THERMO FISHER SCIENTIFIC INC. [TMO] Filings

10-Q 1 tmo-20220402.htm 10-Q tmo-20220402

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended April 2, 2022 or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 1-8002

THERMO FISHER SCIENTIFIC INC.

(Exact name of Registrant as specified in its charter)


Delaware			04-2209186
(State of incorporation)			(I.R.S. Employer Identification No.)

168 Third Avenue

Waltham, Massachusetts 02451

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (781) 622-1000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

TMO

New York Stock Exchange

0.750% Notes due 2024

TMO 24A

New York Stock Exchange

0.125% Notes due 2025

TMO 25B

New York Stock Exchange

2.000% Notes due 2025

TMO 25

New York Stock Exchange

1.400% Notes due 2026

TMO 26A

New York Stock Exchange

1.450% Notes due 2027

TMO 27

New York Stock Exchange

1.750% Notes due 2027

TMO 27B

New York Stock Exchange

0.500% Notes due 2028

TMO 28A

New York Stock Exchange

1.375% Notes due 2028

TMO 28

New York Stock Exchange

1.950% Notes due 2029

TMO 29

New York Stock Exchange

0.875% Notes due 2031

TMO 31

New York Stock Exchange

2.375% Notes due 2032

TMO 32

New York Stock Exchange

2.875% Notes due 2037

TMO 37

New York Stock Exchange

1.500% Notes due 2039

TMO 39

New York Stock Exchange

1.875% Notes due 2049

TMO 49

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 2, 2022, the Registrant had 391,462,000 shares of Common Stock outstanding.

THERMO FISHER SCIENTIFIC INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED APRIL 2, 2022


TABLE OF CONTENTS
		Page
PART I

Item 1.	Financial Statements (Unaudited)	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4.	Controls and Procedures	28

PART II

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 5.	Other Information	29

Item 6.	Exhibits	30

THERMO FISHER SCIENTIFIC INC.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)


	April 2,		December 31,
(In millions except share and per share amounts)	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	2,752	$	4,477
Accounts receivable, less allowances of $170 and $150	7,889		7,977
Inventories	5,483		5,051
Contract assets, net	1,064		968

Other current assets	1,588		1,640
Total current assets	18,776		20,113
Property, plant and equipment, net	8,448		8,333
Acquisition-related intangible assets, net	19,378		20,113
Other assets	4,424		4,640
Goodwill	41,721		41,924
Total assets	$	92,747	$	95,123

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	1,866	$	2,537
Accounts payable	2,667		2,867
Accrued payroll and employee benefits	1,634		2,427
Contract liabilities	2,871		2,655
Other accrued expenses	3,032		2,950
Total current liabilities	12,070		13,436
Deferred income taxes	3,493		3,837
Other long-term liabilities	4,664		4,540
Long-term obligations	31,389		32,333
Redeemable noncontrolling interest	113		122
Equity:
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 439,530,820 and 439,154,741 shares issued	440		439
Capital in excess of par value	16,292		16,174
Retained earnings	37,528		35,431
Treasury stock at cost, 48,068,820 and 44,720,112 shares	(10,961)		(8,922)
Accumulated other comprehensive items	(2,343)		(2,329)
Total Thermo Fisher Scientific Inc. shareholders’ equity	40,956		40,793
Noncontrolling interests	62		62
Total equity	41,018		40,855
Total liabilities, redeemable noncontrolling interest and equity	$	92,747	$	95,123

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

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Unaudited)


	Three months ended
		April 2,		April 3,
(In millions except per share amounts)		2022		2021
Revenues
Product revenues		$	8,017	$	7,856
Service revenues		3,801		2,050
Total revenues		11,818		9,906

Costs and operating expenses:
Cost of product revenues		3,555		3,327
Cost of service revenues		2,799		1,370
Selling, general and administrative expenses		2,277		1,826
Research and development expenses		364		320
Restructuring and other costs		2		14
Total costs and operating expenses		8,997		6,857
Operating income		2,821		3,049
Interest income		18		12
Interest expense		(136)		(125)
Other income/(expense)		(163)		(183)
Income before income taxes		2,540		2,753
Provision for income taxes		(301)		(416)
Equity in earnings/(losses) of unconsolidated entities		(19)		—
Net income		2,220		2,337
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest		5		—
Net income attributable to Thermo Fisher Scientific Inc.		$	2,215	$	2,337

Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic		$	5.66	$	5.93
Diluted		$	5.61	$	5.88

Weighted average shares
Basic		392		394
Diluted		395		397

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

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended
		April 2,		April 3,
(In millions)		2022		2021
Comprehensive income
Net income		$	2,220	$	2,337
Other comprehensive items:
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $89 and $118)		(23)		224

Unrealized gains and losses on hedging instruments:

Reclassification adjustment for losses included in net income (net of tax benefit of $0 and $4)		1		13
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $(1) and $(2))		3		6
Amortization of net loss included in net periodic pension cost (net of tax benefit of $1 and $1)		2		2
Total other comprehensive items		(17)		245
Comprehensive income		2,203		2,582
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest		2		—
Comprehensive income attributable to Thermo Fisher Scientific Inc.		$	2,201	$	2,582

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

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)


	Three months ended
	April 2,		April 3,
(In millions)	2022		2021
Operating activities
Net income	$	2,220	$	2,337
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	250		198
Amortization of acquisition-related intangible assets	609		423
Change in deferred income taxes	(339)		24

Loss on early extinguishment of debt	26		197
Stock-based compensation	78		51
Other non-cash expenses, net	233		69
Changes in assets and liabilities, excluding the effects of acquisitions	(875)		(1,321)
Net cash provided by operating activities	2,202		1,978

Investing activities
Acquisitions, net of cash acquired	(40)		(1,343)

Purchase of property, plant and equipment	(640)		(628)
Proceeds from sale of property, plant and equipment	2		5
Other investing activities, net	8		(32)
Net cash used in investing activities	(670)		(1,998)

Financing activities

Repayment of debt	(375)		(2,803)
Proceeds from issuance of commercial paper	626		—
Repayments of commercial paper	(1,259)		—
Purchases of company common stock	(2,000)		(2,000)
Dividends paid	(103)		(87)
Net proceeds from issuance of company common stock under employee stock plans	2		20
Other financing activities, net	(36)		20
Net cash used in financing activities	(3,145)		(4,850)

Exchange rate effect on cash	(99)		137
Decrease in cash, cash equivalents and restricted cash	(1,712)		(4,733)
Cash, cash equivalents and restricted cash at beginning of period	4,491		10,336
Cash, cash equivalents and restricted cash at end of period	$	2,779	$	5,603

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

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

(Unaudited)


	Redeemable Noncontrolling Interest		Common Stock			Capital in Excess of Par Value		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Items		Total Thermo Fisher Scientific Inc. Shareholders’ Equity		Noncontrolling Interests		Total Equity
(In millions)			Shares	Amount						Shares	Amount
























			Three months ended April 2, 2022
Balance at December 31, 2021	$	122	439	$	439	$	16,174	$	35,431	45	$	(8,922)	$	(2,329)	$	40,793	$	62	$	40,855

Issuance of shares under employees' and directors' stock plans	—		1	1		40		—		—	(39)		—		2		—		2
Stock-based compensation	—		—	—		78		—		—	—		—		78		—		78
Purchases of company common stock	—		—	—		—		—		3	(2,000)		—		(2,000)		—		(2,000)
Dividends declared ($0.30 per share)	—		—	—		—		(118)		—	—		—		(118)		—		(118)

Net income	5		—	—		—		2,215		—	—		—		2,215		—		2,215
Other comprehensive items	(11)		—	—		—		—		—	—		(14)		(14)		1		(13)
Contributions from (distributions to) noncontrolling interest	(3)		—	—		—		—		—	—		—		—		(1)		(1)

Balance at April 2, 2022	$	113	440	$	440	$	16,292	$	37,528	48	$	(10,961)	$	(2,343)	$	40,956	$	62	$	41,018

