Company Quick10K Filing
Thermo Fisher Scientific
10-Q 2020-03-28 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-28 Filed 2019-11-01
10-Q 2019-06-29 Filed 2019-08-02
10-Q 2019-03-30 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-29 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-07-01 Filed 2017-08-04
10-Q 2017-04-01 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-10-01 Filed 2016-11-04
10-Q 2016-07-02 Filed 2016-08-05
10-Q 2016-04-02 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-26 Filed 2015-10-30
10-Q 2015-06-27 Filed 2015-07-31
10-Q 2015-03-28 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-27 Filed 2014-10-31
10-Q 2014-06-28 Filed 2014-08-01
10-Q 2014-03-29 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-28 Filed 2013-11-01
10-Q 2013-06-29 Filed 2013-08-02
10-Q 2013-03-30 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-29 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-10-01 Filed 2011-11-04
10-Q 2011-07-02 Filed 2011-08-05
10-Q 2011-04-02 Filed 2011-05-06
10-Q 2010-10-02 Filed 2010-11-05
10-Q 2010-07-03 Filed 2010-08-04
10-Q 2010-04-03 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-05-20 Shareholder Vote
8-K 2020-05-13 Regulation FD
8-K 2020-04-22 Earnings, Exhibits
8-K 2020-04-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-04-06 Earnings, Exhibits
8-K 2020-03-30 Enter Agreement, Amend Bylaw, Exhibits
8-K 2020-03-23 Enter Agreement, Exhibits
8-K 2020-03-23 Other Events
8-K 2020-03-03 Enter Agreement, Exhibits
8-K 2020-03-03 Other Events, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-10-08 Enter Agreement, Exhibits
8-K 2019-09-30 Enter Agreement, Other Events, Exhibits
8-K 2019-09-24 Other Events, Exhibits
8-K 2019-09-12 Other Events
8-K 2019-09-05 Officers
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-06-26 Other Events
8-K 2019-05-22 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-02-26 Officers
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-09-06 Officers
8-K 2018-08-08 Enter Agreement, Exhibits
8-K 2018-08-06 Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-23 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-27 Officers
8-K 2018-01-31 Earnings, Exhibits

TMO 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Note 1. Nature of Operations and Summary of Significant Accounting Policies
Note 2. Acquisitions
Note 3. Revenue
Note 4. Business Segment and Geographical Information
Note 5. Income Taxes
Note 6. Earnings per Share
Note 7. Debt and Other Financing Arrangements
Note 8. Commitments and Contingencies
Note 9. Comprehensive Income
Note 10. Fair Value Measurements and Fair Value of Financial Instruments
Note 11. Supplemental Cash Flow Information
Note 12. Restructuring and Other Costs, Net
Note 13. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 tmoq1202010qex311.htm
EX-31.2 tmoq1202010qex312.htm
EX-32.1 tmoq1202010qex321.htm
EX-32.2 tmoq1202010qex322.htm

Thermo Fisher Scientific Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
604836241202012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
10.05.00.0-5.0-10.0-15.02012201420172020
Ops, Inv, Fin

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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 March 28, 2020 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
Floating Rate Notes due 2020TMO /20ANew York Stock Exchange
2.150% Notes due 2022TMO 22ANew 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 March 28, 2020, the Registrant had 394,951,104 shares of Common Stock outstanding.





THERMO FISHER SCIENTIFIC INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED MARCH 28, 2020
TABLE OF CONTENTS
Page
PART I
PART II

