0000097745FALSE12/312024Q1P3Yhttp://fasb.org/us-gaap/2023#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2023#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrent38041000000977452024-01-012024-03-300000097745us-gaap:CommonStockMember2024-01-012024-03-300000097745tmo:SeniorNotes0.75Due2024Member2024-01-012024-03-300000097745tmo:SeniorNotes0.125Due2025Member2024-01-012024-03-300000097745tmo:SeniorNotes200Due2025Member2024-01-012024-03-300000097745tmo:SeniorNotes3200Due2026Member2024-01-012024-03-300000097745tmo:SeniorNotes1.40Due2026Member2024-01-012024-03-300000097745tmo:A1.45SeniorNotesDue2027Member2024-01-012024-03-300000097745tmo:SeniorNotes175Due2027Member2024-01-012024-03-300000097745tmo:SeniorNotes0.500Due2028Member2024-01-012024-03-300000097745tmo:SeniorNotes1.375Due2028Member2024-01-012024-03-300000097745tmo:SeniorNotes1.95Due2029Member2024-01-012024-03-300000097745tmo:SeniorNotes0.875Due2031Member2024-01-012024-03-300000097745tmo:SeniorNotes2375Due2032Member2024-01-012024-03-300000097745tmo:SeniorNotes3650Due2034Member2024-01-012024-03-300000097745tmo:SeniorNotes2.875Due2037Member2024-01-012024-03-300000097745tmo:SeniorNotes1.500Due2039Member2024-01-012024-03-300000097745tmo:SeniorNotes1.875Due2049Member2024-01-012024-03-3000000977452024-03-30xbrli:sharesiso4217:USD00000977452023-12-31iso4217:USDxbrli:shares0000097745us-gaap:ParentMember2024-03-300000097745us-gaap:ParentMember2023-12-310000097745us-gaap:ProductMember2024-01-012024-03-300000097745us-gaap:ProductMember2023-01-012023-04-010000097745us-gaap:ServiceMember2024-01-012024-03-300000097745us-gaap:ServiceMember2023-01-012023-04-0100000977452023-01-012023-04-0100000977452022-12-3100000977452023-04-010000097745us-gaap:CommonStockMember2023-12-310000097745us-gaap:AdditionalPaidInCapitalMember2023-12-310000097745us-gaap:RetainedEarningsMember2023-12-310000097745us-gaap:TreasuryStockCommonMember2023-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000097745us-gaap:NoncontrollingInterestMember2023-12-310000097745us-gaap:CommonStockMember2024-01-012024-03-300000097745us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-300000097745us-gaap:TreasuryStockCommonMember2024-01-012024-03-300000097745us-gaap:ParentMember2024-01-012024-03-300000097745us-gaap:RetainedEarningsMember2024-01-012024-03-300000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-300000097745us-gaap:NoncontrollingInterestMember2024-01-012024-03-300000097745us-gaap:CommonStockMember2024-03-300000097745us-gaap:AdditionalPaidInCapitalMember2024-03-300000097745us-gaap:RetainedEarningsMember2024-03-300000097745us-gaap:TreasuryStockCommonMember2024-03-300000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-300000097745us-gaap:NoncontrollingInterestMember2024-03-300000097745us-gaap:CommonStockMember2022-12-310000097745us-gaap:AdditionalPaidInCapitalMember2022-12-310000097745us-gaap:RetainedEarningsMember2022-12-310000097745us-gaap:TreasuryStockCommonMember2022-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000097745us-gaap:ParentMember2022-12-310000097745us-gaap:NoncontrollingInterestMember2022-12-310000097745us-gaap:AdditionalPaidInCapitalMember2023-01-012023-04-010000097745us-gaap:TreasuryStockCommonMember2023-01-012023-04-010000097745us-gaap:ParentMember2023-01-012023-04-010000097745us-gaap:RetainedEarningsMember2023-01-012023-04-010000097745us-gaap:NoncontrollingInterestMember2023-01-012023-04-010000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-04-010000097745us-gaap:CommonStockMember2023-04-010000097745us-gaap:AdditionalPaidInCapitalMember2023-04-010000097745us-gaap:RetainedEarningsMember2023-04-010000097745us-gaap:TreasuryStockCommonMember2023-04-010000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-010000097745us-gaap:ParentMember2023-04-010000097745us-gaap:NoncontrollingInterestMember2023-04-010000097745tmo:OlinkHoldingABMember2023-10-170000097745tmo:OlinkHoldingABMember2023-10-172023-10-170000097745tmo:TheBindingSiteGroupMember2023-01-032023-01-030000097745tmo:CorEvitasLLCMember2023-08-142023-08-140000097745tmo:TheBindingSiteGroupMemberus-gaap:CustomerRelationshipsMember2023-01-030000097745tmo:CorEvitasLLCMemberus-gaap:CustomerRelationshipsMember2023-08-140000097745us-gaap:TechnologyBasedIntangibleAssetsMembertmo:TheBindingSiteGroupMember2023-01-030000097745us-gaap:TechnologyBasedIntangibleAssetsMembertmo:CorEvitasLLCMember2023-08-140000097745us-gaap:TradeNamesMembertmo:TheBindingSiteGroupMember2023-01-030000097745us-gaap:TradeNamesMembertmo:CorEvitasLLCMember2023-08-140000097745us-gaap:OrderOrProductionBacklogMembertmo:TheBindingSiteGroupMember2023-01-030000097745tmo:CorEvitasLLCMemberus-gaap:OrderOrProductionBacklogMember2023-08-140000097745tmo:TheBindingSiteGroupMember2023-01-030000097745tmo:CorEvitasLLCMember2023-08-140000097745us-gaap:CustomerRelationshipsMember2023-01-012023-12-310000097745us-gaap:TechnologyBasedIntangibleAssetsMember2023-01-012023-12-310000097745us-gaap:TradeNamesMember2023-01-012023-12-310000097745us-gaap:OrderOrProductionBacklogMember2023-01-012023-12-3100000977452023-01-012023-12-310000097745tmo:ConsumablesMember2024-01-012024-03-300000097745tmo:ConsumablesMember2023-01-012023-04-010000097745tmo:InstrumentsMember2024-01-012024-03-300000097745tmo:InstrumentsMember2023-01-012023-04-010000097745srt:NorthAmericaMember2024-01-012024-03-300000097745srt:NorthAmericaMember2023-01-012023-04-010000097745srt:EuropeMember2024-01-012024-03-300000097745srt:EuropeMember2023-01-012023-04-010000097745srt:AsiaPacificMember2024-01-012024-03-300000097745srt:AsiaPacificMember2023-01-012023-04-010000097745tmo:OtherRegionsMember2024-01-012024-03-300000097745tmo:OtherRegionsMember2023-01-012023-04-0100000977452024-03-312024-03-30xbrli:pure0000097745srt:MinimumMember2024-03-300000097745srt:MaximumMember2024-03-300000097745tmo:LifeSciencesSolutionsMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-300000097745tmo:LifeSciencesSolutionsMemberus-gaap:OperatingSegmentsMember2023-01-012023-04-010000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2024-01-