10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended March 29, 2014

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

Commission File Number 1-8002

THERMO FISHER SCIENTIFIC INC.

(Exact name of Registrant as specified in its charter)

Delaware	04-2209186
(State of incorporation or organization)	(I.R.S. Employer Identification No.)
81 Wyman Street
Waltham, Massachusetts	02451
(Address of principal executive offices)	(Zip Code)

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

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 x  No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes x  No o

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

Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     Smaller reporting company o

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

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

Class	Outstanding at March 29, 2014
Common Stock, $1.00 par value	398,938,297

THERMO FISHER SCIENTIFIC INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED MARCH 29, 2014

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43
	PART II
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 6.	Exhibits	50

2

THERMO FISHER SCIENTIFIC INC.

PART I          FINANCIAL INFORMATION

Item 1.           Financial Statements

CONSOLIDATED BALANCE SHEET

(Unaudited)

	March 29,		December 31,
(In millions)	2014		2013
Assets
Current Assets:
Cash and cash equivalents	$	1,497.2	$	5,826.0
Short-term investments, at quoted market value (cost of $25.7 and $4.6)		25.5		4.5
Accounts receivable, less allowances of $84.5 and $54.1		2,695.5		1,942.3
Inventories		2,060.5		1,494.5
Deferred tax assets		230.1		192.5
Other current assets		797.3		420.9
Total current assets		7,306.1		9,880.7
Property, Plant and Equipment, at Cost, Net		2,488.7		1,767.4
Acquisition-related Intangible Assets, Net		15,976.4		7,071.3
Other Assets		833.0		640.7
Goodwill		19,529.5		12,503.3
Total Assets	$	46,133.7	$	31,863.4

3

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED BALANCE SHEET (Continued)

(Unaudited)

	March 29,			December 31,
(In millions except share amounts)	2014			2013
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	$	2,165.7		$	987.7
Accounts payable		828.8			691.5
Accrued payroll and employee benefits		518.5			432.0
Accrued income taxes		401.9			—
Deferred revenue		336.6			198.9
Other accrued expenses		1,140.0			815.9
Total current liabilities		5,391.5			3,126.0
Deferred Income Taxes		3,985.6			1,609.9
Other Long-term Liabilities		1,129.1			771.8
Long-term Obligations		15,196.9			9,499.6
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 406,820,005 and
369,598,265 shares issued		406.8			369.6
Capital in excess of par value		11,292.9			8,222.6
Retained earnings		9,236.3			8,753.3
Treasury stock at cost, 7,881,708 and 7,636,887 shares		(442.6	)		(412.2	)
Accumulated other comprehensive items		(62.8	)		(77.2	)
Total shareholders' equity		20,430.6			16,856.1
Total Liabilities and Shareholders' Equity	$	46,133.7		$	31,863.4

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

4

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

	Three Months Ended
	March 29,			March 30,
(In millions except per share amounts)	2014			2013
Revenues
Product revenues	$	3,375.4		$	2,723.5
Service revenues		528.1			468.0
Total revenues		3,903.5			3,191.5
Costs and Operating Expenses:
Cost of product revenues		1,933.3			1,533.1
Cost of service revenues		350.2			322.1
Selling, general and administrative expenses		1,177.0			829.5
Research and development expenses		149.7			98.2
Restructuring and other costs (income), net		(582.2	)		21.5
Total costs and operating expenses		3,028.0			2,804.4
Operating Income		875.5			387.1
Other Expense, Net		(101.1	)		(44.2	)
Income from Continuing Operations Before Income Taxes		774.4			342.9
Provision for Income Taxes		(231.3	)		(2.1	)
Income from Continuing Operations		543.1			340.8
Loss from Discontinued Operations (net of income tax benefit of $0.2)		—			(0.4	)
Loss on Disposal of Discontinued Operations, Net (net of income tax benefit of $2.8)		—			(4.2	)
Net Income	$	543.1		$	336.2
Earnings per Share from Continuing Operations
Basic	$	1.38		$	.95
Diluted	$	1.36		$	.94
Earnings per Share
Basic	$	1.38		$	.94
Diluted	$	1.36		$	.93
Weighted Average Shares
Basic		393.3			358.1
Diluted		398.4			361.7
Cash Dividends Declared per Common Share	$	.15		$	.15

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

5

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Comprehensive Income
Net Income	$	543.1		$	336.2
Other Comprehensive Items:
Currency translation adjustment		14.3			(179.3	)
Unrealized gains on available-for-sale investments:
Unrealized holding gains arising during the period (net of tax provision of $0.4)		—			1.2
Reclassification adjustment for gains included in net income (net of tax provision      of $2.5)		—			(8.0	)
Unrealized gains and losses on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax benefit of      $0.4 and $0.5)		0.7			0.8
Pension and other postretirement benefit liability adjustment:
Pension and other postretirement benefit liability adjustments arising during the      period (net of tax (benefit) provision of ($0.6) and $1.6)		(1.9	)		4.5
Amortization of net loss and prior service benefit included in net periodic pension      cost (net of tax benefit of $0.6 and $0.9)		1.3			1.9
Total other comprehensive items		14.4			(178.9	)
Comprehensive Income	$	557.5		$	157.3

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

6

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Operating Activities
Net income	$	543.1		$	336.2
Loss from discontinued operations		—			0.4
Loss on disposal of discontinued operations		—			4.2
Income from continuing operations		543.1			340.8
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization		365.6			251.0
Change in deferred income taxes		(207.0	)		(16.0	)
Gains on sale of businesses		(758.5	)		—
Non-cash stock-based compensation		25.2			20.4
Tax benefits from stock-based compensation awards		(48.4	)		(16.2	)
Non-cash charges for sale of inventories revalued at the date of acquisition		147.6			11.9
Other non-cash expenses (income), net		16.5			(1.2	)
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable		(192.6	)		(130.8	)
Inventories		(32.1	)		(67.9	)
Other assets		4.2			(27.2	)
Accounts payable		(9.8	)		42.5
Other liabilities		267.2			(88.6	)
Contributions to retirement plans		(18.8	)		(19.6	)
Net cash provided by continuing operations		102.2			299.1
Net cash used in discontinued operations		(1.0	)		(0.8	)
Net cash provided by operating activities		101.2			298.3
Investing Activities
Acquisitions, net of cash acquired		(13,056.3	)		(3.8	)
Purchase of property, plant and equipment		(104.7	)		(66.0	)
Proceeds from sale of property, plant and equipment		3.4			3.0
Proceeds from sale of investments		33.0			—
Proceeds from sale of businesses, net of cash divested		1,056.6			—
Other investing activities, net		0.1			(0.4	)
Net cash used in investing activities	$	(12,067.9	)	$	(67.2	)

7

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

(Unaudited)

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Financing Activities
Net proceeds from issuance of long-term debt	$	4,999.8		$	—
Increase in commercial paper, net		208.1			—
Repayment of long-term obligations		(600.9	)		(0.5	)
Increase (decrease) in short-term notes payable		5.1			(1.5	)
Purchases of company common stock		—			(89.8	)
Dividends paid		(54.9	)		(54.0	)
Net proceeds from issuance of company common stock		2,942.0			—
Net proceeds from issuance of company common stock under employee stock plans		87.5			101.8
Tax benefits from stock-based compensation awards		48.4			16.2
Net cash provided by (used in) financing activities		7,635.1			(27.8	)
Exchange Rate Effect on Cash		2.8			(50.4	)
(Decrease) Increase in Cash and Cash Equivalents		(4,328.8	)		152.9
Cash and Cash Equivalents at Beginning of Period		5,826.0			805.6
Cash and Cash Equivalents at End of Period	$	1,497.2		$	958.5
See Note 13 for supplemental cash flow information.

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

8

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

(Unaudited)

															Accumulated
					Capital in										Other			Total
	Common Stock				Excess of		Retained			Treasury Stock					Comprehensive			Shareholders'
(In millions)	Shares		Amount		Par Value		Earnings			Shares		Amount			Items			Equity
Balance at December 31, 2012		413.5	$	413.5	$	10,501.1	$	7,697.3			56.0	$	(2,996.8	)	$	(150.4	)	$	15,464.7
Issuance of shares under employees'     and directors' stock plans		3.0		3.0		102.7		—			0.3		(18.9	)		—			86.8
Stock-based compensation		—		—		20.4		—			—		—			—			20.4
Tax benefit related to employees'     and directors' stock plans		—		—		14.1		—			—		—			—			14.1
Purchases of company common     stock		—		—		—		—			1.3		(89.8	)		—			(89.8	)
Dividends declared		—		—		—		(54.0	)		—		—			—			(54.0	)
Net income		—		—		—		336.2			—		—			—			336.2
Other comprehensive items		—		—		—		—			—		—			(178.9	)		(178.9	)
Balance at March 30, 2013		416.5	$	416.5	$	10,638.3	$	7,979.5			57.6	$	(3,105.5	)	$	(329.3	)	$	15,599.5
Balance at December 31, 2013		369.6	$	369.6	$	8,222.6	$	8,753.3			7.6	$	(412.2	)	$	(77.2	)	$	16,856.1
Issuance of shares under employees'     and directors' stock plans		2.3		2.3		89.5		—			0.3		(30.4	)		—			61.4
Issuance of shares		34.9		34.9		2,907.4		—			—		—			—			2,942.3
Stock-based compensation		—		—		25.2		—			—		—			—			25.2
Tax benefit related to employees'     and directors' stock plans		—		—		48.2		—			—		—			—			48.2
Dividends declared		—		—		—		(60.1	)		—		—			—			(60.1	)
Net income		—		—		—		543.1			—		—			—			543.1
Other comprehensive items		—		—		—		—			—		—			14.4			14.4
Balance at March 29, 2014		406.8	$	406.8	$	11,292.9	$	9,236.3			7.9	$	(442.6	)	$	(62.8	)	$	20,430.6

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

9

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 providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. On February 3, 2014, the company acquired Life Technologies Corporation (Note 2).

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 29, 2014, the results of operations for the three-month periods ended March 29, 2014, and March 30, 2013, and the cash flows for the three-month periods ended March 29, 2014, and March 30, 2013. Interim results are not necessarily indicative of results for a full year.

The consolidated balance sheet presented as of December 31, 2013, 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 of the company. The consolidated financial statements and notes included in this report should be read in conjunction with the 2013 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2014.

Note 1 to the consolidated financial statements for 2013 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 29, 2014.

Presentation

Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Warranty Obligations

Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of warranty obligations are as follows:

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Beginning Balance	$	49.8		$	48.7
Provision charged to income		19.0			17.8
Usage		(18.4	)		(18.9	)
Acquisitions		7.2			—
Adjustments to previously provided warranties, net		0.6			0.2
Other, net		(0.4	)		(0.7	)
Ending Balance	$	57.8		$	47.1

10

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Inventories

The components of inventories are as follows:

	March 29,		December 31,
(In millions)	2014		2013
Raw Materials	$	452.1	$	347.4
Work in Process		218.6		157.7
Finished Goods		1,389.8		989.4
Inventories	$	2,060.5	$	1,494.5

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	March 29,		December 31,
(In millions)	2014		2013
Land	$	294.6	$	212.2
Buildings and Improvements		1,012.9		821.0
Machinery, Equipment and Leasehold Improvements		2,528.1		2,047.9
Property, Plant and Equipment, at Cost		3,835.6		3,081.1
Less: Accumulated Depreciation and Amortization		1,346.9		1,313.7
Property, Plant and Equipment, at Cost, Net	$	2,488.7	$	1,767.4

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

	March 29, 2014							December 31, 2013
			Accumulated							Accumulated
(In millions)	Gross		Amortization			Net		Gross		Amortization			Net
Definite Lived	$	18,730.6	$	(4,598.4	)	$	14,132.2	$	10,121.8	$	(4,388.2	)	$	5,733.6
Indefinite Lived		1,844.2		—			1,844.2		1,337.7		—			1,337.7
Acquisition-related Intangible Assets	$	20,574.8	$	(4,598.4	)	$	15,976.4	$	11,459.5	$	(4,388.2	)	$	7,071.3

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. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets and in determining the fair value of acquired intangible assets (Note 2) and the ultimate loss from abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates.

11

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Recent Accounting Pronouncements

         In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals. Under the new guidance, only disposals representing a strategic shift in operations will be presented as discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of the company that does not qualify for discontinued operations reporting. This guidance is effective for the company in 2015. Adoption of this standard is not expected to have a material impact on the company’s consolidated financial position, results of operations or cash flows.

Note 2.           Acquisitions and Dispositions

 The company’s acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. 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 purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses. The net assets acquired have been recorded based on estimates of fair value and, for acquisitions completed within the past year, are subject to adjustment upon finalization of the valuation process. The company is not aware of any information that indicates the final valuations will differ materially from preliminary estimates.

2014

On February 3, 2014, the Life Sciences Solutions segment completed the acquisition of Life Technologies Corporation for a total purchase price of $15.30 billion, net of cash acquired, including the assumption of $2.28 billion of debt. The company issued debt and common stock in late 2013 and early 2014 to partially fund the acquisition (Notes 9 and 11). Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. The acquisition of Life Technologies extends customer reach and broadens the company’s offerings in biosciences; genetic, medical and applied sciences; and bioproduction. Life Technologies’ revenues totaled $3.87 billion in 2013. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $7.14 billion was allocated to goodwill, substantially none of which is tax deductible.

In addition, in 2014, the Life Sciences Solutions segment acquired an animal health diagnostics company for $32 million.

