10-Q 1 tmo-20220402.htm 10-Q tmo-20220402
0000097745FALSE12/312022Q1http://fasb.org/us-gaap/2021-01-31#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2021-01-31#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2021-01-31#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2021-01-31#SellingGeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2021-01-31#OtherAssetsCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherAssetsNoncurrent00000977452022-01-012022-04-020000097745us-gaap:CommonStockMember2022-01-012022-04-020000097745tmo:SeniorNotes0.75Due2024Member2022-01-012022-04-020000097745tmo:SeniorNotes0.125Due2025Member2022-01-012022-04-020000097745tmo:SeniorNotes200Due2025Member2022-01-012022-04-020000097745tmo:SeniorNotes1.40Due2026Member2022-01-012022-04-020000097745tmo:A1.45SeniorNotesDue2027Member2022-01-012022-04-020000097745tmo:SeniorNotes175Due2027Member2022-01-012022-04-020000097745tmo:SeniorNotes0.500Due2028Member2022-01-012022-04-020000097745tmo:SeniorNotes1.375Due2028Member2022-01-012022-04-020000097745tmo:SeniorNotes1.95Due2029Member2022-01-012022-04-020000097745tmo:SeniorNotes0.875Due2031Member2022-01-012022-04-020000097745tmo:SeniorNotes2375Due2032Member2022-01-012022-04-020000097745tmo:SeniorNotes2.875Due2037Member2022-01-012022-04-020000097745tmo:SeniorNotes1.500Due2039Member2022-01-012022-04-020000097745tmo:SeniorNotes1.875Due2049Member2022-01-012022-04-0200000977452022-04-02xbrli:sharesiso4217:USD00000977452021-12-31iso4217:USDxbrli:shares0000097745us-gaap:ProductMember2022-01-012022-04-020000097745us-gaap:ProductMember2021-01-012021-04-030000097745us-gaap:ServiceMember2022-01-012022-04-020000097745us-gaap:ServiceMember2021-01-012021-04-0300000977452021-01-012021-04-0300000977452020-12-3100000977452021-04-030000097745us-gaap:CommonStockMember2021-12-310000097745us-gaap:AdditionalPaidInCapitalMember2021-12-310000097745us-gaap:RetainedEarningsMember2021-12-310000097745us-gaap:TreasuryStockMember2021-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000097745us-gaap:ParentMember2021-12-310000097745us-gaap:NoncontrollingInterestMember2021-12-310000097745us-gaap:CommonStockMember2022-01-012022-04-020000097745us-gaap:AdditionalPaidInCapitalMember2022-01-012022-04-020000097745us-gaap:TreasuryStockMember2022-01-012022-04-020000097745us-gaap:ParentMember2022-01-012022-04-020000097745us-gaap:RetainedEarningsMember2022-01-012022-04-020000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-04-020000097745us-gaap:NoncontrollingInterestMember2022-01-012022-04-020000097745us-gaap:CommonStockMember2022-04-020000097745us-gaap:AdditionalPaidInCapitalMember2022-04-020000097745us-gaap:RetainedEarningsMember2022-04-020000097745us-gaap:TreasuryStockMember2022-04-020000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-020000097745us-gaap:ParentMember2022-04-020000097745us-gaap:NoncontrollingInterestMember2022-04-020000097745us-gaap:CommonStockMember2020-12-310000097745us-gaap:AdditionalPaidInCapitalMember2020-12-310000097745us-gaap:RetainedEarningsMember2020-12-310000097745us-gaap:TreasuryStockMember2020-12-310000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000097745us-gaap:ParentMember2020-12-310000097745us-gaap:NoncontrollingInterestMember2020-12-310000097745us-gaap:CommonStockMember2021-01-012021-04-030000097745us-gaap:AdditionalPaidInCapitalMember2021-01-012021-04-030000097745us-gaap:TreasuryStockMember2021-01-012021-04-030000097745us-gaap:ParentMember2021-01-012021-04-030000097745us-gaap:RetainedEarningsMember2021-01-012021-04-030000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-04-030000097745us-gaap:CommonStockMember2021-04-030000097745us-gaap:AdditionalPaidInCapitalMember2021-04-030000097745us-gaap:RetainedEarningsMember2021-04-030000097745us-gaap:TreasuryStockMember2021-04-030000097745us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-030000097745us-gaap:ParentMember2021-04-030000097745us-gaap:NoncontrollingInterestMember2021-04-030000097745tmo:ConsumablesMember2022-01-012022-04-020000097745tmo:ConsumablesMember2021-01-012021-04-030000097745tmo:InstrumentsMember2022-01-012022-04-020000097745tmo:InstrumentsMember2021-01-012021-04-030000097745srt:NorthAmericaMember2022-01-012022-04-020000097745srt:NorthAmericaMember2021-01-012021-04-030000097745srt:EuropeMember2022-01-012022-04-020000097745srt:EuropeMember2021-01-012021-04-030000097745srt:AsiaPacificMember2022-01-012022-04-020000097745srt:AsiaPacificMember2021-01-012021-04-030000097745tmo:OtherRegionsMember2022-01-012022-04-020000097745tmo:OtherRegionsMember2021-01-012021-04-0300000977452022-04-022022-04-02xbrli:pure0000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2022-01-012022-04-020000097745us-gaap:OperatingSegmentsMembertmo:LifeSciencesSolutionsMember2021-01-012021-04-030000097745tmo:AnalyticalInstrumentsMemberus-gaap:OperatingSegmentsMember2022-01-012022-04-020000097745tmo:AnalyticalInstrumentsMemberus-gaap:OperatingSegmentsMember2021-01-012021-04-030000097745us-gaap:OperatingSegmentsMembertmo:SpecialtyDiagnosticsMember2022-01-012022-04-020000097745us-gaap:OperatingSegmentsMembertmo:SpecialtyDiagnosticsMember2021-01-012021-04-030000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-04-020000097745tmo:LaboratoryProductsandServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-04-030000097745us-gaap:IntersegmentEliminationMember2022-01-012022-04-020000097745us-gaap:IntersegmentEliminationMember2021-01-012021-04-030000097745us-gaap:OperatingSegmentsMember2022-01-012022-04-020000097745us-gaap:OperatingSegmentsMember2021-01-012021-04-030000097745us-gaap:MaterialReconcilingItemsMember2022-01-012022-04-020000097745us-gaap:MaterialReconcilingItemsMember2021-01-012021-04-030000097745country:US2022-01-012022-04-020000097745country:US2021-01-012021-04-030000097745country:CN2022-01-012022-04-020000097745country:CN2021-01-012021-04-030000097745tmo:AllOtherCountriesMember2022-01-012022-04-020000097745tmo:AllOtherCountriesMember2021-01-012021-04-030000097745us-gaap:CommercialPaperMember2022-04-020000097745us-gaap:CommercialPaperMember2021-12-310000097745tmo:FloatingRateSOFR03518MonthSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:FloatingRateSOFR03518MonthSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:FloatingRateSOFR03518MonthSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR039SeniorNotesDue2023Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR039SeniorNotesDue2023Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR039SeniorNotesDue2023Member2021-12-310000097745tmo:SeniorNotes0797Due2023Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes0797Due2023Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes0797Due2023Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:FloatingRate2YearSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:FloatingRate2YearSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:FloatingRate2YearSeniorNotesDue2023Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes0000Due2023Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes0000Due2023Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes0000Due2023Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes0.75Due2024Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes0.75Due2024Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes0.75Due2024Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes1215Due2024Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes1215Due2024Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes1215Due2024Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR053SeniorNotesDue2024Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR053SeniorNotesDue2024Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:FloatingRateSOFR053SeniorNotesDue2024Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.125Due2025Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2025Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0000Due2025Member2021-12-310000097745tmo:SeniorNotes3.65Due2025Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes3.65Due2025Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes3.65Due2025Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.40Due2026Member2021-12-310000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:A1.45SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes175Due2027Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes175Due2027Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes175Due2027Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes0.500Due2028Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes1.375Due2028Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes1.375Due2028Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes1.375Due2028Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1750Due2028Member2021-12-310000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes1.95Due2029Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes2.60Due2029Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes080Due2030Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes080Due2030Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes080Due2030Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes0.875Due2031Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2000Due2031Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2375Due2032Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1125Due2033Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2.875Due2037Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes1.500Due2039Member2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes2800Due2041Member2021-12-310000097745tmo:SeniorNotes1625Due2041Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes1625Due2041Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes1625Due2041Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes530Due2044Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes4.10Due2047Memberus-gaap:SeniorNotesMember2021-12-310000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2022-04-020000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2022-01-012022-04-020000097745tmo:SeniorNotes1.875Due2049Memberus-gaap:SeniorNotesMember2021-12-310000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2022-01-012022-04-020000097745us-gaap:SeniorNotesMembertmo:SeniorNotes200Due2051Member2021-12-310000097745tmo:OtherDebtMember2022-04-020000097745tmo:OtherDebtMember2021-12-310000097745us-gaap:RevolvingCreditFacilityMember2022-04-020000097745us-gaap:RevolvingCreditFacilityMember2022-01-012022-04-020000097745tmo:U.S.CommercialPaperProgramMemberus-gaap:CommercialPaperMember2022-01-012022-04-020000097745tmo:EuroCommercialPaperProgramMemberus-gaap:CommercialPaperMember2022-01-012022-04-020000097745us-gaap:CommercialPaperMember2022-04-020000097745us-gaap:SeniorNotesMember2022-01-012022-04-020000097745us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000097745us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-04-020000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-04-020000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-04-020000097745us-gaap:AccumulatedTranslationAdjustmentMember2022-04-020000097745us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-020000097745us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-020000097745us-gaap:FairValueMeasurementsRecurringMember2022-04-020000097745us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000097745us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000097745us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-04-020000097745us-gaap:FairValueMeasurementsRecurringMember2021-12-310000097745us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000097745us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000097745us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000097745tmo:ContingentConsiderationMember2021-12-310000097745tmo:ContingentConsiderationMember2020-12-310000097745tmo:ContingentConsiderationMember2022-01-012022-04-020000097745tmo:ContingentConsiderationMember2021-01-012021-04-030000097745tmo:ContingentConsiderationMember2022-04-020000097745tmo:ContingentConsiderationMember2021-04-030000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2022-04-020000097745us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310000097745us-gaap:ForeignExchangeContractMember2022-04-020000097745us-gaap:ForeignExchangeContractMember2021-12-310000097745us-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-04-020000097745us-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310000097745us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2022-04-020000097745us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember2021-12-310000097745us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2022-04-020000097745us-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeContractMember2021-12-310000097745us-gaap:OtherExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-04-030000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-04-020000097745us-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-04-030000097745us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembertmo:ForeigncurrencydenominateddebtMember2022-01-012022-04-020000097745us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembertmo:ForeigncurrencydenominateddebtMember2021-01-012021-04-030000097745us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-04-020000097745us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-04-030000097745us-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-04-020000097745us-gaap:NetInvestmentHedgingMemberus-gaap:OtherExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-04-030000097745us-gaap:NondesignatedMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-020000097745us-gaap:NondesignatedMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-04-030000097745us-gaap:OtherExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-04-020000097745us-gaap:OtherExpenseMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-04-030000097745us-gaap:SeniorNotesMember2022-04-020000097745us-gaap:SeniorNotesMember2021-12-310000097745srt:ScenarioForecastMember2022-05-060000097745tmo:LifeSciencesSolutionsMember2022-01-012022-04-020000097745tmo:AnalyticalInstrumentsMember2022-01-012022-04-020000097745tmo:SpecialtyDiagnosticsMember2022-01-012022-04-020000097745tmo:LaboratoryProductsandServicesMember2022-01-012022-04-02


