0000097745FALSE12/312020Q2us-gaap:OtherAssetsCurrentus-gaap:OtherAssetsNoncurrent00000977452020-01-012020-06-270000097745us-gaap:CommonStockMember2020-01-012020-06-270000097745tmo:SeniorNotesFloatingRateDue2020Member2020-01-012020-06-270000097745tmo:SeniorNotes2.15Due2022Member2020-01-012020-06-270000097745tmo:SeniorNotes0.75Due2024Member2020-01-012020-06-270000097745tmo:SeniorNotes0.125Due2025Member2020-01-012020-06-270000097745tmo:SeniorNotes200Due2025Member2020-01-012020-06-270000097745tmo:SeniorNotes1.40Due2026Member2020-01-012020-06-270000097745tmo:A1.45SeniorNotesDue2027Member2020-01-012020-06-270000097745tmo:SeniorNotes175Due2027Member2020-01-012020-06-270000097745tmo:SeniorNotes0.500Due2028Member2020-01-012020-06-270000097745tmo:SeniorNotes1.375Due2028Member2020-01-012020-06-270000097745tmo:SeniorNotes1.95Due2029Member2020-01-012020-06-270000097745tmo:SeniorNotes0.875Due2031Member2020-01-012020-06-270000097745tmo:SeniorNotes2375Due2032Member2020-01-012020-06-270000097745tmo:SeniorNotes2.875Due2037Member2020-01-012020-06-270000097745tmo:SeniorNotes1.500Due2039Member2020-01-012020-06-270000097745tmo:SeniorNotes1.875Due2049Member2020-01-012020-06-27xbrli:shares00000977452020-06-27iso4217:USD00000977452019-12-31iso4217:USDxbrli:shares0000097745us-gaap:ProductMember2020-03-292020-06-270000097745us-gaap:ProductMember2019-03-312019-06-290000097745us-gaap:ProductMember2020-01-012020-06-270000097745us-gaap:ProductMember2019-01-012019-06-290000097745us-gaap:ServiceMember2020-03-292020-06-270000097745us-gaap:ServiceMember2019-03-312019-06-290000097745us-gaap:ServiceMember2020-01-012020-06-270000097745us-gaap:ServiceMember2019-01-012019-06-2900000977452020-03-292020-06-2700000977452019-03-312019-06-2900000977452019-01-012019-06-2900000977452018-12-3100000977452019-06-290000097745us-gaap:CommonStockMember2020-03-280000097745us-gaap:AdditionalPaidInCapitalMember2020-03-280000097745us-gaap:RetainedEarningsMember2020-03-280000097745us-gaap:TreasuryStockMember2020-03-280000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-2800000977452020-03-280000097745us-gaap:CommonStockMember2020-03-292020-06-270000097745us-gaap:AdditionalPaidInCapitalMember2020-03-292020-06-270000097745us-gaap:TreasuryStockMember2020-03-292020-06-270000097745us-gaap:RetainedEarningsMember2020-03-292020-06-270000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-292020-06-270000097745us-gaap:CommonStockMember2020-06-270000097745us-gaap:AdditionalPaidInCapitalMember2020-06-270000097745us-gaap:RetainedEarningsMember2020-06-270000097745us-gaap:TreasuryStockMember2020-06-270000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-270000097745us-gaap:CommonStockMember2019-03-300000097745us-gaap:AdditionalPaidInCapitalMember2019-03-300000097745us-gaap:RetainedEarningsMember2019-03-300000097745us-gaap:TreasuryStockMember2019-03-300000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3000000977452019-03-300000097745us-gaap:CommonStockMember2019-03-312019-06-290000097745us-gaap:AdditionalPaidInCapitalMember2019-03-312019-06-290000097745us-gaap:TreasuryStockMember2019-03-312019-06-290000097745us-gaap:RetainedEarningsMember2019-03-312019-06-290000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-312019-06-290000097745us-gaap:CommonStockMember2019-06-290000097745us-gaap:AdditionalPaidInCapitalMember2019-06-290000097745us-gaap:RetainedEarningsMember2019-06-290000097745us-gaap:TreasuryStockMember2019-06-290000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-290000097745us-gaap:CommonStockMember2019-12-310000097745us-gaap:AdditionalPaidInCapitalMember2019-12-310000097745us-gaap:RetainedEarningsMember2019-12-310000097745us-gaap:TreasuryStockMember2019-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000097745srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000097745srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000097745us-gaap:CommonStockMember2020-01-012020-06-270000097745us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-270000097745us-gaap:TreasuryStockMember2020-01-012020-06-270000097745us-gaap:RetainedEarningsMember2020-01-012020-06-270000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-270000097745us-gaap:CommonStockMember2018-12-310000097745us-gaap:AdditionalPaidInCapitalMember2018-12-310000097745us-gaap:RetainedEarningsMember2018-12-310000097745us-gaap:TreasuryStockMember2018-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000097745srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2018-12-310000097745srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000097745us-gaap:CommonStockMember2019-01-012019-06-290000097745us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-290000097745us-gaap:TreasuryStockMember2019-01-012019-06-290000097745us-gaap:RetainedEarningsMember2019-01-012019-06-290000