THERMO FISHER SCIENTIFIC INC., 10-Q filed on 5/3/2024
Quarterly Report
v3.24.1.u1
Cover
 3 Months Ended
Mar. 30, 2024
shares
Entity Listings [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 30, 2024
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 381,716,323
Entity Central Index Key 0000097745
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q1
Common Stock, $1.00 par value  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, $1.00 par value
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Trading Symbol TMO 49
Security Exchange Name NYSE
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 5,499 $ 8,077
Short-term investments 1,751 3
Accounts receivable, less allowances of $197 and $193 7,931 8,221
Inventories 5,133 5,088
Contract assets, net 1,422 1,443
Other current assets 1,904 1,757
Total current assets 23,640 24,589
Property, plant and equipment, net 9,324 9,448
Acquisition-related intangible assets, net 16,048 16,670
Other assets 4,241 3,999
Goodwill 43,843 44,020
Total assets 97,095 98,726
Current liabilities:    
Short-term obligations and current maturities of long-term obligations 4,451 3,609
Accounts payable 2,555 2,872
Accrued payroll and employee benefits 1,314 1,596
Contract liabilities 2,632 2,689
Other accrued expenses 2,985 3,246
Total current liabilities 13,937 14,012
Deferred income taxes 1,811 1,922
Other long-term liabilities 4,567 4,642
Long-term obligations 31,157 31,308
Redeemable noncontrolling interest 119 118
Thermo Fisher Scientific Inc. shareholders’ equity:    
Preferred stock, $100 par value, 50,000 shares authorized; none issued 0 0
Common stock, $1 par value, 1,200,000,000 shares authorized; 442,822,699 and 442,188,634 shares issued 443 442
Capital in excess of par value 17,482 17,286
Retained earnings 48,542 47,364
Treasury stock at cost, 61,106,376 and 55,541,290 shares (18,186) (15,133)
Accumulated other comprehensive income/(loss) (2,764) (3,224)
Total Thermo Fisher Scientific Inc. shareholders’ equity 45,516 46,735
Noncontrolling interests (12) (11)
Total equity 45,504 46,724
Total liabilities, redeemable noncontrolling interest and equity $ 97,095 $ 98,726
v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance $ 197 $ 193
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, $1 par value - shares issued (in shares) 442,822,699 442,188,634
Treasury stock at cost (in shares) 61,106,376 55,541,290
v3.24.1.u1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Revenues    
Revenues $ 10,345 $ 10,710
Costs and operating expenses:    
Selling, general and administrative expenses 2,183 2,119
Research and development expenses 331 346
Restructuring and other costs 29 112
Total costs and operating expenses 8,682 9,147
Operating income 1,663 1,563
Interest income 279 146
Interest expense (363) (300)
Other income/(expense) 10 (46)
Income before income taxes 1,589 1,363
Provision for income taxes (281) (46)
Equity in earnings/(losses) of unconsolidated entities 23 (25)
Net income 1,331 1,292
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest 4 3
Net income attributable to Thermo Fisher Scientific Inc. $ 1,328 $ 1,289
Earnings per share attributable to Thermo Fisher Scientific Inc.    
Basic (in dollars per share) $ 3.47 $ 3.34
Diluted (in dollars per share) $ 3.46 $ 3.32
Weighted average shares    
Basic (in shares) 382 386
Diluted (in shares) 384 388
Product revenues    
Revenues    
Revenues $ 5,955 $ 6,404
Costs and operating expenses:    
Cost of revenues 2,939 3,337
Service revenues    
Revenues    
Revenues 4,390 4,306
Costs and operating expenses:    
Cost of revenues $ 3,201 $ 3,233
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Comprehensive income    
Net income $ 1,331 $ 1,292
Currency translation adjustment:    
Currency translation adjustment (net of tax provision (benefit) of $166 and $(36)) 456 44
Unrealized gains/(losses) on available-for-sale debt securities    
Unrealized holding losses arising during the period (net of tax (provision) benefit of $0 and $0) (1) 0
Unrealized gains/(losses) on hedging instruments:    
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $0 and $1) 1 3
Pension and other postretirement benefit liability adjustments:    
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $0 and $(1)) 1 1
Total other comprehensive income/(loss) 457 48
Comprehensive income 1,788 1,340
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest 1 6
Comprehensive income attributable to Thermo Fisher Scientific Inc. $ 1,787 $ 1,334
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Statement of Comprehensive Income [Abstract]    
Tax provision (benefit) on currency translation adjustment $ 166 $ (36)
Tax (provision) benefit on unrealized holding losses arising during the period 0 0
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income 0 (1)
Tax benefit (provision) on pension and other postretirement benefit liability adjustments arising during the period $ 0 $ (1)
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Operating activities    
Net income $ 1,331 $ 1,292
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 285 253
Amortization of acquisition-related intangible assets 551 606
Change in deferred income taxes (253) (146)
Stock-based compensation 70 76
Other non-cash expenses, net 53 181
Changes in assets and liabilities, excluding the effects of acquisitions (787) (1,533)
Net cash provided by operating activities 1,251 729
Investing activities    
Purchases of property, plant and equipment (347) (458)
Proceeds from sale of property, plant and equipment 4 6
Proceeds from cross-currency interest rate swap interest settlements 64 2
Acquisitions, net of cash acquired 0 (2,704)
Purchases of investments (1,758) (2)
Other investing activities, net 7 14
Net cash used in investing activities (2,030) (3,142)
Financing activities    
Net proceeds from issuance of debt 1,205 0
Proceeds from issuance of commercial paper 0 1,027
Repayments of commercial paper 0 (523)
Purchases of company common stock (3,000) (3,000)
Dividends paid (135) (117)
Other financing activities, net 110 20
Net cash used in financing activities (1,821) (2,593)
Exchange rate effect on cash 22 (31)
Decrease in cash, cash equivalents and restricted cash (2,578) (5,037)
Cash, cash equivalents and restricted cash at beginning of period 8,097 8,537
Cash, cash equivalents and restricted cash at end of period $ 5,519 $ 3,500
v3.24.1.u1
Condensed Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Unaudited) - 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
Beginning Balance at Dec. 31, 2022 $ 116              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 4              
Other comprehensive income/(loss) 3              
Ending Balance at Apr. 01, 2023 123              
Balance (in shares) at Dec. 31, 2022     441,000,000          
Beginning Balance at Dec. 31, 2022 44,032 $ 43,978 $ 441 $ 16,743 $ 41,910 $ (12,017) $ (3,099) $ 54
Treasury stock beginning balance (in shares) at Dec. 31, 2022           50,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans 34 34   70   $ (36)    
Stock-based compensation 76 76   76        
Purchases of company common stock (in shares)           5,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (135) (135)     (135)      
Net income/(loss) 1,288 1,289     1,289     (1)
Other comprehensive items 45 45         45  
Excise tax from stock repurchases (30) (30)       $ (30)    
Balance (in shares) at Apr. 01, 2023     441,000,000          
Treasury stock ending balance (in shares) at Apr. 01, 2023           55,000,000    
