100
Affymetrix, UK Ltd	England	100
Bender MedSystems GmbH	Austria	100
eBioscience, Ltd	England	100

15

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
eBioscience GmbH	Germany	100
eBioscience SAS	France	100
Panomics, L.L.C.	California	100
Panomics S.R.L.	Italy	100
USB Corporation	Ohio	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
BioTrove International, Inc.	Delaware	100
Life Technologies Clinical Services Lab, Inc.	Delaware	100

16

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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. [.002% by Applied Biosystems, LLC]	Mexico	99.998
Thermo Fisher Scientific (IVGN) Limited [.83% by Ambion, Inc.]	Hong Kong	99.16
Thermo Fisher Scientific (IVGN) B.V.	Netherlands	100
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
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

17

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

18

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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 Senior GP Holdings II LLC	Delaware	100
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]	Netherlands	99.99
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

19

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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 ApS	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
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 Financing (Barbados) SRL	Barbados	100

20

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Life Technologies Investment UK II Limited	England	100
Thermo Fisher Scientific Life Holdings Limited	England	100
Thermo Fisher Scientific Life Financing 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 [.0000011% by Spectra-Physics Holdings USA, LLC]	Malta	99.9999989
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
Ajax Finechem Pty Limited	Australia	100
Promedica Pty Limited	Australia	100

21

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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.p.A.	Chile	100
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
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
Thermo Fisher Scientific Erie Financing S.a r.l	Luxembourg	100
Thermo Fisher Scientific Erie 1 Financing (Barbados) SRL	Barbados	100
Erie UK 1 Limited	England	100
Erie Finance Limited	England	100
Thermo Fisher Scientific (Finance I) B.V.	Netherlands	100
Life Technologies Finland Oy	Finland	100

22

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Remel Europe Limited	England	100
Fisher Scientific Investments (Cayman), Ltd.	Cayman Islands	100
Thermo Fisher Scientific Erie Financing (Barbados) SRL	Barbados	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

23

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Fisher Asia Manufacturing Ventures Inc. [20% held privately]	British Virgin Islands	80
Fisher Laboratory Products Manufacturing (Shanghai) Co., Ltd	China	100
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 LLC	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

24

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

25

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

26

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
FSIR Holdings (UK) Limited	England	100
FSWH Company LLC	Delaware	100
FSI Receivables Company LLC	Delaware	100
Fisher Bermuda Holdings Limited	Bermuda	100
Thermo Fisher Scientific FSIR Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific FSIR Financing S.a.r.l.	Luxembourg	100
Fisher Scientific Worldwide Holdings I C.V. [12% by Fisher Scientific Worldwide Inc.]	Netherlands	88
Finesse Solutions, Inc.	Delaware	100
Finesse Scientific Equipment (Shanghai) Co., Ltd.	China	100
Finesse Solutions AG	Switzerland	100
Thermo Fisher Scientific Norway US Investments LLC	Delaware	100
Thermo Fisher Scientific Norway Holdings AS	Norway	100
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 Investments III S.a.r.l. [1% by FSWH International Holdings LLC]	Luxembourg	99
Thermo Fisher Scientific Life Investments Malta I Limited [.000002% by Thermo Fisher Scientific Life Investments Malta Holding II LLC]	Malta	99.999998
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 B.V.B.A.	Belgium	100
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 [.00000002% by Thermo Fisher Scientific Investments (Sweden) LLC and 26.76040344% by Thermo Fisher Scientific Life Investments I S.a.r.l]	Malta	73.23959654
Thermo Fisher Scientific Investments (Sweden) LLC	Delaware	100
Thermo Fisher Scientific Denmark Senior Holdings ApS	Denmark	100

27

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
Thermo Fisher Scientific Life Investments US Financing II LLC [1% by Perbio Science Sweden Holdings AB]	Delaware	99
Thermo Fisher Scientific Luxembourg Sweden Holdings I S.à r.l	Luxembourg	100
Thermo Fisher Scientific Life Investments IV S.a.r.l	Luxembourg	100
Thermo Fisher Scientific Life Investments Malta II Limited [.0000066% by Thermo Fisher Scientific Life Investments Malta Holding I LLC]	Malta	99.9999934
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  [.00000066% by Thermo Fisher Scientific Malta Holdings LLC]	Malta	99.99999934
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 [.00000063% by Perbio Science Sweden Holdings AB]	Malta	99.99999937
Fisher Scientific GTF AB	Sweden	100
Fisher Scientific Biotech Line ApS	Denmark	100
CB Diagnostics Holding AB	Sweden	100

28

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
Oxoid Brasil LTDA	Brazil	100
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
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

29

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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.o. [1% by Phadia AB]	Czech Republic	99
Phadia Taiwan Inc.	Taiwan	100
Phadia AG	Switzerland	100
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
Thermo Fisher Diagnostics, S.L.U.	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 Scientific FSUKHCO Financing (Barbados) SRL	Barbados	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

30

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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

31

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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
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

32

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
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
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 Australia Pty. Limited	Australia	100
OXOID CZ s.r.o. [1% by Oxoid Limited]	Czech Republic	99
Thermo Fisher Diagnostics AS	Denmark	100
Oxoid AS	Norway	100
Phadia AS	Norway	100
Oxoid AB	Sweden	100
Oxoid AG	Switzerland	100
Oxoid B.V.	Netherlands	100
Phadia B.V.	Netherlands	100
Oxoid Inc.	Delaware	100
Oxoid New Zealand Limited	New Zealand	100

33

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Oxoid N.V. [.01% by Oxoid Limited]	Belgium	99.99
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
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
Thermo Fisher Scientific China (C-I) LLC	Delaware	100
Shanghai Thermo Fisher (C-I) Trading Co. Ltd	China	100
Thermo Fisher Scientific China (S) LLC	Delaware	100
Shanghai Thermo Fisher (S) Trading Co. Ltd	China	100
Molecular Transfer, Inc.	Delaware	100
Thermo Fisher Scientific Cyprus I Ltd	Cayman Islands	100
Thermo Fisher Scientific Cyprus II Ltd	Cayman Islands	100
Thermo Fisher India Divestco Private Limited [.01% by Thermo Fisher Scientific India Holding LLC]	India	99.99
Thermo Fisher Scientific India Holding LLC	Delaware	100
Thermo Fisher Scientific Cyprus III Ltd	Cayman Islands	100

34

NAME	STATE OR JURISDICTION OF INCORPORATION	PERCENT OF OWNERSHIP
Thermo Fisher Cyprus Holdings LLC	Delaware	100
Thermo Fisher Detection Mexico LLC	Delaware	100
Thermo Fisher Scientific Cyprus I C.V. [1% by Thermo Fisher Cyprus Holdings LLC]	Netherlands	99
Thermo Fisher Scientific Cyprus II C.V. [1% by Thermo Fisher Cyprus Holdings LLC]	Netherlands	99
Thermo Fisher Scientific Cyprus III C.V. [1% by Thermo Fisher Cyprus Holdings LLC]	Netherlands	99
Thermo Fisher Scientific Cyprus IV C.V. [1% by Thermo Fisher Cyprus Holdings LLC]	Netherlands	99
Thermo Fisher Scientific Cyprus V C.V. [1% by Thermo Fisher Cyprus Holdings LLC]	Netherlands	99
Thermo Fisher Costa Rica Sociedad de Responsabilidad Limitada [1% by Fisher Scientific Company L.L.C.]	Costa Rica	99

35

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-209867) and Form S-8 (No. 33-51189, 33-54347, 333-127246, 333-138577, 333-146068, 333-152344, 333-161939 and 333-188846) of Thermo Fisher Scientific Inc. of our report dated February 28, 2017 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 28, 2017

EX-31.1

Exhibit 31.1

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION 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

I, Marc N. Casper, certify that:

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.

Date: February 28, 2017

/s/ Marc N. Casper

Marc N. Casper

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION 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

I, Stephen Williamson, certify that:

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.

Date: February 28, 2017

/s/ Stephen Williamson

Stephen Williamson
Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION 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

In connection with the Annual Report on Form 10-K of Thermo Fisher Scientific Inc. (the “Company”) for the period ended December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Marc N. Casper, President and Chief Executive Officer of the Company, hereby certifies, pursuant to Securities Exchange Act of 1934 Rules 13a-14(b) and 15d-14(b), that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  February 28, 2017

/s/ Marc N. Casper

Marc N. Casper

President and Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Thermo Fisher Scientific Inc. and will be retained by Thermo Fisher Scientific Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION 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

In connection with the Annual Report on Form 10-K of Thermo Fisher Scientific Inc. (the “Company”) for the period ended December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Stephen Williamson, Senior Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to Securities Exchange Act of 1934 Rules 13a-14(b) and 15d-14(b), that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  February 28, 2017

/s/ Stephen Williamson

Stephen Williamson

Senior Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Thermo Fisher Scientific Inc. and will be retained by Thermo Fisher Scientific Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Feb. 04, 2017	Jul. 01, 2016
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, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2016
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			$ 58,745,127
Entity Common Stock, Shares Outstanding		390,391,061
Entity Stock Trading Symbol	TMO

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Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 786.2	$ 452.1
Accounts receivable, less allowances of $77.3 and $70.1	3,048.5	2,544.9
Inventories	2,213.3	1,991.7
Refundable income taxes	378.3	218.1
Other current assets	594.7	534.4
Total current assets	7,021.0	5,741.2
Property, Plant and Equipment, Net	2,577.8	2,448.8
Acquisition-related Intangible Assets, Net	13,969.0	12,758.3
Other Assets	1,011.9	1,058.4
Goodwill	21,327.8	18,827.6
Total Assets	45,907.5	40,834.3
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	1,255.5	1,051.8
Accounts payable	926.2	822.2
Accrued payroll and employee benefits	708.7	598.2
Accrued income taxes	165.4	212.5
Deferred revenue	485.9	317.9
Other accrued expenses	1,324.1	1,143.7
Total current liabilities	4,865.8	4,146.3
Deferred Income Taxes	2,557.4	2,622.6
Other Long-term Liabilities	1,572.6	1,295.0
Long-term Obligations	15,372.4	11,420.2
Commitments and Contingencies
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 415,138,564 and 411,944,301 shares issued	415.1	411.9
Capital in excess of par value	12,139.6	11,801.2
Retained earnings	13,926.9	12,142.3
Treasury stock at cost, 21,690,679 and 12,314,200 shares	(2,306.0)	(1,007.9)
Accumulated other comprehensive items	(2,636.3)	(1,997.3)
Total shareholders' equity	21,539.3	21,350.2
Total Liabilities and Shareholders' Equity	$ 45,907.5	$ 40,834.3

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Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts Receivable Allowances	$ 77.3	$ 70.1
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)	415,138,564	411,944,301
Treasury Stock at Cost (in shares)	21,690,679	12,314,200

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Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Product revenues	$ 15,712.3	$ 14,667.8	$ 14,715.1
Service revenues	2,561.8	2,297.6	2,174.5
Total revenues	18,274.1	16,965.4	16,889.6
Costs and Operating Expenses:
Cost of product revenues	8,213.9	7,583.8	7,934.7
Cost of service revenues	1,691.1	1,625.7	1,462.9
Selling, general and administrative expenses	4,975.9	4,612.1	4,896.1
Research and development expenses	754.8	692.3	691.1
Restructuring and other costs (income), net	189.2	115.3	(598.2)
Total costs and operating expenses	15,824.9	14,629.2	14,386.6
Operating Income	2,449.2	2,336.2	2,503.0
Other Expense, Net	(425.3)	(399.8)	(415.8)
Income from Continuing Operations Before Income Taxes	2,023.9	1,936.4	2,087.2
Benefit from (Provision for) Income Taxes	1.4	43.9	(191.7)
Income from Continuing Operations	2,025.3	1,980.3	1,895.5
Loss from Discontinued Operations (net of income tax benefit of $2.2, $2.9 and $0.6)	(3.5)	(4.9)	(1.1)
Net Income	$ 2,021.8	$ 1,975.4	$ 1,894.4
Earnings per Share from Continuing Operations
Basic (in dollars per share)	$ 5.13	$ 4.97	$ 4.76
Diluted (in dollars per share)	5.10	4.93	4.71
Earnings per Share
Basic (in dollars per share)	5.12	4.96	4.76
Diluted (in dollars per share)	$ 5.09	$ 4.92	$ 4.71
Weighted Average Shares
Basic (in shares)	394.8	398.7	398.2
Diluted (in shares)	397.4	401.9	402.3
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.6	$ 0.6	$ 0.6

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Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Provision for (Benefit from) Income Taxes on Income (Loss) from Discontinued Operations	$ (2.2)	$ (2.9)	$ (0.6)

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Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Comprehensive Income
Net Income	$ 2,021.8	$ 1,975.4	$ 1,894.4
Other Comprehensive Items:
Currency translation adjustment	(566.7)	(706.1)	(1,182.6)
Unrealized gains and losses on available-for-sale investments:
Unrealized holding (losses) gains arising during the period (net of tax (benefit) provision of ($0.3), $0.0 and $0.1)	(1.6)	0.5	1.7
Reclassification adjustment for losses (gains) included in net income (net of tax benefit (provision) of $0.2 and ($0.2))	0.7	0.0	(1.7)
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $22.4 and $5.5)	(36.6)	(9.0)	0.0
Reclassification adjustment for losses included in net income (net of tax benefit of $3.7, $1.5 and $1.8)	6.1	3.3	3.0
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax benefit of $16.6, $5.0 and $26.5)	(46.9)	(9.0)	(52.2)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $2.0, $2.9 and $13.3)	6.0	8.0	24.0
Total other comprehensive items	(639.0)	(712.3)	(1,207.8)
Comprehensive Income	$ 1,382.8	$ 1,263.1	$ 686.6

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Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period	$ (0.3)	$ 0.0	$ 0.1
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income	(0.2)		0.2
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period	(22.4)	(5.5)
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income	(3.7)	(1.5)	(1.8)
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period	(16.6)	(5.0)	(26.5)
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost	$ (2.0)	$ (2.9)	$ (13.3)

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Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities
Net Income	$ 2,021.8	$ 1,975.4	$ 1,894.4
Loss from discontinued operations	3.5	4.9	1.1
Income from continuing operations	2,025.3	1,980.3	1,895.5
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	1,758.0	1,688.2	1,684.8
Change in deferred income taxes	(620.0)	(524.8)	(621.8)
Net gains on sale of businesses	0.0	(7.6)	(895.4)
Non-cash stock-based compensation	133.5	125.0	117.1
Tax benefits from stock-based compensation awards	(53.5)	(64.1)	(65.6)
Non-cash charges for sale of inventories revalued at the date of acquisition	75.0	6.9	303.4
Other non-cash expenses, net	66.8	58.6	38.0
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(352.2)	(149.4)	(145.4)
Inventories	97.8	(140.7)	(109.8)
Other assets	(152.8)	(254.3)	163.1
Accounts payable	55.5	(2.7)	1.2
Other liabilities	167.6	147.7	308.4
Contributions to retirement plans	(42.7)	(37.5)	(49.6)
Net cash provided by continuing operations	3,158.3	2,825.6	2,623.9
Net cash used in discontinued operations	(2.0)	(8.7)	(4.3)
Net cash provided by operating activities	3,156.3	2,816.9	2,619.6
Investing Activities
Acquisitions, net of cash acquired	(5,188.4)	(694.6)	(13,060.1)
Proceeds from sale of businesses, net of cash divested	0.0	0.0	1,521.8
Purchase of property, plant and equipment	(444.4)	(422.9)	(427.6)
Proceeds from sale of property, plant and equipment	26.3	18.1	49.3
Proceeds from sale of investments	81.2	12.0	88.6
(Increase) decrease in restricted cash	(1.5)	5.8	48.6
Other investing activities, net	(5.3)	(5.8)	(3.3)
Net cash used in investing activities	(5,532.1)	(1,087.4)	(11,782.7)
Financing Activities
Net proceeds from issuance of debt	7,604.0	1,798.0	6,592.3
Repayment of debt	(4,334.2)	(3,780.2)	(4,466.0)
Increase (decrease) in commercial paper, net	904.1	49.5	(249.9)
Purchases of company common stock	(1,250.0)	(500.0)	0.0
Dividends paid	(238.4)	(240.6)	(234.8)
Net proceeds from issuance of company common stock	0.0	0.0	2,942.0
Net proceeds from issuance of company common stock under employee stock plans	135.3	124.0	155.4
Tax benefits from stock-based compensation awards	53.5	64.1	65.6
Other financing activities, net	(13.7)	(6.1)	(8.5)
Net cash provided by (used in) financing activities	2,860.6	(2,491.3)	4,796.1
Exchange Rate Effect on Cash	(150.7)	(129.6)	(115.5)
Increase (Decrease) in Cash and Cash Equivalents	334.1	(891.4)	(4,482.5)
Cash and Cash Equivalents at Beginning of Period	452.1	1,343.5	5,826.0
Cash and Cash Equivalents at End of Period	$ 786.2	$ 452.1	$ 1,343.5

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Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Items [Member]
Balance (in shares) at Dec. 31, 2013		369.6			7.6
Balance at Dec. 31, 2013	$ 16,856.1	$ 369.6	$ 8,222.6	$ 8,753.3	$ (412.2)	$ (77.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		4.0			0.4
Issuance of shares under employees' and directors' stock plans	121.6	$ 4.0	161.3		$ (43.7)
Issuance of shares (in shares)		34.9
Issuance of shares	2,942.3	$ 34.9	2,907.4
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 (in shares) at Dec. 31, 2014		408.5			8.0
Balance at Dec. 31, 2014	20,548.1	$ 408.5	11,473.6	10,406.9	$ (455.9)	(1,285.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		3.4			0.4
Issuance of shares under employees' and directors' stock plans	90.8	$ 3.4	139.4		$ (52.0)
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 (in shares)					3.9
Purchases of company common stock	(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 (in shares) at Dec. 31, 2015		411.9			12.3
Balance at Dec. 31, 2015	21,350.2	$ 411.9	11,801.2	12,142.3	$ (1,007.9)	(1,997.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		3.2			0.4
Issuance of shares under employees' and directors' stock plans	107.3	$ 3.2	152.2		$ (48.1)
Stock-based compensation	133.5		133.5
Tax benefit related to employees' and directors' stock plans	52.7		52.7
Purchases of company common stock (in shares)					9.0
Purchases of company common stock	(1,250.0)				$ (1,250.0)
Dividends declared	(237.2)			(237.2)
Net Income	2,021.8			2,021.8
Other comprehensive items	(639.0)					(639.0)
Balance (in shares) at Dec. 31, 2016		415.1			21.7
Balance at Dec. 31, 2016	$ 21,539.3	$ 415.1	$ 12,139.6	$ 13,926.9	$ (2,306.0)	$ (2,636.3)

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Nature of Operations and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Summary of Significant Accounting Policies [Text Block]

Note 1. Nature of Operations and Summary of Significant Accounting Policies

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:

	Year Ended December 31,
(In millions)	2016			2015			2014
Beginning Balance	$	70.1		$	74.1		$	54.1
Provision charged to expense (a)	15.9			5.5			20.4
Accounts recovered	0.2			0.2			1.0
Accounts written off	(9.2		)	(4.8		)	(11.2		)
Other (b)	0.3			(4.9		)	9.8
Ending Balance	$	77.3		$	70.1		$	74.1

(a) In 2016, includes $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. 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.

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 2016 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:

	Year Ended
	December 31,			December 31,
(In millions)	2016			2015
Beginning Balance	$	55.8		$	57.5
Provision charged to income	96.2			85.4
Usage	(86.6		)	(82.1		)
Acquisitions	16.8			0.5
Adjustments to previously provided warranties, net	(2.5		)	(2.6		)
Currency translation	(1.8		)	(2.9		)
Ending Balance	$	77.9		$	55.8

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:

	December 31,		December 31,
(In millions)	2016		2015
Raw Materials	$	466.3	$	421.1
Work in Process	327.9		236.8
Finished Goods	1,419.1		1,333.8
Inventories	$	2,213.3	$	1,991.7

The value of inventories maintained using the LIFO method was $207 million and $191 million at December 31, 2016 and 2015, respectively, which was below estimated replacement cost by $29 million and $28 million, respectively. Reductions to cost of revenues as a result of the liquidation of LIFO inventories were nominal during the three years ended December 31, 2016.

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:

	December 31,		December 31,
(In millions)	2016		2015
Land	$	305.6	$	276.4
Buildings and Improvements	1,154.2		1,050.5
Machinery, Equipment and Leasehold Improvements	2,955.7		2,786.8
Property, Plant and Equipment, at Cost	4,415.5		4,113.7
Less: Accumulated Depreciation and Amortization	1,837.7		1,664.9
Property, Plant and Equipment, Net	$	2,577.8	$	2,448.8

Depreciation and amortization expense of property, plant and equipment was $380 million, $373 million and $353 million in 2016, 2015 and 2014, 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 3to 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:

	Balance at December 31, 2016							Balance at December 31, 2015
(In millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Definite Lived:
Customer relationships	$	13,167.3	$	(4,821.4	)	$	8,345.9	$	11,844.4	$	(4,086.9	)	$	7,757.5
Product technology	5,679.7		(2,204.2		)	3,475.5		4,799.8		(1,819.0		)	2,980.8
Tradenames	1,452.2		(646.0		)	806.2		1,316.7		(548.2		)	768.5
Other	33.0		(33.0		)	—		33.2		(33.0		)	0.2
	20,332.2		(7,704.6		)	12,627.6		17,994.1		(6,487.1		)	11,507.0
Indefinite Lived:
Tradenames	1,234.8		—			1,234.8		1,234.8		—			1,234.8
In-process research and development	106.6		—			106.6		16.5		—			16.5
	1,341.4		—			1,341.4		1,251.3		—			1,251.3
Acquisition-related Intangible Assets	$	21,673.6	$	(7,704.6	)	$	13,969.0	$	19,245.4	$	(6,487.1	)	$	12,758.3

The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:

(In millions)
2017	$	1,465.7
2018	1,428.1
2019	1,397.1
2020	1,297.0
2021	1,199.6
2022 and Thereafter	5,840.1
Estimated Future Amortization Expense of Definite-lived Intangible Assets	$	12,627.6

Amortization of acquisition-related intangible assets was $1.38 billion, $1.31 billion and $1.33 billion in 2016, 2015 and 2014, 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, pension assets, cost-method and available-for-sale investments, notes receivable, restricted cash 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, 2016 and 2015, the company had cost method investments with carrying amounts of $37 million and $39 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 November 5, 2016 and October 31, 2015, and determined that goodwill was not impaired.

