THERMO FISHER SCIENTIFIC INC., 10-K filed on 2/22/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Feb. 03, 2024
Jun. 30, 2023
Entity Listings [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-8002    
Entity Registrant Name THERMO FISHER SCIENTIFIC INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 04-2209186    
Entity Address, Address Line One 168 Third Avenue    
Entity Address, City or Town Waltham    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02451    
City Area Code 781    
Local Phone Number 622-1000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 201,176,616
Entity Common Stock, Shares Outstanding   381,312,268  
Documents Incorporated by Reference [Text Block] Sections of Thermo Fisher’s definitive Proxy Statement for the 2024 Annual Meeting of Shareholders (the “Proxy Statement”) are incorporated by reference into Part III of this report.    
Entity Central Index Key 0000097745    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Common Stock, $1.00 par value      
Entity Listings [Line Items]      
Title of 12(b) Security Common Stock, $1.00 par value    
Entity Stock Trading Symbol TMO    
Security Exchange Name NYSE    
0.750% Notes due 2024      
Entity Listings [Line Items]      
Title of 12(b) Security 0.750% Notes due 2024    
Entity Stock Trading Symbol TMO 24A    
Security Exchange Name NYSE    
0.125% Notes due 2025      
Entity Listings [Line Items]      
Title of 12(b) Security 0.125% Notes due 2025    
Entity Stock Trading Symbol TMO 25B    
Security Exchange Name NYSE    
2.000% Notes due 2025      
Entity Listings [Line Items]      
Title of 12(b) Security 2.000% Notes due 2025    
Entity Stock Trading Symbol TMO 25    
Security Exchange Name NYSE    
3.200% Notes due 2026      
Entity Listings [Line Items]      
Title of 12(b) Security 3.200% Notes due 2026    
Entity Stock Trading Symbol TMO 26B    
Security Exchange Name NYSE    
1.400% Notes due 2026      
Entity Listings [Line Items]      
Title of 12(b) Security 1.400% Notes due 2026    
Entity Stock Trading Symbol TMO 26A    
Security Exchange Name NYSE    
1.450% Notes due 2027      
Entity Listings [Line Items]      
Title of 12(b) Security 1.450% Notes due 2027    
Entity Stock Trading Symbol TMO 27    
Security Exchange Name NYSE    
1.750% Notes due 2027      
Entity Listings [Line Items]      
Title of 12(b) Security 1.750% Notes due 2027    
Entity Stock Trading Symbol TMO 27B    
Security Exchange Name NYSE    
0.500% Notes due 2028      
Entity Listings [Line Items]      
Title of 12(b) Security 0.500% Notes due 2028    
Entity Stock Trading Symbol TMO 28A    
Security Exchange Name NYSE    
1.375% Notes due 2028      
Entity Listings [Line Items]      
Title of 12(b) Security 1.375% Notes due 2028    
Entity Stock Trading Symbol TMO 28    
Security Exchange Name NYSE    
1.950% Notes due 2029      
Entity Listings [Line Items]      
Title of 12(b) Security 1.950% Notes due 2029    
Entity Stock Trading Symbol TMO 29    
Security Exchange Name NYSE    
0.875% Notes due 2031      
Entity Listings [Line Items]      
Title of 12(b) Security 0.875% Notes due 2031    
Entity Stock Trading Symbol TMO 31    
Security Exchange Name NYSE    
2.375% Notes due 2032      
Entity Listings [Line Items]      
Title of 12(b) Security 2.375% Notes due 2032    
Entity Stock Trading Symbol TMO 32    
Security Exchange Name NYSE    
3.650% Notes due 2034      
Entity Listings [Line Items]      
Title of 12(b) Security 3.650% Notes due 2034    
Entity Stock Trading Symbol TMO 34    
Security Exchange Name NYSE    
2.875% Notes due 2037      
Entity Listings [Line Items]      
Title of 12(b) Security 2.875% Notes due 2037    
Entity Stock Trading Symbol TMO 37    
Security Exchange Name NYSE    
1.500% Notes due 2039      
Entity Listings [Line Items]      
Title of 12(b) Security 1.500% Notes due 2039    
Entity Stock Trading Symbol TMO 39    
Security Exchange Name NYSE    
1.875% Notes due 2049      
Entity Listings [Line Items]      
Title of 12(b) Security 1.875% Notes due 2049    
Entity Stock Trading Symbol TMO 49    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Boston, Massachusetts
v3.24.0.1
Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 8,077 $ 8,524
Accounts receivable, less allowances of $193 and $189 8,221 8,115
Inventories 5,088 5,634
Contract assets, net 1,443 1,312
Other current assets 1,760 1,644
Total current assets 24,589 25,229
Property, plant and equipment, net 9,448 9,280
Acquisition-related intangible assets, net 16,670 17,442
Other assets 3,999 4,007
Goodwill 44,020 41,196
Total assets 98,726 97,154
Current liabilities:    
Short-term obligations and current maturities of long-term obligations 3,609 5,579
Accounts payable 2,872 3,381
Accrued payroll and employee benefits 1,596 2,095
Contract liabilities 2,689 2,601
Other accrued expenses 3,246 3,354
Total current liabilities 14,012 17,010
Deferred income taxes 1,922 2,849
Other long-term liabilities 4,642 4,238
Long-term obligations 31,308 28,909
Commitments and Contingencies
Redeemable noncontrolling interest 118 116
Thermo Fisher Scientific Inc. shareholders’ equity:    
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 442,188,634 and 440,668,112 shares issued 442 441
Capital in excess of par value 17,286 16,743
Retained earnings 47,364 41,910
Treasury stock at cost, 55,541,290 and 50,157,275 shares (15,133) (12,017)
Accumulated other comprehensive income/(loss) (3,224) (3,099)
Total Thermo Fisher Scientific Inc. shareholders’ equity 46,735 43,978
Noncontrolling interests (11) 54
Total equity 46,724 44,032
Total liabilities, redeemable noncontrolling interest and equity $ 98,726 $ 97,154
v3.24.0.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accounts Receivable Allowances $ 193 $ 189
Preferred Stock, $100 Par Value - Par Value (in dollars per share) $ 100 $ 100
Preferred Stock, $100 Par Value - Shares Authorized (in shares) 50,000 50,000
Preferred Stock, $100 Par Value - Shares Issued (in shares) 0 0
Common Stock, $1 Par Value - Par Value (in dollars per share) $ 1 $ 1
Common Stock, $1 Par Value - Shares Authorized (in shares) 1,200,000,000 1,200,000,000
Common Stock, $1 Par Value - Shares Issued (in shares) 442,188,634 440,668,112
Treasury Stock at Cost (in shares) 55,541,290 50,157,275
v3.24.0.1
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Revenues $ 42,857 $ 44,915 $ 39,211
Costs and operating expenses:      
Selling, general and administrative expenses 8,445 8,993 8,007
Research and development expenses 1,337 1,471 1,406
Restructuring and other costs 459 114 197
Total costs and operating expenses 35,998 36,522 29,183
Operating income 6,859 8,393 10,028
Interest income 879 272 43
Interest expense (1,375) (726) (536)
Other income/(expense) (65) (104) (694)
Income before income taxes 6,298 7,835 8,841
Provision for income taxes (284) (703) (1,109)
Equity in earnings/(losses) of unconsolidated entities (59) (172) (4)
Net income 5,955 6,960 7,728
Less: net (losses) income attributable to noncontrolling interests and redeemable noncontrolling interest (40) 10 3
Net income attributable to Thermo Fisher Scientific Inc. $ 5,995 $ 6,950 $ 7,725
Earnings per share attributable to Thermo Fisher Scientific Inc.      
Basic (in dollars per share) $ 15.52 $ 17.75 $ 19.62
Diluted (in dollars per share) $ 15.45 $ 17.63 $ 19.46
Weighted average shares      
Basic (in shares) 386 392 394
Diluted (in shares) 388 394 397
Product revenues      
Revenues      
Revenues $ 25,243 $ 28,548 $ 30,361
Costs and operating expenses:      
Cost of revenues 13,168 14,247 13,594
Service revenues      
Revenues      
Revenues 17,614 16,367 8,850
Costs and operating expenses:      
Cost of revenues $ 12,589 $ 11,697 $ 5,979
v3.24.0.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Comprehensive income      
Net income $ 5,955 $ 6,960 $ 7,728
Currency translation adjustment:      
Currency translation adjustment (net of tax provision (benefit) of $(134), $173 and $231) (69) (822) 373
Unrealized gains and losses on hedging instruments:      
Reclassification adjustment for losses included in net income (net of tax benefit of $2, $1 and $17) 5 2 56
Pension and other postretirement benefit liability adjustments:      
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of $(22), $9 and $11) (69) 38 36
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $1, $3 and $6) 0 5 13
Total other comprehensive income/(loss) (133) (777) 478
Comprehensive income 5,822 6,183 8,206
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (48) 3 2
Comprehensive income attributable to Thermo Fisher Scientific Inc. $ 5,870 $ 6,180 $ 8,204
v3.24.0.1
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Tax provision (benefit) on currency translation adjustment $ (134) $ 173 $ 231
Tax benefit on reclassification adjustment for losses on hedging instruments recognized in net income 2 1 17
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period (22) 9 11
Tax benefit on amortization of net loss and prior service benefit included in net periodic pension cost $ 1 $ 3 $ 6
v3.24.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 5,955 $ 6,960 $ 7,728
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 1,068 986 831
Amortization of acquisition-related intangible assets 2,338 2,395 1,761
Change in deferred income taxes (1,300) (995) (647)
Stock-based compensation 278 307 230
Loss on early extinguishment of debt 0 26 767
Other non-cash expenses 604 524 190
Changes in assets and liabilities, excluding the effects of acquisitions:      
Accounts receivable (43) (430) (204)
Inventories 598 (825) (1,065)
Contract assets/liabilities 252 (354) 221
Accounts payable (500) 648 479
Contributions to retirement plans (42) (41) (34)
Other (802) (47) (945)
Net cash provided by operating activities 8,406 9,154 9,312
Investing activities      
Acquisitions, net of cash acquired (3,660) (39) (19,395)
Purchase of property, plant and equipment (1,479) (2,243) (2,523)
Proceeds from sale of property, plant and equipment 87 24 20
Proceeds from cross-currency interest rate swap interest settlements 70 15 8
Other investing activities, net (160) 84 (42)
Net cash used in investing activities (5,142) (2,159) (21,932)
Financing activities      
Net proceeds from issuance of debt 5,942 3,193 18,137
Repayment of debt (5,782) (375) (11,738)
Proceeds from issuance of commercial paper 1,620 1,526 2,512
Repayments of commercial paper (1,935) (3,690) 0
Purchases of company common stock (3,000) (3,000) (2,000)
Dividends paid (523) (455) (395)
Other financing activities, net 56 (9) 65
Net cash (used in) provided by financing activities (3,622) (2,810) 6,581
Exchange rate effect on cash (82) (139) 194
(Decrease) increase in cash, cash equivalents and restricted cash (440) 4,046 (5,845)
Cash, cash equivalents and restricted cash at beginning of year 8,537 4,491 10,336
Cash, cash equivalents and restricted cash at end of year $ 8,097 $ 8,537 $ 4,491
v3.24.0.1
Consolidated Statement of Redeemable Noncontrolling Interest and Equity - USD ($)
$ in Millions
Total
Total Thermo Fisher Scientific Inc. Shareholders’ Equity
Common Stock, $1.00 par value
Capital in Excess of Par Value
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Items
Noncontrolling Interests
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 $ 0              
Redeemable Noncontrolling Interest [Roll Forward]                
Recognition upon acquisition 122              
Net income/(loss) 1              
Other comprehensive income/(loss) (1)              
Redeemable noncontrolling interest, ending balance at Dec. 31, 2021 122              
Balance (in shares) at Dec. 31, 2020     437,000,000          
Balance at Dec. 31, 2020 34,517 $ 34,507 $ 437 $ 15,579 $ 28,116 $ (6,818) $ (2,807) $ 10
Balance, treasury stock (in shares) at Dec. 31, 2020           40,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under employees' and directors' stock plans (in shares)     2,000,000     1,000,000    
Issuance of shares under stock plans 222 222 $ 2 324   $ (104)    
Stock-based compensation 230 230   230        
Purchases of company common stock (in shares)           4,000,000    
Purchases of company common stock (2,000) (2,000)       $ (2,000)    
Dividends declared (410) (410)     (410)      
Net income/(loss) 7,727 7,725     7,725     2
Total other comprehensive income/(loss) 478 478         478  
Contributions from (distributions to) noncontrolling interests 50             50
Excise tax from stock repurchases 0              
Other 41 41   41        
Balance (in shares) at Dec. 31, 2021     439,000,000          
Balance at Dec. 31, 2021 40,855 40,793 $ 439 16,174 35,431 $ (8,922) (2,329) 62
Balance, treasury stock (in shares) at Dec. 31, 2021           45,000,000    
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 15              
Other comprehensive income/(loss) (6)              
Contributions from (distributions to) noncontrolling interests (15)              
Redeemable noncontrolling interest, ending balance at Dec. 31, 2022 116              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under employees' and directors' stock plans (in shares)     2,000,000          
Issuance of shares under stock plans 169 169 $ 2 262   $ (95)    
Stock-based compensation 307 307   307        
Purchases of company common stock (in shares)           5,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (471) (471)     (471)      
Net income/(loss) 6,945 6,950     6,950     (5)
Total other comprehensive income/(loss) (771) (770)         (770) (1)
Contributions from (distributions to) noncontrolling interests (2)             (2)
Excise tax from stock repurchases 0              
Balance (in shares) at Dec. 31, 2022     441,000,000          
Balance at Dec. 31, 2022 $ 44,032 43,978 $ 441 16,743 41,910 $ (12,017) (3,099) 54
Balance, treasury stock (in shares) at Dec. 31, 2022 50,157,275         50,000,000    
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) $ 19              
Other comprehensive income/(loss) (3)              
Contributions from (distributions to) noncontrolling interests (14)              
Redeemable noncontrolling interest, ending balance at Dec. 31, 2023 118              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under employees' and directors' stock plans (in shares)     1,000,000     1,000,000    
Issuance of shares under stock plans 178 178 $ 1 265   $ (88)    
Stock-based compensation 278 278   278        
Purchases of company common stock (in shares)           5,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (541) (541)     (541)      
Net income/(loss) 5,936 5,995     5,995     (59)
Total other comprehensive income/(loss) (130) (125)         (125) (5)
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases (28) (28)       (28)    
Balance (in shares) at Dec. 31, 2023     442,000,000          
Balance at Dec. 31, 2023 $ 46,724 $ 46,735 $ 442 $ 17,286 $ 47,364 $ (15,133) $ (3,224) $ (11)
Balance, treasury stock (in shares) at Dec. 31, 2023 55,541,290         56,000,000    
v3.24.0.1
Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared per common share (in dollars per share) $ 1.40 $ 1.20 $ 1.04
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.
Principles of Consolidation
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. At December 31, 2023 and 2022, the company had such investments with carrying amounts of $489 million and $369 million, respectively. The company has elected the fair value option of accounting for certain of its investments with readily determinable fair values that would otherwise be accounted for under the equity method. At December 31, 2023 and 2022, the fair value of such investments was $5 million and $7 million, respectively.
Redeemable Noncontrolling Interest
The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at a premium upon the occurrence of certain events.
Presentation
Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Revenue Recognition
Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.
Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date. However, some modifications are distinct from existing services provided under the contract and recognized prospectively.
Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.
Contract-related Balances
Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.
Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.
Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.
Warranty Obligations
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.
Leases
Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.
Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.
Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.
As a lessee, the company accounts for the lease and non-lease components as a single lease component.
Research and Development
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.
Restructuring Costs
Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of
an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.
From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to provide economic benefits to the company. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period.
Income Taxes
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused.
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money.
Earnings per Share
Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units.
Cash and Cash Equivalents
Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value.
Inventories
Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. As discussed below, prior to the third quarter of 2021 certain of the company's businesses utilized the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows:
December 31,December 31,
(In millions)20232022
Raw materials$2,057 $2,405 
Work in process705 660 
Finished goods2,326 2,569 
Inventories$5,088 $5,634 
Prior to the third quarter of 2021, certain of the company’s businesses utilized the LIFO method of accounting for inventories. During the third quarter of 2021, these businesses, which comprised approximately 5% of consolidated inventories, changed from the LIFO method to the FIFO method. The company believes this change is preferable as it will provide a consistent, uniform costing method for all inventories across the company, better reflect the current value of inventories, and improve comparability with peers. Prior financial statements have not been retrospectively adjusted due to immateriality. The cumulative pre-tax effect of this change in accounting principle of $33 million was recorded as an increase to inventories and a decrease to cost of product revenues in the third quarter of 2021. This change was recorded in the Laboratory Products and Biopharma
Services ($20 million) and Specialty Diagnostics ($13 million) segments. Reductions to cost of revenues as a result of the liquidation of LIFO inventories were nominal during the first half of 2021.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following:
December 31,December 31,
(In millions)20232022
Land$458 $454 
Buildings and improvements3,593 3,153 
Machinery, equipment and leasehold improvements9,235 7,967 
Construction in progress2,238 2,695 
Property, plant and equipment, at cost15,524 14,269 
Less: Accumulated depreciation and amortization6,076 4,989 
Property, plant and equipment, net$9,448 $9,280 
Acquisition-related Intangible Assets
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company reviews these intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.
In addition, the company has tradenames that have indefinite lives and which are not amortized. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. The company may perform an optional qualitative assessment. If the company determines that the fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount, no additional testing is necessary. If not, or if the company bypasses the optional qualitative assessment, it writes the carrying value down to the fair value, if applicable.
Acquisition-related intangible assets are as follows:
Balance at December 31, 2023Balance at December 31, 2022
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$22,762 $(9,410)$13,352 $21,792 $(8,330)$13,462 
Product technology
5,894 (4,591)1,303 5,882 (4,360)1,522 
Tradenames
1,634 (1,079)555 1,635 (1,008)627 
Backlog
1,084 (859)225 1,038 (442)596 
31,374 (15,939)15,435 30,347 (14,140)16,207 
Indefinite lived:
Tradenames
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(15,939)$16,670 $31,582 $(14,140)$17,442 
The estimated future amortization expense of acquisition-related intangible assets with definite lives as of December 31, 2023 is as follows:
(In millions)
2024 $1,931 
2025 1,630 
2026 1,460 
2027 1,430 
2028 1,398 
2029 and thereafter7,586 
Estimated future amortization expense of definite-lived intangible assets$15,435 
Other Assets
Other assets in the accompanying balance sheet include operating lease right-of-use assets, investments, deferred tax assets, pension assets, insurance recovery receivables related to product liability matters, certain intangible assets and other assets.
At December 31, 2023 and 2022, the company had $37 million and $36 million, respectively, of intangible assets not derived from acquisitions, net of accumulated amortization, which are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years.
Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments. At December 31, 2023 and 2022, the company had such investments with carrying amounts of $12 million and $55 million, respectively, and investments measured at NAV of $28 million and $22 million, respectively, which are included in other assets.
Goodwill
The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2023, 2022 or 2021.