Ending Balance at Apr. 01, 2023 42,310 42,257 $ 441 16,889 43,064 $ (15,083) (3,054) 53
Beginning Balance at Dec. 31, 2023 118              
Redeemable Noncontrolling Interest [Roll Forward]                
Net income/(loss) 4              
Other comprehensive income/(loss) (3)              
Ending Balance at Mar. 30, 2024 119              
Balance (in shares) at Dec. 31, 2023     442,000,000          
Beginning Balance at Dec. 31, 2023 $ 46,724 46,735 $ 442 17,286 47,364 $ (15,133) (3,224) (11)
Treasury stock beginning balance (in shares) at Dec. 31, 2023 55,541,290         56,000,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under stock plans (in shares)     1,000,000          
Issuance of shares under stock plans $ 103 103 $ 1 126   $ (24)    
Stock-based compensation 70 70   70        
Purchases of company common stock (in shares)           6,000,000    
Purchases of company common stock (3,000) (3,000)       $ (3,000)    
Dividends declared (149) (149)     (149)      
Net income/(loss) 1,328 1,328     1,328      
Other comprehensive items 460 460         460  
Contributions from (distributions to) noncontrolling interests (1)             (1)
Excise tax from stock repurchases $ (29) (29)       $ (29)    
Balance (in shares) at Mar. 30, 2024     443,000,000          
Treasury stock ending balance (in shares) at Mar. 30, 2024 61,106,376         61,000,000    
Ending Balance at Mar. 30, 2024 $ 45,504 $ 45,516 $ 443 $ 17,482 $ 48,542 $ (18,186) $ (2,764) $ (12)
v3.24.1.u1
Condensed Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.39 $ 0.35
v3.24.1.u1
Nature of Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 30, 2024
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.
Interim Financial Statements
The interim condensed consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at March 30, 2024, the results of operations for the three-month periods ended March 30, 2024 and April 1, 2023, and the cash flows for the three-month periods ended March 30, 2024 and April 1, 2023. Interim results are not necessarily indicative of results for a full year.
The condensed consolidated balance sheet presented as of December 31, 2023 has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2023 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Certain reclassifications of prior year amounts have been made to conform to the current year presentation.
Note 1 to the consolidated financial statements for 2023 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the three months ended March 30, 2024.
Amounts and percentages reported within these condensed consolidated financial statements are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Inventories
The components of inventories are as follows:
(In millions)March 30, 2024December 31, 2023
Raw materials$2,038 $2,057 
Work in process787 705 
Finished goods2,308 2,326 
Inventories$5,133 $5,088 
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.
StandardDescriptionRequired adoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and will adopt other aspects in 2024 annual report using a prospective method Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresAmong 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 5
v3.24.1.u1
Acquisitions
 3 Months Ended
Mar. 30, 2024
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.
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.
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 all definite-lived intangible assets acquired in 2023 is 17 years.
v3.24.1.u1
Revenue and Contract-related Balances
 3 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue and Contract-related Balances Revenues and Contract-related Balances
Disaggregated Revenues
Revenues by type are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
Consumables
$4,328 $4,506 
Instruments
1,627 1,898 
Services
4,390 4,306 
Consolidated revenues$10,345 $10,710 
Revenues by geographic region based on customer location are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
North America
$5,519 $5,778 
Europe
2,619 2,601 
Asia-Pacific
1,861 1,986 
Other regions
346 345 
Consolidated revenues$10,345 $10,710 
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 March 30, 2024 was $26.37 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 51% 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:
(In millions)March 30, 2024December 31, 2023
Current contract assets, net$1,422 $1,443 
Noncurrent contract assets, net9 4 
Current contract liabilities2,632 2,689 
Noncurrent contract liabilities1,427 1,499 
In the three months ended March 30, 2024, the company recognized revenues of $1.32 billion that were included in the contract liabilities balance at December 31, 2023. In the three months ended April 1, 2023, the company recognized revenues of $1.30 billion that were included in the contract liabilities balance at December 31, 2022.
v3.24.1.u1
Business Segment and Geographical Information
 3 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Business Segment and Geographical Information Business Segment and Geographical Information
Business Segment Information
Three months ended
March 30,April 1,
(In millions)20242023
Revenues
Life Sciences Solutions
$2,285 $2,612 
Analytical Instruments
1,687 1,723 
Specialty Diagnostics
1,109 1,108 
Laboratory Products and Biopharma Services
5,723 5,763 
Eliminations
(460)(496)
Consolidated revenues
10,345 10,710 
Segment Income
Life Sciences Solutions
840 836 
Analytical Instruments
400 421 
Specialty Diagnostics
294 280 
Laboratory Products and Biopharma Services
744 793 
Subtotal reportable segments
2,278 2,330 
Cost of revenues adjustments
(15)(41)
Selling, general and administrative expenses adjustments
(19)(8)
Restructuring and other costs
(29)(112)
Amortization of acquisition-related intangible assets
(551)(606)
Consolidated operating income
1,663 1,563 
Interest income 279 146 
Interest expense(363)(300)
Other income/(expense)
10 (46)
Consolidated income before taxes
$1,589 $1,363 
Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and inventory write-downs associated with large-scale abandonment of product lines. Selling, general and administrative expenses adjustments included in the above table consist of third-party transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration.
Geographical Information
Revenues by country based on customer location are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
United States
$5,322 $5,587 
Other
5,023 5,123 
Consolidated revenues
$10,345 $10,710 
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:
Three months ended
(In millions)March 30, 2024April 1, 2023
Statutory federal income tax rate
21 %21 %
Provision for income taxes at statutory rate
$334 $286 
Increases (decreases) resulting from:
Foreign rate differential
(38)(52)
Income tax credits
(89)(83)
Global intangible low-taxed income
12 12 
Foreign-derived intangible income
(22)(23)
Excess tax benefits from stock options and restricted stock units
(33)(27)
Provision for (reversal of) tax reserves, net
185 9 
Intra-entity transfers
(102)(144)
Provision for (reversal of) valuation allowances, net
47 67 
Withholding taxes
4 5 
Tax return reassessments and settlements
(29)(3)
State income taxes, net of federal tax
19 24 
Other, net
(6)(25)
Provision for income taxes
$281 $46 
During the first quarter of 2024, the company recorded a tax reserve and associated interest of $240 million related to the potential settlement of international tax audits for tax years 2009 through 2016.