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Services			Total
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
Acquisitions	633.1			2,059.0			0.8			—			2,692.9
Finalization of purchase price allocations for 2015 acquisitions	—			—			—			6.8			6.8
Currency translation	(3.1		)	(80.1		)	(108.1		)	(31.0		)	(222.3		)
Other	13.2			4.4			(5.0		)	10.2			22.8
Balance at December 31, 2016	$	7,932.4		$	4,685.8		$	3,659.0		$	5,050.6		$	21,327.8

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 (losses) are included in the accompanying statement of income and in aggregate were $19 million, $(11) million and $33 million in 2016, 2015 and 2014, respectively.

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 2016, 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 2017, the FASB issued new guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, the new guidance will require entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for the company in 2020. 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 January 2017, the FASB issued new guidance clarifying the definition of a business and providing criteria to determine when an integrated set of assets and activities is not defined as a business. The new guidance requires such integrated sets to be defined as an asset (and not a business) if substantially all of the fair value of the gross assets acquired or disposed is concentrated in a single identifiable asset or a group of similar identifiable assets. 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 2016, the FASB issued new guidance intended to reduce diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In October 2016, the FASB issued new guidance eliminating the deferral of the tax effects of intra-entity asset transfers. The guidance is effective for the company in 2018. The company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In August 2016, the FASB issued new guidance intended to reduce diversity in practice in how certain transactions are classified on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In March 2016, the FASB issued new guidance which affects the accounting for stock-based compensation. The new guidance simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The company adopted this guidance on January 1, 2017. Adoption of this guidance is not expected to have a material impact on the company's consolidated financial statements; however, the impact in any given period will be dependent upon changes in the company's stock price, the volume of employee stock option exercises and the timing of service- and performance-based restricted unit vestings.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. The guidance is effective for the company in 2019 and must be adopted using a modified retrospective method. Early adoption is permitted. The company is currently evaluating the impact this guidance will have on its consolidated financial statements, however, assets and liabilities will increase upon adoption for right-of-use assets and lease liabilities. The company’s future commitments under lease obligations are summarized in Note 10.

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 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 was effective for the company in 2016. Adoption of this guidance did not have a material impact on the company’s consolidated balance sheet.

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. 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 was effective for the company in 2016. As a result of adoption of this standard, debt issuance costs of $55 million were reclassified from other assets to reduce long-term debt as of December 31, 2015.

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. During 2016, the FASB issued additional guidance and clarification. The guidance is currently effective for the company in 2018. Early adoption is permitted. The company expects to adopt this guidance on January 1, 2018 through application of the modified retrospective method. The company’s preliminary assessment of its most commonly used customer terms and conditions and routine sales transactions did not identify material impacts to its consolidated financial statements from the application of the guidance; however, a broad assessment is ongoing that includes surveying the company’s major businesses concerning any unique customer contract terms or transactions that could have implications to the timing of revenue recognition under the new guidance. The company expects this undertaking will be complete in the second half of 2017.

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Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Dispositions [Text Block]

Note 2. Acquisitions and Dispositions

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.

2016

On September 19, 2016, the company acquired, within the Analytical Instruments segment, FEI Company, a North America-based provider of high-performance electron microscopy, for a total purchase price of $4.08 billion, net of cash acquired. The acquisition strengthened the company's analytical instrument portfolio with the addition of high-end electron microscopes. Revenues of FEI were $930 million in 2015. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $2.06 billion was allocated to goodwill, approximately $65 million of which is tax deductible.

On March 31, 2016, the company acquired, within the Life Sciences Solutions segment, Affymetrix, Inc., a North America-based provider of cellular and genetic analysis products, for a total purchase price of $1.34 billion, net of cash acquired, including the assumption of $254 million of debt. The acquisition expanded the company's existing portfolio of antibodies and assays for flow cytometry and single-cell biology applications. Additionally, the acquisition expanded the company's genetic analysis portfolio through the addition of microarrays. Revenues of Affymetrix were $360 million in 2015. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $615 million was allocated to goodwill, none of which is tax deductible.

In addition, in 2016, the company acquired, within the Life Sciences Solutions segment, a manufacturer of transfection reagents and cell-related products and selected assets of an existing channel partner, within the Analytical Instruments segment, a provider of X-ray diffraction solutions for material science and industrial applications and, within the Specialty Diagnostics segment, an existing channel partner for its microbiology media products, for an aggregate purchase price of $33 million.

The components of the purchase price and net assets acquired for 2016 acquisitions are as follows:

(In millions)	FEI			Affymetrix			Other			Total
Purchase Price
Cash paid	$	4,440.4		$	1,165.0		$	29.5		$	5,634.9
Debt assumed	—			254.2			0.6			254.8
Purchase price payable	10.8			0.5			2.7			14.0
Cash acquired	(369.1		)	(77.9		)	(0.3		)	(447.3		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4
Net Assets Acquired
Current assets	$	621.4		$	160.6		$	3.4		$	785.4
Property, plant and equipment	153.0			19.3			0.2			172.5
Definite-lived intangible assets:
Customer relationships	1,051.1			500.5			8.7			1,560.3
Product technology	739.8			253.1			7.0			999.9
Tradenames and other	130.0			45.5			—			175.5
Indefinite-lived intangible assets:
In-process research and development	104.7			14.4			—			119.1
Goodwill	2,057.1			615.2			20.6			2,692.9
Other assets	71.6			7.8			0.1			79.5
Liabilities assumed	(846.6		)	(274.6		)	(7.5		)	(1,128.7		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4

The weighted-average amortization periods for definite-lived intangible assets acquired in 2016 are 16 years for customer relationships, 8 years for product technology and 8 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2016 is 13 years.

The company recorded a deferred tax liability of $156 million in the acquisition accounting related to the outside basis difference of the Affymetrix Singapore operations as the company does not intend to permanently reinvest the pre-acquisition Singapore earnings.

Revenues of Affymetrix and FEI in 2016, subsequent to the date of acquisition, were $251 million and $385 million, respectively. Operating losses totaled $125 million and $38 million, respectively, primarily due to acquisition-related charges and restructuring costs related to synergy planning.

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 ($393 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, $125 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, $124 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:

(In millions)	Alfa Aesar			Advanced Scientifics			Other			Total
Purchase Price
Cash paid	$	393.0		$	289.1		$	18.5		$	700.6
Purchase price payable	—			—			1.3			1.3
Cash acquired	(3.5		)	(0.3		)	(1.3		)	(5.1		)
	$	389.5		$	288.8		$	18.5		$	696.8
Net Assets Acquired
Current assets	$	96.8		$	28.7		$	4.6		$	130.1
Property, plant and equipment	39.0			10.6			0.1			49.7
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	125.1			124.4			8.9			258.4
Other assets	4.5			0.2			—			4.7
Liabilities assumed	(28.6		)	(3.9		)	(3.0		)	(35.5		)
	$	389.5		$	288.8		$	18.5		$	696.8

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. 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:

(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

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.

Unaudited Pro Forma Information

Had the acquisitions of FEI and Affymetrix been completed as of the beginning of 2015, the company’s pro forma results for 2016 and 2015 would have been as follows:

(In millions except per share amounts)	2016		2015
Revenues	$	18,988.4	$	18,230.0
Income from Continuing Operations	$	2,045.8	$	1,688.8
Net Income	$	2,042.3	$	1,683.9
Earnings per Share from Continuing Operations:
Basic	$	5.18	$	4.24
Diluted	$	5.15	$	4.20
Earnings per Share:
Basic	$	5.17	$	4.22
Diluted	$	5.14	$	4.19

Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combinations to reflect amounts as if the acquisitions had been completed as of the beginning of 2015, as follows:

• Pre-tax charge to selling, general and administrative expenses of $102 million in 2015, for acquisition-related transaction costs incurred by the company, Affymetrix and FEI;

• Pre-tax charge to cost of revenues of $99 million in 2015, for the sale of Affymetrix and FEI inventories revalued at the date of acquisition;

• Pre-tax charge of $46 million in 2015, for initial restructuring charges incurred by the company relating to the Affymetrix and FEI acquisitions.

• Pre-tax charge of $33 million in 2015, to conform the accounting policies of Affymetrix and FEI with the company’s accounting policies; and

• Pre-tax reduction of revenues of $6 million and $14 million in 2016 and 2015, respectively, for revaluing the Affymetrix and FEI deferred revenue obligations to fair value.

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 acquisitions 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 2015 or 2016 acquisitions occurred at the beginning of 2014 or 2015, 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:

	June 28,
(In millions)	2014
Current Assets	$	39.5
Long-term Assets	400.3
Current Liabilities	15.5
Long-term Liabilities	84.1

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.

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Business Segment and Geographical Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Business Segment and Geographical Information [Text Block]

Note 3. Business Segment and Geographical Information

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 as well as from significant litigation-related matters; 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

(In millions)	2016			2015			2014
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		$	4,195.7
Analytical Instruments	3,668.2			3,208.2			3,252.2
Specialty Diagnostics	3,339.2			3,243.9			3,343.6
Laboratory Products and Services	7,030.0			6,661.5			6,601.5
Eliminations	(741.4		)	(587.6		)	(503.4		)
Consolidated revenues	18,274.1			16,965.4			16,889.6
Segment Income (a)
Life Sciences Solutions	1,514.7			1,336.9			1,214.9
Analytical Instruments	745.2			612.8			581.1
Specialty Diagnostics	909.8			872.9			916.0
Laboratory Products and Services	1,052.1			999.1			982.8
Subtotal reportable segments (a)	4,221.8			3,821.7			3,694.8
Cost of revenues charges	(101.5		)	(9.1		)	(327.6		)
Selling, general and administrative charges, net	(103.9		)	(46.3		)	(130.7		)
Restructuring and other (costs) income, net	(189.2		)	(115.3		)	598.2
Amortization of acquisition-related intangible assets	(1,378.0		)	(1,314.8		)	(1,331.7		)
Consolidated operating income	2,449.2			2,336.2			2,503.0
Other expense, net (b)	(425.3		)	(399.8		)	(415.8		)
Income from continuing operations before income taxes	$	2,023.9		$	1,936.4		$	2,087.2
Depreciation
Life Sciences Solutions	$	141.4		$	146.3		$	131.6
Analytical Instruments	49.7			38.9			39.0
Specialty Diagnostics	70.4			73.7			76.7
Laboratory Products and Services	118.5			114.5			105.8
Consolidated depreciation	$	380.0		$	373.4		$	353.1

(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)	2016		2015		2014
Total Assets
Life Sciences Solutions	$	18,454.3	$	17,884.3	$	19,257.0
Analytical Instruments	9,519.6		4,763.1		4,133.3
Specialty Diagnostics	6,801.6		7,183.2		8,047.7
Laboratory Products and Services	10,016.3		10,266.6		10,875.7
Corporate/Other (c)	1,115.7		737.1		538.4
Consolidated total assets	$	45,907.5	$	40,834.3	$	42,852.1
Capital Expenditures
Life Sciences Solutions	$	116.7	$	85.1	$	104.4
Analytical Instruments	34.0		59.5		38.1
Specialty Diagnostics	72.3		75.9		84.7
Laboratory Products and Services	116.8		97.7		102.1
Corporate/Other	104.6		104.7		98.3
Consolidated capital expenditures	$	444.4	$	422.9	$	427.6

(c) Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices.

Geographical Information

(In millions)	2016		2015		2014
Revenues (d)
United States	$	9,085.6	$	8,607.3	$	8,147.7
China	1,729.6		1,376.4		1,223.1
Germany	995.8		899.7		1,005.9
United Kingdom	742.2		778.1		754.5
Japan	737.3		611.1		672.8
Other	4,983.6		4,692.8		5,085.6
Consolidated revenues	$	18,274.1	$	16,965.4	$	16,889.6
Long-lived Assets (e)
United States	$	1,630.2	$	1,532.0	$	1,501.7
United Kingdom	216.8		261.1		265.5
Germany	157.6		169.4		170.3
Other	573.2		486.3		489.0
Consolidated long-lived assets	$	2,577.8	$	2,448.8	$	2,426.5

(d) Revenues are attributed to countries based on customer location.

(e) Includes property, plant and equipment, net.

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Other Expense, Net

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Expense, Net [Text Block]

Note 4. Other Expense, Net

The components of other expense, net, in the accompanying statement of income are as follows:

(In millions)	2016			2015			2014
Interest Income	$	48.4		$	30.6		$	47.7
Interest Expense	(469.6		)	(414.9		)	(479.9		)
Other Items, Net	(4.1		)	(15.5		)	16.4
Other Expense, Net	$	(425.3	)	$	(399.8	)	$	(415.8	)

Other Items, Net

In all periods, other items, net includes currency transaction gains and losses on monetary assets and liabilities. In 2016, other items, net includes $22 million of charges related to the amortization of fees paid to obtain bridge financing commitments for the acquisition of FEI (Note 2) and $9 million of losses on the early extinguishment of debt, offset in part by $12.5 million of gains on investments. The investment gains include an $8 million gain on the sale of a joint venture for net proceeds of $65 million.

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.

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Stock-based Compensation Expense

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation Expense [Text Block]

Note 5. Stock-based Compensation Expense

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:

(In millions)	2016		2015		2014
Stock Option Awards	$	41.3	$	43.7	$	45.7
Restricted Unit Awards	92.2		81.3		71.4
Total Stock-based Compensation Expense	$	133.5	$	125.0	$	117.1

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 $53 million, $63 million and $65 million, respectively, in 2016, 2015 and 2014.

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: 

	2016		2015		2014
Expected Stock Price Volatility	21	%	24	%	25	%
Risk Free Interest Rate	1.2	%	1.4	%	1.3	%
Expected Life of Options (years)	4.3		4.3		4.4
Expected Annual Dividend	0.5	%	0.5	%	0.5	%

The weighted average per share grant-date fair values of options granted during 2016, 2015 and 2014 were $24.54, $27.04 and $26.89, respectively. The total intrinsic value of options exercised during the same periods was $176 million, $181 million and $208 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, 2016 is presented below:

	Shares (in millions)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (a) (in millions)
Outstanding at December 31, 2015	9.6		$	85.30
Granted	1.8		131.22
Exercised	(2.2	)	62.55
Canceled/Expired	(0.4	)	119.52
Outstanding at December 31, 2016	8.8		$	98.69	3.9
Vested and Unvested Expected to Vest at December 31, 2016	8.5		$	97.50	3.8	$	371.7
Exercisable at December 31, 2016	4.6		$	75.05	2.7	$	307.1

(a) Market price per share on December 31, 2016 was $141.10. The intrinsic value is zero for options with exercise prices above the market price.

As of December 31, 2016, there was $66 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2020 with a weighted average amortization period of 2.2 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, 2016 is presented below:

	Units (in thousands)		Weighted Average Grant-Date Fair Value
Unvested at December 31, 2015	1,561		$	113.64
Granted	786		131.01
Vested	(885	)	102.97
Forfeited	(125	)	125.52
Unvested at December 31, 2016	1,337		$	129.80

The total fair value of shares vested during 2016, 2015 and 2014 was $91 million, $80 million and $61 million, respectively.

As of December 31, 2016, there was $112 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2020 with a weighted average amortization period of 1.9 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 152,000, 151,000 and 119,000 shares, respectively, of its common stock for the 2016, 2015 and 2014 plan years, which ended on December 31.

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Pension and Other Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2016

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Benefit Plans [Text Block]

Note 6. Pension and Other Postretirement Benefit Plans

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 2016, 2015 and 2014, the company charged to expense $140 million, $131 million and $118 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 2016, 2015 and 2014, the company made cash contributions of approximately $43 million, $38 million and $50 million, respectively. Additionally, in 2016, the company contributed insurance contracts valued at $16 million to two of its German defined benefit plans. Contributions to the plans included in the following table are estimated at between $215 and $235 million for 2017.

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:

	Domestic Pension  Benefits						Non-U.S. Pension  Benefits						Postretirement Benefits
(In millions)	2016			2015			2016			2015			2016			2015
Change in Projected Benefit Obligations
Benefit Obligation at Beginning of Year	$	1,213.1		$	1,291.1		$	1,036.0		$	1,075.4		$	48.8		$	55.3
Business combinations	33.4			—			1.2			52.7			—			—
Service costs	—			—			23.9			25.2			0.5			0.6
Interest costs	51.1			50.0			27.1			27.6			2.0			1.9
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Actuarial (gains) losses	29.8			(48.7		)	149.9			(39.1		)	1.4			(2.2		)
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(88.4		)	(73.4		)	—			(2.7		)
Benefit Obligation at End of Year	$	1,249.1		$	1,213.1		$	1,116.5		$	1,036.0		$	50.1		$	48.8
Change in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	945.4		$	1,047.6		$	817.2		$	825.8		$	7.5		$	8.6
Business combinations	—			—			—			32.1			—			—
Actual return on plan assets	70.8			(28.3		)	124.8			12.4			0.5			(1.1		)
Employer contribution	6.4			5.4			49.5			28.0			2.7			4.1
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(104.8		)	(48.7		)	—			—
Fair Value of Plan Assets at End of Year	$	944.3		$	945.4		$	853.5		$	817.2		$	8.1		$	7.5
Funded Status	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Accumulated Benefit Obligation	$	1,249.1		$	1,213.1		$	1,047.8		$	983.4
Amounts Recognized in Balance Sheet
Non-current asset	$	—		$	—		$	62.7		$	72.7		$	4.3		$	3.8
Current liability	(9.8		)	(2.9		)	(5.7		)	(5.7		)	(2.7		)	(2.6		)
Non-current liability	(295.0		)	(264.8		)	(320.0		)	(285.8		)	(43.6		)	(42.5		)
Net amount recognized	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial loss	$	171.3		$	163.0		$	169.6		$	133.1		$	5.8		$	4.7
Prior service credits	—			—			7.9			(1.6		)	(0.1		)	(0.2		)
Net amount recognized	$	171.3		$	163.0		$	177.5		$	131.5		$	5.7		$	4.5

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2016 and 2015 and are as follows:

	Domestic Pension Benefits				Non-U.S. Pension Benefits				Postretirement Benefits
	2016		2015		2016		2015		2016		2015
Weighted Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	4.07	%	4.25	%	1.95	%	2.83	%	3.77	%	4.12	%
Average rate of increase in employee compensation	4.00	%	4.00	%	3.09	%	3.06	%	—		—
Initial healthcare cost trend rate									6.70	%	6.82	%
Ultimate healthcare cost trend rate									5.08	%	5.21	%

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:

	Domestic Pension Benefits						Non-U.S. Pension Benefits
	2016		2015		2014		2016		2015		2014
Weighted Average Assumptions Used to Determine Net Benefit Cost (Income)
Discount rate	4.25	%	4.00	%	4.46	%	2.83	%	2.69	%	3.91	%
Average rate of increase in employee compensation	4.00	%	4.00	%	4.00	%	3.06	%	3.03	%	3.22	%
Expected long-term rate of return on assets	7.00	%	7.00	%	7.00	%	3.74	%	4.21	%	4.88	%

The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached between 2017 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.

As of January 1, 2017, the company changed the method it uses to estimate the service and interest components of net periodic benefit cost for pension and other retiree benefit plans. Historically, the company estimated these service and interest cost components utilizing the single weighted-average discount rate used to measure each plan's benefit obligation at the beginning of the year. Beginning in 2017, the company will utilize a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The company has made this change to provide a more precise measurement of the service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The company has accounted for this change as a change in accounting estimate and will account for it prospectively starting in January 2017. The reduction in service and interest costs for 2017 associated with this change in estimate will be approximately $10 million.

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 2017 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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	1,906.6	$	1,739.2
Fair value of plan assets	1,276.1		1,180.0

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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation	$	1,846.7	$	1,694.3
Fair value of plan assets	1,275.7		1,179.7

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:

	Domestic Pension Benefits									Non-U.S. Pension Benefits
(In millions)	2016			2015			2014			2016			2015			2014
Components of Net Benefit Cost (Income)
Service cost-benefits earned	$	—		$	—		$	2.0		$	23.9		$	25.2		$	20.0
Interest cost on benefit obligation	51.1			50.0			53.1			27.1			27.6			36.7
Expected return on plan assets	(49.6		)	(54.3		)	(60.8		)	(28.2		)	(33.6		)	(34.4		)
Amortization of actuarial net loss	0.3			0.6			3.7			7.1			9.3			4.2
Amortization of prior service benefit	—			—			—			(0.2		)	(0.2		)	(0.1		)
Settlement/curtailment loss	—			—			25.5			0.7			1.0			4.1
Special termination benefits	—			—			—			—			1.3			0.3
Net periodic benefit cost (income)	$	1.8		$	(3.7	)	$	23.5		$	30.4		$	30.6		$	30.8

The net periodic postretirement benefit cost was not material in 2016, 2015 and 2014. 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 in 2014 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, 2016. 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:

(In millions)	Domestic Pension Benefits		Non-U.S. Pension Benefits		Post- retirement Benefits
Expected Benefit Payments
2017	$	85.9	$	28.6	$	3.0
2018	81.6		37.5		3.0
2019	81.3		30.8		2.9
2020	81.2		32.9		2.9
2021	82.1		33.3		2.8
2022-2026	393.7		192.7		12.7

A change in the assumed healthcare cost trend rate by one percentage point effective January 2016 would not have caused a material change in the accumulated postretirement benefit obligation as of December 31, 2016 and the 2016 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 1% to real estate-related equities, approximately 25% to funds investing in international equities and approximately 48% 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 target asset allocations of approximately 70% for equities and 30% for fixed income securities and cash. 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 0% - 25% for equities, 33% - 100% for fixed income, 0% - 20% for hedge funds, 0% - 3% for multi-asset funds and 0% - 20% 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, 2016 and 2015, by asset category are as follows:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Domestic Pension Plan Assets
U.S. equity funds	$	259.0	$	—	$	—	$	—	$	259.0
International equity funds	229.5		—		—		—		229.5
Fixed income funds	436.9		—		—		—		436.9
Private equity funds	1.9		—		—		—		1.9
Money market funds	17.0		—		—		—		17.0
Total Domestic Pension Plans	$	944.3	$	—	$	—	$	—	$	944.3
Non-U.S. Pension Plan Assets
Equity funds	$	123.2	$	56.5	$	—	$	—	$	66.7
Fixed income funds	294.0		19.6		215.9		—		58.5
Hedge funds	80.1		—		—		—		80.1
Multi-asset funds	12.4		—		—		—		12.4
Derivative funds	157.7		—		157.7		—		—
Insurance contracts	177.3		—		177.3		—		—
Cash / money market funds	8.8		6.4		—		—		2.4
Total Non-U.S. Pension Plans	$	853.5	$	82.5	$	550.9	$	—	$	220.1
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(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	$	—	$	—	$	—	$	945.4
Non-U.S. Pension Plan Assets
Equity funds	$	122.8	$	57.3	$	—	$	—	$	65.5
Fixed income funds	287.7		20.3		210.0		—		57.4
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	$	498.6	$	—	$	208.2
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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 at net asset value per share 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. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.

