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TABLE OF CONTENTS | ||||||||
Page | ||||||||
PART I - FINANCIAL INFORMATION | ||||||||
PART II - OTHER INFORMATION | ||||||||
June 29, | December 31, | |||||||||||||
(In millions except share and per share amounts) | 2024 | 2023 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ |
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$ |
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Short-term investments |
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Accounts receivable, less allowances of $
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Inventories |
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Contract assets, net |
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Other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Acquisition-related intangible assets, net |
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Other assets |
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Goodwill |
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Total assets | $ |
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$ |
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Liabilities, redeemable noncontrolling interest and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term obligations and current maturities of long-term obligations | $ |
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$ |
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Accounts payable |
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Accrued payroll and employee benefits |
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Contract liabilities |
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Other accrued expenses |
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Total current liabilities |
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Deferred income taxes |
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Other long-term liabilities |
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Long-term obligations |
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Redeemable noncontrolling interest |
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Equity: | ||||||||||||||
Thermo Fisher Scientific Inc. shareholders’ equity: | ||||||||||||||
Preferred stock, $
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Common stock, $
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Capital in excess of par value |
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Retained earnings |
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Treasury stock at cost,
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(
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(
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Accumulated other comprehensive income/(loss) |
(
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(
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Total Thermo Fisher Scientific Inc. shareholders’ equity |
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Noncontrolling interests |
(
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(
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Total equity |
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Total liabilities, redeemable noncontrolling interest and equity | $ |
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$ |
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Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Revenues
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Product revenues
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$ |
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$ |
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$ |
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$ |
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Service revenues
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Total revenues
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Costs and operating expenses: | ||||||||||||||||||||||||||
Cost of product revenues
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Cost of service revenues
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Selling, general and administrative expenses
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Research and development expenses
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Restructuring and other costs
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Total costs and operating expenses
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Operating income |
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Interest income |
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Interest expense |
(
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(
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(
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(
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Other income/(expense)
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(
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Income before income taxes
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Provision for income taxes
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(
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(
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(
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(
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Equity in earnings/(losses) of unconsolidated entities |
(
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(
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(
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(
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Net income |
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||||||||||||||||||||||
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest |
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||||||||||||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | $ |
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$ |
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$ |
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$ |
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||||||||||||||||||
Earnings per share attributable to Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||
Basic | $ |
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$ |
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$ |