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.
Unrecognized Tax Benefits
As of March 30, 2024 the company had $0.69 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)2024
Balance at beginning of year
$540 
Additions for tax positions of prior years
195 
Reductions for tax positions of prior years
(42)
Balance at end of period
$693 
v3.24.1.u1
Earnings Per Share
 3 Months Ended
Mar. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
Three months ended
March 30,April 1,
(In millions except per share amounts)20242023
Net income attributable to Thermo Fisher Scientific Inc.$1,328 $1,289 
Basic weighted average shares382 386 
Plus effect of: stock options and restricted stock units2 2 
Diluted weighted average shares384 388 
Basic earnings per share$3.47 $3.34 
Diluted earnings per share$3.46 $3.32 
Antidilutive stock options excluded from diluted weighted average shares
2 2 
v3.24.1.u1
Debt and Other Financing Arrangements
 3 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Debt and Other Financing Arrangements Debt and Other Financing Arrangements
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
0.93 %1,079 1,104 
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)
0.40 %863 883 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
2.10 %691 706 
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)
1.05 %147 158 
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
0.15 %593 607 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.38 %540 552 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.52 %755 773 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.19 %600 600 
5.000% 3-Year Senior Notes, Due 12/5/2026
5.25 %1,000 1,000 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.65 %540 552 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.96 %647 662 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %191 205 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %863 883 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.77 %366 — 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %192 206 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %647 662 
1.75% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes, Due 1/31/2029
5.24 %1,000 1,000 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.07 %755 773 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)
1.44 %31 33 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.88 %1,888 1,932 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %971 993 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
1.840% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)
1.91 %460 — 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.54 %647 662 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %42 45 
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
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 1,000 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.20 %1,619 1,656 
5.200% 10-Year Senior Notes, Due 1/31/2034
5.34 %500 500 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %809 828 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %142 152 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.09 %361 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %755 773 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %971 993 
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 %1,349 1,380 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %97 104 
5.404% 20-Year Senior Notes, Due 8/10/2043
5.50 %600 600 
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)
2.06 %192 206 
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 %1,079 1,104 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %809 828 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %220 236 
Other 75 77 
Total borrowings at par value
35,687 35,028 
Unamortized discount
(108)(113)
Unamortized debt issuance costs
(186)(188)
Total borrowings at carrying value
35,393 34,727 
Finance lease liabilities
215 190 
Less: Short-term obligations and current maturities
4,451 3,609 
Long-term obligations$31,157 $31,308 

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 10 for fair value information pertaining to the company’s long-term borrowings.
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 Secured Overnight Financing Rate (SOFR), a Euro Interbank Offered Rate (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 March 30, 2024, 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 annually on the euro and Swiss franc-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes and Japanese 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 Japanese 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 related to its senior notes at March 30, 2024.
Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of March 30, 2024, included in the table above (collectively, the “Euronotes”) in registered public offerings: the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. 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.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
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. At March 30, 2024, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations and cash flows.
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. 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 in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K, 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 such matters 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. At March 30, 2024, there have been no material changes to the accruals for pending product liability, workers compensation, and other personal injury matters disclosed in the company’s 2023 financial statements and notes included in the company’s Annual Report on Form 10-K. Although the company believes that the amounts accrued and estimated insurance recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. 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.
v3.24.1.u1
Comprehensive Income/(Loss) and Shareholders' Equity
 3 Months Ended
Mar. 30, 2024
Stockholders' Equity Note [Abstract]  
Comprehensive Income/(Loss) and Shareholders' Equity Comprehensive Income/(Loss) and Shareholders' Equity
Comprehensive Income/(Loss)
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Currency
translation
adjustment		Unrealized gains/(losses) on available-for-sale debt securitiesUnrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2023$(2,941)$— $(28)$(255)$(3,224)
Other comprehensive income/(loss) before reclassifications
456 (1)— 1 456 
Amounts reclassified from accumulated other comprehensive income/(loss)
3 — 1 — 4 
Net other comprehensive income/(loss)
459 (1)1 1 460 
Balance at March 30, 2024$(2,482)$(1)$(27)$(254)$(2,764)
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments
 3 Months Ended
Mar. 30, 2024
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 following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
March 30,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$2,692 $2,692 $— $— 
Bank time deposits1,751 1,751 — — 
Investments
21 21 — — 
Insurance contracts
221 — 221 — 
Derivative contracts
220 — 220 — 
Total assets
$4,904 $4,464 $440 $— 
Liabilities
Derivative contracts
$57 $— $57 $— 
Contingent consideration
83 — — 83 
Total liabilities
$141 $— $57 $83 
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 
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.
In the three months ended March 30, 2024 and April 1, 2023, the company recorded $10 million and $(44) million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.
The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.
Three months ended
March 30,April 1,
(In millions)20242023
Contingent consideration
Beginning balance$87 $174 
Payments(2)(15)
Changes in fair value included in earnings(2)(23)
Ending balance$83 $136 
Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)March 30, 2024December 31, 2023
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $1,000 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 4,650 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc2,500 2,500 
Currency exchange contracts1,381 1,567 
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
 March 30,December 31,March 30,December 31,
(In millions)2024202320242023
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$219 $5 $56 $287 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
1 3 1 3 
Total derivatives$220 $8 $57 $290 
(a)    The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(b)    The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.
 Gain (loss) recognized
Three months ended
March 30,April 1,
(In millions)20242023
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense$(1)$— 
Amount reclassified from accumulated other comprehensive items to other income/(expense)— (4)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
275 (144)
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
444 (9)
Included in interest expense
66 17 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
3 (3)
Included in other income/(expense)
(6)23 
Gains and losses recognized on currency exchange contracts 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 to the consolidated financial statements for 2023 included in the company’s Annual Report on Form 10-K for additional information on the company’s risk management objectives and strategies.
