What changed in this filing

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Item 1. Financial Statements

2024-11-01 compared with 2024-08-02 · 114 added, 92 removed, 729 unchanged (22% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

June 29, December 31,

September 28, December 31,

(In millions except share and per share amounts) 2024 2023

42 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions except per share amounts) 2024 2023 2024 2023

41 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions) 2024 2023 2024 2023

11 unchanged sentences

Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $ 2 , $( 1 ), $ 2 and $( 1 ))

Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $ 0 , $ 0 , $ 0 and $ 0 )

( 5 ) 2 ( 4 ) 2

Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $ 0 , $( 1 ), $ 1 and $( 1 ))

Total other comprehensive income/(loss) ( 58 ) ( 109 ) 747 62

2 unchanged sentences

comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest

6 ( 26 ) 9 ( 26 )

Comprehensive income attributable to Thermo Fisher Scientific Inc.

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended

June 29, July 1,

Nine months ended

September 28, September 30,

(In millions) 2024 2023

22 unchanged sentences

Repayment of debt

( 1,107 ) ( 2,000 )

Proceeds from issuance of commercial paper

20 unchanged sentences

(In millions) Shares Amount Shares Amount

Three months ended June 29, 2024

Balance at March 30, 2024 $ 119 443 $ 443 $ 17,482 $ 48,542 61 $ ( 18,186 ) $ ( 2,764 ) $ 45,516 $ ( 12 ) $ 45,504

Issuance of shares under employees' and directors' stock plans

Three months ended September 28, 2024

Balance at June 29, 2024 $ 115 443 $ 443 $ 17,649 $ 49,940 61 $ ( 18,187 ) $ ( 2,413 ) $ 47,432 $ ( 12 ) $ 47,419

Issuance of shares under stock plans

— 1 1 115 — — ( 40 ) — 75 — 75

9 unchanged sentences

Excise tax from stock repurchases — — — — — — 1 — 1 — 1

Balance at June 29, 2024 $ 115 443 $ 443 $ 17,649 $ 49,940 61 $ ( 18,187 ) $ ( 2,413 ) $ 47,432 $ ( 12 ) $ 47,419

Three months ended July 1, 2023

Balance at April 1, 2023 $ 123 441 $ 441 $ 16,889 $ 43,064 55 $ ( 15,083 ) $ ( 3,054 ) $ 42,257 $ 53 $ 42,310

Issuance of shares under employees' and directors' stock plans

Balance at September 28, 2024 $ 127 444 $ 444 $ 17,831 $ 51,421 61 $ ( 18,227 ) $ ( 2,477 ) $ 48,992 $ ( 20 ) $ 48,972

Three months ended September 30, 2023

Balance at July 1, 2023 $ 113 441 $ 441 $ 17,030 $ 44,289 55 $ ( 15,084 ) $ ( 2,924 ) $ 43,752 $ 50 $ 43,802

Issuance of shares under stock plans

— 1 1 68 — 1 ( 37 ) — 32 — 32

8 unchanged sentences

Contributions from (distributions to) noncontrolling interests — — — — — — — — — ( 1 ) ( 1 )

Excise tax from stock repurchases — — — — — — 1 — 1 — 1

Balance at July 1, 2023 $ 113 441 $ 441 $ 17,030 $ 44,289 55 $ ( 15,084 ) $ ( 2,924 ) $ 43,752 $ 50 $ 43,802

Balance at September 30, 2023 $ 118 442 $ 442 $ 17,165 $ 45,869 56 $ ( 15,121 ) $ ( 3,027 ) $ 45,328 $ 18 $ 45,346

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

5 unchanged sentences

(In millions) Shares Amount Shares Amount

Six months ended June 29, 2024

Nine months ended September 28, 2024

Balance at December 31, 2023 $ 118 442 $ 442 $ 17,286 $ 47,364 56 $ ( 15,133 ) $ ( 3,224 ) $ 46,735 $ ( 11 ) $ 46,724

13 unchanged sentences

Excise tax from stock repurchases — — — — — — ( 27 ) — ( 27 ) — ( 27 )

Balance at June 29, 2024 $ 115 443 $ 443 $ 17,649 $ 49,940 61 $ ( 18,187 ) $ ( 2,413 ) $ 47,432 $ ( 12 ) $ 47,419

Six months ended July 1, 2023

Balance at September 28, 2024 $ 127 444 $ 444 $ 17,831 $ 51,421 61 $ ( 18,227 ) $ ( 2,477 ) $ 48,992 $ ( 20 ) $ 48,972