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Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

Note 7. Income Taxes

The components of income from continuing operations before provision for income taxes are as follows:

(In millions)	2016		2015		2014
U.S.	$	493.2	$	851.7	$	1,153.3
Non-U.S.	1,530.7		1,084.7		933.9
Income from Continuing Operations	$	2,023.9	$	1,936.4	$	2,087.2

The components of the provision for income taxes of continuing operations are as follows:

(In millions)	2016			2015			2014
Current Income Tax Provision
Federal	$	279.9		$	184.4		$	444.5
Non-U.S.	348.7			362.7			404.8
State	9.3			8.5			35.0
	637.9			555.6			884.3
Deferred Income Tax Provision (Benefit)
Federal	$	(510.1	)	$	(296.4	)	$	(362.4	)
Non-U.S.	(103.9		)	(288.2		)	(297.3		)
State	(25.3		)	(14.9		)	(32.9		)
	(639.3		)	(599.5		)	(692.6		)
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

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 $53 million, $63 million and $65 million of such benefits that have been allocated to capital in excess of par value in 2016, 2015 and 2014, 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 millions)	2016			2015			2014
Provision for Income Taxes at Statutory Rate	$	708.4		$	677.7		$	730.5
Increases (Decreases) Resulting From:
Foreign rate differential	(321.7		)	(274.5		)	(278.4		)
Income tax credits	(318.2		)	(316.4		)	(239.9		)
Manufacturing deduction	(37.9		)	(37.9		)	(45.9		)
Singapore tax holiday	(22.7		)	(20.8		)	(34.0		)
Impact of change in tax laws and apportionment on deferred taxes	1.5			(37.5		)	(21.0		)
Nondeductible expenses	12.3			9.4			23.4
Provision (reversal) of tax reserves, net	11.9			18.0			28.0
Basis difference on disposal of businesses	21.8			—			18.7
Tax return reassessments and settlements	(41.0		)	(53.5		)	(3.6		)
State income taxes, net of federal tax	(15.9		)	(7.4		)	9.3
Other, net	0.1			(1.0		)	4.6
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

The company has operations and a taxable presence in approximately 50 countries outside the U.S. All of these countries except one have a lower tax rate than the U.S. The countries in which the company has a material presence that have significantly lower tax rates than the U.S. include Germany, the Netherlands, Singapore, Sweden, Switzerland and the United Kingdom. The company’s ability to obtain a benefit from lower tax rates outside the U.S. is dependent on its relative levels of income in countries outside the U.S. and on the statutory tax rates in those countries.

The foreign tax credits discussed below are the result of foreign earnings remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned.

In 2016, the company continued to implement tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from U.S. foreign tax credits of $91 million, offset in part by additional U.S. income taxes of $37 million on the related foreign income (which reduced the benefit from the foreign rate differential in 2016). The company also implemented foreign tax credit planning in Sweden which resulted in $100 million of foreign tax credits, with no related incremental U.S. income tax expense.

In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from 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, the company implemented tax planning initiatives related to non-U.S. subsidiaries.  These non-U.S. subsidiaries incurred foreign tax obligations, and 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 benefitted from 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).

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 2016, 2015 and 2014, the impact of this tax holiday decreased the annual effective tax rates by 1.1%, 1.1% and 1.6%, respectively, and increased diluted earnings per share by approximately $0.06, $0.05 and $0.08, respectively.

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2016			2015
Deferred Tax Asset (Liability)
Depreciation and amortization	$	(4,218.6	)	$	(4,024.8	)
Net operating loss and credit carryforwards	1,453.3			1,083.3
Reserves and accruals	191.6			185.9
Accrued compensation	371.5			312.9
Foreign undistributed earnings	(156.2		)	—
Inventory basis difference	110.4			83.3
Other capitalized costs	83.9			167.9
Unrealized losses on hedging instruments	36.3			16.6
Other, net	65.9			69.1
Deferred tax assets (liabilities), net before valuation allowance	(2,061.9		)	(2,105.8		)
Less: Valuation allowance	113.0			108.9
Deferred tax assets (liabilities), net	$	(2,174.9	)	$	(2,214.7	)

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, 2016, 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, 2016, the company had federal, state and non-U.S. net operating loss carryforwards of $246 million, $1.44 billion and $2.38 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 2017 through 2036. Of the non-U.S. net operating loss carryforwards, $369 million expire in the years 2017 through 2036, and the remainder do not expire. The company also had $620 million of federal foreign tax credit carryforwards as of December 31, 2016, which expire in the years 2017 through 2026.

The company operates in various jurisdictions around the world. With the exception of its Affymetrix Singapore subsidiary, the company has not provided income taxes on the undistributed earnings of its non-U.S. subsidiaries due to its intention to permanently reinvest such earnings unless the company can remit such earnings to the U.S. without associated net tax cost. The company recorded a deferred tax liability of $156 million in acquisition accounting for the outside basis difference of Affymetrix Singapore as the company intends to integrate it with the company’s existing Singapore operations within the next twelve months. Aside from this plan, the company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.

A provision has not been made for U.S. or additional non-U.S. taxes on $12.49 billion of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. 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, 2016, the company had $802 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:

(In millions)	2016			2015			2014
Balance at beginning of year	$	349.7		$	214.1		$	134.2
Additions due to acquisitions	54.2			—			54.3
Additions for tax positions of current year	341.6			14.0			35.3
Additions for tax positions of prior years	94.1			121.2			38.3
Closure of tax years	(28.1		)	(5.2		)	—
Settlements	(9.8		)	5.6			(48.0		)
Balance at end of year	$	801.7		$	349.7		$	214.1

During 2016, the company’s unrecognized tax benefits increased $342 million due to the uncertainty around the deductibility of a foreign exchange loss on intercompany investments, $54 million due to acquisitions, $43 million due to tax planning related to prior years that resulted in amended tax filings, $35 million relating to foreign tax positions and $14 million due to the utilization of deferred tax assets. In 2016, the company also settled the Life Technologies tax audit for the 2012 to 2014 tax years which reduced the reserve on unrecognized tax benefits by $10 million. Of the total $802 million of liability, $3 million is classified as a current liability and the remainder is long-term.

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.

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.

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, 2016 and 2015 was $24 million and $19 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.

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Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8. Earnings per Share

(In millions except per share amounts)	2016			2015			2014
Income from Continuing Operations	$	2,025.3		$	1,980.3		$	1,895.5
Loss from Discontinued Operations	(3.5		)	(4.9		)	(1.1		)
Net Income	$	2,021.8		$	1,975.4		$	1,894.4
Basic Weighted Average Shares	394.8			398.7			398.2
Plus Effect of:
Equity forward arrangement	—			—			0.2
Stock options and restricted units	2.6			3.2			3.9
Diluted Weighted Average Shares	397.4			401.9			402.3
Basic Earnings per Share:
Continuing operations	$	5.13		$	4.97		$	4.76
Discontinued operations	(0.01		)	(0.01		)	—
Basic Earnings per Share	$	5.12		$	4.96		$	4.76
Diluted Earnings per Share:
Continuing operations	$	5.10		$	4.93		$	4.71
Discontinued operations	(0.01		)	(0.01		)	—
Diluted Earnings per Share	$	5.09		$	4.92		$	4.71

Options to purchase 1.5 million, 3.4 million and 2.4 million shares of common stock were not included in the computation of diluted earnings per share for 2016, 2015 and 2014, respectively, because their effect would have been antidilutive.

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Debt and Other Financing Arrangements

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt and Other Financing Arrangements [Text Block]

Note 9. Debt and Other Financing Arrangements

	Effective Interest Rate at December 31,		December 31,			December 31,
(Dollars in millions)	2016		2016			2015
Commercial Paper	0.15	%	$	953.3		$	49.6
Term Loan	1.96	%	825.0			—
2.25% 5-Year Senior Notes, Due 8/15/2016			—			1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017			—			900.0
1.85% 5-Year Senior Notes, Due 1/15/2018	2.01	%	500.0			500.0
Floating Rate 2-Year Senior Notes, Due 8/9/2018 (euro-denominated)	0.14	%	631.0			—
2.15% 3-Year Senior Notes, Due 12/14/2018	2.35	%	450.0			450.0
2.40% 5-Year Senior Notes, Due 2/1/2019	2.59	%	900.0			900.0
6.00% 10-Year Senior Notes, Due 3/1/2020	2.97	%	750.0			750.0
4.70% 10-Year Senior Notes, Due 5/1/2020	4.23	%	300.0			300.0
1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated)	1.62	%	447.0			461.6
5.00% 10-Year Senior Notes, Due 1/15/2021	3.24	%	400.0			400.0
4.50% 10-Year Senior Notes, Due 3/1/2021	4.33	%	1,000.0			1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021	4.15	%	1,100.0			1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022	3.43	%	800.0			800.0
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)	2.27	%	525.9			543.1
3.15% 10-Year Senior Notes, Due 1/15/2023	3.31	%	800.0			800.0
3.00% 7-Year Senior Notes Due 4/15/2023	4.37	%	1,000.0			—
4.15% 10-Year Senior Notes, Due 2/1/2024	4.16	%	1,000.0			1,000.0
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.93	%	1,051.7			—
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.09	%	673.1			695.2
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350.0			350.0
2.95% 10-Year Senior Notes, Due 9/19/2026	3.19	%	1,200.0			—
1.375% 12-Year Senior Notes, 9/12/2028 (euro-denominated)	1.46	%	631.0			—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400.0			400.0
Other			13.0			16.3
Total Borrowings at Par Value			16,701.0			12,415.8
Fair Value Hedge Accounting Adjustments			(49.3		)	6.2
Unamortized Premium, Net			52.2			104.7
Unamortized Debt Issuance Costs			(76.0		)	(54.7		)
Total Borrowings at Carrying Value			16,627.9			12,472.0
Less: Short-term Obligations and Current Maturities			1,255.5			1,051.8
Long-term Obligations			$	15,372.4		$	11,420.2

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, the amortization of any debt issuance costs 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, 2016, the annual repayment requirements for debt obligations are as follows:

(In millions)
2017	$	1,255.5
2018	1,983.3
2019	1,026.9
2020	1,498.9
2021	2,502.0
2022 and Thereafter	8,434.4
	$	16,701.0

As of December 31, 2016 and 2015, short-term obligations and current maturities of long-term obligations in the accompanying balance sheet included $953 million and $50 million, respectively, 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 0.15% and 1.14% at December 31, 2016 and 2015, respectively. In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $67 million as of December 31, 2016. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.

Credit Facilities

In July 2016, the company replaced its existing revolving credit facility with a new facility with a bank group that provides for up to $2.50 billion of unsecured multi-currency revolving credit. The facility expires in July 2021. The agreement calls for interest at either a LIBOR-based rate, a EURIBOR-based rate (for funds drawn in Euro) 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 covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 4.5 to 1.0 for the first two consecutive quarters after the closing date of the acquisition of FEI (see Note 2), stepping down to 4.0 to 1.0 for the two immediately following fiscal quarters and then stepping down to 3.5 to 1.0 each fiscal quarter thereafter. The agreement also requires the company to maintain 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, 2016, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $72 million as a result of outstanding letters of credit.

Commercial Paper Programs

The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the 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. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2016, outstanding borrowings under these programs were $953 million, with a weighted average remaining period to maturity of 58 days and are classified as short-term obligations in the accompanying balance sheet.

Term Loans

In connection with the acquisition of FEI, the company entered into a term loan agreement. The term loan agreement is a 3-year unsecured $2.00 billion term loan facility. The agreement calls for interest at either a LIBOR-based rate, a EURIBOR-based rate (for funds drawn under the term loan in Euro) or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreements contain affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenants are consistent with those in the revolving credit facility described above.

In the first quarter of 2016, in connection with the acquisition of Affymetrix, the company entered into a 364-day $1.00 billion unsecured term loan agreement. In August 2016, the company used the proceeds from the issuance of the floating rate senior notes due 2018 to repay all of this term loan.

Senior Notes

Interest on the floating rate senior notes is payable quarterly. Interest is payable annually on the other euro-denominated senior notes and semi-annually on all other senior notes. Each of the notes may be redeemed 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 2016, Thermo Fisher Scientific (Finance I) B.V., a wholly-owned finance subsidiary of the company issued the Floating Rate Senior Notes due 2018 included in the table above. This subsidiary has no independent function other than financing activities. The Floating Rate Senior Notes due 2018 are fully and unconditionally guaranteed by the company and no other subsidiaries of the company have guaranteed the obligations.

Prior to issuing the 3.00% Senior Notes due 2023, the company had entered into an agreement to hedge its exposure related to the interest rate on the anticipated borrowings (described under the heading "Cash Flow Hedge Arrangements"in Note 12) that was terminated in April 2016. The company had a cash outlay of $75 million in 2016 associated with termination of the arrangement, included in other financing activities, net, in the accompanying statement of cash flows.

Interest Rate Swap Arrangements

In 2016, the company terminated certain of its fixed to floating rate swap arrangements. The terminated swaps were accounted for as fair value hedges. As a result of terminating these arrangements, the company received $61 million (excluding accrued interest) in cash in 2016, included in other financing activities, net, in the accompanying statement of cash flows. The proceeds were recorded as part of the carrying value of the underlying debt and will be amortized as a reduction to interest expense over the remaining terms of the respective debt instruments. Subsequently, the company entered into new swap arrangements which are included in the table below.

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, 2016:

	Aggregate Notional Amount		Pay Rate as of
(Dollars in millions)		Pay Rate	December 31, 2016		Receive Rate
4.50% Senior Notes due 2021	1,000.0	1-month LIBOR + 3.4420%	4.0587	%	4.50	%
3.60% Senior Notes due 2021	1,100.0	1-month LIBOR + 2.5150%	3.2189	%	3.60	%
3.00% Senior Notes due 2023	1,000.0	1-month LIBOR + 1.7640%	2.4679	%	3.00	%

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies [Text Block]

Note 10. Commitments and Contingencies

Operating Leases

The company leases certain logistics, office, and manufacturing facilities. Income from continuing operations includes expense from operating leases of $182 million, $181 million and $181 million in 2016, 2015 and 2014, respectively. The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2016:

(In millions)
2017	$	163.7
2018	132.6
2019	103.0
2020	79.5
2021	60.2
2022 and Thereafter	176.5
	$	715.5

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 $378 million at December 31, 2016 and the majority of these obligations are expected to be settled during 2017.

Letters of Credit, Guarantees and Other Commitments

Outstanding letters of credit and bank guarantees totaled $179 million at December 31, 2016. Substantially all of these letters of credit and guarantees expire before 2022.

Outstanding surety bonds and other guarantees totaled $24 million at December 31, 2016. The expiration of these bonds and guarantees ranges through 2018.

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 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, 2016 was $40 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.

In 2016, 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 2017, a five-year lease will commence 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. The company has also guaranteed the residual value of two other leased operating facilities with initial lease terms ending in 2019 and 2020. The aggregate maximum guarantee under these three lease arrangements is $155 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, 2016, the company’s total environmental liability was approximately $49 million. 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 including matters involving product liability, intellectual property, employment and commercial 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, nor, with respect to certain pending litigation or claims where no liability has been accrued, 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, 2016, was approximately $251 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 $230 million at December 31, 2016 (or $256 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $97 million at December 31, 2016 (or $114 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, 2016, the company had a product liability accrual of $10 million (undiscounted) relating to divested businesses.

The assets and liabilities assumed at the Fisher 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 $26 million and the discount on the assets of approximately $17 million (net discount $9 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 Systems, 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, 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. In February 2016, the District Court granted the company’s motion for summary judgment of non-infringement and entered judgment in its favor. Enzo appealed that decision to the Federal Circuit in March 2016. The company has maintained the $61 million accrual, pending appeals.

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. Life Technologies' petition to the U.S. Supreme Court seeking review of the Court of Appeals’ judgment was granted on June 27, 2016, and the case was stayed in the District Court pending the outcome of the Supreme Court’s review. On February 22, 2017, the Supreme Court issued a decision reversing the Court of Appeals’ judgment and remanding the case to the Court of Appeals for further proceedings in view of the Supreme Court’s legal interpretation of the patent law statute in question. The company has maintained the $52 million accrual, pending conclusion of this matter.

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.

Commercial Matters

On May 5, 2015, and February 12, 2016, the Academy of Allergy & Asthma in Primary Care and United Biologics, LLC d/b/a United Allergy Services, a provider of on-site services to physicians in the delivery of testing and treatment of allergies, filed a complaint against Phadia U.S. Inc. (a subsidiary of the company) and Thermo Fisher Scientific Inc., respectively, in the United States District Court for the Western District of Texas. The plaintiffs allege various claims of anticompetitive activities in violation of antitrust laws, tortious interference with contracts and existing and prospective business relations, and civil conspiracy. On March 28, 2016, the company filed a counterclaim against United Biologics, LLC alleging tortious interference with business relations and seeking a declaratory judgment and injunctive relief. The plaintiffs seek damages, attorneys’ fees, costs, and injunctive relief. The company expects this matter will be scheduled for trial in 2017.

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Comprehensive Income and Shareholders Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Comprehensive Income and Shareholders' Equity [Text Block]

Note 11. Comprehensive Income and Shareholders' Equity

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: 

(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, 2015	$	(1,776.7	)	$	1.8		$	(26.6	)	$	(195.8	)	$	(1,997.3	)
Other comprehensive income (loss) before reclassifications	(566.7		)	(1.6		)	(36.6		)	(46.9		)	(651.8		)
Amounts reclassified from accumulated other comprehensive items	—			0.7			6.1			6.0			12.8
Net other comprehensive items	(566.7		)	(0.9		)	(30.5		)	(40.9		)	(639.0		)
Balance at December 31, 2016	$	(2,343.4	)	$	0.9		$	(57.1	)	$	(236.7	)	$	(2,636.3	)

Shareholders’ Equity

At December 31, 2016, the company had reserved 32.9 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.

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Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments [Text Block]

Note 12. Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements

The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2016. 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 tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and December 31, 2015:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable  Inputs		Significant Unobservable Inputs
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	64.8	$	64.8	$	—	$	—
Bank time deposits	2.0		2.0		—		—
Investments in mutual funds and other similar instruments	15.5		15.5		—		—
Warrants	2.0		—		2.0		—
Insurance contracts	102.1		—		102.1		—
Derivative contracts	15.8		—		15.8		—
Total Assets	$	202.2	$	82.3	$	119.9	$	—
Liabilities
Derivative contracts	$	121.9	$	—	$	121.9	$	—
Contingent consideration	3.4		—		—		3.4
Total Liabilities	$	125.3	$	—	$	121.9	$	3.4

	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 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

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 notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.70 billion and $6.63 billion at December 31, 2016 and December 31, 2015, 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.

	Fair Value – Assets				Fair Value – Liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2016		2015		2016		2015
Derivatives Designated as Hedging Instruments
Interest rate swaps (a)	$	—	$	0.2	$	109.5	$	16.4
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts (b)	15.8		13.6		12.4		25.4

(a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other long-term liabilities.

(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)	2016			2015
Derivatives Designated as Fair Value Hedges
Interest rate swaps - effective portion	$	21.1		$	34.0
Interest rate swaps - ineffective portion (a)	(0.7		)	(7.4		)
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts
Included in cost of revenues	$	(15.1	)	$	12.4
Included in other expense, net	(98.9		)	126.8

(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.

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 2016 and 2015, pre-tax net gains of $172 million and $77 million, respectively, from the euro-denominated notes were included in currency translation adjustment.

Cash Flow Hedge Arrangements

In 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 was 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 hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned fixed-rate debt issue. The change in the fair value of the hedge during 2016, $37 million, net of tax, was classified as a decrease to accumulated other comprehensive items within shareholders’ equity. The hedge was terminated in advance of completing a debt offering in April 2016 (Note 9). The fair value of the hedge at that time, $46 million, net of tax, was classified as a reduction to accumulated other comprehensive items and is being amortized to interest expense over the term of the debt.