Fair Value of Other Financial Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
March 30, 2024December 31, 2023
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$35,318 $32,587 $34,650 $32,191 
Other
75 75 77 77 
$35,393 $32,662 $34,727 $32,268 
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.
v3.24.1.u1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 30, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
 Three months ended
(In millions)March 30, 2024April 1, 2023
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$165 $242 
Declared but unpaid dividends
150 137 
Issuance of stock upon vesting of restricted stock units
63 91 
Excise tax from stock repurchases
29 30 
Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:
(In millions)March 30, 2024December 31, 2023
Cash and cash equivalents$5,499 $8,077 
Restricted cash included in other current assets7 6 
Restricted cash included in other assets14 14 
Cash, cash equivalents and restricted cash$5,519 $8,097 
Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.
v3.24.1.u1
Restructuring and Other Costs
 3 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Costs Restructuring and Other Costs
In the first three months of 2024, restructuring and other costs primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations. In 2024, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.
As of May 3, 2024, the company has identified restructuring actions that will result in additional charges of approximately $75 million, primarily in 2024, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred.
Restructuring and other costs by segment are as follows:
Three months ended
(In millions)March 30, 2024
Life Sciences Solutions
$2 
Analytical Instruments
7 
Specialty Diagnostics
5 
Laboratory Products and Biopharma Services
14 
Corporate
1 
$29 
The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheet. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table.
(In millions)Total (a)
Balance at December 31, 2023$60 
Net restructuring charges incurred in 2024 (b)
25 
Payments
(32)
Currency translation
(2)
Balance at March 30, 2024$51 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $4 million of net non-cash charges.
The company expects to pay accrued restructuring costs primarily through 2024.
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 30, 2024
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
Stephen Williamson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 12, 2024, Stephen Williamson, our senior vice president and chief financial officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Williamson’s plan is for the exercise of vested stock options and the associated sale of up to 21,925 shares of company common stock through February 26, 2025. 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 February 27, 2025.
Name Stephen Williamson
Title senior vice president and chief financial officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 12, 2024
Arrangement Duration 380 days
Aggregate Available 21,925
Gianluca Pettiti [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 14, 2024, Gianluca Pettiti, our executive vice president, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Pettiti’s plan is for the sale of up to 1,200 shares of company common stock through April 28, 2025. The foregoing 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 April 30, 2025.
Name Gianluca Pettiti
Title executive vice president
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2024
Arrangement Duration 410 days
Aggregate Available 1,200
v3.24.1.u1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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.
StandardDescriptionRequired adoption timing and approachImpact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.
Some aspects adopted in 2023 using a retrospective method and will adopt other aspects in 2024 annual report using a prospective method Not material
Standards not yet adopted
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.2024 annual report and interim periods thereafter using a retrospective methodWill increase disclosures in Note 4
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresAmong 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 5
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.
v3.24.1.u1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Inventories
Inventories
The components of inventories are as follows:
(In millions)March 30, 2024December 31, 2023
Raw materials$2,038 $2,057 
Work in process787 705 
Finished goods2,308 2,326 
Inventories$5,133 $5,088 
v3.24.1.u1
Acquisitions (Tables)
 3 Months Ended
Mar. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Components of Purchase Price and Net Assets Acquired
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 
v3.24.1.u1
Revenue and Contract-related Balances (Tables)
 3 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated Revenues
Revenues by type are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
Consumables
$4,328 $4,506 
Instruments
1,627 1,898 
Services
4,390 4,306 
Consolidated revenues$10,345 $10,710 
Revenues by geographic region based on customer location are as follows:
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
North America
$5,519 $5,778 
Europe
2,619 2,601 
Asia-Pacific
1,861 1,986 
Other regions
346 345 
Consolidated revenues$10,345 $10,710 
Schedule of Contract Asset and Liability 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:
(In millions)March 30, 2024December 31, 2023
Current contract assets, net$1,422 $1,443 
Noncurrent contract assets, net9 4 
Current contract liabilities2,632 2,689 
Noncurrent contract liabilities1,427 1,499 
v3.24.1.u1
Business Segment and Geographical Information (Tables)
 3 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Schedule of Business Segment Information
Business Segment Information
Three months ended
March 30,April 1,
(In millions)20242023
Revenues
Life Sciences Solutions
$2,285 $2,612 
Analytical Instruments
1,687 1,723 
Specialty Diagnostics
1,109 1,108 
Laboratory Products and Biopharma Services
5,723 5,763 
Eliminations
(460)(496)
Consolidated revenues
10,345 10,710 
Segment Income
Life Sciences Solutions
840 836 
Analytical Instruments
400 421 
Specialty Diagnostics
294 280 
Laboratory Products and Biopharma Services
744 793 
Subtotal reportable segments
2,278 2,330 
Cost of revenues adjustments
(15)(41)
Selling, general and administrative expenses adjustments
(19)(8)
Restructuring and other costs
(29)(112)
Amortization of acquisition-related intangible assets
(551)(606)
Consolidated operating income
1,663 1,563 
Interest income 279 146 
Interest expense(363)(300)
Other income/(expense)
10 (46)
Consolidated income before taxes
$1,589 $1,363 
Schedule of Revenue by Country Based on Customer Location
Three months ended
(In millions)March 30, 2024April 1, 2023
Revenues
United States
$5,322 $5,587 
Other
5,023 5,123 
Consolidated revenues
$10,345 $10,710 
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of the Provision for Income Taxes
The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:
Three months ended
(In millions)March 30, 2024April 1, 2023
Statutory federal income tax rate
21 %21 %
Provision for income taxes at statutory rate
$334 $286 
Increases (decreases) resulting from:
Foreign rate differential
(38)(52)
Income tax credits
(89)(83)
Global intangible low-taxed income
12 12 
Foreign-derived intangible income
(22)(23)
Excess tax benefits from stock options and restricted stock units
(33)(27)
Provision for (reversal of) tax reserves, net
185 9 
Intra-entity transfers
(102)(144)
Provision for (reversal of) valuation allowances, net
47 67 
Withholding taxes
4 5 
Tax return reassessments and settlements
(29)(3)
State income taxes, net of federal tax
19 24 
Other, net
(6)(25)
Provision for income taxes
$281 $46 
Schedule of Unrecognized Tax Benefits
(In millions)2024
Balance at beginning of year
$540 
Additions for tax positions of prior years
195 
Reductions for tax positions of prior years
(42)
Balance at end of period
$693 
v3.24.1.u1
Earnings per Share (Tables)
 3 Months Ended
Mar. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Three months ended
March 30,April 1,
(In millions except per share amounts)20242023
Net income attributable to Thermo Fisher Scientific Inc.$1,328 $1,289 
Basic weighted average shares382 386 
Plus effect of: stock options and restricted stock units2 2 
Diluted weighted average shares384 388 
Basic earnings per share$3.47 $3.34 
Diluted earnings per share$3.46 $3.32 