2


THERMO FISHER SCIENTIFIC INC.
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEET
(Unaudited)
 March 28,December 31,
(In millions except share and per share amounts)20202019
Assets
Current Assets:
Cash and cash equivalents
$2,981  $2,399  
Accounts receivable, less allowances of $101 and $102
4,508  4,349  
Inventories
3,454  3,370  
Contract assets, net
658  603  
Other current assets
1,137  1,172  
Total current assets
12,738  11,893  
Property, Plant and Equipment, Net
4,736  4,749  
Acquisition-related Intangible Assets, Net
13,543  14,014  
Other Assets
2,057  2,011  
Goodwill
25,614  25,714  
Total Assets
$58,688  $58,381  
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations
$738  $676  
Accounts payable
1,599  1,920  
Accrued payroll and employee benefits
755  1,010  
Contract liabilities
938  916  
Other accrued expenses
1,470  1,675  
Total current liabilities
5,500  6,197  
Deferred Income Taxes
2,137  2,192  
Other Long-term Liabilities
3,261  3,241  
Long-term Obligations
19,231  17,076  
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 435,242,143 and 434,416,804 shares issued
435  434  
Capital in excess of par value
15,186  15,064  
Retained earnings
22,791  22,092  
Treasury stock at cost, 40,291,039 and 35,676,421 shares
(6,765) (5,236) 
Accumulated other comprehensive items
(3,088) (2,679) 
Total shareholders' equity
28,559  29,675  
Total Liabilities and Shareholders' Equity
$58,688  $58,381  
The accompanying notes are an integral part of these consolidated financial statements.
3



THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months Ended
March 28,March 30,
(In millions except per share amounts)20202019
Revenues
Product revenues
$4,630  $4,720  
Service revenues
1,600  1,405  
Total revenues
6,230  6,125  
Costs and Operating Expenses:
Cost of product revenues
2,340  2,414  
Cost of service revenues
1,150  1,004  
Selling, general and administrative expenses
1,551  1,528  
Research and development expenses
245  248  
Restructuring and other costs, net
38  11  
Total costs and operating expenses
5,324  5,205  
Operating Income
906  920  
Interest Income
36  67  
Interest Expense
(126) (189) 
Other Income, Net
12  19  
Income Before Income Taxes
828  817  
Provision for Income Taxes
(40) (2) 
Net Income
$788  $815  
Earnings per Share
Basic
$1.99  $2.04  
Diluted
$1.97  $2.02  
Weighted Average Shares
Basic
397  400  
Diluted
400  403  

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

4


THERMO FISHER SCIENTIFIC INC.
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended
 March 28,March 30,
(In millions)20202019
Comprehensive Income
Net Income
$788  $815  
Other Comprehensive Items:
Currency translation adjustment:
Currency translation adjustment (net of tax provision of $22 and $45)
(357) (15) 
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $19 and $0)
(62)   
Reclassification adjustment for losses included in net income (net of tax benefit of $1 and $1)
1  2  
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision of $5 and $0)
5  1  
Amortization of net loss included in net periodic pension cost (net of tax benefit of $1 and $1)
4  1  
Total other comprehensive items
(409) (11) 
Comprehensive Income
$379  $804  

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

5


THERMO FISHER SCIENTIFIC INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Three Months Ended
 March 28,March 30,
(In millions)20202019
Operating Activities
Net income
$788  $815  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
149  133  
Amortization of acquisition-related intangible assets
425  422  
Change in deferred income taxes
(41) (106) 
Stock-based compensation
46  44  
Other non-cash expenses, net
64  18  
Changes in assets and liabilities, excluding the effects of acquisitions and disposition:
Accounts receivable
(218) (29) 
Inventories
(141) (140) 
Accounts payable
(241) (129) 
Contributions to retirement plans
(32) (32) 
Other
(443) (347) 
Net cash provided by operating activities
356  649  
Investing Activities
      
Acquisitions, net of cash acquired
(4) (1) 
Purchase of property, plant and equipment
(253) (201) 
Proceeds from sale of property, plant and equipment
4  6  
Other investing activities, net
(7) 15  
Net cash used in investing activities
(260) (181) 
Financing Activities
Net proceeds from issuance of debt
2,185    
Repayment of debt
(1) (1) 
Proceeds from issuance of commercial paper
382  100  
Repayments of commercial paper
(321) (787) 
Purchases of company common stock
(1,500) (750) 
Dividends paid
(76) (68) 
Net proceeds from issuance of company common stock under employee stock plans
48  81  
Other financing activities, net
(98)   
Net cash provided by (used in) financing activities
619  (1,425) 
Exchange Rate Effect on Cash
(127) (32) 
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
588  (989) 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
2,422  2,117  
Cash, Cash Equivalents and Restricted Cash at End of Period
$3,010  $1,128  