Nine months ended September 30, 2023

Balance at December 31, 2022 $ 116 441 $ 441 $ 16,743 $ 41,910 50 $ ( 12,017 ) $ ( 3,099 ) $ 43,978 $ 54 $ 44,032

13 unchanged sentences

Excise tax from stock repurchases — — — — — — ( 29 ) — ( 29 ) — ( 29 )

Balance at July 1, 2023 $ 113 441 $ 441 $ 17,030 $ 44,289 55 $ ( 15,084 ) $ ( 2,924 ) $ 43,752 $ 50 $ 43,802

Balance at September 30, 2023 $ 118 442 $ 442 $ 17,165 $ 45,869 56 $ ( 15,121 ) $ ( 3,027 ) $ 45,328 $ 18 $ 45,346

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

7 unchanged sentences

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 June 29, 2024, the results of operations for the three- and six-month periods ended June 29, 2024 and July 1, 2023, and the cash flows for the six-month periods ended June 29, 2024 and July 1, 2023.

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 September 28, 2024, the results of operations for the three- and nine-month periods ended September 28, 2024 and September 30, 2023, and the cash flows for the nine-month periods ended September 28, 2024 and September 30, 2023.

Interim results are not necessarily indicative of results for a full year.

4 unchanged sentences

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 six months ended June 29, 2024.

There have been no material changes in the company’s significant accounting policies during the nine months ended September 28, 2024.

Amounts and percentages reported within these condensed consolidated financial statements are presented and calculated based on underlying unrounded amounts.

1 unchanged sentence

The components of inventories are as follows:

(In millions) June 29, 2024 December 31, 2023

(In millions) September 28, 2024 December 31, 2023

Raw materials $ 1,958 $ 2,057

33 unchanged sentences

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

(In billions) Olink

(In millions) Olink

Purchase price

Fair value of noncontrolling interest

Purchase price payable

Cash acquired

1 unchanged sentence

Definite-lived intangible assets

Customer relationships

Product technology

Net tangible assets

Deferred tax assets (liabilities)

The weighted-average amortization period for definite-lived intangible assets is 18 years.

The weighted-average amortization periods for definite-lived intangible assets acquired in 2024 are 19 years for customer relationships, 15 years for product technology, and 15 years for tradenames.

The weighted-average amortization period for definite-lived intangible assets acquired in 2024 is 18 years.

THERMO FISHER SCIENTIFIC INC.

25 unchanged sentences

The weighted average amortization period for all definite-lived intangible assets acquired in 2023 is 17 years.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Revenues and Contract-related Balances

1 unchanged sentence

Revenues by type are as follows:

Three months ended Six months ended

(In millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three months ended Nine months ended

(In millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

$ 4,379 $ 4,289 $ 13,070 $ 13,228

2 unchanged sentences

Consolidated revenues $ 10,598 $ 10,574 $ 31,484 $ 31,971

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Three months ended Six months ended

(In millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three months ended Nine months ended

(In millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

North America

8 unchanged sentences

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of June 29, 2024 was $ 25.93 billion.

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of September 28, 2024, was $ 25.30 billion.

The company will recognize revenues for these performance obligations as they are satisfied, approximately 52 % of which is expected to occur within the next twelve months .

3 unchanged sentences

Contract asset and liability balances are as follows:

(In millions) June 29, 2024 December 31, 2023

(In millions) September 28, 2024 December 31, 2023

Current contract assets, net $ 1,541 $ 1,443

2 unchanged sentences

Noncurrent contract liabilities 1,428 1,499

In the three and six months ended June 29, 2024, the company recognized revenues of $ 0.67 billion and $ 2.00 billion, respectively, that were included in the contract liabilities balance at December 31, 2023.

In the three and six months ended July 1, 2023, the company recognized revenues of $ 0.68 billion and $ 1.98 billion, respectively, that were included in the contract liabilities balance at December 31, 2022.

In the three and nine months ended September 28, 2024, the company recognized revenues of $ 0.36 billion and $ 2.36 billion, respectively, that were included in the contract liabilities balance at December 31, 2023.

In the three and nine months ended September 30, 2023, the company recognized revenues of $ 0.35 billion and $ 2.32 billion, respectively, that were included in the contract liabilities balance at December 31, 2022.

THERMO FISHER SCIENTIFIC INC.

2 unchanged sentences

Business Segment Information

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions) 2024 2023 2024 2023

38 unchanged sentences

Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonment of product lines, and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.

Selling, general and administrative expenses adjustments included in the above table consist of third-party transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, charges associated with product liability litigation, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations.