The changes in the carrying amount of goodwill by segment are as follows:
(In millions)Life Sciences
Solutions		Analytical
Instruments		Specialty
Diagnostics		Laboratory
Products and
Biopharma Services		Total
Balance at December 31, 2021
$10,143 $5,043 $3,277 $23,461 $41,924 
Acquisitions
— 24 — — 24 
Finalization of purchase price allocations for 2021 acquisitions
9 — — 168 177 
Currency translation
(6)(102)(186)(635)(929)
Balance at December 31, 2022
10,146 4,965 3,091 22,994 41,196 
Acquisitions
— 31 1,741 627 2,399 
Currency translation
5 55 91 274 425 
Balance at December 31, 2023
$10,151 $5,051 $4,923 $23,895 $44,020 
Loss Contingencies
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Certain liabilities acquired in acquisitions have been recorded at readily determinable fair values and, as such, were discounted to present value at the dates of acquisition.
Currency Translation
All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period. Currency transaction gains/(losses) are included in the accompanying statement of income and in aggregate were $(67) million, $62 million and $25 million in 2023, 2022 and 2021, respectively.
Derivative Contracts
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive items until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings.
The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. 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. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive items and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.
Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings.
Net investment hedges. The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.
Government Assistance
From time to time, the company receives assistance from various governmental agencies generally in the form of cash or non-income tax credits. These programs help offset the costs of certain research and development activities, facility construction and expansion efforts, or hiring objectives. When the company believes that it is probable that it will meet the conditions tied to the assistance, it offsets the associated expense in the consolidated income statement. Such amounts were not material to the consolidated financial statements as of and for the years ended December 31, 2023 and 2022.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionEffective date for Thermo Fisher and adoption approachImpact of adoption or other significant matters
Standards recently adopted
Accounting Standards Update (ASU) No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments
Amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. Third quarter of 2021 using a prospective methodNot material
ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
New guidance to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model.
Fourth quarter of 2022 using a prospective method
Not material
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 using a prospective method
Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures
Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 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 methodWill increase disclosures in Note 8
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.
Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.
2023
On January 3, 2023, the company acquired, within the Specialty Diagnostics segment, The Binding Site Group, a U.K.-based provider of specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma. The goodwill recorded as a result of this business combination is not tax deductible.
On August 14, 2023, the company acquired, within the Laboratory Products and Biopharma Services segment, CorEvitas, LLC, a U.S.-based provider of regulatory-grade, real-world evidence for approved medical treatments and therapies. The acquisition expands the segment’s portfolio with the addition of highly complementary real-world evidence solutions to enhance decision-making as well as the time and cost of drug development. The goodwill recorded as a result of this business combination is not tax deductible.
The components of the purchase price and net assets acquired are as follows:
(In millions)The Binding SiteCorEvitas
Purchase price
Cash paid
$2,412 $730 
Debt settled
307 184 
Cash acquired
(20)(4)
$2,699 $910 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$868 $260 
Product technology
162 47 
Tradenames
42 — 
Backlog— 46 
Goodwill
1,741 627 
Net tangible assets
174 (2)
Deferred tax assets (liabilities)
(288)(68)
$2,699 $910 
In addition, in 2023, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Raman-based spectroscopy solutions for in-line measurement.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2023 are 18 years for customer relationships, 14 years for product technology, 15 years for tradenames, and 13 years for backlog. The weighted-average amortization period for definite-lived intangible assets acquired in 2023 is 17 years.
Proposed Acquisition
On October 17, 2023, the company entered into a purchase agreement to acquire all of the issued and outstanding shares of Olink Holding AB (publ) at a price of $26.00 per share, or approximately $3.1 billion. Olink is a leading provider of next-generation proteomics solutions that will expand the company’s capabilities in this field. The company has commenced a tender offer to acquire all of the American Depositary Shares and common shares of Olink. The transaction is expected to close by mid-year 2024, subject to the satisfaction of customary closing conditions including receipt of applicable regulatory approvals, and completion of the tender offer. Upon completion, Olink will become part of the Life Sciences Solutions segment. The company intends to finance the purchase price with cash on hand and the net proceeds from issuances of debt.
2022
In 2022, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Fourier-transform infrared gas analysis technologies.
2021
On January 15, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, the Belgium-based European viral vector manufacturing business of Groupe Novasep SAS. The European viral vector manufacturing business provides manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers. The acquisition expands the segment’s capabilities for cell and gene vaccines and therapies. The goodwill recorded as a result of this business combination is not tax deductible.
On February 25, 2021, the company acquired, within the Life Sciences Solutions segment, Mesa Biotech, Inc., a U.S.-based molecular diagnostic company. Mesa Biotech has developed and commercialized a polymerase chain reaction (PCR) based rapid point-of-care testing platform available for detecting infectious diseases including COVID-19. The acquisition enables the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care. The goodwill recorded as a result of this business combination is not tax deductible.
On September 30, 2021, the company assumed operating responsibility, within the Laboratory Products and Biopharma Services segment, of a new state-of-the-art biologics manufacturing facility in Lengnau, Switzerland from CSL Limited to perform pharma services for CSL with capacity to serve other customers as well. The goodwill recorded as a result of this business combination is not tax deductible.
On December 8, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, PPD, Inc., a U.S.-based global provider of clinical research services to the pharma and biotech industry. The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process. The goodwill recorded as a result of this business combination is not tax deductible.
On December 30, 2021, the company acquired, within the Life Sciences Solutions segment, PeproTech, Inc., a U.S.-based developer and manufacturer of recombinant proteins. PeproTech provides bioscience reagents known as recombinant proteins, including cytokines and growth factors. The acquisition expands the segment’s bioscience offerings. The goodwill recorded as a result of this business combination is not tax deductible.
In addition, in 2021, the company acquired, within the Life Sciences Solutions segment, cell sorting technology assets, an Ireland-based life sciences distributor and a developer of a digital PCR platform; within the Analytical Instruments segment, a Belgium-based developer of micro-chip based technology for liquid chromatography columns; and within the Specialty Diagnostics segment, a transplant diagnostics information system provider.
The components of the purchase price and net assets acquired for 2021 acquisitions are as follows:
(In millions)PPDPeproTechEuropean Viral Vector BusinessMesa BiotechLengnau biologics manufacturing facilityOther
Purchase price
Cash paid
$17,237 $1,946 $848 $421 $17 $298 
Fair value of equity awards exchanged
43 — — — — — 
Fair value of contingent consideration
— — — 65 1 117 
Cash acquired
(1,244)(83)(18)(14)— (12)
$16,036 $1,863 $830 $472 $18 $403 
Net assets acquired
Current assets
$2,477 $58 $39 $54 $— $12 
Property, plant and equipment
527 18 59 2 93 2 
Definite-lived intangible assets:
Customer relationships
6,257 510 302 — — 2 
Product technology
— 282 25 279 — 224 
Tradenames
594 — — 2 — 2 
Backlog1,038 — — — — — 
Goodwill
13,949 1,198 600 237 18 198 
Other assets
1,060 11 3 3 364 2 
Contract liabilities(1,539)— (59)— — (1)
Deferred tax assets (liabilities)
(1,782)(192)(80)(72)— (27)
Finance lease liabilities
(90)— (24)— (82)— 
Debt assumed
(4,299)— — — — — 
Other liabilities assumed
(2,034)(22)(35)(33)(375)(11)
Redeemable noncontrolling interest(122)— — — — — 
$16,036 $1,863 $830 $472 $18 $403 
During 2022, we finalized the allocations of the purchase price for the Lengnau biologics manufacturing facility, PPD, Inc. and PeproTech, Inc., largely with respect to definite-lived intangible assets, property, plant and equipment, contract liabilities, equity method investments, asset retirement obligations, defined benefit pension plans, assumed contingent consideration and the related deferred taxes. The adjustments to the income statement recorded during 2022 were not material.
The weighted-average amortization periods for definite-lived intangible assets acquired in 2021 are 17 years for customer relationships, 11 years for product technology, 7 years for tradenames and 3 years for backlog. The weighted average amortization period for all definite-lived intangible assets acquired in 2021 is 14 years.
Unaudited Pro Forma Information
The following unaudited pro forma information provides the effect of the company's 2021 acquisition of PPD as if the acquisition had occurred on January 1, 2020:
 Year Ended
 December 31,
(In millions)2021
Revenues$44,886 
Net income attributable to Thermo Fisher Scientific Inc.$7,369 
The historical consolidated financial information of the company and PPD has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the acquisitions and related financing arrangements and are factually supportable.
To reflect the acquisition of PPD as if it had occurred on January 1, 2020, the unaudited pro forma results include adjustments to reflect, among other things, the incremental intangible asset amortization to be incurred based on the values of each identifiable intangible asset and the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the company's historical statutory rates in effect for the respective periods. The unaudited pro forma amounts are not necessarily indicative of the combined results of operations that would have been realized had the acquisitions and related financings occurred on the aforementioned dates nor are they meant to be indicative of any anticipated combined results of operations that the company will experience after the transaction. In addition, the amounts do not include any adjustments for actions that may be taken following the completion of the transaction, such as expected cost savings, operating synergies, or revenue enhancements that may be realized subsequent to the transaction.
Pro forma net income attributable to Thermo Fisher Scientific Inc. for the year ended December 31, 2021, excludes $312 million of transaction costs, initial restructuring costs, and debt extinguishment costs directly attributable to the PPD acquisition that were included in the determination of net income attributable to Thermo Fisher Scientific Inc. for that period.
The company’s results would not have been materially different from its pro forma results had the company’s other 2021 acquisitions occurred at the beginning of 2020.
PPD’s revenues and losses attributable to Thermo Fisher Scientific Inc. in 2021, subsequent to the acquisition date, were $378 million and $(60) million, respectively. The loss includes non-recurring transaction and compensation costs.
v3.24.0.1
Revenue and Contract-related Balances
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue and Contract-related Balances Revenues and Contract-related Balances
Disaggregated Revenues
Revenues by type are as follows:
(In millions)202320222021
Revenues
Consumables
$17,597 $20,624 $22,608 
Instruments
7,646 7,924 7,753 
Services
17,614 16,367 8,850 
Consolidated revenues
$42,857 $44,915 $39,211 
Revenues by geographic region based on customer location are as follows:
(In millions)202320222021
Revenues
North America
$22,764 $24,594 $19,659 
Europe
10,741 10,762 11,134 
Asia-Pacific
7,873 8,115 7,218 
Other regions
1,479 1,444 1,200 
Consolidated revenues
$42,857 $44,915 $39,211 
Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data.
Remaining Performance Obligations
The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of December 31, 2023 was $26.92 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 53% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.
Contract-related Balances
Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheet, respectively. Contract asset and liability balances are as follows:
December 31,December 31,
(In millions)20232022
Current contract assets, net$1,443 $1,312 
Noncurrent contract assets, net4 7 
Current contract liabilities2,689 2,601 
Noncurrent contract liabilities1,499 1,179 
Substantially all of the current contract liabilities balance at December 31, 2022 and 2021 was recognized in revenues during 2023 and 2022, respectively. Noncurrent contract liabilities increased during 2023 primarily due to advanced payments from a customer.
v3.24.0.1
Business Segment and Geographical Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment and Geographical Information Business Segment and Geographical Information
The company’s financial performance is reported in four segments. A description of each segment follows.
Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of infection and disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
Analytical Instruments: provides a broad offering of instruments and the supporting consumables, software and services that are used for a range of applications in the laboratory and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.
Specialty Diagnostics: offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.
Laboratory Products and Biopharma Services: offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more innovative, productive and cost-efficient. The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing.
The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines as well as from significant litigation-related matters; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.
Business Segment Information
(In millions)202320222021
Revenues
Life Sciences Solutions
$9,977 $13,532 $15,631 
Analytical Instruments
7,263 6,624 6,069 
Specialty Diagnostics
4,405 4,763 5,659 
Laboratory Products and Biopharma Services
23,041 22,511 14,862 
Eliminations
(1,829)(2,515)(3,010)
Consolidated revenues
42,857 44,915 39,211 
Segment Income
Life Sciences Solutions
3,420 5,582 7,817 
Analytical Instruments
1,908 1,507 1,197 
Specialty Diagnostics
1,124 1,024 1,280 
Laboratory Products and Biopharma Services
3,358 2,872 1,844 
Subtotal reportable segments
9,810 10,985 12,138 
Cost of revenues adjustments
(95)(46)(8)
Selling, general and administrative expenses adjustments
(59)(37)(144)
Restructuring and other costs
(459)(114)(197)
Amortization of acquisition-related intangible assets
(2,338)(2,395)(1,761)
Consolidated operating income
6,859 8,393 10,028 
Interest income879 272 43 
Interest expense(1,375)(726)(536)
Other income/(expense)
(65)(104)(694)
Consolidated income before taxes
$6,298 $7,835 $8,841 
Depreciation
Life Sciences Solutions
$220 $214 $197 
Analytical Instruments
93 83 83 
Specialty Diagnostics
86 75 128 
Laboratory Products and Biopharma Services
669 614 423 
Consolidated depreciation
$1,068 $986 $831 
Cost of revenues charges 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 abandonments of product lines, and accelerated depreciation on fixed assets to estimated salvage value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of significant transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges related to product liability litigation.
(In millions)202320222021
Total assets
Life Sciences Solutions
$20,191 $21,848 $22,751 
Analytical Instruments
10,247 10,019 9,692 
Specialty Diagnostics
8,636 5,542 6,010 
Laboratory Products and Biopharma Services
51,091 51,281 52,639 
Corporate/other (a)
8,561 8,464 4,031 
Consolidated total assets
$98,726 $97,154 $95,123 
Capital expenditures
Life Sciences Solutions
$178 $490 $810 
Analytical Instruments
87 140 79 
Specialty Diagnostics
121 112 167 
Laboratory Products and Biopharma Services
1,013 1,403 1,327 
Corporate/other
80 98 140 
Consolidated capital expenditures
$1,479 $2,243 $2,523 
(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.
Geographical Information
(In millions)202320222021
Revenues (b)
United States
$22,013 $23,820 $18,907 
Other
20,844 21,095 20,304 
Consolidated revenues
$42,857 $44,915 $39,211 
Long-lived Assets (c)
United States
$6,352 $6,308 $5,578 
Other
4,652 4,565 4,286 
Consolidated long-lived assets
$11,004 $10,873 $9,864 
(b)Revenues are attributed to countries based on customer location.
(c)Includes property, plant and equipment, net, and operating lease ROU assets.
v3.24.0.1
Other Income/Expense
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Other Income/Expense Other Income/(Expense)
In all periods, other income/(expense) includes currency transaction gains/losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/income, excluding the service cost component, which is included in operating expenses on the accompanying statements of income. In 2023, other income/(expense) includes $46 million of net losses on investments.
In 2022, other income/(expense) includes $161 million of net losses on investments, $67 million of net gains on derivative instruments to address certain foreign currency risks, and $26 million of losses on the early extinguishment of debt (Note 10).
In 2021, other income/(expense) includes $767 million of losses on the early extinguishment of debt (Note 10), $36 million of financing costs associated with obtaining bridge financing commitments in connection with the agreement to acquire PPD (Note 2), offset in part by $66 million of net gains on investments. The company had a cash outlay of $36 million in 2021 associated with obtaining the bridge financing commitments, included in other financing activities, net, in the accompanying statement of cash flows.
v3.24.0.1
Stock-based Compensation Expense
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Expense Stock-based Compensation Expense
The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vesting. Grants of stock options and restricted units generally
provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment).
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.
Stock Options
The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate is calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 
202320222021
Expected stock price volatility
25 %26 %26 %
Risk free interest rate
4.2 %2.0 %0.8 %
Expected life of options (years)
4.74.74.3
Expected annual dividend
0.3 %0.2 %0.2 %
The weighted average per share grant-date fair values of options granted during 2023, 2022 and 2021 were $159.32, $135.07 and $123.97, respectively. The total intrinsic value of options exercised during the same periods was $320 million, $336 million and $501 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option.
A summary of the company’s option activity for the year ended December 31, 2023 is presented below:
Shares
(in millions)		Weighted average exercise priceWeighted average remaining contractual term
(in years)		Aggregate intrinsic
value
(in millions)
Outstanding at December 31, 2022
5.6 $359.27 
Granted
0.7 546.94 
Exercised
(1.0)218.82 
Canceled/expired
(0.3)543.25 
Outstanding at December 31, 2023
5.0 $401.30 3.9$714 
Vested and unvested expected to vest at December 31, 2023
4.8 $396.20 3.9$712 
Exercisable at December 31, 2023
2.8 $316.88 2.7$635 
As of December 31, 2023, there was $162 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2027 with a weighted average amortization period of 2.2 years.
Restricted Share/Unit Awards
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is
generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.
A summary of the company’s restricted unit activity for the year ended December 31, 2023 is presented below:
 Units
(in millions)		Weighted
average
grant-date
fair value
Unvested at December 31, 2022
0.7 $495.39 
Granted
0.4 545.73 
Vested
(0.4)480.45 
Forfeited
(0.1)528.59 
Unvested at December 31, 2023
0.6 $533.65 
The weighted average per share grant-date fair values of restricted units granted during 2022 and 2021 were $520.83 and $444.61, respectively. The total fair value of shares vested during 2023, 2022 and 2021 was $207 million, $163 million and $151 million, respectively.
As of December 31, 2023, there was $179 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2027 with a weighted average amortization period of 1.9 years.
Employee Stock Purchase Plans
Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s qualifying gross wages. The company issued 0.1 million, 0.2 million and 0.1 million shares, respectively, of its common stock in 2023, 2022 and 2021 under the employee stock purchase plan.
v3.24.0.1
Pension and Other Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans Pension and Other Postretirement Benefit Plans
401(k) Savings Plan and Other Defined Contribution Plans
The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions, and are based on formulas determined by the company. In 2023, 2022 and 2021, the company charged to expense $468 million, $402 million and $299 million, respectively, related to its defined contribution plans.
Defined Benefit Pension Plans
Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. Contributions to the plans included in the following table are estimated at between $30 million and $50 million for 2024.
The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)2023202220232022
Accumulated benefit obligation
$1,005 $995 $1,166 $1,016 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$995 $1,260 $1,069 $1,552 
Acquisitions
— — 15 51 
Service costs
— — 26 34 
Interest costs
47 27 42 20 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Actuarial (gains) losses
42 (210)65 (447)
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 57 (100)
Projected benefit obligation at end of year
$1,005 $995 $1,221 $1,069 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$937 $1,226 $868 $1,302 
Acquisitions— — 15 14 
Actual return on plan assets
84 (212)29 (347)
Employer contributions
5 5 36 36 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 49 (96)
Fair value of plan assets at end of year$947 $937 $944 $868 
Funded status
$(58)$(58)$(277)$(201)
Amounts recognized in balance sheet
Noncurrent assets
$— $— $65 $81 
Current liability
(6)(6)(11)(11)
Noncurrent liabilities
(52)(52)(331)(271)
Net amount recognized
$(58)$(58)$(277)$(201)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss
$217 $200 $151 $74 
Prior service credits
— — (5)(4)
Net amount recognized
$217 $200 $146 $70 
For domestic pension plans, actuarial losses experienced in 2023 were driven by decreases in the weighted average discount rates used to determine the projected benefit obligation, as well as differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns. For non-U.S. pension plans, actuarial losses experienced in 2023 were principally driven by decreases in the weighted average discount rates used to determine the projected benefit obligation.
For domestic pension plans, actuarial gains experienced in 2022 were driven by increases in the weighted average discount rates used to determine the projected benefit obligation, as well as differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns. For non-U.S. pension plans, actuarial gains experienced in 2022 were principally driven by increases in the weighted average discount rates used to determine the projected benefit obligation.