The accompanying notes are an integral part of these consolidated financial statements.
6


THERMO FISHER SCIENTIFIC INC.
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 March 28, 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
1  1  76  —    (29) —  48  
Stock-based compensation
—  —  46  —  —  —  —  46  
Purchases of company common stock
—  —  —  —  4  (1,500) —  (1,500) 
Dividends declared ($0.22 per share)
—  —  —  (88) —  —  —  (88) 
Net income
—  —  —  788  —  —  —  788  
Other comprehensive items
—  —  —  —  —  —  (409) (409) 
Balance at March 28, 2020435  $435  $15,186  $22,791  40  $(6,765) $(3,088) $28,559  
Three Months Ended March 30, 2019
Balance at December 31, 2018432  $432  $14,621  $18,696  29  $(3,665) $(2,498) $27,586  
Cumulative effect of accounting changes
—  —  —  4  —  —  —  4  
Issuance of shares under employees' and directors' stock plans
1  1  106  —  1  (26) —  81  
Stock-based compensation
—  —  44  —  —  —  —  44  
Purchases of company common stock
—  —  —  —  3  (750) —  (750) 
Dividends declared ($0.19 per share)
—  —  —  (76) —  —  —  (76) 
Net income
—  —  —  815  —  —  —  815  
Other comprehensive items
—  —  —  —  —  —  (11) (11) 
Balance at March 30, 2019433  $433  $14,771  $19,439  33  $(4,441) $(2,509) $27,693  

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


THERMO FISHER SCIENTIFIC INC.
NOTES TO 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, deliver medicines to market 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 consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at March 28, 2020, the results of operations for the three-month periods ended March 28, 2020 and March 30, 2019, and the cash flows for the three-month periods ended March 28, 2020 and March 30, 2019. Interim results are not necessarily indicative of results for a full year.
The consolidated balance sheet presented as of December 31, 2019, has been derived from the audited consolidated financial statements as of that date. The 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 consolidated financial statements and notes included in this report should be read in conjunction with the 2019 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC).
Note 1 to the consolidated financial statements for 2019 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the three months ended March 28, 2020.
Contract-related Balances
Accounts receivable include amounts that have been billed and are currently due from customers. They are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.
The changes in the allowance for doubtful accounts are as follows:
Three Months Ended
March 28,March 30,
(In millions)20202019
Beginning Balance$102  $117  
Cumulative effect of accounting change1  —  
Provision charged to expense10  2  
Accounts written off(11) (5) 
Acquisitions, currency translation and other(1) —  
Ending Balance$101  $114  
Contract assets include revenues recognized in advance of billings and are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration
8


THERMO FISHER SCIENTIFIC INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
becomes unconditional. 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 assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract. Contract asset and liability balances are as follows:
March 28,December 31,
(In millions)20202019
Current Contract Assets, Net$658  $603  
Noncurrent Contract Assets, Net17  17  
Current Contract Liabilities938  916  
Noncurrent Contract Liabilities617  594  
In the first three months of 2020, the company recognized revenue of $405 million that was included in the contract liabilities balance at December 31, 2019.
Warranty Obligations
The liability for warranties is included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of standard product warranty obligations are as follows:
 Three Months Ended
 March 28,March 30,
(In millions)20202019
Beginning Balance
$93  $92  
Provision charged to expense
22  27  
Usage
(25) (28) 
Adjustments to previously provided warranties, net
—  (1) 
Currency translation
(1)   
Ending Balance
$89  $90  
Inventories
The components of inventories are as follows:
March 28,