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 quarterly period ended April 1, 2023 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
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
3.200% Notes due 2026	TMO 26B	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
3.650% Notes due 2034	TMO 34	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 (or for such shorter period that the registrant was required to file such reports), 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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 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 ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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 April 1, 2023, the Registrant had 385,721,286 shares of Common Stock outstanding.

THERMO FISHER SCIENTIFIC INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED APRIL 1, 2023

TABLE OF CONTENTS
		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 6.	Exhibits	29

2

THERMO FISHER SCIENTIFIC INC.

PART I    FINANCIAL INFORMATION

Item 1.    Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	April 1,		December 31,
(In millions except share and per share amounts)	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	3,482	$	8,524
Accounts receivable, less allowances of $190 and $189	7,922		8,115
Inventories	5,664		5,634
Contract assets, net	1,375		1,312
Other current assets	1,766		1,644
Total current assets	20,209		25,229
Property, plant and equipment, net	9,354		9,280
Acquisition-related intangible assets, net	17,972		17,442
Other assets	3,983		4,007
Goodwill	43,140		41,196
Total assets	$	94,658	$	97,154
Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	6,122	$	5,579
Accounts payable	2,798		3,381
Accrued payroll and employee benefits	1,307		2,095
Contract liabilities	2,662		2,601
Other accrued expenses	2,995		3,354
Total current liabilities	15,884		17,010
Deferred income taxes	2,976		2,849
Other long-term liabilities	4,230		4,238
Long-term obligations	29,135		28,909
Redeemable noncontrolling interest	123		116
Equity:
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued	—		—
Common stock, $1 par value, 1,200,000,000 shares authorized; 441,166,292 and 440,668,112 shares issued	441		441
Capital in excess of par value	16,889		16,743
Retained earnings	43,064		41,910
Treasury stock at cost, 55,445,006 and 50,157,275 shares	(15,083)		(12,017)
Accumulated other comprehensive income/(loss)	(3,054)		(3,099)
Total Thermo Fisher Scientific Inc. shareholders’ equity	42,257		43,978
Noncontrolling interests	53		54
Total equity	42,310		44,032
Total liabilities, redeemable noncontrolling interest and equity	$	94,658	$	97,154

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

3

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended
	April 1,		April 2,
(In millions except per share amounts)	2023		2022
Revenues
Product revenues	$	6,404	$	8,017
Service revenues	4,306		3,801
Total revenues	10,710		11,818
Costs and operating expenses:
Cost of product revenues	3,337		3,555
Cost of service revenues	3,233		2,799
Selling, general and administrative expenses	2,119		2,277
Research and development expenses	346		364
Restructuring and other costs	112		2
Total costs and operating expenses	9,147		8,997
Operating income	1,563		2,821
Interest income	146		18
Interest expense	(300)		(136)
Other income/(expense)	(46)		(163)
Income before income taxes	1,363		2,540
Provision for income taxes	(46)		(301)
Equity in earnings/(losses) of unconsolidated entities	(25)		(19)
Net income	1,292		2,220
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest	3		5
Net income attributable to Thermo Fisher Scientific Inc.	$	1,289	$	2,215
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic	$	3.34	$	5.66
Diluted	$	3.32	$	5.61
Weighted average shares
Basic	386		392
Diluted	388		395

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

4

THERMO FISHER SCIENTIFIC INC.

 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three months ended
	April 1,		April 2,
(In millions)	2023		2022
Comprehensive income
Net income	$	1,292	$	2,220
Other comprehensive income/(loss):
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $(36) and $89)	44		(23)
Unrealized gains and losses on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax benefit of $1 and $0)	3		1
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(1) and $(1))	1		3
Amortization of net loss included in net periodic pension cost (net of tax benefit of $0 and $1)	—		2
Total other comprehensive income/(loss)	48		(17)
Comprehensive income	1,340		2,203
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest	6		2
Comprehensive income attributable to Thermo Fisher Scientific Inc.	$	1,334	$	2,201