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-290000097745srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-01iso4217:EURxbrli:shares0000097745srt:ScenarioForecastMembertmo:QIAGENNVMember2020-07-150000097745srt:ScenarioForecastMembertmo:QIAGENNVMember2021-06-300000097745srt:ScenarioForecastMembertmo:QIAGENNVMember2021-01-012021-06-300000097745tmo:QIAGENNVMember2019-01-012019-12-31iso4217:EUR0000097745us-gaap:UnsecuredDebtMember2020-06-270000097745us-gaap:BridgeLoanMember2020-06-270000097745us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembertmo:AnatomicalPathologybusinessMember2019-06-280000097745us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembertmo:AnatomicalPathologybusinessMember2019-03-312019-06-290000097745us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembertmo:AnatomicalPathologybusinessMember2019-01-012019-06-280000097745tmo:ConsumablesMember2020-03-292020-06-270000097745tmo:ConsumablesMember2019-03-312019-06-290000097745tmo:ConsumablesMember2020-01-012020-06-270000097745tmo:ConsumablesMember2019-01-012019-06-290000097745tmo:InstrumentsMember2020-03-292020-06-270000097745tmo:InstrumentsMember2019-03-312019-06-290000097745tmo:InstrumentsMember2020-01-012020-06-270000097745tmo:InstrumentsMember2019-01-012019-06-290000097745srt:NorthAmericaMember2020-03-292020-06-270000097745srt:NorthAmericaMember2019-03-312019-06-290000097745srt:NorthAmericaMember2020-01-012020-06-270000097745srt:NorthAmericaMember2019-01-012019-06-290000097745srt:EuropeMember2020-03-292020-06-270000097745srt:EuropeMember2019-03-312019-06-290000097745srt:EuropeMember2020-01-012020-06-270000097745srt:EuropeMember2019-01-012019-06-290000097745srt:AsiaPacificMember2020-03-292020-06-270000097745srt:AsiaPacificMember2019-03-312019-06-290000097745srt:AsiaPacificMember2020-01-012020-06-270000097745srt:AsiaPacificMember2019-01-012019-06-290000097745tmo:OtherRegionsMember2020-03-292020-06-270000097745tmo:OtherRegionsMember2019-03-312019-06-290000097745tmo:OtherRegionsMember2020-01-012020-06-270000097745tmo:OtherRegionsMember2019-01-012019-06-29xbrli:pure00000977452020-06-272020-06-270000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2020-03-292020-06-270000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2019-03-312019-06-290000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2020-01-012020-06-270000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2019-01-012019-06-290000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2020-03-292020-06-270000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2019-03-312019-06-290000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2020-01-012020-06-270000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2019-01-012019-06-290000097745tmo:SpecialtyDiagnosticsMemberus-gaap:OperatingSegmentsMember2020-03-292020-06-270000097745tmo:SpecialtyDiagnosticsMemberus-gaap:OperatingSegmentsMember2019-03-312019-06-290000097745tmo:SpecialtyDiagnosticsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-270000097745tmo:SpecialtyDiagnosticsMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-290000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2020-03-292020-06-270000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2019-03-312019-06-290000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-270000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-290000097745us-gaap:IntersegmentEliminationMember2020-03-292020-06-270000097745us-gaap:IntersegmentEliminationMember2019-03-312019-06-290000097745us-gaap:IntersegmentEliminationMember2020-01-012020-06-270000097745us-gaap:IntersegmentEliminationMember2019-01-012019-06-290000097745us-gaap:OperatingSegmentsMember2020-03-292020-06-270000097745us-gaap:OperatingSegmentsMember2019-03-312019-06-290000097745us-gaap:OperatingSegmentsMember2020-01-012020-06-270000097745us-gaap:OperatingSegmentsMember2019-01-012019-06-290000097745us-gaap:MaterialReconcilingItemsMember2020-03-292020-06-270000097745us-gaap:MaterialReconcilingItemsMember2019-03-312019-06-290000097745us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-270000097745us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-290000097745country:US2020-03-292020-06-270000097745country:US2019-03-312019-06-290000097745country:US2020-01-012020-06-270000097745country:US2019-01-012019-06-290000097745country:CN2020-03-292020-06-270000097745country:CN2019-03-312019-06-290000097745country:CN2020-01-012020-06-270000097745country:CN2019-01-012019-06-290000097745tmo:AllOtherCountriesMember2020-03-292020-06-270000097745tmo:AllOtherCountriesMember2019-03-312019-06-290000097745tmo:AllOtherCountriesMember2020-01-012020-06-270000097745tmo:AllOtherCountriesMember2019-01-012019-06-290000097745us-gaap:EmployeeStockOptionMember2020-03-292020-06-270000097745us-gaap:EmployeeStockOptionMember2019-03-312019