12

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:
(In millions)	Life Technologies			Other			Total
Purchase Price
Cash paid	$	13,487.3		$	41.6		$	13,528.9
Debt assumed		2,279.7			—			2,279.7
Cash acquired		(463.0	)		(9.6	)		(472.6	)
	$	15,304.0		$	32.0		$	15,336.0
Net Assets Acquired
Current assets	$	1,766.5		$	16.0		$	1,782.5
Property, plant and equipment		753.5			1.2			754.7
Definite-lived intangible assets:
Customer relationships		5,864.0			5.7			5,869.7
Product technology		2,624.6			5.7			2,630.3
Tradenames and other		240.6			—			240.6
Indefinite-lived intangible assets:
Tradenames		448.2			—			448.2
In-process research and development		58.4			—			58.4
Goodwill		7,140.9			13.8			7,154.7
Other assets		228.4			—			228.4
Liabilities assumed		(3,821.1	)		(10.4	)		(3,831.5	)
	$	15,304.0		$	32.0		$	15,336.0

 The weighted-average amortization periods for intangible assets acquired in 2014 are 16 years for customer relationships, 11 years for product technology and 9 years for definite-lived tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2014 is 14 years.

Unaudited Pro Forma Information

The company acquired Life Technologies in February 2014. Had the acquisition of Life Technologies been completed as of the beginning of 2013, the company’s pro forma results for 2014 and 2013 would have been as follows:

	Three Months Ended
	March 29,		March 30,
(In millions except per share amounts)	2014		2013
Revenues	$	4,176.4	$	4,115.0
Income from Continuing Operations	$	730.5	$	13.3
Net Income	$	730.5	$	8.7
Earnings per Share from Continuing Operations:
Basic	$	1.84	$	0.03
Diluted	$	1.82	$	0.03
Earnings per Share:
Basic	$	1.84	$	0.02
Diluted	$	1.82	$	0.02

13

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

 Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination, as follows:

·   Pre tax charge to selling, general and administrative expenses of $197.2 million in the three months ended March 30, 2013, for acquisition-related transaction costs incurred by the company and Life Technologies;

·   Pre tax charge to cost of revenues of $246.0 million in the three months ended March 30, 2013, for the sale of Life Technologies inventories revalued at the date of acquisition;

·   Pre tax charge of $91.7 million in the three months ended March 30, 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition;

·   Pre tax charge of $37.6 million in the three months ended March 30, 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and

·   Pre tax reduction of revenues of $2.5 million and $11.6 million in the three months ended March 29, 2014 and March 30, 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value.

These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future.

The company’s results would not have been materially different from its pro forma results had the company’s other 2014 acquisition occurred at the beginning of 2013.

Dispositions

On March 21, 2014, the company sold its sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.05 billion, net of cash divested, subject to a post-closing adjustment. The sale of these businesses resulted in a pre-tax gain of approximately $757 million, included in restructuring and other costs (income), net. The businesses fell principally in the Life Sciences Solutions segment. Divestiture of these businesses was a condition to obtaining antitrust approval for the Life Technologies acquisition. Revenues and operating income of the businesses sold were approximately $250 million and $64 million, respectively, for the year ended December 31, 2013 and $61 million and $12 million, respectively, in 2014 through the date of sale.

 The assets and liabilities of the businesses sold were as follows at December 31, 2013:

	December 31,
(In millions)	2013
Current Assets	$	74.3
Long-term Assets		229.3
Current Liabilities		6.4
Long-term Liabilities		22.0

14

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 3.           Business Segment and Geographical Information

With the completion of the Life Technologies acquisition, the company established a new reporting segment, called Life Sciences Solutions. Effective January 1, 2014, the company’s financial performance is reported in four segments reflecting the following changes:

·   The new Life Sciences Solutions segment consists of the majority of the former Life Technologies businesses and Thermo Fisher biosciences businesses.

·   Thermo Fisher’s global chemicals business has moved from the biosciences business in the Analytical Technologies segment to the Laboratory Products and Services segment.

·   Thermo Fisher’s Analytical Technologies segment has been renamed the Analytical Instruments segment to reflect the transfer of the biosciences businesses to other segments, as mentioned above.

·   Two small specialty diagnostics businesses within Life Technologies have become part of the Specialty Diagnostics segment.

Prior period segment information has been reclassified to reflect these transfers. As Life Technologies was acquired on February 3, 2014, its results are not included in the company’s results prior to that date. A description of each segment follows.

Life Sciences Solutions: provides a portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in life science research, drug discovery and diagnostics markets.

Analytical Instruments: provides a broad offering of instruments, consumables, software and services that are used for a range of applications in the laboratory, on the production line and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.

Specialty Diagnostics: provides a wide range of diagnostic test kits, reagents, culture media, instruments and associated products used to increase the speed and accuracy of diagnoses. These products are used primarily by customers in healthcare, clinical, pharmaceutical, industrial and food safety laboratories.

Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory.

The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.

15

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Business Segment Information
		Three Months Ended
		March 29,			March 30,
(In millions)		2014			2013
Revenues
	Life Sciences Solutions	$	835.5		$	172.6
	Analytical Instruments		769.9			740.1
	Specialty Diagnostics		813.7			805.6
	Laboratory Products and Services		1,590.5			1,556.3
	Eliminations		(106.1	)		(83.1	)
	Consolidated revenues		3,903.5			3,191.5
Segment Income
	Life Sciences Solutions (a)		244.6			41.0
	Analytical Instruments (a)		130.9			120.5
	Specialty Diagnostics (a)		221.0			222.9
	Laboratory Products and Services (a)		234.0			230.7
	Subtotal reportable segments (a)		830.5			615.1
	Cost of revenues charges		(168.5	)		(13.2	)
	Selling, general and administrative charges, net		(82.8	)		(1.3	)
	Restructuring and other income (costs), net		582.2			(21.5	)
	Amortization of acquisition-related intangible assets		(285.9	)		(192.0	)
	Consolidated operating income		875.5			387.1
	Other expense, net (b)		(101.1	)		(44.2	)
	Income from continuing operations before income taxes	$	774.4		$	342.9
Depreciation
	Life Sciences Solutions	$	24.0		$	4.1
	Analytical Instruments		10.4			10.2
	Specialty Diagnostics		18.8			18.5
	Laboratory Products and Services		26.5			26.2
	Consolidated depreciation	$	79.7		$	59.0

(a)	Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles.
(b)	The company does not allocate other expense, net to its segments.

16

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 4.           Other Expense, Net

The components of other expense, net, in the accompanying statement of income are as follows:

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Interest Income	$	11.9		$	7.2
Interest Expense		(117.8	)		(64.4	)
Other Items, Net		4.8			13.0
Other Expense, Net	$	(101.1	)	$	(44.2	)

Other Items, Net

In 2014, other items, net includes a $4 million gain from the sale of an equity investment. In 2013, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million.

Note 5.           Stock-based Compensation Expense

The components of stock-based compensation expense are as follows:
	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Stock Option Awards		$	10.7		$	9.6
Restricted Unit Awards			14.5			10.8
Total Stock-based Compensation Expense		$	25.2		$	20.4

 As of March 29, 2014, there was $117 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2018 with a weighted average amortization period of 2.9 years.

 As of March 29, 2014, there was $159 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2017 with a weighted average amortization period of 2.7 years.

 During the first three months of 2014, the company made equity compensation grants to employees consisting of 0.9 million service- and performance-based restricted stock units and options to purchase 2.4 million shares.

Certain pre-acquisition equity awards of Life Technologies were converted to rights to receive future cash payments over the remaining vesting period. In addition to stock-based compensation, which is included in the above table, in the first three months of 2014, the company recorded expense for cash-in-lieu of equity of $7.1 million related to these arrangements.

17

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 6.           Pension and Other Postretirement Benefit Plans

 Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are funded on a self-insured and insured-premium basis.

 Net periodic benefit costs for the company’s defined benefit pension plans include the following components:

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Service Cost - Benefits Earned	$	4.6		$	3.6
Interest Cost on Benefit Obligation		20.1			12.0
Expected Return on Plan Assets		(21.1	)		(13.2	)
Amortization of Net Loss		1.9			2.8
Amortization of Prior Service Benefit		—			(0.1	)
Special Termination Benefits		—			0.1
Net Periodic Benefit Cost	$	5.5		$	5.2

Note 7.           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 of 35% to income from continuing operations before provision for income taxes due to the following:

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Provision for Income Taxes at Statutory Rate	$	271.0		$	120.0
Increases (Decreases) Resulting From:
Foreign rate differential		(6.1	)		(61.3	)
Impact of change in tax laws and apportionment on deferred taxes		(20.5	)		(0.5	)
Foreign and research and development tax credits		—			(52.9	)
Manufacturing deduction		—			(7.1	)
State income taxes, net of federal tax		23.3			(1.0	)
Nondeductible expenses		—			1.8
Provision (reversal) of tax reserves, net		25.3			—
Basis difference on disposal of businesses		(61.9	)		—
Other, net		0.2			3.1
	$	231.3		$	2.1

 The company’s unrecognized tax benefits increased to $259.8 million at March 29, 2014, from $134.2 million at December 31, 2013. Of the total increase, $100.3 million resulted from the acquisition of Life Technologies and $25.3 million resulted from the provision of tax reserves, primarily related to divested businesses.

18

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 8.           Earnings per Share

	Three Months Ended
	March 29,		March 30,
(In millions except per share amounts)	2014		2013
Income from Continuing Operations	$	543.1	$	340.8
Loss from Discontinued Operations		—		(0.4	)
Loss on Disposal of Discontinued Operations, Net		—		(4.2	)
Net Income	$	543.1	$	336.2
Basic Weighted Average Shares		393.3		358.1
Plus Effect of:
Equity forward arrangement		0.7		—
Stock options and restricted units		4.4		3.6
Diluted Weighted Average Shares		398.4		361.7
Basic Earnings per Share:
Continuing operations	$	1.38	$	.95
Discontinued operations		—		(.01	)
	$	1.38	$	.94
Diluted Earnings per Share:
Continuing operations	$	1.36	$	.94
Discontinued operations		—		(.01	)
	$	1.36	$	.93

 Options to purchase 2.4 million and 1.9 million shares of common stock were not included in the computation of diluted earnings per share for the first three months of 2014 and 2013, respectively, because their effect would have been antidilutive.

19

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 9.           Debt and Other Financing Arrangements

	Effective
	Interest Rate at			March 29,		December 31,
(Dollars in millions)	March 29, 2014			2014		2013
Commercial Paper		0.54	%	$	458.6	$	250.0
Term Loan		1.62	%		4,700.0		—
2.05% Senior Notes, Due 2014					—		300.0
3.25% Senior Notes, Due 2014		1.53	%		400.0		400.0
4.40% Senior Notes, Due 2015		0.74	%		500.0		—
3.20% Senior Notes, Due 2015		1.56	%		450.0		450.0
5.00% Senior Notes, Due 2015		5.13	%		250.0		250.0
3.50% Senior Notes, Due 2016		1.05	%		400.0		—
3.20% Senior Notes, Due 2016		3.21	%		900.0		900.0
2.25% Senior Notes, Due 2016		2.29	%		1,000.0		1,000.0
1.30% Senior Notes, Due 2017		1.04	%		900.0		900.0
1.85% Senior Notes, Due 2018		1.85	%		500.0		500.0
2.40% Senior Notes, Due 2019		2.44	%		900.0		900.0
6.00% Senior Notes, Due 2020		2.98	%		750.0		—
4.70% Senior Notes, Due 2020		4.70	%		300.0		300.0
5.00% Senior Notes, Due 2021		3.25	%		400.0		—
4.50% Senior Notes, Due 2021		4.58	%		1,000.0		1,000.0
3.60% Senior Notes, Due 2021		4.29	%		1,100.0		1,100.0
3.15% Senior Notes, Due 2023		3.21	%		800.0		800.0
4.15% Senior Notes, Due 2024		4.07	%		1,000.0		1,000.0
5.30% Senior Notes, Due 2044		5.30	%		400.0		400.0
Other					64.7		41.9
Total Borrowings at Par Value					17,173.3		10,491.9
Fair Value Hedge Accounting Adjustments					7.4		12.9
Unamortized Premium (Discount), Net					181.9		(17.5	)
Total Borrowings at Carrying Value					17,362.6		10,487.3
Less: Short-term Obligations and Current Maturities					2,165.7		987.7
Long-term Obligations				$	15,196.9	$	9,499.6

 The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount or amortization of any premium and, if applicable, adjustments related to hedging.

See Note 12 for fair value information pertaining to the company’s long-term obligations.

Credit Facilities

The company has a revolving credit facility with a bank group that provides for up to $1.50 billion of unsecured multi-currency revolving credit. The facility expires in July 2018. The agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenant requires the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 5.5 to 1.0 until August 2014 and decreasing, based on the passage of time, to 3.5 to 1.0, by August 2015 and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest expense of 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of March 29, 2014, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $53 million as a result of outstanding letters of credit.

20

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Commercial Paper Program

The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company’s other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of March 29, 2014, outstanding borrowings under this program were $459 million, with a weighted average remaining period to maturity of 45 days. The weighted average interest rate on the outstanding CP Notes as of March 29, 2014 was 0.54%.

Term Loan

In connection with the acquisition of Life Technologies, the company entered into a 3-year unsecured term loan agreement. The term loan agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The term loan agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreements) below 5.5 to 1.0 until August 2014 and decreasing, based on the passage of time, to 3.5 to 1.0, by August 2015. The company must also maintain a minimum interest coverage ratio of 3.0 to 1.0. As of March 29, 2014, outstanding borrowings under the term loan agreement were $4.70 billion. The company must make minimum periodic payments totaling $500 million, $1.00 billion and $1.00 billion in 2014, 2015 and 2016, respectively. The remaining balance is due in February 2017. Borrowings may be prepaid without penalty.

Senior Notes

Interest on each of the senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements.