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

5

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three months ended
	April 1,		April 2,
(In millions)	2023		2022
Operating activities
Net income	$	1,292	$	2,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	253		250
Amortization of acquisition-related intangible assets	606		609
Change in deferred income taxes	(146)		(339)
Loss on early extinguishment of debt	—		26
Stock-based compensation	76		78
Other non-cash expenses, net	181		233
Changes in assets and liabilities, excluding the effects of acquisitions	(1,533)		(875)
Net cash provided by operating activities	729		2,202
Investing activities
Acquisitions, net of cash acquired	(2,704)		(40)
Purchase of property, plant and equipment	(458)		(640)
Proceeds from sale of property, plant and equipment	6		2
Other investing activities, net	14		8
Net cash used in investing activities	(3,142)		(670)
Financing activities
Repayment of debt	—		(375)
Proceeds from issuance of commercial paper	1,027		626
Repayments of commercial paper	(523)		(1,259)
Purchases of company common stock	(3,000)		(2,000)
Dividends paid	(117)		(103)
Other financing activities, net	20		(34)
Net cash used in financing activities	(2,593)		(3,145)
Exchange rate effect on cash	(31)		(99)
Decrease in cash, cash equivalents and restricted cash	(5,037)		(1,712)
Cash, cash equivalents and restricted cash at beginning of period	8,537		4,491
Cash, cash equivalents and restricted cash at end of period	$	3,500	$	2,779

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

6

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

(Unaudited)

	Redeemable Noncontrolling Interest		Common Stock			Capital in Excess of Par Value		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Items		Total Thermo Fisher Scientific Inc. Shareholders’ Equity		Noncontrolling Interests		Total Equity
(In millions)			Shares	Amount						Shares	Amount
			Three months ended April 1, 2023
Balance at December 31, 2022	$	116	441	$	441	$	16,743	$	41,910	50	$	(12,017)	$	(3,099)	$	43,978	$	54	$	44,032
Issuance of shares under employees' and directors' stock plans	—		—	—		70		—		—	(36)		—		34		—		34
Stock-based compensation	—		—	—		76		—		—	—		—		76		—		76
Purchases of company common stock	—		—	—		—		—		5	(3,000)		—		(3,000)		—		(3,000)
Dividends declared ($0.35 per share)	—		—	—		—		(135)		—	—		—		(135)		—		(135)
Net income/(loss)	4		—	—		—		1,289		—	—		—		1,289		(1)		1,288
Other comprehensive income/(loss)	3		—	—		—		—		—	—		45		45		—		45
Excise tax from stock repurchases	—		—	—		—		—		—	(30)		—		(30)		—		(30)
Balance at April 1, 2023	$	123	441	$	441	$	16,889	$	43,064	55	$	(15,083)	$	(3,054)	$	42,257	$	53	$	42,310
			Three months ended April 2, 2022
Balance at December 31, 2021	$	122	439	$	439	$	16,174	$	35,431	45	$	(8,922)	$	(2,329)	$	40,793	$	62	$	40,855
Issuance of shares under employees' and directors' stock plans	—		1	1		40		—		—	(39)		—		2		—		2
Stock-based compensation	—		—	—		78		—		—	—		—		78		—		78
Purchases of company common stock	—		—	—		—		—		3	(2,000)		—		(2,000)		—		(2,000)
Dividends declared ($0.30 per share)	—		—	—		—		(118)		—	—		—		(118)		—		(118)
Net income/(loss)	5		—	—		—		2,215		—	—		—		2,215		—		2,215
Other comprehensive income/(loss)	(11)		—	—		—		—		—	—		(14)		(14)		1		(13)
Contributions from (distributions to) noncontrolling interests	(3)		—	—		—		—		—	—		—		—		(1)		(1)
Balance at April 2, 2022	$	113	440	$	440	$	16,292	$	37,528	48	$	(10,961)	$	(2,343)	$	40,956	$	62	$	41,018

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

7

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.