012024-03-300000097745us-gaap:OperatingSegmentsMembertmo:AnalyticalInstrumentsMember2023-01-012023-04-010000097745us-gaap:OperatingSegmentsMembertmo:SpecialtyDiagnosticsMember2024-01-012024-03-300000097745us-gaap:OperatingSegmentsMembertmo:SpecialtyDiagnosticsMember2023-01-012023-04-010000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-300000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2023-01-012023-04-010000097745us-gaap:IntersegmentEliminationMember2024-01-012024-03-300000097745us-gaap:IntersegmentEliminationMember2023-01-012023-04-010000097745us-gaap:OperatingSegmentsMember2024-01-012024-03-300000097745us-gaap:OperatingSegmentsMember2023-01-012023-04-010000097745us-gaap:MaterialReconcilingItemsMember2024-01-012024-03-300000097745us-gaap:MaterialReconcilingItemsMember2023-01-012023-04-010000097745country:US2024-01-012024-03-300000097745country:US2023-01-012023-04-010000097745tmo:AllOtherCountriesMember2024-01-012024-03-300000097745tmo:AllOtherCountriesMember2023-01-012023-04-01tmo:country0000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.75Due2024Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1215Due2024Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1215Due2024Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1215Due2024Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0853Due2025Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0853Due2025Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0853Due2025Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes320Due2026Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes320Due2026Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes320Due2026Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4953Due2026Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4953Due2026Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4953Due2026Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2026Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2026Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2026Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A1.45SeniorNotesDue2027Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A1.45SeniorNotesDue2027Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A1.45SeniorNotesDue2027Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes175Due2027Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes175Due2027Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes175Due2027Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1054Due2027Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1054Due2027Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1054Due2027Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes48Due2027Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes48Due2027Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes48Due2027Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.500Due2028Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.500Due2028Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.500Due2028Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.6525Due2028Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.6525Due2028Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A077NotesDue2028Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A077NotesDue2028Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A077NotesDue2028Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.375Due2028Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2029Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2029Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.000Due2029Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.95Due2029Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.95Due2029Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.95Due2029Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.60Due2029Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.60Due2029Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.60Due2029Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1279Due2029Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1279Due2029Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1279Due2029Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A4977SeniorNotesDue2030Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A4977SeniorNotesDue2030Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A4977SeniorNotesDue2030Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes080Due2030Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes080Due2030Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes080Due2030Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.840Due2032Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.840Due2032Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes149Due2032Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes149Due2032Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes149Due2032Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes495Due2032Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes495Due2032Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes495Due2032Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A5086NotesDue2033Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A5086NotesDue2033Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A5086NotesDue2033Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.200Due2034Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.200Due2034Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes5.200Due2034Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes365Due2034Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes365Due2034Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes365Due2034Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A150SeniorNotesDue2035Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A150SeniorNotesDue2035Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A150SeniorNotesDue2035Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A2.0375SeniorNotesDue2036Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A2.0375SeniorNotesDue2036Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A2.0375SeniorNotesDue2036Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1625Due2041Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1625Due2041Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1625Due2041Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2069Due2042Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2069Due2042Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2069Due2042Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A5404NotesDue2043Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A5404NotesDue2043Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A5404NotesDue2043Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:A202SeniorNotesDue2043Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:A202SeniorNotesDue2043Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:A202SeniorNotesDue2043Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes530Due2044Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes530Due2044Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes530Due2044Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4.10Due2047Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4.10Due2047Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes4.10Due2047Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.875Due2049Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.875Due2049Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.875Due2049Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2023-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2382Due2052Member2024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2382Due2052Member2024-01-012024-03-300000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2382Due2052Member2023-12-310000097745tmo:OtherDebtMember2024-03-300000097745tmo:OtherDebtMember2023-12-310000097745us-gaap:RevolvingCreditFacilityMember2024-03-300000097745us-gaap:RevolvingCreditFacilityMember2024-01-012024-03-300000097745us-gaap:CommercialPaperMembertmo:U.S.CommercialPaperProgramMember2024-01-012024-03-300000097745tmo:EuroCommercialPaperProgramMemberus-gaap:CommercialPaperMember2024-01-012024-03-300000097745us-gaap:SeniorNotesMember2024-01-012024-03-300000097745us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000097745us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000097745us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-300000097745us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-300000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-300000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-300000097745us-gaap:AccumulatedTranslationAdjustmentMember2024-03-300000097745us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-300000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-300000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-300000097745us-gaap:FairValueMeasurementsRecurringMember2024-03-300000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-300000097745us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-300000097745us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-300000097745us-gaap:FairValueMeasurementsRecurringMember2023-12-310000097745us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000097745us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000097745us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000097745tmo:ContingentConsiderationMember2023-12-310000097745tmo:ContingentConsiderationMember2022-12-310000097745tmo:ContingentConsiderationMember2024-01-012024-03-300000097745tmo:ContingentConsiderationMember2023-01-012023-04-010000097745tmo:ContingentConsiderationMember2024-03-300000097745tmo:ContingentConsiderationMember2023-04-010000097745currency:EURus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2024-03-300000097745currency:EURus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2023-12-310000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMembercurrency:JPY2024-03-300000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMembercurrency:JPY2023-12-310000097745currency:CHFus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2024-03-300000097745currency:CHFus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2023-12-310000097745us-gaap:ForeignExchangeContractMember2024-03-300000097745us-gaap:ForeignExchangeContractMember2023-12-310000097745us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-300000097745us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000097745us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2024-03-300000097745us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-12-310000097745us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-300000097745us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-010000097745us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-300000097745us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-010000097745tmo:ForeigncurrencydenominateddebtMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-300000097745tmo:ForeigncurrencydenominateddebtMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-010000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-300000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-04-010000097745us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2024-01-012024-03-300000097745us-gaap:CostOfSalesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-04-010000097745us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2024-01-012024-03-300000097745us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2023-01-012023-04-010000097745us-gaap:SeniorNotesMember2024-03-300000097745us-gaap:SeniorNotesMember2023-12-310000097745srt:ScenarioForecastMember2024-05-030000097745us-gaap:CorporateNonSegmentMember2024-01-012024-03-300000097745tmo:StephenWilliamsonMember2024-01-012024-03-300000097745tmo:StephenWilliamsonMember2024-03-300000097745tmo:GianlucaPettitiMember2024-01-012024-03-300000097745tmo:GianlucaPettitiMember2024-03-30