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2023 and 2022 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2023202220232022
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
4.82 %5.01 %3.47 %3.91 %
Interest crediting rate for cash balance plans
4.76 %4.96 %2.06 %2.19 %
Average rate of increase in employee compensation
N/AN/A2.64 %2.78 %
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:
 Domestic pension benefitsNon-U.S. pension benefits
 202320222021202320222021
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost
N/AN/AN/A3.62 %1.00 %0.65 %
Discount rate - interest cost
5.01 %2.70 %2.33 %3.95 %1.36 %0.80 %
Average rate of increase in employee compensation
N/AN/AN/A2.77 %2.73 %2.30 %
Expected long-term rate of return on assets
6.25 %4.75 %4.25 %4.33 %2.33 %2.02 %
The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.
The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.
The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$1,752 $1,636 
Fair value of plan assets
1,352 1,296 
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$1,695 $1,583 
Fair value of plan assets
1,349 1,294 
The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations.
The net periodic pension benefit cost (income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202320222021202320222021
Components of net benefit cost (income)
Service cost
$— $— $— $26 $34 $27 
Interest cost on benefit obligation
47 27 23 42 20 11 
Expected return on plan assets
(59)(45)(40)(37)(26)(19)
Amortization of actuarial net loss
— 4 7 2 7 12 
Amortization of prior service cost (benefit)
— — — (1)(1)— 
Settlement/curtailment loss (gain)
— — — 1 (2)— 
Net periodic benefit cost (income)
$(12)$(14)$(10)$33 $32 $31 
Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2023. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
(In millions)Domestic pension benefitsNon-U.S. pension benefits
Expected benefit payments
2024 $81 $52 
2025 79 55 
2026 80 59 
2027 79 60 
2028 79 65 
2029-2033374 354 
Domestic Pension Plan Assets
The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.
Non-U.S. Pension Plan Assets
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds,
multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 30% - 90% for fixed income funds, 0% - 40% for multi-asset funds, 0% - 4% for alternative investments, 0% - 4% for real estate funds and 0% - 45% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.
The fair values of the company’s plan assets at December 31, 2023 and 2022, by asset category are as follows:
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2023(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$93 $— $— $— $93 
International equity funds
93 — — — 93 
Fixed income funds
739 — — — 739 
Money market funds
22 — — — 22 
Total domestic pension plans
$947 $— $— $— $947 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
346 9 — — 337 
Multi-asset funds
66 — — — 66 
Derivative funds
184 — — — 184 
Alternative investments
1 — — — 1 
Insurance contracts
333 — 333 — — 
Real estate funds1 — — — 1 
Cash / money market funds
6 4 — — 2 
Total non-U.S. pension plans
$944 $13 $333 $— $598 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2022(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$89 $— $— $— $89 
International equity funds
91 — — — 91 
Fixed income funds
739 — — — 739 
Money market funds
18 — — — 18 
Total domestic pension plans$937 $— $— $— $937 
Non-U.S. pension plan assets
Equity funds
$8 $— $— $— $8 
Fixed income funds
299 — — — 299 
Multi-asset funds
56 — — — 56 
Derivative funds
190 — — — 190 
Insurance contracts
306 — 306 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans$868 $4 $306 $— $558 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 14). Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before provision for income taxes are as follows:
(In millions)202320222021
U.S.$2,431 $3,859 $3,340 
Non-U.S.3,867 3,976 5,501 
Income before income taxes
$6,298 $7,835 $8,841 
The components of the provision for income taxes are as follows:
(In millions)202320222021
Current income tax provision
Federal$228 $813 $446 
Non-U.S.1,206 633 1,148 
State150 254 160 
1,584 1,700 1,754 
Deferred income tax provision (benefit)
Federal$(551)$(611)$(227)
Non-U.S.(647)(314)(399)
State(102)(72)(19)
 (1,300)(997)(645)
Provision for income taxes
$284 $703 $1,109 
The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(In millions)202320222021
Statutory federal income tax rate
21 %21 %21 %
Provision for income taxes at statutory rate
$1,323 $1,645 $1,857 
Increases (decreases) resulting from:
Foreign rate differential
(223)(329)(255)
Income tax credits
(276)(202)(315)
Global intangible low-taxed income
113 96 76 
Foreign-derived intangible income
(108)(149)(119)
Excess tax benefits from stock options and restricted stock units
(69)(80)(124)
Provision for (reversal of) tax reserves, net
13 (544)(17)
Intra-entity transfers
(233)(18)(284)
Foreign exchange loss on inter-company debt refinancing
(112)— — 
Provision for (reversal of) valuation allowances, net
(32)344 36 
Withholding taxes
33 84 164 
Tax return reassessments and settlements
(187)(210)1 
State income taxes, net of federal tax70 111 82 
Other, net
(28)(45)7 
Provision for income taxes
$284 $703 $1,109 
The company has operations and a taxable presence in approximately 70 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate.
During 2023, the company released valuation allowances of $32 million in jurisdictions where the deferred tax assets are now expected to be realized. In 2023 the company also recorded a tax benefit of $127 million for U.S. tax credits and the revaluation of net operating loss carryforwards due to higher tax rates as a result of its tax return resubmissions, a $91 million tax benefit, net of related tax expenses, from a foreign exchange loss on an intercompany debt refinancing transaction, and $233 million of tax benefits resulting from intra-entity transactions.
During 2022, the company settled an IRS audit relating to the 2017 and 2018 tax years. The company recorded a $208 million net tax benefit primarily from this settlement and related impacts, which resulted in a decrease in the company’s unrecognized tax benefits of $658 million. The company recorded $49 million of charges for expired tax credits and other related components of the settlement. The company recorded a charge of $395 million to establish a valuation allowance against certain U.S. foreign tax credits which the company believes will more likely than not expire unutilized. The company also recorded $101 million of additional net unrecognized tax benefit liabilities related to other tax audits.
During 2021, the company recorded a $188 million income tax benefit related to the deferred tax implications of an intra-entity transfer of assets. Also in 2021, the company recorded a $96 million income tax benefit related to a capital loss resulting from certain intra-entity transactions.
The company generally receives a tax deduction upon the exercise of non-qualified stock options by employees, or the vesting of restricted stock units held by employees, for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The company uses the incremental tax benefit approach for utilization of tax attributes. These excess tax benefits reduce the tax provision. In 2023, 2022 and 2021, the company's tax provision was reduced by $69 million, $80 million and $124 million, respectively, of such benefits.
Net deferred tax asset/(liability) in the accompanying balance sheet consists of the following:
(In millions)20232022
Deferred tax asset/(liability)
Depreciation and amortization
$(4,286)$(4,277)
Net operating loss and credit carryforwards
2,385 1,951 
Reserves and accruals
157 140 
Accrued compensation
299 259 
Inventory basis difference
275 364 
Deferred interest753 445 
Research and development and other capitalized costs
380 220 
Unrealized (gains) losses on hedging instruments
(66)(199)
Other, net
329 435 
Deferred tax assets/(liabilities), net before valuation allowance
226 (662)
Less: Valuation allowance
1,317 1,322 
Deferred tax assets/(liabilities), net
$(1,091)$(1,984)
The company estimates the degree to which tax assets, losses and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2023, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.
The changes in the valuation allowance are as follows:
 Year Ended December 31,
(In millions)202320222021
Beginning balance
$1,322 $968 $933 
Additions (reductions) charged to income tax provision, net
(32)344 24 
Additions due to acquisitions
4 14 30 
Currency translation and other
23 (4)(19)
Ending balance$1,317 $1,322 $968 
At December 31, 2023, the company had net federal, state and non-U.S. net operating loss carryforwards of $70 million, $93 million and $1.42 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. Of the federal net operating loss carryforwards, $30 million expire in the years 2024 through 2037, and the remainder do not expire. Of the state net operating loss carryforwards, $83 million expire in the years 2024 through 2042, and the remainder do not expire. Of the net non-U.S. net operating loss carryforwards, $435 million expire in the years 2026 through 2043, and the remainder do not expire.
At December 31, 2023, the company had foreign tax credit carryforwards of $648 million and deferred interest carryforwards of $753 million. The foreign tax credit carryforwards will expire in the years 2025 through 2032. Of the deferred interest carryforwards, $149 million expire in the years 2025 through 2033 and the remainder do not expire.
U.S. federal taxes have been recorded on approximately $34 billion of undistributed foreign earnings as of December 31, 2023. A provision has not been made for certain U.S. state income taxes or additional non-U.S. taxes that would be due when cash is repatriated to the U.S. as the company’s undistributed foreign earnings are intended to be reinvested outside of the U.S. indefinitely. The determination of the amount of the unrecognized deferred tax liability related to the undistributed foreign earnings is not practicable due to the uncertainty in the manner in which these earnings will be distributed. The company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.
Unrecognized Tax Benefits
As of December 31, 2023, the company had $0.54 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)202320222021
Beginning balance
$572 $1,124 $1,091 
Additions due to acquisitions
— 15 26 
Additions for tax positions of current year
4 104 32 
Additions for tax positions of prior years
34 24 60 
Reductions for tax positions of prior years
(43)(659)(5)
Closure of tax years
(6)(4)(27)
Settlements
(21)(32)(53)
Ending balance
$540 $572 $1,124 
Substantially all of the unrecognized tax benefits are classified as long-term liabilities. The company does not expect its unrecognized tax benefits to change significantly over the next twelve months.
During 2023, the company’s unrecognized tax benefits decreased by $12 million as a result of uncertain tax positions relating to foreign tax positions and decreased $19 million relating to U.S. federal and state tax positions.
During 2022, the company’s unrecognized tax benefits increased by $143 million as a result of uncertain tax positions relating to foreign tax positions and decreased $610 million relating to U.S. federal and state tax positions which included $658 million from the settlement of the IRS audit of the 2017 and 2018 tax years. The company also assumed $15 million of uncertain tax benefits as part of the acquisition of PPD.
During 2021, the company’s unrecognized tax benefits increased by $80 million as a result of uncertain tax positions relating to foreign tax positions and decreased $75 million relating to U.S. federal and state tax positions. The company also assumed $26 million of uncertain tax benefits as part of the acquisition of PPD.
The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2023 and 2022 was $95 million and $74 million, respectively.
The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2012 and no longer subject to U.S. federal income tax examinations for years before 2019.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
(In millions except per share amounts)202320222021
Net income attributable to Thermo Fisher Scientific Inc.
$5,995 $6,950 $7,725 
Basic weighted average shares
386 392 394 
Plus effect of: stock options and restricted stock units
2 2 3 
Diluted weighted average shares
388 394 397 
Basic earnings per share
$15.52 $17.75 $19.62 
Diluted earnings per share
$15.45 $17.63 $19.46 
Antidilutive stock options excluded from diluted weighted average shares
2 2 1 
v3.24.0.1
Debt and Other Financing Arrangements
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt and Other Financing Arrangements Debt and Other Financing Arrangements
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202320232022
Commercial Paper$— $310 
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023
— 1,000 
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023
— 500 
0.797% 2-Year Senior Notes, Due 10/18/2023
— 1,350 
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)
— 1,819 
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)
— 589 
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
0.93 %1,104 1,071 
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024
— 500 
1.215% 3-Year Senior Notes, Due 10/18/2024
1.42 %2,500 2,500 
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)
0.41 %883 857 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
2.10 %706 686 
0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated)
1.05 %158 170 
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)
0.15 %607 589 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.39 %552 535 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.53 %773 749 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.19 %600 — 
5.000% 3-Year Senior Notes due 12/5/2026
5.00 %1,000 — 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.65 %552 535 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %662 642 
1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated)
1.18 %205 221 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202320232022
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %883 857 
0.77% 5-Year Senior Notes, Due 9/6/2028 (yen-denominated)
0.90 %206 — 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %662 642 
1.750% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes due 1/31/2029
5.00 %1,000 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %773 749 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated)
1.44 %33 36 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 — 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %1,932 1,873 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %993 963 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %662 642 
1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated)
1.60 %45 48 
4.95% 10-Year Senior Notes, Due 11/21/2032
5.09 %600 600 
5.086% 10-Year Senior Notes, Due 8/10/2033
5.20 %1,000 — 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.20 %1,656 1,606 
5.200% 10-Year Senior Notes due 1/31/2034
5.20 %500 — 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %828 803 
1.50% 12-Year Senior Notes, due 9/6/2035 (yen-denominated)
1.58 %152 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %773 749 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %993 963 
2.80% 20-Year Senior Notes, Due 10/15/2041
2.90 %1,200 1,200 
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
1.77 %1,380 1,339 
2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated)
2.13 %104 111 
5.404% 20-Year Senior Notes, due 8/10/2043
5.50 %600 — 
2.02% 20-Year Senior Notes, due 9/6/2043 (yen-denominated)
2.06 %206 — 
5.30% 30-Year Senior Notes, Due 2/1/2044
5.37 %400 400 
4.10% 30-Year Senior Notes, Due 8/15/2047
4.23 %750 750 
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
1.98 %1,104 1,071 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %828 803 
2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated)
2.43 %236 254 
Other 77 79 
Total borrowings at par value
35,028 34,561 
Unamortized discount
(113)(112)
Unamortized debt issuance costs
(188)(171)
Total borrowings at carrying value
34,727 34,278 
Finance lease liabilities
190 210 
Less: Short-term obligations and current maturities
3,609 5,579 
Long-term obligations$31,308 $28,909 
SOFR - Secured Overnight Financing Rate
EURIBOR - Euro Interbank Offered Rate
The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.
See Note 14 for fair value information pertaining to the company’s long-term borrowings.
As of December 31, 2023, the annual repayment requirements for debt obligations are as follows:
(In millions)BorrowingsFinance Lease Liabilities
2024 $3,604 $5 
2025 2,356 13 
2026 2,925 12 
2027 2,020 10 
2028 2,451 8 
2029 and thereafter21,672 142 
$35,028 $190 
In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $69 million as of December 31, 2023. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.
Credit Facilities
The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term SOFR, a EURIBOR-based rate (for funds drawn in euro) or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of December 31, 2023, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.
Commercial Paper Programs
The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis.
Senior Notes
Interest is payable quarterly on the floating rate senior notes, annually on the euro-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar, euro-denominated fixed rate senior notes and yen-denominated private placement notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest, together with swap breakage costs payable to holders of yen-denominated private placement notes who have entered into cross-currency swap agreements. The company is subject to certain affirmative and negative covenants under the indentures and note purchase agreement governing the senior notes, the most restrictive of which limits the ability of the company to pledge certain property and assets as security under borrowing arrangements. The company was in compliance with all covenants at December 31, 2023.
In 2022 the company completed the full allocation of an amount equal to the net proceeds from the 0.000% senior notes due 2025 to finance or refinance, in whole or in part, certain COVID-19 response projects.
In 2022, the company redeemed all of its 3.650% Senior Notes due 2025. In connection with the redemption, the company incurred $26 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying statement of income.
In 2021, the company redeemed some of its existing senior notes. In connection with these redemptions, the company incurred $767 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying statement of income. Upon redemption of the senior notes, the company terminated the related fixed to floating rate interest rate swap arrangements and received $22 million, included in other financing activities, net, in the accompanying statement of cash flows.
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 December 31, 2023, included in the table above (collectively, the “Euronotes”) in registered public offerings: the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
As a lessee, the company leases certain logistics, office, and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have remaining lease terms between 1 month and 30 years, and some include options to extend (generally for 1 to 10 years) or have options to terminate the arrangement within 1 year.
The company has guaranteed the residual value of three leased operating facilities with lease terms ending in 2024, 2025 and 2028. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 10). The aggregate maximum guarantee under these three lease arrangements is $147 million. Operating lease ROU assets and lease liabilities for these lease arrangements are recorded on the consolidated balance sheet as of December 31, 2023, but exclude any amounts for residual value guarantees.
As a lessee, the consolidated financial statements include the following relating to operating leases:
(Dollars in millions)202320222021
Statement of income
Operating lease costs
$355 $351 $254 
Variable lease costs
115 109 66 
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities$410 $289 $288 
Operating lease ROU assets obtained in exchange for new operating lease liabilities234 430 293 
Balance sheet
ROU assets - included in other assets$1,556 $1,593 
Operating lease liabilities - included in other accrued expenses263 272 
Operating lease liabilities - included in other long-term liabilities1,244 1,313 
Weighted average at end of year
Remaining operating lease term9.2 years9.4 years
Discount rate4.0 %3.2 %
Lease costs arising from finance leases, short-term leases, and sublease income are not material. See Note 10 for additional information relating to finance leases.
As of December 31, 2023, future payments of operating lease liabilities are as follows:
(In millions)
2024 $294 
2025 288 
2026 242 
2027 172 
2028 131 
2029 and thereafter723 
Total lease payments1,850 
Less: imputed interest
343 
Total operating lease liability$1,507 
As a lessor, operating leases, sales-type leases and direct financing leases are not material.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations
The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $2.53 billion at December 31, 2023, the majority of which are expected to be settled during 2024.
Letters of Credit, Guarantees and Other Commitments
Outstanding letters of credit and bank guarantees totaled $315 million at December 31, 2023. Substantially all of these letters of credit and guarantees expire before 2040.
Outstanding surety bonds and other guarantees totaled $93 million at December 31, 2023. The expiration of these bonds and guarantees ranges through 2025.
The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required.
The company has funding commitments totaling $164 million at December 31, 2023, related to investments.
The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits, however the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2023 was $24 million.
In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer.
Indemnifications
In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where probable, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications.
In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility,
the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations.
In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions.
Environmental Matters
The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including input from environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. At December 31, 2023, the company’s total environmental liability was approximately $75 million. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations and cash flows.
Litigation and Related Contingencies
The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, nor, with respect to certain pending litigation or claims where no liability has been accrued, make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed below, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows.
Product Liability, Workers Compensation and Other Personal Injury Matters
The company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2023, was approximately $222 million to $379 million. The company’s accrual for these matters totaled $224 million at December 31, 2023. The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $88 million at December 31, 2023 that are included in other assets in the accompanying balance sheet. In addition, as of December 31, 2023, the company had a product liability accrual of $20 million relating to divested businesses.
Although the company believes that the amounts accrued and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis.
v3.24.0.1
Comprehensive Income and Shareholders Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Comprehensive Income and Shareholders' Equity Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income (Loss)
Changes in each component of accumulated other comprehensive items, net of tax are as follows:
(In millions)Currency
translation
adjustment		Unrealized
losses on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2022$(2,880)$(33)$(186)$(3,099)
Other comprehensive income/(loss) before reclassifications
(69)— (69)(138)
Amounts reclassified from accumulated other comprehensive income/(loss)
8 5 — 13 
Net other comprehensive income/(loss)
(61)5 (69)(125)
Balance at December 31, 2023$(2,941)$(28)$(255)$(3,224)
Shareholders’ Equity
At December 31, 2023, the company had reserved 39 million unissued shares of its common stock for possible issuance under stock-based compensation plans.
Early in the first quarter of 2024, the company repurchased $3.00 billion of the company's common stock (5.5 million shares).
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements and Fair Value of Financial Instruments
Fair Value Measurements
The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2023. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in publicly traded securities, insurance contracts, investments in derivative contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration.
Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.
Level 3: Inputs are unobservable data points that are not corroborated by market data.