The 4.40% Senior Notes due 2015, 3.50% Senior Notes due 2016, 6.00% Senior Notes due 2020 and 5.00% Senior Notes due 2021 were assumed by the company in connection with the Life Technologies acquisition. The fair value of these senior notes on the date of acquisition exceeded the par value by $207 million which was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. This adjustment does not affect cash interest payments.

Interest Rate Swap Arrangements

In 2013, upon the issuance of $900 million principal amount of 1.30% Senior Notes due 2017, the company entered into LIBOR-based interest rate swap arrangements with various banks. The aggregate amount of the swaps is equal to the principal amount of the 1.30% Notes and the payment dates of the swaps coincide with the payment dates of the 1.30% Notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plus a spread of 0.6616% (0.8161% at March 29, 2014) and to receive a fixed rate of 1.30%. The variable interest rate resets monthly. The swaps have been accounted for as a fair value hedge of the 1.30% Notes. See Note 12 for additional information.

21

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 10.         Commitments and Contingencies

 There are various lawsuits and claims pending against the company involving product liability, contract, commercial and other issues. The company establishes a liability that is an estimate of amounts needed to pay damages in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. The reserve estimates are adjusted as additional information becomes known or payments are made.

 The company records estimated amounts due from insurers as an asset. Although the company believes that the amounts reserved and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the financial condition and ratings of its insurers on an ongoing basis.

 The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of permit requirements and installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites.

 On February 3, 2014, the company acquired Life Technologies. Life Technologies and its subsidiaries are party to several lawsuits in which plaintiffs claim infringement of their intellectual property, including the following:

On June 6, 2004, Enzo Biochem, Enzo Life Sciences and Yale University filed a complaint against Life Technologies in United States District Court for the District of Connecticut. The plaintiffs allege patent infringement by Applera’s labeled DNA terminator products used in DNA sequencing and fragment analysis. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. In November 2012, the jury awarded damages of $48.5 million. Prejudgment interest of $12.4 million was also granted. The $60.9 million judgment and interest was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. The case is currently on appeal to the United States Court of Appeal for the Federal Circuit.

On January 30, 2012, Enzo Life Sciences filed a complaint against Life Technologies in United States District Court for the District of Delaware. The plaintiff alleges patent infringement by Life Technologies’ Taqman probes and assays, Dynabead oligo-dT beads, NCode oligonucleotide array products, Ion Torrent beads and chips and SOLiD beads and chips. The plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest and injunctive relief.

22

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

On May 26, 2010, Promega Corp. & Max-Planck-Gesellschaft Zur Forderung Der Wissenschaften EV filed a complaint against Life Technologies in the United States District Court for the Western District of Wisconsin. The plaintiffs allege patent infringement by sales and uses of Applied Biosystems’ short tandem repeat DNA identification products outside the scope of a 2006 license agreement. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. Although a jury initially found willful infringement and assessed damages at $52 million, the District Court subsequently overturned the verdict on the grounds that the plaintiff had failed to prove infringement. The District Court entered judgment in favor of Life Technologies, and the case is currently on appeal to the United States Court of Appeals for the Federal Circuit. The $52 million award was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition.

On September 29, 2009, Life Technologies filed a complaint against Illumina, Inc. and Solexa, Inc. in the United States District Court for the District of Delaware alleging infringement of patents relating to clonal amplification of nucleic acids by Illumina’s next generation Genome Analyzer, HiSeq, and MiSeq DNA sequencing systems. Illumina asserted counterclaims in that case alleging infringement of patents relating to optical tracking, generating linked pairs of nucleic acid segments, and genome-wide variation analysis by Life Technologies’ next generation SOLiD sequencing system and Ion Torrent’s semiconductor sequencing system. On April 6, 2011, the case was transferred to the United States District Court for the Southern District of California. Life Technologies seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief. On its counterclaims, Illumina seeks damages for alleged infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief.

On December 27, 2011, Illumina Inc. filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging infringement of a patent relating to methods for making bead arrays by Ion Torrent’s semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief.

On April 26, 2012, Esoterix Genetic Laboratories filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging infringement of patents relating to detection of subpopulations of cells with mutated sequences and multiplexed DNA amplification by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief.

On October 31, 2012, Esoterix Genetic Laboratories and The Johns Hopkins University filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging infringement of patents relating to methods of determining a ratio of genetic sequences in a population of genetic sequences and methods of determining allelic imbalances in a biological sample by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiffs seek damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief.

On June 3, 2013, Unisone Strategic IP filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging patent infringement by Life Technologies’ supply chain management system software, which operates with product “supply centers” installed at customer sites. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, and injunctive relief.

An unfavorable outcome that differs materially from current reserve estimates for one or more of the matters described above could have a material adverse effect on the company’s results of operations, financial position or cash flows.

23

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 11.         Comprehensive Income and Shareholders’ Equity

Comprehensive Income

Comprehensive income combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of shareholders’ equity in the accompanying balance sheet.

Changes in each component of accumulated other comprehensive items, net of tax are as follows:

(In millions)	Currency Translation Adjustment		Unrealized Gains  (Losses) on Available-for- Sale Investments		Unrealized Gains  (Losses) on Hedging Instruments			Pension and  Other Postretirement Benefit  Liability  Adjustment			Total
Balance at December 31, 2013	$	112.0	$	1.3	$	(23.9	)	$	(166.6	)	$	(77.2	)
Other comprehensive income (loss)       before reclassifications		14.3		—		—			(1.9	)		12.4
Amounts reclassified from       accumulated other       comprehensive items		—		—		0.7			1.3			2.0
Net other comprehensive items		14.3		—		0.7			(0.6	)		14.4
Balance at March 29, 2014	$	126.3	$	1.3	$	(23.2	)	$	(167.2	)	$	(62.8	)

24

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

 The amounts reclassified out of accumulated other comprehensive items are as follows:

						Three Months Ended
				Affected Line Item in the	March 29,			March 30,
(In millions)				Statement of Income		2014			2013
Amounts Reclassified From Accumulated Other       Comprehensive Items
	Unrealized gains and losses on available-for-sale investments:
		Realized gain on sale or transfer of available-for-       sale investments		Other Expense, Net		$	—		$	(10.5)
		Tax provision		Provision for Income Taxes			—			2.5
							—			(8.0)
	Unrealized gains and losses on hedging instruments:
		Realized loss on interest rate swaps and locks		Other Expense, Net			1.1			1.3
		Tax benefit		Provision for Income Taxes			(0.4)			(0.5)
							0.7			0.8
	Pension and other postretirement benefit liability adjustment:
		Amortization of actuarial losses		Net Periodic Benefit Cost -			1.9			2.9
		Amortization of prior service benefit		see Note 6 for details			—			(0.1)
			Total before tax				1.9			2.8
		Tax benefit		Provision for Income Taxes			(0.6)			(0.9)
							1.3			1.9
			Total reclassifications			$	2.0		$	(5.3)

Equity Forward Agreements

In June 2013, in anticipation of the acquisition of Life Technologies, the company entered into equity forward agreements. The use of the equity forward agreements substantially eliminated future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating share dilution from the offering by postponing the actual issuance of common stock until the funds were needed for the Life Technologies acquisition.

Upon settlement of the agreements, in January 2014, the company issued and delivered 29.6 million shares of its common stock at the then applicable forward sale price of $82.5342 per share.

On February 3, 2014, the company issued 5.3 million shares of its common stock at a price of $94.85 per share to settle a private placement subscription agreement that was contingent on the closing of the Life Technologies acquisition.

The equity forward and subscription agreements had no initial fair value as they were entered into at the then market price of the common stock. The company did not receive any proceeds from the sale of common stock until the agreements were settled. Upon settlement, the proceeds were recorded in equity. Prior to their settlement, to the extent that the equity forward agreements were dilutive, they have been reflected in the company’s diluted earnings per share calculations using the treasury stock method. Prior to closing, the subscription agreement was not potentially dilutive to the company’s diluted earnings per share calculations due to its contingent nature.

25

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 12.         Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements

The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2014. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in money market funds; derivative contracts, insurance contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration.

The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.

Level 3: Inputs are unobservable data points that are not corroborated by market data.

 The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2014:

	March 29,		Quoted Prices in Active  Markets		Significant Other Observable  Inputs		Significant Unobservable Inputs
(In millions)	2014		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	766.7	$	766.7	$	—	$	—
Bank time deposits		21.1		21.1		—		—
Investments in mutual funds, unit trusts and other     similar instruments		9.9		9.9		—		—
Insurance contracts		83.9		—		83.9		—
Auction rate securities		4.5		—		—		4.5
Derivative contracts		5.7		—		5.7		—
Total Assets	$	891.8	$	797.7	$	89.6	$	4.5
Liabilities
Derivative contracts	$	12.3	$	—	$	12.3	$	—
Contingent consideration		33.1		—		—		33.1
Total Liabilities	$	45.4	$	—	$	12.3	$	33.1

26

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

 The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013:

	December 31,		Quoted Prices in  Active  Markets		Significant Other  Observable Inputs		Significant Unobservable Inputs
(In millions)	2013		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	4,859.9	$	4,859.9	$	—	$	—
Investments in mutual funds, unit trusts and other     similar instruments		9.8		9.8		—		—
Insurance contracts		74.5		—		74.5		—
Auction rate securities		4.5		—		—		4.5
Derivative contracts		3.8		—		3.8		—
Total Assets	$	4,952.5	$	4,869.7	$	78.3	$	4.5
Liabilities
Derivative contracts	$	6.5	$	—	$	6.5	$	—
Contingent consideration		5.1		—		—		5.1
Total Liabilities	$	11.6	$	—	$	6.5	$	5.1

 The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of the auction rate securities by obtaining indications of value from brokers/dealers. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such future payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense.

The company has the ability and intent to hold the auction rate securities to maturity unless they are redeemed earlier by the issuer. There was no significant activity within the Level 3 auction rate securities during 2014 or 2013. The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration.

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Contingent Consideration
Beginning Balance	$	5.1		$	20.1
Acquisition		29.1			—
Payments		(1.1	)		—
Currency translation		—			(0.1	)
Ending Balance	$	33.1		$	20.0

 The notional amounts of derivative contracts outstanding, consisting of currency exchange contracts and interest rate swaps, totaled $3.52 billion and $2.03 billion at March 29, 2014 and December 31, 2013, respectively.

27

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the consolidated balance sheet. The following tables present the fair value of derivative instruments in the consolidated balance sheet and statement of income.

	Fair Value – Assets				Fair Value – Liabilities
	March 29,		December 31,		March 29,		December 31,
(In millions)	2014		2013		2014		2013
Derivatives Designated as Hedging Instruments
Interest rate swaps (a)	$	—	$	—	$	6.0	$	5.2
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts (b)		5.7		3.8		6.3		1.3

(a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities.

(b) The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses.

		Gain Recognized
		Three Months Ended
		March 29,		March 30,
(In millions)		2014		2013
Derivatives Designated as Fair Value Hedges
Interest rate swaps - effective portion	$	1.1	$	—
Interest rate swaps - ineffective portion		0.7		—
Derivatives Not Designated as Fair Value Hedges
Currency exchange contracts
Included in cost of revenues	$	0.8	$	1.0
Included in other expense, net		0.7		16.7

 Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps is included in other expense, net in the accompanying statement of income.

28

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

	March 29, 2014				December 31, 2013
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	7.7	$	7.7	$	7.6	$	7.6
Debt Obligations:
Senior notes	$	12,139.3	$	12,386.7	$	10,195.4	$	10,304.8
Term loan		4,700.0		4,700.0		—		—
Commercial paper		458.6		458.6		250.0		250.0
Other		64.7		64.7		41.9		41.9
	$	17,362.6	$	17,610.0	$	10,487.3	$	10,596.7
The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements.

Note 13.         Supplemental Cash Flow Information

	Three Months Ended
	March 29,			March 30,
(In millions)	2014			2013
Non-cash Activities
Fair value of assets of acquired businesses	$	19,640.1		$	—
Cash paid for acquired businesses		(13,528.9	)		—
Liabilities assumed of acquired businesses	$	6,111.2		$	—
Fair value of available-for-sale investments contributed to defined
benefit plans	$	—		$	27.1
Declared but unpaid dividends	$	61.1		$	54.7
Issuance of stock upon vesting of restricted stock units	$	73.6		$	50.5

29

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 14.         Restructuring and Other Costs (Income), Net

Restructuring and other costs (income) in the first three months of 2014 primarily included the gain on sale of the company’s sera and media, gene modulation and magnetic beads businesses to GE Healthcare, offset in part by sales of inventories revalued at the date of acquisition, cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition, acquisition transaction costs, severance obligations payable to former Life Technologies’ executives and employees, charges to conform the accounting policies of Life Technologies with the company’s accounting policies and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in Europe and Asia. In the first three months of 2014, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.

 As of May 2, 2014, the company has identified restructuring actions that will result in additional charges of approximately $65 million, primarily in the remainder of 2014.

First Three Months of 2014

During the first three months of 2014, the company recorded net restructuring and other costs (income) as follows:

(In millions)	Cost of Revenues			Selling, General and Administrative Expenses		Restructuring and Other Costs (Income), Net			Total
Life Sciences Solutions	$	169.0		$	82.8	$	(588.1	)	$	(336.3	)
Analytical Instruments		(0.8	)		—		1.2			0.4
Specialty Diagnostics		0.2			—		2.8			3.0
Laboratory Products and Services		0.1			—		1.2			1.3
Corporate		—			—		0.7			0.7
	$	168.5		$	82.8	$	(582.2	)	$	(330.9	)

 The components of net restructuring and other costs (income) by segment are as follows:

Life Sciences Solutions

In the first three months of 2014, the Life Sciences Solutions segment recorded $336.3 million of other income, net of restructuring costs. The segment recorded a gain of $757.2 million from the divestiture of its sera and media, gene modulation and magnetic beads businesses (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $169.0 million, consisting of $147.6 million of charges for sales of inventories revalued at the date of acquisition and $21.4 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies. The segment also recorded charges to selling, general and administrative expenses of $82.8 million, including $66.6 million of transaction costs related to the acquisition of Life Technologies (Note 2) and $16.2 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies. In addition, the segment recorded $168.8 million of cash restructuring costs, including $91.7 million for cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition with the remainder principally for severance obligations payable to former Life Technologies’ executives and employees.