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 March 30, 2024 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 or other jurisdiction 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTMONew 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
3.200% Notes due 2026TMO 26BNew 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
3.650% Notes due 2034TMO 34New 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 (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 March 30, 2024, the Registrant had 381,716,323 shares of Common Stock outstanding.



THERMO FISHER SCIENTIFIC INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 30, 2024
TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
PART II - OTHER INFORMATION
   

2


THERMO FISHER SCIENTIFIC INC.


PART I    FINANCIAL INFORMATION
Item 1.    Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 March 30,December 31,
(In millions except share and per share amounts)20242023
Assets
Current assets:
Cash and cash equivalents$5,499 $8,077 
Short-term investments1,751 3 
Accounts receivable, less allowances of $197 and $193
7,931 8,221 
Inventories5,133 5,088 
Contract assets, net1,422 1,443 
Other current assets1,904 1,757 
Total current assets23,640 24,589 
Property, plant and equipment, net9,324 9,448 
Acquisition-related intangible assets, net16,048 16,670 
Other assets4,241 3,999 
Goodwill43,843 44,020 
Total assets$97,095 $98,726 
Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations$4,451 $3,609 
Accounts payable2,555 2,872 
Accrued payroll and employee benefits1,314 1,596 
Contract liabilities2,632 2,689 
Other accrued expenses2,985 3,246 
Total current liabilities13,937 14,012 
Deferred income taxes1,811 1,922 
Other long-term liabilities4,567 4,642 
Long-term obligations31,157 31,308 
Redeemable noncontrolling interest119 118 
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; 442,822,699 and 442,188,634 shares issued
443 442 
Capital in excess of par value17,482 17,286 
Retained earnings48,542 47,364 
Treasury stock at cost, 61,106,376 and 55,541,290 shares
(18,186)(15,133)
Accumulated other comprehensive income/(loss)(2,764)(3,224)
Total Thermo Fisher Scientific Inc. shareholders’ equity45,516 46,735 
Noncontrolling interests(12)(11)
Total equity45,504 46,724 
Total liabilities, redeemable noncontrolling interest and equity$97,095 $98,726 
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
March 30,April 1,
(In millions except per share amounts)20242023
Revenues
Product revenues
$5,955 $6,404 
Service revenues
4,390 4,306 
Total revenues
10,345 10,710 
Costs and operating expenses:
Cost of product revenues
2,939 3,337 
Cost of service revenues
3,201 3,233 
Selling, general and administrative expenses
2,183 2,119 
Research and development expenses
331 346 
Restructuring and other costs
29 112 
Total costs and operating expenses
8,682 9,147 
Operating income1,663 1,563 
Interest income279 146 
Interest expense(363)(300)
Other income/(expense)
10 (46)
Income before income taxes
1,589 1,363 
Provision for income taxes
(281)(46)
Equity in earnings/(losses) of unconsolidated entities23 (25)
Net income1,331 1,292 
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest4 3 
Net income attributable to Thermo Fisher Scientific Inc.$1,328 $1,289 
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic$3.47 $3.34 
Diluted$3.46 $3.32 
Weighted average shares
Basic382 386 
Diluted384 388 