Interim Financial Statements

The interim condensed consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at April 1, 2023, the results of operations for the three-month periods ended April 1, 2023 and April 2, 2022, and the cash flows for the three-month periods ended April 1, 2023 and April 2, 2022. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated balance sheet presented as of December 31, 2022 has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2022 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Note 1 to the consolidated financial statements for 2022 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the three months ended April 1, 2023.

Inventories

The components of inventories are as follows:

(In millions)	April 1, 2023		December 31, 2022
Raw materials	$	2,416	$	2,405
Work in process	708		660
Finished goods	2,540		2,569
Inventories	$	5,664	$	5,634

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.

The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. The negative impacts associated with the ongoing COVID-19 global pandemic significantly lessened in 2022 and 2023. The extent and duration of negative impacts in the future, which may include inflationary pressures and supply chain disruptions, are uncertain and may require changes to estimates. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In September 2022, the FASB issued new guidance to require entities to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under these programs for each period presented. The company adopted some aspects of this guidance in 2023 using a retrospective method and will adopt other aspects in 2024 using a prospective method. The adoption of this guidance did not have, and is not expected to have, a material impact on the company’s disclosures; however, the impact in future periods will be dependent on the extent of arrangements of this nature entered into by the company.

In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and

8

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company adopted this guidance in the fourth quarter of 2022 using a prospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

Note 2.    Acquisitions

The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. 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 services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition.

2023

On January 3, 2023, the company acquired, within the Specialty Diagnostics segment, The Binding Site Group, a U.K.-based provider of specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma. The goodwill recorded as a result of this business combination is not expected to be tax deductible.

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

(In millions)	The Binding Site
Purchase price
Cash paid	$	2,416
Debt settled	307
Cash acquired	(19)
	$	2,704
Net assets acquired
Definite-lived intangible assets:
Customer relationships	$	868
Product technology	173
Tradenames	42
Goodwill	1,758
Net tangible assets	142
Deferred tax assets (liabilities)	(279)
	$	2,704

The weighted-average amortization period for definite-lived intangible assets acquired in 2023 are 18 years for customer relationships, 15 years for product technology and 15 years for tradenames. The weighted average amortization period for all definite-lived intangible assets acquired in 2023 is 17 years.

The preliminary allocation of the purchase price for the acquisition of The Binding Site is based on estimates of the fair value of the net assets acquired and is subject to adjustment upon finalization, largely with respect to acquired intangible assets and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions.

9

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 3.    Revenues and Contract-related Balances

Disaggregated Revenues

Revenues by type are as follows:

	Three months ended
(In millions)	April 1, 2023		April 2, 2022
Revenues
Consumables	$	4,506	$	6,110
Instruments	1,898		1,907
Services	4,306		3,801
Consolidated revenues	$	10,710	$	11,818

Revenues by geographic region based on customer location are as follows:

	Three months ended
(In millions)	April 1, 2023		April 2, 2022
Revenues
North America	$	5,778	$	6,323
Europe	2,601		3,050
Asia-Pacific	1,986		2,064
Other regions	345		381
Consolidated revenues	$	10,710	$	11,818

Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of April 1, 2023 was $25.81 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 57% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

Contract-related Balances

Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheet, respectively. Contract asset and liability balances are as follows:

(In millions)	April 1, 2023		December 31, 2022
Current contract assets, net	$	1,375	$	1,312
Noncurrent contract assets, net	8		7
Current contract liabilities	2,662		2,601
Noncurrent contract liabilities	1,172		1,179

In the three months ended April 1, 2023, the company recognized revenues of $1.30 billion that were included in the contract liabilities balance at December 31, 2022. In the three months ended April 2, 2022, the company recognized revenues of $1.28 billion that were included in the contract liabilities balance at December 31, 2021.