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)
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 April 2, 2022, the Registrant had 391,462,000 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)
 April 2,December 31,
(In millions except share and per share amounts)20222021
Assets
Current assets:
Cash and cash equivalents$2,752 $4,477 
Accounts receivable, less allowances of $170 and $150
7,889 7,977 
Inventories5,483 5,051 
Contract assets, net1,064 968 
Other current assets1,588 1,640 
Total current assets18,776 20,113 
Property, plant and equipment, net8,448 8,333 
Acquisition-related intangible assets, net19,378 20,113 
Other assets4,424 4,640 
Goodwill41,721 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 payable2,667 2,867 
Accrued payroll and employee benefits1,634 2,427 
Contract liabilities2,871 2,655 
Other accrued expenses3,032 2,950 
Total current liabilities12,070 13,436 
Deferred income taxes3,493 3,837 
Other long-term liabilities4,664 4,540 
Long-term obligations31,389 32,333 
Redeemable noncontrolling interest113 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 value16,292 16,174 
Retained earnings37,528 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’ equity40,956 40,793 
Noncontrolling interests62 62 
Total equity41,018 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.
3


THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three months ended
April 2,April 3,
(In millions except per share amounts)20222021
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 income2,821 3,049 
Interest income18 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 income2,220 2,337 
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest5  
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
Basic392 394 
Diluted395 397 

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 ended
 April 2,April 3,
(In millions)20222021
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.

5


THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Three months ended
 April 2,April 3,
(In millions)20222021
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 debt26 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.
6


THERMO FISHER SCIENTIFIC INC.
CONDENSED CONSOLIDATED STATEMENT OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
(Unaudited)
 Redeemable Noncontrolling InterestCommon StockCapital in Excess of Par ValueRetained EarningsTreasury StockAccumulated Other Comprehensive ItemsTotal
Thermo Fisher Scientific Inc. Shareholders’ Equity
Noncontrolling InterestsTotal Equity
(In millions)SharesAmountSharesAmount
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.
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 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)20222021
Raw materials$2,135 $1,922 
Work in process723 676 
Finished goods2,625 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.
8


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)20222021
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)20222021
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.
9


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)20222021
Current contract assets, net$1,064 $968 
Noncurrent contract assets, net11 9 
Current contract liabilities2,871 2,655 
Noncurrent contract liabilities1,294 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)20222021
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 

10


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)20222021
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)20222021
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.
11


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)20222021
Net income attributable to Thermo Fisher Scientific Inc.$2,215 $2,337 
Basic weighted average shares392 394 
Plus effect of: stock options and restricted stock units3 3 
Diluted weighted average shares395 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)202220222021
Commercial Paper0.16 %$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