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
 March 30,April 1,
(In millions)20242023
Comprehensive income
Net income$1,331 $1,292 
Other comprehensive income/(loss):
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $166 and $(36))
456 44 
Unrealized gains/(losses) on available-for-sale debt securities
Unrealized holding losses arising during the period (net of tax (provision) benefit of $0 and $0)
(1) 
Unrealized gains/(losses) on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $0 and $1)
1 3 
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $0 and $(1))
1 1 
Total other comprehensive income/(loss)457 48 
Comprehensive income
1,788 1,340 
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest
1 6 
Comprehensive income attributable to Thermo Fisher Scientific Inc.
$1,787 $1,334 

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
 March 30,April 1,
(In millions)20242023
Operating activities
Net income
$1,331 $1,292 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
285 253 
Amortization of acquisition-related intangible assets
551 606 
Change in deferred income taxes
(253)(146)
Stock-based compensation
70 76 
Other non-cash expenses, net
53 181 
Changes in assets and liabilities, excluding the effects of acquisitions(787)(1,533)
Net cash provided by operating activities
1,251 729 
Investing activities  
Purchases of property, plant and equipment(347)(458)
Proceeds from sale of property, plant and equipment
4 6 
Proceeds from cross-currency interest rate swap interest settlements64 2 
Acquisitions, net of cash acquired (2,704)
Purchases of investments(1,758)(2)
Other investing activities, net
7 14 
Net cash used in investing activities
(2,030)(3,142)
Financing activities
Net proceeds from issuance of debt
1,205  
Proceeds from issuance of commercial paper
 1,027 
Repayments of commercial paper
 (523)
Purchases of company common stock
(3,000)(3,000)
Dividends paid
(135)(117)
Other financing activities, net
110 20 
Net cash used in financing activities
(1,821)(2,593)
Exchange rate effect on cash22 (31)
Decrease in cash, cash equivalents and restricted cash
(2,578)(5,037)
Cash, cash equivalents and restricted cash at beginning of period
8,097 8,537 
Cash, cash equivalents and restricted cash at end of period
$5,519 $3,500 

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 InterestCommon StockCapital in Excess of Par ValueRetained EarningsTreasury StockAccumulated Other Comprehensive ItemsTotal
Thermo Fisher Scientific Inc. Shareholders’ Equity
Noncontrolling InterestsTotal Equity
(In millions)SharesAmountSharesAmount
Three months ended March 30, 2024
Balance at December 31, 2023$118 442 $442 $17,286 $47,364 56 $(15,133)$(3,224)$46,735 $(11)$46,724 
Issuance of shares under stock plans
— 1 1 126 — — (24)— 103 — 103 
Stock-based compensation
— — — 70 — — — — 70 — 70 
Purchases of company common stock
— — — — — 6 (3,000)— (3,000)— (3,000)
Dividends declared ($0.39 per share)
— — — — (149)— — — (149)— (149)
Net income/(loss)
4 — — — 1,328 — — — 1,328 — 1,328 
Other comprehensive items
(3)— — — — — — 460 460 — 460 
Contributions from (distributions to) noncontrolling interest— — — — — — — — — (1)(1)
Excise tax from stock repurchases— — — — — — (29)— (29)— (29)
Balance at March 30, 2024$119 443 $443 $17,482 $48,542 61 $(18,186)$(2,764)$45,516 $(12)$45,504 
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 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 items
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 