			Three months ended April 3, 2021
Balance at December 31, 2020	$	—	437	$	437	$	15,579	$	28,116	40	$	(6,818)	$	(2,807)	$	34,507	$	10	$	34,517

Issuance of shares under employees' and directors' stock plans	—		1	1		54		—		1	(34)		—		21		—		21
Stock-based compensation	—		—	—		51		—		—	—		—		51		—		51
Purchases of company common stock	—		—	—		—		—		4	(2,000)		—		(2,000)		—		(2,000)
Dividends declared ($0.26 per share)	—		—	—		—		(103)		—	—		—		(103)		—		(103)
Net income	—		—	—		—		2,337		—	—		—		2,337		—		2,337
Other comprehensive items	—		—	—		—		—		—	—		245		245		—		245

Balance at April 3, 2021	$	—	438	$	438	$	15,684	$	30,350	45	$	(8,852)	$	(2,562)	$	35,058	$	10	$	35,068

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

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. 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, improve patient health through diagnostics and the development and manufacture of life-changing therapies, and increase laboratory productivity. 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 April 2, 2022, the results of operations for the three-month periods ended April 2, 2022 and April 3, 2021, and the cash flows for the three-month periods ended April 2, 2022 and April 3, 2021. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated balance sheet presented as of December 31, 2021, 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 2021 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 2021 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 April 2, 2022.

Inventories

The components of inventories are as follows:


	April 2,		December 31,
(In millions)	2022		2021
Raw materials	$	2,135	$	1,922
Work in process	723		676
Finished goods	2,625		2,453
Inventories	$	5,483	$	5,051

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. The negative impacts associated with the ongoing COVID-19 global pandemic significantly lessened in 2021 and 2022. The extent and duration of negative impacts in the future, which may include inflationary pressures and supply chain disruptions, are uncertain and may require changes to estimates. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company will adopt this guidance in the fourth quarter of 2022 using a prospective method. The adoption of this guidance is not expected to have a material impact on the company’s disclosures; however, the impact in future periods will be dependent on the extent of transactions of this nature entered into by the company subsequent to the date of adoption.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 2. 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 workforce. 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 use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products.

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.

2022

In 2022, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Fourier-transform infrared gas analysis technologies.

2021

The preliminary allocations of the purchase price for the acquisitions of the Lengnau biologics manufacturing facility, PPD, Inc. and PeproTech, Inc. were based on estimates of the fair values of the net assets acquired and are subject to adjustment upon finalization, largely with respect to acquired intangible assets, lease assets and liabilities, and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions. During the first quarter of 2022, the company adjusted the preliminary allocations of PPD and PeproTech, which among others increased goodwill by $59 million, decreased definite-lived intangible assets by $43 million, decreased equity method investments by $23 million and decreased the fair value of assumed contingent consideration by $18 million. The adjustment to amortization expense recorded during the first quarter of 2022 was not material.

Note 3. Revenues and Contract-related Balances

Disaggregated Revenues

Revenues by type are as follows:


	Three months ended
		April 2,		April 3,
(In millions)		2022		2021
Revenues
Consumables		$	6,110	$	5,964
Instruments		1,907		1,892
Services		3,801		2,050
Consolidated revenues		$	11,818	$	9,906

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


	Three months ended
		April 2,		April 3,
(In millions)		2022		2021
Revenues
North America		$	6,323	$	5,101
Europe		3,050		2,785
Asia-Pacific		2,064		1,709
Other regions		381		311
Consolidated revenues		$	11,818	$	9,906

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.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of April 2, 2022 was $28.84 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 59% 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 are included within other assets in the accompanying balance sheet. Noncurrent contract liabilities are included within other long-term liabilities in the accompanying balance sheet. Contract asset and liability balances are as follows:


	April 2,		December 31,
(In millions)	2022		2021
Current contract assets, net	$	1,064	$	968
Noncurrent contract assets, net	11		9
Current contract liabilities	2,871		2,655
Noncurrent contract liabilities	1,294		1,238

In the three months ended April 2, 2022, the company recognized revenues of $1.28 billion, that were included in the contract liabilities balance at December 31, 2021. In the three months ended April 3, 2021, the company recognized revenues of $566 million that were included in the contract liabilities balance at December 31, 2020.