30

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Analytical Instruments

In the first three months of 2014, the Analytical Instruments segment recorded $0.4 million of net restructuring and other charges, including cash costs of $1.6 million primarily for abandoned facility costs, offset in part by noncash gains.

Specialty Diagnostics

In the first three months of 2014, the Specialty Diagnostics segment recorded $3.0 million of net restructuring and other charges, principally $3.8 million of cash costs for severance and other costs associated with facility consolidations. In addition, the segment recorded $1.0 million of income, net, primarily from a gain on the divestiture of a small business unit.

Laboratory Products and Services

In the first three months of 2014, the Laboratory Products and Services segment recorded $1.3 million of net restructuring and other charges, primarily $1.1 million of cash costs for severance and abandoned facility costs.

Corporate

In the first three months of 2014, the company recorded $0.7 million of net restructuring and other charges, all of which were cash costs primarily for severance at its corporate operations.

31

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

 The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

				Abandonment
(In millions)	Severance			of Excess Facilities			Other (a)			Total
Pre-2013 Restructuring Plans
Balance At December 31, 2013	$	6.6		$	8.0		$	0.3		$	14.9
Costs incurred in 2014 (b)		0.5			0.4			0.1			1.0
Reserves reversed		(0.5	)		—			—			(0.5	)
Payments		(1.1	)		(1.0	)		(0.1	)		(2.2	)
Balance At March 29, 2014	$	5.5		$	7.4		$	0.3		$	13.2
2013 Restructuring Plans
Balance At December 31, 2013	$	22.0		$	1.4		$	2.2		$	25.6
Costs incurred in 2014 (b)		2.5			1.1			2.5			6.1
Reserves reversed		(1.7	)		—			—			(1.7	)
Payments		(6.0	)		(0.4	)		(1.9	)		(8.3	)
Balance At March 29, 2014	$	16.8		$	2.1		$	2.8		$	21.7
2014 Restructuring Plans
Costs incurred in 2014 (b)	$	72.8		$	—		$	78.7		$	151.5
Payments		(55.5	)		—			(73.5	)		(129.0	)
Currency translation		0.2			—			—			0.2
Balance At March 29, 2014	$	17.5		$	—		$	5.2		$	22.7

(a)   Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment.

(b)   Excludes a $758.5 million gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; and an aggregate of $0.3 million of non-cash charges, net.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2014; and abandoned-facility payments, over lease terms expiring through 2020.

Note 15.         Discontinued Operations

 In June 2012, in an effort to exit a non-core business, the company’s senior management made a decision to pursue a sale of its laboratory workstations business, part of the Laboratory Products and Services segment. The company completed the sale in October 2012 for nominal proceeds. In 2013, the company recorded an after-tax charge of $4.2 million for the estimated cost to raze certain abandoned facilities of the discontinued operations prior to the planned sale of the related land.

32

THERMO FISHER SCIENTIFIC INC.

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

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934 are made throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” and similar expressions are intended to identify forward-looking statements. While the company may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if the company’s estimates change, and readers should not rely on those forward-looking statements as representing the company’s views as of any date subsequent to the date of the filing of this Quarterly Report.

A number of important factors could cause the results of the company to differ materially from those indicated by such forward-looking statements, including those detailed under the heading “Risk Factors” in Part II, Item 1A of this report on Form 10-Q.

Overview

The company develops, manufactures and sells a broad range of products that are sold worldwide. The company expands the product lines and services it offers by developing and commercializing its own technologies and by making strategic acquisitions of complementary businesses. The company’s continuing operations fall into four business segments (see Note 3): Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics and Laboratory Products and Services.

Recent Acquisitions and Divestitures

The company’s strategy is to augment internal growth at existing businesses with complementary acquisitions such as its 2014 acquisition of Life Technologies.

On February 3, 2014, the Life Sciences Solutions segment completed the acquisition of Life Technologies Corporation for a total purchase price of $15.30 billion, net of cash acquired, including the assumption of $2.28 billion of debt. The company issued debt and common stock in late 2013 and early 2014 to partially fund the acquisition discussed below under the caption “Liquidity and Capital Resources”. Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. Life Technologies’ revenues totaled $3.87 billion in 2013.

On March 21, 2014, the company sold its sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.05 billion, net of cash divested, subject to a post-closing adjustment. The sale of these businesses resulted in a pre-tax gain of approximately $757 million included in restructuring and other costs, net. The businesses fell principally in the Life Sciences Solutions segment. Divestiture of these businesses was a condition to obtaining antitrust approval for the Life Technologies acquisition. Revenues and operating income of the businesses sold were approximately $250 million and $64 million, respectively, for the year ended December 31, 2013 and $61 million and $12 million, respectively, in 2014 through the date of sale.

Overview of Results of Operations and Liquidity

With the completion of the Life Technologies acquisition, the company established a new reporting segment, called Life Sciences Solutions. Effective January 1, 2014, the company’s financial performance is reported in four segments reflecting the following changes:

·   The new Life Sciences Solutions segment consists of the majority of the former Life Technologies businesses and Thermo Fisher biosciences businesses.

·   Thermo Fisher’s global chemicals business has moved from the biosciences business in the Analytical Technologies segment to the Laboratory Products and Services segment.

33

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview of Results of Operations and Liquidity (continued)

·   Thermo Fisher’s Analytical Technologies segment has been renamed Analytical Instruments segment to reflect the transfer of the biosciences businesses to other segments, as mentioned above.

·   Two small specialty diagnostics businesses within Life Technologies have become part of the Specialty Diagnostics segment.

Prior period segment information has been reclassified to reflect these transfers. As Life Technologies was acquired on February 3, 2014, its results are not included in the company’s results prior to that date.

	Three Months Ended
	March 29,					March 30,
(Dollars in millions)	2014					2013
Revenues
Life Sciences Solutions	$	835.5		21.4	%	$	172.6		5.4	%
Analytical Instruments		769.9		19.7	%		740.1		23.2	%
Specialty Diagnostics		813.7		20.8	%		805.6		25.2	%
Laboratory Products and Services		1,590.5		40.7	%		1,556.3		48.8	%
Eliminations		(106.1	)	(2.6	)%		(83.1	)	(2.6	)%
	$	3,903.5		100	%	$	3,191.5		100	%

Sales in the first quarter of 2014 were $3.90 billion, an increase of $712 million from the first quarter of 2013. Aside from the effects of acquisitions and currency translation (discussed in total and by segment below), revenues in 2014 increased $59 million (2%) over 2013 revenues, primarily due to increased demand. Demand from biopharma customers remained strong. Higher sales to industrial markets were offset by lower sales to academic and government markets that the company believes was in part due to inclement weather, resulting in some customers working fewer days in 2014.

In the first quarter of 2014, total company operating income and operating income margin were $876 million and 22.4%, respectively, compared with $387 million and 12.1%, respectively, in 2013. The increase in operating income was primarily due to gains of $759 million on the sale of businesses and, to a lesser extent, inclusion of Life Technologies’ results from the acquisition date as well as productivity improvements, net of inflationary cost increases. These increases were offset in part by $252 million of charges associated with the acquisition, as discussed below, as well as $94 million of higher amortization expenses primarily related to the acquisition. The company’s references throughout this discussion to productivity improvements generally refer to improved cost efficiencies from its Practical Process Improvement (PPI) business system, reduced costs resulting from global sourcing initiatives and a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities.

The company’s effective tax rate was 29.9% and 0.6% in the first quarter of 2014 and 2013, respectively. The 2014 provision for income taxes includes $252 million related to the gain on the sale of the businesses to GE Healthcare. Aside from the discrete tax on the gain, the company had a benefit from income taxes. In the first quarter of 2014, the company recognized a discrete tax benefit of $15.4 million, or 2.0 percentage points, attributable to tax rulings related to non-U.S. subsidiaries. In the first quarter of 2013, the company implemented tax planning initiatives related to non-U.S. subsidiaries and the resulting benefit of $15.0 million was a discrete item that reduced the company’s effective tax rate by 4.4 percentage points. The effective tax rate in both periods was also affected by relatively significant earnings in lower tax jurisdictions. The tax provision in the 2014 period was favorably affected by $5.2 million, or 0.7 percentage points, as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in 2013 was favorably impacted by the U.S. Congress’ renewal in January 2013 of a tax credit for 2012 research and development activities. The tax credit for 2012 research and development activities favorably affected the tax provision in the first quarter of 2013 by $7.5 million, or 2.2 percentage points. The tax credit has not yet been renewed for 2014 and no benefit is reflected in 2014.

34

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview of Results of Operations and Liquidity (continued)

Income from continuing operations increased to $543 million in the first quarter of 2014, from $341 million in the first quarter of 2013, primarily due to increased operating income, offset in part by an increase in interest expense of $53 million as a result of debt issued and assumed in connection with the acquisition of Life Technologies.

During the first three months of 2014, the company’s cash flow from operations totaled $101 million, compared with $298 million for the first three months of 2013. The decrease resulted from cash disbursements totaling $242 million related to the acquisition of Life Technologies including monetizing certain equity awards held by Life Technologies employees at the date of acquisition, severance obligations and transaction costs as well as an increase in income tax payments by the company’s continuing operations of $115 million versus the 2013 period, due in part to the timing of payments.

As of March 29, 2014, the company’s short-term debt totaled $2.17 billion, including $921 million of senior notes, due in 2014 and early 2015, $750 million of minimum payments due in the next twelve months on the company’s term loan and $459 million of commercial paper obligations. During April 2014, the company repaid nearly $1 billion of its outstanding debt, principally the term loan. The company has a revolving credit facility with a bank group that provides up to $1.50 billion of unsecured multi-currency revolving credit. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of March 29, 2014, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $53 million as a result of outstanding letters of credit.

The company believes that its existing cash and short-term investments of $1.52 billion as of March 29, 2014, and the company’s future cash flow from operations together with available borrowing capacity under its revolving credit agreement are sufficient to meet the cash requirements of its existing businesses for the foreseeable future, including at least the next 24 months.

Critical Accounting Policies and Estimates

The company’s discussion and analysis of its financial condition and results of operations is based upon its financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent liabilities. Management believes the most complex and sensitive judgments, because of their significance to the consolidated financial statements, result primarily from the need to make estimates about the effects of matters that are inherently uncertain. Management’s Discussion and Analysis and Note 1 to the Consolidated Financial Statements of the company’s Form 10-K for 2013, describe the significant accounting estimates and policies used in preparation of the consolidated financial statements. Actual results in these areas may differ from management’s estimates under different assumptions or conditions. There have been no significant changes in the company’s critical accounting policies during the first three months of 2014.

35

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

First Quarter 2014 Compared With First Quarter 2013

Continuing Operations

	Three Months Ended
	March 29,			March 30,			Total			Currency			Acquisitions/
(In millions)	2014			2013			Change			Translation			Divestitures			Operations
Revenues
Life Sciences Solutions	$	835.5		$	172.6		$	662.9		$	1.3		$	656.4		$	5.2
Analytical Technologies		769.9			740.1			29.8			(0.3	)		2.7			27.4
Specialty Diagnostics		813.7			805.6			8.1			2.2			2.5			3.4
Laboratory Products     and Services		1,590.5			1,556.3			34.2			3.2			(2.0	)		33.0
Eliminations		(106.1	)		(83.1	)		(23.0	)		(0.5	)		(12.6	)		(9.9	)
Consolidated Revenues	$	3,903.5		$	3,191.5		$	712.0		$	5.9		$	647.0		$	59.1

Sales in the first quarter of 2014 were $3.90 billion, an increase of $712 million from the first quarter of 2013. Sales increased $647 million due to acquisitions. The favorable effects of currency translation resulted in an increase in revenues of $6 million in 2014. Aside from the effects of acquisitions and currency translation, revenues increased $59 million (2%) primarily due to increased demand. Demand from biopharma customers remained strong. Higher sales to industrial markets were offset by lower sales to academic and government markets that the company believes was in part due to inclement weather, resulting in some customers working fewer days in 2014. Sales growth was strong in Asia, moderate in Europe and declined slightly in North America.

In the first quarter of 2014, total company operating income and operating income margin were $876 million and 22.4%, respectively, compared with $387 million and 12.1%, respectively, in 2013. The increase in operating income was primarily due to gains of $759 million on the sale of businesses and, to a lesser extent, inclusion of Life Technologies’ results from the acquisition date as well as productivity improvements, net of inflationary cost increases. These increases were offset in part by $252 million of charges associated with the acquisition, as discussed below, as well as $94 million of higher amortization expenses primarily related to the acquisition. The company’s references throughout this discussion to productivity improvements generally refer to improved cost efficiencies from its Practical Process Improvement (PPI) business system, reduced costs resulting from global sourcing initiatives and a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities.

In the first quarter of 2014, the company recorded restructuring and other income, net, of $331 million, including gains on the sale of businesses of $759 million, offset in part by $169 million of charges to cost of revenues primarily from the sale of inventories revalued at the date of acquisition and $83 million of charges to selling, general and administrative expenses for charges related to the acquisition of Life Technologies. The company incurred $156 million of cash restructuring costs primarily associated with the Life Technologies acquisition including cash compensation to monetize certain equity awards held by Life Technologies employees at the date of acquisition and severance obligations to former executives and employees of Life Technologies. In addition, the company’s other businesses incurred costs for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that have been or are being consolidated, including the consolidation of operations within several facilities in the U.S. and Europe (see Note 14).