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2023(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,021 $5,021 $— $— 
Bank time deposits3 3 — — 
Investments
20 20 — — 
Insurance contracts
210 — 210 — 
Derivative contracts
8 — 8 — 
Total assets
$5,262 $5,044 $218 $— 
Liabilities
Derivative contracts
$290 $— $290 $— 
Contingent consideration
87 — — 87 
Total liabilities
$377 $— $290 $87 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2022(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,804 $5,804 $— $— 
Investments
25 25 — — 
Warrants
12 — 12 — 
Insurance contracts
162 — 162 — 
Derivative contracts
79 — 79 — 
Total assets
$6,082 $5,829 $253 $— 
Liabilities
Derivative contracts
$101 $— $101 $— 
Contingent consideration
174 — — 174 
Total liabilities
$275 $— $101 $174 
The company uses the Black-Scholes model to value its warrants. The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company initially measures the fair value of acquisition-related contingent consideration based on amounts expected to be transferred (probability-weighted) discounted to present value. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense.
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.
(In millions)20232022
Contingent consideration
Beginning balance
$174 $317 
Acquisitions (including assumed balances)
1 (18)
Payments
(63)(66)
Changes in fair value included in earnings
(25)(59)
Ending balance
$87 $174 
Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
December 31,December 31,
(In millions)20232022
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $900 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 1,200 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc2,500 — 
Currency exchange contracts
1,567 2,434 
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2023202220232022
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$5 $77 $287 $85 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
3 2 3 16 
Total derivatives
$8 $79 $290 $101 
(a)The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(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.
 Gain (loss) recognized
(In millions)202320222021
Fair value hedging relationships
Cross-currency interest rate swaps
Hedged long-term obligations - included in other income/(expense)
$— $77 $— 
Derivatives designated as hedging instruments - included in other income/(expense)
— (81)— 
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)
— — 25 
Derivatives designated as hedging instruments - included in other income/(expense)
— — (3)
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense
(4)— — 
Amount reclassified from accumulated other comprehensive items to other income/(expense)(3)(3)(73)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
(356)695 922 
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
(222)52 71 
Included in interest expense
120 19 8 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
1 6 12 
Included in other income/(expense)
(29)102 162 
Gains and losses recognized on currency exchange contracts and the interest rate swaps designated as fair value hedges are included in the accompanying statements of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions.
The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.
See Note 1 and Note 10 for additional information on the company’s risk management objectives and strategies.
Cash Flow Hedge Arrangements
During 2021, in connection with the extinguishment of debt (Note 10), the company reclassified $65 million from accumulated other comprehensive income/(loss) to other income/(expense).
Fair Value of Other Financial Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2023December 31, 2022
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$34,650 $32,191 $33,889 $29,901 
Commercial paper
— — 310 310 
Other
77 77 79 79 
$34,727 $32,268 $34,278 $30,290 
The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.
v3.24.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
(In millions)202320222021
Cash paid for:
Interest
$1,385 $667 $555 
Income taxes
1,482 1,234 2,182 
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
296 393 379 
Fair value of equity awards exchanged— — 43 
Fair value of acquisition contingent consideration— — 183 
Finance lease ROU assets obtained in exchange for new finance lease liabilities2 33 15 
Declared but unpaid dividends
137 119 104 
Issuance of stock upon vesting of restricted stock units
234 241 265 
Excise tax from stock repurchases28 — — 
Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:
 December 31,December 31,
(In millions)20232022
Cash and cash equivalents$8,077 $8,524 
Restricted cash included in other current assets6 12 
Restricted cash included in other assets14 1 
Cash, cash equivalents and restricted cash$8,097 $8,537 
Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.
v3.24.0.1
Restructuring and Other Costs
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Other Costs Restructuring and Other Costs
Restructuring and other costs in 2023 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2023, severance actions associated with facility consolidations and cost reduction measures affected approximately 5% of the company’s workforce.
Restructuring and other costs in 2022 primarily included impairment of long-lived assets and continuing charges for headcount reductions and facility consolidations in an effort to streamline operations. In 2022, severance actions associated with facility consolidations and cost reduction measures affected less than 2% of the company’s workforce.
Restructuring and other costs in 2021 primarily included charges for impairments of an acquired technology asset and a tradename asset, and, to a lesser extent, compensation due to employees at acquired businesses on the date of acquisition. In 2021, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.
As of February 22, 2024, the company has identified restructuring actions that will result in additional charges of approximately $70 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:
(In millions)202320222021
Life Sciences Solutions
$105 $30 $129 
Analytical Instruments
33 1 6 
Specialty Diagnostics
11 68 18 
Laboratory Products and Biopharma Services
295 12 35 
Corporate
15 3 9 
$459 $114 $197 
The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.
(In millions)Total (a)
Balance at December 31, 2020$21 
Net restructuring charges incurred in 2021 (b)
37 
Payments
(40)
Currency translation
(1)
Balance at December 31, 202117 
Net restructuring charges incurred in 2022 (c)
68 
Payments
(44)
Balance at December 31, 202241 
Net restructuring charges incurred in 2023 (d) (e)
194 
Payments
(175)
Balance at December 31, 2023$60 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $160 million of charges, principally $122 million for impairments of an acquired technology asset and a tradename asset in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments, principally resulting from a reduction in expected cash flows, and $35 million of charges for compensation contractually due to employees of acquired businesses at the date of acquisition in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.
(c)Excludes $46 million of net charges, primarily charges for impairment of long-lived assets in the Specialty Diagnostic segment.
(d)Excludes $264 million of net charges, principally $126 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and $19 million of net charges for pre-acquisition litigation and other matters in the Laboratory Products and Biopharma Services segment.
(e)Excludes $93 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $46 million attributable to a noncontrolling interest.
The company expects to pay accrued restructuring costs primarily through 2024.
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Michael A. Boxer [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 13, 2023, Michael A. Boxer, our senior vice president, general counsel, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Boxer’s plan is for the exercise of vested stock options and the associated sale of up to 20,566 shares of company common stock through December 13, 2024. The foregoing exercises or sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 13, 2024.
Name Michael A. Boxer  
Title senior vice president, general counsel  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 13, 2023  
Arrangement Duration 366 days  
Aggregate Available 20,566 20,566
Lisa P. Britt [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 12, 2023, Lisa P. Britt, our senior vice president, chief human resources officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Ms. Britt’s plan is for the exercise of vested stock options and the associated sale of up to 14,345 shares of company common stock through November 11, 2024. The foregoing exercises or sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 12, 2024.
Name Lisa P. Britt  
Title senior vice president, chief human resources officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 12, 2023  
Arrangement Duration 336 days  
Aggregate Available 14,345 14,345
Marc N. Casper [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 10, 2023, Marc N. Casper, our chairman, president and chief executive officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Casper’s plan is for the exercise of vested stock options
and the associated sale of up to 202,150 shares of company common stock through November 1, 2024. The foregoing exercises or sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 4, 2024.
Name Marc N. Casper  
Title chairman, president and chief executive officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 10, 2023  
Arrangement Duration 360 days  
Aggregate Available 202,150 202,150
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. At December 31, 2023 and 2022, the company had such investments with carrying amounts of $489 million and $369 million, respectively. The company has elected the fair value option of accounting for certain of its investments with readily determinable fair values that would otherwise be accounted for under the equity method. At December 31, 2023 and 2022, the fair value of such investments was $5 million and $7 million, respectively.
Redeemable Noncontrolling Interest
The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at a premium upon the occurrence of certain events.
Presentation
Presentation
Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Revenue Recognition
Revenue Recognition
Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.
Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date. However, some modifications are distinct from existing services provided under the contract and recognized prospectively.
Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.
Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.
Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.
Contract-related Balances
Contract-related Balances
Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.
Warranty Obligations
Warranty Obligations
The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.
Leases
Leases
Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.
Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.
Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option.
As a lessee, the company accounts for the lease and non-lease components as a single lease component.
Research and Development
Research and Development
The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.
Restructuring Costs
Restructuring Costs
Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of
an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.
From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to provide economic benefits to the company. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period.
Income Taxes
Income Taxes
The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused.
The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money.
Earnings per Share
Earnings per Share
Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value.
Inventories
Inventories
Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. As discussed below, prior to the third quarter of 2021 certain of the company's businesses utilized the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income.
Acquisition-related Intangible Assets
Acquisition-related Intangible Assets
Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company reviews these intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.
Investments Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments.
Goodwill
Goodwill
The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2023, 2022 or 2021.
Loss Contingencies
Loss Contingencies
Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Certain liabilities acquired in acquisitions have been recorded at readily determinable fair values and, as such, were discounted to present value at the dates of acquisition.
Currency Translation
Currency Translation
All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period.
Derivatives Contracts
Derivative Contracts
The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive items until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings.
The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. 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. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.
Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive items and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.
Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings.
Net investment hedges. The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.
Government Assistance
Government Assistance
From time to time, the company receives assistance from various governmental agencies generally in the form of cash or non-income tax credits. These programs help offset the costs of certain research and development activities, facility construction and expansion efforts, or hiring objectives. When the company believes that it is probable that it will meet the conditions tied to the assistance, it offsets the associated expense in the consolidated income statement. Such amounts were not material to the consolidated financial statements as of and for the years ended December 31, 2023 and 2022.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionEffective date for Thermo Fisher and adoption approachImpact of adoption or other significant matters
Standards recently adopted
Accounting Standards Update (ASU) No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments
Amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. Third quarter of 2021 using a prospective methodNot material
ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
New guidance to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model.
Fourth quarter of 2022 using a prospective method
Not material
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 using a prospective method
Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures
Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 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 methodWill increase disclosures in Note 8
Business Combinations
The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.
Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.
Stock-based Compensation Expense
Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.
Stock Options
The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility is calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate is calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.
Restricted Share/Unit Awards
Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is
generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.
Pension and Other Postretirement Benefit Plans
Defined Benefit Pension Plans
Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.
The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.
When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.
The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined.
The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.
The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.
The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.
The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.
Domestic Pension Plan Assets
The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.
Non-U.S. Pension Plan Assets
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds,
multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 30% - 90% for fixed income funds, 0% - 40% for multi-asset funds, 0% - 4% for alternative investments, 0% - 4% for real estate funds and 0% - 45% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Inventories The components of inventories are as follows:
December 31,December 31,
(In millions)20232022
Raw materials$2,057 $2,405 
Work in process705 660 
Finished goods2,326 2,569 
Inventories$5,088 $5,634 
Schedule of Property, Plant and Equipment Property, plant and equipment consists of the following:
December 31,December 31,
(In millions)20232022
Land$458 $454 
Buildings and improvements3,593 3,153 
Machinery, equipment and leasehold improvements9,235 7,967 
Construction in progress2,238 2,695 
Property, plant and equipment, at cost15,524 14,269 
Less: Accumulated depreciation and amortization6,076 4,989 
Property, plant and equipment, net$9,448 $9,280 
Schedule of Acquisition-related Intangible Assets
Acquisition-related intangible assets are as follows:
Balance at December 31, 2023Balance at December 31, 2022
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$22,762 $(9,410)$13,352 $21,792 $(8,330)$13,462 
Product technology
5,894 (4,591)1,303 5,882 (4,360)1,522 
Tradenames
1,634 (1,079)555 1,635 (1,008)627 
Backlog
1,084 (859)225 1,038 (442)596 
31,374 (15,939)15,435 30,347 (14,140)16,207 
Indefinite lived:
Tradenames
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(15,939)$16,670 $31,582 $(14,140)$17,442 
Schedule of Indefinite-Lived Acquisition-related Intangible Assets
Acquisition-related intangible assets are as follows:
Balance at December 31, 2023Balance at December 31, 2022
(In millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Definite lived:
Customer relationships
$22,762 $(9,410)$13,352 $21,792 $(8,330)$13,462 
Product technology
5,894 (4,591)1,303 5,882 (4,360)1,522 
Tradenames
1,634 (1,079)555 1,635 (1,008)627 
Backlog
1,084 (859)225 1,038 (442)596 
31,374 (15,939)15,435 30,347 (14,140)16,207 
Indefinite lived:
Tradenames
1,235 N/A1,235 1,235 N/A1,235 
Acquisition-related intangible assets
$32,609 $(15,939)$16,670 $31,582 $(14,140)$17,442 
Schedule of Future Amortization Expense
The estimated future amortization expense of acquisition-related intangible assets with definite lives as of December 31, 2023 is as follows:
(In millions)
2024 $1,931 
2025 1,630 
2026 1,460 
2027 1,430 
2028 1,398 
2029 and thereafter7,586 
Estimated future amortization expense of definite-lived intangible assets$15,435 
Schedule of Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill by segment are as follows:
(In millions)Life Sciences
Solutions		Analytical
Instruments		Specialty
Diagnostics		Laboratory
Products and
Biopharma Services		Total
Balance at December 31, 2021
$10,143 $5,043 $3,277 $23,461 $41,924 
Acquisitions
— 24 — — 24 
Finalization of purchase price allocations for 2021 acquisitions
9 — — 168 177 
Currency translation
(6)(102)(186)(635)(929)
Balance at December 31, 2022
10,146 4,965 3,091 22,994 41,196 
Acquisitions
— 31 1,741 627 2,399 
Currency translation
5 55 91 274 425 
Balance at December 31, 2023
$10,151 $5,051 $4,923 $23,895 $44,020 
Recent Accounting Pronouncements
The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.
StandardDescriptionEffective date for Thermo Fisher and adoption approachImpact of adoption or other significant matters
Standards recently adopted
Accounting Standards Update (ASU) No. 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments
Amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. Third quarter of 2021 using a prospective methodNot material
ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
New guidance to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model.
Fourth quarter of 2022 using a prospective method
Not material
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 using a prospective method
Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures
Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 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 methodWill increase disclosures in Note 8
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Components of Purchase Price
The components of the purchase price and net assets acquired are as follows:
(In millions)The Binding SiteCorEvitas
Purchase price
Cash paid
$2,412 $730 
Debt settled
307 184 
Cash acquired
(20)(4)
$2,699 $910 
Net assets acquired
Definite-lived intangible assets
Customer relationships
$868 $260 
Product technology
162 47 
Tradenames
42 — 
Backlog— 46 
Goodwill
1,741 627 
Net tangible assets
174 (2)
Deferred tax assets (liabilities)
(288)(68)
$2,699 $910 
The components of the purchase price and net assets acquired for 2021 acquisitions are as follows:
(In millions)PPDPeproTechEuropean Viral Vector BusinessMesa BiotechLengnau biologics manufacturing facilityOther
Purchase price
Cash paid
$17,237 $1,946 $848 $421 $17 $298 
Fair value of equity awards exchanged
43 — — — — — 
Fair value of contingent consideration
— — — 65 1 117 
Cash acquired
(1,244)(83)(18)(14)— (12)
$16,036 $1,863 $830 $472 $18 $403 
Net assets acquired
Current assets
$2,477 $58 $39 $54 $— $12 
Property, plant and equipment
527 18 59 2 93 2 
Definite-lived intangible assets:
Customer relationships
6,257 510 302 — — 2 
Product technology
— 282 25 279 — 224 
Tradenames
594 — — 2 — 2 
Backlog1,038 — — — — — 
Goodwill
13,949 1,198 600 237 18 198 
Other assets
1,060 11 3 3 364 2 
Contract liabilities(1,539)— (59)— — (1)
Deferred tax assets (liabilities)
(1,782)(192)(80)(72)— (27)
Finance lease liabilities
(90)— (24)— (82)— 
Debt assumed
(4,299)— — — — — 
Other liabilities assumed
(2,034)(22)(35)(33)(375)(11)
Redeemable noncontrolling interest(122)— — — — — 
$16,036 $1,863 $830 $472 $18 $403 
During 2022, we finalized the allocations of the purchase price for the Lengnau biologics manufacturing facility, PPD, Inc. and PeproTech, Inc., largely with respect to definite-lived intangible assets, property, plant and equipment, contract liabilities, equity method investments, asset retirement obligations, defined benefit pension plans, assumed contingent consideration and the related deferred taxes. The adjustments to the income statement recorded during 2022 were not material.
Schedule of Pro Forma Information
The following unaudited pro forma information provides the effect of the company's 2021 acquisition of PPD as if the acquisition had occurred on January 1, 2020:
 Year Ended
 December 31,
(In millions)2021
Revenues$44,886 
Net income attributable to Thermo Fisher Scientific Inc.$7,369 
v3.24.0.1
Revenue and Contract-related Balances (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Disaggregated Revenues
Revenues by type are as follows:
(In millions)202320222021
Revenues
Consumables
$17,597 $20,624 $22,608 
Instruments
7,646 7,924 7,753 
Services
17,614 16,367 8,850 
Consolidated revenues
$42,857 $44,915 $39,211 
Revenues by geographic region based on customer location are as follows:
(In millions)202320222021
Revenues
North America
$22,764 $24,594 $19,659 
Europe
10,741 10,762 11,134 
Asia-Pacific
7,873 8,115 7,218 
Other regions
1,479 1,444 1,200 
Consolidated revenues
$42,857 $44,915 $39,211 
Schedule of Contract-related Balances
Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheet, respectively. Contract asset and liability balances are as follows:
December 31,December 31,
(In millions)20232022
Current contract assets, net$1,443 $1,312 
Noncurrent contract assets, net4 7 
Current contract liabilities2,689 2,601 
Noncurrent contract liabilities1,499 1,179 
v3.24.0.1
Business Segment and Geographical Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Business Segment Information
(In millions)202320222021
Revenues
Life Sciences Solutions
$9,977 $13,532 $15,631 
Analytical Instruments
7,263 6,624 6,069 
Specialty Diagnostics
4,405 4,763 5,659 
Laboratory Products and Biopharma Services
23,041 22,511 14,862 
Eliminations
(1,829)(2,515)(3,010)
Consolidated revenues
42,857 44,915 39,211 
Segment Income
Life Sciences Solutions
3,420 5,582 7,817 
Analytical Instruments
1,908 1,507 1,197 
Specialty Diagnostics
1,124 1,024 1,280 
Laboratory Products and Biopharma Services
3,358 2,872 1,844 
Subtotal reportable segments
9,810 10,985 12,138 
Cost of revenues adjustments
(95)(46)(8)
Selling, general and administrative expenses adjustments
(59)(37)(144)
Restructuring and other costs
(459)(114)(197)
Amortization of acquisition-related intangible assets
(2,338)(2,395)(1,761)
Consolidated operating income
6,859 8,393 10,028 
Interest income879 272 43 
Interest expense(1,375)(726)(536)
Other income/(expense)
(65)(104)(694)
Consolidated income before taxes
$6,298 $7,835 $8,841 
Depreciation
Life Sciences Solutions
$220 $214 $197 
Analytical Instruments
93 83 83 
Specialty Diagnostics
86 75 128 
Laboratory Products and Biopharma Services
669 614 423 
Consolidated depreciation
$1,068 $986 $831 
Cost of revenues charges 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 abandonments of product lines, and accelerated depreciation on fixed assets to estimated salvage value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of significant transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges related to product liability litigation.