Geographical Information

Revenues by country based on customer location are as follows:

Three months ended Six months ended

(In millions) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023

Three months ended Nine months ended

(In millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023

United States

6 unchanged sentences

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:

Six months ended

(In millions) June 29, 2024 July 1, 2023

Nine months ended

(In millions) September 28, 2024 September 30, 2023

Statutory federal income tax rate

Provision for income taxes at statutory rate

$ 1,070 $ 957

Increases (decreases) resulting from:

13 unchanged sentences

Provision for (reversal of) valuation allowances, net

( 161 ) ( 44 )

Withholding taxes

3 unchanged sentences

Equity method investments ( 48 ) ( 9 )

( 51 ) ( 19 )

Provision for income taxes

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.

During the second quarter of 2024, the company recorded a benefit of $ 183 million, primarily in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income.

During the first nine months of 2024, the company recorded a tax reserve and associated interest of $ 240 million related to the settlement of international tax audits for tax years 2009 through 2016, which were settled in the third quarter of 2024.

The company also recorded tax benefits of $ 307 million, primarily in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income.

These benefits were partially offset by tax provisions primarily associated with disallowed interest expense that is not expected to be realized.

During the third quarter of 2023, the company released a valuation allowance of $ 183 million in jurisdictions where the deferred tax assets are now expected to be realized.

In the first nine months of 2023, the company also recorded a tax benefit of $ 91 million, net of related tax expenses, from a foreign exchange loss on an intercompany debt refinancing transaction, as well as a $ 144 million tax benefit resulting from a capital loss generated as part of an intra-entity transaction.

The company has operations and a taxable presence in approximately 70 countries outside the U.S.

3 unchanged sentences

Unrecognized Tax Benefits

As of June 29, 2024 the company had $ 0.70 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.

As of September 28, 2024, the company had $ 0.52 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:

8 unchanged sentences

Earnings per Share

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions except per share amounts) 2024 2023 2024 2023

9 unchanged sentences

Debt and Other Financing Arrangements

Effective interest rate at June 29, June 29, December 31,

Effective interest rate at September 28, September 28, December 31,

(Dollars in millions) 2024 2024 2023

0.75 % 8 -Year Senior Notes, Due 9/12/2024 (euro-denominated)

0.92 % 1,071 1,104

1.215 % 3 -Year Senior Notes, Due 10/18/2024

51 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Effective interest rate at June 29, June 29, December 31,

Effective interest rate at September 28, September 28, December 31,

(Dollars in millions) 2024 2024 2023

59 unchanged sentences

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 June 29, 2024, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.

As of September 28, 2024, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.

THERMO FISHER SCIENTIFIC INC.

11 unchanged sentences

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 June 29, 2024.

The company was in compliance with all covenants related to its senior notes at September 28, 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 June 29, 2024, included in the table above (collectively, the “Euronotes”) in registered public offerings:

(Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of September 28, 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.

7 unchanged sentences

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 June 29, 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.

At September 28, 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.

10 unchanged sentences

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 June 29, 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.

At September 28, 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.

11 unchanged sentences

adjustment Total

Three months ended June 29, 2024

Balance at March 30, 2024 $ ( 2,482 ) $ ( 1 ) $ ( 27 ) $ ( 254 ) $ ( 2,764 )

Three months ended September 28, 2024

Balance at June 29, 2024 $ ( 2,133 ) $ ( 1 ) $ ( 26 ) $ ( 253 ) $ ( 2,413 )

Other comprehensive income/(loss) before reclassifications

1 unchanged sentence

Amounts reclassified from accumulated other comprehensive income/(loss)

( 6 ) — 1 — ( 5 )

Net other comprehensive income/(loss)

( 60 ) — 1 ( 5 ) ( 63 )

Balance at June 29, 2024 $ ( 2,133 ) $ ( 1 ) $ ( 26 ) $ ( 253 ) $ ( 2,413 )

Six months ended June 29, 2024

Balance at September 28, 2024 $ ( 2,193 ) $ ( 1 ) $ ( 26 ) $ ( 258 ) $ ( 2,477 )

Nine months ended September 28, 2024

Balance at December 31, 2023 $ ( 2,941 ) $ — $ ( 28 ) $ ( 255 ) $ ( 3,224 )

4 unchanged sentences

749 ( 1 ) 2 ( 3 ) 747

Balance at June 29, 2024 $ ( 2,133 ) $ ( 1 ) $ ( 26 ) $ ( 253 ) $ ( 2,413 )

Balance at September 28, 2024 $ ( 2,193 ) $ ( 1 ) $ ( 26 ) $ ( 258 ) $ ( 2,477 )

THERMO FISHER SCIENTIFIC INC.

