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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended June 27, 2020 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)
Delaware04-2209186
(State of incorporation)(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTMONew York Stock Exchange
Floating Rate Notes due 2020TMO /20ANew York Stock Exchange
2.150% Notes due 2022TMO 22ANew York Stock Exchange
0.750% Notes due 2024TMO 24ANew York Stock Exchange
0.125% Notes due 2025TMO 25BNew York Stock Exchange
2.000% Notes due 2025TMO 25New York Stock Exchange
1.400% Notes due 2026TMO 26ANew York Stock Exchange
1.450% Notes due 2027TMO 27New York Stock Exchange
1.750% Notes due 2027TMO 27BNew York Stock Exchange
0.500% Notes due 2028TMO 28ANew York Stock Exchange
1.375% Notes due 2028TMO 28New York Stock Exchange
1.950% Notes due 2029TMO 29New York Stock Exchange
0.875% Notes due 2031TMO 31New York Stock Exchange
2.375% Notes due 2032TMO 32New York Stock Exchange
2.875% Notes due 2037TMO 37New York Stock Exchange
1.500% Notes due 2039TMO 39New York Stock Exchange
1.875% Notes due 2049TMO 49New York Stock Exchange
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   No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes   No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                                                Accelerated filer                                        Non-accelerated filer 
Smaller reporting company                                       Emerging growth company  
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of June 27, 2020, the Registrant had 395,589,400 shares of Common Stock outstanding.





THERMO FISHER SCIENTIFIC INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 27, 2020
TABLE OF CONTENTS
Page
PART I
PART II

2


THERMO FISHER SCIENTIFIC INC.
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEET
(Unaudited)
 June 27,December 31,
(In millions except share and per share amounts)20202019
Assets
Current Assets:
Cash and cash equivalents
$5,818  $2,399  
Accounts receivable, less allowances of $113 and $102
4,478  4,349  
Inventories
3,648  3,370  
Contract assets, net
686  603  
Other current assets
1,145  1,172  
Total current assets
15,775  11,893  
Property, Plant and Equipment, Net
4,887  4,749  
Acquisition-related Intangible Assets, Net
13,170  14,014  
Other Assets
2,061  2,011  
Goodwill
25,700  25,714  
Total Assets
$61,593  $58,381  
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations
$675  $676  
Accounts payable
1,385  1,920  
Accrued payroll and employee benefits
1,184  1,010  
Contract liabilities
975  916  
Other accrued expenses
1,794  1,675  
Total current liabilities
6,013  6,197  
Deferred Income Taxes
1,750  2,192  
Other Long-term Liabilities
3,317  3,241  
Long-term Obligations
20,638  17,076  
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 435,885,737 and 434,416,804 shares issued
436  434  
Capital in excess of par value
15,334  15,064  
Retained earnings
23,860  22,092  
Treasury stock at cost, 40,296,337 and 35,676,421 shares
(6,766) (5,236) 
Accumulated other comprehensive items
(2,989) (2,679) 
Total shareholders' equity
29,875  29,675  
Total Liabilities and Shareholders' Equity
$61,593  $58,381  
The accompanying notes are an integral part of these consolidated financial statements.
3



THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months EndedSix Months Ended
June 27,June 29,June 27,June 29,
(In millions except per share amounts)2020201920202019
Revenues
Product revenues
$5,250  $4,827  $9,880  $9,547  
Service revenues
1,667  1,489  3,267  2,894  
Total revenues
6,917  6,316  13,147  12,441  
Costs and Operating Expenses:
Cost of product revenues
2,391  2,478  4,731  4,892  
Cost of service revenues
1,149  1,015  2,299  2,019  
Selling, general and administrative expenses
1,710  1,565  3,261  3,093  
Research and development expenses
264  246  509  494  
Restructuring and other costs (income), net
12  (484) 50  (473) 
Total costs and operating expenses
5,526  4,820  10,850  10,025  
Operating Income
1,391  1,496  2,297  2,416  
Interest Income
8  60  44  127  
Interest Expense
(137) (181) (263) (370) 
Other (Expense) Income, Net
(9) 18  3  37  
Income Before Income Taxes
1,253  1,393  2,081  2,210  
Provision for Income Taxes
(97) (274) (137) (276) 
Net Income
$1,156  $1,119  $1,944  $1,934  
Earnings per Share
Basic
$2.92  $2.80  $4.91  $4.84  
Diluted
$2.90  $2.77  $4.87  $4.80  
Weighted Average Shares
Basic
395  400  396  400  
Diluted
398  403  399  403  

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

4


THERMO FISHER SCIENTIFIC INC.
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months EndedSix Months Ended
 June 27,June 29,June 27,June 29,
(In millions)2020201920202019
Comprehensive Income
Net Income
$1,156  $1,119  $1,944  $1,934  
Other Comprehensive Items:
Currency translation adjustment:
Currency translation adjustment (net of tax (benefit) provision of $(17), $(30), $5 and $15)
103  (116) (254) (131) 
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $1, $0, $20 and $0)
(3)   (65)   
Reclassification adjustment for losses included in net income (net of tax benefit of $1, $1, $2 and $2)
3  3  4  5  
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax benefit of $6, $4, $1 and $4)
(6) (12) (1) (11) 
Amortization of net loss included in net periodic pension cost (net of tax benefit of $2, $1, $3 and $2)
2  4  6  5  
Total other comprehensive items
99  (121) (310) (132) 
Comprehensive Income
$1,255  $998  $1,634  $1,802  