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

	December 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	26.2	$	28.4	$	12.1	$	14.9
Debt Obligations:
Senior notes	$	14,838.3	$	15,184.4	$	12,406.1	$	12,618.8
Term loan	823.3		825.0		—		—
Commercial paper	953.3		953.3		49.6		49.6
Other	13.0		13.0		16.3		16.3
	$	16,627.9	$	16,975.7	$	12,472.0	$	12,684.7

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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Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information [Text Block]

Note 13. Supplemental Cash Flow Information

(In millions)	2016			2015			2014
Cash Paid For:
Interest	$	457.9		$	437.6		$	435.9
Income Taxes	$	663.2		$	476.6		$	585.7
Non-cash Activities
Fair value of assets of acquired businesses	$	7,032.4		$	737.4		$	19,623.9
Cash paid for acquired businesses	(5,634.9		)	(700.6		)	(13,534.6		)
Liabilities assumed of acquired businesses	$	1,397.5		$	36.8		$	6,089.3
Declared but unpaid dividends	$	60.1		$	61.3		$	61.9
Issuance of stock upon vesting of restricted stock units	$	126.9		$	131.0		$	110.0
Fair value of investments contributed to defined benefit plans	$	15.9		$	—		$	—

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Restructuring and Other Costs (Income), Net

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring and Other Costs (Income), Net [Text Block]

Note 14. Restructuring and Other Costs (Income), Net

Restructuring and other costs in 2016 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; third-party acquisition transaction and integration costs primarily associated with the acquisitions of FEI and Affymetrix; sales of inventories revalued at the date of acquisition; costs to conform the accounting policies of FEI and Affymetrix with the company's accounting policies; costs to achieve synergies related to acquisitions, including severance and abandoned facility costs; and net charges for environmental and litigation-related matters. These charges were partially offset by gains on sales of assets. In 2016, severance actions associated with facility consolidations and cost reduction measures affected less than 3% of the company’s workforce.

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.

As of February 28, 2017, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in 2017 which will be recorded when specified criteria are met, such as communication of benefit arrangements and abandonment of leased facilities.

2016

During 2016, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses			Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	31.2	$	36.0		$	87.6	$	154.8
Analytical Instruments	62.4		46.5			68.3		177.2
Specialty Diagnostics	—		(0.3		)	14.9		14.6
Laboratory Products and Services	7.9		0.5			17.7		26.1
Corporate	—		21.2			0.7		21.9
	$	101.5	$	103.9		$	189.2	$	394.6

Life Sciences Solutions

In 2016, the Life Sciences Solutions segment recorded $154.8 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $31.2 million, including $27.2 million for sales of inventories revalued at the date of acquisition and $3.9 million to conform the accounting policies of Affymetrix with the company's accounting policies. The segment recorded $36.0 million of charges to selling, general and administrative expenses, including $33.8 million of third-party transaction and integration costs primarily related to the acquisition of Affymetrix, $4.1 million for accelerated depreciation at facilities closing due to real estate consolidation, offset in part by credits of $1.9 million from changes in estimates of contingent acquisition consideration. In addition, the segment recorded $78.1 million of cash restructuring costs, including $60.2 million of severance and related costs primarily to achieve acquisition synergies, and $17.9 million of abandoned facilities costs principally for the consolidation of facilities in the U.S. The segment also recorded $9.5 million of other costs, net, primarily for charges associated with litigation-related matters at acquired businesses.

Analytical Instruments

In 2016, the Analytical Instruments segment recorded $177.2 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $62.4 million, including $20.8 million to conform the accounting policies of FEI with the company's accounting policies and $41.6 million for the sales of inventory revalued at the date of acquisition. The segment recorded $46.5 million of charges to selling, general, and administrative expense, including $37.8 million of third-party transaction costs related to the acquisition of FEI, as well as $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. The segment also recorded $67.7 million of cash restructuring costs primarily for severance obligations payable to former FEI executives and charges associated with abandoned facilities, including remediation and other closure costs of a manufacturing facility in the U.S.

Specialty Diagnostics

In 2016, the Specialty Diagnostics segment recorded $14.6 million of net restructuring and other charges. These costs were principally comprised of $10.0 million for charges associated with litigation-related matters and $6.3 million of cash restructuring costs for severance and other costs associated with headcount reductions and facility consolidations. The segment also recorded $1.4 million of other income, net, primarily gains on the sale of real estate, offset in part by charges for the settlement of retirement plans.

Laboratory Products and Services

In 2016, the Laboratory Products and Services segment recorded $26.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $7.9 million, including $6.2 million for sales of inventories revalued at the date of acquisition, and $1.7 million for accelerated depreciation at facilities closing due to real estate consolidation. The segment recorded $10.9 million of cash restructuring costs, primarily for employee severance and other costs associated with headcount reductions and facility consolidations. In addition, the segment recorded $8.3 million of charges for an increase in environmental remediation cost estimates associated with a Superfund site in the U.S., offset in part by $1.3 million of gains on the settlement of litigation.

Corporate

In 2016, the company recorded $21.9 million of restructuring and other costs, principally within selling, general, and administrative expenses, including $17.2 million of charges for product liability litigation and $4.0 million of accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $1.1 million of restructuring charges for severance and other costs associated with facility consolidation at its corporate operations.

2015

During 2015, the company recorded net restructuring and other costs by segment as follows:

(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

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:

(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	)

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.

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.

(In millions)	Severance			Abandonment of Excess Facilities			Other (a)			Total
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
Costs incurred in 2016 (e)	109.1			45.9			11.9			166.9
Reserves reversed (b)	(1.9		)	(0.4		)	(0.5		)	(2.8		)
Payments	(83.2		)	(26.6		)	(12.2		)	(122.0		)
Currency translation	(1.0		)	(0.1		)	—			(1.1		)
Balance at December 31, 2016	$	38.2		$	31.9		$	2.2		$	72.3

(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.

(e) Excludes $24.0 million of provision for losses on litigation-related matters; $8.3 million of provision for environmental remediation; $4.6 million of net gains on the sale of real estate; and an aggregate of $2.6 million of non-cash income, net.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2017; and abandoned-facility payments, over lease terms expiring through 2027.

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Unaudited Quarterly Information

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Information [Text Block]

Note 15. Unaudited Quarterly Information

	2016
(In millions except per share amounts)	First (a)		Second (b)		Third (c)		Fourth (d)
Revenues	$	4,294.8	$	4,535.2	$	4,490.9	$	4,953.2
Gross Profit	1,957.9		2,078.5		2,053.9		2,278.8
Income from Continuing Operations	402.3		516.8		473.5		632.7
Net Income	402.2		516.6		473.5		629.5
Earnings per Share from Continuing Operations:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Earnings per Share:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Cash Dividend Declared per Common Share	0.15		0.15		0.15		0.15

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $90.1 million.

(b) Costs of $56.6 million.

(c) Costs of $149.8 million.

(d) Costs of $98.1 million.

	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

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $40.2 million.

(b) Costs of $24.7 million.

(c) Costs of $40.9 million.

(d) Costs of $64.9 million.

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Subsequent Event

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Event [Text Block]

Note 16. Subsequent Event

In February 2017, the company acquired, within the Life Sciences Solutions segment, Finesse Solutions, Inc., a North America-based developer of scalable control automation systems and software for bioproduction, for approximately $225 million. The acquisition expanded the company's bioproduction offerings. Revenues of Finesse were approximately $50 million in 2016. The purchase price allocation for the acquisition is not yet available.

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Nature of Operations and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

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 2016 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 3to 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 November 5, 2016 and October 31, 2015, 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 2016, 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 2017, the FASB issued new guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, the new guidance will require entities to record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for the company in 2020. 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 January 2017, the FASB issued new guidance clarifying the definition of a business and providing criteria to determine when an integrated set of assets and activities is not defined as a business. The new guidance requires such integrated sets to be defined as an asset (and not a business) if substantially all of the fair value of the gross assets acquired or disposed is concentrated in a single identifiable asset or a group of similar identifiable assets. 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 2016, the FASB issued new guidance intended to reduce diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In October 2016, the FASB issued new guidance eliminating the deferral of the tax effects of intra-entity asset transfers. The guidance is effective for the company in 2018. The company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In August 2016, the FASB issued new guidance intended to reduce diversity in practice in how certain transactions are classified on the statement of cash flows. The company adopted this guidance on January 1, 2017. The adoption of this guidance is not expected to have a material impact on the company’s consolidated statement of cash flows.

In March 2016, the FASB issued new guidance which affects the accounting for stock-based compensation. The new guidance simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The company adopted this guidance on January 1, 2017. Adoption of this guidance is not expected to have a material impact on the company's consolidated financial statements; however, the impact in any given period will be dependent upon changes in the company's stock price, the volume of employee stock option exercises and the timing of service- and performance-based restricted unit vestings.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. The guidance is effective for the company in 2019 and must be adopted using a modified retrospective method. Early adoption is permitted. The company is currently evaluating the impact this guidance will have on its consolidated financial statements, however, assets and liabilities will increase upon adoption for right-of-use assets and lease liabilities. The company’s future commitments under lease obligations are summarized in Note 10.

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 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 was effective for the company in 2016. Adoption of this guidance did not have a material impact on the company’s consolidated balance sheet.

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. 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 was effective for the company in 2016. As a result of adoption of this standard, debt issuance costs of $55 million were reclassified from other assets to reduce long-term debt as of December 31, 2015.

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. During 2016, the FASB issued additional guidance and clarification. The guidance is currently effective for the company in 2018. Early adoption is permitted. The company expects to adopt this guidance on January 1, 2018 through application of the modified retrospective method. The company’s preliminary assessment of its most commonly used customer terms and conditions and routine sales transactions did not identify material impacts to its consolidated financial statements from the application of the guidance; however, a broad assessment is ongoing that includes surveying the company’s major businesses concerning any unique customer contract terms or transactions that could have implications to the timing of revenue recognition under the new guidance. The company expects this undertaking will be complete in the second half of 2017.

Business Combinations Policy [Policy Text Block]

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.

Stock-based Compensation Expense Policies [Policy 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.

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 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 $53 million, $63 million and $65 million, respectively, in 2016, 2015 and 2014.

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 [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.

As of January 1, 2017, the company changed the method it uses to estimate the service and interest components of net periodic benefit cost for pension and other retiree benefit plans. Historically, the company estimated these service and interest cost components utilizing the single weighted-average discount rate used to measure each plan's benefit obligation at the beginning of the year. Beginning in 2017, the company will utilize a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The company has made this change to provide a more precise measurement of the service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The company has accounted for this change as a change in accounting estimate and will account for it prospectively starting in January 2017. The reduction in service and interest costs for 2017 associated with this change in estimate will be approximately $10 million.

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.

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.

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 1% to real estate-related equities, approximately 25% to funds investing in international equities and approximately 48% 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 target asset allocations of approximately 70% for equities and 30% for fixed income securities and cash. 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 0% - 25% for equities, 33% - 100% for fixed income, 0% - 20% for hedge funds, 0% - 3% for multi-asset funds and 0% - 20% 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.

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Acquisitions and Dispositions (Policies)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Business Combinations Policy [Policy Text Block]

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.

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Stockbased Compensation Expense (Policies)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation Expense Policies [Policy 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.

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 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 $53 million, $63 million and $65 million, respectively, in 2016, 2015 and 2014.

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.

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Pension and Other Postretirement Benefit Plans (Policies)

12 Months Ended

Dec. 31, 2016

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.

As of January 1, 2017, the company changed the method it uses to estimate the service and interest components of net periodic benefit cost for pension and other retiree benefit plans. Historically, the company estimated these service and interest cost components utilizing the single weighted-average discount rate used to measure each plan's benefit obligation at the beginning of the year. Beginning in 2017, the company will utilize a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The company has made this change to provide a more precise measurement of the service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The company has accounted for this change as a change in accounting estimate and will account for it prospectively starting in January 2017. The reduction in service and interest costs for 2017 associated with this change in estimate will be approximately $10 million.

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.

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.

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 1% to real estate-related equities, approximately 25% to funds investing in international equities and approximately 48% 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 target asset allocations of approximately 70% for equities and 30% for fixed income securities and cash. 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 0% - 25% for equities, 33% - 100% for fixed income, 0% - 20% for hedge funds, 0% - 3% for multi-asset funds and 0% - 20% 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.

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Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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:

	Year Ended December 31,
(In millions)	2016			2015			2014
Beginning Balance	$	70.1		$	74.1		$	54.1
Provision charged to expense (a)	15.9			5.5			20.4
Accounts recovered	0.2			0.2			1.0
Accounts written off	(9.2		)	(4.8		)	(11.2		)
Other (b)	0.3			(4.9		)	9.8
Ending Balance	$	77.3		$	70.1		$	74.1

(a) In 2016, includes $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. 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.

Warranty Obligations [Table Text Block]

The changes in the carrying amount of standard product warranty obligations are as follows:

	Year Ended
	December 31,			December 31,
(In millions)	2016			2015
Beginning Balance	$	55.8		$	57.5
Provision charged to income	96.2			85.4
Usage	(86.6		)	(82.1		)
Acquisitions	16.8			0.5
Adjustments to previously provided warranties, net	(2.5		)	(2.6		)
Currency translation	(1.8		)	(2.9		)
Ending Balance	$	77.9		$	55.8

Inventories [Table Text Block]

The components of inventories are as follows:

	December 31,		December 31,
(In millions)	2016		2015
Raw Materials	$	466.3	$	421.1
Work in Process	327.9		236.8
Finished Goods	1,419.1		1,333.8
Inventories	$	2,213.3	$	1,991.7

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consists of the following:

	December 31,		December 31,
(In millions)	2016		2015
Land	$	305.6	$	276.4
Buildings and Improvements	1,154.2		1,050.5
Machinery, Equipment and Leasehold Improvements	2,955.7		2,786.8
Property, Plant and Equipment, at Cost	4,415.5		4,113.7
Less: Accumulated Depreciation and Amortization	1,837.7		1,664.9
Property, Plant and Equipment, Net	$	2,577.8	$	2,448.8

Finite-Lived Acquisition-related Intangible Assets [Table Text Block]

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2016							Balance at December 31, 2015
(In millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Definite Lived:
Customer relationships	$	13,167.3	$	(4,821.4	)	$	8,345.9	$	11,844.4	$	(4,086.9	)	$	7,757.5
Product technology	5,679.7		(2,204.2		)	3,475.5		4,799.8		(1,819.0		)	2,980.8
Tradenames	1,452.2		(646.0		)	806.2		1,316.7		(548.2		)	768.5
Other	33.0		(33.0		)	—		33.2		(33.0		)	0.2
	20,332.2		(7,704.6		)	12,627.6		17,994.1		(6,487.1		)	11,507.0
Indefinite Lived:
Tradenames	1,234.8		—			1,234.8		1,234.8		—			1,234.8
In-process research and development	106.6		—			106.6		16.5		—			16.5
	1,341.4		—			1,341.4		1,251.3		—			1,251.3
Acquisition-related Intangible Assets	$	21,673.6	$	(7,704.6	)	$	13,969.0	$	19,245.4	$	(6,487.1	)	$	12,758.3

Indefinite-Lived Acquisition-related Intangible Assets [Table Text Block]

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2016							Balance at December 31, 2015
(In millions)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Definite Lived:
Customer relationships	$	13,167.3	$	(4,821.4	)	$	8,345.9	$	11,844.4	$	(4,086.9	)	$	7,757.5
Product technology	5,679.7		(2,204.2		)	3,475.5		4,799.8		(1,819.0		)	2,980.8
Tradenames	1,452.2		(646.0		)	806.2		1,316.7		(548.2		)	768.5
Other	33.0		(33.0		)	—		33.2		(33.0		)	0.2
	20,332.2		(7,704.6		)	12,627.6		17,994.1		(6,487.1		)	11,507.0
Indefinite Lived:
Tradenames	1,234.8		—			1,234.8		1,234.8		—			1,234.8
In-process research and development	106.6		—			106.6		16.5		—			16.5
	1,341.4		—			1,341.4		1,251.3		—			1,251.3
Acquisition-related Intangible Assets	$	21,673.6	$	(7,704.6	)	$	13,969.0	$	19,245.4	$	(6,487.1	)	$	12,758.3

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:

(In millions)
2017	$	1,465.7
2018	1,428.1
2019	1,397.1
2020	1,297.0
2021	1,199.6
2022 and Thereafter	5,840.1
Estimated Future Amortization Expense of Definite-lived Intangible Assets	$	12,627.6

Goodwill [Table Text Block]

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Services			Total
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
Acquisitions	633.1			2,059.0			0.8			—			2,692.9
Finalization of purchase price allocations for 2015 acquisitions	—			—			—			6.8			6.8
Currency translation	(3.1		)	(80.1		)	(108.1		)	(31.0		)	(222.3		)
Other	13.2			4.4			(5.0		)	10.2			22.8
Balance at December 31, 2016	$	7,932.4		$	4,685.8		$	3,659.0		$	5,050.6		$	21,327.8

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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:

(In millions)	Alfa Aesar			Advanced Scientifics			Other			Total
Purchase Price
Cash paid	$	393.0		$	289.1		$	18.5		$	700.6
Purchase price payable	—			—			1.3			1.3
Cash acquired	(3.5		)	(0.3		)	(1.3		)	(5.1		)
	$	389.5		$	288.8		$	18.5		$	696.8
Net Assets Acquired
Current assets	$	96.8		$	28.7		$	4.6		$	130.1
Property, plant and equipment	39.0			10.6			0.1			49.7
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	125.1			124.4			8.9			258.4
Other assets	4.5			0.2			—			4.7
Liabilities assumed	(28.6		)	(3.9		)	(3.0		)	(35.5		)
	$	389.5		$	288.8		$	18.5		$	696.8

The components of the purchase price and net assets acquired for 2016 acquisitions are as follows:

(In millions)	FEI			Affymetrix			Other			Total
Purchase Price
Cash paid	$	4,440.4		$	1,165.0		$	29.5		$	5,634.9
Debt assumed	—			254.2			0.6			254.8
Purchase price payable	10.8			0.5			2.7			14.0
Cash acquired	(369.1		)	(77.9		)	(0.3		)	(447.3		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4
Net Assets Acquired
Current assets	$	621.4		$	160.6		$	3.4		$	785.4
Property, plant and equipment	153.0			19.3			0.2			172.5
Definite-lived intangible assets:
Customer relationships	1,051.1			500.5			8.7			1,560.3
Product technology	739.8			253.1			7.0			999.9
Tradenames and other	130.0			45.5			—			175.5
Indefinite-lived intangible assets:
In-process research and development	104.7			14.4			—			119.1
Goodwill	2,057.1			615.2			20.6			2,692.9
Other assets	71.6			7.8			0.1			79.5
Liabilities assumed	(846.6		)	(274.6		)	(7.5		)	(1,128.7		)
	$	4,082.1		$	1,341.8		$	32.5		$	5,456.4

The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:

(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

Business Acquisition, Pro Forma Information [Table Text Block]

Had the acquisitions of FEI and Affymetrix been completed as of the beginning of 2015, the company’s pro forma results for 2016 and 2015 would have been as follows:

(In millions except per share amounts)	2016		2015
Revenues	$	18,988.4	$	18,230.0
Income from Continuing Operations	$	2,045.8	$	1,688.8
Net Income	$	2,042.3	$	1,683.9
Earnings per Share from Continuing Operations:
Basic	$	5.18	$	4.24
Diluted	$	5.15	$	4.20
Earnings per Share:
Basic	$	5.17	$	4.22
Diluted	$	5.14	$	4.19

Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combinations to reflect amounts as if the acquisitions had been completed as of the beginning of 2015, as follows:

• Pre-tax charge to selling, general and administrative expenses of $102 million in 2015, for acquisition-related transaction costs incurred by the company, Affymetrix and FEI;

• Pre-tax charge to cost of revenues of $99 million in 2015, for the sale of Affymetrix and FEI inventories revalued at the date of acquisition;

• Pre-tax charge of $46 million in 2015, for initial restructuring charges incurred by the company relating to the Affymetrix and FEI acquisitions.

• Pre-tax charge of $33 million in 2015, to conform the accounting policies of Affymetrix and FEI with the company’s accounting policies; and

• Pre-tax reduction of revenues of $6 million and $14 million in 2016 and 2015, respectively, for revaluing the Affymetrix and FEI deferred revenue obligations to fair value.

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 acquisitions occurred on the date indicated or that may result in the future.