Note 4. Business Segment and Geographical Information

Business Segment Information


	Three months ended
		April 2,		April 3,
(In millions)		2022		2021
Revenues
Life Sciences Solutions		$	4,231	$	4,203
Analytical Instruments		1,518		1,387
Specialty Diagnostics		1,482		1,615
Laboratory Products and Biopharma Services		5,442		3,597
Eliminations		(855)		(896)
Consolidated revenues		11,818		9,906

Segment Income
Life Sciences Solutions		2,176		2,279
Analytical Instruments		301		272
Specialty Diagnostics		353		428
Laboratory Products and Biopharma Services		620		531
Subtotal reportable segments		3,450		3,510
Cost of revenues adjustments		(11)		(8)
Selling, general and administrative expenses adjustments		(7)		(16)
Restructuring and other costs		(2)		(14)
Amortization of acquisition-related intangible assets		(609)		(423)
Consolidated operating income		2,821		3,049
Interest income		18		12
Interest expense		(136)		(125)
Other income/(expense)		(163)		(183)
Income before income taxes		$	2,540	$	2,753

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition. 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
		April 2,		April 3,
(In millions)		2022		2021
Revenues
United States		$	6,097	$	4,892
China		910		775
Other		4,811		4,239
Consolidated revenues		$	11,818	$	9,906

Note 5. Income Taxes

The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:


	Three months ended
	April 2,			April 3,
(In millions)	2022			2021
Statutory federal income tax rate	21		%	21		%
Provision for income taxes at statutory rate	$	533		$	578
Increases (decreases) resulting from:
Foreign rate differential	(82)			(55)
Income tax credits	(64)			(89)
Global intangible low-taxed income	26			20
Foreign-derived intangible income	(37)			(60)
Excess tax benefits from stock options and restricted stock units	(18)			(28)



Valuation allowance	(87)			(1)
Withholding taxes	12			18


State income taxes, net of federal tax	31			49
Other, net	(13)			(16)
Provision for income taxes	$	301		$	416

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 April 2, 2022 and December 31, 2021, the company had $1.12 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6. Earnings per Share


	Three months ended
		April 2,		April 3,
(In millions except per share amounts)		2022		2021
Net income attributable to Thermo Fisher Scientific Inc.		$	2,215	$	2,337

Basic weighted average shares		392		394
Plus effect of: stock options and restricted stock units		3		3
Diluted weighted average shares		395		397

Basic earnings per share		$	5.66	$	5.93
Diluted earnings per share		$	5.61	$	5.88

Antidilutive stock options excluded from diluted weighted average shares		2		1

Note 7. Debt and Other Financing Arrangements


	Effective interest rate at April 2,		April 2,		December 31,
(Dollars in millions)	2022		2022		2021
Commercial Paper	0.16	%	$	1,852	$	2,522

Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023			1,000		1,000
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023			500		500
0.797% 2-Year Senior Notes, Due 10/18/2023	1.04	%	1,350		1,350
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.00	%	1,877		1,933
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.06	%	607		625
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.94	%	1,104		1,137
1.215% 3-Year Senior Notes, Due 10/18/2024	1.42	%	2,500		2,500
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024			500		500
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)	0.41	%	883		910
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.10	%	707		728
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)	0.15	%	607		625
3.65% 10-Year Senior Notes, Due 12/15/2025			—		350
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)	1.53	%	773		796
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)	1.65	%	552		568
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)	1.97	%	663		682
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)	0.77	%	883		910
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)	1.46	%	663		682
1.750% 7-Year Senior Notes, Due 10/15/2028	1.89	%	700		700
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)	2.08	%	773		796
2.60% 10-Year Senior Notes, Due 10/1/2029	2.74	%	900		900
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)	0.89	%	1,933		1,990
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)	1.13	%	994		1,023
2.00% 10-Year Senior Notes, Due 10/15/2031	2.23	%	1,200		1,200
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)	2.55	%	663		682
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)	1.20	%	1,656		1,706
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)	2.94	%	773		796
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)	1.73	%	994		1,023