Antidilutive stock options excluded from diluted weighted average shares
2 2 
v3.24.1.u1
Debt and Other Financing Arrangements (Tables)
 3 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
0.93 %1,079 1,104 
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)
0.40 %863 883 
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
2.10 %691 706 
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)
1.05 %147 158 
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
0.15 %593 607 
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
3.38 %540 552 
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
1.52 %755 773 
4.953% 3-Year Senior Notes, Due 8/10/2026
5.19 %600 600 
5.000% 3-Year Senior Notes, Due 12/5/2026
5.25 %1,000 1,000 
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
1.65 %540 552 
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
1.96 %647 662 
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)
1.18 %191 205 
4.80% 5-Year Senior Notes, Due 11/21/2027
5.00 %600 600 
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
0.77 %863 883 
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)
1.77 %366 — 
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)
0.90 %192 206 
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
1.46 %647 662 
1.75% 7-Year Senior Notes, Due 10/15/2028
1.89 %700 700 
5.000% 5-Year Senior Notes, Due 1/31/2029
5.24 %1,000 1,000 
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
2.07 %755 773 
2.60% 10-Year Senior Notes, Due 10/1/2029
2.74 %900 900 
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)
1.44 %31 33 
4.977% 7-Year Senior Notes, Due 8/10/2030
5.12 %750 750 
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
0.88 %1,888 1,932 
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
1.13 %971 993 
2.00% 10-Year Senior Notes, Due 10/15/2031
2.23 %1,200 1,200 
1.840% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)
1.91 %460 — 
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
2.54 %647 662 
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)
1.60 %42 45 
Effective interest rate at March 30,March 30,December 31,
(Dollars in millions)202420242023
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 1,000 
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
1.20 %1,619 1,656 
5.200% 10-Year Senior Notes, Due 1/31/2034
5.34 %500 500 
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
3.76 %809 828 
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)
1.58 %142 152 
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)
2.09 %361 — 
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
2.94 %755 773 
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
1.73 %971 993 
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 %1,349 1,380 
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)
2.13 %97 104 
5.404% 20-Year Senior Notes, Due 8/10/2043
5.50 %600 600 
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)
2.06 %192 206 
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 %1,079 1,104 
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
2.07 %809 828 
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)
2.43 %220 236 
Other 75 77 
Total borrowings at par value
35,687 35,028 
Unamortized discount
(108)(113)
Unamortized debt issuance costs
(186)(188)
Total borrowings at carrying value
35,393 34,727 
Finance lease liabilities
215 190 
Less: Short-term obligations and current maturities
4,451 3,609 
Long-term obligations$31,157 $31,308 
v3.24.1.u1
Comprehensive Income/(Loss) and Shareholders' Equity (Tables)
 3 Months Ended
Mar. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Each Component of Accumulated Other Comprehensive Items
Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:
(In millions)Currency
translation
adjustment		Unrealized gains/(losses) on available-for-sale debt securitiesUnrealized
gains/(losses) on
hedging
instruments		Pension and
other
postretirement
benefit
liability
adjustment		Total
Balance at December 31, 2023$(2,941)$— $(28)$(255)$(3,224)
Other comprehensive income/(loss) before reclassifications
456 (1)— 1 456 
Amounts reclassified from accumulated other comprehensive income/(loss)
3 — 1 — 4 
Net other comprehensive income/(loss)
459 (1)1 1 460 
Balance at March 30, 2024$(2,482)$(1)$(27)$(254)$(2,764)
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:
March 30,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs
(In millions)2024(Level 1)(Level 2)(Level 3)
Assets
Cash equivalents
$2,692 $2,692 $— $— 
Bank time deposits1,751 1,751 — — 
Investments
21 21 — — 
Insurance contracts
221 — 221 — 
Derivative contracts
220 — 220 — 
Total assets
$4,904 $4,464 $440 $— 
Liabilities
Derivative contracts
$57 $— $57 $— 
Contingent consideration
83 — — 83 
Total liabilities
$141 $— $57 $83 
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 
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.
Three months ended
March 30,April 1,
(In millions)20242023
Contingent consideration
Beginning balance$87 $174 
Payments(2)(15)
Changes in fair value included in earnings(2)(23)
Ending balance$83 $136 
Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts
The following table provides the aggregate notional value of outstanding derivative contracts.
(In millions)March 30, 2024December 31, 2023
Cross-currency interest rate swaps designated as net investment hedge - euro$1,000 $1,000 
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen4,650 4,650 
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc2,500 2,500 
Currency exchange contracts1,381 1,567 
Schedule of the 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
 March 30,December 31,March 30,December 31,
(In millions)2024202320242023
Derivatives designated as hedging instruments
Cross-currency interest rate swaps (a)
$219 $5 $56 $287 
Derivatives not designated as hedging instruments
Currency exchange contracts (b)
1 3 1 3 
Total derivatives$220 $8 $57 $290 
(a)    The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities.
(b)    The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.
Schedule of Derivative Instruments Gains and Losses
 Gain (loss) recognized
Three months ended
March 30,April 1,
(In millions)20242023
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense$(1)$— 
Amount reclassified from accumulated other comprehensive items to other income/(expense)— (4)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive items
275 (144)
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items
444 (9)
Included in interest expense
66 17 
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues
3 (3)
Included in other income/(expense)
(6)23 
Schedule of the Fair Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
March 30, 2024December 31, 2023
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$35,318 $32,587 $34,650 $32,191 
Other
75 75 77 77 
$35,393 $32,662 $34,727 $32,268 
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.
Schedule of the Carrying Value of the Company's Debt Instruments
The carrying value and fair value of the company’s debt instruments are as follows:
March 30, 2024December 31, 2023
CarryingFairCarryingFair
(In millions)valuevaluevaluevalue
Senior notes
$35,318 $32,587 $34,650 $32,191 
Other
75 75 77 77 
$35,393 $32,662 $34,727 $32,268 
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.
v3.24.1.u1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 30, 2024
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Information
 Three months ended
(In millions)March 30, 2024April 1, 2023
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment
$165 $242 
Declared but unpaid dividends
150 137 
Issuance of stock upon vesting of restricted stock units
63 91 
Excise tax from stock repurchases
29 30 
Schedule of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:
(In millions)March 30, 2024December 31, 2023
Cash and cash equivalents$5,499 $8,077 
Restricted cash included in other current assets7 6 
Restricted cash included in other assets14 14 
Cash, cash equivalents and restricted cash$5,519 $8,097 
v3.24.1.u1
Restructuring and Other Costs (Tables)
 3 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Other Costs by Segment
Restructuring and other costs by segment are as follows:
Three months ended
(In millions)March 30, 2024
Life Sciences Solutions
$2 
Analytical Instruments
7 
Specialty Diagnostics
5 
Laboratory Products and Biopharma Services
14 
Corporate
1 
$29 
Summary of Changes in the Company's Accrued Restructuring Balance
The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheet. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table.