(In millions)202320222021
Total assets
Life Sciences Solutions
$20,191 $21,848 $22,751 
Analytical Instruments
10,247 10,019 9,692 
Specialty Diagnostics
8,636 5,542 6,010 
Laboratory Products and Biopharma Services
51,091 51,281 52,639 
Corporate/other (a)
8,561 8,464 4,031 
Consolidated total assets
$98,726 $97,154 $95,123 
Capital expenditures
Life Sciences Solutions
$178 $490 $810 
Analytical Instruments
87 140 79 
Specialty Diagnostics
121 112 167 
Laboratory Products and Biopharma Services
1,013 1,403 1,327 
Corporate/other
80 98 140 
Consolidated capital expenditures
$1,479 $2,243 $2,523 
(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.
Schedule of Revenue by Geographical Areas
Geographical Information
(In millions)202320222021
Revenues (b)
United States
$22,013 $23,820 $18,907 
Other
20,844 21,095 20,304 
Consolidated revenues
$42,857 $44,915 $39,211 
Long-lived Assets (c)
United States
$6,352 $6,308 $5,578 
Other
4,652 4,565 4,286 
Consolidated long-lived assets
$11,004 $10,873 $9,864 
(b)Revenues are attributed to countries based on customer location.
(c)Includes property, plant and equipment, net, and operating lease ROU assets.
v3.24.0.1
Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions used in the Black-Scholes Option Pricing Model
The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 
202320222021
Expected stock price volatility
25 %26 %26 %
Risk free interest rate
4.2 %2.0 %0.8 %
Expected life of options (years)
4.74.74.3
Expected annual dividend
0.3 %0.2 %0.2 %
Summary of the Company's Option Activity
A summary of the company’s option activity for the year ended December 31, 2023 is presented below:
Shares
(in millions)		Weighted average exercise priceWeighted average remaining contractual term
(in years)		Aggregate intrinsic
value
(in millions)
Outstanding at December 31, 2022
5.6 $359.27 
Granted
0.7 546.94 
Exercised
(1.0)218.82 
Canceled/expired
(0.3)543.25 
Outstanding at December 31, 2023
5.0 $401.30 3.9$714 
Vested and unvested expected to vest at December 31, 2023
4.8 $396.20 3.9$712 
Exercisable at December 31, 2023
2.8 $316.88 2.7$635 
Summary of the Company's Restricted Unit Activity
A summary of the company’s restricted unit activity for the year ended December 31, 2023 is presented below:
 Units
(in millions)		Weighted
average
grant-date
fair value
Unvested at December 31, 2022
0.7 $495.39 
Granted
0.4 545.73 
Vested
(0.4)480.45 
Forfeited
(0.1)528.59 
Unvested at December 31, 2023
0.6 $533.65 
v3.24.0.1
Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Reconciliation of Benefit Obligations and Plan Assets The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)2023202220232022
Accumulated benefit obligation
$1,005 $995 $1,166 $1,016 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$995 $1,260 $1,069 $1,552 
Acquisitions
— — 15 51 
Service costs
— — 26 34 
Interest costs
47 27 42 20 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Actuarial (gains) losses
42 (210)65 (447)
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 57 (100)
Projected benefit obligation at end of year
$1,005 $995 $1,221 $1,069 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$937 $1,226 $868 $1,302 
Acquisitions— — 15 14 
Actual return on plan assets
84 (212)29 (347)
Employer contributions
5 5 36 36 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 49 (96)
Fair value of plan assets at end of year$947 $937 $944 $868 
Funded status
$(58)$(58)$(277)$(201)
Amounts recognized in balance sheet
Noncurrent assets
$— $— $65 $81 
Current liability
(6)(6)(11)(11)
Noncurrent liabilities
(52)(52)(331)(271)
Net amount recognized
$(58)$(58)$(277)$(201)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss
$217 $200 $151 $74 
Prior service credits
— — (5)(4)
Net amount recognized
$217 $200 $146 $70 
Schedule of Actuarial Assumptions
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2023 and 2022 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2023202220232022
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
4.82 %5.01 %3.47 %3.91 %
Interest crediting rate for cash balance plans
4.76 %4.96 %2.06 %2.19 %
Average rate of increase in employee compensation
N/AN/A2.64 %2.78 %
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:
 Domestic pension benefitsNon-U.S. pension benefits
 202320222021202320222021
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost
N/AN/AN/A3.62 %1.00 %0.65 %
Discount rate - interest cost
5.01 %2.70 %2.33 %3.95 %1.36 %0.80 %
Average rate of increase in employee compensation
N/AN/AN/A2.77 %2.73 %2.30 %
Expected long-term rate of return on assets
6.25 %4.75 %4.25 %4.33 %2.33 %2.02 %
Projected Benefit Obligation and Fair Value of Plan Assets
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$1,752 $1,636 
Fair value of plan assets
1,352 1,296 
Accumulated Benefit Obligation and Fair Value of Plan Assets
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$1,695 $1,583 
Fair value of plan assets
1,349 1,294 
Schedule of Net Benefit Costs
The net periodic pension benefit cost (income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202320222021202320222021
Components of net benefit cost (income)
Service cost
$— $— $— $26 $34 $27 
Interest cost on benefit obligation
47 27 23 42 20 11 
Expected return on plan assets
(59)(45)(40)(37)(26)(19)
Amortization of actuarial net loss
— 4 7 2 7 12 
Amortization of prior service cost (benefit)
— — — (1)(1)— 
Settlement/curtailment loss (gain)
— — — 1 (2)— 
Net periodic benefit cost (income)
$(12)$(14)$(10)$33 $32 $31 
Schedule of Estimated Future Benefit Payments Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
(In millions)Domestic pension benefitsNon-U.S. pension benefits
Expected benefit payments
2024 $81 $52 
2025 79 55 
2026 80 59 
2027 79 60 
2028 79 65 
2029-2033374 354 
Schedule of Fair Value of the Company's Plan Assets
The fair values of the company’s plan assets at December 31, 2023 and 2022, by asset category are as follows:
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2023(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$93 $— $— $— $93 
International equity funds
93 — — — 93 
Fixed income funds
739 — — — 739 
Money market funds
22 — — — 22 
Total domestic pension plans
$947 $— $— $— $947 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
346 9 — — 337 
Multi-asset funds
66 — — — 66 
Derivative funds
184 — — — 184 
Alternative investments
1 — — — 1 
Insurance contracts
333 — 333 — — 
Real estate funds1 — — — 1 
Cash / money market funds
6 4 — — 2 
Total non-U.S. pension plans
$944 $13 $333 $— $598 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2022(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$89 $— $— $— $89 
International equity funds
91 — — — 91 
Fixed income funds
739 — — — 739 
Money market funds
18 — — — 18 
Total domestic pension plans$937 $— $— $— $937 
Non-U.S. pension plan assets
Equity funds
$8 $— $— $— $8 
Fixed income funds
299 — — — 299 
Multi-asset funds
56 — — — 56 
Derivative funds
190 — — — 190 
Insurance contracts
306 — 306 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans$868 $4 $306 $— $558 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of Income Before Provision for Income Taxes
The components of income before provision for income taxes are as follows:
(In millions)202320222021
U.S.$2,431 $3,859 $3,340 
Non-U.S.3,867 3,976 5,501 
Income before income taxes
$6,298 $7,835 $8,841 
Components of the Provision for Income Taxes
The components of the provision for income taxes are as follows:
(In millions)202320222021
Current income tax provision
Federal$228 $813 $446 
Non-U.S.1,206 633 1,148 
State150 254 160 
1,584 1,700 1,754 
Deferred income tax provision (benefit)
Federal$(551)$(611)$(227)
Non-U.S.(647)(314)(399)
State(102)(72)(19)
 (1,300)(997)(645)
Provision for income taxes
$284 $703 $1,109 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:
(In millions)202320222021
Statutory federal income tax rate
21 %21 %21 %
Provision for income taxes at statutory rate
$1,323 $1,645 $1,857 
Increases (decreases) resulting from:
Foreign rate differential
(223)(329)(255)
Income tax credits
(276)(202)(315)
Global intangible low-taxed income
113 96 76 
Foreign-derived intangible income
(108)(149)(119)
Excess tax benefits from stock options and restricted stock units
(69)(80)(124)
Provision for (reversal of) tax reserves, net
13 (544)(17)
Intra-entity transfers
(233)(18)(284)
Foreign exchange loss on inter-company debt refinancing
(112)— — 
Provision for (reversal of) valuation allowances, net
(32)344 36 
Withholding taxes
33 84 164 
Tax return reassessments and settlements
(187)(210)1 
State income taxes, net of federal tax70 111 82 
Other, net
(28)(45)7 
Provision for income taxes
$284 $703 $1,109 
Schedule of Deferred Tax Asset (Liability) and Changes in Valuation Allowance
Net deferred tax asset/(liability) in the accompanying balance sheet consists of the following:
(In millions)20232022
Deferred tax asset/(liability)
Depreciation and amortization
$(4,286)$(4,277)
Net operating loss and credit carryforwards
2,385 1,951 
Reserves and accruals
157 140 
Accrued compensation
299 259 
Inventory basis difference
275 364 
Deferred interest753 445 
Research and development and other capitalized costs
380 220 
Unrealized (gains) losses on hedging instruments
(66)(199)
Other, net
329 435 
Deferred tax assets/(liabilities), net before valuation allowance
226 (662)
Less: Valuation allowance
1,317 1,322 
Deferred tax assets/(liabilities), net
$(1,091)$(1,984)
The company estimates the degree to which tax assets, losses and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2023, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.
The changes in the valuation allowance are as follows:
 Year Ended December 31,
(In millions)202320222021
Beginning balance
$1,322 $968 $933 
Additions (reductions) charged to income tax provision, net
(32)344 24 
Additions due to acquisitions
4 14 30 
Currency translation and other
23 (4)(19)
Ending balance$1,317 $1,322 $968 
Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)202320222021
Beginning balance
$572 $1,124 $1,091 
Additions due to acquisitions
— 15 26 
Additions for tax positions of current year
4 104 32 
Additions for tax positions of prior years
34 24 60 
Reductions for tax positions of prior years
(43)(659)(5)
Closure of tax years
(6)(4)(27)
Settlements
(21)(32)(53)
Ending balance
$540 $572 $1,124 
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
(In millions except per share amounts)202320222021
Net income attributable to Thermo Fisher Scientific Inc.
$5,995 $6,950 $7,725 
Basic weighted average shares
386 392 394 
Plus effect of: stock options and restricted stock units
2 2 3 
Diluted weighted average shares
388 394 397 
Basic earnings per share
$15.52 $17.75 $19.62 
Diluted earnings per share
$15.45 $17.63 $19.46 
Antidilutive stock options excluded from diluted weighted average shares
2 2 1 
v3.24.0.1
Debt and Other Financing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202320232022
Commercial Paper$— $310 
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023
— 1,000 
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023
— 500 
0.797% 2-Year Senior Notes, Due 10/18/2023
— 1,350 
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)
— 1,819 
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)
— 589 
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
0.93 %1,104 1,071 
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024
— 500 
1.215% 3-Year Senior Notes, Due 10/18/2024
1.42 %2,500 2,500 
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)
0.41 %883 857 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
2.10 %706 686 
0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated)
1.05 %158 170 
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)
0.15 %607 589 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.39 %552 535 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.53 %773 749 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.19 %600 — 
5.000% 3-Year Senior Notes due 12/5/2026
5.00 %1,000 — 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.65 %552 535 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.97 %662 642 
1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated)
1.18 %205 221 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
Effective interest rate at December 31,December 31,December 31,
(Dollars in millions)202320232022
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %883 857 
0.77% 5-Year Senior Notes, Due 9/6/2028 (yen-denominated)
0.90 %206 — 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %662 642 
1.750% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes due 1/31/2029
5.00 %1,000 — 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.08 %773 749 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated)
1.44 %33 36 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 — 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.89 %1,932 1,873 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %993 963 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.55 %662 642 
1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated)
1.60 %45 48 
4.95% 10-Year Senior Notes, Due 11/21/2032
5.09 %600 600 
5.086% 10-Year Senior Notes, Due 8/10/2033
5.20 %1,000 — 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.20 %1,656 1,606 
5.200% 10-Year Senior Notes due 1/31/2034
5.20 %500 — 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %828 803 
1.50% 12-Year Senior Notes, due 9/6/2035 (yen-denominated)
1.58 %152 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %773 749 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %993 963 
2.80% 20-Year Senior Notes, Due 10/15/2041
2.90 %1,200 1,200 
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
1.77 %1,380 1,339 
2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated)
2.13 %104 111 
5.404% 20-Year Senior Notes, due 8/10/2043
5.50 %600 — 
2.02% 20-Year Senior Notes, due 9/6/2043 (yen-denominated)
2.06 %206 — 
5.30% 30-Year Senior Notes, Due 2/1/2044
5.37 %400 400 
4.10% 30-Year Senior Notes, Due 8/15/2047
4.23 %750 750 
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
1.98 %1,104 1,071 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %828 803 
2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated)
2.43 %236 254 
Other 77 79 
Total borrowings at par value
35,028 34,561 
Unamortized discount
(113)(112)
Unamortized debt issuance costs
(188)(171)
Total borrowings at carrying value
34,727 34,278 
Finance lease liabilities
190 210 
Less: Short-term obligations and current maturities
3,609 5,579 
Long-term obligations$31,308 $28,909 
SOFR - Secured Overnight Financing Rate
EURIBOR - Euro Interbank Offered Rate
Schedule of Annual Repayment Requirements for Debt Obligations
As of December 31, 2023, the annual repayment requirements for debt obligations are as follows:
(In millions)BorrowingsFinance Lease Liabilities
2024 $3,604 $5 
2025 2,356 13 
2026 2,925 12 
2027 2,020 10 
2028 2,451 8 
2029 and thereafter21,672 142 
$35,028 $190 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Operating Leases
As a lessee, the consolidated financial statements include the following relating to operating leases:
(Dollars in millions)202320222021
Statement of income
Operating lease costs
$355 $351 $254 
Variable lease costs
115 109 66 
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities$410 $289 $288 
Operating lease ROU assets obtained in exchange for new operating lease liabilities234 430 293 
Balance sheet
ROU assets - included in other assets$1,556 $1,593 
Operating lease liabilities - included in other accrued expenses263 272 
Operating lease liabilities - included in other long-term liabilities1,244 1,313 
Weighted average at end of year
Remaining operating lease term9.2 years9.4 years
Discount rate4.0 %3.2 %
Schedule of Future Payments of Operating Lease Liabilities
As of December 31, 2023, future payments of operating lease liabilities are as follows:
(In millions)
2024 $294 
2025 288 
2026 242 
2027 172 
2028 131 
2029 and thereafter723 
Total lease payments1,850 
Less: imputed interest
343 
Total operating lease liability$1,507 
v3.24.0.1
Comprehensive Income and Shareholders Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Change in Each Component of Accumulated Other Comprehensive Items
Changes in each component of accumulated other comprehensive items, net of tax are as follows:
(In millions)Currency
translation
adjustment		Unrealized
losses on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2022$(2,880)$(33)$(186)$(3,099)
Other comprehensive income/(loss) before reclassifications
(69)— (69)(138)
Amounts reclassified from accumulated other comprehensive income/(loss)
8 5 — 13 
Net other comprehensive income/(loss)
(61)5 (69)(125)
Balance at December 31, 2023$(2,941)$(28)$(255)$(3,224)
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2023(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,021 $5,021 $— $— 
Bank time deposits3 3 — — 
Investments
20 20 — — 
Insurance contracts
210 — 210 — 
Derivative contracts
8 — 8 — 
Total assets
$5,262 $5,044 $218 $— 
Liabilities
Derivative contracts
$290 $— $290 $— 
Contingent consideration
87 — — 87 
Total liabilities
$377 $— $290 $87 
December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2022(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$5,804 $5,804 $— $— 
Investments
25 25 — — 
Warrants
12 — 12 — 
Insurance contracts
162 — 162 — 
Derivative contracts
79 — 79 — 
Total assets
$6,082 $5,829 $253 $— 
Liabilities
Derivative contracts
$101 $— $101 $— 
Contingent consideration
174 — — 174 
Total liabilities
$275 $— $101 $174 
Rollforward of the Fair Value of Investments
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.
(In millions)20232022
Contingent consideration
Beginning balance
$174 $317 
Acquisitions (including assumed balances)
1 (18)
Payments
(63)(66)
Changes in fair value included in earnings
(25)(59)
Ending balance
$87 $174 
Schedule of Aggregate Notional Value of Outstanding Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
December 31,December 31,
(In millions)20232022
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $900 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 1,200 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc2,500 — 
Currency exchange contracts
1,567 2,434 
Schedule of Fair Value of Derivative Instruments
While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.
 Fair value – assetsFair value – liabilities
 December 31,December 31,December 31,December 31,
(In millions)2023202220232022
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$5 $77 $287 $85 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
3 2 3 16 
Total derivatives
$8 $79 $290 $101 
(a)The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(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.
Schedule of Derivative Instruments, Gain (Loss) Recognized
 Gain (loss) recognized
(In millions)202320222021
Fair value hedging relationships
Cross-currency interest rate swaps
Hedged long-term obligations - included in other income/(expense)
$— $77 $— 
Derivatives designated as hedging instruments - included in other income/(expense)
— (81)— 
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)
— — 25 
Derivatives designated as hedging instruments - included in other income/(expense)
— — (3)
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense
(4)— — 
Amount reclassified from accumulated other comprehensive items to other income/(expense)(3)(3)(73)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
(356)695 922 
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
(222)52 71 
Included in interest expense
120 19 8 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
1 6 12 
Included in other income/(expense)
(29)102 162 
Schedule of Carrying Value and Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
December 31, 2023December 31, 2022
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$34,650 $32,191 $33,889 $29,901 
Commercial paper
— — 310 310 
Other
77 77 79 79 
$34,727 $32,268 $34,278 $30,290 
The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.
v3.24.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Disclosures
(In millions)202320222021
Cash paid for:
Interest
$1,385 $667 $555 
Income taxes
1,482 1,234 2,182 
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
296 393 379 
Fair value of equity awards exchanged— — 43 
Fair value of acquisition contingent consideration— — 183 
Finance lease ROU assets obtained in exchange for new finance lease liabilities2 33 15 
Declared but unpaid dividends
137 119 104 
Issuance of stock upon vesting of restricted stock units
234 241 265 
Excise tax from stock repurchases28 — — 
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:
 December 31,December 31,
(In millions)20232022
Cash and cash equivalents$8,077 $8,524 
Restricted cash included in other current assets6 12 
Restricted cash included in other assets14 1 
Cash, cash equivalents and restricted cash$8,097 $8,537 
v3.24.0.1
Restructuring and Other Costs (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Costs by Segment
Restructuring and other costs by segment are as follows:
(In millions)202320222021
Life Sciences Solutions
$105 $30 $129 
Analytical Instruments
33 1 6 
Specialty Diagnostics
11 68 18 
Laboratory Products and Biopharma Services
295 12 35 
Corporate
15 3 9 
$459 $114 $197 
Schedule of the Company's Accrued Restructuring Balance
The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.
(In millions)Total (a)
Balance at December 31, 2020$21 
Net restructuring charges incurred in 2021 (b)
37 
Payments
(40)
Currency translation
(1)
Balance at December 31, 202117 
Net restructuring charges incurred in 2022 (c)
68 
Payments
(44)
Balance at December 31, 202241 
Net restructuring charges incurred in 2023 (d) (e)
194 
Payments
(175)
Balance at December 31, 2023$60 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $160 million of charges, principally $122 million for impairments of an acquired technology asset and a tradename asset in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments, principally resulting from a reduction in expected cash flows, and $35 million of charges for compensation contractually due to employees of acquired businesses at the date of acquisition in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.