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 March 30, 2024, the results of operations for the three-month periods ended March 30, 2024 and April 1, 2023, and the cash flows for the three-month periods ended March 30, 2024 and April 1, 2023. Interim results are not necessarily indicative of results for a full year.
The condensed consolidated balance sheet presented as of December 31, 2023 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 2023 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 2023 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 March 30, 2024.
Amounts and percentages reported within these condensed consolidated financial statements are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Inventories
The components of inventories are as follows:
(In millions)March 30, 2024December 31, 2023
Raw materials$2,038 $2,057 
Work in process787 705 
Finished goods2,308 2,326 
Inventories$5,133 $5,088 
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. Actual results could differ from those estimates.
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
8


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
StandardDescriptionRequired adoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance 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 supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and will adopt other aspects in 2024 annual report using a prospective method Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresAmong other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid.2025 annual report and interim periods thereafter using a prospective or retrospective methodWill increase disclosures in Note 5
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.
Proposed Acquisition
On October 17, 2023, the company entered into a purchase agreement to acquire all of the issued and outstanding shares of Olink Holding AB (publ) at a price of $26.00 per share, or approximately $3.1 billion. Olink is a leading provider of next-generation proteomics solutions that will expand the company’s capabilities in this field. The company has commenced a tender offer to acquire all of the American Depositary Shares and common shares of Olink. The transaction is expected to close by mid-year 2024, subject to the satisfaction of customary closing conditions including receipt of applicable regulatory approvals, and completion of the tender offer. Upon completion, Olink will become part of the Life Sciences Solutions segment. The company intends to finance the purchase price with cash on hand and the net proceeds from issuances of debt.
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 tax deductible.
On August 14, 2023, the company acquired, within the Laboratory Products and Biopharma Services segment, CorEvitas, LLC, a U.S.-based provider of regulatory-grade, real-world evidence for approved medical treatments and therapies. The acquisition expands the segment’s portfolio with the addition of highly complementary real-world evidence solutions to enhance decision-making as well as the time and cost of drug development. The goodwill recorded as a result of this business combination is not tax deductible.
9


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The components of the purchase price and net assets acquired are as follows:
(In millions)The Binding SiteCorEvitas
Purchase price
Cash paid
$2,412 $730 
Debt settled
307 184 
Cash acquired
(20)(4)
$2,699 $910 
Net assets acquired
Definite-lived intangible assets:
Customer relationships
$868 $260 
Product technology
162 47 
Tradenames
42  
Backlog 46 
Goodwill
1,741 627 
Net tangible assets
174 (2)
Deferred tax assets (liabilities)
(288)(68)
$2,699 $910 
In addition, in 2023, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Raman-based spectroscopy solutions for in-line measurement.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2023 are 18 years for customer relationships, 14 years for product technology, 15 years for tradenames, and 13 years for backlog. The weighted average amortization period for all definite-lived intangible assets acquired in 2023 is 17 years.
Note 3.    Revenues and Contract-related Balances
Disaggregated Revenues
Revenues by type are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
Consumables
$4,328 $4,506 
Instruments
1,627 1,898 
Services
4,390 4,306 
Consolidated revenues$10,345 $10,710 
Revenues by geographic region based on customer location are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
North America
$5,519 $5,778 
Europe
2,619 2,601 
Asia-Pacific
1,861 1,986 
Other regions
346 345 
Consolidated revenues$10,345 $10,710 
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.
10