(In millions)Total (a)
Balance at December 31, 2023$60 
Net restructuring charges incurred in 2024 (b)
25 
Payments
(32)
Currency translation
(2)
Balance at March 30, 2024$51 
(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.
(b)Excludes $4 million of net non-cash charges.
v3.24.1.u1
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Components of Inventories (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 2,038 $ 2,057
Work in process 787 705
Finished goods 2,308 2,326
Inventories $ 5,133 $ 5,088
v3.24.1.u1
Acquisitions - Components of Purchase Price and Net Assets Acquired (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 14, 2023
Jan. 03, 2023
Dec. 31, 2023
Business Acquisition [Line Items]      
Weighted-average amortization period     17 years
Customer relationships      
Business Acquisition [Line Items]      
Weighted-average amortization period     18 years
Product technology      
Business Acquisition [Line Items]      
Weighted-average amortization period     14 years
Tradenames      
Business Acquisition [Line Items]      
Weighted-average amortization period     15 years
Backlog      
Business Acquisition [Line Items]      
Weighted-average amortization period     13 years
The Binding Site Group      
Business Acquisition [Line Items]      
Cash paid   $ 2,412  
Debt settled   307  
Cash acquired   (20)  
Purchase price   2,699  
Goodwill   1,741  
Net tangible assets   174  
Deferred tax assets (liabilities)   (288)  
Net assets acquired   2,699  
The Binding Site Group | Customer relationships      
Business Acquisition [Line Items]      
Definite-lived intangible assets:   868  
The Binding Site Group | Product technology      
Business Acquisition [Line Items]      
Definite-lived intangible assets:   162  
The Binding Site Group | Tradenames      
Business Acquisition [Line Items]      
Definite-lived intangible assets:   42  
The Binding Site Group | Backlog      
Business Acquisition [Line Items]      
Definite-lived intangible assets:   $ 0  
CorEvitas, LLC      
Business Acquisition [Line Items]      
Cash paid $ 730    
Debt settled 184    
Cash acquired (4)    
Purchase price 910    
Goodwill 627    
Net tangible assets (2)    
Deferred tax assets (liabilities) (68)    
Net assets acquired 910    
CorEvitas, LLC | Customer relationships      
Business Acquisition [Line Items]      
Definite-lived intangible assets: 260    
CorEvitas, LLC | Product technology      
Business Acquisition [Line Items]      
Definite-lived intangible assets: 47    
CorEvitas, LLC | Tradenames      
Business Acquisition [Line Items]      
Definite-lived intangible assets: 0    
CorEvitas, LLC | Backlog      
Business Acquisition [Line Items]      
Definite-lived intangible assets: $ 46    
v3.24.1.u1
Acquisitions (Details) - USD ($)
$ / shares in Units, $ in Billions
 12 Months Ended
Oct. 17, 2023
Dec. 31, 2023
Business Acquisition [Line Items]    
Weighted-average amortization period   17 years
Olink Holding AB    
Business Acquisition [Line Items]    
Expected price per share of acquisition (dollars per share) $ 26.00  
Expected purchase price of acquisition $ 3.1  
Customer relationships    
Business Acquisition [Line Items]    
Weighted-average amortization period   18 years
Product technology    
Business Acquisition [Line Items]    
Weighted-average amortization period   14 years
Tradenames    
Business Acquisition [Line Items]    
Weighted-average amortization period   15 years
Backlog    
Business Acquisition [Line Items]    
Weighted-average amortization period   13 years
v3.24.1.u1
Revenue and Contract-related Balances - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Disaggregation of Revenue [Line Items]    
Revenues $ 10,345 $ 10,710
North America    
Disaggregation of Revenue [Line Items]    
Revenues 5,519 5,778
Europe    
Disaggregation of Revenue [Line Items]    
Revenues 2,619 2,601
Asia-Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 1,861 1,986
Other regions    
Disaggregation of Revenue [Line Items]    
Revenues 346 345
Consumables    
Disaggregation of Revenue [Line Items]    
Revenues 4,328 4,506
Instruments    
Disaggregation of Revenue [Line Items]    
Revenues 1,627 1,898
Service revenues    
Disaggregation of Revenue [Line Items]    
Revenues $ 4,390 $ 4,306
v3.24.1.u1
Revenue and Contract-related Balances - Revenue Performance Obligations (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation amount $ 26,370
Minimum [Member]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Warranty agreement 3 years
Maximum [Member]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Warranty agreement 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation percentage 51.00%
Remaining performance obligation, expected timing 12 months
v3.24.1.u1
Revenue and Contract-related Balances - Schedule of Contract Asset and Liability Balances (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Current contract assets, net $ 1,422   $ 1,443
Noncurrent contract assets, net 9   4
Current contract liabilities 2,632   2,689
Noncurrent contract liabilities 1,427   $ 1,499
Revenue recognized that was included in the current contract liability balance at the beginning of the period $ 1,320 $ 1,300  
v3.24.1.u1
Business Segment and Geographical Information - Schedule of Business Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Segment Reporting Information [Line Items]    
Revenues $ 10,345 $ 10,710
Segment Income 1,663 1,563
Restructuring and other costs (29) (112)
Amortization of acquisition-related intangible assets (551) (606)
Interest income 279 146
Interest expense (363) (300)
Other income/(expense) 10 (46)
Income before income taxes 1,589 1,363
Total Reportable Segments    
Segment Reporting Information [Line Items]    
Segment Income 2,278 2,330
Total Reportable Segments | Life Sciences Solutions    
Segment Reporting Information [Line Items]    
Revenues 2,285 2,612
Segment Income 840 836
Restructuring and other costs (2)  
Total Reportable Segments | Analytical Instruments    
Segment Reporting Information [Line Items]    
Revenues 1,687 1,723
Segment Income 400 421
Restructuring and other costs (7)  
Total Reportable Segments | Specialty Diagnostics    
Segment Reporting Information [Line Items]    
Revenues 1,109 1,108
Segment Income 294 280
Restructuring and other costs (5)  
Total Reportable Segments | Laboratory Products and Biopharma Services    
Segment Reporting Information [Line Items]    
Revenues 5,723 5,763
Segment Income 744 793
Restructuring and other costs (14)  
Eliminations    
Segment Reporting Information [Line Items]    
Revenues (460) (496)
Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Cost of revenues adjustments (15) (41)
Selling, general and administrative expenses adjustments (19) (8)
Restructuring and other costs (29) (112)
Amortization of acquisition-related intangible assets $ (551) $ (606)
v3.24.1.u1
Business Segment and Geographical Information - Schedule of Revenue by Country Based on Customer Location (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 10,345 $ 10,710
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues 5,322 5,587
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 5,023 $ 5,123
v3.24.1.u1
Income Taxes - Schedule of the Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Statutory federal income tax rate 21.00% 21.00%
Provision for income taxes at statutory rate $ 334 $ 286
Foreign rate differential (38) (52)
Income tax credits (89) (83)
Global intangible low-taxed income 12 12
Foreign-derived intangible income (22) (23)
Excess tax benefits from stock options and restricted stock units (33) (27)
Provision for (reversal of) tax reserves, net 185 9
Intra-entity transfers (102) (144)