(c)Excludes $46 million of net charges, primarily charges for impairment of long-lived assets in the Specialty Diagnostic segment.
(d)Excludes $264 million of net charges, principally $126 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and $19 million of net charges for pre-acquisition litigation and other matters in the Laboratory Products and Biopharma Services segment.
(e)Excludes $93 million of charges in the Laboratory Products and Biopharma Services segment for impairments of a disposal group that was held for sale beginning in the third quarter of 2023. The loss attributable to Thermo Fisher Scientific Inc. was reduced by $46 million attributable to a noncontrolling interest.
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Noncontrolling Interest [Line Items]      
Equity method investments $ 489 $ 369  
Fair value of investments 5 7  
Cost method investments 12 55  
Investments measured at NAV 28 22  
Currency transaction gains (losses) $ (67) $ 62 $ 25
PPD-SNBL K.K.      
Noncontrolling Interest [Line Items]      
Ownership percentage, parent 60.00%    
Ownership interest, noncontrolling owners 40.00%    
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Inventories (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Oct. 02, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Raw materials   $ 2,057 $ 2,405    
Work in process   705 660    
Finished goods   2,326 2,569    
Inventories   5,088 5,634    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Inventories   5,088 5,634    
Product revenues          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cost of goods and services sold   $ (13,168) $ (14,247) $ (13,594)  
Change in Accounting Principle, Other          
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Inventories $ 33        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Percentage of LIFO inventory         5.00%
Inventories 33        
Change in Accounting Principle, Other | Product revenues          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cost of goods and services sold 33        
Change in Accounting Principle, Other | Laboratory Products and Biopharma Services          
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Inventories 20        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Inventories 20        
Change in Accounting Principle, Other | Laboratory Products and Biopharma Services | Product revenues          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cost of goods and services sold 20        
Change in Accounting Principle, Other | Specialty Diagnostics          
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Inventories 13        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Inventories 13        
Change in Accounting Principle, Other | Specialty Diagnostics | Product revenues          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cost of goods and services sold $ 13        
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 15,524 $ 14,269
Less: Accumulated depreciation and amortization 6,076 4,989
Property, plant and equipment, net 9,448 9,280
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 458 454
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 3,593 3,153
Buildings and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful lives 25 years  
Buildings and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful lives 40 years  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 2,238 2,695
Machinery, equipment and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 9,235 $ 7,967
Machinery and Equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful lives 3 years  
Machinery and Equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful lives 10 years  
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Acquisition-related Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Intangible Assets [Line Items]    
Definite-lived intangible assets, gross $ 31,374 $ 30,347
Accumulated Amortization (15,939) (14,140)
Estimated future amortization expense of definite-lived intangible assets 15,435 16,207
Acquisition-related intangible assets 32,609 31,582
Acquisition-related intangible assets 16,670 17,442
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
2024  1,931  
2025  1,630  
2026  1,460  
2027  1,430  
2028  1,398  
2029 and thereafter 7,586  
Estimated future amortization expense of definite-lived intangible assets 15,435 16,207
Other intangible assets $ 37 36
Maximum    
Intangible Assets [Line Items]    
Estimated useful life 20 years  
Tradenames    
Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 1,235 1,235
Customer relationships    
Intangible Assets [Line Items]    
Definite-lived intangible assets, gross 22,762 21,792
Accumulated Amortization (9,410) (8,330)
Estimated future amortization expense of definite-lived intangible assets 13,352 13,462
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 13,352 13,462
Product technology    
Intangible Assets [Line Items]    
Definite-lived intangible assets, gross 5,894 5,882
Accumulated Amortization (4,591) (4,360)
Estimated future amortization expense of definite-lived intangible assets 1,303 1,522
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 1,303 1,522
Tradenames    
Intangible Assets [Line Items]    
Definite-lived intangible assets, gross 1,634 1,635
Accumulated Amortization (1,079) (1,008)
Estimated future amortization expense of definite-lived intangible assets 555 627
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets 555 627
Backlog    
Intangible Assets [Line Items]    
Definite-lived intangible assets, gross 1,084 1,038
Accumulated Amortization (859) (442)
Estimated future amortization expense of definite-lived intangible assets 225 596
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]    
Estimated future amortization expense of definite-lived intangible assets $ 225 $ 596
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Beginning balance $ 41,196 $ 41,924
Acquisitions 2,399 24
Finalization of purchase price allocations for 2022 acquisitions   177
Currency translation 425 (929)
Ending balance 44,020 41,196
Life Sciences Solutions    
Goodwill [Roll Forward]    
Beginning balance 10,146 10,143
Acquisitions 0 0
Finalization of purchase price allocations for 2022 acquisitions   9
Currency translation 5 (6)
Ending balance 10,151 10,146
Analytical Instruments    
Goodwill [Roll Forward]    
Beginning balance 4,965 5,043
Acquisitions 31 24
Finalization of purchase price allocations for 2022 acquisitions   0
Currency translation 55 (102)
Ending balance 5,051 4,965
Specialty Diagnostics    
Goodwill [Roll Forward]    
Beginning balance 3,091 3,277
Acquisitions 1,741 0
Finalization of purchase price allocations for 2022 acquisitions   0
Currency translation 91 (186)
Ending balance 4,923 3,091
Laboratory Products and Biopharma Services    
Goodwill [Roll Forward]    
Beginning balance 22,994 23,461
Acquisitions 627 0
Finalization of purchase price allocations for 2022 acquisitions   168
Currency translation 274 (635)
Ending balance $ 23,895 $ 22,994
v3.24.0.1
Nature of Operations and Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts receivable $ 8,221 $ 8,115
Retained earnings $ 47,364 $ 41,910
v3.24.0.1
Acquisitions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Oct. 17, 2023
Dec. 31, 2023
Dec. 31, 2021
Dec. 30, 2021
Dec. 08, 2021
Sep. 30, 2021
Feb. 25, 2021
Jan. 15, 2021
Business Acquisition [Line Items]                
Weighted-average amortization period   17 years 14 years          
European Viral Vector Business                
Business Acquisition [Line Items]                
Goodwill recorded               $ 0
Mesa Biotech                
Business Acquisition [Line Items]                
Goodwill recorded             $ 0  
Lengnau biologics manufacturing facility                
Business Acquisition [Line Items]                
Goodwill recorded           $ 0    
PPD                
Business Acquisition [Line Items]                
Goodwill recorded         $ 0      
Net income attributable to Thermo Fisher Scientific Inc.     $ 7,369          
Pro forma revenues     378          
Pro forma losses     (60)          
PPD | Non-recurring Pro Forma Adjustments, Transaction Costs                
Business Acquisition [Line Items]                
Net income attributable to Thermo Fisher Scientific Inc.     $ 312          
PeproTech                
Business Acquisition [Line Items]                
Goodwill recorded       $ 0        
Olink Holding AB                
Business Acquisition [Line Items]                
Expected price per share (dollars per share) $ 26.00              
Expected acquisition price $ 3,100              
Customer relationships                
Business Acquisition [Line Items]                
Weighted-average amortization period   18 years 17 years          
Product technology                
Business Acquisition [Line Items]                
Weighted-average amortization period   14 years 11 years          
Tradenames                
Business Acquisition [Line Items]                
Weighted-average amortization period   15 years 7 years          
Backlog                
Business Acquisition [Line Items]                
Weighted-average amortization period   13 years 3 years          
v3.24.0.1
Acquisitions - Schedule of Components of Purchase Price (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 14, 2023
Jan. 03, 2023
Dec. 30, 2021
Dec. 08, 2021
Sep. 30, 2021
Feb. 25, 2021
Jan. 15, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Purchase Price                    
Fair value of equity awards exchanged               $ 0 $ 0 $ 43
Fair value of contingent consideration               $ 0 0 183
The Binding Site Group                    
Purchase Price                    
Cash paid   $ 2,412                
Debt settled   307                
Cash acquired   20                
Total purchase price   2,699                
Net Assets Acquired [Abstract]                    
Goodwill   1,741                
Net tangible assets   174                
Deferred tax assets (liabilities)   (288)                
Total net assets acquired   2,699                
The Binding Site Group | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:   868                
The Binding Site Group | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:   42                
The Binding Site Group | Backlog                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:   0                
The Binding Site Group | Technology-Based Intangible Assets                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:   $ 162                
PPD                    
Purchase Price                    
Cash paid       $ 17,237            
Fair value of equity awards exchanged       43            
Fair value of contingent consideration       0            
Cash acquired       (1,244)            
Total purchase price       16,036            
Net Assets Acquired [Abstract]                    
Current assets       2,477            
Property, plant and equipment       527            
Goodwill       13,949            
Other assets       1,060            
Contract liabilities       (1,539)            
Deferred tax assets (liabilities)       (1,782)            
Finance lease liabilities       (90)            
Debt assumed       (4,299)            
Other liabilities assumed       (2,034)            
Redeemable noncontrolling interest       (122)            
Total net assets acquired       16,036            
PPD | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:       6,257            
PPD | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:       0            
PPD | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:       594            
PPD | Backlog                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:       $ 1,038            
PeproTech                    
Purchase Price                    
Cash paid     $ 1,946              
Fair value of contingent consideration     0              
Cash acquired     (83)              
Total purchase price     1,863              
Net Assets Acquired [Abstract]                    
Current assets     58              
Property, plant and equipment     18              
Goodwill     1,198              
Other assets     11              
Contract liabilities     0              
Deferred tax assets (liabilities)     (192)              
Finance lease liabilities     0              
Debt assumed     0              
Other liabilities assumed     (22)              
Total net assets acquired     1,863              
PeproTech | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:     510              
PeproTech | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:     282              
PeproTech | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:     $ 0              
European Viral Vector Business                    
Purchase Price                    
Cash paid             $ 848      
Fair value of contingent consideration             0      
Cash acquired             (18)      
Total purchase price             830      
Net Assets Acquired [Abstract]                    
Current assets             39      
Property, plant and equipment             59      
Goodwill             600      
Other assets             3      
Contract liabilities             (59)      
Deferred tax assets (liabilities)             (80)      
Finance lease liabilities             (24)      
Debt assumed             0      
Other liabilities assumed             (35)      
Total net assets acquired             830      
European Viral Vector Business | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:             302      
European Viral Vector Business | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:             25      
European Viral Vector Business | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:             $ 0      
Mesa Biotech                    
Purchase Price                    
Cash paid           $ 421        
Fair value of contingent consideration           65        
Cash acquired           (14)        
Total purchase price           472        
Net Assets Acquired [Abstract]                    
Current assets           54        
Property, plant and equipment           2        
Goodwill           237        
Other assets           3        
Contract liabilities           0        
Deferred tax assets (liabilities)           (72)        
Finance lease liabilities           0        
Debt assumed           0        
Other liabilities assumed           (33)        
Total net assets acquired           472        
Mesa Biotech | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:           0        
Mesa Biotech | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:           279        
Mesa Biotech | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:           $ 2        
Lengnau biologics manufacturing facility                    
Purchase Price                    
Cash paid         $ 17          
Fair value of contingent consideration         1          
Cash acquired         0          
Total purchase price         18          
Net Assets Acquired [Abstract]                    
Current assets         0          
Property, plant and equipment         93          
Goodwill         18          
Other assets         364          
Contract liabilities         0          
Deferred tax assets (liabilities)         0          
Finance lease liabilities         (82)          
Debt assumed         0          
Other liabilities assumed         (375)          
Total net assets acquired         18          
Lengnau biologics manufacturing facility | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:         0          
Lengnau biologics manufacturing facility | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:         0          
Lengnau biologics manufacturing facility | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:         $ 0          
Other                    
Purchase Price                    
Cash paid                   298
Fair value of contingent consideration                   117
Cash acquired                   (12)
Total purchase price                   $ 403
Net Assets Acquired [Abstract]                    
Current assets                 12  
Property, plant and equipment                 2  
Goodwill                 198  
Other assets                 2  
Contract liabilities                 (1)  
Deferred tax assets (liabilities)                 (27)  
Finance lease liabilities                 0  
Debt assumed                 0  
Other liabilities assumed                 (11)  
Total net assets acquired                 403  
Other | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:                 2  
Other | Product technology                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:                 224  
Other | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets:                 $ 2  
CorEvitas, LLC                    
Purchase Price                    
Cash paid $ 730                  
Debt settled 184                  
Cash acquired 4                  
Total purchase price 910                  
Net Assets Acquired [Abstract]                    
Net tangible assets (2)                  
Deferred tax assets (liabilities) (68)                  
Total net assets acquired 910                  
CorEvitas, LLC | Customer relationships                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets: 260                  
CorEvitas, LLC | Tradenames                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets: 0                  
CorEvitas, LLC | Backlog                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets: 46                  
Goodwill 627                  
CorEvitas, LLC | Technology-Based Intangible Assets                    
Net Assets Acquired [Abstract]                    
Definite-lived intangible assets: $ 47                  
v3.24.0.1
Acquisitions - Schedule of Pro Forma Information (Details) - PPD
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Business Acquisition, Pro Forma Information [Abstract]  
Revenues $ 44,886
Net income attributable to Thermo Fisher Scientific Inc. $ 7,369
v3.24.0.1
Revenue & Contract-related Balances - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenues $ 42,857 $ 44,915 $ 39,211
North America      
Disaggregation of Revenue [Line Items]      
Revenues 22,764 24,594 19,659
Europe      
Disaggregation of Revenue [Line Items]      
Revenues 10,741 10,762 11,134
Asia-Pacific      
Disaggregation of Revenue [Line Items]      
Revenues 7,873 8,115 7,218
Other regions      
Disaggregation of Revenue [Line Items]      
Revenues 1,479 1,444 1,200
Consumables      
Disaggregation of Revenue [Line Items]      
Revenues 17,597 20,624 22,608
Instruments      
Disaggregation of Revenue [Line Items]      
Revenues 7,646 7,924 7,753
Service revenues      
Disaggregation of Revenue [Line Items]      
Revenues $ 17,614 $ 16,367 $ 8,850
v3.24.0.1
Revenue & Contract-related Balances - Revenue Performance Obligations (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Transaction price allocated to remaining performance obligation $ 26,920
Revenue, Performance Obligation, Description of Timing Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation percentage 53.00%
Expected timing of satisfaction of remaining performance obligation 12 months
v3.24.0.1
Revenue & Contract-related Balances - Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Contract assets, net $ 1,443 $ 1,312
Noncurrent contract assets, net 4 7
Contract liabilities 2,689 2,601
Noncurrent contract liabilities $ 1,499 $ 1,179
v3.24.0.1
Business Segment and Geographical Information - Schedule of Segment Reporting Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]      
Reportable segments | Segment 4    
Revenues $ 42,857 $ 44,915 $ 39,211
Subtotal reportable segments 6,859 8,393 10,028
Restructuring and other costs (459) (114) (197)
Amortization of acquisition-related intangible assets (2,338) (2,395) (1,761)
Consolidated operating income 6,859 8,393 10,028
Interest income 879 272 43
Interest expense (1,375) (726) (536)
Other income/(expense) (65) (104) (694)
Income before income taxes 6,298 7,835 8,841
Depreciation of property, plant and equipment 1,068 986 831
Total assets 98,726 97,154 95,123
Capital expenditures 1,479 2,243 2,523
Total Reportable Segments      
Segment Reporting Information [Line Items]      
Subtotal reportable segments 9,810 10,985 12,138
Consolidated operating income 9,810 10,985 12,138
Total Reportable Segments | Life Sciences Solutions      
Segment Reporting Information [Line Items]      
Revenues 9,977 13,532 15,631
Subtotal reportable segments 3,420 5,582 7,817
Restructuring and other costs (105) (30) (129)
Consolidated operating income 3,420 5,582 7,817
Depreciation of property, plant and equipment 220 214 197
Total assets 20,191 21,848 22,751
Capital expenditures 178 490 810
Total Reportable Segments | Analytical Instruments      
Segment Reporting Information [Line Items]      
Revenues 7,263 6,624 6,069
Subtotal reportable segments 1,908 1,507 1,197
Restructuring and other costs (33) (1) (6)
Consolidated operating income 1,908 1,507 1,197
Depreciation of property, plant and equipment 93 83 83
Total assets 10,247 10,019 9,692
Capital expenditures 87 140 79
Total Reportable Segments | Specialty Diagnostics      
Segment Reporting Information [Line Items]      
Revenues 4,405 4,763 5,659
Subtotal reportable segments 1,124 1,024 1,280
Restructuring and other costs (11) (68) (18)
Consolidated operating income 1,124 1,024 1,280
Depreciation of property, plant and equipment 86 75 128
Total assets 8,636 5,542 6,010
Capital expenditures 121 112 167
Total Reportable Segments | Laboratory Products and Biopharma Services      
Segment Reporting Information [Line Items]      
Revenues 23,041 22,511 14,862
Subtotal reportable segments 3,358 2,872 1,844
Restructuring and other costs (295) (12) (35)
Consolidated operating income 3,358 2,872 1,844
Depreciation of property, plant and equipment 669 614 423
Total assets 51,091 51,281 52,639
Capital expenditures 1,013 1,403 1,327
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenues (1,829) (2,515) (3,010)
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Cost of revenues adjustments (95) (46) (8)
Selling, general and administrative expenses adjustments (59) (37) (144)
Restructuring and other costs (459) (114) (197)
Amortization of acquisition-related intangible assets (2,338) (2,395) (1,761)
Corporate      
Segment Reporting Information [Line Items]      
Restructuring and other costs (15) (3) (9)
Total assets [1] 8,561 8,464 4,031
Capital expenditures $ 80 $ 98 $ 140
[1] Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.
v3.24.0.1
Business Segment and Geographical Information - Schedule of Revenue by Geographical Areas (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 42,857 $ 44,915 $ 39,211
Long-lived Assets [1] 11,004 10,873 9,864
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues [2] 22,013 23,820 18,907
Long-lived Assets [1] 6,352 6,308 5,578
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues [2] 20,844 21,095 20,304
Long-lived Assets [1] $ 4,652 $ 4,565 $ 4,286
[1] Includes property, plant and equipment, net, and operating lease ROU assets.