36

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations (continued)

In the first quarter of 2013, the company recorded restructuring and other costs, net, of $36 million, including $13 million of charges to cost of revenues primarily related to the sale of inventories revalued at the date of acquisition and, to a lesser extent, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and $1 million of charges to selling, general and administrative expenses for transaction costs related to the acquisition of Life Technologies. The company incurred $21 million of cash restructuring costs primarily for continued headcount reductions and facility consolidations in an effort to streamline operations, including severance at several businesses and abandoned facility expenses at businesses that were being consolidated, such as the consolidation of several facilities in the U.S. and Europe.

As of May 2, 2014, the company has identified restructuring actions that will result in additional charges of approximately $65 million primarily in 2014 and expects to identify additional actions during the remainder of 2014. In addition, the company expects a non-cash charge to cost of revenues of approximately $150 million in the second quarter of 2014, related to the sale of inventories revalued at the date of acquisition of Life Technologies.

Segment Results

The company’s management evaluates segment operating performance using operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition-related activities; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company also refers to this measure as adjusted operating income. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitate comparison of performance for determining compensation (Note 3). Accordingly, the following segment data is reported on this basis.

37

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations (continued)

	Three Months Ended
	March 29,			March 30,
(Dollars in millions)	2014			2013			Change
Revenues
Life Sciences Solutions	$	835.5		$	172.6			384	%
Analytical Instruments		769.9			740.1			4	%
Specialty Diagnostics		813.7			805.6			1	%
Laboratory Products and Services		1,590.5			1,556.3			2	%
Eliminations		(106.1	)		(83.1	)		28	%
Consolidated Revenues	$	3,903.5		$	3,191.5			22	%
Segment Income
Life Sciences Solutions	$	244.6		$	41.0			497	%
Analytical Instruments		130.9			120.5			9	%
Specialty Diagnostics		221.0			222.9			(1	)%
Laboratory Products and Services		234.0			230.7			1	%
Subtotal Reportable Segments		830.5			615.1			35	%
Cost of Revenues Charges		(168.5	)		(13.2	)
Selling, General and Administrative Charges, Net		(82.8	)		(1.3	)
Restructuring and Other Income (Costs), Net		582.2			(21.5	)
Amortization of Acquisition-related Intangible Assets		(285.9	)		(192.0	)
Consolidated Operating Income	$	875.5		$	387.1			126	%
Reportable Segments Operating Income Margin		21.3	%		19.3	%
Consolidated Operating Income Margin		22.4	%		12.1	%

Income from the company’s reportable segments increased 35% to $831 million in the first quarter of 2014 due primarily to the acquisition of Life Technologies and to a lesser extent, productivity improvements, net of inflationary costs increases, offset in part by strategic growth investments.

   Life Sciences Solutions

	Three Months Ended
	March 29,			March 30,
(Dollars in millions)	2014			2013			Change
Revenues	$	835.5		$	172.6			384	%
Operating Income Margin		29.3	%		23.8	%	5.5pt

Sales in the Life Sciences Solutions segment increased $663 million to $836 million in the first quarter of 2014 primarily due to the acquisition of Life Technologies. Had the acquisition of Life Technologies been completed at the beginning of 2013, pro forma revenues for the quarter would have increased $5 million over pro forma first quarter 2013 revenues, including an increase of $13 million (1%) due to higher revenues at existing businesses, offset in part by a decrease of $2 million due to dispositions, net of other acquisitions and a decrease of $5 million due to the unfavorable effects of currency translation. The increase in pro forma revenue at existing businesses was primarily due to increased demand for bioprocess production products as well as next-generation sequencing products, offset in part by lower licensing revenues.

38

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations (continued)

Operating income margin was 29.3% in the first quarter of 2014 and 23.8% in the first quarter of 2013. The increase resulted primarily from higher operating margins at Life Technologies relative to the segment’s legacy operations. The operating margin was favorably affected by the timing of the acquisition on February 3, 2014, as Life Technologies’ fiscal January results are historically lower than those of February and March. The company believes that the absence of the January results increased the segment’s operating margin by approximately 2.5 to 3.0 percentage points.

   Analytical Instruments

	Three Months Ended
	March 29,			March 30,
(Dollars in millions)	2014			2013			Change
Revenues	$	769.9		$	740.1			4	%
Operating Income Margin		17.0	%		16.3	%	0.7pt

Sales in the Analytical Instruments segment increased $30 million to $770 million in the first quarter of 2014. Sales increased $27 million (4%) due to higher revenues at existing businesses and $3 million due to acquisitions. The increase in revenue at existing businesses was primarily due to increased demand for chromatography and mass spectrometry instruments.

Operating income margin was 17.0% in the first quarter of 2014 and 16.3% in the first quarter of 2013. The increase resulted primarily from profit from favorable sales mix and incremental sales at existing businesses and, to a lesser extent, productivity improvements, net of inflationary cost increases. The increases were offset in part by strategic growth investments and unfavorable foreign currency exchange.

   Specialty Diagnostics

	Three Months Ended
	March 29,			March 30,
(Dollars in millions)	2014			2013			Change
Revenues	$	813.7		$	805.6			1	%
Operating Income Margin		27.2	%		27.7	%	(0.5)pt

Sales in the Specialty Diagnostics segment increased $8 million to $814 million in the first quarter of 2014. Sales increased $3 million due to an acquisition, $3 million due to higher revenues at existing businesses and $2 million due to the favorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for immunodiagnostics products and, to a lesser extent, transplant diagnostics products, substantially offset by weakness from reduced healthcare utilization in the U.S.

Operating income margin was 27.2% in the first quarter of 2014 and 27.7% in the first quarter of 2013. The decrease resulted primarily from strategic growth investments and unfavorable sales mix, offset in part by productivity improvements, net of inflationary cost increases.

39

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations (continued)

   Laboratory Products and Services

	Three Months Ended
	March 29,			March 30,
(Dollars in millions)	2014			2013			Change
Revenues	$	1,590.5		$	1,556.3			2	%
Operating Income Margin		14.7	%		14.8	%	(0.1)pt

Sales in the Laboratory Products and Services segment increased $34 million to $1.59 billion in the first quarter of 2014. Sales increased $33 million (2%) due to higher revenues at existing businesses and $3 million due to the favorable effects of currency translation. These increases were offset by a decrease of $2 million due to a disposition. The increase in revenue at existing businesses was primarily due to increased demand for clinical trial logistics services, offset in part by weakness in sales to academic and government customers.

Operating income margin was 14.7% in the first quarter of 2014 and 14.8% in the first quarter of 2013. The decrease was primarily due to strategic growth investments and unfavorable foreign currency exchange, substantially offset by productivity improvements, net of inflationary cost increases.

Other Expense, Net

The company reported other expense, net, of $101 million and $44 million in the first quarter of 2014 and 2013, respectively (Note 4). Other expense, net includes interest income, interest expense, equity in earnings of unconsolidated subsidiaries, investment gains and losses, and other items, net. Interest expense increased $53 million primarily due to the debt issued and assumed in connection with the acquisition of Life Technologies. In the first quarter of 2014, the company sold an equity investment and realized a gain of $4 million. In the first quarter of 2013, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million.

Provision for Income Taxes

The company’s effective tax rate was 29.9% and 0.6% in the first quarter of 2014 and 2013, respectively. The 2014 provision for income taxes includes $252 million related to the gain on the sale of the businesses to GE Healthcare. Aside from the discrete tax on the gain, the company had a benefit from income taxes. In the first quarter of 2014, the company recognized a discrete tax benefit of $15.4 million, or 2.0 percentage points, attributable to tax rulings related to non-U.S. subsidiaries. In the first quarter of 2013, the company implemented tax planning initiatives related to non-U.S. subsidiaries and the resulting benefit of $15.0 million was a discrete item that reduced the company’s effective tax rate by 4.4 percentage points. The effective tax rate in both periods was also affected by relatively significant earnings in lower tax jurisdictions. The tax provision in the 2014 period was favorably affected by $5.2 million, or 0.7 percentage points, as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in 2013 was favorably impacted by the U.S. Congress’ renewal in January 2013 of a tax credit for 2012 research and development activities. The tax credit for 2012 research and development activities favorably affected the tax provision in the first quarter of 2013 by $7.5 million, or 2.2 percentage points. The tax credit has not yet been renewed for 2014 and no benefit is reflected in 2014.

The company has operations and a taxable presence in approximately 50 countries outside the U.S. All of these countries except one have a lower tax rate than the U.S. The countries in which the company has a material presence that have significantly lower tax rates than the U.S. include Germany, the Netherlands, Singapore, Sweden, Switzerland and the United Kingdom. The company’s ability to obtain a benefit from lower tax rates outside the U.S. is dependent on its relative levels of income in countries outside the U.S. and on the statutory tax rates in those countries. Based on the dispersion of the company’s non-U.S. income tax provision among many countries, the company believes that a change in the statutory tax rate in any individual country is not likely to materially affect the company’s income tax provision or net income, aside from any resulting one-time adjustment to the company’s deferred tax balances to reflect a new rate.

40

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations (continued)

Discontinued Operations

In June 2012, in an effort to exit a non-core business, the company pursued a sale of its laboratory workstations business, part of the Laboratory Products and Services segment. The company completed the sale in October 2012 for nominal proceeds. In 2013, the company recorded an after-tax charge of $4.2 million for the estimated cost to raze certain abandoned facilities of the discontinued operations prior to the planned sale of the related land.

Recent Accounting Pronouncements

In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals. Under the new guidance, only disposals representing a strategic shift in operations will be presented as discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of the company that does not qualify for discontinued operations reporting. This guidance is effective for the company in 2015. Adoption of this standard is not expected to have a material impact on the company’s consolidated financial position, results of operations or cash flows.

Contingent Liabilities

The company is contingently liable with respect to certain legal proceedings and related matters. An unfavorable outcome that differs materially from current reserve estimates for one or more of the matters described in Note 10 could have a material adverse effect on the company’s financial position as well as its results of operations and cash flows.

Liquidity and Capital Resources

Consolidated working capital was $1.91 billion at March 29, 2014, compared with $6.75 billion at December 31, 2013. Included in working capital were cash, cash equivalents and short-term investments of $1.52 billion at March 29, 2014 and $5.83 billion at December 31, 2013. The decrease in working capital is primarily due to the cash used to fund the Life Technologies acquisition.

First Three Months of 2014

Cash provided by operating activities was $101 million during the first three months of 2014. Increases in accounts receivable and inventories used cash of $193 million and $32 million, respectively, primarily to support growth in sales. The timing of the acquisition of Life Technologies on February 3, 2014 unfavorably affected working capital by omitting January collections of seasonally high year-end accounts receivable balances. Other liabilities increased by $267 million primarily due to the timing of payments for income taxes. Cash flow from operations in the first three months of 2014 benefitted from deferral of tax payments on the gain from the divestiture to GE Healthcare which will be substantially paid in June 2014. In 2014, the company made cash payments including monetizing certain equity awards, severance obligations and transaction costs totaling $242 million related to the acquisition of Life Technologies. The company made cash contributions to its pension and postretirement benefit plans totaling $19 million during the first three months of 2014. Cash payments for income taxes of continuing operations increased to $126 million during the first three months of 2014, compared with $11 million in the 2013 period.

During the first three months of 2014, the company’s investing activities used $12.07 billion of cash, principally for the acquisition of Life Technologies. Acquisitions used cash of $13.06 billion. Proceeds from the sale of businesses provided $1.06 billion. The company’s investing activities also included the purchase of $105 million of property, plant and equipment.

41

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (continued)

The company’s financing activities provided $7.64 billion of cash during the first three months of 2014. To partially fund the acquisition of Life Technologies, the company borrowed $5.00 billion under a 3-year unsecured term loan (Note 9) and issued 34.9 million shares of its common stock for net proceeds of $2.94 billion in cash (Note 11). An increase in commercial paper obligations provided cash of $208 million. The company’s financing activities also included $88 million of proceeds from employee stock option exercises offset by the payment of $55 million in cash dividends. On November 8, 2012, the Board of Directors authorized the repurchase of up to $1.00 billion of the company’s common stock beginning January 1, 2013. At March 29, 2014, $910 million was available for future repurchases of the company’s common stock under this authorization. In connection with the acquisition of Life Technologies, the company suspended repurchases of its common stock at the end of the first quarter of 2013.

The company has no material commitments for purchases of property, plant and equipment and expects that for all of 2014, such expenditures, net of disposals will approximate between $470 to $490 million. The company’s contractual obligations and other commercial commitments did not change materially between December 31, 2013 and March 29, 2014 except for the debt issued and assumed in connection with the Life Technologies acquisition (Note 9) and the assumption of unfunded pension obligations totaling $203 million in connection with the acquisition.

As of March 29, 2014, the company’s short-term debt totaled $2.17 billion, including $921 million of senior notes, due in 2014 and early 2015, $750 million of minimum payments due in the next twelve months on the company’s term loan and $459 million of commercial paper obligations. During April 2014, the company repaid nearly $1 billion of its outstanding debt, principally the term loan. The company has a revolving credit facility with a bank group that provides up to $1.50 billion of unsecured multi-currency revolving credit. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of March 29, 2014, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $53 million as a result of outstanding letters of credit.

Approximately half of the company’s cash balances and cash flows from operations are from outside the U.S. The company uses its non-U.S. cash for needs outside of the U.S. including acquisitions and repayment of acquisition-related intercompany debt to the U.S. In addition, the company also transfers cash to the U.S. using non-taxable returns of capital as well as dividends where the related U.S. foreign tax credit equals or exceeds any tax cost arising from the dividends. As a result of using such means of transferring cash to the U.S., the company does not expect any material adverse liquidity effects from its significant non-U.S. cash balances for the foreseeable future.