-06-290000097745us-gaap:EmployeeStockOptionMember2020-01-012020-06-270000097745us-gaap:EmployeeStockOptionMember2019-01-012019-06-290000097745tmo:SeniorNotesFloatingRateDue2020Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotesFloatingRateDue2020Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotesFloatingRateDue2020Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes2.15Due2022Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes2.15Due2022Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes2.15Due2022Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes3.00Due2023Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes3.00Due2023Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes3.00Due2023Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes415Due2024Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes415Due2024Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes415Due2024Memberus-gaap:SeniorNotesMember2019-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2020-01-012020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2019-12-310000097745tmo:SeniorNotes0.125Due2025Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes0.125Due2025Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes0.125Due2025Memberus-gaap:SeniorNotesMember2019-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4133Due2025Member2020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4133Due2025Member2020-01-012020-06-270000097745tmo:SeniorNotes200Due2025Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes200Due2025Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes200Due2025Memberus-gaap:SeniorNotesMember2019-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes3.65Due2025Member2020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes3.65Due2025Member2020-01-012020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes3.65Due2025Member2019-12-310000097745tmo:SeniorNotes1.40Due2026Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes1.40Due2026Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes1.40Due2026Memberus-gaap:SeniorNotesMember2019-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.95Due2026Member2020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.95Due2026Member2020-01-012020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.95Due2026Member2019-12-310000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes175Due2027Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes175Due2027Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes3.20Due2027Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes3.20Due2027Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes3.20Due2027Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2019-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2020-01-012020-06-270000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2019-12-310000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes4497Due2030Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes4497Due2030Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes0.875Due2031Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes0.875Due2031Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes0.875Due2031Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes2375Due2032Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes2375Due2032Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes2.875Due2037Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes2.875Due2037Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes2.875Due2037Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes1.500Due2039Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes1.500Due2039Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes1.500Due2039Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2020-06-270000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2019-12-310000097745tmo:OtherDebtMember2020-06-270000097745tmo:OtherDebtMember2019-12-310000097745us-gaap:RevolvingCreditFacilityMember2020-06-270000097745us-gaap:RevolvingCreditFacilityMember2020-01-012020-06-270000097745tmo:U.S.CommercialPaperProgramMemberus-gaap:CommercialPaperMember2020-01-012020-06-270000097745tmo:EuroCommercialPaperProgramMemberus-gaap:CommercialPaperMember2020-01-012020-06-270000097745us-gaap:SeniorNotesMember2020-01-012020-06-270000097745tmo:SeniorNotes3.00Due2023Memberus-gaap:SeniorNotesMemberus-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2020-06-270000097745us-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:CrossCurrencyInterestRateContractMember2020-06-270000097745us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000097745us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-270000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-270000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