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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 October 2, 2021 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)
Delaware04-2209186
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTMONew York Stock Exchange
0.750% Notes due 2024TMO 24ANew York Stock Exchange
0.125% Notes due 2025TMO 25BNew York Stock Exchange
2.000% Notes due 2025TMO 25New York Stock Exchange
1.400% Notes due 2026TMO 26ANew York Stock Exchange
1.450% Notes due 2027TMO 27New York Stock Exchange
1.750% Notes due 2027TMO 27BNew York Stock Exchange
0.500% Notes due 2028TMO 28ANew York Stock Exchange
1.375% Notes due 2028TMO 28New York Stock Exchange
1.950% Notes due 2029TMO 29New York Stock Exchange
0.875% Notes due 2031TMO 31New York Stock Exchange
2.375% Notes due 2032TMO 32New York Stock Exchange
2.875% Notes due 2037TMO 37New York Stock Exchange
1.500% Notes due 2039TMO 39New York Stock Exchange
1.875% Notes due 2049TMO 49New 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 October 2, 2021, the Registrant had 394,048,087 shares of Common Stock outstanding.




THERMO FISHER SCIENTIFIC INC.
QUARTERLY REPORT ON FORM 10-Q

2


THERMO FISHER SCIENTIFIC INC.
PART I    FINANCIAL INFORMATION
Item 1.    Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
 October 2,December 31,
(In millions except share and per share amounts)20212020
Assets
Current Assets:
Cash and cash equivalents
$12,027 $10,325 
Accounts receivable, less allowances of $138 and $135
5,557 5,741 
Inventories
4,906 4,029 
Contract assets, net
808 731 
Other current assets
1,426 1,131 
Total current assets
24,724 21,957 
Property, Plant and Equipment, Net
7,049 5,912 
Acquisition-related Intangible Assets, Net
11,927 12,685 
Other Assets
2,991 2,457 
Goodwill
26,909 26,041 
Total Assets
$73,600 $69,052 
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations
$19 $2,628 
Accounts payable
2,301 2,175 
Accrued payroll and employee benefits
1,816 1,916 
Contract liabilities
1,442 1,271 
Other accrued expenses
2,175 2,314 
Total current liabilities
7,753 10,304 
Deferred Income Taxes
1,465 1,794 
Other Long-term Liabilities
3,984 3,340 
Long-term Obligations
21,688 19,107 
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 438,749,893 and 437,088,297 shares issued
439 437 
Capital in excess of par value
15,960 15,579 
Retained earnings
33,876 28,116 
Treasury stock at cost, 44,701,806 and 40,417,789 shares
(8,911)(6,818)
Accumulated other comprehensive items
(2,654)(2,807)
Total shareholders' equity
38,710 34,507 
Total Liabilities and Shareholders' Equity
$73,600 $69,052 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3



THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months EndedNine Months Ended
October 2,September 26,October 2,September 26,
(In millions except per share amounts)2021202020212020
Revenues
Product revenues
$7,360 $6,782 $22,430 $16,662 
Service revenues
1,970 1,739 6,079 5,006 
Total revenues
9,330 8,521 28,509 21,668 
Costs and Operating Expenses:
Cost of product revenues
3,298 3,001 9,977 7,732 
Cost of service revenues
1,381 1,189 4,148 3,488 
Selling, general and administrative expenses
2,004 1,592 5,729 4,853 
Research and development expenses
351 296 1,014 805 
Restructuring and other costs
18 17 151 67 
Total costs and operating expenses
7,052 6,095 21,019 16,945 
Operating Income
2,278 2,426 7,490 4,723 
Interest Income
9 9 32 53 
Interest Expense
(128)(144)(375)(407)
Other Income (Expense)
14 (39)(174)(36)
Income Before Income Taxes
2,173 2,252 6,973 4,333 
Provision for Income Taxes
(271)(319)(906)(456)
Net Income
$1,902 $1,933 $6,067 $3,877 
Earnings per Share
Basic
$4.83 $4.88 $15.41 $9.79 
Diluted
$4.79 $4.84 $15.29 $9.71 
Weighted Average Shares
Basic
394 396 394 396 
Diluted
397 399 397 399 