3 unchanged sentences

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:

June 29, Quoted

September 28, Quoted

markets Significant

31 unchanged sentences

Changes to the fair values of contingent consideration are recorded in selling, general and administrative expense.

In the six-month periods ended June 29, 2024 and July 1, 2023 the company recorded $ 10 million and $( 44 ) million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.

The company determines the fair value of its investments by considering factors such as financial position, operating results and cash flows of the investee;

recent transactions in the same or similar securities;

significant recent events affecting the investee;

the price paid by Thermo Fisher;

among others.

In the three- and nine-month periods ended September 28, 2024, the company recorded $( 4 ) million and $ 7 million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.

In the three- and nine-month periods ended September 30, 2023, the company recorded $ 11 million and $( 33 ) million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions) 2024 2023 2024 2023

5 unchanged sentences

Ending balance $ 8 $ 81 $ 8 $ 81

The following table provides a rollforward of investments classified as level 3:

Three months ended Nine months ended

September 28, September 28,

(In millions) 2024 2024

Beginning balance $ — $ —

Purchases 26 26

Ending balance $ 26 $ 26

Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

(In millions) June 29, 2024 December 31, 2023

(In millions) September 28, 2024 December 31, 2023

Notional amount

Cross-currency interest rate swaps designated as net investment hedge - euro $ 1,000 $ 1,000

5 unchanged sentences

Fair value – assets Fair value – liabilities

June 29, December 31, June 29, December 31,

September 28, December 31, September 28, December 31,

(In millions) 2024 2023 2024 2023

7 unchanged sentences

(b) The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Gain (loss) recognized

Three months ended Six months ended

June 29, July 1, June 29, July 1,

Three months ended Nine months ended

September 28, September 30, September 28, September 30,

(In millions) 2024 2023 2024 2023

2 unchanged sentences

Amount reclassified from accumulated other comprehensive items to interest expense $ ( 1 ) $ ( 1 ) $ ( 3 ) $ ( 6 )

Amount reclassified from accumulated other comprehensive items to other income/(expense) — ( 1 ) — ( 5 )

Financial instruments designated as net investment hedges

6 unchanged sentences

Included in interest expense

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

1 unchanged sentence

Included in cost of product revenues

( 6 ) 2 1 ( 1 )

Included in other income/(expense)

7 unchanged sentences

The carrying value and fair value of the company’s debt instruments are as follows:

June 29, 2024 December 31, 2023

September 28, 2024 December 31, 2023

Carrying Fair Carrying Fair

4 unchanged sentences

The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental Cash Flow Information

Six months ended

(In millions) June 29, 2024 July 1, 2023

Nine months ended

(In millions) September 28, 2024 September 30, 2023

Non-cash investing and financing activities

4 unchanged sentences

Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:

(In millions) June 29, 2024 December 31, 2023

(In millions) September 28, 2024 December 31, 2023

Cash and cash equivalents $ 4,645 $ 8,077

2 unchanged sentences

Cash, cash equivalents and restricted cash $ 4,670 $ 8,097

Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees, pension related deposits, and incoming cash in China awaiting government administrative clearance.

Restructuring and Other Costs

In the first six months of 2024, restructuring and other costs 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 the first nine months of 2024, restructuring and other costs 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.

As of August 2, 2024, the company has identified restructuring actions that will result in additional charges of approximately $ 80 million, primarily in 2024, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred.

As of November 1, 2024, the company has identified restructuring actions that it expects will result in additional charges of approximately $ 310 million, primarily in 2024, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred.

Restructuring and other costs by segment are as follows:

Three months ended Six months ended

(In millions) June 29, 2024 June 29, 2024

Three months ended Nine months ended

(In millions) September 28, 2024 September 28, 2024

Life Sciences Solutions

6 unchanged sentences

Balance at December 31, 2023 $ 60

Net restructuring charges incurred in 2024 (b)

Currency translation

Balance at June 29, 2024 $ 49

Net restructuring charges incurred in 2024 (b) (c)

Balance at September 28, 2024 $ 53

(a) The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.

(b) Excludes $ 74 million of net charges, principally $ 54 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments.

(c) Excludes $ 13 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 $ 6 million attributable to a noncontrolling interest.

The company expects to pay accrued restructuring costs primarily through 2024.

1 unchanged sentence

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.

What changed 10-Q

Item 1. Financial Statements