Provision for (reversal of) valuation allowances, net 47 67
Withholding taxes 4 5
Tax return reassessments and settlements (29) (3)
State income taxes, net of federal tax 19 24
Other, net (6) (25)
Provision for income taxes $ 281 $ 46
v3.24.1.u1
Income Taxes - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2024
USD ($)
country
Dec. 31, 2023
USD ($)
Income Tax Disclosure [Abstract]    
Increase related to potential settlement of international tax audits $ 240  
Countries with taxable presence | country 70  
Unrecognized tax benefits $ 693 $ 540
v3.24.1.u1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2024
USD ($)
Reconciliation of Unrecognized Tax Benefits [Roll Forward]  
Balance at beginning of year $ 540
Additions for tax positions of prior years 195
Reductions for tax positions of prior years (42)
Balance at end of period $ 693
v3.24.1.u1
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Earnings Per Share [Abstract]    
Net income $ 1,328 $ 1,289
Basic weighted average shares (in shares) 382 386
Plus effect of: stock options and restricted stock units (in shares) 2 2
Diluted weighted average shares (in shares) 384 388
Basic (in dollars per share) $ 3.47 $ 3.34
Diluted (in dollars per share) $ 3.46 $ 3.32
Antidilutive stock options excluded from diluted weighted average shares (in shares) 2 2
v3.24.1.u1
Debt and Other Financing Arrangements - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total borrowings at par value $ 35,687 $ 35,028
Unamortized discount (108) (113)
Unamortized debt issuance costs (186) (188)
Total borrowings at carrying value 35,393 34,727
Finance lease liabilities 215 190
Less: Short-term obligations and current maturities 4,451 3,609
Long-term obligations 31,157 31,308
Senior Notes    
Debt Instrument [Line Items]    
Total borrowings at carrying value $ 35,318 34,650
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 $ 1,079 1,104
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 0.40%  
Total borrowings at par value $ 863 883
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 $ 691 706
Senior Notes | 0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.853%  
Term 3 years  
Effective interest rate 1.05%  
Total borrowings at par value $ 147 158
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 $ 593 607
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 3.38%  
Total borrowings at par value $ 540 552
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 1.52%  
Total borrowings at par value $ 755 773
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 $ 600 600
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 5.25%  
Total borrowings at par value $ 1,000 1,000
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 $ 540 552
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 1.96%  
Total borrowings at par value $ 647 662
Senior Notes | 1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.054%  
Term 5 years  
Effective interest rate 1.18%  
Total borrowings at par value $ 191 205
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 $ 863 883
Senior Notes | $1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.6525%  
Term 4 years  
Effective interest rate 1.77%  
Total borrowings at par value $ 366  
Senior Notes | 0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 0.77%  
Term 5 years  
Effective interest rate 0.90%  
Total borrowings at par value $ 192 206
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 $ 647 662
Senior Notes | 1.75% 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 5.24%  
Total borrowings at par value $ 1,000 1,000
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 2.07%  
Total borrowings at par value $ 755 773
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 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.279%  
Term 7 years  
Effective interest rate 1.44%  
Total borrowings at par value $ 31 33
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 $ 750 750
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 0.88%  
Total borrowings at par value $ 1,888 1,932
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 $ 971 993
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 | $1.840% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.84%  
Term 8 years  
Effective interest rate 1.91%  
Total borrowings at par value $ 460  
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 2.54%  
Total borrowings at par value $ 647 662
Senior Notes | 1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.49%  
Term 10 years  
Effective interest rate 1.60%  
Total borrowings at par value $ 42 45
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 1,000
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 $ 1,619 1,656
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 5.34%  
Total borrowings at par value $ 500 500
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 $ 809 828
Senior Notes | 1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 1.50%  
Term 12 years  
Effective interest rate 1.58%  
Total borrowings at par value $ 142 152
Senior Notes | $2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.0375%  
Term 12 years  
Effective interest rate 2.09%  
Total borrowings at par value $ 361 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 $ 755 773
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 $ 971 993
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 $ 1,349 1,380
Senior Notes | 2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.069%  
Term 20 years  
Effective interest rate 2.13%  
Total borrowings at par value $ 97 104
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 $ 600 600
Senior Notes | 2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.02%  
Term 20 years  
Effective interest rate 2.06%  
Total borrowings at par value $ 192 206
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 $ 1,079 1,104
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 $ 809 828
Senior Notes | 2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)    
Debt Instrument [Line Items]    
Interest rate 2.382%  
Term 30 years  
Effective interest rate 2.43%  
Total borrowings at par value $ 220 236
Other    
Debt Instrument [Line Items]    
Total borrowings at par value 75 77
Total borrowings at carrying value $ 75 $ 77
v3.24.1.u1
Debt and Other Financing Arrangements (Details)
 3 Months Ended
Mar. 30, 2024
USD ($)
Senior Notes  
Short-term Financing [Line Items]  
Redemption price 100.00%
Revolving Credit Facility  
Short-term Financing [Line Items]  
Borrowing capacity $ 5,000,000,000
Minimum consolidated interest coverage ratio 3.5
Borrowings outstanding $ 0
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%
Commercial Paper | U.S. Commercial Paper Program  
Short-term Financing [Line Items]  
Maximum maturity period 397 days
Commercial Paper | Euro Commercial Paper Program  
Short-term Financing [Line Items]  
Maximum maturity period 183 days
v3.24.1.u1
Comprehensive Income/(Loss) and Shareholders' Equity - Schedule of Changes in Each Component of Accumulated Other Comprehensive Items (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2024
USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance $ 46,724
Ending Balance 45,504
Currency translation adjustment  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance (2,941)
Other comprehensive income/(loss) before reclassifications 456
Amounts reclassified from accumulated other comprehensive income/(loss) 3
Net other comprehensive income/(loss) 459
Ending Balance (2,482)
Unrealized gains/(losses) on available-for-sale debt securities  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance 0
Other comprehensive income/(loss) before reclassifications (1)
Amounts reclassified from accumulated other comprehensive income/(loss) 0