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:

	June 28,
(In millions)	2014
Current Assets	$	39.5
Long-term Assets	400.3
Current Liabilities	15.5
Long-term Liabilities	84.1

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Business Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Business Segment Information

(In millions)	2016			2015			2014
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		$	4,195.7
Analytical Instruments	3,668.2			3,208.2			3,252.2
Specialty Diagnostics	3,339.2			3,243.9			3,343.6
Laboratory Products and Services	7,030.0			6,661.5			6,601.5
Eliminations	(741.4		)	(587.6		)	(503.4		)
Consolidated revenues	18,274.1			16,965.4			16,889.6
Segment Income (a)
Life Sciences Solutions	1,514.7			1,336.9			1,214.9
Analytical Instruments	745.2			612.8			581.1
Specialty Diagnostics	909.8			872.9			916.0
Laboratory Products and Services	1,052.1			999.1			982.8
Subtotal reportable segments (a)	4,221.8			3,821.7			3,694.8
Cost of revenues charges	(101.5		)	(9.1		)	(327.6		)
Selling, general and administrative charges, net	(103.9		)	(46.3		)	(130.7		)
Restructuring and other (costs) income, net	(189.2		)	(115.3		)	598.2
Amortization of acquisition-related intangible assets	(1,378.0		)	(1,314.8		)	(1,331.7		)
Consolidated operating income	2,449.2			2,336.2			2,503.0
Other expense, net (b)	(425.3		)	(399.8		)	(415.8		)
Income from continuing operations before income taxes	$	2,023.9		$	1,936.4		$	2,087.2
Depreciation
Life Sciences Solutions	$	141.4		$	146.3		$	131.6
Analytical Instruments	49.7			38.9			39.0
Specialty Diagnostics	70.4			73.7			76.7
Laboratory Products and Services	118.5			114.5			105.8
Consolidated depreciation	$	380.0		$	373.4		$	353.1

(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)	2016		2015		2014
Total Assets
Life Sciences Solutions	$	18,454.3	$	17,884.3	$	19,257.0
Analytical Instruments	9,519.6		4,763.1		4,133.3
Specialty Diagnostics	6,801.6		7,183.2		8,047.7
Laboratory Products and Services	10,016.3		10,266.6		10,875.7
Corporate/Other (c)	1,115.7		737.1		538.4
Consolidated total assets	$	45,907.5	$	40,834.3	$	42,852.1
Capital Expenditures
Life Sciences Solutions	$	116.7	$	85.1	$	104.4
Analytical Instruments	34.0		59.5		38.1
Specialty Diagnostics	72.3		75.9		84.7
Laboratory Products and Services	116.8		97.7		102.1
Corporate/Other	104.6		104.7		98.3
Consolidated capital expenditures	$	444.4	$	422.9	$	427.6

(c) Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Business Segment Information

(In millions)	2016			2015			2014
Revenues
Life Sciences Solutions	$	4,978.1		$	4,439.4		$	4,195.7
Analytical Instruments	3,668.2			3,208.2			3,252.2
Specialty Diagnostics	3,339.2			3,243.9			3,343.6
Laboratory Products and Services	7,030.0			6,661.5			6,601.5
Eliminations	(741.4		)	(587.6		)	(503.4		)
Consolidated revenues	18,274.1			16,965.4			16,889.6
Segment Income (a)
Life Sciences Solutions	1,514.7			1,336.9			1,214.9
Analytical Instruments	745.2			612.8			581.1
Specialty Diagnostics	909.8			872.9			916.0
Laboratory Products and Services	1,052.1			999.1			982.8
Subtotal reportable segments (a)	4,221.8			3,821.7			3,694.8
Cost of revenues charges	(101.5		)	(9.1		)	(327.6		)
Selling, general and administrative charges, net	(103.9		)	(46.3		)	(130.7		)
Restructuring and other (costs) income, net	(189.2		)	(115.3		)	598.2
Amortization of acquisition-related intangible assets	(1,378.0		)	(1,314.8		)	(1,331.7		)
Consolidated operating income	2,449.2			2,336.2			2,503.0
Other expense, net (b)	(425.3		)	(399.8		)	(415.8		)
Income from continuing operations before income taxes	$	2,023.9		$	1,936.4		$	2,087.2
Depreciation
Life Sciences Solutions	$	141.4		$	146.3		$	131.6
Analytical Instruments	49.7			38.9			39.0
Specialty Diagnostics	70.4			73.7			76.7
Laboratory Products and Services	118.5			114.5			105.8
Consolidated depreciation	$	380.0		$	373.4		$	353.1

(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.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

(In millions)	2016		2015		2014
Revenues (d)
United States	$	9,085.6	$	8,607.3	$	8,147.7
China	1,729.6		1,376.4		1,223.1
Germany	995.8		899.7		1,005.9
United Kingdom	742.2		778.1		754.5
Japan	737.3		611.1		672.8
Other	4,983.6		4,692.8		5,085.6
Consolidated revenues	$	18,274.1	$	16,965.4	$	16,889.6
Long-lived Assets (e)
United States	$	1,630.2	$	1,532.0	$	1,501.7
United Kingdom	216.8		261.1		265.5
Germany	157.6		169.4		170.3
Other	573.2		486.3		489.0
Consolidated long-lived assets	$	2,577.8	$	2,448.8	$	2,426.5

(d) Revenues are attributed to countries based on customer location.

(e) Includes property, plant and equipment, net

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Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2016

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:

(In millions)	2016			2015			2014
Interest Income	$	48.4		$	30.6		$	47.7
Interest Expense	(469.6		)	(414.9		)	(479.9		)
Other Items, Net	(4.1		)	(15.5		)	16.4
Other Expense, Net	$	(425.3	)	$	(399.8	)	$	(415.8	)

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Stockbased Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2016

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:

(In millions)	2016		2015		2014
Stock Option Awards	$	41.3	$	43.7	$	45.7
Restricted Unit Awards	92.2		81.3		71.4
Total Stock-based Compensation Expense	$	133.5	$	125.0	$	117.1

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: 

	2016		2015		2014
Expected Stock Price Volatility	21	%	24	%	25	%
Risk Free Interest Rate	1.2	%	1.4	%	1.3	%
Expected Life of Options (years)	4.3		4.3		4.4
Expected Annual Dividend	0.5	%	0.5	%	0.5	%

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, 2016 is presented below:

	Shares (in millions)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (a) (in millions)
Outstanding at December 31, 2015	9.6		$	85.30
Granted	1.8		131.22
Exercised	(2.2	)	62.55
Canceled/Expired	(0.4	)	119.52
Outstanding at December 31, 2016	8.8		$	98.69	3.9
Vested and Unvested Expected to Vest at December 31, 2016	8.5		$	97.50	3.8	$	371.7
Exercisable at December 31, 2016	4.6		$	75.05	2.7	$	307.1

(a) Market price per share on December 31, 2016 was $141.10. The intrinsic value is zero for options with exercise prices above the market price.

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, 2016 is presented below:

	Shares (in millions)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (a) (in millions)
Outstanding at December 31, 2015	9.6		$	85.30
Granted	1.8		131.22
Exercised	(2.2	)	62.55
Canceled/Expired	(0.4	)	119.52
Outstanding at December 31, 2016	8.8		$	98.69	3.9
Vested and Unvested Expected to Vest at December 31, 2016	8.5		$	97.50	3.8	$	371.7
Exercisable at December 31, 2016	4.6		$	75.05	2.7	$	307.1

(a) Market price per share on December 31, 2016 was $141.10. The intrinsic value is zero for options with exercise prices above the market price.

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, 2016 is presented below:

	Units (in thousands)		Weighted Average Grant-Date Fair Value
Unvested at December 31, 2015	1,561		$	113.64
Granted	786		131.01
Vested	(885	)	102.97
Forfeited	(125	)	125.52
Unvested at December 31, 2016	1,337		$	129.80

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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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:

	Domestic Pension  Benefits						Non-U.S. Pension  Benefits						Postretirement Benefits
(In millions)	2016			2015			2016			2015			2016			2015
Change in Projected Benefit Obligations
Benefit Obligation at Beginning of Year	$	1,213.1		$	1,291.1		$	1,036.0		$	1,075.4		$	48.8		$	55.3
Business combinations	33.4			—			1.2			52.7			—			—
Service costs	—			—			23.9			25.2			0.5			0.6
Interest costs	51.1			50.0			27.1			27.6			2.0			1.9
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Actuarial (gains) losses	29.8			(48.7		)	149.9			(39.1		)	1.4			(2.2		)
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(88.4		)	(73.4		)	—			(2.7		)
Benefit Obligation at End of Year	$	1,249.1		$	1,213.1		$	1,116.5		$	1,036.0		$	50.1		$	48.8
Change in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	945.4		$	1,047.6		$	817.2		$	825.8		$	7.5		$	8.6
Business combinations	—			—			—			32.1			—			—
Actual return on plan assets	70.8			(28.3		)	124.8			12.4			0.5			(1.1		)
Employer contribution	6.4			5.4			49.5			28.0			2.7			4.1
Settlements	—			—			(7.5		)	(7.4		)	—			—
Plan participants' contributions	—			—			4.5			4.6			1.3			1.3
Benefits paid	(78.3		)	(79.3		)	(30.2		)	(29.6		)	(3.9		)	(5.4		)
Currency translation and other	—			—			(104.8		)	(48.7		)	—			—
Fair Value of Plan Assets at End of Year	$	944.3		$	945.4		$	853.5		$	817.2		$	8.1		$	7.5
Funded Status	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Accumulated Benefit Obligation	$	1,249.1		$	1,213.1		$	1,047.8		$	983.4
Amounts Recognized in Balance Sheet
Non-current asset	$	—		$	—		$	62.7		$	72.7		$	4.3		$	3.8
Current liability	(9.8		)	(2.9		)	(5.7		)	(5.7		)	(2.7		)	(2.6		)
Non-current liability	(295.0		)	(264.8		)	(320.0		)	(285.8		)	(43.6		)	(42.5		)
Net amount recognized	$	(304.8	)	$	(267.7	)	$	(263.0	)	$	(218.8	)	$	(42.0	)	$	(41.3	)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial loss	$	171.3		$	163.0		$	169.6		$	133.1		$	5.8		$	4.7
Prior service credits	—			—			7.9			(1.6		)	(0.1		)	(0.2		)
Net amount recognized	$	171.3		$	163.0		$	177.5		$	131.5		$	5.7		$	4.5

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, 2016 and 2015 and are as follows:

	Domestic Pension Benefits				Non-U.S. Pension Benefits				Postretirement Benefits
	2016		2015		2016		2015		2016		2015
Weighted Average Assumptions Used to Determine Projected Benefit Obligations
Discount rate	4.07	%	4.25	%	1.95	%	2.83	%	3.77	%	4.12	%
Average rate of increase in employee compensation	4.00	%	4.00	%	3.09	%	3.06	%	—		—
Initial healthcare cost trend rate									6.70	%	6.82	%
Ultimate healthcare cost trend rate									5.08	%	5.21	%

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:

	Domestic Pension Benefits						Non-U.S. Pension Benefits
	2016		2015		2014		2016		2015		2014
Weighted Average Assumptions Used to Determine Net Benefit Cost (Income)
Discount rate	4.25	%	4.00	%	4.46	%	2.83	%	2.69	%	3.91	%
Average rate of increase in employee compensation	4.00	%	4.00	%	4.00	%	3.06	%	3.03	%	3.22	%
Expected long-term rate of return on assets	7.00	%	7.00	%	7.00	%	3.74	%	4.21	%	4.88	%

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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	1,906.6	$	1,739.2
Fair value of plan assets	1,276.1		1,180.0

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:

	Pension Plans
(In millions)	2016		2015
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation	$	1,846.7	$	1,694.3
Fair value of plan assets	1,275.7		1,179.7

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension benefit cost (income) includes the following components:

	Domestic Pension Benefits									Non-U.S. Pension Benefits
(In millions)	2016			2015			2014			2016			2015			2014
Components of Net Benefit Cost (Income)
Service cost-benefits earned	$	—		$	—		$	2.0		$	23.9		$	25.2		$	20.0
Interest cost on benefit obligation	51.1			50.0			53.1			27.1			27.6			36.7
Expected return on plan assets	(49.6		)	(54.3		)	(60.8		)	(28.2		)	(33.6		)	(34.4		)
Amortization of actuarial net loss	0.3			0.6			3.7			7.1			9.3			4.2
Amortization of prior service benefit	—			—			—			(0.2		)	(0.2		)	(0.1		)
Settlement/curtailment loss	—			—			25.5			0.7			1.0			4.1
Special termination benefits	—			—			—			—			1.3			0.3
Net periodic benefit cost (income)	$	1.8		$	(3.7	)	$	23.5		$	30.4		$	30.6		$	30.8

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:

(In millions)	Domestic Pension Benefits		Non-U.S. Pension Benefits		Post- retirement Benefits
Expected Benefit Payments
2017	$	85.9	$	28.6	$	3.0
2018	81.6		37.5		3.0
2019	81.3		30.8		2.9
2020	81.2		32.9		2.9
2021	82.1		33.3		2.8
2022-2026	393.7		192.7		12.7

Schedule of Allocation of Plan Assets [Table Text Block]

The fair values of the company’s plan assets at December 31, 2016 and 2015, by asset category are as follows:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Domestic Pension Plan Assets
U.S. equity funds	$	259.0	$	—	$	—	$	—	$	259.0
International equity funds	229.5		—		—		—		229.5
Fixed income funds	436.9		—		—		—		436.9
Private equity funds	1.9		—		—		—		1.9
Money market funds	17.0		—		—		—		17.0
Total Domestic Pension Plans	$	944.3	$	—	$	—	$	—	$	944.3
Non-U.S. Pension Plan Assets
Equity funds	$	123.2	$	56.5	$	—	$	—	$	66.7
Fixed income funds	294.0		19.6		215.9		—		58.5
Hedge funds	80.1		—		—		—		80.1
Multi-asset funds	12.4		—		—		—		12.4
Derivative funds	157.7		—		157.7		—		—
Insurance contracts	177.3		—		177.3		—		—
Cash / money market funds	8.8		6.4		—		—		2.4
Total Non-U.S. Pension Plans	$	853.5	$	82.5	$	550.9	$	—	$	220.1
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Not Subject to Leveling (1)
(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	$	—	$	—	$	—	$	945.4
Non-U.S. Pension Plan Assets
Equity funds	$	122.8	$	57.3	$	—	$	—	$	65.5
Fixed income funds	287.7		20.3		210.0		—		57.4
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	$	498.6	$	—	$	208.2
(1) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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:

(In millions)	2016		2015		2014
U.S.	$	493.2	$	851.7	$	1,153.3
Non-U.S.	1,530.7		1,084.7		933.9
Income from Continuing Operations	$	2,023.9	$	1,936.4	$	2,087.2

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:

(In millions)	2016			2015			2014
Current Income Tax Provision
Federal	$	279.9		$	184.4		$	444.5
Non-U.S.	348.7			362.7			404.8
State	9.3			8.5			35.0
	637.9			555.6			884.3
Deferred Income Tax Provision (Benefit)
Federal	$	(510.1	)	$	(296.4	)	$	(362.4	)
Non-U.S.	(103.9		)	(288.2		)	(297.3		)
State	(25.3		)	(14.9		)	(32.9		)
	(639.3		)	(599.5		)	(692.6		)
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

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:

(In millions)	2016			2015			2014
Provision for Income Taxes at Statutory Rate	$	708.4		$	677.7		$	730.5
Increases (Decreases) Resulting From:
Foreign rate differential	(321.7		)	(274.5		)	(278.4		)
Income tax credits	(318.2		)	(316.4		)	(239.9		)
Manufacturing deduction	(37.9		)	(37.9		)	(45.9		)
Singapore tax holiday	(22.7		)	(20.8		)	(34.0		)
Impact of change in tax laws and apportionment on deferred taxes	1.5			(37.5		)	(21.0		)
Nondeductible expenses	12.3			9.4			23.4
Provision (reversal) of tax reserves, net	11.9			18.0			28.0
Basis difference on disposal of businesses	21.8			—			18.7
Tax return reassessments and settlements	(41.0		)	(53.5		)	(3.6		)
State income taxes, net of federal tax	(15.9		)	(7.4		)	9.3
Other, net	0.1			(1.0		)	4.6
(Benefit from) Provision for income taxes	$	(1.4	)	$	(43.9	)	$	191.7

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2016			2015
Deferred Tax Asset (Liability)
Depreciation and amortization	$	(4,218.6	)	$	(4,024.8	)
Net operating loss and credit carryforwards	1,453.3			1,083.3
Reserves and accruals	191.6			185.9
Accrued compensation	371.5			312.9
Foreign undistributed earnings	(156.2		)	—
Inventory basis difference	110.4			83.3
Other capitalized costs	83.9			167.9
Unrealized losses on hedging instruments	36.3			16.6
Other, net	65.9			69.1
Deferred tax assets (liabilities), net before valuation allowance	(2,061.9		)	(2,105.8		)
Less: Valuation allowance	113.0			108.9
Deferred tax assets (liabilities), net	$	(2,174.9	)	$	(2,214.7	)

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2016			2015			2014
Balance at beginning of year	$	349.7		$	214.1		$	134.2
Additions due to acquisitions	54.2			—			54.3
Additions for tax positions of current year	341.6			14.0			35.3
Additions for tax positions of prior years	94.1			121.2			38.3
Closure of tax years	(28.1		)	(5.2		)	—
Settlements	(9.8		)	5.6			(48.0		)
Balance at end of year	$	801.7		$	349.7		$	214.1

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(In millions except per share amounts)	2016			2015			2014
Income from Continuing Operations	$	2,025.3		$	1,980.3		$	1,895.5
Loss from Discontinued Operations	(3.5		)	(4.9		)	(1.1		)
Net Income	$	2,021.8		$	1,975.4		$	1,894.4
Basic Weighted Average Shares	394.8			398.7			398.2
Plus Effect of:
Equity forward arrangement	—			—			0.2
Stock options and restricted units	2.6			3.2			3.9
Diluted Weighted Average Shares	397.4			401.9			402.3
Basic Earnings per Share:
Continuing operations	$	5.13		$	4.97		$	4.76
Discontinued operations	(0.01		)	(0.01		)	—
Basic Earnings per Share	$	5.12		$	4.96		$	4.76
Diluted Earnings per Share:
Continuing operations	$	5.10		$	4.93		$	4.71
Discontinued operations	(0.01		)	(0.01		)	—
Diluted Earnings per Share	$	5.09		$	4.92		$	4.71

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Debt and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	Effective Interest Rate at December 31,		December 31,			December 31,
(Dollars in millions)	2016		2016			2015
Commercial Paper	0.15	%	$	953.3		$	49.6
Term Loan	1.96	%	825.0			—
2.25% 5-Year Senior Notes, Due 8/15/2016			—			1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017			—			900.0
1.85% 5-Year Senior Notes, Due 1/15/2018	2.01	%	500.0			500.0
Floating Rate 2-Year Senior Notes, Due 8/9/2018 (euro-denominated)	0.14	%	631.0			—
2.15% 3-Year Senior Notes, Due 12/14/2018	2.35	%	450.0			450.0
2.40% 5-Year Senior Notes, Due 2/1/2019	2.59	%	900.0			900.0
6.00% 10-Year Senior Notes, Due 3/1/2020	2.97	%	750.0			750.0
4.70% 10-Year Senior Notes, Due 5/1/2020	4.23	%	300.0			300.0
1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated)	1.62	%	447.0			461.6
5.00% 10-Year Senior Notes, Due 1/15/2021	3.24	%	400.0			400.0
4.50% 10-Year Senior Notes, Due 3/1/2021	4.33	%	1,000.0			1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021	4.15	%	1,100.0			1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022	3.43	%	800.0			800.0
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)	2.27	%	525.9			543.1
3.15% 10-Year Senior Notes, Due 1/15/2023	3.31	%	800.0			800.0
3.00% 7-Year Senior Notes Due 4/15/2023	4.37	%	1,000.0			—
4.15% 10-Year Senior Notes, Due 2/1/2024	4.16	%	1,000.0			1,000.0
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.93	%	1,051.7			—
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.09	%	673.1			695.2
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350.0			350.0
2.95% 10-Year Senior Notes, Due 9/19/2026	3.19	%	1,200.0			—
1.375% 12-Year Senior Notes, 9/12/2028 (euro-denominated)	1.46	%	631.0			—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400.0			400.0
Other			13.0			16.3
Total Borrowings at Par Value			16,701.0			12,415.8
Fair Value Hedge Accounting Adjustments			(49.3		)	6.2
Unamortized Premium, Net			52.2			104.7
Unamortized Debt Issuance Costs			(76.0		)	(54.7		)
Total Borrowings at Carrying Value			16,627.9			12,472.0
Less: Short-term Obligations and Current Maturities			1,255.5			1,051.8
Long-term Obligations			$	15,372.4		$	11,420.2

Schedule of Maturities of Long-term Debt [Table Text Block]

As of December 31, 2016, the annual repayment requirements for debt obligations are as follows:

(In millions)
2017	$	1,255.5
2018	1,983.3
2019	1,026.9
2020	1,498.9
2021	2,502.0
2022 and Thereafter	8,434.4
	$	16,701.0

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, 2016:

	Aggregate Notional Amount		Pay Rate as of
(Dollars in millions)		Pay Rate	December 31, 2016		Receive Rate
4.50% Senior Notes due 2021	1,000.0	1-month LIBOR + 3.4420%	4.0587	%	4.50	%
3.60% Senior Notes due 2021	1,100.0	1-month LIBOR + 2.5150%	3.2189	%	3.60	%
3.00% Senior Notes due 2023	1,000.0	1-month LIBOR + 1.7640%	2.4679	%	3.00	%

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016:

(In millions)
2017	$	163.7
2018	132.6
2019	103.0
2020	79.5
2021	60.2
2022 and Thereafter	176.5
	$	715.5

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Comprehensive Income and Shareholders Equity (Tables)

12 Months Ended

Dec. 31, 2016

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: 

(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, 2015	$	(1,776.7	)	$	1.8		$	(26.6	)	$	(195.8	)	$	(1,997.3	)
Other comprehensive income (loss) before reclassifications	(566.7		)	(1.6		)	(36.6		)	(46.9		)	(651.8		)
Amounts reclassified from accumulated other comprehensive items	—			0.7			6.1			6.0			12.8
Net other comprehensive items	(566.7		)	(0.9		)	(30.5		)	(40.9		)	(639.0		)
Balance at December 31, 2016	$	(2,343.4	)	$	0.9		$	(57.1	)	$	(236.7	)	$	(2,636.3	)

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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and December 31, 2015:

	December 31,		Quoted Prices in Active Markets		Significant Other Observable  Inputs		Significant Unobservable Inputs
(In millions)	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	64.8	$	64.8	$	—	$	—
Bank time deposits	2.0		2.0		—		—
Investments in mutual funds and other similar instruments	15.5		15.5		—		—
Warrants	2.0		—		2.0		—
Insurance contracts	102.1		—		102.1		—
Derivative contracts	15.8		—		15.8		—
Total Assets	$	202.2	$	82.3	$	119.9	$	—
Liabilities
Derivative contracts	$	121.9	$	—	$	121.9	$	—
Contingent consideration	3.4		—		—		3.4
Total Liabilities	$	125.3	$	—	$	121.9	$	3.4

	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 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

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Fair Value – Assets				Fair Value – Liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2016		2015		2016		2015
Derivatives Designated as Hedging Instruments
Interest rate swaps (a)	$	—	$	0.2	$	109.5	$	16.4
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts (b)	15.8		13.6		12.4		25.4

(a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other long-term liabilities.

(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.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	Gain (Loss) Recognized
(In millions)	2016			2015
Derivatives Designated as Fair Value Hedges
Interest rate swaps - effective portion	$	21.1		$	34.0
Interest rate swaps - ineffective portion (a)	(0.7		)	(7.4		)
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts
Included in cost of revenues	$	(15.1	)	$	12.4
Included in other expense, net	(98.9		)	126.8

(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.

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:

	December 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	26.2	$	28.4	$	12.1	$	14.9
Debt Obligations:
Senior notes	$	14,838.3	$	15,184.4	$	12,406.1	$	12,618.8
Term loan	823.3		825.0		—		—
Commercial paper	953.3		953.3		49.6		49.6
Other	13.0		13.0		16.3		16.3
	$	16,627.9	$	16,975.7	$	12,472.0	$	12,684.7

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.