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$ |
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Diluted | $ |
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$ |
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$ |
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$ |
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Weighted average shares | ||||||||||||||||||||||||||
Basic |
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Diluted |
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Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Comprehensive income
|
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Net income | $ |
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$ |
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$ |
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$ |
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Other comprehensive income/(loss):
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Currency translation adjustment:
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Currency translation adjustment (net of tax provision (benefit) of $
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Unrealized gains/(losses) on available-for-sale debt securities | ||||||||||||||||||||||||||
Unrealized holding losses arising during the period (net of tax (provision) benefit of $
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(
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Unrealized gains/(losses) on hedging instruments: | ||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $
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Pension and other postretirement benefit liability adjustments:
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Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $
|
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(
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Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $
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(
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(
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Total other comprehensive income/(loss) |
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Comprehensive income
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||||||||||||||||||||||
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest
|
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(
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||||||||||||||||||||||
Comprehensive income attributable to Thermo Fisher Scientific Inc.
|
$ |
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$ |
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$ |
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$ |
|
Six months ended | ||||||||||||||
June 29, | July 1, | |||||||||||||
(In millions) | 2024 | 2023 | ||||||||||||
Operating activities | ||||||||||||||
Net income
|
$ |
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$ |
|
||||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||
Depreciation of property, plant and equipment
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Amortization of acquisition-related intangible assets
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Change in deferred income taxes
|
(
|
(
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Stock-based compensation
|
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Other non-cash expenses, net
|
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Changes in assets and liabilities, excluding the effects of acquisitions |
(
|
(
|
||||||||||||
Net cash provided by operating activities
|
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||||||||||||
Investing activities | ||||||||||||||
Purchases of property, plant and equipment |
(
|
(
|
||||||||||||
Proceeds from sale of property, plant and equipment
|
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Proceeds from cross-currency interest rate swap interest settlements |
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|
||||||||||||
Acquisitions, net of cash acquired |
|
(
|
||||||||||||
Purchases of investments |
(
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(
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||||||||||||
Other investing activities, net
|
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||||||||||||
Net cash used in investing activities
|
(
|
(
|
||||||||||||
Financing activities | ||||||||||||||
Net proceeds from issuance of debt
|
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||||||||||||
Repayment of debt
|
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(
|
||||||||||||
Proceeds from issuance of commercial paper
|
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Repayments of commercial paper
|
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(
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||||||||||||
Purchases of company common stock
|
(
|
(
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||||||||||||
Dividends paid
|
(
|
(
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||||||||||||
Other financing activities, net
|
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||||||||||||
Net cash used in financing activities
|
(
|
(
|
||||||||||||
Exchange rate effect on cash |
|
(
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||||||||||||
Decrease in cash, cash equivalents and restricted cash
|
(
|
(
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||||||||||||
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
||||||||||||
Cash, cash equivalents and restricted cash at end of period
|
$ |
|
$ |
|
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 June 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 30, 2024 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans
|
— | — | — |
|
— | — |
(
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — |
|
— | — | — | — |
|
— |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — | — | — |
(
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss)
|
|
— | — | — |
|
— | — | — |
|
— |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items
|
(
|
— | — | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests |
(
|
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise tax from stock repurchases | — | — | — | — | — | — |
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 29, 2024 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended July 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employees' and directors' stock plans
