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Supplemental Income Statement Information
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Supplemental Income Statement Information Supplemental Income Statement Information
Disaggregated Revenues
Revenues by type are as follows:
(In millions)202420232022
Revenues
Consumables
$17,587 $17,597 $20,624 
Instruments
7,446 7,646 7,924 
Services
17,845 17,614 16,367 
Consolidated revenues
$42,879 $42,857 $44,915 
Revenues by geographic region based on customer location are as follows:
(In millions)202420232022
Revenues
North America
$22,504 $22,764 $24,594 
Europe
10,857 10,741 10,762 
Asia-Pacific
7,956 7,873 8,115 
Other regions
1,561 1,479 1,444 
Consolidated revenues
$42,879 $42,857 $44,915 
Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 11 for revenues by reportable segment and other geographic data.
Restructuring and Other Costs
Restructuring and other costs in 2024 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2024 severance actions associated with facility consolidations and cost reduction measures affected approximately 2% of the company’s workforce.
Restructuring and other costs in 2023 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2023, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of the company’s workforce.
Restructuring and other costs in 2022 primarily included impairment of long-lived assets and continuing charges for headcount reductions and facility consolidations in an effort to streamline operations. In 2022, severance actions associated with facility consolidations and cost reduction measures affected less than 2% of the company’s workforce.
As of February 20, 2025, the company has identified restructuring actions, primarily in the Laboratory Products and Biopharma Services segment, that it expects will result in additional charges of approximately $200 million, primarily in 2025, and expects to identify additional actions in future periods.
Restructuring and other costs by segment are as follows:
(In millions)202420232022
Life Sciences Solutions
$69 $105 $30 
Analytical Instruments
4 33 1 
Specialty Diagnostics
17 11 68 
Laboratory Products and Biopharma Services
280 295 12 
Corporate
9 15 3 
$379 $459 $114 
The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.
(In millions)Total (a)
Balance at December 31, 2021$17 
Net restructuring charges incurred in 2022 (b)
68 
Payments
(44)
Balance at December 31, 202241 
Net restructuring charges incurred in 2023 (c) (d)
194 
Payments
(175)
Balance at December 31, 202360 
Net restructuring charges incurred in 2024 (e) (f)
97 
Payments
(105)
Currency translation
(2)
Balance at December 31, 2024$50 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $46 million of charges, primarily charges for impairment of long-lived assets in the Specialty Diagnostic segment.
(c)Excludes $264 million of net charges, principally $126 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and $19 million of net charges for pre-acquisition litigation and other matters in the Laboratory Products and Biopharma Services segment.
(d)Excludes $93 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $46 million attributable to a noncontrolling interest.
(e)Excludes $282 million of net charges, principally $211 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments.
(f)Excludes $41 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $19 million attributable to a noncontrolling interest.
The company expects to pay accrued restructuring costs primarily through 2025.
Earnings per Share
The company’s earnings per share are as follows:
(In millions except per share amounts)202420232022
Net income attributable to Thermo Fisher Scientific Inc.
$6,335 $5,995 $6,950 
Basic weighted average shares
382 386 392 
Plus effect of: stock options and restricted stock units
1 2 2 
Diluted weighted average shares
383 388 394 
Basic earnings per share
$16.58 $15.52 $17.75 
Diluted earnings per share
$16.53 $15.45 $17.63 
Antidilutive stock options excluded from diluted weighted average shares
2 2 2 
Other Income/(Expense)
In all periods, other income/(expense) includes currency transaction gains/losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/(income), excluding the service cost component, which is included in operating expenses on the accompanying statements of income. In 2024, 2023, and 2022 other income/(expense) includes $21 million, $(46) million, and $(161) million of net gains/(losses) on investments, respectively. In 2022 other income/(expense) includes $67 million of net gains on derivative instruments to address certain foreign currency risks, and $26 million of losses on the early extinguishment of debt (Note 3).
Foreign Currency Transactions
Foreign currency transaction gains/(losses) included in the accompanying statements of income were $0 million, $(67) million and $62 million in 2024, 2023 and 2022, respectively.