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:

	December 31, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	26.2	$	28.4	$	12.1	$	14.9
Debt Obligations:
Senior notes	$	14,838.3	$	15,184.4	$	12,406.1	$	12,618.8
Term loan	823.3		825.0		—		—
Commercial paper	953.3		953.3		49.6		49.6
Other	13.0		13.0		16.3		16.3
	$	16,627.9	$	16,975.7	$	12,472.0	$	12,684.7

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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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

(In millions)	2016			2015			2014
Cash Paid For:
Interest	$	457.9		$	437.6		$	435.9
Income Taxes	$	663.2		$	476.6		$	585.7
Non-cash Activities
Fair value of assets of acquired businesses	$	7,032.4		$	737.4		$	19,623.9
Cash paid for acquired businesses	(5,634.9		)	(700.6		)	(13,534.6		)
Liabilities assumed of acquired businesses	$	1,397.5		$	36.8		$	6,089.3
Declared but unpaid dividends	$	60.1		$	61.3		$	61.9
Issuance of stock upon vesting of restricted stock units	$	126.9		$	131.0		$	110.0
Fair value of investments contributed to defined benefit plans	$	15.9		$	—		$	—

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Restructuring and Other Costs (Income), Net (Tables)

12 Months Ended

Dec. 31, 2016

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:

(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	)

During 2015, the company recorded net restructuring and other costs by segment as follows:

(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

During 2016, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses			Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	31.2	$	36.0		$	87.6	$	154.8
Analytical Instruments	62.4		46.5			68.3		177.2
Specialty Diagnostics	—		(0.3		)	14.9		14.6
Laboratory Products and Services	7.9		0.5			17.7		26.1
Corporate	—		21.2			0.7		21.9
	$	101.5	$	103.9		$	189.2	$	394.6

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.

(In millions)	Severance			Abandonment of Excess Facilities			Other (a)			Total
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
Costs incurred in 2016 (e)	109.1			45.9			11.9			166.9
Reserves reversed (b)	(1.9		)	(0.4		)	(0.5		)	(2.8		)
Payments	(83.2		)	(26.6		)	(12.2		)	(122.0		)
Currency translation	(1.0		)	(0.1		)	—			(1.1		)
Balance at December 31, 2016	$	38.2		$	31.9		$	2.2		$	72.3

(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.

(e) Excludes $24.0 million of provision for losses on litigation-related matters; $8.3 million of provision for environmental remediation; $4.6 million of net gains on the sale of real estate; and an aggregate of $2.6 million of non-cash income, net.

XML

Unaudited Quarterly Information (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	2016
(In millions except per share amounts)	First (a)		Second (b)		Third (c)		Fourth (d)
Revenues	$	4,294.8	$	4,535.2	$	4,490.9	$	4,953.2
Gross Profit	1,957.9		2,078.5		2,053.9		2,278.8
Income from Continuing Operations	402.3		516.8		473.5		632.7
Net Income	402.2		516.6		473.5		629.5
Earnings per Share from Continuing Operations:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Earnings per Share:
Basic	1.02		1.31		1.20		1.60
Diluted	1.01		1.30		1.19		1.59
Cash Dividend Declared per Common Share	0.15		0.15		0.15		0.15

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $90.1 million.

(b) Costs of $56.6 million.

(c) Costs of $149.8 million.

(d) Costs of $98.1 million.

	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

Amounts reflect aggregate restructuring and other items, net, as follows:

(a) Costs of $40.2 million.

(b) Costs of $24.7 million.

(c) Costs of $40.9 million.

(d) Costs of $64.9 million.

XML

Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning Balance		$ 70.1		$ 74.1	$ 54.1
Provision charged to expense		15.9	[1]	5.5	20.4	[1]
Accounts recovered		0.2		0.2	1.0
Accounts written off		(9.2)		(4.8)	(11.2)
Other	[2]	0.3		(4.9)	9.8
Ending Balance		77.3		70.1	74.1
Selling General And Administrative Charges Net		103.9		46.3	130.7
Analytical Instruments [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Selling General And Administrative Charges Net		46.5		(0.3)	0.9
Life Sciences Solutions [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Selling General And Administrative Charges Net		36.0		$ 13.6	122.5
Costs to Conform Accounting Policies [Member] | Analytical Instruments [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Selling General And Administrative Charges Net		$ 8.5
Costs to Conform Accounting Policies [Member] | Life Sciences Solutions [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Selling General And Administrative Charges Net					$ 16.2

[1] In 2016, includes $8.5 million of charges to conform the accounting policies of FEI with the company's accounting policies. In 2014, includes $16.2 million of charges to conform the accounting policies of Life Technologies with the company's accounting policies.

[2] Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation.

XML

Warranty Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Warranty Obligations [Roll Forward]
Beginning Balance	$ 55.8	$ 57.5
Provision charged to income	96.2	85.4
Usage	(86.6)	(82.1)
Acquisitions	16.8	0.5
Adjustments to previously provided warranties, net	(2.5)	(2.6)
Currency translation	(1.8)	(2.9)
Ending Balance	$ 77.9	$ 55.8

XML

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw Materials	$ 466.3	$ 421.1
Work in Process	327.9	236.8
Finished Goods	1,419.1	1,333.8
Inventories	2,213.3	1,991.7
LIFO Method Inventories [Abstract]
Value of inventories maintained using the LIFO method	207.0	191.0
Excess of estimated replacement cost over stated LIFO value	$ 29.0	$ 28.0

XML

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 4,415.5	$ 4,113.7
Less: Accumulated Depreciation and Amortization	1,837.7	1,664.9
Property, Plant and Equipment, Net	2,577.8	2,448.8	$ 2,426.5
Depreciation and amortization expense of property, plant and equipment	380.0	373.4	$ 353.1
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	305.6	276.4
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 1,154.2	1,050.5
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	25 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Machinery, Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 2,955.7	$ 2,786.8
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

XML

Acquisition-related Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	$ 20,332.2	$ 17,994.1
Accumulated Amortization	(7,704.6)	(6,487.1)
Definite-Lived Intangible Assets, Net	12,627.6	11,507.0
Indefinite-Lived Intangible Assets	1,341.4	1,251.3
Acquisition-related Intangible Assets, Gross	21,673.6	19,245.4
Acquisition-related Intangible Assets, net of Accumulated Amortization	13,969.0	12,758.3
Amortization of Acquisition-related Intangible Assets	$ 1,380.0	1,310.0	$ 1,330.0
Minimum [Member]
Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years
Maximum [Member]
Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years
Tradenames [Member]
Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	$ 1,234.8	1,234.8
In-Process Research and Development [Member]
Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	106.6	16.5
Customer Relationships [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	13,167.3	11,844.4
Accumulated Amortization	(4,821.4)	(4,086.9)
Definite-Lived Intangible Assets, Net	8,345.9	7,757.5
Product Technology [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	5,679.7	4,799.8
Accumulated Amortization	(2,204.2)	(1,819.0)
Definite-Lived Intangible Assets, Net	3,475.5	2,980.8
Tradenames [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	1,452.2	1,316.7
Accumulated Amortization	(646.0)	(548.2)
Definite-Lived Intangible Assets, Net	806.2	768.5
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	33.0	33.2
Accumulated Amortization	(33.0)	(33.0)
Definite-Lived Intangible Assets, Net	$ 0.0	$ 0.2

XML

Acquisition-related Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
2017	$ 1,465.7
2018	1,428.1
2019	1,397.1
2020	1,297.0
2021	1,199.6
2022 and Thereafter	5,840.1
Definite-Lived Intangible Assets, Net	$ 12,627.6	$ 11,507.0

XML

Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Beginning balance	$ 18,827.6	$ 18,842.6
Acquisitions	2,692.9	252.3
Finalization of purchase price allocations for prior year acquisitions	6.8	(3.3)
Sale of a product line		(5.8)
Currency translation	(222.3)	(259.7)
Other	22.8	1.5
Ending balance	21,327.8	18,827.6
Life Sciences Solutions [Member]
Goodwill [Roll Forward]
Beginning balance	7,289.2	7,245.3
Acquisitions	633.1	125.1
Finalization of purchase price allocations for prior year acquisitions		(3.3)
Sale of a product line		(5.8)
Currency translation	(3.1)	(80.4)
Other	13.2	8.3
Ending balance	7,932.4	7,289.2
Analytical Instruments [Member]
Goodwill [Roll Forward]
Beginning balance	2,702.5	2,729.8
Acquisitions	2,059.0	1.7
Currency translation	(80.1)	(24.1)
Other	4.4	(4.9)
Ending balance	4,685.8	2,702.5
Specialty Diagnostics [Member]
Goodwill [Roll Forward]
Beginning balance	3,771.3	3,899.6
Acquisitions	0.8	4.7
Currency translation	(108.1)	(132.8)
Other	(5.0)	(0.2)
Ending balance	3,659.0	3,771.3
Laboratory Products and Services [Member]
Goodwill [Roll Forward]
Beginning balance	5,064.6	4,967.9
Acquisitions		120.8
Finalization of purchase price allocations for prior year acquisitions	6.8
Currency translation	(31.0)	(22.4)
Other	10.2	(1.7)
Ending balance	$ 5,050.6	$ 5,064.6

XML

Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cost Method Investments	$ 37.0	$ 39.0
Foreign Currency Transaction Gain (Loss), before Tax	19.0	(11.0)	$ 33.0
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Cost	$ 76.0	54.7
Accounting Standards Update - Presentation of Debt Issuance Costs [Member] | Other Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Cost		(55.0)
Accounting Standards Update - Presentation of Debt Issuance Costs [Member] | Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Cost		$ 55.0

XML

Acquisitions Purchase Price (Details) £ in Millions, $ in Millions						1 Months Ended	12 Months Ended
	Sep. 19, 2016 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 GBP (£)	Feb. 03, 2014 USD ($)	Feb. 28, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 GBP (£)	Dec. 31, 2013 USD ($)
Purchase Price
Cash paid							$ 5,634.9	$ 700.6	$ 13,534.6
Debt Assumed							254.8		2,279.5
Purchase Price Payable							14.0	1.3
Cash acquired							(447.3)	(5.1)	(474.5)
Total Purchase Price							5,456.4	696.8	15,339.6
Net Assets Acquired [Abstract]
Current assets							785.4	130.1	1,774.0
Property, plant and equipment							172.5	49.7	749.2
Goodwill							2,692.9	258.4	7,179.5
Other assets							79.5	4.7	246.8
Liabilities assumed							(1,128.7)	(35.5)	(3,809.8)
Total Net Assets Acquired							$ 5,456.4	$ 696.8	$ 15,339.6
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							13 years	14 years	14 years	14 years
Other Information
Purchase Price Paid For Acquisitions Completed In A Prior Year								$ 11.0	$ 13.0
Deferred Tax Liabilities, Undistributed Foreign Earnings							$ 156.2
In-Process Research and Development [Member]
Net Assets Acquired [Abstract]
Indefinite-lived intangible assets							119.1		58.4
Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							$ 1,560.3	$ 235.0	$ 5,890.0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							16 years	15 years	16 years	16 years
Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							$ 999.9	$ 36.5	$ 2,632.4
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							8 years	10 years	11 years	11 years
Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							$ 175.5	$ 17.9	$ 619.1
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							8 years	10 years	9 years	9 years
FEI Company [Member]
Purchase Price
Cash paid	$ 4,440.4
Purchase Price Payable	10.8
Cash acquired	(369.1)
Total Purchase Price	4,082.1
Net Assets Acquired [Abstract]
Current assets	621.4
Property, plant and equipment	153.0
Goodwill	2,057.1
Other assets	71.6
Liabilities assumed	(846.6)
Total Net Assets Acquired	4,082.1
Other Information
Revenue Reported by Acquired Entity								$ 930.0
Goodwill, Expected Tax Deductible Amount	65.0
FEI Company [Member] | In-Process Research and Development [Member]
Net Assets Acquired [Abstract]
Indefinite-lived intangible assets	104.7
FEI Company [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets	1,051.1
FEI Company [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets	739.8
FEI Company [Member] | Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets	$ 130.0
Affymetrix, Inc. [Member]
Purchase Price
Cash paid		$ 1,165.0
Debt Assumed		254.2
Purchase Price Payable		0.5
Cash acquired		(77.9)
Total Purchase Price		1,341.8
Net Assets Acquired [Abstract]
Current assets		160.6
Property, plant and equipment		19.3
Goodwill		615.2
Other assets		7.8
Liabilities assumed		(274.6)
Total Net Assets Acquired		1,341.8
Other Information
Revenue Reported by Acquired Entity								360.0
Goodwill, Expected Tax Deductible Amount		0.0
Deferred Tax Liabilities, Undistributed Foreign Earnings		156.0
Affymetrix, Inc. [Member] | In-Process Research and Development [Member]
Net Assets Acquired [Abstract]
Indefinite-lived intangible assets		14.4
Affymetrix, Inc. [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		500.5
Affymetrix, Inc. [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		253.1
Affymetrix, Inc. [Member] | Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		$ 45.5
Alfa Aesar [Member]
Purchase Price
Cash paid			$ 393.0	£ 257
Cash acquired			(3.5)
Total Purchase Price			389.5
Net Assets Acquired [Abstract]
Current assets			96.8
Property, plant and equipment			39.0
Goodwill			125.1
Other assets			4.5
Liabilities assumed			(28.6)
Total Net Assets Acquired			389.5
Other Information
Revenue Reported by Acquired Entity | £										£ 78
Goodwill, Expected Tax Deductible Amount			41.0
Alfa Aesar [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets			137.1
Alfa Aesar [Member] | Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets			$ 15.6
Advanced Scientifics, Inc. [Member]
Purchase Price
Cash paid						$ 289.1
Cash acquired						(0.3)
Total Purchase Price						288.8
Net Assets Acquired [Abstract]
Current assets						28.7
Property, plant and equipment						10.6
Goodwill						124.4
Other assets						0.2
Liabilities assumed						(3.9)
Total Net Assets Acquired						288.8
Other Information
Revenue Reported by Acquired Entity									$ 80.0
Goodwill, Expected Tax Deductible Amount						124.0
Advanced Scientifics, Inc. [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						90.0
Advanced Scientifics, Inc. [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						36.5
Advanced Scientifics, Inc. [Member] | Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						$ 2.3
Life Technologies Corporation [Member]
Purchase Price
Cash paid					$ 13,487.3
Debt Assumed					2,279.5
Cash acquired					(463.0)
Total Purchase Price					15,303.8
Net Assets Acquired [Abstract]
Current assets					1,755.5
Property, plant and equipment					748.1
Goodwill					7,167.0
Other assets					246.7
Liabilities assumed					(3,800.9)
Total Net Assets Acquired					15,303.8
Other Information
Revenue Reported by Acquired Entity											$ 3,870.0
Goodwill, Expected Tax Deductible Amount					0.0
Life Technologies Corporation [Member] | In-Process Research and Development [Member]
Net Assets Acquired [Abstract]
Indefinite-lived intangible assets					58.4
Life Technologies Corporation [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets					5,883.0
Life Technologies Corporation [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets					2,626.9
Life Technologies Corporation [Member] | Tradenames and other [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets					$ 619.1
Other [Member]
Purchase Price
Cash paid							$ 29.5	18.5	47.3
Debt Assumed							0.6
Purchase Price Payable							2.7	1.3
Cash acquired							(0.3)	(1.3)	(11.5)
Total Purchase Price							32.5	18.5	35.8
Net Assets Acquired [Abstract]
Current assets							3.4	4.6	18.5
Property, plant and equipment							0.2	0.1	1.1
Goodwill							20.6	8.9	12.5
Other assets							0.1		0.1
Liabilities assumed							(7.5)	(3.0)	(8.9)
Total Net Assets Acquired							32.5	18.5	35.8
Other [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							8.7	$ 7.9	7.0
Other [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							$ 7.0		$ 5.5

XML

Acquisition Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 18,988.4	$ 18,230.0
Income from Continuing Operations	2,045.8	1,688.8
Net Income	$ 2,042.3	$ 1,683.9
Earnings per Share from Continuing Operations:
Basic (in dollars per share)	$ 5.18	$ 4.24
Diluted (in dollars per share)	5.15	4.20
Earnings per Share:
Basic (in dollars per share)	5.17	4.22
Diluted (in dollars per share)	$ 5.14	$ 4.19
Affymetrix, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 385.0
Business Combination, Pro Forma Information, Operating Income (Loss) of Acquiree since Acquisition Date, Actual	(38.0)
FEI Company [Member]
Business Acquisition [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	251.0
Business Combination, Pro Forma Information, Operating Income (Loss) of Acquiree since Acquisition Date, Actual	(125.0)
Non-recurring Pro Forma Adjustments, Deferred Revenue [Member]
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations	$ (6.0)	$ (14.0)
Non-recurring Pro Forma Adjustments, Fair Value Adjustment to Inventories [Member]
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(99.0)
Non-recurring Pro Forma Adjustments, Transaction Costs [Member]
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(102.0)
Non-recurring Pro Forma Adjustments, Conform Accounting Policies [Member]
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(33.0)
Non-recurring Pro Forma Adjustments, Initial Restructuring Charges [Member]
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		$ (46.0)

XML

Dispositions (Details) - USD ($) $ in Millions			3 Months Ended	7 Months Ended	12 Months Ended
	Aug. 15, 2014	Mar. 21, 2014	Mar. 21, 2014	Aug. 15, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 28, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash divested					$ 0.0	$ 0.0	$ 1,521.8
Gain (Loss) on Divestiture of Businesses					0.0	7.6	$ 895.4
Current Assets					7,021.0	5,741.2
Current Liabilities					$ 4,865.8	$ 4,146.3
Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash divested		$ 1,060.0
Proceeds from sale of businesses, net of cash divested and income tax payments		800.0
Gain (Loss) on Divestiture of Businesses		$ 761.0
Revenues			$ 61.0					$ 250.0
Operating Income			$ 12.0					64.0
Cole-Parmer specialty channel business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash divested	$ 480.0
Gain (Loss) on Divestiture of Businesses	134.0
After-tax Gain (Loss) on Divestiture of Businesses	$ (4.0)
Revenues				$ 149.0				232.0
Operating Income				$ 28.0				$ 43.0
Current Assets									$ 39.5
Long-term Assets									400.3
Current Liabilities									15.5
Long-term Liabilities									$ 84.1

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Business Segment Information (Details) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016 USD ($)	Oct. 01, 2016 USD ($)	Jul. 02, 2016 USD ($)	Apr. 02, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 26, 2015 USD ($)	Jun. 27, 2015 USD ($)	Mar. 28, 2015 USD ($)	Dec. 31, 2016 USD ($) Segment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment										4
Revenues		$ 4,953.2	$ 4,490.9	$ 4,535.2	$ 4,294.8	$ 4,652.5	$ 4,123.2	$ 4,270.9	$ 3,918.8	$ 18,274.1	$ 16,965.4	$ 16,889.6
Cost of revenues charges										(101.5)	(9.1)	(327.6)
Selling, general and administrative charges, net										(103.9)	(46.3)	(130.7)
Restructuring and other (costs) income, net										(189.2)	(115.3)	598.2
Amortization of acquisition-related intangible assets										(1,380.0)	(1,310.0)	(1,330.0)
Operating Income										2,449.2	2,336.2	2,503.0
Other expense, net										(425.3)	(399.8)	(415.8)
Income from Continuing Operations Before Income Taxes										2,023.9	1,936.4	2,087.2
Depreciation										380.0	373.4	353.1
Total Assets		45,907.5				40,834.3				45,907.5	40,834.3	42,852.1
Capital Expenditures										444.4	422.9	427.6
Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges										(31.2)	(2.0)	(327.3)
Selling, general and administrative charges, net										(36.0)	(13.6)	(122.5)
Restructuring and other (costs) income, net										(87.6)	(64.4)	516.4
Total Assets		18,454.3				17,884.3				18,454.3	17,884.3	19,257.0
Capital Expenditures										116.7	85.1	104.4
Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges										(62.4)	(0.1)	0.8
Selling, general and administrative charges, net										(46.5)	0.3	(0.9)
Restructuring and other (costs) income, net										(68.3)	(26.6)	(2.5)
Total Assets		9,519.6				4,763.1				9,519.6	4,763.1	4,133.3
Capital Expenditures										34.0	59.5	38.1
Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges											(0.8)	(0.9)
Selling, general and administrative charges, net										0.3	0.4	(1.5)
Restructuring and other (costs) income, net										(14.9)	(9.7)	(17.7)
Total Assets		6,801.6				7,183.2				6,801.6	7,183.2	8,047.7
Capital Expenditures										72.3	75.9	84.7
Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges										(7.9)	(6.2)	(0.2)
Selling, general and administrative charges, net										(0.5)	(6.1)
Restructuring and other (costs) income, net										(17.7)	(12.6)	121.0
Total Assets		10,016.3				10,266.6				10,016.3	10,266.6	10,875.7
Capital Expenditures										116.8	97.7	102.1
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total Assets	[1]	$ 1,115.7				$ 737.1				1,115.7	737.1	538.4
Capital Expenditures										104.6	104.7	98.3
Total Reportable Segments [Member]
Segment Reporting Information [Line Items]
Operating Income										4,221.8	3,821.7	3,694.8	[2]
Total Reportable Segments [Member] | Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Revenues										4,978.1	4,439.4	4,195.7
Operating Income										1,514.7	1,336.9	1,214.9	[2]
Depreciation										141.4	146.3	131.6
Total Reportable Segments [Member] | Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Revenues										3,668.2	3,208.2	3,252.2
Operating Income										745.2	612.8	581.1	[2]
Depreciation										49.7	38.9	39.0
Total Reportable Segments [Member] | Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenues										3,339.2	3,243.9	3,343.6
Operating Income										909.8	872.9	916.0	[2]
Depreciation										70.4	73.7	76.7
Total Reportable Segments [Member] | Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Revenues										7,030.0	6,661.5	6,601.5
Operating Income										1,052.1	999.1	982.8	[2]
Depreciation										118.5	114.5	105.8
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues										(741.4)	(587.6)	(503.4)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges										(101.5)	(9.1)	(327.6)
Selling, general and administrative charges, net										(103.9)	(46.3)	(130.7)
Restructuring and other (costs) income, net										(189.2)	(115.3)	598.2
Amortization of acquisition-related intangible assets										$ (1,378.0)	$ (1,314.8)	$ (1,331.7)

[1] Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices.