[2] Revenues are attributed to countries based on customer location.
v3.24.0.1
Other Income/Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Gain (loss) on investments $ (46) $ (161) $ 66
Net gains on derivative instruments   67  
Loss on early extinguishment of debt $ 0 $ (26) (767)
Cash outlay     36
Interest rate swaps - fair value hedges | Cash Flow Hedging | Other Expense      
Schedule of Equity Method Investments [Line Items]      
Amount reclassified from accumulated other comprehensive items to interest expense     $ 65
v3.24.0.1
Stock-based Compensation Expense - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value (in dollars per share) $ 159.32 $ 135.07 $ 123.97
Total intrinsic value $ 320 $ 336 $ 501
Fair value of shares vested $ 207 $ 163 $ 151
Purchase price percentage 95.00%    
Payroll deductions 10.00%    
Shares issued under ESPP (shares) 0.1 0.2 0.1
Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 162    
Weighted average amortization period 2 years 2 months 12 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 179    
Weighted average amortization period 1 year 10 months 24 days    
Minimum | Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Term 7 years    
Minimum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Maximum | Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 5 years    
Term 10 years    
Maximum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 4 years    
v3.24.0.1
Stock-based Compensation Expense - Schedule of Weighted Average Assumptions used in the Black-Scholes Option Pricing Model (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Expected stock price volatility 25.00% 26.00% 26.00%
Risk free interest rate 4.20% 2.00% 0.80%
Expected life of options (years) 4 years 8 months 12 days 4 years 8 months 12 days 4 years 3 months 18 days
Expected annual dividend 0.30% 0.20% 0.20%
v3.24.0.1
Stock-based Compensation Expense - Summary of the Company's Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Options Outstanding [Roll Forward]  
Outstanding, beginning balance (shares) | shares 5.6
Granted (shares) | shares 0.7
Exercised (shares) | shares (1.0)
Canceled/expired (shares) | shares (0.3)
Outstanding, ending balance (shares) | shares 5.0
Vested and unvested expected to vest (shares) | shares 4.8
Exercisable (shares) | shares 2.8
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 359.27
Granted (in dollars per share) | $ / shares 546.94
Exercised (in dollars per share) | $ / shares 218.82
Canceled/expired (in dollars per share) | $ / shares 543.25
Outstanding, end of period (in dollars per share) | $ / shares 401.30
Vested and unvested expected to vest (in dollars per share) | $ / shares 396.20
Exercisable (in dollars per share) | $ / shares $ 316.88
Options, Additional Disclosures [Abstract]  
Options outstanding, weighted average remaining contractual term 3 years 10 months 24 days
Options vested and expected to vest, weighted average remaining contractual term 3 years 10 months 24 days
Options exercisable, weighted average remaining contractual term 2 years 8 months 12 days
Options outstanding, aggregate intrinsic value | $ $ 714
Options vested and expected to vest, aggregate intrinsic value | $ 712
Options exercisable, aggregate intrinsic value | $ $ 635
v3.24.0.1
Stock-based Compensation Expense - Summary of the Company's Restricted Unit Activity (Details) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Unvested Restricted Units [Roll Forward]      
Unvested, beginning balance (shares) 0.7    
Granted (shares) 0.4    
Vested (shares) (0.4)    
Forfeited (shares) (0.1)    
Unvested, ending balance (shares) 0.6 0.7  
Restricted Units, Additional Disclosures [Abstract]      
Unvested, weighted average grant-date fair value, beginning (in dollars per share) $ 495.39    
Granted (in dollars per share) 545.73 $ 520.83 $ 444.61
Vested (in dollars per share) 480.45    
Forfeited (in dollars per share) 528.59    
Unvested, weighted average grant-date fair value, ending (in dollars per share) $ 533.65 $ 495.39  
Restricted Stock Units (RSUs) | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Restricted Stock Units (RSUs) | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 4 years    
v3.24.0.1
Pensions and Other Postretirement Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan expense $ 468 $ 402 $ 299
Cash contributions to retirement plans $ 42 $ 41 $ 34
U.S. equity funds | United States | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 10.00%    
International equity funds | United States | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 10.00%    
Fixed income funds | United States | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 80.00%    
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Estimated contributions to plan $ 30    
Minimum | Fixed income funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 30.00%    
Minimum | Equity funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Multi-asset funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Alternative investments | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Derivative funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Minimum | Real estate funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 0.00%    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Estimated contributions to plan $ 50    
Maximum | Fixed income funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 90.00%    
Maximum | Equity funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 25.00%    
Maximum | Multi-asset funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 40.00%    
Maximum | Alternative investments | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 4.00%    
Maximum | Derivative funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 45.00%    
Maximum | Real estate funds | Foreign Plan | Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations for investments 4.00%    
v3.24.0.1
Pensions and Other Postretirement Benefit Plans - Reconciliation of Benefit Obligations and Plan Assets (Details) - Pension Plans, Defined Benefit - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
United States      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation $ 1,005 $ 995  
Change in projected benefit obligations      
Projected benefit obligation at beginning of year 995 1,260  
Acquisitions 0 0  
Service costs 0 0 $ 0
Interest costs 47 27 23
Settlements 0 0  
Plan participants' contributions 0 0  
Actuarial (gains) losses 42 (210)  
Benefits paid (79) (82)  
Currency translation and other 0 0  
Projected benefit obligation at end of year 1,005 995 1,260
Change in fair value of plan assets      
Fair value of plan assets at beginning of year 937 1,226  
Acquisitions 0 0  
Actual return on plan assets 84 (212)  
Employer contributions 5 5  
Settlements 0 0  
Plan participants' contributions 0 0  
Benefits paid (79) (82)  
Currency translation and other 0 0  
Fair value of plan assets at end of year 947 937 1,226
Funded status (58) (58)  
Amounts recognized in balance sheet      
Noncurrent assets 0 0  
Current liability (6) (6)  
Noncurrent liabilities (52) (52)  
Net amount recognized (58) (58)  
Amounts recognized in accumulated other comprehensive items      
Net actuarial loss 217 200  
Prior service credits 0 0  
Net amount recognized 217 200  
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation 1,166 1,016  
Change in projected benefit obligations      
Projected benefit obligation at beginning of year 1,069 1,552  
Acquisitions 15 51  
Service costs 26 34 27
Interest costs 42 20 11
Settlements (37) (31)  
Plan participants' contributions 9 9  
Actuarial (gains) losses 65 (447)  
Benefits paid (25) (19)  
Currency translation and other 57 (100)  
Projected benefit obligation at end of year 1,221 1,069 1,552
Change in fair value of plan assets      
Fair value of plan assets at beginning of year 868 1,302  
Acquisitions 15 14  
Actual return on plan assets 29 (347)  
Employer contributions 36 36  
Settlements (37) (31)  
Plan participants' contributions 9 9  
Benefits paid (25) (19)  
Currency translation and other 49 (96)  
Fair value of plan assets at end of year 944 868 $ 1,302
Funded status (277) (201)  
Amounts recognized in balance sheet      
Noncurrent assets 65 81  
Current liability (11) (11)  
Noncurrent liabilities (331) (271)  
Net amount recognized (277) (201)  
Amounts recognized in accumulated other comprehensive items      
Net actuarial loss 151 74  
Prior service credits (5) (4)  
Net amount recognized $ 146 $ 70  
v3.24.0.1
Pensions and Other Postretirement Benefit Plans - Actuarial Assumptions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Components of Net Periodic Benefit Cost (Income) [Abstract]      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible List] Other income/(expense)    
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible List] Other income/(expense)    
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] Other income/(expense)    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible List] Other income/(expense)    
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] Other income/(expense)    
Pension Plans, Defined Benefit | United States      
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]      
Discount rate for determining benefit obligation 4.82% 5.01%  
Interest crediting rate for cash balance plans 4.76% 4.96%  
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract]      
Discount rate - interest cost 5.01% 2.70% 2.33%
Expected long-term rate of return on assets 6.25% 4.75% 4.25%
Components of Net Periodic Benefit Cost (Income) [Abstract]      
Service cost $ 0 $ 0 $ 0
Interest cost on benefit obligation 47 27 23
Expected return on plan assets (59) (45) (40)
Amortization of actuarial net loss 0 4 7
Amortization of prior service cost (benefit) 0 0 0
Settlement/curtailment loss (gain) 0 0 0
Net periodic benefit cost (income) $ (12) $ (14) $ (10)
Pension Plans, Defined Benefit | Foreign Plan      
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]      
Discount rate for determining benefit obligation 3.47% 3.91%  
Interest crediting rate for cash balance plans 2.06% 2.19%  
Average rate of increase in employee compensation 2.64% 2.78%  
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract]      
Discount rate - service cost 3.62% 1.00% 0.65%
Discount rate - interest cost 3.95% 1.36% 0.80%
Average rate of increase in employee compensation 2.77% 2.73% 2.30%
Expected long-term rate of return on assets 4.33% 2.33% 2.02%
Components of Net Periodic Benefit Cost (Income) [Abstract]      
Service cost $ 26 $ 34 $ 27
Interest cost on benefit obligation 42 20 11
Expected return on plan assets (37) (26) (19)
Amortization of actuarial net loss 2 7 12
Amortization of prior service cost (benefit) (1) (1) 0
Settlement/curtailment loss (gain) 1 (2) 0
Net periodic benefit cost (income) $ 33 $ 32 $ 31
v3.24.0.1
Pension and Other Postretirement Benefit Plans - Accumulated and Projected Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Pension plans with projected benefit obligations in excess of plan assets    
Projected benefit obligation $ 1,752 $ 1,636
Fair value of plan assets 1,352 1,296
Pension Plans, Defined Benefit    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 1,695 1,583
Fair value of plan assets $ 1,349 $ 1,294
v3.24.0.1
Pension and Other Postretirement Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) - Pension Plans, Defined Benefit
$ in Millions
Dec. 31, 2023
USD ($)
United States  
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]  
2024  $ 81
2025  79
2026  80
2027  79
2028  79
2029-2033 374
Foreign Plan  
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]  
2024  52
2025  55
2026  59
2027  60
2028  65
2029-2033 $ 354
v3.24.0.1
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value of the Company's Plan Assets (Details) - Pension Plans, Defined Benefit - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
United States      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 947 $ 937 $ 1,226
United States | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 947 937 [1]  
United States | U.S. equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 93 89  
United States | U.S. equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | U.S. equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 93 89 [1]  
United States | International equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 93 91  
United States | International equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | International equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 93 91 [1]  
United States | Fixed income funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 739 739  
United States | Fixed income funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Fixed income funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 739 739 [1]  
United States | Money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 22 18  
United States | Money market funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
United States | Money market funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 22 18 [1]  
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 944 868 $ 1,302
Foreign Plan | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 13 4  
Foreign Plan | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 333 306  
Foreign Plan | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 598 558 [1]  
Foreign Plan | Fixed income funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 346 299  
Foreign Plan | Fixed income funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 9 0  
Foreign Plan | Fixed income funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fixed income funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Fixed income funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 337 299 [1]  
Foreign Plan | Equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 7 8  
Foreign Plan | Equity funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Equity funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 7 8 [1]  
Foreign Plan | Multi-asset funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 66 56  
Foreign Plan | Multi-asset funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Multi-asset funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 66 56 [1]  
Foreign Plan | Derivative funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 184 190  
Foreign Plan | Derivative funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Derivative funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 184 190 [1]  
Foreign Plan | Alternative investments      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1    
Foreign Plan | Alternative investments | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Alternative investments | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Alternative investments | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Alternative investments | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1    
Foreign Plan | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 333 306  
Foreign Plan | Insurance contracts | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Insurance contracts | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 333 306  
Foreign Plan | Insurance contracts | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Insurance contracts | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0 [1]  
Foreign Plan | Real estate funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1    
Foreign Plan | Real estate funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Real estate funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Real estate funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0    
Foreign Plan | Real estate funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1    
Foreign Plan | Cash / money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6 9  
Foreign Plan | Cash / money market funds | Quoted Prices in Active Markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 4  
Foreign Plan | Cash / money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Cash / money market funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Foreign Plan | Cash / money market funds | Fair Value Measured at Net Asset Value Per Share      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 2 $ 5 [1]  
[1]
Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
v3.24.0.1
Income Taxes - Components of Income Before Provision for Income Taxes and Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Components of Income From Continuing Operations Before Income Taxes [Abstract]      
U.S. $ 2,431 $ 3,859 $ 3,340
Non-U.S. 3,867 3,976 5,501
Income before income taxes 6,298 7,835 8,841
Current income tax provision      
Federal 228 813 446
Non-U.S. 1,206 633 1,148
State 150 254 160
Current income tax provision 1,584 1,700 1,754
Deferred income tax provision (benefit)      
Federal (551) (611) (227)
Non-U.S. (647) (314) (399)
State (102) (72) (19)
Deferred income tax provision (benefit) (1,300) (997) (645)
Provision for income taxes $ 284 $ 703 $ 1,109
v3.24.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Provision for income taxes at statutory rate $ 1,323 $ 1,645 $ 1,857
Foreign rate differential (223) (329) (255)
Income tax credits (276) (202) (315)
Global intangible low-taxed income 113 96 76
Foreign-derived intangible income (108) (149) (119)
Excess tax benefits from stock options and restricted stock units (69) (80) (124)
Provision for (reversal of) tax reserves, net 13 (544) (17)
Intra-entity transfers (233) (18) (284)
Foreign exchange loss on inter-company debt refinancing (112) 0 0
Provision for (reversal of) valuation allowances, net (32) 344 36
Withholding taxes 33 84 164
Tax return reassessments and settlements (187) (210) 1
State income taxes, net of federal tax 70 111 82
Other, net (28) (45) 7
Provision for income taxes $ 284 $ 703 $ 1,109
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Provision for (reversal of) valuation allowances, net $ (32) $ 344 $ 36  
Tax benefit from foreign exchange loss on an intercompany debt refinancing transaction 91      
Research credits and incentives 127      
Intra-entity transfers (233) (18) (284)  
Tax return reassessments and settlements 187 210 (1)  
Excess tax benefits from stock options and restricted stock units (69) (80) (124)  
Undistributed earnings 34,000      
Unrecognized tax benefits 540 572 1,124 $ 1,091
Additions due to acquisitions 0 15 26  
UTB, interest and penalties 95 74    
Foreign Tax Credit Carryforwards        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 648      
Deferred Interest Carryforward        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 753      
Deferred Interest Carryforward | Tax Years 2025-2033        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 149      
Federal        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 70      
Domestic NOL Expires        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 30      
State        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 93      
State NOL Expires        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 83      
Non- U.S.        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 1,420      
Portion of Non- U.S. with expiration dates        
Operating Loss Carryforwards [Line Items]        
NOL carryforwards 435      
Federal        
Operating Loss Carryforwards [Line Items]        
Provision for (reversal of) valuation allowances, net   395    
Tax return reassessments and settlements   208    
Provision for (reversal of) tax reserves, net   658    
Charge for expired tax credits   49    
Unrecognized tax benefits reclassed to accrued income taxes in connection with IRS settlement   101    
Foreign        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in UTB 12 (143) (80)  
Federal and State        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in UTB $ 19 $ 610 75  
Deferred Tax Implications        
Operating Loss Carryforwards [Line Items]        
Intra-entity transfers     188  
Capital Loss        
Operating Loss Carryforwards [Line Items]        
Intra-entity transfers     $ 96  
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Asset (Liability) and Changes in Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred Tax Assets (Liabilities) [Abstract]      
Depreciation and amortization $ (4,286) $ (4,277)  
Net operating loss and credit carryforwards 2,385 1,951  
Reserves and accruals 157 140  
Accrued compensation 299 259  
Inventory basis difference 275 364  
Deferred interest 753 445  
Research and development and other capitalized costs 380 220  
Unrealized (gains) losses on hedging instruments (66) (199)  
Other, net 329 435  
Deferred tax assets/(liabilities), net before valuation allowance 226 (662)  
Valuation Allowance 1,317 1,322 $ 968
Deferred tax assets/(liabilities), net (1,091) (1,984)  
Valuation Allowance [Roll Forward]      
Beginning Balance 1,322 968 933
Additions (reductions) charged to income tax provision, net (32) 344 24
Additions due to acquisitions 4 14 30
Currency translation and other 23 (4) (19)
Ending Balance $ 1,317 $ 1,322 $ 968
v3.24.0.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 572 $ 1,124 $ 1,091
Additions due to acquisitions 0 15 26
Additions for tax positions of current year 4 104 32
Additions for tax positions of prior years 34 24 60
Reductions for tax positions of prior years (43) (659) (5)
Closure of tax years (6) (4) (27)
Settlements (21) (32) (53)
Ending balance $ 540 $ 572 $ 1,124
v3.24.0.1
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net income $ 5,995 $ 6,950 $ 7,725
Basic (in shares) 386 392 394
Plus effect of: stock options and restricted stock units (shares) 2 2 3
Diluted weighted average shares (shares) 388 394 397
Basic Earnings Per Share (in dollars per share) $ 15.52 $ 17.75 $ 19.62
Diluted Earnings Per Share (in dollars per share) $ 15.45 $ 17.63 $ 19.46
Antidilutive stock options excluded from diluted weighted averages shares (shares) 2 2 1
v3.24.0.1
Debt and Other Financing Arrangements - Schedule of Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total borrowings at par value $ 35,028 $ 34,561
Unamortized discount (113) (112)
Unamortized debt issuance costs (188) (171)
Total borrowings at carrying value 34,727 34,278
Finance lease liabilities 190 210
Less: Short-term obligations and current maturities 3,609 5,579
Long-term obligations $ 31,308 $ 28,909
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term obligations Long-term obligations
Commercial Paper Programs    
Debt Instrument [Line Items]    
Total borrowings at par value $ 0 $ 310
Total borrowings at carrying value 0 310
Senior Notes    
Debt Instrument [Line Items]    
Total borrowings at carrying value $ 34,650 33,889
Senior Notes | Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023    
Debt Instrument [Line Items]    
Variable rate 0.35%  
Term 1 year 6 months  
Total borrowings at par value $ 0 1,000
Senior Notes | Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023    
Debt Instrument [Line Items]    
Variable rate 0.39%  
Term 2 years  
Total borrowings at par value $ 0 500
Senior Notes | 0.797% 2-Year Senior Notes, Due 10/18/2023    
Debt Instrument [Line Items]    
Interest rate 0.797%  
Term 2 years  
Total borrowings at par value $ 0 1,350
Senior Notes | Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)    
Debt Instrument [Line Items]    
Variable rate 0.20%  
Term 2 years  
Total borrowings at par value $ 0 1,819
Senior Notes | 0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.00%  
Term 2 years  
Total borrowings at par value $ 0 589
Senior Notes | 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.75%  
Term 8 years  
Effective interest rate 0.93%  
Total borrowings at par value $ 1,104 1,071
Senior Notes | Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024    
Debt Instrument [Line Items]    
Variable rate 0.53%  
Term 3 years  
Total borrowings at par value $ 0 500