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Remaining Performance Obligations
The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of March 30, 2024 was $26.37 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 51% 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)March 30, 2024December 31, 2023
Current contract assets, net$1,422 $1,443 
Noncurrent contract assets, net9 4 
Current contract liabilities2,632 2,689 
Noncurrent contract liabilities1,427 1,499 
In the three months ended March 30, 2024, the company recognized revenues of $1.32 billion that were included in the contract liabilities balance at December 31, 2023. 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.
Note 4.    Business Segment and Geographical Information
Business Segment Information
Three months ended
March 30,April 1,
(In millions)20242023
Revenues
Life Sciences Solutions
$2,285 $2,612 
Analytical Instruments
1,687 1,723 
Specialty Diagnostics
1,109 1,108 
Laboratory Products and Biopharma Services
5,723 5,763 
Eliminations
(460)(496)
Consolidated revenues
10,345 10,710 
Segment Income
Life Sciences Solutions
840 836 
Analytical Instruments
400 421 
Specialty Diagnostics
294 280 
Laboratory Products and Biopharma Services
744 793 
Subtotal reportable segments
2,278 2,330 
Cost of revenues adjustments
(15)(41)
Selling, general and administrative expenses adjustments
(19)(8)
Restructuring and other costs
(29)(112)
Amortization of acquisition-related intangible assets
(551)(606)
Consolidated operating income
1,663 1,563 
Interest income 279 146 
Interest expense(363)(300)
Other income/(expense)
10 (46)
Consolidated income before taxes
$1,589 $1,363 
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.
11


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Geographical Information
Revenues by country based on customer location are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
United States
$5,322 $5,587 
Other
5,023 5,123 
Consolidated revenues
$10,345 $10,710 
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)March 30, 2024April 1, 2023
Statutory federal income tax rate
21 %21 %
Provision for income taxes at statutory rate
$334 $286 
Increases (decreases) resulting from:
Foreign rate differential
(38)(52)
Income tax credits
(89)(83)
Global intangible low-taxed income
12 12 
Foreign-derived intangible income
(22)(23)
Excess tax benefits from stock options and restricted stock units
(33)(27)
Provision for (reversal of) tax reserves, net
185 9 
Intra-entity transfers
(102)(144)
Provision for (reversal of) valuation allowances, net
47 67 
Withholding taxes
4 5 
Tax return reassessments and settlements
(29)(3)
State income taxes, net of federal tax
19 24 
Other, net
(6)(25)
Provision for income taxes
$281 $46 
During the first quarter of 2024, the company recorded a tax reserve and associated interest of $240 million related to the potential settlement of international tax audits for tax years 2009 through 2016.
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 March 30, 2024 the company had $0.69 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)2024
Balance at beginning of year
$540 
Additions for tax positions of prior years
195 
Reductions for tax positions of prior years
(42)
Balance at end of period
$693 
12


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 6.    Earnings per Share
Three months ended
March 30,April 1,
(In millions except per share amounts)20242023
Net income attributable to Thermo Fisher Scientific Inc.$1,328 $1,289 
Basic weighted average shares382 386 
Plus effect of: stock options and restricted stock units2 2 
Diluted weighted average shares384 388 
Basic earnings per share$3.47 $3.34 
Diluted earnings per share$3.46 $3.32 
Antidilutive stock options excluded from diluted weighted average shares
2 2 
Note 7.    Debt and Other Financing Arrangements
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
0.93 %1,079 1,104 
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 %863 883 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
2.10 %691 706 
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)
1.05 %147 158 
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
0.15 %593 607 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.38 %540 552 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.52 %755 773 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.19 %600 600 
5.000% 3-Year Senior Notes, Due 12/5/2026
5.25 %1,000 1,000 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.65 %540 552 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.96 %647 662 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %191 205 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %863 883 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.77 %366 — 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %192 206 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %647 662 
1.75% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes, Due 1/31/2029
5.24 %1,000 1,000 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.07 %755 773 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)
1.44 %31 33 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.88 %1,888 1,932 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %971 993 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
1.840% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)
1.91 %460 — 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.54 %647 662 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %42 45 
13