[2] 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.

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Geographical Information (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2015	Sep. 26, 2015	Jun. 27, 2015	Mar. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		$ 4,953.2	$ 4,490.9	$ 4,535.2	$ 4,294.8	$ 4,652.5	$ 4,123.2	$ 4,270.9	$ 3,918.8	$ 18,274.1	$ 16,965.4	$ 16,889.6
Long-lived Assets		2,577.8				2,448.8				2,577.8	2,448.8	2,426.5
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									9,085.6	8,607.3	8,147.7
Long-lived Assets		1,630.2				1,532.0				1,630.2	1,532.0	1,501.7
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									1,729.6	1,376.4	1,223.1
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									995.8	899.7	1,005.9
Long-lived Assets		157.6				169.4				157.6	169.4	170.3
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									742.2	778.1	754.5
Long-lived Assets		216.8				261.1				216.8	261.1	265.5
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									737.3	611.1	672.8
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[1]									4,983.6	4,692.8	5,085.6
Long-lived Assets		$ 573.2				$ 486.3				$ 573.2	$ 486.3	$ 489.0

[1] Revenues are attributed to countries based on customer location.

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Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Interest Income	$ 48.4	$ 30.6	$ 47.7
Interest Expense	(469.6)	(414.9)	(479.9)
Other Items, Net	(4.1)	(15.5)	16.4
Other Expense, Net	(425.3)	(399.8)	(415.8)
Fees Associated with Short-term Financing Commitments	22.0
Costs associated with entering into interest rate swap arrangements		7.5
Losses on Extinguishment of Debt	9.0	$ 12.0
Gain on Sale of Investments	12.5		$ 9.0
Proceeds from Divestiture of Interest in Joint Venture	65.0
Joint Venture [Member]
Investment [Line Items]
Gain on Sale of Investments	$ 8.0

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Stockbased Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Awards	$ 41.3	$ 43.7	$ 45.7
Restricted Unit Awards	92.2	81.3	71.4
Stock-based Compensation Expense	133.5	125.0	117.1
Tax benefit related to employees' and directors' stock plans	52.7	$ 63.2	$ 65.4
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards	$ 66.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	2 years 2 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	$ 112.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	1 year 11 months
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

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Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Stock Price Volatility		21.00%	24.00%	25.00%
Risk Free Interest Rate		1.20%	1.40%	1.30%
Expected Life of Options (years)		4 years 4 months	4 years 4 months	4 years 5 months
Expected Annual Dividend		0.50%	0.50%	0.50%
Weighted Average Grant Date Fair Value of Options Granted in Period (in dollars per share)		$ 24.54	$ 27.04	$ 26.89
Total Intrinsic Value of Options Exercised in Period		$ 176.0	$ 181.0	$ 208.0
Options Outstanding [Roll Forward]
Options Outstanding, Beginning Balance		9.6
Granted		1.8
Exercised		(2.2)
Canceled / Expired		(0.4)
Options Outstanding, Ending Balance		8.8	9.6
Options, Additional Disclosures [Abstract]
Options Outstanding, Weighted Average Exercise Price, Beginning of Period (in dollars per share)		$ 85.30
Grants in Period, Weighted Average Exercise Price (in dollars per share)		131.22
Exercises in Period, Weighted Average Exercise Price (in dollars per share)		62.55
Canceled / Expired in Period, Weighted Average Exercise Price (in dollars per share)		119.52
Options Outstanding, Weighted Average Exercise Price, End of Period (in dollars per share)		$ 98.69	$ 85.30
Options Outstanding, Weighted Average Remaining Contractual Term		3 years 11 months
Options Vested and Unvested Expected to Vest		8.5
Options Vested and Unvested Expected to Vest, Weighted Average Exercise Price (in dollars per share)		$ 97.50
Options Vested and Unvested Expected to Vest, Weighted Average Remaining Contractual Term		3 years 10 months
Options Vested and Unvested Expected to Vest, Aggregate Intrinsic Value	[1]	$ 371.7
Options Exercisable		4.6
Options Exercisable, Weighted Average Exercise Price (in dollars per share)		$ 75.05
Options Exercisable, Weighted Average Remaining Contractual Term		2 years 8 months
Options Exercisable, Intrinsic Value	[1]	$ 307.1
Common Stock, Market Value Per Share		$ 141.10
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

[1] Market price per share on December 31, 2016 was $141.10. The intrinsic value is zero for options with exercise prices above the market price.

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Stockbased Compensation, Restricted Units Disclosures (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unvested Restricted Units [Roll Forward]
Unvested Restricted Units, Beginning Balance	1,561
Granted	786
Vested	(885)
Forfeited	(125)
Unvested Restricted Units, Ending Balance	1,337	1,561
Restricted Units, Additional Disclosures [Abstract]
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 113.64
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	131.01
Vested, Weighted Average Grant Date Fair Value (in dollars per share)	102.97
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)	125.52
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 129.80	$ 113.64
Fair Value of Units Vested	$ 91	$ 80	$ 61
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

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Employee Stock Purchase Plans (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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)	152	151	119

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Pensions DC Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
Defined Contribution Plan, Cost Recognized	$ 140	$ 131	$ 118

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Pensions Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Cash contributions to retirement plans	$ 42.7	$ 37.5	$ 49.6
Fair value of investments contributed to defined benefit plans	15.9
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Employer Contributions in Next Fiscal Year	215.0
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Employer Contributions in Next Fiscal Year	235.0
Domestic Pension Benefits [Member]
Change in Projected Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	1,213.1	1,291.1
Business combinations	33.4
Service costs			2.0
Interest costs	51.1	50.0	53.1
Actuarial (gains) losses	29.8	(48.7)
Benefits paid	(78.3)	(79.3)
Benefit Obligation at End of Year	1,249.1	1,213.1	1,291.1
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	945.4	1,047.6
Actual return on plan assets	70.8	(28.3)
Employer contribution	6.4	5.4
Benefits paid	(78.3)	(79.3)
Fair Value of Plan Assets at End of Year	944.3	945.4	1,047.6
Funded Status	(304.8)	(267.7)
Accumulated Benefit Obligation	1,249.1	1,213.1
Amounts Recognized in Balance Sheet [Abstract]
Current liability	(9.8)	(2.9)
Non-current liability	(295.0)	(264.8)
Net amount recognized	(304.8)	(267.7)
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss	171.3	163.0
Net amount recognized	$ 171.3	$ 163.0
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate	4.07%	4.25%
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	$ 1,036.0	$ 1,075.4
Business combinations	1.2	52.7
Service costs	23.9	25.2	20.0
Interest costs	27.1	27.6	36.7
Settlements	(7.5)	(7.4)
Plan participants' contributions	4.5	4.6
Actuarial (gains) losses	149.9	(39.1)
Benefits paid	(30.2)	(29.6)
Currency translation and other	(88.4)	(73.4)
Benefit Obligation at End of Year	1,116.5	1,036.0	1,075.4
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	817.2	825.8
Business combinations		32.1
Actual return on plan assets	124.8	12.4
Employer contribution	49.5	28.0
Settlements	(7.5)	(7.4)
Plan participants' contributions	4.5	4.6
Benefits paid	(30.2)	(29.6)
Currency translation and other	(104.8)	(48.7)
Fair Value of Plan Assets at End of Year	853.5	817.2	825.8
Funded Status	(263.0)	(218.8)
Accumulated Benefit Obligation	1,047.8	983.4
Amounts Recognized in Balance Sheet [Abstract]
Non-current asset	62.7	72.7
Current liability	(5.7)	(5.7)
Non-current liability	(320.0)	(285.8)
Net amount recognized	(263.0)	(218.8)
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss	169.6	133.1
Prior service credits	7.9	(1.6)
Net amount recognized	$ 177.5	$ 131.5
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate	1.95%	2.83%
Average rate of increase in employee compensation	3.09%	3.06%
Postretirement Benefits [Member]
Change in Projected Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	$ 48.8	$ 55.3
Service costs	0.5	0.6
Interest costs	2.0	1.9
Plan participants' contributions	1.3	1.3
Actuarial (gains) losses	1.4	(2.2)
Benefits paid	(3.9)	(5.4)
Currency translation and other		(2.7)
Benefit Obligation at End of Year	50.1	48.8	55.3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	7.5	8.6
Actual return on plan assets	0.5	(1.1)
Employer contribution	2.7	4.1
Plan participants' contributions	1.3	1.3
Benefits paid	(3.9)	(5.4)
Fair Value of Plan Assets at End of Year	8.1	7.5	$ 8.6
Funded Status	(42.0)	(41.3)
Amounts Recognized in Balance Sheet [Abstract]
Non-current asset	4.3	3.8
Current liability	(2.7)	(2.6)
Non-current liability	(43.6)	(42.5)
Net amount recognized	(42.0)	(41.3)
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss	5.8	4.7
Prior service credits	(0.1)	(0.2)
Net amount recognized	$ 5.7	$ 4.5
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate	3.77%	4.12%
Initial healthcare cost trend rate	6.70%	6.82%
Ultimate healthcare cost trend rate	5.08%	5.21%
Postretirement Benefits [Member] | Minimum [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate	2017
Postretirement Benefits [Member] | Maximum [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate	2033

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Pensions Net Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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		4.25%	4.00%	4.46%
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		$ 51.1	$ 50.0	53.1
Expected return on plan assets		(49.6)	(54.3)	(60.8)
Amortization of actuarial net loss		0.3	0.6	3.7
Settlement/curtailment loss				25.5
Net periodic benefit cost (income)		$ 1.8	$ (3.7)	$ 23.5
Non-U.S. Pension Benefits [Member]
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract]
Discount rate		2.83%	2.69%	3.91%
Average rate of increase in employee compensation		3.06%	3.03%	3.22%
Expected long-term rate of return on assets		3.74%	4.21%	4.88%
Components of Net Periodic Benefit Cost (Income) [Abstract]
Service cost-benefits earned		$ 23.9	$ 25.2	$ 20.0
Interest cost on benefit obligation		27.1	27.6	36.7
Expected return on plan assets		(28.2)	(33.6)	(34.4)
Amortization of actuarial net loss		7.1	9.3	4.2
Amortization of prior service benefit		(0.2)	(0.2)	(0.1)
Settlement/curtailment loss		0.7	1.0	4.1
Special termination benefits			1.3	0.3
Net periodic benefit cost (income)		30.4	30.6	$ 30.8
Postretirement Benefits [Member]
Components of Net Periodic Benefit Cost (Income) [Abstract]
Service cost-benefits earned		0.5	0.6
Interest cost on benefit obligation		$ 2.0	$ 1.9
Reduction in Interest and Service Cost Associated with Change in Estimate Method [Member] | Scenario, Forecast [Member]
Components of Net Periodic Benefit Cost (Income) [Abstract]
Net periodic benefit cost (income)	$ (10.0)

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Pensions Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 1,906.6	$ 1,739.2
Fair value of plan assets	1,276.1	1,180.0
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	1,846.7	1,694.3
Fair value of plan assets	$ 1,275.7	$ 1,179.7

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Pension Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2016 USD ($)
Domestic Pension Benefits [Member]
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]
2017	$ 85.9
2018	81.6
2019	81.3
2020	81.2
2021	82.1
2022-2026	393.7
Non-U.S. Pension Benefits [Member]
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]
2017	28.6
2018	37.5
2019	30.8
2020	32.9
2021	33.3
2022-2026	192.7
Postretirement Benefits [Member]
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]
2017	3.0
2018	3.0
2019	2.9
2020	2.9
2021	2.8
2022-2026	$ 12.7

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Pensions FV Assets (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Domestic Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 944.3	$ 945.4	$ 1,047.6
Net Asset Value Excluded From Fair Value By Input	[1]	$ 944.3	945.4
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		$ 259.0	252.3
Net Asset Value Excluded From Fair Value By Input	[1]	$ 259.0	252.3
Domestic Pension Benefits [Member] | U.S. Real Estate Related Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations		1.00%
Domestic Pension Benefits [Member] | International Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations		25.00%
Fair Value of Plan Assets		$ 229.5	231.5
Net Asset Value Excluded From Fair Value By Input	[1]	$ 229.5	231.5
Domestic Pension Benefits [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations		48.00%
Fair Value of Plan Assets		$ 436.9	442.5
Net Asset Value Excluded From Fair Value By Input	[1]	436.9	442.5
Domestic Pension Benefits [Member] | Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		1.9	3.3
Net Asset Value Excluded From Fair Value By Input	[1]	1.9	3.3
Domestic Pension Benefits [Member] | Money Market Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		17.0	15.8
Net Asset Value Excluded From Fair Value By Input	[1]	$ 17.0	15.8
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		$ 853.5	817.2	$ 825.8
Net Asset Value Excluded From Fair Value By Input	[1]	220.1	208.2
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		82.5	110.4
Non-U.S. Pension Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		550.9	498.6
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		294.0	287.7
Net Asset Value Excluded From Fair Value By Input	[1]	$ 58.5	57.4
Non-U.S. Pension Benefits [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] | Fixed Income Funds [Member] | Quoted Prices in Active Markets (Level I) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 19.6	20.3
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		215.9	210.0
Non-U.S. Pension Benefits [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		123.2	122.8
Net Asset Value Excluded From Fair Value By Input	[1]	$ 66.7	65.5
Non-U.S. Pension Benefits [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] | Equity Funds [Member] | Quoted Prices in Active Markets (Level I) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 56.5	57.3
Non-U.S. Pension Benefits [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		80.1	67.5
Net Asset Value Excluded From Fair Value By Input	[1]	80.1	67.5
Non-U.S. Pension Benefits [Member] | Multi-asset Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		12.4	17.4
Net Asset Value Excluded From Fair Value By Input	[1]	12.4	17.4
Non-U.S. Pension Benefits [Member] | Derivative Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		157.7	135.0
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		157.7	135.0
Non-U.S. Pension Benefits [Member] | Insurance Contracts [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		177.3	153.6
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		177.3	153.6
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		8.8	33.2
Net Asset Value Excluded From Fair Value By Input	[1]	2.4	0.4
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		$ 6.4	$ 32.8
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		33.00%
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		0.00%
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		0.00%
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		0.00%
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		0.00%
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		100.00%
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		25.00%
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		3.00%
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		20.00%

[1] Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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Income Taxes Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of Income From Continuing Operations Before Income Taxes [Abstract]
U.S.	$ 493.2	$ 851.7	$ 1,153.3
Non-U.S.	1,530.7	1,084.7	933.9
Income from Continuing Operations Before Income Taxes	2,023.9	1,936.4	2,087.2
Current Income Tax Provision [Abstract]
Federal	279.9	184.4	444.5
Non-U.S.	348.7	362.7	404.8
State	9.3	8.5	35.0
Total Current Income Tax Provision	637.9	555.6	884.3
Deferred Income Tax Provision (Benefit) [Abstract]
Federal	(510.1)	(296.4)	(362.4)
Non-U.S.	(103.9)	(288.2)	(297.3)
State	(25.3)	(14.9)	(32.9)
Total Deferred Income Tax Provision (Benefit)	(639.3)	(599.5)	(692.6)
(Benefit from) Provision for income taxes	(1.4)	(43.9)	191.7
Excess income tax benefits from stock-based compensation plans recognized in equity	$ 52.7	$ 63.2	$ 65.4

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Income Taxes Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	$ 708.4	$ 677.7	$ 730.5
Foreign rate differential	(321.7)	(274.5)	(278.4)
Income tax credits	(318.2)	(316.4)	(239.9)
Manufacturing deduction	(37.9)	(37.9)	(45.9)
Singapore tax holiday	(22.7)	(20.8)	(34.0)
Impact of change in tax laws and apportionment on deferred taxes	1.5	(37.5)	(21.0)
Nondeductible expenses	12.3	9.4	23.4
Provision (reversal) of tax reserves, net	11.9	18.0	28.0
Basis difference on disposal of businesses	21.8		18.7
Tax return reassessments and settlements	(41.0)	(53.5)	(3.6)
State income taxes, net of federal tax	(15.9)	(7.4)	9.3
Other, net	0.1	(1.0)	4.6
(Benefit from) Provision for income taxes	(1.4)	(43.9)	191.7
US foreign tax credits generated by repatriation of foreign earnings	91.0	111.0	172.0
US Income taxes on repatriated foreign earnings	37.0	46.0	$ 55.0
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	$ 100.0	$ 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%	1.10%	1.60%
Income Tax Holiday, Income Tax Benefits Per Share	$ 0.06	$ 0.05	$ 0.08

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Income Taxes Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Assets (Liabilities) [Abstract]
Depreciation and amortization	$ (4,218.6)	$ (4,024.8)
Net operating loss and credit carryforwards	1,453.3	1,083.3
Reserves and accruals	191.6	185.9
Accrued compensation	371.5	312.9
Foreign undistributed earnings	(156.2)
Inventory basis difference	110.4	83.3
Other capitalized costs	83.9	167.9
Unrealized losses on hedging instruments	36.3	16.6
Other, net	65.9	69.1
Deferred tax assets (liabilities), net before valuation allowance	(2,061.9)	(2,105.8)
Valuation allowance	113.0	108.9
Deferred tax assets (liabilities), net	$ (2,174.9)	$ (2,214.7)

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Income Taxes Loss Carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Tax Credit Carryforward [Line Items]
Undistributed Earnings of Foreign Subsidiaries	$ 12,490
Federal Foreign [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	$ 620
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, 2026
Federal and State [Member] | Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2017
Federal and State [Member] | Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2036
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 246
State [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	1,440
Non- U.S. [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	2,380
Portion of Non- U.S. with expiration dates [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 369
Portion of Non- U.S. with expiration dates [Member] | Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2017
Portion of Non- U.S. with expiration dates [Member] | Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2036

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 349.7	$ 214.1	$ 134.2
Additions due to acquisitions	54.2		54.3
Additions for tax positions of current year	341.6	14.0	35.3
Additions for tax positions of prior years	94.1	121.2	38.3
Closure of tax years	(28.1)	(5.2)
Settlements	9.8	(5.6)	48.0
Balance at end of year	801.7	349.7	214.1
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	24.0	19.0
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 2010 and 2011 [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities			$ 48.0
Tax Planning Related To Prior Years [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Additions for tax positions of prior years	43.0
Foreign Tax Positions [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Additions for tax positions of prior years	35.0
Utilization of Deferred Tax Assets [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Additions for tax positions of prior years	$ 14.0	70.0
Foreign Net Operating Losses [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Additions for tax positions of prior years		$ 28.0

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EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2015	Sep. 26, 2015	Jun. 27, 2015	Mar. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income from Continuing Operations	$ 632.7	$ 473.5	$ 516.8	$ 402.3	$ 606.3	$ 477.3	$ 511.6	$ 385.1	$ 2,025.3	$ 1,980.3	$ 1,895.5
Loss from Discontinued Operations									(3.5)	(4.9)	(1.1)
Net Income	$ 629.5	$ 473.5	$ 516.6	$ 402.2	$ 602.6	$ 476.1	$ 511.6	$ 385.1	$ 2,021.8	$ 1,975.4	$ 1,894.4
Basic Weighted Average Shares									394.8	398.7	398.2
Effect of Equity Forward Arrangement											0.2
Effect of Stock Options and Restricted Units									2.6	3.2	3.9
Diluted Weighted Average Shares									397.4	401.9	402.3
Basic Earnings per Share:
Continuing operations (in dollars per share)	$ 1.60	$ 1.20	$ 1.31	$ 1.02	$ 1.52	$ 1.20	$ 1.28	$ 0.97	$ 5.13	$ 4.97	$ 4.76
Discontinued operations (in dollars per share)									(0.01)	(0.01)	0.00
Basic Earnings Per Share (in dollars per share)	1.60	1.20	1.31	1.02	1.51	1.19	1.28	0.97	5.12	4.96	4.76
Diluted Earnings per Share:
Continuing operations (in dollars per share)	1.59	1.19	1.30	1.01	1.51	1.19	1.27	0.96	5.10	4.93	4.71
Discontinued operations (in dollars per share)									(0.01)	(0.01)	0.00
Diluted Earnings Per Share (in dollars per share)	$ 1.59	$ 1.19	$ 1.30	$ 1.01	$ 1.50	$ 1.18	$ 1.27	$ 0.96	$ 5.09	$ 4.92	$ 4.71
Employee Stock Option [Member]
Diluted Earnings per Share:
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share									1.5	3.4	2.4

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Debt Outstanding Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total Borrowings at Par Value	$ 16,701.0	$ 12,415.8
Fair Value Hedge Accounting Adjustments	(49.3)	6.2
Unamortized Premium, Net	52.2	104.7
Unamortized Debt Issuance Costs	(76.0)	(54.7)
Total Borrowings at Carrying Value	16,627.9	12,472.0
Less: Short-term Obligations and Current Maturities	1,255.5	1,051.8
Long-term Obligations	$ 15,372.4	11,420.2
Commercial Paper Programs [Member]
Debt Instrument [Line Items]
Effective Interest Rate	0.15%
Total Borrowings at Par Value	$ 953.3	49.6
Total Borrowings at Carrying Value	953.3	49.6
Term Loan [Member]
Debt Instrument [Line Items]
Total Borrowings at Carrying Value	$ 823.3
Term Loan [Member] | 3-Year Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Effective Interest Rate	1.96%
Total Borrowings at Par Value	$ 825.0
Senior Notes [Member]
Debt Instrument [Line Items]
Total Borrowings at Carrying Value	$ 14,838.3	12,406.1
Debt Instrument, Call Feature	Each of the notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest.
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
Total Borrowings at Par Value		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
Total Borrowings at Par Value		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	2.01%
Total Borrowings at Par Value	$ 500.0	500.0
Senior Notes [Member] | Floating Rate 2-Year Senior Notes Due 8/9/2018 (euro denominated)[Member]
Debt Instrument [Line Items]
Debt Instrument, Term	2 years
Debt Instrument, Maturity Date	Aug. 09, 2018
Effective Interest Rate	0.14%
Total Borrowings at Par Value	$ 631.0
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	2.35%
Total Borrowings at Par Value	$ 450.0	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	2.59%
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	2.97%
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	4.23%
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	1.62%
Total Borrowings at Par Value	$ 447.0	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	3.24%
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	4.33%
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	4.15%
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	3.43%
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	2.27%
Total Borrowings at Par Value	$ 525.9	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	3.31%
Total Borrowings at Par Value	$ 800.0	800.0
Senior Notes [Member] | 3.00% 7-Year Senior Notes Due 4/15/2023 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.00%
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Apr. 15, 2023
Effective Interest Rate	4.37%
Total Borrowings at Par Value	$ 1,000.0
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	4.16%
Total Borrowings at Par Value	$ 1,000.0	1,000.0
Senior Notes [Member] | 0.75% 8-Year Senior Notes Due 9/12/2024 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.75%
Debt Instrument, Term	8 years
Debt Instrument, Maturity Date	Sep. 12, 2024
Effective Interest Rate	0.93%
Total Borrowings at Par Value	$ 1,051.7
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	2.09%
Total Borrowings at Par Value	$ 673.1	695.2
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	3.77%
Total Borrowings at Par Value	$ 350.0	350.0
Senior Notes [Member] | 2.95% 10-Year Senior Notes Due 9/19/2026 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.95%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Sep. 19, 2026
Effective Interest Rate	3.19%
Total Borrowings at Par Value	$ 1,200.0
Senior Notes [Member] | 1.375%12-Year Senior Notes Due 9/12/2028 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.375%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Sep. 12, 2028
Effective Interest Rate	1.46%
Total Borrowings at Par Value	$ 631.0
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	5.37%
Total Borrowings at Par Value	$ 400.0	400.0
Other Debt [Member]
Debt Instrument [Line Items]
Total Borrowings at Par Value	13.0	16.3
Total Borrowings at Carrying Value	$ 13.0	$ 16.3