|
— | — | — |
|
— | — |
(
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — |
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — | — | — |
(
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss)
|
|
— | — | — |
|
— | — | — |
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items
|
(
|
— | — | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests |
(
|
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise tax from stock repurchases | — | — | — | — | — | — |
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under stock plans
|
— |
|
|
|
— | — |
(
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — |
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of company common stock
|
— | — | — | — | — |
|
(
|
— |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — | — | — |
(
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss)
|
|
— | — | — |
|
— | — | — |
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items
|
(
|
— | — | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interest |
(
|
— | — | — | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise tax from stock repurchases | — | — | — | — | — | — |
(
|
— |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 29, 2024 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended July 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under stock plans
|
— | — | — |
|
— | — |
(
|
— |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation
|
— | — | — |
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of company common stock
|
— | — | — | — | — |
|
(
|
— |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($
|
— | — | — | — |
(
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss)
|
|
— | — | — |
|
— | — | — |
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive items
|
(
|
— | — | — | — | — | — |
|
|
— |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interest |
(
|
— | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise tax from stock repurchases | — | — | — | — | — | — |
(
|
— |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ |
|
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
(In millions) | June 29, 2024 | December 31, 2023 | ||||||||||||
Raw materials | $ |
|
$ |
|
||||||||||
Work in process |
|
|
||||||||||||
Finished goods |
|
|
||||||||||||
Inventories | $ |
|
$ |
|
Standard | Description | Required adoption timing and approach | Impact 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 method | Will increase disclosures in Note 4 | |||||||||||||||||
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | Among 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 method | Will increase disclosures in Note 5 |
(In billions) | Olink | |||||||||||||||||||||||||||||||||||||
Purchase price
|
||||||||||||||||||||||||||||||||||||||
Cash paid
|
$ |
|
||||||||||||||||||||||||||||||||||||
Fair value of noncontrolling interest
|
|
|||||||||||||||||||||||||||||||||||||
Cash acquired
|
(
|
|||||||||||||||||||||||||||||||||||||
$ |
|
|||||||||||||||||||||||||||||||||||||
Net assets acquired
|
||||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets
|
$ |
|
||||||||||||||||||||||||||||||||||||
Goodwill
|
|
|||||||||||||||||||||||||||||||||||||
Net tangible assets
|
|
|||||||||||||||||||||||||||||||||||||
Deferred tax assets (liabilities)
|
(
|
|||||||||||||||||||||||||||||||||||||
$ |
|
(In millions) | The Binding Site | CorEvitas | ||||||||||||||||||||||||||||||||||||||||||
Purchase price
|
||||||||||||||||||||||||||||||||||||||||||||
Cash paid
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
Debt settled
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Cash acquired
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
Net assets acquired
|
||||||||||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets:
|
||||||||||||||||||||||||||||||||||||||||||||
Customer relationships
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||
Product technology
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Tradenames
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Backlog |
|
|
||||||||||||||||||||||||||||||||||||||||||
Goodwill
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Net tangible assets
|
|
(
|
||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets (liabilities)
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
$ |
|
$ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||
Consumables
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Instruments
|
|
|
|
|
||||||||||||||||||||||
Services
|
|
|
|
|
||||||||||||||||||||||
Consolidated revenues | $ |
|
$ |
|
$ |
|
$ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||
North America
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Europe
|
|
|
|
|
||||||||||||||||||||||
Asia-Pacific
|
|
|
|
|
||||||||||||||||||||||
Other regions
|
|
|
|
|
||||||||||||||||||||||
Consolidated revenues | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) | June 29, 2024 | December 31, 2023 | ||||||||||||
Current contract assets, net | $ |
|
$ |
|
||||||||||
Noncurrent contract assets, net |
|
|
||||||||||||
Current contract liabilities |
|
|
||||||||||||
Noncurrent contract liabilities |
|
|
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Analytical Instruments
|
|
|
|
|
||||||||||||||||||||||
Specialty Diagnostics
|
|
|
|
|
||||||||||||||||||||||
Laboratory Products and Biopharma Services
|
|
|
|
|
||||||||||||||||||||||
Eliminations
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Consolidated revenues
|
|
|
|
|
||||||||||||||||||||||
Segment Income
|
||||||||||||||||||||||||||
Life Sciences Solutions
|
|
|
|
|
||||||||||||||||||||||
Analytical Instruments
|
|
|
|
|
||||||||||||||||||||||
Specialty Diagnostics
|
|
|
|
|
||||||||||||||||||||||
Laboratory Products and Biopharma Services
|
|
|
|
|
||||||||||||||||||||||
Subtotal reportable segments
|
|
|
|
|
||||||||||||||||||||||
Cost of revenues adjustments
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Selling, general and administrative expenses adjustments
|
|
(
|
|
(
|
||||||||||||||||||||||
Restructuring and other costs
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Amortization of acquisition-related intangible assets
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Consolidated operating income
|
|
|
|
|
||||||||||||||||||||||
Interest income |
|
|
|
|
||||||||||||||||||||||