Net other comprehensive income/(loss) (1)
Ending Balance (1)
Unrealized gains/(losses) on hedging instruments  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance (28)
Other comprehensive income/(loss) before reclassifications 0
Amounts reclassified from accumulated other comprehensive income/(loss) 1
Net other comprehensive income/(loss) 1
Ending Balance (27)
Pension and other postretirement benefit liability adjustment  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance (255)
Other comprehensive income/(loss) before reclassifications 1
Amounts reclassified from accumulated other comprehensive income/(loss) 0
Net other comprehensive income/(loss) 1
Ending Balance (254)
Accumulated Other Comprehensive Items  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Beginning Balance (3,224)
Other comprehensive income/(loss) before reclassifications 456
Amounts reclassified from accumulated other comprehensive income/(loss) 4
Net other comprehensive income/(loss) 460
Ending Balance $ (2,764)
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities on a Recurring Basis (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Liabilities [Abstract]      
Gain (loss) on sale of investments $ 10 $ (44)  
Fair Value, Recurring      
Assets [Abstract]      
Cash equivalents 2,692   $ 5,021
Bank time deposits 1,751   3
Investments 21   20
Insurance contracts 221   210
Derivative contracts 220   8
Total Assets 4,904   5,262
Liabilities [Abstract]      
Derivative contracts 57   290
Contingent consideration 83   87
Total Liabilities 141   377
Fair Value, Recurring | Quoted Prices in Active Markets (Level I)      
Assets [Abstract]      
Cash equivalents 2,692   5,021
Bank time deposits 1,751   3
Investments 21   20
Insurance contracts 0   0
Derivative contracts 0   0
Total Assets 4,464   5,044
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   0
Investments 0   0
Insurance contracts 221   210
Derivative contracts 220   8
Total Assets 440   218
Liabilities [Abstract]      
Derivative contracts 57   290
Contingent consideration 0   0
Total Liabilities 57   290
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)      
Assets [Abstract]      
Cash equivalents 0   0
Bank time deposits 0   0
Investments 0   0
Insurance contracts 0   0
Derivative contracts 0   0
Total Assets 0   0
Liabilities [Abstract]      
Derivative contracts 0   0
Contingent consideration 83   87
Total Liabilities $ 83   $ 87
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent consideration - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 87 $ 174
Payments (2) (15)
Changes in fair value included in earnings (2) (23)
Ending balance $ 83 $ 136
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Income [Extensible Enumeration] Selling, general and administrative expenses Selling, general and administrative expenses
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments - Derivative Assets & Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Cross-currency interest rate swaps | Derivatives Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair value – assets $ 219 $ 5
Fair value – liabilities 56 287
Cross-currency interest rate swaps | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - euro    
Derivatives, Fair Value [Line Items]    
Notional amount 1,000 1,000
Cross-currency interest rate swaps | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - Japanese yen    
Derivatives, Fair Value [Line Items]    
Notional amount 4,650 4,650
Cross-currency interest rate swaps | Financial instruments designated as net investment hedges | Cross-currency interest rate swaps designated as net investment hedge - Swiss franc    
Derivatives, Fair Value [Line Items]    
Notional amount 2,500 2,500
Currency exchange contracts    
Derivatives, Fair Value [Line Items]    
Notional amount 1,381 1,567
Currency exchange contracts | Derivatives Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair value – assets 1 3
Fair value – liabilities 1 3
Fair Value, Recurring    
Derivatives, Fair Value [Line Items]    
Fair value – assets 220 8
Fair value – liabilities $ 57 $ 290
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments - Derivative Instruments, Gains & Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Currency exchange contracts | Included in other income/(expense) | Derivatives Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative $ (6) $ 23
Currency exchange contracts | Included in cost of product revenues | Derivatives Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivative 3 (3)
Derivatives designated as cash flow hedges | Interest rate swaps | Amount reclassified from accumulated other comprehensive items to interest expense | Derivatives Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on cash flow hedge reclassified from AOCI (1) 0
Derivatives designated as cash flow hedges | Interest rate swaps | Included in other income/(expense) | Derivatives Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on cash flow hedge reclassified from AOCI 0 (4)
Financial instruments designated as net investment hedges | Foreign currency-denominated debt and other payables | Derivatives Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on currency translation adjustment 275 (144)
Financial instruments designated as net investment hedges | Cross-currency interest rate swaps | Derivatives Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on currency translation adjustment 444 (9)
Gain (loss) on derivative $ 66 $ 17
v3.24.1.u1
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Other Instruments (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value $ 35,393 $ 34,727
Fair value 32,662 32,268
Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 35,318 34,650
Fair value 32,587 32,191
Other    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying value 75 77
Fair value $ 75 $ 77
v3.24.1.u1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Dec. 31, 2023
Dec. 31, 2022
Non-cash Investing and Financing Activities [Abstract]        
Acquired but unpaid property, plant and equipment $ 165 $ 242    
Declared but unpaid dividends 150 137    
Issuance of stock upon vesting of restricted stock units 63 91    
Excise tax from stock repurchases 29 30    
Cash and cash equivalents 5,499   $ 8,077  
Restricted cash included in other current assets 7   6  
Restricted cash included in other assets 14   14  
Cash, cash equivalents and restricted cash $ 5,519 $ 3,500 $ 8,097 $ 8,537
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible Enumeration] Other current assets   Other current assets  
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets  
v3.24.1.u1
Restructuring and Other Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
May 03, 2024
Restructuring Cost and Reserve [Line Items]      
Workforce reduction (less than) 1.00%    
Restructuring and other costs $ 29 $ 112  
Corporate, Non-Segment      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 1    
Life Sciences Solutions | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 2    
Analytical Instruments | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 7    
Specialty Diagnostics | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs 5    
Laboratory Products and Biopharma Services | Total Reportable Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring and other costs $ 14    
Forecast      
Restructuring Cost and Reserve [Line Items]      
Additional restructuring charges     $ 75
v3.24.1.u1
Restructuring and Other Costs - Reserves (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 60
Net restructuring charges incurred in 2024 25
Payments (32)
Currency translation (2)
Ending balance 51
Non-cash charges $ 4