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Debt Future Repayments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Maturities of Long-term Debt [Abstract]
2017	$ 1,255.5
2018	1,983.3
2019	1,026.9
2020	1,498.9
2021	2,502.0
2022 and Thereafter	8,434.4
Total Repayments of Principal	$ 16,701.0	$ 12,415.8

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Debt Short-term Financing (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Apr. 02, 2016 USD ($)	Dec. 31, 2015 USD ($)
Short-term Financing [Line Items]
Short-term Borrowings	$ 953,000,000		$ 50,000,000
Short-term Borrowings, Weighted Average Interest Rate	0.15%		1.14%
Line of Credit Facility, Remaining Borrowing Capacity	$ 67,000,000
Revolving Credit Facility [Member]
Short-term Financing [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000,000
Line of Credit Facility, Expiration Date	Jul. 01, 2021
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA	4.5
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA, Third and Fourth Quarter After Acquisition	4.0
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA, Beginning in the Fifth Quarter After Acquisition	3.5
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio	3
Line of Credit Facility, Amount Outstanding	$ 0
Letters of Credit Outstanding, Amount	$ 72,000,000
Commercial Paper Programs [Member]
Short-term Financing [Line Items]
Short-term Debt, Period to Maturity	58 days
Commercial Paper Programs [Member] | U.S. Commercial Paper Program [Member]
Short-term Financing [Line Items]
Maximum Period to Maturity Allowed Under Program	397 days
Commercial Paper Programs [Member] | Euro Commercial Paper Program [Member]
Short-term Financing [Line Items]
Maximum Period to Maturity Allowed Under Program	183 days
Term Loan [Member] | 3-Year Unsecured Term Loan [Member]
Short-term Financing [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000,000
Term Loan [Member] | 364-day Unsecured Term Loan [Member]
Short-term Financing [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000,000

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Debt, Interest Rate Swap Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Payments for Hedge, Financing Activities	$ 75.0
Proceeds from Hedge, Financing Activities	61.0
Notional Amount Of Derivatives	6,700.0	$ 6,630.0
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, Pay Rate Spread above One-month LIBOR	3.442%
Interest Rate Swap, Pay Rate at Period End	4.0587%
Interest Rate Swap, Fixed Receive 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, Pay Rate Spread above One-month LIBOR	2.515%
Interest Rate Swap, Pay Rate at Period End	3.2189%
Interest Rate Swap, Fixed Receive Rate	3.60%
Senior Notes [Member] | 3.00% Senior Notes Due 2023 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 1,000.0
Interest Rate Swap, Pay Rate Spread above One-month LIBOR	1.764%
Interest Rate Swap, Pay Rate at Period End	2.4679%
Interest Rate Swap, Fixed Receive Rate	3.00%

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Commitments and Contingencies (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Feb. 03, 2014	Nov. 30, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases [Abstract]
Operating Leases, Rent Expense, Net			$ 182.0	$ 181.0	$ 181.0
Operating Leases, Future Minimum Payments Due [Abstract]
2017			163.7
2018			132.6
2019			103.0
2020			79.5
2021			60.2
2022 and Thereafter			176.5
Operating Leases, Future Minimum Payments Due, Total			715.5
Unconditional Purchase Obligations [Abstract]
Unrecorded Unconditional Purchase Obligation			$ 378.0
Date by which the majority of unrecorded Unconditional purchase obligations will be settled			Dec. 31, 2017
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies, Net			$ 49.0
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]
Loss Contingency [Abstract]
Loss Contingency Accrued			52.0
Promega Corp and Max-Plank-Gesellschaft [Member] | Life Technologies Corporation [Member]
Loss Contingency [Abstract]
Damages Awarded	52.0
Loss Contingency Accrued	$ 52.0
Letters of Credit / Bank Guarantees [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 179.0
Guarantor Obligations, Term			Substantially all of these letters of credit and guarantees expire before 2022.
Surety Bonds and Other Guarantees [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 24.0
Guarantor Obligations, Term			The expiration of these bonds and guarantees ranges through 2018.
Lease Residual Value Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 155.0
Businesses Sold [Member] | Pension Obligation Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			40.0
Product Liability, Workers Compensation and Other Personal Injury Matters [Member]
Loss Contingency [Abstract]
Loss Contingency Accrued			230.0
Loss Contingency, Accrual, Gross			256.0
Estimated Amount Due from Insurers, Net			97.0
Estimated Amount Due from Insurers, Undiscounted			$ 114.0
Loss Contingency, Accrual, Weighted Average Discount Rate			4.67%
Loss Contingency, Accrual, Discount Amount			$ 26.0
Estimated Amount Due from Insurers, Discount Amount			17.0
Loss Contingency, Net, Discount Amount			9.0
Loss Contingency Accrual, Product Liability, Gross, Divested Business			10.0
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | Minimum [Member]
Loss Contingency [Abstract]
Loss Contingency, Estimate of Possible Loss			251.0
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | Maximum [Member]
Loss Contingency [Abstract]
Loss Contingency, Estimate of Possible Loss			$ 397.0

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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, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		$ 16,856.1	$ 21,350.2	$ 20,548.1	$ 16,856.1
Other comprehensive income (loss) before reclassifications			(651.8)
Amounts reclassified from accumulated other comprehensive items			12.8
Total other comprehensive items			(639.0)	(712.3)	(1,207.8)
Balance			$ 21,539.3	$ 21,350.2	20,548.1
Class of Stock Disclosures [Abstract]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			32,900,000
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]
Balance			$ (1,776.7)
Other comprehensive income (loss) before reclassifications			(566.7)
Total other comprehensive items			(566.7)
Balance			(2,343.4)	$ (1,776.7)
Unrealized Gains on Available-for-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			1.8
Other comprehensive income (loss) before reclassifications			(1.6)
Amounts reclassified from accumulated other comprehensive items			0.7
Total other comprehensive items			(0.9)
Balance			0.9	1.8
Unrealized Losses Hedging Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			(26.6)
Other comprehensive income (loss) before reclassifications			(36.6)
Amounts reclassified from accumulated other comprehensive items			6.1
Total other comprehensive items			(30.5)
Balance			(57.1)	(26.6)
Pension and Other Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			(195.8)
Other comprehensive income (loss) before reclassifications			(46.9)
Amounts reclassified from accumulated other comprehensive items			6.0
Total other comprehensive items			(40.9)
Balance			(236.7)	(195.8)
Accumulated Other Comprehensive Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		$ (77.2)	(1,997.3)	(1,285.0)	(77.2)
Total other comprehensive items			(639.0)	(712.3)	(1,207.8)
Balance			$ (2,636.3)	$ (1,997.3)	$ (1,285.0)

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Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets [Abstract]
Cash equivalents	$ 64.8	$ 54.6
Bank time deposits	2.0	2.0
Investments in mutual funds and other similar instruments	15.5	7.6
Warrants	2.0	3.4
Insurance contracts	102.1	108.1
Derivative contracts	15.8	13.8
Total Assets	202.2	189.5
Liabilities [Abstract]
Derivative contracts	121.9	41.8
Contingent consideration	3.4	1.9
Total Liabilities	125.3	43.7
Quoted Prices in Active Markets (Level I) [Member]
Assets [Abstract]
Cash equivalents	64.8	54.6
Bank time deposits	2.0	2.0
Investments in mutual funds and other similar instruments	15.5	7.6
Total Assets	82.3	64.2
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Warrants	2.0	3.4
Insurance contracts	102.1	108.1
Derivative contracts	15.8	13.8
Total Assets	119.9	125.3
Liabilities [Abstract]
Derivative contracts	121.9	41.8
Total Liabilities	121.9	41.8
Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Contingent consideration	3.4	1.9
Total Liabilities	$ 3.4	$ 1.9

XML

Fair Value Measurements, Derivative Assets & Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
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 Long-term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value	$ 109.5	16.4
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	15.8	13.6
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	$ 12.4	$ 25.4

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Fair Value Measurements, Derivative Instruments, Gains & Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014	Apr. 30, 2016
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	$ 172.0	77.0
Notional Amount Of Derivatives	6,700.0	6,630.0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(36.6)	(9.0)		$ 0.0
Foreign Currency Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion of Gain (Loss) on Derivative, Net	(15.1)	12.4
Foreign Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion of Gain (Loss) on Derivative, Net	(98.9)	126.8
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	21.1	34.0
Ineffective Portion of Gain (Loss) on Derivative, Net	$ (0.7)	$ (7.4)	[1]
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
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax					$ (46.0)

[1] 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.

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Fair Value of Other Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable - Carrying Value	$ 26.2	$ 12.1
Notes Receivable - Fair Value	28.4	14.9
Debt Obligations - Carrying Value	16,627.9	12,472.0
Debt Instrument, Fair Value Disclosure	16,975.7	12,684.7
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	14,838.3	12,406.1
Debt Instrument, Fair Value Disclosure	15,184.4	12,618.8
Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	823.3
Debt Instrument, Fair Value Disclosure	825.0
Commercial Paper Programs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	953.3	49.6
Debt Instrument, Fair Value Disclosure	953.3	49.6
Other Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	13.0	16.3
Debt Instrument, Fair Value Disclosure	$ 13.0	$ 16.3

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Cash Paid For Interest	$ 457.9	$ 437.6	$ 435.9
Cash Paid For Income Taxes	663.2	476.6	585.7
Non-cash Activities [Abstract]
Fair value of assets of acquired businesses	7,032.4	737.4	19,623.9
Cash paid for acquired businesses	(5,634.9)	(700.6)	(13,534.6)
Liabilities assumed of acquired businesses	1,397.5	36.8	6,089.3
Declared but unpaid dividends	60.1	61.3	61.9
Issuance of stock upon vesting of restricted stock units	126.9	$ 131.0	$ 110.0
Fair value of investments contributed to defined benefit plans	$ 15.9

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Restructuring and Other Costs (Income), Net (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2015	Sep. 26, 2015	Jun. 27, 2015	Mar. 28, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014		Feb. 28, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Percentage of Total Workforce Eliminated, Less Than										3.00%		2.00%		3.00%
Cost of Revenues										$ 101.5		$ 9.1		$ 327.6
Selling, General and Administrative Expenses										103.9		46.3		130.7
Restructuring and Other Costs (Income), Net										189.2		115.3		(598.2)
Total Restructuring and Other Costs (Income), Net		$ 98.1	$ 149.8	$ 56.6	$ 90.1	$ 64.9	$ 40.9	$ 24.7	$ 40.2	394.6		170.7		(139.9)
Restructuring and Related Costs, Cash Costs										166.9	[1]	90.7	[2]	253.7	[3]
Restructuring and Related Costs, Other Costs (Income), Net										(2.6)		1.1		19.9
Loss (Gain) Related to Litigation-related Matter										24.0		24.7
Loss (Gain) on Disposition of Property Plant Equipment										4.6
Loss (Gain) on Divestiture of Businesses										0.0		(7.6)		(895.4)
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs										109.1		57.0		140.8
Abandonment of Excess Facilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs										45.9		19.1		10.5
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs	[4]									11.9		14.6		102.4
Monetized Equity Awards [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Other Costs (Income), Net														19.6
Life Sciences Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										31.2		2.0		327.3
Selling, General and Administrative Expenses										36.0		13.6		122.5
Restructuring and Other Costs (Income), Net										87.6		64.4		(516.4)
Total Restructuring and Other Costs (Income), Net										154.8		80.0		(66.6)
Restructuring and Related Costs, Cash Costs										78.1		40.4		232.0
Restructuring and Related Costs, Other Costs (Income), Net										9.5
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										60.2		23.7
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs										17.9		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										33.8		6.2		100.5
Life Sciences Solutions [Member] | Transaction Costs Related to Divestiture [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs												0.9
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										(1.9)		(1.7)		5.7
Life Sciences Solutions [Member] | Costs to Conform Accounting Policies [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										3.9				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										27.2				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										4.1		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										62.4		0.1		(0.8)
Selling, General and Administrative Expenses										46.5		(0.3)		0.9
Restructuring and Other Costs (Income), Net										68.3		26.6		2.5
Total Restructuring and Other Costs (Income), Net										177.2		26.4		2.6
Restructuring and Related Costs, Cash Costs										67.7		22.1
Asset Writedowns												4.5
Loss (Gain) on Disposition of Property Plant Equipment														(6.0)
Analytical Instruments [Member] | Transaction Costs Related to Acquisition [Member]
Restructuring Cost and Reserve [Line Items]
Selling, General and Administrative Expenses										37.8
Analytical Instruments [Member] | Costs to Conform Accounting Policies [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										20.8
Selling, General and Administrative Expenses										8.5
Analytical Instruments [Member] | Charges for Sales of Inventories Revalued at Acquisition [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										41.6
Specialty Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues												0.8		0.9
Selling, General and Administrative Expenses										(0.3)		(0.4)		1.5
Restructuring and Other Costs (Income), Net										14.9		9.7		17.7
Total Restructuring and Other Costs (Income), Net										14.6		10.1		20.1
Restructuring and Related Costs, Cash Costs										6.3				18.7
Restructuring and Related Costs, Other Costs (Income), Net										(1.4)				(1.0)
Loss (Gain) Related to Litigation-related Matter										10.0
Specialty Diagnostics [Member] | Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Costs, Cash Costs														9.5
Laboratory Products and Services [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										7.9		6.2		0.2
Selling, General and Administrative Expenses										0.5		6.1
Restructuring and Other Costs (Income), Net										17.7		12.6		(121.0)
Total Restructuring and Other Costs (Income), Net										26.1		24.9		(120.8)
Restructuring and Related Costs, Cash Costs										10.9		7.7		7.2
Loss (Gain) due to Pension Plan Settlements and Curtailments														3.8
Loss (Gain) Related to Litigation-related Matter										(1.3)		4.7
Loss (Gain) on Divestiture of Businesses														(133.6)
Laboratory Products and Services [Member] | Charges for Sales of Inventories Revalued at Acquisition [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										6.2
Laboratory Products and Services [Member] | Accelerated Depreciation Related to Facility Consolidations [Member]
Restructuring Cost and Reserve [Line Items]
Cost of Revenues										1.7
Laboratory Products and Services [Member] | Environmental Restoration Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Other Costs (Income), Net										8.3
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Selling, General and Administrative Expenses										21.2		27.3		5.8
Restructuring and Other Costs (Income), Net										0.7		2.0		19.0
Total Restructuring and Other Costs (Income), Net										21.9		29.3		24.8
Restructuring and Related Costs, Cash Costs										1.1
Restructuring and Related Costs, Other 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										4.0		7.9
Corporate [Member] | Product Liability, Workers Compensation and Other Personal Injury Matters [Member]
Restructuring Cost and Reserve [Line Items]
Selling, General and Administrative Expenses										$ 17.2		$ 19.4
Scenario, Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Identified Future Restructuring Costs																$ 85.0

[1] Excludes $24.0 million of provision for losses on litigation-related matters; $8.3 million of provision for environmental remediation; $4.6 million of net gains on the sale of real estate; and an aggregate of $2.6 million of non-cash income, net.

[2] 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.

[3] 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.

[4] 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.

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Restructuring Reserves (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Beginning balance		$ 31.3		$ 53.4		$ 40.5
Costs incurred		166.9	[1]	90.7	[2]	253.7	[3]
Reserves reversed	[4]	(2.8)		(14.4)		(5.8)
Payments		(122.0)		(96.6)		(232.6)
Currency translation		(1.1)		(1.8)		(2.4)
Ending balance		72.3		31.3		53.4
Restructuring and other costs (income), net		189.2		115.3		(598.2)
Gain (Loss) on Disposition of Property Plant Equipment		(4.6)
Loss (Gain) on Divestiture of Businesses		0.0		(7.6)		(895.4)
Restructuring and Related Costs, Other Costs (Income), Net		(2.6)		1.1		19.9
Loss (Gain) Related to Litigation-related Matter		24.0		24.7
Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance		15.2		37.7		28.6
Costs incurred		109.1		57.0		140.8
Reserves reversed	[4]	(1.9)		(11.7)		(5.5)
Payments		(83.2)		(66.6)		(124.1)
Currency translation		(1.0)		(1.2)		(2.1)
Ending balance		$ 38.2		15.2		37.7
Restructuring Reserve, Expected Final Year of Payments		2017
Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Beginning balance		$ 13.1		9.8		9.4
Costs incurred		45.9		19.1		10.5
Reserves reversed	[4]	(0.4)		(0.5)		(0.1)
Payments		(26.6)		(15.0)		(10.4)
Currency translation		(0.1)		(0.3)		0.4
Ending balance		$ 31.9		13.1		9.8
Restructuring Reserve, Expected Final Year of Payments		2027
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	[5]	$ 3.0		5.9		2.5
Costs incurred	[5]	11.9		14.6		102.4
Reserves reversed	[4],[5]	(0.5)		(2.2)		(0.2)
Payments	[5]	(12.2)		(15.0)		(98.1)
Currency translation	[5]			(0.3)		(0.7)
Ending balance	[5]	$ 2.2		3.0		5.9
Restructuring Reserve, Expected Final Year of Payments		2017
Monetized Equity Awards [Member]
Restructuring Reserve [Roll Forward]
Restructuring and Related Costs, Other Costs (Income), Net						19.6
Laboratory Products and Services [Member]
Restructuring Reserve [Roll Forward]
Costs incurred		$ 10.9		7.7		7.2
Restructuring and other costs (income), net		17.7		12.6		(121.0)
Loss (Gain) on Divestiture of Businesses						(133.6)
Loss (Gain) Related to Litigation-related Matter		(1.3)		4.7
Laboratory Products and Services [Member] | Environmental Restoration Costs [Member]
Restructuring Reserve [Roll Forward]
Restructuring and other costs (income), net		8.3
Life Sciences Solutions [Member]
Restructuring Reserve [Roll Forward]
Costs incurred		78.1		40.4		232.0
Restructuring and other costs (income), net		87.6		64.4		(516.4)
Gain (Loss) on Disposition of Property Plant Equipment				3.0
Loss (Gain) on Divestiture of Businesses				(7.6)		(760.3)
Restructuring and Related Costs, Other Costs (Income), Net		9.5
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		60.2		23.7
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Costs incurred		$ 17.9		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

[1] Excludes $24.0 million of provision for losses on litigation-related matters; $8.3 million of provision for environmental remediation; $4.6 million of net gains on the sale of real estate; and an aggregate of $2.6 million of non-cash income, net.

[2] 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.

[3] 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.

[4] Represents reductions in cost of plans.

[5] 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.

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Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Oct. 01, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2015	Sep. 26, 2015	Jun. 27, 2015	Mar. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 4,953.2	$ 4,490.9	$ 4,535.2	$ 4,294.8	$ 4,652.5	$ 4,123.2	$ 4,270.9	$ 3,918.8	$ 18,274.1	$ 16,965.4	$ 16,889.6
Gross Profit	2,278.8	2,053.9	2,078.5	1,957.9	2,108.3	1,883.3	1,941.8	1,822.5
Income from continuing operations	632.7	473.5	516.8	402.3	606.3	477.3	511.6	385.1	2,025.3	1,980.3	1,895.5
Net Income	$ 629.5	$ 473.5	$ 516.6	$ 402.2	$ 602.6	$ 476.1	$ 511.6	$ 385.1	$ 2,021.8	$ 1,975.4	$ 1,894.4
Earnings per Share from Continuing Operations [Abstract]
Basic (in dollars per share)	$ 1.60	$ 1.20	$ 1.31	$ 1.02	$ 1.52	$ 1.20	$ 1.28	$ 0.97	$ 5.13	$ 4.97	$ 4.76
Diluted (in dollars per share)	1.59	1.19	1.30	1.01	1.51	1.19	1.27	0.96	5.10	4.93	4.71
Earnings per Share
Basic (in dollars per share)	1.60	1.20	1.31	1.02	1.51	1.19	1.28	0.97	5.12	4.96	4.76
Diluted (in dollars per share)	1.59	1.19	1.30	1.01	1.50	1.18	1.27	0.96	5.09	4.92	4.71
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	$ 0.6	$ 0.6	$ 0.6
Total Restructuring and Other Costs (Income), Net	$ 98.1	$ 149.8	$ 56.6	$ 90.1	$ 64.9	$ 40.9	$ 24.7	$ 40.2	$ 394.6	$ 170.7	$ (139.9)

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Subsequent Event (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross		$ 5,634.9	$ 700.6	$ 13,534.6
Finesse Solutions, Inc. [Member]
Subsequent Event [Line Items]
Revenue Reported by Acquired Entity		$ 50.0
Finesse Solutions, Inc. [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 225.0