Interest expense |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Other income/(expense)
|
|
|
|
(
|
||||||||||||||||||||||
Consolidated income before taxes
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023 | ||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||
United States
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Other
|
|
|
|
|
||||||||||||||||||||||
Consolidated revenues
|
$ |
|
$ |
|
$ |
|
$ |
|
Six months ended | ||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | ||||||||||||
Statutory federal income tax rate
|
|
% |
|
% | ||||||||||
Provision for income taxes at statutory rate
|
$ |
|
$ |
|
||||||||||
Increases (decreases) resulting from:
|
||||||||||||||
Foreign rate differential
|
(
|
(
|
||||||||||||
Income tax credits
|
(
|
(
|
||||||||||||
Global intangible low-taxed income
|
|
|
||||||||||||
Foreign-derived intangible income
|
(
|
(
|
||||||||||||
Excess tax benefits from stock options and restricted stock units
|
(
|
(
|
||||||||||||
Provision for (reversal of) tax reserves, net
|
|
|
||||||||||||
Intra-entity transfers
|
(
|
(
|
||||||||||||
Foreign exchange loss on inter-company debt refinancing
|
|
(
|
||||||||||||
Provision for (reversal of) valuation allowances, net
|
(
|
|
||||||||||||
Withholding taxes
|
|
|
||||||||||||
Tax return reassessments and settlements
|
(
|
(
|
||||||||||||
State income taxes, net of federal tax
|
|
|
||||||||||||
Equity method investments |
(
|
(
|
||||||||||||
Other, net
|
(
|
(
|
||||||||||||
Provision for income taxes
|
$ |
|
$ |
|
(In millions) | 2024 | |||||||
Balance at beginning of year
|
$ |
|
||||||
Additions for tax positions of current year
|
|
|||||||
Additions for tax positions of prior years
|
|
|||||||
Reductions for tax positions of prior years
|
(
|
|||||||
Balance at end of period
|
$ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net income attributable to Thermo Fisher Scientific Inc. | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Basic weighted average shares |
|
|
|
|
||||||||||||||||||||||
Plus effect of: stock options and restricted stock units |
|
|
|
|
||||||||||||||||||||||
Diluted weighted average shares |
|
|
|
|
||||||||||||||||||||||
Basic earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Diluted earnings per share | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Antidilutive stock options excluded from diluted weighted average shares
|
|
|
|
|
Effective interest rate at June 29, | June 29, | December 31, | ||||||||||||||||||
(Dollars in millions) | 2024 | 2024 | 2023 | |||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
Effective interest rate at June 29, | June 29, | December 31, | ||||||||||||||||||
(Dollars in millions) | 2024 | 2024 | 2023 | |||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
|
|
% |
|
|
||||||||||||||||
Other |
|
|
||||||||||||||||||
Total borrowings at par value
|
|
|
||||||||||||||||||
Unamortized discount
|
(
|
(
|
||||||||||||||||||
Unamortized debt issuance costs
|
(
|
(
|
||||||||||||||||||
Total borrowings at carrying value
|
|
|
||||||||||||||||||
Finance lease liabilities
|
|
|
||||||||||||||||||
Less: Short-term obligations and current maturities
|
|
|
||||||||||||||||||
Long-term obligations | $ |
|
$ |
|
(In millions) |
Currency
translation adjustment |
Unrealized gains/(losses) on available-for-sale debt securities |
Unrealized
gains/(losses) on hedging instruments |
Pension and
other postretirement benefit liability adjustment |
Total | |||||||||||||||||||||||||||
Three months ended June 29, 2024 | ||||||||||||||||||||||||||||||||
Balance at March 30, 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications
|
|
|
|
|
|
|||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net other comprehensive income/(loss)
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance at June 29, 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||
Six months ended June 29, 2024 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||
Other comprehensive income/(loss) before reclassifications
|
|
(
|
|
|
|
|||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net other comprehensive income/(loss)
|
|
(
|
|
|
|
|||||||||||||||||||||||||||
Balance at June 29, 2024 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
June 29, |
Quoted
prices in active markets |
Significant
other observable inputs |
Significant
unobservable inputs |
|||||||||||||||||||||||
(In millions) | 2024 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||
Cash equivalents
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Bank time deposits |
|
|
|
|
||||||||||||||||||||||
Investments
|
|
|
|
|
||||||||||||||||||||||
Insurance contracts
|
|
|
|
|
||||||||||||||||||||||
Derivative contracts
|
|
|
|
|
||||||||||||||||||||||
Total assets
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||
Derivative contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Contingent consideration
|
|
|
|
|
||||||||||||||||||||||
Total liabilities
|
$ |
|
$ |
|
$ |
|
$ |
|
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
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Bank time deposits |
|
|
|
|
||||||||||||||||||||||
Investments
|
|
|
|
|
||||||||||||||||||||||
Insurance contracts
|
|
|
|
|
||||||||||||||||||||||
Derivative contracts
|
|
|
|
|
||||||||||||||||||||||
Total assets
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||
Derivative contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Contingent consideration
|
|
|
|
|
||||||||||||||||||||||
Total liabilities
|
$ |
|
$ |
|
$ |
|
$ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Contingent consideration
|
||||||||||||||||||||||||||
Beginning balance | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Acquisitions (including assumed balances) |
|
|
|
|
||||||||||||||||||||||
Payments |
|
(
|
(
|
(
|
||||||||||||||||||||||
Changes in fair value included in earnings |
(
|
(
|
(
|
(
|
||||||||||||||||||||||
Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
(In millions) | June 29, 2024 | December 31, 2023 | ||||||||||||
Cross-currency interest rate swaps designated as net investment hedge - euro | $ |
|
$ |
|
||||||||||
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen |
|
|
||||||||||||
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc |
|
|
||||||||||||
Currency exchange contracts |
|
|
Fair value – assets | Fair value – liabilities | |||||||||||||||||||||||||