The company believes that its existing cash and short-term investments of $1.52 billion as of March 29, 2014, and the company’s future cash flow from operations together with available borrowing capacity under its revolving credit agreement are sufficient to meet the cash requirements of its existing businesses for the foreseeable future, including at least the next 24 months.

First Three Months of 2013

Cash provided by operating activities was $298 million during the first three months of 2013. Increases in accounts receivable and inventories used cash of $131 million and $68 million, respectively, primarily to support growth in sales. A decrease in other liabilities used cash of $89 million, primarily due to the timing of payments for company-wide incentive compensation. An increase in other assets used cash of $27 million primarily for prepaid expenses. An increase in accounts payable provided cash of $43 million, primarily due to higher inventory purchases. The company made cash contributions to its pension and postretirement benefit plans totaling $20 million during the first three months of 2013. Cash payments for income taxes of continuing operations totaled $11 million during the first three months of 2013. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $20 million during the first three months of 2013.

42

THERMO FISHER SCIENTIFIC INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources (continued)

During the first three months of 2013, the company’s primary investing activity was the purchase of $66 million of property, plant and equipment.

The company’s financing activities used $28 million of cash during the first three months of 2013, principally for the repurchase of $90 million of the company’s common stock and the payment of $54 million in cash dividends. The company’s financing activities also included the receipt of $102 million of proceeds from employee stock option exercises.

Item 3.           Quantitative and Qualitative Disclosures About Market Risk

The company’s exposure to market risk from changes in interest rates, currency exchange rates and commodity prices has not changed materially from its exposure at year-end 2013.

Item 4.           Controls and Procedures

Management’s Evaluation of Disclosure Controls and Procedures

The company’s management, with the participation of the company’s chief executive officer and chief financial officer, evaluated the effectiveness of the company’s disclosure controls and procedures as of March 29, 2014. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of the company’s disclosure controls and procedures as of March 29, 2014, the company’s chief executive officer and chief financial officer concluded that, as of such date, the company’s disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

On February 3, 2014, the company completed the acquisition of Life Technologies. The company’s management has extended its oversight and monitoring processes that support internal control over financial reporting to include Life Technologies’ operations. The company’s management is continuing to integrate the acquired operations of Life Technologies into the company’s overall internal control over financial reporting process. There have been no other changes in the company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the fiscal quarter ended March 29, 2014, that have materially affected or are reasonably likely to materially affect the company’s internal control over financial reporting.

43

THERMO FISHER SCIENTIFIC INC.

PART II        OTHER INFORMATION

Item 1.           Legal Proceedings

There have been no material developments in the legal proceedings described in Item 3 of the company’s Form 10-K for the year ended December 31, 2013.

Item 1A.        Risk Factors

Set forth below are the risks that we believe are material to our investors. This section contains forward-looking statements. You should refer to the explanation of the qualifications and limitations on forward-looking statements beginning on page 33.

We must develop new products, adapt to rapid and significant technological change and respond to introductions of new products by competitors to remain competitive. Our growth strategy includes significant investment in and expenditures for product development. We sell our products in several industries that are characterized by rapid and significant technological changes, frequent new product and service introductions and enhancements and evolving industry standards. Competitive factors include technological innovation, price, service and delivery, breadth of product line, customer support, e-business capabilities and the ability to meet the special requirements of customers. Our competitors may adapt more quickly to new technologies and changes in customers’ requirements than we can. Without the timely introduction of new products, services and enhancements, our products and services will likely become technologically obsolete over time, in which case our revenue and operating results would suffer.

Many of our existing products and those under development are technologically innovative and require significant planning, design, development and testing at the technological, product and manufacturing-process levels. Our customers use many of our products to develop, test and manufacture their own products. As a result, we must anticipate industry trends and develop products in advance of the commercialization of our customers’ products. If we fail to adequately predict our customers’ needs and future activities, we may invest heavily in research and development of products and services that do not lead to significant revenue.

It may be difficult for us to implement our strategies for improving internal growth. Some of the markets in which we compete have been flat or declining over the past several years. To address this issue, we are pursuing a number of strategies to improve our internal growth, including:

•    strengthening our presence in selected geographic markets;

•    allocating research and development funding to products with higher growth prospects;

•    developing new applications for our technologies;

•    expanding our service offerings;

•    continuing key customer initiatives;

•    combining sales and marketing operations in appropriate markets to compete more effectively;

•    finding new markets for our products; and

 •    continuing the development of commercial tools and infrastructure to increase and support cross-selling opportunities of products and services to take advantage of our depth in product offerings.

We may not be able to successfully implement these strategies, and these strategies may not result in the expected growth of our business.

44

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

Our business is affected by general economic conditions and related uncertainties affecting markets in which we operate. Our business is affected by general economic conditions, both inside and outside the U.S. If the global economy and financial markets, or economic conditions in Europe, the U.S. or other key markets, are unstable, it could adversely affect the business, results of operations and financial condition of the company and its customers, distributors, and suppliers, having the effect of:

 •   reducing demand for some of our products;

 •   increasing the rate of order cancellations or delays;

 •   increasing the risk of excess and obsolete inventories;

 •   increasing pressure on the prices for our products and services; and

 •   creating longer sales cycles and greater difficulty in collecting sales proceeds.

For example, recent developments in Europe have created uncertainty with respect to the ability of certain European countries to continue to service their sovereign debt obligations. This debt crisis and related European financial restructuring efforts may cause the value of the euro to deteriorate, reducing the purchasing power of our European customers and reducing our U.S. dollar revenues as translated from the euro. In addition, the European crisis could result in customers in Europe taking longer to pay for products they have purchased from us, or being unable to pay at all. The continued weakness in world economies makes the strength and timing of any economic recovery uncertain, and there can be no assurance that global economic conditions will not deteriorate further.

Demand for some of our products depends on capital spending policies of our customers and on government funding policies. Our customers include pharmaceutical and chemical companies, laboratories, universities, healthcare providers, government agencies and public and private research institutions. Many factors, including public policy spending priorities, available resources and product and economic cycles, have a significant effect on the capital spending policies of these entities.

Spending by some of these customers fluctuates based on budget allocations and the timely passage of the annual federal budget. An impasse in federal government budget decisions could lead to substantial delays or reductions in federal spending. The U.S. Government has been unable to reach agreement on budget reduction measures required by the Budget Control Act of 2011. As a result, on March 1, 2013, an enforcement mechanism known as sequestration went into effect, which will trigger a total of $1.2 trillion in spending reductions over the next decade, divided between domestic and defense spending. Unless Congress and the Administration take further action, government funding would be reduced for certain of our customers, including those who are dependent on funding from the National Institutes of Health, which would likely have a significant effect on these entities’ spending policies. These policies in turn can have a significant effect on the demand for our products.

Integrating the Life Technologies businesses into Thermo Fisher’s existing businesses may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of the transaction may not be fully realized. The success of the acquisition of Life Technologies, including the realization of anticipated benefits and cost savings, will depend, in part, on Thermo Fisher’s ability to successfully combine the businesses of Thermo Fisher and Life Technologies. The integration may be more difficult, costly or time consuming than expected. It is possible that the integration process could result in the loss of key employees or the disruption of each company’s ongoing businesses or that the alignment of standards, controls, procedures and policies may adversely affect the combined company’s ability to maintain relationships with clients, customers, suppliers and employees or to fully achieve the anticipated benefits and cost savings of the transaction. The loss of key employees could adversely affect Thermo Fisher’s ability to successfully conduct its business in the markets in which Life Technologies operated prior to closing, which could have an adverse effect on our financial results and the value of our common stock. Other potential difficulties of combining the business of Thermo Fisher and Life Technologies include unanticipated issues in integrating manufacturing, logistics, information communications and other systems.

If we experience difficulties with the integration process, the anticipated benefits of the transaction may not be realized fully or at all, or may take longer to realize than expected. Integration efforts between the two companies may also divert management attention and resources. These integration matters could have an adverse effect on the company.

45

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

As a multinational corporation, we are exposed to fluctuations in currency exchange rates, which could adversely affect our cash flows and results of operations. International markets contribute a substantial portion of our revenues, and we intend to continue expanding our presence in these regions. The exposure to fluctuations in currency exchange rates takes on different forms. International revenues and costs are subject to the risk that fluctuations in exchange rates could adversely affect product demand and the profitability in U.S. dollars of products and services provided by us in international markets, where payment for our products and services is made in the local currency. As a multinational corporation, our businesses occasionally invoice third-party customers in currencies other than the one in which they primarily do business (the “functional currency”). Movements in the invoiced currency relative to the functional currency could adversely impact our cash flows and our results of operations. In addition, reported sales made in non-U.S. currencies by our international businesses, when translated into U.S. dollars for financial reporting purposes, fluctuate due to exchange rate movement. Should our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In 2013, currency translation had an unfavorable effect of $36 million on the revenues of our continuing operations due to the strengthening of the U.S. dollar relative to other currencies in which the company sells products and services, and in the first three months of 2014, currency translation had a favorable effect on revenues of our continuing operations of $6 million.

Healthcare reform legislation could adversely impact us. The Patient Protection and Affordable Care Act could have an adverse impact on us. Some of the potential consequences, such as a reduction in governmental support of healthcare services or adverse changes to the delivery or pricing of healthcare services or products or mandated benefits, may cause healthcare-industry participants to purchase fewer of our products and services or to reduce the prices they are willing to pay for our products or services.

Our inability to protect our intellectual property could have a material adverse effect on our business. In addition, third parties may claim that we infringe their intellectual property, and we could suffer significant litigation or licensing expense as a result. We place considerable emphasis on obtaining patent and trade secret protection for significant new technologies, products and processes because of the length of time and expense associated with bringing new products through the development process and into the marketplace. Our success depends in part on our ability to develop patentable products and obtain and enforce patent protection for our products both in the United States and in other countries. We own numerous U.S. and foreign patents, and we intend to file additional applications, as appropriate, for patents covering our products. Patents may not be issued for any pending or future patent applications owned by or licensed to us, and the claims allowed under any issued patents may not be sufficiently broad to protect our technology. Any issued patents owned by or licensed to us may be challenged, invalidated or circumvented, and the rights under these patents may not provide us with competitive advantages. In addition, competitors may design around our technology or develop competing technologies. Intellectual property rights may also be unavailable or limited in some foreign countries, which could make it easier for competitors to capture increased market position. We could incur substantial costs to defend ourselves in suits brought against us or in suits in which we may assert our patent rights against others. An unfavorable outcome of any such litigation could materially adversely affect our business and results of operations.

We also rely on trade secrets and proprietary know-how with which we seek to protect our products, in part, by confidentiality agreements with our collaborators, employees and consultants. These agreements may be breached and we may not have adequate remedies for any breach. In addition, our trade secrets may otherwise become known or be independently developed by our competitors.

Third parties may assert claims against us to the effect that we are infringing on their intellectual property rights. With our recent acquisition of Life Technologies, we have become party to several lawsuits in which plaintiffs claim we infringe their intellectual property. We could incur substantial costs and diversion of management resources in defending these claims, which could have a material adverse effect on our business, financial condition and results of operations. In addition, parties making these claims could secure a judgment awarding substantial damages, as well as injunctive or other equitable relief, which could effectively block our ability to make, use, sell, distribute, or market our products and services in the United States or abroad. In the event that a claim relating to intellectual property is asserted against us, or third parties not affiliated with us hold pending or issued patents that relate to our products or technology, we may seek licenses to such intellectual property or challenge those patents. However, we may be unable to obtain these licenses on commercially reasonable terms, if at all, and our challenge of the patents may be unsuccessful. Our failure to obtain the necessary licenses or other rights could prevent the sale, manufacture, or distribution of our products and, therefore, could have a material adverse effect on our business, financial condition and results of operations.

46

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

Changes in governmental regulations may reduce demand for our products or increase our expenses. We compete in many markets in which we and our customers must comply with federal, state, local and international regulations, such as environmental, health and safety and food and drug regulations. We develop, configure and market our products to meet customer needs created by those regulations. Any significant change in regulations could reduce demand for our products or increase our expenses. For example, many of our instruments are marketed to the pharmaceutical industry for use in discovering and developing drugs. Changes in the U.S. Food and Drug Administration’s regulation of the drug discovery and development process could have an adverse effect on the demand for these products.

If our security products do not operate as designed and fail to detect explosives or radiation, we could be exposed to product liability and related claims for which we may not have adequate insurance coverage. Products currently or previously sold by our environmental and process instruments and radiation measurement and security instruments businesses include fixed and portable instruments used for chemical, radiation and trace explosives detection. These products are used in airports, embassies, cargo facilities, border crossings and other high-threat facilities for the detection and prevention of terrorist acts. If any of these products were to malfunction, it is possible that explosive or radioactive material could fail to be detected by our product, which could lead to product liability claims. There are also many other factors beyond our control that could lead to liability claims, such as the reliability and competence of the customers’ operators and the training of such operators. Any such product liability claims brought against us could be significant and any adverse determination may result in liabilities in excess of our insurance coverage. Although we carry product liability insurance, we cannot be certain that our current insurance will be sufficient to cover these claims or that it can be maintained on acceptable terms, if at all.

Our inability to complete pending acquisitions or to successfully integrate any new or previous acquisitions could have a material adverse effect on our business. Our business strategy includes the acquisition of technologies and businesses that complement or augment our existing products and services. Certain acquisitions may be difficult to complete for a number of reasons, including the need for antitrust and/or other regulatory approvals. Any acquisition we may complete may be made at a substantial premium over the fair value of the net identifiable assets of the acquired company. Further, we may not be able to integrate acquired businesses successfully into our existing businesses, make such businesses profitable, or realize anticipated cost savings or synergies, if any, from these acquisitions, which could adversely affect our business.