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
4.95% 10-Year Senior Notes, Due 11/21/2032
5.09 %600 600 
5.086% 10-Year Senior Notes, Due 8/10/2033
5.20 %1,000 1,000 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.20 %1,619 1,656 
5.200% 10-Year Senior Notes, Due 1/31/2034
5.34 %500 500 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %809 828 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %142 152 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.09 %361  
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %755 773 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %971 993 
2.80% 20-Year Senior Notes, Due 10/15/2041
2.90 %1,200 1,200 
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
1.77 %1,349 1,380 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %97 104 
5.404% 20-Year Senior Notes, Due 8/10/2043
5.50 %600 600 
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)
2.06 %192 206 
5.30% 30-Year Senior Notes, Due 2/1/2044
5.37 %400 400 
4.10% 30-Year Senior Notes, Due 8/15/2047
4.23 %750 750 
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
1.98 %1,079 1,104 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %809 828 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %220 236 
Other 75 77 
Total borrowings at par value
35,687 35,028 
Unamortized discount
(108)(113)
Unamortized debt issuance costs
(186)(188)
Total borrowings at carrying value
35,393 34,727 
Finance lease liabilities
215 190 
Less: Short-term obligations and current maturities
4,451 3,609 
Long-term obligations$31,157 $31,308 

The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.
See Note 10 for fair value information pertaining to the company’s long-term borrowings.
Credit Facilities
The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), a Euro Interbank Offered Rate (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 facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of March 30, 2024, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.
14


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
Senior Notes
Interest is payable annually on the euro and Swiss franc-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes and Japanese yen-denominated private placement notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest, together with swap breakage costs payable to holders of Japanese yen-denominated private placement notes who have entered into cross-currency swap agreements. The company is subject to certain affirmative and negative covenants under the indentures and note purchase agreement governing the senior notes, the most restrictive of which limits the ability of the company to pledge certain property and assets as security under borrowing arrangements. The company was in compliance with all covenants related to its senior notes at March 30, 2024.
Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of March 30, 2024, included in the table above (collectively, the “Euronotes”) in registered public offerings: the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.
Note 8.    Commitments and Contingencies
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. At March 30, 2024, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K. 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 and cash flows.
Litigation and Related Contingencies
The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial issues. 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 in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K, nor are material losses deemed probable for such matters. It is reasonably possible, however, that
15


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more such matters 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 company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. At March 30, 2024, there have been no material changes to the accruals for pending product liability, workers compensation, and other personal injury matters disclosed in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K. Although the company believes that the amounts accrued and estimated insurance 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, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. 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.
Note 9.    Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income/(Loss)
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Currency
translation
adjustment
Unrealized gains/(losses) on available-for-sale debt securitiesUnrealized
gains/(losses) on
hedging
instruments
Pension and
other
postretirement
benefit
liability
adjustment
Total
Balance at December 31, 2023$(2,941)$ $(28)$(255)$(3,224)
Other comprehensive income/(loss) before reclassifications
456 (1) 1 456 
Amounts reclassified from accumulated other comprehensive income/(loss)
3  1  4 
Net other comprehensive income/(loss)
459 (1)1 1 460 
Balance at March 30, 2024$(2,482)$(1)$(27)$(254)$(2,764)
Note 10.    Fair Value Measurements and Fair Value of Financial Instruments
Fair Value Measurements
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
March 30,Quoted
prices in
active
markets
Significant
other
observable
inputs
Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$2,692 $2,692 $ $ 
Bank time deposits1,751 1,751   
Investments
21 21   
Insurance contracts
221  221  
Derivative contracts
220  220  
Total assets
$4,904 $4,464 $440 $ 
Liabilities
Derivative contracts
$57 $ $57 $ 
Contingent consideration
83   83 
Total liabilities
$141 $ $57 $83 
16


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31,Quoted
prices in
active
markets
Significant
other
observable
inputs
Significant
unobservable
inputs
(In millions)2023(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,021 $5,021 $ $ 
Bank time deposits3 3   
Investments
20 20   
Insurance contracts
210  210  
Derivative contracts
8  8  
Total assets
$5,262 $5,044 $218 $ 
Liabilities
Derivative contracts
$290 $ $290 $ 
Contingent consideration
87   87 
Total liabilities
$377 $ $290 $87