June 29, | December 31, | June 29, | December 31, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||||||||
Cross-currency interest rate swaps (a)
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||||||||
Currency exchange contracts (b)
|
|
|
|
|
||||||||||||||||||||||
Total derivatives | $ |
|
$ |
|
$ |
|
$ |
|
Gain (loss) recognized | ||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive items to interest expense | $ |
(
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||
Amount reclassified from accumulated other comprehensive items to other income/(expense) |
|
(
|
|
(
|
||||||||||||||||||||||
Financial instruments designated as net investment hedges
|
||||||||||||||||||||||||||
Foreign currency-denominated debt and other payables
|
||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items
|
|
(
|
|
(
|
||||||||||||||||||||||
Cross-currency interest rate swaps
|
||||||||||||||||||||||||||
Included in currency translation adjustment within other comprehensive items
|
|
|
|
|
||||||||||||||||||||||
Included in interest expense
|
|
|
|
|
Gain (loss) recognized | ||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||||||||
Currency exchange contracts
|
||||||||||||||||||||||||||
Included in cost of product revenues
|
|
|
|
(
|
||||||||||||||||||||||
Included in other income/(expense)
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
June 29, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
(In millions) | value | value | value | value | ||||||||||||||||||||||
Senior notes
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Other
|
|
|
|
|
||||||||||||||||||||||
$ |
|
$ |
|
$ |
|
$ |
|
Six months ended | ||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | ||||||||||||
Non-cash investing and financing activities
|
||||||||||||||
Acquired but unpaid property, plant and equipment
|
$ |
|
$ |
|
||||||||||
Declared but unpaid dividends
|
|
|
||||||||||||
Issuance of stock upon vesting of restricted stock units
|
|
|
||||||||||||
Excise tax from stock repurchases
|
|
|
(In millions) | June 29, 2024 | December 31, 2023 | ||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
||||||||||
Restricted cash included in other current assets |
|
|
||||||||||||
Restricted cash included in other assets |
|
|
||||||||||||
Cash, cash equivalents and restricted cash | $ |
|
$ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||
(In millions) | June 29, 2024 | June 29, 2024 | ||||||||||||||||||||||||
Life Sciences Solutions
|
$ |
|
$ |
|
||||||||||||||||||||||
Analytical Instruments
|
|
|
||||||||||||||||||||||||
Specialty Diagnostics
|
|
|
||||||||||||||||||||||||
Laboratory Products and Biopharma Services
|
|
|
||||||||||||||||||||||||
Corporate
|
|
|
||||||||||||||||||||||||
$ |
|
$ |
|
(In millions) | Total (a) | |||||||||||||||||||||||||
Balance at December 31, 2023 | $ |
|
||||||||||||||||||||||||
Net restructuring charges incurred in 2024 (b)
|
|
|||||||||||||||||||||||||
Payments
|
(
|
|||||||||||||||||||||||||
Currency translation
|
(
|
|||||||||||||||||||||||||
Balance at June 29, 2024 | $ |
|
Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||||||||||||||
(Dollars in millions except per share amounts) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Revenues
|
$ | 10,541 | $ | 10,687 | (1) | % | $ | 20,886 | $ | 21,397 | (2) | % | ||||||||||||||||||||||||||
GAAP operating income | 1,820 | 1,578 | 15 | % | 3,483 | 3,141 | 11 | % | ||||||||||||||||||||||||||||||
GAAP operating income margin | 17.3 | % | 14.8 | % | 2.5 | pt | 16.7 | % | 14.7 | % | 2.0 | pt | ||||||||||||||||||||||||||
Adjusted operating income
(non-GAAP measure)
|
2,347 | 2,370 | (1) | % | 4,625 | 4,700 | (2) | % | ||||||||||||||||||||||||||||||
Adjusted operating income margin
(non-GAAP measure)
|
22.3 | % | 22.2 | % | 0.1 | pt | 22.1 | % | 22.0 | % | 0.1 | pt | ||||||||||||||||||||||||||
GAAP diluted earnings per share attributable to Thermo Fisher Scientific Inc. | 4.04 | 3.51 | 15 | % | 7.50 | 6.83 | 10 | % | ||||||||||||||||||||||||||||||
Adjusted earnings per share
(non-GAAP measure)
|
5.37 | 5.15 | 4 | % | 10.47 | 10.18 | 3 | % |
Three months ended | Six months ended | |||||||||||||
June 29, 2024 | June 29, 2024 | |||||||||||||
Revenue growth | (1) | % | (2) | % | ||||||||||
Impact of acquisitions | 0 | % | 0 | % | ||||||||||
Impact of currency translation | (1) | % | 0 | % | ||||||||||
Organic revenue growth
(non-GAAP measure)
|
(1) | % | (2) | % |
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||
Life Sciences Solutions
|
$ | 2,355 | $ | 2,463 | $ | 4,640 | $ | 5,075 | ||||||||||||||||||
Analytical Instruments
|
1,782 | 1,749 | 3,469 | 3,472 | ||||||||||||||||||||||
Specialty Diagnostics
|
1,117 | 1,109 | 2,227 | 2,217 | ||||||||||||||||||||||
Laboratory Products and Biopharma Services
|
5,758 | 5,831 | 11,480 | 11,594 | ||||||||||||||||||||||
Eliminations
|
(470) | (465) | (930) | (961) | ||||||||||||||||||||||
Consolidated revenues
|
$ | 10,541 | $ | 10,687 | $ | 20,886 | $ | 21,397 |
Three months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 2,355 | $ | 2,463 | (4) | % | (1) | % | 0 | % | (3) | % | ||||||||||||||||||||||||||
Segment income | 865 | 817 | 6 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 36.7 | % | 33.2 | % | 3.5 | pt |
Six months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 4,640 | $ | 5,075 | (9) | % | (1) | % | 0 | % | (8) | % | ||||||||||||||||||||||||||
Segment income | 1,705 | 1,653 | 3 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 36.7 | % | 32.6 | % | 4.1 | pt |
Three months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,782 | $ | 1,749 | 2 | % | (1) | % | 0 | % | 3 | % | ||||||||||||||||||||||||||
Segment income | 439 | 432 | 1 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 24.6 | % | 24.7 | % | (0.1) | pt |
Six months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 3,469 | $ | 3,472 | 0 | % | (1) | % | 0 | % | 1 | % | ||||||||||||||||||||||||||
Segment income | 838 | 853 | (2) | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 24.2 | % | 24.6 | % | (0.4) | pt |
Three months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 1,117 | $ | 1,109 | 1 | % | (1) | % | 0 | % | 1 | % | ||||||||||||||||||||||||||
Segment income | 299 | 297 | 1 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 26.7 | % | 26.7 | % | 0.0 | pt |
Six months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 2,227 | $ | 2,217 | 0 | % | 0 | % | 0 | % | 1 | % | ||||||||||||||||||||||||||