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

4


THERMO FISHER SCIENTIFIC INC.
 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months EndedNine Months Ended
 October 2,September 26,October 2,September 26,
(In millions)2021202020212020
Comprehensive Income
Net Income
$1,902 $1,933 $6,067 $3,877 
Other Comprehensive Items:
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $74, $(76), $169 and $(71))
(32)10 121 (244)
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $0, $0, $0 and $20)
   (65)
Reclassification adjustment for losses included in net income (net of tax benefit of $0, $2, $5 and $4)
2 6 16 10 
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), $1, $(3) and $2)
3 (4)7 (5)
Amortization of net loss included in net periodic pension cost (net of tax benefit of $2, $1, $4 and $4)
3 7 9 13 
Total other comprehensive items
(24)19 153 (291)
Comprehensive Income
$1,878 $1,952 $6,220 $3,586 

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

5


THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended
 October 2,September 26,
(In millions)20212020
Operating Activities
Net income
$6,067 $3,877 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
614 467 
Amortization of acquisition-related intangible assets
1,295 1,256 
Change in deferred income taxes
(455)(496)
Loss on early extinguishment of debt197  
Stock-based compensation
153 145 
Other non-cash expenses, net
194 209 
Changes in assets and liabilities, excluding the effects of acquisitions(1,210)(508)
Net cash provided by operating activities
6,855 4,950 
Investing Activities
  
Acquisitions, net of cash acquired
(1,519)(3)
Purchase of property, plant and equipment
(1,692)(888)
Proceeds from sale of property, plant and equipment
9 7 
Other investing activities, net
(38) 
Net cash used in investing activities
(3,240)(884)
Financing Activities
Net proceeds from issuance of debt
3,122 3,464 
Repayment of debt
(2,807)(712)
Proceeds from issuance of commercial paper
 383 
Repayments of commercial paper
 (387)
Purchases of company common stock
(2,000)(1,500)
Dividends paid
(292)(250)
Net proceeds from issuance of company common stock under employee stock plans
101 156 
Other financing activities, net
(10)(146)
Net cash (used in) provided by financing activities
(1,886)1,008 
Exchange Rate Effect on Cash
(17)74 
Increase in Cash, Cash Equivalents and Restricted Cash
1,712 5,148 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
10,336 2,422 
Cash, Cash Equivalents and Restricted Cash at End of Period
$12,048 $7,570 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Unaudited)
 Common StockCapital in Excess of Par ValueRetained EarningsTreasury StockAccumulated Other Comprehensive ItemsTotal Shareholders' Equity
(In millions)SharesAmountSharesAmount
Three Months Ended October 2, 2021
Balance at July 3, 2021438 $438 $15,826 $32,076 45 $(8,856)$(2,630)$36,854 
Issuance of shares under employees' and directors' stock plans
1 1 83 —  (55)— 29 
Stock-based compensation
— — 51 — — — — 51 
Dividends declared ($0.26 per share)
— — — (102)— — — (102)
Net income
— — — 1,902 — — — 1,902 
Other comprehensive items
— — — — — — (24)(24)
Balance at October 2, 2021439 $439 $15,960 $33,876 45 $(8,911)$(2,654)$38,710 
Three Months Ended September 26, 2020
Balance at June 27, 2020436 $436 $15,334 $23,860 40 $(6,766)$(2,989)$29,875 
Issuance of shares under employees' and directors' stock plans
1 1 81 —  (49)— 33 
Stock-based compensation
— — 52 — — — — 52 
Dividends declared ($0.22 per share)
— — — (88)— — — (88)
Net income
— — — 1,933 — — — 1,933 
Other comprehensive items
— — — — — — 19 19 
Balance at September 26, 2020437 $437 $15,467 $25,705 40 $(6,815)$(2,970)$31,824 
Nine Months Ended October 2, 2021
Balance at December 31, 2020437 $437 $15,579 $28,116 40 $(6,818)$(2,807)$34,507 
Issuance of shares under employees' and directors' stock plans
2 2 228 — 1 (93)— 137 
Stock-based compensation
— — 153 — — — — 153 
Purchases of company common stock
— — — — 4 (2,000)— (2,000)
Dividends declared ($0.78 per share)
— — — (307)— — — (307)
Net income
— — — 6,067 — — — 6,067 
Other comprehensive items
— — — — — — 153 153 
Balance at October 2, 2021439 $439 $15,960 $33,876 45 $(8,911)$(2,654)$38,710 
Nine Months Ended September 26, 2020
Balance at December 31, 2019434 $434 $15,064 $22,092 36 $(5,236)$(2,679)$29,675 
Cumulative effect of accounting change
— — — (1)— — — (1)
Issuance of shares under employees' and directors' stock plans
3 3 258 —  (79)— 182 
Stock-based compensation
— — 145 — — — — 145 
Purchases of company common stock
— — — — 4 (1,500)— (1,500)
Dividends declared ($0.66 per share)
— — — (263)— — — (263)
Net income
— — — 3,877 — — — 3,877 
Other comprehensive items
— — — — — — (291)(291)
Balance at September 26, 2020437 $437 $15,467 $25,705 40 $(6,815)$(2,970)$31,824 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7