Moreover, we have acquired many companies and businesses. As a result of these acquisitions, we recorded significant goodwill and indefinite-lived intangible assets (primarily tradenames) on our balance sheet, which amount to approximately $19.53 billion and $1.84 billion, respectively, as of March 29, 2014. We assess the realizability of goodwill and indefinite-lived intangible assets annually as well as whenever events or changes in circumstances indicate that these assets may be impaired. These events or circumstances would generally include operating losses or a significant decline in earnings associated with the acquired business or asset. Our ability to realize the value of the goodwill and indefinite-lived intangible assets will depend on the future cash flows of these businesses. These cash flows in turn depend in part on how well we have integrated these businesses. If we are not able to realize the value of the goodwill and indefinite-lived intangible assets, we may be required to incur material charges relating to the impairment of those assets.

We are subject to laws and regulations governing government contracts, and failure to address these laws and regulations or comply with government contracts could harm our business by leading to a reduction in revenue associated with these customers. We have agreements relating to the sale of our products to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government. The laws governing government contracts differ from the laws governing private contracts and government contracts may contain pricing terms and conditions that are not applicable to private contracts. We are also subject to investigation for compliance with the regulations governing government contracts. A failure to comply with these regulations could result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

47

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

Because we compete directly with certain of our larger customers and product suppliers, our results of operations could be adversely affected in the short term if these customers or suppliers abruptly discontinue or significantly modify their relationship with us. Our largest customer in the laboratory products business is also a significant competitor. Our business may be harmed in the short term if our competitive relationship in the marketplace with certain of our large customers results in a discontinuation of their purchases from us. In addition, we manufacture products that compete directly with products that we source from third-party suppliers. We also source competitive products from multiple suppliers. Our business could be adversely affected in the short term if any of our large third-party suppliers abruptly discontinues selling products to us.

Because we rely heavily on third-party package-delivery services, a significant disruption in these services or significant increases in prices may disrupt our ability to ship products, increase our costs and lower our profitability. We ship a significant portion of our products to our customers through independent package delivery companies, such as Federal Express in the U.S. and DHL in Europe. We also maintain a small fleet of vehicles dedicated to the delivery of our products and ship our products through other carriers, including national and regional trucking firms, overnight carrier services and the U.S. Postal Service. If one or more of these third-party package-delivery providers were to experience a major work stoppage, preventing our products from being delivered in a timely fashion or causing us to incur additional shipping costs we could not pass on to our customers, our costs could increase and our relationships with certain of our customers could be adversely affected. In addition, if one or more of these third-party package-delivery providers were to increase prices, and we were not able to find comparable alternatives or make adjustments in our delivery network, our profitability could be adversely affected.

We are required to comply with a wide variety of laws and regulations, and are subject to regulation by various federal, state and foreign agencies. For example, some of our operations are subject to regulation by the U.S. Food and Drug Administration and similar international agencies. These regulations govern a wide variety of product activities, from design and development to labeling, manufacturing, promotion, sales and distribution. If we fail to comply with the U.S. Food and Drug Administration’s regulations or those of similar international agencies, we may have to recall products and/or cease their manufacture and distribution, which would increase our costs and reduce our revenues.

We are also subject to a variety of federal, state, local and international laws and regulations that govern, among other things, the importation and exportation of products, the handling, transportation and manufacture of substances that could be classified as hazardous, and our business practices in the U.S. and abroad such as anti-corruption and anti-competition laws. A failure to comply with these laws and regulations could result in criminal, civil and administrative penalties.

New regulations related to “conflict minerals” may cause us to incur additional expenses and could limit the supply and increase the cost of certain metals used in manufacturing our products. On August 22, 2012, the SEC adopted a new rule requiring disclosures by public companies of specified minerals, known as conflict minerals, that are necessary to the functionality or production of products manufactured or contracted to be manufactured. The new rule, which is effective for 2013 and requires a disclosure report to be filed by May 31, 2014, will require companies to perform due diligence, disclose and report whether or not such minerals originate from the Democratic Republic of Congo or an adjoining country. The new rule could affect sourcing at competitive prices and availability in sufficient quantities of certain minerals used in the manufacture of our products, including tantalum, tin, gold and tungsten. The number of suppliers who provide conflict-free minerals may be limited. In addition, there may be material costs associated with complying with the disclosure requirements, such as costs related to determining the source of certain minerals used in our products, as well as costs of possible changes to products, processes, or sources of supply as a consequence of such verification activities. As our supply chain is complex, we may not be able to sufficiently verify the origins of the relevant minerals used in our products through the due diligence procedures that we implement, which may harm our reputation. In addition, we may encounter challenges to satisfy those customers who require that all of the components of our products be certified as conflict-free, which could place us at a competitive disadvantage if we are unable to do so.

48

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

Our business could be adversely affected by disruptions at our sites. We rely upon our manufacturing operations to produce many of the products we sell and our warehouse facilities to store products, pending sale. Any significant disruption of those operations for any reason, such as strikes or other labor unrest, power interruptions, fire, earthquakes, or other events beyond our control could adversely affect our sales and customer relationships and therefore adversely affect our business. Although most of our raw materials are available from a number of potential suppliers, our operations also depend upon our ability to obtain raw materials at reasonable prices. If we are unable to obtain the materials we need at a reasonable price, we may not be able to produce certain of our products or we may not be able to produce certain of these products at a marketable price, which could have an adverse effect on our results of operations.

Fluctuations in our effective tax rate may adversely affect our results of operations and cash flows. As a global company, we are subject to taxation in numerous countries, states and other jurisdictions. In preparing our financial statements, we record the amount of tax that is payable in each of the countries, states and other jurisdictions in which we operate. Our future effective tax rate, however, may be lower or higher than experienced in the past due to numerous factors, including a change in the mix of our profitability from country to country, changes in accounting for income taxes and recently enacted and future changes in tax laws in jurisdictions in which we operate. Any of these factors could cause us to experience an effective tax rate significantly different from previous periods or our current expectations, which could have an adverse effect on our business, results of operations and cash flows.

We may incur unexpected costs from increases in fuel and raw material prices, which could reduce our earnings and cash flow. Our primary commodity exposures are for fuel, petroleum-based resins and steel. While we may seek to minimize the impact of price increases through higher prices to customers and various cost-saving measures, our earnings and cash flows could be adversely affected in the event these measures are insufficient to cover our costs.

Unforeseen problems with the implementation and maintenance of our information systems could have an adverse effect on our operations. As a part of our ongoing effort to upgrade our current information systems, we periodically implement new enterprise resource planning software and other software applications to manage certain of our business operations. As we implement and add functionality, problems could arise that we have not foreseen. Such problems could adversely impact our ability to provide quotes, take customer orders and otherwise run our business in a timely manner. In addition, if our new systems fail to provide accurate pricing and cost data our results of operations and cash flows could be adversely affected.

We also rely on our technology infrastructure, among other functions, to interact with suppliers, sell our products and services, fulfill orders and bill, collect and make payments, ship products, provide services and support to customers, track customers, fulfill contractual obligations and otherwise conduct business. Our systems may be vulnerable to damage or interruption from natural disasters, power loss, telecommunication failures, terrorist attacks, computer viruses, computer denial-of-service attacks, unauthorized access to customer or employee data or company trade secrets, and other attempts to harm our systems. When we upgrade or change systems, we may suffer interruptions in service, loss of data or reduced functionality. Certain of our systems are not redundant, and our disaster recovery planning is not sufficient for every eventuality. Despite any precautions we may take, such problems could result in, among other consequences, interruptions in our services, which could harm our reputation and financial results.

Our debt may restrict our investment opportunities or limit our activities. As of March 29, 2014, we had approximately $17.36 billion in outstanding indebtedness. In addition, we have a revolving credit facility that provides for up to $1.50 billion of unsecured multi-currency revolving credit. We may also obtain additional long-term debt and lines of credit to meet future financing needs, which would have the effect of increasing our total leverage.

Our leverage could have negative consequences, including increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing and limiting our ability to acquire new products and technologies through strategic acquisitions.

49

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

Our ability to make scheduled payments, refinance our obligations or obtain additional financing will depend on our future operating performance and on economic, financial, competitive and other factors beyond our control. Our business may not generate sufficient cash flow to meet our obligations. If we are unable to service our debt, refinance our existing debt or obtain additional financing, we may be forced to delay strategic acquisitions, capital expenditures or research and development expenditures.

Additionally, the agreements governing our debt require that we maintain certain financial ratios, and contain affirmative and negative covenants that restrict our activities by, among other limitations, limiting our ability to incur additional indebtedness, make investments, create liens, sell assets and enter into transactions with affiliates. The covenants in our revolving credit facility and the term credit facility that we entered into to partially finance the Life Technologies Acquisition include a total debt-to-EBITDA ratio and an interest coverage ratio. Specifically, the company has agreed that, so long as any lender has any commitment under either facility, or any loan or other obligation is outstanding under either facility, or any letter of credit is outstanding under the revolving credit facility, it will not permit (as the following terms are defined in the facility) the Consolidated Leverage Ratio (the ratio of consolidated Indebtedness to Consolidated EBITDA) as at the last day of any fiscal quarter to be greater than 5.5 to 1.0 until August 2014 and decreasing, based on the passage of time, to 3.5 to 1.0, by August 2015 or the Consolidated Interest Coverage Ratio (the ratio of Consolidated EBITDA to Consolidated Interest Expense) to be less than 3.0 to 1.0.

Our ability to comply with these financial restrictions and covenants is dependent on our future performance, which is subject to prevailing economic conditions and other factors, including factors that are beyond our control such as foreign exchange rates and interest rates. Our failure to comply with any of these restrictions or covenants may result in an event of default under the applicable debt instrument, which could permit acceleration of the debt under that instrument and require us to prepay that debt before its scheduled due date. Also, an acceleration of the debt under certain of our debt instruments would trigger an event of default under other of our debt instruments.

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

Issuer Purchases of Equity Securities

 There was no share repurchase activity for the company’s first quarter of 2014. On November 8, 2012, the Board of Directors authorized the repurchase of up to $1.00 billion of the company’s common stock beginning January 1, 2013. At March 29, 2014, $910 million was available for future repurchases of the company’s common stock under this authorization. In connection with the acquisition of Life Technologies, the company suspended repurchases of its common stock at the end of the first quarter of 2013.

Item 6.           Exhibits

See Exhibit Index on page 52.

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  May 2, 2014	THERMO FISHER SCIENTIFIC INC.
	/s/ Peter M. Wilver
	Peter M. Wilver
	Senior Vice President and Chief Financial Officer
	/s/ Peter E. Hornstra
	Peter E. Hornstra
	Vice President and Chief Accounting Officer

51

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number		Description of Exhibit
10.1	Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper, dated February 26, 2014 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on February 27, 2014 [File No. 1-8002] and incorporated in this document by reference).*
31.1	Certification of Chief Executive Officer required by Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer required by Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer required by Exchange Act Rules 13a-14(b) and 15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Certification of Chief Financial Officer required by Exchange Act Rules 13a-14(b) and 15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Definition Linkbase Document.
101.LAB	XBRL Taxonomy Label Linkbase Document.
101.PRE	XBRL Taxonomy Presentation Linkbase Document.
		The Registrant agrees, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission, upon request, a copy of each instrument with respect to long-term debt of the Registrant or its consolidated subsidiaries.

_______________________

*Indicates management contract or compensatory plan, contract or arrangement.

** Certification is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act except to the extent that the registrant specifically incorporates it by reference.

Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets at March 29, 2014, and December 31, 2013, (ii) Consolidated Statements of Income for the three months ended March 29, 2014 and March 30, 2013, (iii) Consolidated Statement of Comprehensive Income for the three months ended March 29, 2014 and March 30, 2013, (iv) Consolidated Statements of Cash Flows for the three months ended March 29, 2014 and March 30, 2013, (v) Consolidated Statement of Shareholders’ Equity for the three months ended March 29, 2014 and March 30, 2013 and (vi) Notes to Consolidated Financial Statements.

52

EX-31.1

Exhibit 31.1

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION REQUIRED BY EXCHANGE ACT RULES 13a-14(a) and 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Marc N. Casper, certify that:

1.  I have reviewed this Quarterly Report on Form 10-Q of Thermo Fisher Scientific Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 2, 2014

/s/ Marc N. Casper

Marc N. Casper

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION REQUIRED BY EXCHANGE ACT RULES 13a-14(a) and 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter M. Wilver, certify that:

1.  I have reviewed this Quarterly Report on Form 10-Q of Thermo Fisher Scientific Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  May 2, 2014

/s/ Peter M. Wilver                                                                         

Peter M. Wilver

Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION REQUIRED BY EXCHANGE ACT RULES 13a-14(b) and 15d-14(b),

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Thermo Fisher Scientific Inc. (the “Company”) for the period ended March 29, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Marc N. Casper, President and Chief Executive Officer of the Company, hereby certifies, pursuant to Securities Exchange Act of 1934 Rules 13a-14(b) and 15d-14(b), that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 (2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  May 2, 2014

/s/ Marc N. Casper

Marc N. Casper

President and Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Thermo Fisher Scientific Inc. and will be retained by Thermo Fisher Scientific Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

THERMO FISHER SCIENTIFIC INC.