Segment income | 593 | 577 | 3 | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 26.6 | % | 26.0 | % | 0.6 | pt |
Three months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 5,758 | $ | 5,831 | (1) | % | 0 | % | 0 | % | (1) | % | ||||||||||||||||||||||||||
Segment income | 745 | 824 | (10) | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 12.9 | % | 14.1 | % | (1.2) | pt |
Six months ended |
Organic
(non-GAAP measure)
|
|||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
June 29,
2024 |
July 1,
2023 |
Total
Change |
Currency
Translation |
Acquisitions/ Divestitures | |||||||||||||||||||||||||||||||||
Revenues | $ | 11,480 | $ | 11,594 | (1) | % | 0 | % | 0 | % | (1) | % | ||||||||||||||||||||||||||
Segment income | 1,489 | 1,617 | (8) | % | ||||||||||||||||||||||||||||||||||
Segment income margin | 13.0 | % | 14.0 | % | (1.0) | pt |
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(Dollars and shares in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Net interest expense
|
$ | 59 | $ | 148 | $ | 143 | $ | 302 | ||||||||||||||||||
GAAP other income/(expense) | 5 | — | 14 | (46) | ||||||||||||||||||||||
Adjusted other income/(expense)
(non-GAAP measure)
|
4 | (1) | 3 | (1) | ||||||||||||||||||||||
GAAP tax rate | 7.2 | % | 3.6 | % | 12.2 | % | 3.5 | % | ||||||||||||||||||
Adjusted tax rate
(non-GAAP measure)
|
10.0 | % | 10.0 | % | 10.2 | % | 10.0 | % | ||||||||||||||||||
Weighted average diluted shares | 383 | 388 | 383 | 388 | ||||||||||||||||||||||
(In millions) | June 29, 2024 | December 31, 2023 | ||||||||||||
Cash and cash equivalents | $ | 7,073 | $ | 8,077 | ||||||||||
Short-term investments | 1,750 | 3 | ||||||||||||
Total debt | 35,404 | 34,917 |
Six months ended | ||||||||||||||
(In millions) | June 29, 2024 | July 1, 2023 | ||||||||||||
Net cash provided by operating activities
|
$ | 3,211 | $ | 2,269 | ||||||||||
Net cash used in investing activities
|
(2,283) | (3,585) | ||||||||||||
Net cash used in financing activities
|
(1,936) | (4,049) | ||||||||||||
Free cash flow
(non-GAAP measure)
|
2,583 | 1,537 | ||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(Dollars in millions except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Reconciliation of adjusted operating income | ||||||||||||||||||||||||||
GAAP operating income
|
$ | 1,820 | $ | 1,578 | $ | 3,483 | $ | 3,141 | ||||||||||||||||||
Cost of revenues adjustments (a)
|
1 | 18 | 17 | 59 | ||||||||||||||||||||||
Selling, general and administrative expenses adjustments (b)
|
(64) | 6 | (45) | 14 | ||||||||||||||||||||||
Restructuring and other costs (c)
|
77 | 183 | 106 | 295 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 513 | 585 | 1,065 | 1,191 | ||||||||||||||||||||||
Adjusted operating income
(non-GAAP measure)
|
$ | 2,347 | $ | 2,370 | $ | 4,625 | $ | 4,700 | ||||||||||||||||||
Reconciliation of adjusted operating income margin | ||||||||||||||||||||||||||
GAAP operating income margin | 17.3 | % | 14.8 | % | 16.7 | % | 14.7 | % | ||||||||||||||||||
Cost of revenues adjustments (a) | 0.0 | % | 0.2 | % | 0.1 | % | 0.3 | % | ||||||||||||||||||
Selling, general and administrative expenses adjustments (b) | (0.6) | % | 0.1 | % | (0.2) | % | 0.1 | % | ||||||||||||||||||
Restructuring and other costs (c) | 0.7 | % | 1.7 | % | 0.5 | % | 1.4 | % | ||||||||||||||||||
Amortization of acquisition-related intangible assets | 4.9 | % | 5.4 | % | 5.1 | % | 5.5 | % | ||||||||||||||||||
Adjusted operating income margin (
non-GAAP measure)
|
22.3 | % | 22.2 | % | 22.1 | % | 22.0 | % | ||||||||||||||||||
Reconciliation of adjusted other income/(expense) | ||||||||||||||||||||||||||
GAAP other income/(expense) | $ | 5 | $ | — | $ | 14 | $ | (46) | ||||||||||||||||||
Adjustments (d) | — | (1) | (11) | 45 | ||||||||||||||||||||||
Adjusted other income/(expense)
(non-GAAP measure)
|
$ | 4 | $ | (1) | $ | 3 | $ | (1) | ||||||||||||||||||
Reconciliation of adjusted tax rate | ||||||||||||||||||||||||||
GAAP tax rate | 7.2 | % | 3.6 | % | 12.2 | % | 3.5 | % | ||||||||||||||||||
Adjustments (e) | 2.8 | % | 6.4 | % | (2.0) | % | 6.5 | % | ||||||||||||||||||
Adjusted tax rate
(non-GAAP measure)
|
10.0 | % | 10.0 | % | 10.2 | % | 10.0 | % | ||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 29, | July 1, | June 29, | July 1, | |||||||||||||||||||||||
(Dollars in millions except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Reconciliation of adjusted earnings per share | ||||||||||||||||||||||||||
GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc. | $ | 4.04 | $ | 3.51 | $ | 7.50 | $ | 6.83 | ||||||||||||||||||
Cost of revenues adjustments (a) | 0.00 | 0.05 | 0.04 | 0.15 | ||||||||||||||||||||||
Selling, general and administrative expenses adjustments (b) | (0.17) | 0.01 | (0.12) | 0.03 | ||||||||||||||||||||||
Restructuring and other costs (c) | 0.20 | 0.47 | 0.28 | 0.76 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1.34 | 1.51 | 2.78 | 3.07 | ||||||||||||||||||||||
Other income/expense adjustments (d) | 0.00 | 0.00 | (0.03) | 0.11 | ||||||||||||||||||||||
Provision for income taxes adjustments (e) | (0.26) | (0.44) | (0.13) | (0.88) | ||||||||||||||||||||||
Equity in earnings/losses of unconsolidated entities | 0.22 | 0.04 | 0.16 | 0.11 | ||||||||||||||||||||||
Noncontrolling interests adjustments (f) | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
Adjusted EPS
(non-GAAP measure)
|
$ | 5.37 | $ | 5.15 | $ | 10.47 | $ | 10.18 | ||||||||||||||||||
Reconciliation of free cash flow | ||||||||||||||||||||||||||
GAAP net cash provided by operating activities | $ | 1,960 | $ | 1,540 | $ | 3,211 | $ | 2,269 | ||||||||||||||||||
Purchases of property, plant and equipment | (301) | (284) | (648) | (742) | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 15 | 4 | 20 | 10 | ||||||||||||||||||||||
Free cash flow
(non-GAAP measure)
|
$ | 1,674 | $ | 1,260 | $ | 2,583 | $ | 1,537 | ||||||||||||||||||
Exhibit
Number |
Description of Exhibit | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS |
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
The Registrant agrees, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission, upon request, a copy of each instrument with respect to long-term debt of the Registrant or its consolidated subsidiaries. |
Date: | August 2, 2024 | THERMO FISHER SCIENTIFIC INC. | ||||||
/s/ Stephen Williamson | ||||||||
Stephen Williamson | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
/s/ Joseph R. Holmes | ||||||||