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 diagnostics and 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 October 2, 2021, the results of operations for the three- and nine-month periods ended October 2, 2021 and September 26, 2020, and the cash flows for the nine-month periods ended October 2, 2021 and September 26, 2020. Interim results are not necessarily indicative of results for a full year.
The condensed consolidated balance sheet presented as of December 31, 2020, 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 2020 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 2020 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 nine months ended October 2, 2021.
Inventories
The components of inventories are as follows:
October 2,December 31,
(In millions)20212020
Raw Materials$1,840 $1,305 
Work in Process680 540 
Finished Goods2,386 2,184 
Inventories$4,906 $4,029 
Prior to the third quarter of 2021, certain of the company’s businesses utilized the last-in, first-out (LIFO) method of accounting for inventories. During the third quarter of 2021, these businesses, which comprise approximately 5% of consolidated inventories, changed from the LIFO method to the first-in, first-out (FIFO) method. The company believes this change is preferable as it will provide a consistent, uniform costing method for all inventories across the company, better reflect the current value of inventories, and improve comparability with peers. Prior financial statements have not been retrospectively adjusted due to immateriality. The cumulative pre-tax effect of this change in accounting principle of $33 million was recorded as an increase to inventories and a decrease to cost of product revenues in the third quarter of 2021. This change was recorded in the Laboratory Products and Services ($20 million) and Specialty Diagnostics ($13 million) segments.
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. Risks and uncertainties associated with the ongoing COVID-19 global pandemic materially adversely affected certain of the company’s businesses in 2020, particularly in the Analytical Instruments segment and, to a lesser extent, some businesses within the other three
8


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
segments. The negative impacts have significantly lessened so far in 2021. 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 October 2021, the FASB amended guidance to recognize and measure contract assets and contract liabilities acquired in a business combination. Generally, this new guidance will result in the company recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The company will adopt this guidance in the fourth quarter of 2021 retrospectively to all business combinations completed in the first three quarters of 2021 and prospectively to all future business combinations. The adoption of this guidance will not have a material impact on the company’s consolidated financial statements for prior acquisitions; however, the impact in future periods will be dependent on the contract assets and contract liabilities acquired in future business combinations.
In July 2021, the FASB amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. The company adopted the guidance in the third quarter of 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.
In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. Among other things, the new guidance requires the effects of enacted changes in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. The company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events or conditions that would be affected such as enacted changes in tax laws or rates.

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.
Pending Acquisition
On April 15, 2021, the company entered into a definitive agreement under which it will acquire PPD, Inc. for $47.50 per share for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt. PPD provides a broad range of clinical research and specialized laboratory services to enable customers to accelerate innovation and increase drug development productivity. Upon close of the transaction, PPD will become part of the Laboratory Products and Services Segment. Shareholders holding in aggregate approximately 60% of the issued and outstanding shares of common stock of PPD on April 15, 2021, have approved the transaction by written consent. No further action by other PPD shareholders is required to approve the transaction. On July 16, 2021, the company and PPD each received a request for additional information and documentary materials (collectively, the “Second Request”) from the U.S. Federal Trade Commission (FTC), in connection with the FTC’s review of the proposed merger. The effect of the Second Request is to extend the waiting period imposed under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), until the 30th day after substantial compliance by the company and PPD with the Second Request, unless the waiting period is terminated earlier by the FTC. As of October 22, 2021, both the company and PPD had certified substantial compliance with the Second Request. The transaction remains subject to the satisfaction of customary closing conditions, including termination of the HSR Act waiting period and receipt of applicable regulatory approvals outside the U.S. Subject to the satisfaction of the required closing conditions, we continue to expect the merger to be completed by the end of 2021.
9