-270000097745us-gaap:AccumulatedTranslationAdjustmentMember2020-06-270000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-270000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-270000097745us-gaap:FairValueMeasurementsRecurringMember2020-06-270000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-270000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-270000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-270000097745us-gaap:FairValueMeasurementsRecurringMember2019-12-310000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310000097745tmo:ContingentConsiderationMember2020-03-280000097745tmo:ContingentConsiderationMember2019-03-300000097745tmo:ContingentConsiderationMember2019-12-310000097745tmo:ContingentConsiderationMember2018-12-310000097745tmo:ContingentConsiderationMember2019-03-312019-06-290000097745tmo:ContingentConsiderationMember2019-01-012019-06-290000097745tmo:ContingentConsiderationMember2020-03-292020-06-270000097745tmo:ContingentConsiderationMember2020-01-012020-06-270000097745tmo:ContingentConsiderationMember2020-06-270000097745tmo:ContingentConsiderationMember2019-06-290000097745us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2019-12-310000097745us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2019-12-310000097745us-gaap:ForeignExchangeContractMember2020-06-270000097745us-gaap:ForeignExchangeContractMember2019-12-310000097745us-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-06-270000097745us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-12-310000097745us-gaap:OtherNoncurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-270000097745us-gaap:OtherNoncurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000097745us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2020-06-270000097745us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2019-12-310000097745us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-06-270000097745us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2019-12-310000097745us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:NondesignatedMember2020-06-270000097745tmo:LongtermObligationsMember2020-06-270000097745tmo:LongtermObligationsMember2019-12-310000097745us-gaap:FairValueHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-03-292020-06-270000097745us-gaap:FairValueHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-03-312019-06-290000097745us-gaap:FairValueHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-01-012020-06-270000097745us-gaap:FairValueHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-01-012019-06-290000097745us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-03-292020-06-270000097745us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-01-012020-06-270000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-03-292020-06-270000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-03-312019-06-290000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-01-012020-06-270000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-01-012019-06-290000097745us-gaap:NetInvestmentHedgingMembertmo:ForeigncurrencydenominateddebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-292020-06-270000097745us-gaap:NetInvestmentHedgingMembertmo:ForeigncurrencydenominateddebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-03-312019-06-290000097745us-gaap:NetInvestmentHedgingMembertmo:ForeigncurrencydenominateddebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-06-270000097745us-gaap:NetInvestmentHedgingMembertmo:ForeigncurrencydenominateddebtMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-01-012019-06-290000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-292020-06-270000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-03-312019-06-290000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-01-012019-06-290000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-292020-06-270000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-03-312019-06-290000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-06-270000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-01-012019-06-290000097745us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2020-03-292020-06-270000097745us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2019-03-312019-06-290000097745us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2019-01-012019-06-290000097745us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherExpenseMember2020-03-292020-06-270000097745us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherExpenseMember2019-03-312019-06-290000097745us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherExpenseMember2020-01-012020-06-270000097745us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherExpenseMember2019-01-012019-06-290000097745us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherExpenseMember2020-01-012020-06-270000097745us-gaap:SubsequentEventMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-06-282020-07-310000097745us-gaap:SeniorNotesMember2020-06-270000097745us-gaap:SeniorNotesMember2019-12-310000097745srt:ScenarioForecastMember2020-07-310000097745tmo:AnalyticalInstrumentsMember2020-03-292020-06-270000097745tmo:SpecialtyDiagnosticsMember2020-03-292020-06-270000097745tmo:LaboratoryProductsandServicesMember2020-03-292020-06-270000097745us-gaap:CorporateMember2020-03-292020-06-270000097745tmo:LifeSciencesSolutionsMember2020-01-012020-06-270000097745tmo:AnalyticalInstrumentsMember2020-01-012020-06-270000097745tmo:SpecialtyDiagnosticsMember2020-01-012020-06-270000097745tmo:LaboratoryProductsandServicesMember2020-01-012020-06-270000097745us-gaap:CorporateMember2020-01-012020-06-270000097745us-gaap:EmployeeSeveranceMember2019-12-310000097745us-gaap:FacilityClosingMember2019-12-310000097745us-gaap:OtherRestructuringMember2019-12-310000097745us-gaap:EmployeeSeveranceMember2020-01-012020-06-270000097745us-gaap:FacilityClosingMember2020-01-012020-06-270000097745us-gaap:OtherRestructuringMember2020-01-012020-06-270000097745us-gaap:EmployeeSeveranceMember2020-06-270000097745us-gaap:FacilityClosingMember2020-06-270000097745us-gaap:OtherRestructuringMember2020-06-27
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)
| | | | | |
Delaware | 04-2209186 |
(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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $1.00 par value | | TMO | | New York Stock Exchange |
Floating Rate Notes due 2020 | | TMO /20A | | New York Stock Exchange |
2.150% Notes due 2022 | | TMO 22A | | New York Stock Exchange |
0.750% Notes due 2024 | | TMO 24A | | New York Stock Exchange |
0.125% Notes due 2025 | | TMO 25B | | New York Stock Exchange |
2.000% Notes due 2025 | | TMO 25 | | New York Stock Exchange |
1.400% Notes due 2026 | | TMO 26A | | New York Stock Exchange |
1.450% Notes due 2027 | | TMO 27 | | New York Stock Exchange |
1.750% Notes due 2027 | | TMO 27B | | New York Stock Exchange |
0.500% Notes due 2028 | | TMO 28A | | New York Stock Exchange |
1.375% Notes due 2028 | | TMO 28 | | New York Stock Exchange |
1.950% Notes due 2029 | | TMO 29 | | New York Stock Exchange |
0.875% Notes due 2031 | | TMO 31 | | New York Stock Exchange |
2.375% Notes due 2032 | | TMO 32 | | New York Stock Exchange |
2.875% Notes due 2037 | | TMO 37 | | New York Stock Exchange |
1.500% Notes due 2039 | | TMO 39 | | New York Stock Exchange |
1.875% Notes due 2049 | | TMO 49 | | New York Stock Exchange |
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 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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) | | 2020 | | 2019 |
| | | | |
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.
THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
| | June 27, | | June 29, | | June 27, | | June 29, |
(In millions except per share amounts) | | 2020 | | 2019 | | 2020 | | 2019 |
| | | | | | | | |
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.
THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
| | June 27, | | June 29, | | June 27, | | June 29, |
(In millions) | | 2020 | | 2019 | | 2020 | | 2019 |
| | | | | | | | |
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.
THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | Six Months Ended | | |
| | June 27, | | June 29, |
(In millions) | | 2020 | | 2019 |
| | | | |
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.
THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | | | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 27, 2020 | | | | | | | | | | | | | | |
Balance at March 28, 2020 | | 435 | | | $ | 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, 2020 | | 436 | | | $ | 436 | | | $ | 15,334 | | | $ | 23,860 | | | 40 | | | $ | (6,766) | | | $ | (2,989) | | | $ | 29,875 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 29, 2019 | | | | | | | | | | | | | | |
Balance at March 30, 2019 | | 433 | | | $ | 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, 2019 | | 433 | | | $ | 433 | | | $ | 14,887 | | | $ | 20,482 | | | 33 | | | $ | (4,443) | | | $ | (2,630) | | | $ | 28,729 | |
| | | | | | | | | | | | | | | | |
| | Six Months Ended June 27, 2020 | | | | | | | | | | | | | | |
Balance at December 31, 2019 | | 434 | | | $ | 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, 2020 | | 436 | | | $ | 436 | | | $ | 15,334 | | | $ | 23,860 | | | 40 | | | $ | (6,766) | | | $ | (2,989) | | | $ | 29,875 | |
| | | | | | | | | | | | | | | | |
| | Six Months Ended June 29, 2019 | | | | | | | | | | | | | | |
Balance at December 31, 2018 | | 432 | | | $ | 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) | | | — | | | — | | | — | | | ( |