Joseph R. Holmes | ||||||||
Vice President and Chief Accounting Officer |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Dr. Jacks currently serves as President of Break Through Cancer, an organization focusing on collaborative approaches to cancer research, has worked for over 30 years as a professor in the Department of Biology at Massachusetts Institute of Technology, and previously served as Founding Director of the Koch Institute, a cancer research center. As a result of his many years of experience in the field of cancer research, including board-level and industry-specific service on public company boards, Dr. Jacks brings to the Board significant scientific, technological and industry expertise. Dr. Jacks also brings valuable board-level experience from his many years serving on public company boards and scientific advisory boards of biotechnology companies, pharmaceutical companies and academic institutions. | |||
Mr. Sperling currently serves as Co-Chief Executive Officer of Thomas H. Lee Partners, LP (“THL”), a private equity firm. During his 30-year career leading THL, he has gained broad experience with the various industries represented in the THL portfolio, including healthcare and technology. As a result of this experience, Mr. Sperling brings to the Board valuable experience driving strategic direction and growth of organizations, and also corporate finance and acquisition experience. Mr. Sperling also brings valuable board-level experience from his years of serving on public company boards. | |||
Mr. Chai currently serves as the Executive Chair of DailyPay, a worktech platform. He previously served as Chief Financial Officer of Uber Technologies Inc., a ridesharing technology platform, as President and CEO of The Warranty Group, a provider of specialty insurance products, and as President of CIT Group, a financial institution. As a result of Mr. Chai’s broad background and experience of holding executive management positions in a variety of industries and organizations, he brings to the Board valuable strategic leadership, financial acumen and expertise, and accounting experience. | |||
Dr. Harris currently serves as Chief Business Officer of Dell Medical School of the University of Texas, Austin. He has had a long-standing career as a physician and previously served as Chief Information Officer of Cleveland Clinic Hospital, and Chief Strategy Officer of the Cleveland Clinic Foundation. His background and experience as a strategic leader in healthcare organizations position Dr. Harris to provide valuable insight and perspective on healthcare. As a result of Dr. Harris’s experience, he brings to the Board valuable strategic leadership and industry knowledge. Dr. Harris also brings valuable board-level experience from his many years serving on public company boards. | |||
Dear Shareholder, Thank you for your support of Thermo Fisher Scientific. I am very proud of what we continue to achieve as we deliver value for all of our stakeholders, and I am very excited about what lies ahead of us. Every day, we build a brighter future for our company by fulfilling our Mission – to enable our customers to make the world healthier, cleaner and safer. This inspires our more than 120,000 colleagues to bring their best each day knowing the work we do helps our customers tackle some of the worlds’ greatest challenges. Our financial results are a testament to the power of our Mission and the passion of our team. In 2024, we delivered differentiated performance, including revenue of $42.88 billion, GAAP diluted earnings per share (EPS) of $16.53 and adjusted EPS 1 of $21.86. We also generated free cash flow¹ of $7.3 billion. In addition, we deployed $7.7 billion of capital – $3.1 billion through M&A with the acquisition of Olink and $4.6 billion returned to our shareholders through share repurchases and dividends. At the same time, we advanced our proven growth strategy, which propels our continued success. Our strategy consists of three pillars: • Delivering high-impact innovation • Deepening our trusted partner status with our customers • Building on our unparalleled commercial engine In 2024, we invested $1.4 billion in R&D to deliver high-impact new technologies across our businesses that are enabling breakthroughs in our customers’ work. In addition, we advanced exciting new partnerships and collaborations with our customers and enhanced our offering through a complementary strategic acquisition to further strengthen our trusted partner status. During the year, we also made additional investments in our capacity and unparalleled commercial capabilities. All of this further enhancing our industry leadership position. Fundamental to our success is our unwavering commitment to living our 4i Values of Integrity, Intensity, Innovation and Involvement. An extension of these values and our Mission-driven culture is our focus on making a positive impact on society by supporting our communities and being a good steward of our planet. I’m proud of the actions we took throughout 2024 in this regard. As you can see, we delivered a strong year, and none of it would be possible without our incredible global team. That’s why we continue to strengthen our colleagues’ experience working at Thermo Fisher and make the right decisions to attract, develop and retain the best talent in the industry. On behalf of our global team, thank you again for your support of Thermo Fisher Scientific. We look forward to your attendance at our 2025 Annual Meeting of Shareholders on May 21, 2025, at 8:30 a.m. (ET). Sincerely, Marc N. Casper / Chairman, President and Chief Executive Officer / April 8, 2025 | |||
Ms. Johnson is the CEO of Franklin Resources, Inc., which is a global investment management holding company whose operations are conducted through its subsidiaries. Ms. Johnson is in compliance with our policy although she serves on other public company boards in her capacity as their CEO. In addition to the holding company, she serves on the boards of certain of its funds, which are registered as investment companies and are managed or advised by subsidiaries of Franklin Resources, Inc. Since Ms. Johnson’s responsibilities as a board member of these companies are integrally related to and subsumed within her role as CEO of Franklin Resources, Inc., the Board believes that this board service does not meaningfully increase her time commitments or fiduciary duties, as would be the case with service on unaffiliated public company boards. The Board appreciates shareholders’ focus on director commitments and believes that Ms. Johnson has demonstrated, and will continue to demonstrate, the ability to dedicate sufficient time to carry out her Board duties effectively. | |||