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

5


THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Six Months Ended
 June 27,June 29,
(In millions)20202019
Operating Activities
Net income
$1,944  $1,934  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
306  275  
Amortization of acquisition-related intangible assets
842  851  
Change in deferred income taxes
(318) (392) 
Gain on sales of businesses
  (505) 
Stock-based compensation
93  96  
Other non-cash expenses, net
109  48  
Changes in assets and liabilities, excluding the effects of acquisitions and disposition:
Accounts receivable
(195) 5  
Inventories
(309) (273) 
Accounts payable
(497) (202) 
Contributions to retirement plans
(36) (34) 
Other
303  140  
Net cash provided by operating activities
2,242  1,943  
Investing Activities
  
Acquisitions, net of cash acquired
(3) (1,686) 
Proceeds from sale of business, net of cash divested
  1,126  
Purchase of property, plant and equipment
(522) (421) 
Proceeds from sale of property, plant and equipment
6  12  
Other investing activities, net
  19  
Net cash used in investing activities
(519) (950) 
Financing Activities
Net proceeds from issuance of debt
3,464    
Repayment of debt
(2) (3) 
Proceeds from issuance of commercial paper
383  1,895  
Repayments of commercial paper
(387) (1,855) 
Purchases of company common stock
(1,500) (750) 
Dividends paid
(163) (144) 
Net proceeds from issuance of company common stock under employee stock plans
125  122  
Other financing activities, net
(121)   
Net cash provided by (used in) financing activities
1,799  (735) 
Exchange Rate Effect on Cash
(107) (61) 
Increase in Cash, Cash Equivalents and Restricted Cash
3,415  197  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
2,422  2,117  
Cash, Cash Equivalents and Restricted Cash at End of Period
$5,837  $2,314  
The accompanying notes are an integral part of these consolidated financial statements.
6


THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Unaudited)
 Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAccumulated Other Comprehensive ItemsTotal Shareholders' Equity
(In millions)SharesAmountSharesAmount
Three Months Ended June 27, 2020
Balance at March 28, 2020435  $435  $15,186  $22,791  40  $(6,765) $(3,088) $28,559  
Issuance of shares under employees' and directors' stock plans
1  1  101  —    (1) —  101  
Stock-based compensation
—  —  47  —  —  —  —  47  
Dividends declared ($0.22 per share)
—  —  —  (87) —  —  —  (87) 
Net income
—  —  —  1,156  —  —  —  1,156  
Other comprehensive items
—  —  —  —  —  —  99  99  
Balance at June 27, 2020436  $436  $15,334  $23,860  40  $(6,766) $(2,989) $29,875  
Three Months Ended June 29, 2019
Balance at March 30, 2019433  $433  $14,771  $19,439  33  $(4,441) $(2,509) $27,693  
Issuance of shares under employees' and directors' stock plans
    64  —  —  (2) —  62  
Stock-based compensation
—  —  52  —  —  —  —  52  
Dividends declared ($0.19 per share)
—  —  —  (76) —  —  —  (76) 
Net income
—  —  —  1,119  —  —  —  1,119  
Other comprehensive items
—  —  —  —  —  —  (121) (121) 
Balance at June 29, 2019433  $433  $14,887  $20,482  33  $(4,443) $(2,630) $28,729  
Six Months Ended June 27, 2020
Balance at December 31, 2019434  $434  $15,064  $22,092  36  $(5,236) $(2,679) $29,675  
Cumulative effect of accounting change
—  —  —  (1) —  —  —  (1) 
Issuance of shares under employees' and directors' stock plans
2  2  177  —    (30) —  149  
Stock-based compensation
—  —  93  —  —  —  —  93  
Purchases of company common stock
—  —  —  —  4  (1,500) —  (1,500) 
Dividends declared ($0.44 per share)
—  —  —  (175) —  —  —  (175) 
Net income
—  —  —  1,944  —  —  —  1,944  
Other comprehensive items
—  —  —  —  —  —  (310) (310) 
Balance at June 27, 2020436  $436  $15,334  $23,860  40  $(6,766) $(2,989) $29,875  
Six Months Ended June 29, 2019
Balance at December 31, 2018432  $432  $14,621  $18,696  29  $(3,665) $(2,498) $27,586  
Cumulative effect of accounting changes
—  —  —  4  —  —  —  4  
Issuance of shares under employees' and directors' stock plans
1  1  170  —  1  (28) —  143  
Stock-based compensation
—  —  96  —  —  —  —  96  
Purchases of company common stock
—  —  —  —  3  (750) —  (750) 
Dividends declared ($0.38 per share)
—  —  —  (152) —  —  —  (