5 unchanged sentences
Such exposures result from purchases, sales, cash and intercompany loans that are denominated in currencies other than the functional currencies of the respective operations.
−Removed: The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Singapore dollars, Japanese yen, Hong Kong dollars, Czech koruna and Swedish krona.
+Added: The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Canadian dollars, Singapore dollars, Czech koruna, Hong Kong dollars and Swedish krona.
Income and losses arising from these derivative contracts are recognized as offsets to losses and income resulting from the underlying exposure being hedged.
4 unchanged sentences
The fair market value of the company’s fixed interest rate debt is subject to interest rate risk.
−Removed: Generally, the fair market value of fixed interest rate debt will increase as
−Removed: THERMO FISHER SCIENTIFIC INC.
−Removed: interest rates fall and decrease as interest rates rise.
+Added: Generally, the fair market value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise.
The total estimated fair value of the company’s debt at December 31, 2023 was $32.27 billion (Note 14).
2 unchanged sentences
If interest rates were to increase by 100 basis points, the fair value of the company’s debt at December 31, 2023 would decrease by approximately $2.05 billion.
−Removed: In addition, interest rate changes would result in a change in the company’s interest expense due to variable-rate debt instruments including swap arrangements.
−Removed: In 2022, a 100 basis point increase in interest rates on the swap arrangements and variable-rate debt would have increased the company’s annual pre-tax interest expense by approximately $35 million.
+Added: In addition, the fair value of the company’s cross-currency interest rate swap arrangements is subject to interest rate risk.
+Added: If interest rates were to decrease by 100 basis points, the fair value of the company’s cross-currency interest rate swaps at December 31, 2023 would decrease by approximately $0.39 billion.
+Added: If interest rates were to increase by 100 basis points, the fair value of the company’s cross-currency interest rate swaps at December 31, 2023 would increase by approximately $0.53 billion.
Currency Exchange Rates
−Removed: The company views its investment in international subsidiaries with a functional currency other than the U.S.
+Added: The company views its investments in international subsidiaries with a functional currency other than the U.S.
dollar as permanent.
The company’s investment in international subsidiaries is sensitive to fluctuations in currency exchange rates.
−Removed: The functional currencies of the company’s international subsidiaries are principally denominated in euro, British pounds sterling, Swedish krona, Canadian dollars, Norwegian kroner and Danish kroner.
+Added: The functional currencies of the company’s international subsidiaries are principally denominated in British pounds sterling, euro, Swedish krona, Canadian dollars, Norwegian kroner and Danish kroner.
The effect of a change in the period ending currency exchange rates on the company’s net investment in international subsidiaries is reflected in the “accumulated other comprehensive items” component of shareholders’ equity.
2 unchanged sentences
dollar, would result in a reduction of shareholders’ equity of approximately $1.26 billion.
+Added: THERMO FISHER SCIENTIFIC INC.
The fair value of forward currency-exchange contracts is sensitive to changes in currency exchange rates.
The fair value of forward currency-exchange contracts is the estimated amount that the company would pay or receive upon termination of the contract, taking into account the change in currency exchange rates.
−Removed: A 10% depreciation in year-end 2022 non-functional currency exchange rates related to the company’s contracts would result in an additional unrealized loss on forward currency-exchange contracts of $9 million.
−Removed: A 10% appreciation in year-end 2022 non-functional currency exchange rates related to the company’s contracts would result in an unrealized gain on forward currency-exchange contracts of $9 million.
+Added: A 10% depreciation in year-end 2023 non-functional currency exchange rates related to the company’s contracts would result in an unrealized loss on forward currency-exchange contracts of $43 million.
+Added: A 10% appreciation in year-end 2023 non-functional currency exchange rates related to the company’s contracts would result in an additional unrealized gain on forward currency-exchange contracts of $49 million.
The unrealized gains or losses on forward currency-exchange contracts resulting from changes in currency exchange rates are expected to approximately offset losses or gains on the exposures being hedged.
1 unchanged sentence
A 10% depreciation in the related year-end 2023 non-functional currency exchange rates applied to such cash balances would result in a negative impact of $13 million on the company’s net income.
−Removed: Financial Statements and Supplementary Data
−Removed: This data is submitted as a separate section to this report.
−Removed: See Item 15 “Exhibits and Financial Statement Schedules.
−Removed: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
−Removed: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.