Mr. Mullen previously served as Executive Chair of the Board of Directors of Editas Medicine, a clinical-stage biotechnology company, as Chief Executive Officer of Patheon N.V., a contract development and manufacturing organization which was acquired by the Company in 2017, and as Chief Executive Officer of Biogen Inc. Due to his 35-plus years of senior leadership experience in the pharmaceutical and biotechnology industries, he brings to the Board valuable industry knowledge and industry-specific strategic leadership skills. Mr. Mullen also brings valuable board-level experience from his many years serving on public company boards in the pharmaceutical industry. | |||
Mr. Weisler previously served as Chief Executive Officer of HP Inc., an information technology company. Prior to that he served in various roles with increasing levels of responsibility at HP, Lenovo Group Inc., and at Telstra Corp. Lt., a telecommunications company. As a result of his experience, Mr. Weisler brings to the Board valuable strategic and senior management leadership skills, financial expertise, international experience, technological expertise and M&A experience. Mr. Weisler also brings valuable board-level experience from his service on public company boards. | |||
Dr. Spar currently serves as a professor of Business Administration at Harvard Business School and Senior Associate Dean for Business in Global Society, and previously served as President and CEO of the Lincoln Center for the Performing Arts and as President of Barnard College. As a result of her varied experience, Dr. Spar brings to the Board valuable executive management and strategic leadership skills, financial expertise, and a unique perspective on technology’s role in shaping society and the global economy. Dr. Spar also brings valuable experience serving on public company boards. | |||
Ms. Chandy previously served as President of the Industrial Division of Pall Corporation, a leading supplier of filtration, separation and purification technologies and as Chief Marketing Officer at the Dow Chemical Company and at Rohm and Haas Corporation. Prior to that she served in various roles with increasing levels of responsibility at Thermo Fisher Scientific, Boston Scientific, and Millipore Corporation. As a proven executive with experience in global life sciences and multi-industrial companies, she brings to the Board experience in executive management, marketing, strategy, innovation, and M&A, and has experience in relevant market segments, technologies, geographies, and business functions. Ms. Chandy also brings valuable board-level experience from her many years serving on public company boards. | |||
Ms. Keith currently serves as Chief Executive Officer of P&G Beauty at Procter & Gamble, a global consumer products company. During her 30-plus year career at P&G, Ms. Keith served in roles in manufacturing, logistics, innovation planning, and marketing, then continued into various management and senior leadership roles. Ms. Keith also serves as Executive Sponsor for Corporate Sustainability at P&G, where she works alongside P&G’s Chief Sustainability Officer to guide the company’s sustainability progress. As an experienced executive, Ms. Keith brings to the Board strategic leadership skills, financial expertise, international business experience and M&A experience. |
Name and Principal Position |
Year | Salary |
Stock
Awards |
Option Awards |
Non-Equity
Incentive Plan
Compensation |
All Other
Compensation |
Total | ||||||||||||||||||||||||||||
Marc N. Casper
Chairman, President and
|
2024 | $ | 1,740,000 | $ | 8,194,766 | $ | 14,470,769 | $ | 5,506,578 | $ | 537,486 | $ | 30,449,599 | ||||||||||||||||||||||
|
2023 |
|
$ |
1,730,027 |
|
$ |
8,357,021 |
|
$ |
5,536,313 |
|
$ |
2,623,068 |
|
$ |
730,240 |
|
$ |
18,976,669 |
|
|||||||||||||||
|
2022 |
|
$ |
1,687,260 |
|
$ |
10,336,396 |
|
$ |
9,861,822 |
|
$ |
5,547,713 |
|
$ |
775,718 |
|
$ |
28,208,909 |
|
|||||||||||||||
Stephen Williamson
Senior Vice President and
|
2024 | $ | 1,047,575 | $ | 3,299,636 | $ | 4,779,797 | $ | 1,815,500 | $ | 145,073 | $ | 11,087,581 | ||||||||||||||||||||||
|
2023 |
|
$ |
1,014,577 |
|
$ |
2,535,540 |
|
$ |
1,680,428 |
|
$ |
805,777 |
|
$ |
203,937 |
|
$ |
6,240,259 |
|
|||||||||||||||
|
2022 |
|
$ |
974,808 |
|
$ |
2,340,271 |
|
$ |
1,564,106 |
|
$ |
1,762,843 |
|
$ |
211,045 |
|
$ |
6,853,073 |
|
|||||||||||||||
Michel Lagarde
Executive Vice President and
|
2024 | $ | 1,132,299 | $ | 3,818,809 | $ | 5,642,596 | $ | 2,047,650 | $ | 136,963 | $ | 12,778,317 | ||||||||||||||||||||||
|
2023 |
|
$ |
1,099,210 |
|
$ |
3,025,589 |
|
$ |
2,004,706 |
|
$ |
912,674 |
|
$ |
206,712 |
|
$ |
7,248,891 |
|
|||||||||||||||
|
2022 |
|
$ |
1,068,630 |
|
$ |
2,856,932 |
|
$ |
1,910,056 |
|
$ |
2,020,353 |
|
$ |
207,552 |
|
$ |
8,063,523 |
|
|||||||||||||||
Gianluca Pettiti Executive Vice President |
2024 | $ | 956,558 | $ | 3,512,787 | $ | 5,157,710 | $ | 1,585,686 | $ | 127,683 | $ | 11,340,424 | ||||||||||||||||||||||
|
2023 |
|
$ |
868,836 |
|
$ |
2,449,680 |
|
$ |
1,622,562 |
|
$ |
627,299 |
|
$ |
163,506 |
|
$ |
5,731,883 |
|
|||||||||||||||
|
2022 |
|
$ |
768,630 |
|
$ |
2,176,836 |
|
$ |
1,455,183 |
|
$ |
1,263,628 |
|
$ |
76,430 |
|
$ |
5,740,707 |
|
|||||||||||||||
Frederick Lowery Executive Vice President |
2024 | $ | 881,558 | $ | 2,596,408 | $ | 3,607,722 | $ | 1,328,508 | $ | 115,181 | $ | 8,529,377 |
Customers
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
CASPER MARC N | - | 131,175 | 5,000 |
CASPER MARC N | - | 115,174 | 5,000 |
Williamson Stephen | - | 27,393 | 18,700 |
Williamson Stephen | - | 27,296 | 12,674 |
Pettiti Gianluca | - | 22,767 | 0 |
Lagarde Michel | - | 18,134 | 0 |
Pettiti Gianluca | - | 17,556 | 0 |
Britt Lisa P. | - | 17,323 | 0 |
Lowery Frederick M. | - | 16,954 | 5 |
MANZI JIM P | - | 14,807 | 0 |
Chai Nelson | - | 13,909 | 0 |
Boxer Michael A | - | 12,901 | 0 |
Boxer Michael A | - | 10,816 | 0 |
Jacks Tyler | - | 8,963 | 0 |
WEISLER DION J | - | 4,516 | 0 |
Holmes Joseph R. | - | 1,786 | 0 |
Holmes Joseph R. | - | 1,575 | 0 |
Spar Debora L | - | 1,207 | 0 |
Lynch Karen S | - | 95 | 76 |