Senior Notes | 1.215% 3-Year Senior Notes, Due 10/18/2024    
Debt Instrument [Line Items]    
Interest rate 1.215%  
Term 3 years  
Effective interest rate 1.42%  
Total borrowings at par value $ 2,500 2,500
Senior Notes | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.125%  
Term 5 years 6 months  
Effective interest rate 0.41%  
Total borrowings at par value $ 883 857
Senior Notes | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 10 years  
Effective interest rate 2.10%  
Total borrowings at par value $ 706 686
Senior Notes | 0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.853%  
Term 3 years  
Effective interest rate 1.05%  
Total borrowings at par value $ 158 170
Senior Notes | 0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.00%  
Term 4 years  
Effective interest rate 0.15%  
Total borrowings at par value $ 607 589
Senior Notes | 3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 3.20%  
Term 3 years  
Effective interest rate 3.39%  
Total borrowings at par value $ 552 535
Senior Notes | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.40%  
Term 8 years 6 months  
Effective interest rate 1.53%  
Total borrowings at par value $ 773 749
Senior Notes | 4.953% 3-Year Senior Notes, Due 8/10/2026    
Debt Instrument [Line Items]    
Interest rate 4.953%  
Term 3 years  
Effective interest rate 5.19%  
Total borrowings at par value $ 600 0
Senior Notes | 5.000% 3-Year Senior Notes due 12/5/2026    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Term 3 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 1,000 0
Senior Notes | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.45%  
Term 10 years  
Effective interest rate 1.65%  
Total borrowings at par value $ 552 535
Senior Notes | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.75%  
Term 7 years  
Effective interest rate 1.97%  
Total borrowings at par value $ 662 642
Senior Notes | 1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.054%  
Term 5 years  
Effective interest rate 1.18%  
Total borrowings at par value $ 205 221
Senior Notes | 4.80% 5-Year Senior Notes, Due 11/21/2027    
Debt Instrument [Line Items]    
Interest rate 4.80%  
Term 5 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 600 600
Senior Notes | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.50%  
Term 8 years 6 months  
Effective interest rate 0.77%  
Total borrowings at par value $ 883 857
Senior Notes | 0.77% 5-Year Senior Notes, Due 9/6/2028 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.77%  
Term 5 years  
Effective interest rate 0.90%  
Total borrowings at par value $ 206 0
Senior Notes | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.375%  
Term 12 years  
Effective interest rate 1.46%  
Total borrowings at par value $ 662 642
Senior Notes | 1.750% 7-Year Senior Notes, Due 10/15/2028    
Debt Instrument [Line Items]    
Interest rate 1.75%  
Term 7 years  
Effective interest rate 1.89%  
Total borrowings at par value $ 700 700
Senior Notes | 5.000% 5-Year Senior Notes due 1/31/2029    
Debt Instrument [Line Items]    
Interest rate 5.00%  
Term 5 years  
Effective interest rate 5.00%  
Total borrowings at par value $ 1,000 0
Senior Notes | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.95%  
Term 12 years  
Effective interest rate 2.08%  
Total borrowings at par value $ 773 749
Senior Notes | 2.60% 10-Year Senior Notes, Due 10/1/2029    
Debt Instrument [Line Items]    
Interest rate 2.60%  
Term 10 years  
Effective interest rate 2.74%  
Total borrowings at par value $ 900 900
Senior Notes | 1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.279%  
Term 7 years  
Effective interest rate 1.44%  
Total borrowings at par value $ 33 36
Senior Notes | 4.977% 7-Year Senior Notes, Due 8/10/2030    
Debt Instrument [Line Items]    
Interest rate 4.977%  
Term 7 years  
Effective interest rate 5.12%  
Total borrowings at par value $ 750 0
Senior Notes | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.80%  
Term 9 years  
Effective interest rate 0.89%  
Total borrowings at par value $ 1,932 1,873
Senior Notes | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.875%  
Term 12 years  
Effective interest rate 1.13%  
Total borrowings at par value $ 993 963
Senior Notes | 2.00% 10-Year Senior Notes, Due 10/15/2031    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 10 years  
Effective interest rate 2.23%  
Total borrowings at par value $ 1,200 1,200
Senior Notes | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.375%  
Term 12 years  
Effective interest rate 2.55%  
Total borrowings at par value $ 662 642
Senior Notes | 1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.49%  
Term 10 years  
Effective interest rate 1.60%  
Total borrowings at par value $ 45 48
Senior Notes | 4.95% 10-Year Senior Notes, Due 11/21/2032    
Debt Instrument [Line Items]    
Interest rate 4.95%  
Term 10 years  
Effective interest rate 5.09%  
Total borrowings at par value $ 600 600
Senior Notes | 5.086% 10-Year Senior Notes, Due 8/10/2033    
Debt Instrument [Line Items]    
Interest rate 5.086%  
Term 10 years  
Effective interest rate 5.20%  
Total borrowings at par value $ 1,000 0
Senior Notes | 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.125%  
Term 12 years  
Effective interest rate 1.20%  
Total borrowings at par value $ 1,656 1,606
Senior Notes | 5.200% 10-Year Senior Notes due 1/31/2034    
Debt Instrument [Line Items]    
Interest rate 5.20%  
Term 10 years  
Effective interest rate 5.20%  
Total borrowings at par value $ 500 0
Senior Notes | 3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 3.65%  
Term 12 years  
Effective interest rate 3.76%  
Total borrowings at par value $ 828 803
Senior Notes | 1.50% 12-Year Senior Notes, due 9/6/2035 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 12 years  
Effective interest rate 1.58%  
Total borrowings at par value $ 152 0
Senior Notes | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.875%  
Term 20 years  
Effective interest rate 2.94%  
Total borrowings at par value $ 773 749
Senior Notes | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 20 years  
Effective interest rate 1.73%  
Total borrowings at par value $ 993 963
Senior Notes | 2.80% 20-Year Senior Notes, Due 10/15/2041    
Debt Instrument [Line Items]    
Interest rate 2.80%  
Term 20 years  
Effective interest rate 2.90%  
Total borrowings at par value $ 1,200 1,200
Senior Notes | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.625%  
Term 20 years  
Effective interest rate 1.77%  
Total borrowings at par value $ 1,380 1,339
Senior Notes | 2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.069%  
Term 20 years  
Effective interest rate 2.13%  
Total borrowings at par value $ 104 111
Senior Notes | 5.404% 20-Year Senior Notes, due 8/10/2043    
Debt Instrument [Line Items]    
Interest rate 5.404%  
Term 20 years  
Effective interest rate 5.50%  
Total borrowings at par value $ 600 0
Senior Notes | 2.02% 20-Year Senior Notes, due 9/6/2043 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.02%  
Term 20 years  
Effective interest rate 2.06%  
Total borrowings at par value $ 206 0
Senior Notes | 5.30% 30-Year Senior Notes, Due 2/1/2044    
Debt Instrument [Line Items]    
Interest rate 5.30%  
Term 30 years  
Effective interest rate 5.37%  
Total borrowings at par value $ 400 400
Senior Notes | 4.10% 30-Year Senior Notes, Due 8/15/2047    
Debt Instrument [Line Items]    
Interest rate 4.10%  
Term 30 years  
Effective interest rate 4.23%  
Total borrowings at par value $ 750 750
Senior Notes | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.875%  
Term 30 years  
Effective interest rate 1.98%  
Total borrowings at par value $ 1,104 1,071
Senior Notes | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.00%  
Term 30 years  
Effective interest rate 2.07%  
Total borrowings at par value $ 828 803
Senior Notes | 2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.382%  
Term 30 years  
Effective interest rate 2.43%  
Total borrowings at par value $ 236 254
Other Debt    
Debt Instrument [Line Items]    
Total borrowings at par value 77 79
Total borrowings at carrying value $ 77 $ 79
v3.24.0.1
Debt and Other Financing Arrangements - Schedule of Annual Repayment Requirements for Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024  $ 3,604  
2025  2,356  
2026  2,925  
2027  2,020  
2028  2,451  
2029 and thereafter 21,672  
Total borrowings at par value 35,028 $ 34,561
2024  5  
2025  13  
2026  12  
2027  10  
2028  8  
2029 and thereafter 142  
Finance lease liabilities $ 190 $ 210
v3.24.0.1
Debt and Other Financing Arrangements - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Short-term Financing [Line Items]      
Unused lines of credit $ 69,000,000    
Loss on early extinguishment of debt $ 0 $ 26,000,000 $ 767,000,000
Senior Notes      
Short-term Financing [Line Items]      
Redemption price 100.00%    
Interest rate swaps - fair value hedges      
Short-term Financing [Line Items]      
Proceeds from interest rate swap     $ 22,000,000
U.S. Commercial Paper Program | Commercial Paper Programs      
Short-term Financing [Line Items]      
Maximum period prior to maturity 397 days    
Euro Commercial Paper Program | Commercial Paper Programs      
Short-term Financing [Line Items]      
Maximum period prior to maturity 183 days    
Senior Notes 3.65% Due 2025 [Member] | Senior Notes      
Short-term Financing [Line Items]      
Interest rate   3.65%  
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated) | Senior Notes      
Short-term Financing [Line Items]      
Interest rate 0.00%    
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | Senior Notes      
Short-term Financing [Line Items]      
Interest rate 0.80%    
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | Senior Notes      
Short-term Financing [Line Items]      
Interest rate 1.125%    
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | Senior Notes      
Short-term Financing [Line Items]      
Interest rate 1.625%    
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | Senior Notes      
Short-term Financing [Line Items]      
Interest rate 2.00%    
Revolving Credit Facility      
Short-term Financing [Line Items]      
Revolving credit facility capacity $ 5,000,000,000    
Minimum consolidated net interest coverage ratio 3.5    
Borrowings outstanding $ 0    
v3.24.0.1
Leases- Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
lease
Lessee, Lease, Description [Line Items]  
Leased operating facilities | lease 3
Lease Residual Value Guarantee  
Lessee, Lease, Description [Line Items]  
Maximum guarantee under lease arrangements | $ $ 147
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 month
Options to extend, renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 30 years
Options to extend, renewal term 10 years
Option to terminate, term 1 year
v3.24.0.1
Leases - Schedule of Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease costs $ 355 $ 351 $ 254
Variable lease costs 115 109 66
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities 410 289 288
Operating lease ROU assets obtained in exchange for new operating lease liabilities 234 430 $ 293
ROU assets 1,556 1,593  
Operating lease liabilities - current 263 272  
Operating lease liabilities - noncurrent $ 1,244 $ 1,313  
Remaining operating lease term 9 years 2 months 12 days 9 years 4 months 24 days  
Discount rate 4.00% 3.20%  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other accrued expenses Other accrued expenses  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other accrued expenses  
v3.24.0.1
Leases - Schedule of Future Payments of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024  $ 294  
2025  288  
2026  242  
2027  172  
2028  131  
2029 and thereafter 723  
Total lease payments 1,850  
Less: imputed interest $ 343  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other accrued expenses, Other long-term liabilities Other accrued expenses, Other long-term liabilities
Total operating lease liability $ 1,507  
v3.24.0.1
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Unconditional Purchase Obligations [Abstract]  
Unconditional purchase obligations $ 2,530
Accrual for Environmental Loss Contingencies Disclosure [Abstract]  
Environmental liability $ 75
Loss Contingency [Abstract]  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Other accrued expenses, Other long-term liabilities
Letters of Credit / Bank Guarantees  
Guarantor Obligations [Line Items]  
Maximum guarantee under lease arrangements $ 315
Surety Bonds and Other Guarantees  
Guarantor Obligations [Line Items]  
Maximum guarantee under lease arrangements 93
Investments  
Guarantor Obligations [Line Items]  
Maximum guarantee under lease arrangements 164
Businesses Sold | Pension Obligation Guarantee  
Guarantor Obligations [Line Items]  
Maximum guarantee under lease arrangements 24
Product Liability, Workers Compensation and Other Personal Injury Matters  
Loss Contingency [Abstract]  
Loss accrual 224
Estimated amounts due from insurers 88
Undiscounted product liability accrual 20
Product Liability, Workers Compensation and Other Personal Injury Matters | Minimum  
Loss Contingency [Abstract]  
Range of probable loss 222
Product Liability, Workers Compensation and Other Personal Injury Matters | Maximum  
Loss Contingency [Abstract]  
Range of probable loss $ 379
v3.24.0.1
Comprehensive Income and Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 22, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance $ 46,724 $ 44,032 $ 40,855 $ 34,517
Total other comprehensive income/(loss)   (133) (777) 478
Balance   $ 46,724 44,032 40,855
Unissued shares of common stock (in shares)   39.0    
Purchases of company common stock   $ 3,000 3,000 2,000
Currency translation adjustment        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (2,941) (2,880)    
Other comprehensive income/(loss) before reclassifications   (69)    
Amounts reclassified from accumulated other comprehensive income/(loss)   8    
Total other comprehensive income/(loss)   (61)    
Balance   (2,941) (2,880)  
Unrealized losses on hedging instruments        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (28) (33)    
Other comprehensive income/(loss) before reclassifications   0    
Amounts reclassified from accumulated other comprehensive income/(loss)   5    
Total other comprehensive income/(loss)   5    
Balance   (28) (33)  
Pension and other postretirement benefit liability adjustment        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (255) (186)    
Other comprehensive income/(loss) before reclassifications   (69)    
Amounts reclassified from accumulated other comprehensive income/(loss)   0    
Total other comprehensive income/(loss)   (69)    
Balance   (255) (186)  
Accumulated Other Comprehensive Items        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (3,224) (3,099) (2,329) (2,807)
Other comprehensive income/(loss) before reclassifications   (138)    
Amounts reclassified from accumulated other comprehensive income/(loss)   13    
Total other comprehensive income/(loss)   (125)    
Balance   $ (3,224) $ (3,099) $ (2,329)
Subsequent Event        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Purchases of company common stock $ 3,000      
Purchases of company common stock (in shares) 5.5      
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Liabilities [Abstract]    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities  
Fair Value, Recurring    
Assets [Abstract]    
Cash equivalents $ 5,021 $ 5,804
Bank time deposits 3  
Investments 20 25
Warrants   12
Insurance contracts 210 162
Derivative contracts 8 79
Total assets 5,262 6,082
Liabilities [Abstract]    
Derivative contracts 290 101
Contingent consideration 87 174
Total liabilities 377 275
Fair Value, Recurring | Quoted Prices in Active Markets (Level 1)    
Assets [Abstract]    
Cash equivalents 5,021 5,804
Bank time deposits 3  
Investments 20 25
Warrants   0
Insurance contracts 0 0
Derivative contracts 0 0
Total assets 5,044 5,829
Liabilities [Abstract]    
Derivative contracts 0 0
Contingent consideration 0 0
Total liabilities 0 0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Assets [Abstract]    
Cash equivalents 0 0
Bank time deposits 0  
Investments 0 0
Warrants   12
Insurance contracts 210 162
Derivative contracts 8 79
Total assets 218 253
Liabilities [Abstract]    
Derivative contracts 290 101
Contingent consideration 0 0
Total liabilities 290 101
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Assets [Abstract]    
Cash equivalents 0 0
Bank time deposits 0  
Investments 0 0
Warrants   0
Insurance contracts 0 0
Derivative contracts 0 0
Total assets 0 0
Liabilities [Abstract]    
Derivative contracts 0 0
Contingent consideration 87 174
Total liabilities $ 87 $ 174
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Rollforward of the Fair Value of Investments (Details) - Contingent Consideration - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 174 $ 317
Acquisitions (including assumed balances) 1 (18)
Payments (63) (66)
Changes in fair value included in earnings (25) (59)
Ending balance $ 87 $ 174
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative expenses Selling, general and administrative expenses
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Aggregate Notional Value and Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets, Other assets  
Cross-currency interest rate swaps - designated as net investment hedges | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets $ 5 $ 77
Fair value – liabilities 287 85
Cross-currency interest rate swaps - designated as net investment hedges | Net Investment Hedging | Cross-currency interest rate swaps designated as net investment hedge - euro    
Derivatives, Fair Value [Line Items]    
Notional amount 1,000 900
Cross-currency interest rate swaps - designated as net investment hedges | Net Investment Hedging | Cross-currency interest rate swaps designated as net investment hedge - Japanese yen    
Derivatives, Fair Value [Line Items]    
Notional amount 4,650 1,200
Cross-currency interest rate swaps - designated as net investment hedges | Net Investment Hedging | Cross-currency interest rate swaps designated as net investment hedge - Swiss franc    
Derivatives, Fair Value [Line Items]    
Notional amount 2,500 0
Currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Notional amount 1,567 2,434
Currency exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Fair value – assets 3 2
Fair value – liabilities 3 16
Fair Value, Recurring    
Derivatives, Fair Value [Line Items]    
Fair value – assets 8 79
Fair value – liabilities $ 290 $ 101
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Currency exchange contracts | Other Expense | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in interest expense $ (29) $ 102 $ 162
Currency exchange contracts | Cost of Sales | Derivatives not designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in interest expense 1 6 12
Fair Value Hedging | Interest rate swaps - fair value hedges | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in interest expense 0 0 (3)
Fair Value Hedging | Interest rate swaps - fair value hedges | Other Expense | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Hedged long-term obligations - included in other income/(expense) 0 0 25
Fair Value Hedging | Cross-currency interest rate swaps - designated as net investment hedges | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in interest expense 0 (81) 0
Fair Value Hedging | Cross-currency interest rate swaps - designated as net investment hedges | Other Expense | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Hedged long-term obligations - included in other income/(expense) 0 77 0
Cash Flow Hedging | Interest rate swaps - fair value hedges | Other Expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from accumulated other comprehensive items to interest expense     (65)
Cash Flow Hedging | Interest rate swaps - fair value hedges | Other Expense | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from accumulated other comprehensive items to interest expense 3 3 73
Cash Flow Hedging | Interest rate swaps - fair value hedges | Interest Expense | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from accumulated other comprehensive items to interest expense 4 0 0
Net Investment Hedging | Foreign currency-denominated debt | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in currency translation adjustment within other comprehensive items (356) 695 922
Net Investment Hedging | Cross-currency interest rate swaps - designated as net investment hedges | Derivatives designated as hedging instruments      
Derivative Instruments, Gain (Loss) [Line Items]      
Included in interest expense 120 19 8
Included in currency translation adjustment within other comprehensive items $ (222) $ 52 $ 71
v3.24.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Carrying Value and Fair Value of the Company's Debt Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 34,727 $ 34,278
Fair value 32,268 30,290
Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 34,650 33,889
Fair value 32,191 29,901
Commercial Paper Programs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 0 310
Fair value 0 310
Other Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 77 79
Fair value $ 77 $ 79
v3.24.0.1
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]      
Interest $ 1,385 $ 667 $ 555
Income taxes 1,482 1,234 2,182
Non-cash investing and financing activities      
Acquired but unpaid property, plant and equipment 296 393 379
Fair value of equity awards exchanged 0 0 43
Fair value of contingent consideration 0 0 183
Finance lease ROU assets obtained in exchange for new finance lease liabilities 2 33 15
Declared but unpaid dividends 137 119 104
Issuance of stock upon vesting of restricted stock units 234 241 265
Excise tax from stock repurchases $ 28 $ 0 $ 0
v3.24.0.1
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]        
Cash and cash equivalents $ 8,077 $ 8,524    
Restricted cash included in other current assets 6 12    
Restricted cash included in other assets 14 1    
Cash, cash equivalents and restricted cash $ 8,097 $ 8,537 $ 4,491 $ 10,336
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible Enumeration] Other current assets      
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible Enumeration] Other assets      
v3.24.0.1
Restructuring and Other Costs - Schedule of the Company's Accrued Restructuring Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 22, 2024
Restructuring Cost and Reserve [Line Items]        
Eliminated workforce percentage 5.00% 2.00% 1.00%  
Restructuring and other costs $ 459 $ 114 $ 197  
Subsequent Event        
Restructuring Cost and Reserve [Line Items]        
Future restructuring costs       $ 70
Corporate        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 15 3 9  
Life Sciences Solutions | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 105 30 129  
Analytical Instruments | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 33 1 6  
Specialty Diagnostics | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs 11 68 18  
Laboratory Products and Biopharma Services | Total Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other costs $ 295 $ 12 $ 35  
v3.24.0.1
Restructuring and Other Costs - Schedule of the Company's Accrued Restructuring Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Reserve [Roll Forward]      
Beginning balance $ 41 $ 17 $ 21
Net restructuring charges incurred 194 68 37
Payments (175) (44) (40)
Currency translation     (1)
Ending balance 60 41 17
Other non-cash restructuring costs 264 $ 46 160
Impairment of intangible assets     122
Cash compensation charges     $ 35
Impairment of long-lived assets 126    
Loss on contract termination 26    
Pre-acquisition litigation costs 19    
Impairment of disposal group 93    
Loss attributable to noncontrolling interest $ 46    
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring and other costs