10

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 4.    Business Segment and Geographical Information

Business Segment Information

	Three months ended
	April 1,		April 2,
(In millions)	2023		2022
Revenues
Life Sciences Solutions	$	2,612	$	4,231
Analytical Instruments	1,723		1,518
Specialty Diagnostics	1,108		1,482
Laboratory Products and Biopharma Services	5,763		5,442
Eliminations	(496)		(855)
Consolidated revenues	10,710		11,818
Segment Income
Life Sciences Solutions	836		2,176
Analytical Instruments	421		301
Specialty Diagnostics	280		353
Laboratory Products and Biopharma Services	793		620
Subtotal reportable segments	2,330		3,450
Cost of revenues adjustments	(41)		(11)
Selling, general and administrative expenses adjustments	(8)		(7)
Restructuring and other costs	(112)		(2)
Amortization of acquisition-related intangible assets	(606)		(609)
Consolidated operating income	1,563		2,821
Interest income	146		18
Interest expense	(300)		(136)
Other income/(expense)	(46)		(163)
Consolidated income before taxes	$	1,363	$	2,540

Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and inventory write-downs associated with large-scale abandonment of product lines. Selling, general and administrative expenses adjustments included in the above table consist of third-party transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration.

Geographical Information

Revenues by country based on customer location are as follows:

	Three months ended
(In millions)	April 1, 2023		April 2, 2022
Revenues
United States	$	5,587	$	6,097
China	870		910
Other	4,253		4,811
Consolidated revenues	$	10,710	$	11,818

11

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 5.    Income Taxes

The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:

	Three months ended
(In millions)	April 1, 2023			April 2, 2022
Statutory federal income tax rate	21		%	21		%
Provision for income taxes at statutory rate	$	286		$	533
Increases (decreases) resulting from:
Foreign rate differential	(52)			(82)
Income tax credits	(83)			(64)
Global intangible low-taxed income	12			26
Foreign-derived intangible income	(23)			(37)
Excess tax benefits from stock options and restricted stock units	(27)			(18)
Provision for (reversal of) tax reserves, net	9			—
Intra-entity transfers	(144)			—
Valuation allowances	67			(87)
Withholding taxes	5			12
Tax return reassessments and settlements	(3)			(5)
State income taxes, net of federal tax	24			31
Other, net	(25)			(8)
Provision for income taxes	$	46		$	301

The company has operations and a taxable presence in approximately 70 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate.

Unrecognized Tax Benefits

As of April 1, 2023 the company had $0.56 billion of unrecognized tax benefits substantially all of 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)	2023
Balance at beginning of year	$	572
Additions for tax positions of current year	4
Additions for tax positions of prior years	26
Reductions for tax positions of prior years	(27)
Settlements	(15)
Balance at end of period	$	560

Note 6.    Earnings per Share

	Three months ended
	April 1,		April 2,
(In millions except per share amounts)	2023		2022
Net income attributable to Thermo Fisher Scientific Inc.	$	1,289	$	2,215
Basic weighted average shares	386		392
Plus effect of: stock options and restricted stock units	2		3
Diluted weighted average shares	388		395
Basic earnings per share	$	3.34	$	5.66
Diluted earnings per share	$	3.32	$	5.61
Antidilutive stock options excluded from diluted weighted average shares	2		2

12

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 7.    Debt and Other Financing Arrangements

	Effective interest rate at April 1,		April 1,		December 31,
(Dollars in millions)	2023		2023		2022
Commercial Paper	4.15	%	$	824	$	310
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023			1,000		1,000
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023			500		500
0.797% 2-Year Senior Notes, Due 10/18/2023	1.04	%	1,350		1,350
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes, Due 11/18/2023 (euro-denominated)	2.74	%	1,842		1,819
0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated)	0.06	%	596		589
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.93	%	1,084		1,071
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024			500		500
1.215% 3-Year Senior Notes, Due 10/18/2024	1.42	%	2,500		2,500
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)	0.40	%	867		857
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.10	%	694		686
0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated)	1.05	%	168		170
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)	0.15	%	596		589
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)	3.39	%	542		535
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)	1.53	%	759		749
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)	1.65	%	542		535
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)	1.96	%	650		642
1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated)	1.18	%	217		221
4.80% 5-Year Senior Notes, Due 11/21/2027	5.00	%	600