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
2021
On January 15, 2021, the company acquired, within the Laboratory Products and Services segment, the Belgium-based European viral vector manufacturing business of Groupe Novasep SAS for $834 million in net cash consideration. The European viral vector manufacturing business provides manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers. The acquisition expands the segment’s capabilities for cell and gene vaccines and therapies. The goodwill recorded as a result of this business combination is not tax deductible.
On February 25, 2021, the company acquired, within the Life Sciences Solutions segment, Mesa Biotech, Inc., a U.S.-based molecular diagnostic company, for $409 million in net cash consideration and contingent consideration with an initial fair value of $65 million due upon the completion of certain milestones. Mesa Biotech has developed and commercialized a polymerase chain reaction (PCR) based rapid point-of-care testing platform available for detecting infectious diseases including COVID-19. The acquisition enables the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care. The goodwill recorded as a result of this business combination is not tax deductible.
On September 30, 2021, the company assumed operating responsibility, within the Laboratory Products and Services segment, of a new state-of-the-art biologics manufacturing facility in Lengnau, Switzerland from CSL Limited to perform pharma services for CSL with capacity to serve other customers as well. The company expects to make fixed lease payments aggregating to $555 million (excluding renewals) from 2021 to 2041, with additional amounts dependent on the extent of revenues from customers of the facility other than CSL. The goodwill recorded as a result of this business combination is not tax deductible.
In addition, in the first nine months of 2021, the company acquired, within the Life Sciences Solutions segment, cell sorting technology assets, an Ireland-based life sciences distributor and a developer of a digital PCR platform and, within the Analytical Instruments segment, a Belgium-based developer of micro-chip based technology for liquid chromatography columns.
The components of the purchase prices and the allocations to the net assets acquired for 2021 acquisitions are as follows:
(In millions)European Viral Vector BusinessMesa BiotechLengnau biologics manufacturing facilityOther
Purchase Price
Cash paid
$853 $423 $— $287 
Fair value of contingent consideration
— 65 1 113 
Purchase price payable
— — 17 — 
Cash acquired
(19)(14)— (11)
$834 $474 $18 $389 
Net Assets Acquired
Current assets
$39 $54 $— $10 
Property, plant and equipment
59 2 92 3 
Definite-lived intangible assets:
Customer relationships
302 — — 2 
Product technology
25 279 — 220 
Tradenames
— 2 — 3 
Goodwill
603 239 18 190 
Other assets
4 4 361 — 
Contract liabilities(59)— — (1)
Deferred tax liabilities
(80)(72)— (28)
Finance lease liabilities
(24)(1)(82)— 
Other liabilities assumed
(35)(33)(371)(10)
$834 $474 $18 $389 
10


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The weighted-average amortization periods for definite-lived intangible assets acquired in 2021 are 14 years for customer relationships, 7 years for product technology and 3 years for tradenames. The weighted average amortization period for all definite-lived intangible assets acquired in 2021 is 9 years.
The allocation of the purchase price for the Lengnau biologics manufacturing facility is preliminary, principally with respect to lease assets and liabilities as well as deferred taxes.

Note 3.    Revenues and Contract-related Balances
Disaggregated Revenues
Revenues by type are as follows:
Three Months Ended Nine Months Ended
October 2,September 26,October 2,September 26,
(In millions)2021202020212020
Revenues
Consumables
5,544 4,956 $16,880 $12,214 
Instruments
1,816 1,826 5,550 4,448 
Services
1,970 1,739 6,079 5,006 
Consolidated revenues$9,330 $8,521 $28,509 $21,668 
Revenues by geographic region based on customer location are as follows:
Three Months EndedNine Months Ended
October 2,September 26,October 2,September 26,
(In millions)2021202020212020
Revenues
North America
$4,662 $4,587 $14,292 $11,418 
Europe
2,557 2,032 8,037 5,464 
Asia-Pacific
1,836 1,607 5,294 4,054 
Other regions
275 295 886 732 
Consolidated revenues$9,330 $8,521 $28,509 $21,668 
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 October 2, 2021 was $14.49 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 76% of which is expected to occur within the next twelve months.
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:
October 2,December 31,
(In millions)20212020
Current Contract Assets, Net$808 $731 
Noncurrent Contract Assets, Net11 11 
Current Contract Liabilities1,442 1,271 
Noncurrent Contract Liabilities822 763 
11


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
In the three and nine months ended October 2, 2021, the company recognized revenues of $173 million and $1.10 billion, respectively, that were included in the contract liabilities balance at December 31, 2020. In the three and nine months ended September 26, 2020, the company recognized revenues of $142 million and $773 million, respectively, that were included in the contract liabilities balance at December 31, 2019.

Note 4.    Business Segment and Geographical Information
Business Segment Information
Three Months EndedNine Months Ended
October 2,September 26,October 2,September 26,
(In millions)2021202020212020
Revenues
Life Sciences Solutions
$3,721 $3,424 $11,481 $7,800 
Analytical Instruments
1,476 1,336 4,344 3,488 
Specialty Diagnostics
1,362 1,430 4,212 3,376 
Laboratory Products and Services
3,487 3,112 10,667 8,629 
Eliminations
(716)(781)(