CERTIFICATION REQUIRED BY EXCHANGE ACT RULES 13a-14(b) and 15d-14(b),

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Thermo Fisher Scientific Inc. (the “Company”) for the period ended March 29, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Peter M. Wilver, Senior Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to Securities Exchange Act of 1934 Rules 13a-14(b) and 15d-14(b), that:

(1)  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:  May 2, 2014

/s/ Peter M. Wilver                                                                          

Peter M. Wilver

Senior Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Thermo Fisher Scientific Inc. and will be retained by Thermo Fisher Scientific Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 29, 2014

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Non-cash Activities
	Fair value of assets of acquired businesses			$	19,640.1		$	—
	Cash paid for acquired businesses				(13,528.9)			—
	Liabilities assumed of acquired businesses			$	6,111.2		$	—
	Fair value of available-for-sale investments contributed to defined
		benefit plans		$	—		$	27.1
	Declared but unpaid dividends			$	61.1		$	54.7
	Issuance of stock upon vesting of restricted stock units			$	73.6		$	50.5

XML

Stockbased Compensation, Stock Option Disclosures (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Stock-based Compensation Expense Disclosure [Abstract]
Tax benefit related to employees' and directors' stock plans	$ 48.2	$ 14.1
Options Outstanding [Roll Forward]
Granted	2.4

XML

Completed Acquisitions Other Information (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	Dec. 31, 2013 Life Technologies Corporation [Member]	Feb. 03, 2014 Life Technologies Corporation [Member]
Other Information
Purchase Price Paid	$ 13,056,300,000	$ 3,800,000
Revenue Reported by Acquired Entity			3,870,000,000
Goodwill, Expected Tax Deductible Amount				$ 0	[1]

[1] Substantially none of the goodwill is tax deductible

XML

Fair Value Measurements, Derivative Instruments (Details) (USD $) In Millions, unless otherwise specified			3 Months Ended			3 Months Ended
	Mar. 29, 2014	Dec. 31, 2013	Mar. 29, 2014 Interest Rate Swaps [Member] Other Expense [Member] Derivatives Designated as Fair Value Hedges [Member]	Mar. 29, 2014 Interest Rate Swaps [Member] Derivatives Designated as Hedging Instruments Other Long-term Liabilities [Member]	Dec. 31, 2013 Interest Rate Swaps [Member] Derivatives Designated as Hedging Instruments Other Long-term Liabilities [Member]	Mar. 29, 2014 Foreign Currency Exchange Contracts [Member] Cost of Revenues [Member] Derivatives Not Designated as Fair Value Hedges	Mar. 30, 2013 Foreign Currency Exchange Contracts [Member] Cost of Revenues [Member] Derivatives Not Designated as Fair Value Hedges	Mar. 29, 2014 Foreign Currency Exchange Contracts [Member] Other Expense [Member] Derivatives Not Designated as Fair Value Hedges	Mar. 30, 2013 Foreign Currency Exchange Contracts [Member] Other Expense [Member] Derivatives Not Designated as Fair Value Hedges	Mar. 29, 2014 Foreign Currency Exchange Contracts [Member] Derivatives Not Designated as Fair Value Hedges Other Current Assets [Member]	Dec. 31, 2013 Foreign Currency Exchange Contracts [Member] Derivatives Not Designated as Fair Value Hedges Other Current Assets [Member]	Mar. 29, 2014 Foreign Currency Exchange Contracts [Member] Derivatives Not Designated as Fair Value Hedges Accrued Expense [Member]	Dec. 31, 2013 Foreign Currency Exchange Contracts [Member] Derivatives Not Designated as Fair Value Hedges Accrued Expense [Member]
Derivatives Fair Value [Line Items]
Notional Amount Of Derivatives	$ 3,520	$ 2,030
Fair Value - Assets
Derivative Asset, Fair Value										5.7	3.8
Fair Value - Liabilities
Derivative Liability, Fair Value				6.0	5.2							6.3	1.3
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized			1.1			0.8	1.0	0.7	16.7
Ineffective Portion of Gain (Loss) Recognized			$ 0.7

XML

Stockbased Compensation, Restricted Units Disclosures (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014
Unvested Restricted Units [Roll Forward]
Granted	0.9

XML

Geographical Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,903.5	$ 3,191.5

XML

Acquisition-related Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	$ 18,730.6	$ 10,121.8
Accumulated Amortization	(4,598.4)	(4,388.2)
Definite-Lived Intangible Assets, Net	14,132.2	5,733.6
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-Lived Intangible Assets	1,844.2	1,337.7
Acquisition-related Intangible Assets, Gross	20,574.8	11,459.5
Acquisition-related Intangible Assets, net of Accumulated Amortization	$ 15,976.4	$ 7,071.3

XML

Pensions and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 29, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

Net periodic benefit costs for the company’s defined benefit pension plans include the following components:

		Three Months Ended
	March 29,			March 30,
(In millions)		2014			2013
Service Cost - Benefits Earned		$	4.6		$	3.6
Interest Cost on Benefit Obligation			20.1			12.0
Expected Return on Plan Assets			(21.1)			(13.2)
Amortization of Net Loss			1.9			2.8
Amortization of Prior Service Benefit			—			(0.1)
Special Termination Benefits			—			0.1
Net Periodic Benefit Cost		$	5.5		$	5.2

XML

Pensions Benefit Obligations (Details) (Pension Plans, Defined Benefit [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Pension Plans, Defined Benefit [Member]
Change in Projected Benefit Obligation [Roll Forward]
Service costs	$ 4.6	$ 3.6
Interest costs	$ 20.1	$ 12.0

XML

Restructuring and Other Costs (Income), Net (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	May 02, 2014
Restructuring And Other Costs, Net Disclosure
Restructuring and Related Cost, Percentage of Total Workforce Eliminated	1.00%
Identified Future Restructuring Costs			$ 65.0
Restructuring Reserve [Line Items]
Cost of Revenues	168.5
Selling, General and Administrative Expenses	82.8
Restructuring and Other Costs (Income), Net	(582.2)	21.5
Total Restructuring and Other Costs (Income), Net	(330.9)
Restructuring and Related Costs, Non-Cash Costs (Income), Net	0.3
Gain (Loss) on Divestiture of Businesses	758.5	0
Monetized Equity Awards [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Non-Cash Costs (Income), Net	19.6
Life Sciences Solutions [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	169.0
Selling, General and Administrative Expenses	82.8
Restructuring and Other Costs (Income), Net	(588.1)
Total Restructuring and Other Costs (Income), Net	(336.3)
Restructuring and Related Costs, Cash Costs	168.8
Gain (Loss) on Divestiture of Businesses	757.2
Life Sciences Solutions [Member] | Monetized Equity Awards [Member]
Restructuring Reserve [Line Items]
Restructuring and Other Costs (Income), Net	91.7
Life Sciences Solutions [Member] | Transaction Costs Related to Acquisition [Member]
Restructuring Reserve [Line Items]
Selling, General and Administrative Expenses	66.6
Life Sciences Solutions [Member] | Costs to Conform Accounting Policies [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	21.4
Selling, General and Administrative Expenses	16.2
Life Sciences Solutions [Member] | Charges for Sales of Inventories Revalued at Acquisition [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	147.6
Analytical Instruments [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	(0.8)
Restructuring and Other Costs (Income), Net	1.2
Total Restructuring and Other Costs (Income), Net	0.4
Restructuring and Related Costs, Cash Costs	1.6
Specialty Diagnostics [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.2
Restructuring and Other Costs (Income), Net	2.8
Total Restructuring and Other Costs (Income), Net	3.0
Restructuring and Related Costs, Cash Costs	3.8
Restructuring and Related Costs, Non-Cash Costs (Income), Net	(1.0)
Laboratory Products and Services [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.1
Restructuring and Other Costs (Income), Net	1.2
Total Restructuring and Other Costs (Income), Net	1.3
Restructuring and Related Costs, Cash Costs	1.1
Corporate [Member]
Restructuring Reserve [Line Items]
Restructuring and Other Costs (Income), Net	0.7
Total Restructuring and Other Costs (Income), Net	0.7
Restructuring and Related Costs, Cash Costs	$ 0.7

XML

Income Taxes Rate Reconciliation (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal Statutory Income Tax Rate	35.00%	35.00%
Provision for Income Taxes at Statutory Rate	$ 271.0	$ 120.0
Foreign rate differential	(6.1)	(61.3)
Impact of change in tax laws and apportionment on deferred taxes	(20.5)	(0.5)
Foreign and research and development tax credits	0	(52.9)
Manufacturing deduction	0	(7.1)
State income taxes, net of federal tax	23.3	(1.0)
Nondeductible expenses	0	1.8
Provision (reversal) of tax reserves, net	25.3	0
Basis difference on disposal of businesses	(61.9)	0
Other, net	0.2	3.1
Provision for Income Taxes	$ 231.3	$ 2.1

XML

Acquisition-related Intangible Assets, Future Amortization Expense (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Definite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	$ 14,132.2	$ 5,733.6

XML

Income Taxes Components (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Components of Income From Continuing Operations Before Income Taxes [Abstract]
Income from Continuing Operations Before Income Taxes	$ 774.4	$ 342.9
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Provision for Income Taxes	231.3	2.1
Excess income tax benefits from stock-based compensation plans recognized in equity	$ 48.2	$ 14.1

XML

Goodwill (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Goodwill [Roll Forward]
Beginning balance	$ 19,529.5	$ 12,503.3
Ending balance	$ 19,529.5	$ 12,503.3

XML

Fair Value of Other Instruments (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Other Financial Instruments [Abstract]
Notes Receivable - Carrying Value	$ 7.7	$ 7.6
Notes Receivable - Fair Value	7.7	7.6
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	17,362.6	10,487.3
Debt Obligations - Fair Value	17,610.0	10,596.7
Senior Notes [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	12,139.3	10,195.4
Debt Obligations - Fair Value	12,386.7	10,304.8
Term Loan
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	4,700.0	0
Debt Obligations - Fair Value	4,700.0	0
U.S. Commercial Paper Program [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	458.6	250.0
Debt Obligations - Fair Value	458.6	250.0
Other Debt [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	64.7	41.9
Debt Obligations - Fair Value	$ 64.7	$ 41.9

XML

Nature of Operations and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 29, 2014

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Use of Estimates [Policy Text Block]

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. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assetsand in determining the fair value of acquired intangible assets (Note 2) and the ultimate loss from abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates.

XML

Dispositions (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		0 Months Ended	3 Months Ended	12 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	Mar. 21, 2014 Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member]	Mar. 21, 2014 Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member]	Dec. 31, 2013 Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash divested	$ 1,056.6	$ 0	$ 1,050.0
Gain (Loss) on Divestiture of Businesses	758.5	0	757.0
Revenues				61	250
Operating Income				12	64
Current Assets					74.3
Long-term Assets					229.3
Current Liabilities					6.4
Long-term Liabilities					$ 22.0

XML

Additional Accounting Policy and Balance Sheet Disclosures (Details) (USD $) In Billions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Of Derivatives	$ 3.52	$ 2.03

XML

Discontinued Operations (Details) (Laboratory Workstations Business [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 30, 2013
Laboratory Workstations Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax	$ (4.2)

XML

Comprehensive Income and Shareholders Equity (Tables)

3 Months Ended

Mar. 29, 2014

Comprehensive Income and Shareholders Equity Disclosure [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

(In millions)			Currency Translation Adjustment		Unrealized Gains (Losses) on Available-for-Sale Investments		Unrealized Gains (Losses) on Hedging Instruments		Pension and Other Postretirement Benefit Liability Adjustment		Total
Balance at December 31, 2013			$	112.0	$	1.3	$	(23.9)	$	(166.6)	$	(77.2)
	Other comprehensive income (loss) before reclassifications			14.3		—		—		(1.9)		12.4
	Amounts reclassified from accumulated other comprehensive items			—		—		0.7		1.3		2.0
		Net other comprehensive items		14.3		—		0.7		(0.6)		14.4
Balance at March 29, 2014			$	126.3	$	1.3	$	(23.2)	$	(167.2)	$	(62.8)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The amounts reclassified out of accumulated other comprehensive items are as follows:

						Three Months Ended
				Affected Line Item in the	March 29,			March 30,
(In millions)				Statement of Income		2014			2013
Amounts Reclassified From Accumulated Other Comprehensive Items
	Unrealized gains and losses on available-for-sale investments:
		Realized gain on sale or transfer of available-for- sale investments		Other Expense, Net		$	—		$	(10.5)
		Tax provision		Provision for Income Taxes			—			2.5
							—			(8.0)
	Unrealized gains and losses on hedging instruments:
		Realized loss on interest rate swaps and locks		Other Expense, Net			1.1			1.3
		Tax benefit		Provision for Income Taxes			(0.4)			(0.5)
							0.7			0.8
	Pension and other postretirement benefit liability adjustment:
		Amortization of actuarial losses		Net Periodic Benefit Cost -			1.9			2.9
		Amortization of prior service benefit		see Note 6 for details			—			(0.1)
			Total before tax				1.9			2.8
		Tax benefit		Provision for Income Taxes			(0.6)			(0.9)
							1.3			1.9
			Total reclassifications			$	2.0		$	(5.3)

XML

Other Expense, Net (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Other Expense, Net Disclosure
Interest Income	$ 11.9	$ 7.2
Interest Expense	(117.8)	(64.4)
Other Items, Net	4.8	13.0
Other Expense, Net	(101.1)	(44.2)
Gain on sale of investment accounted for under cost method	4
Fair value of available-for-sale investments contributed to defined benefit plans		27.1
Available-for-sale Securities, Gross Realized Gains		$ 11

XML

Fair Value Measurements, Assets and Liabilities (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Assets
Cash equivalents	$ 766.7	$ 4,859.9
Bank time deposits	21.1
Investments in mutual funds, unit trusts and other similar instruments	9.9	9.8
Insurance contracts	83.9	74.5
Auction rate securities	4.5	4.5
Derivative contracts	5.7	3.8
Total Assets	891.8	4,952.5
Liabilities
Derivative contracts	12.3	6.5
Contingent consideration	33.1	5.1
Total Liabilities	45.4	11.6
Quoted Prices in Active Markets (Level I) [Member]
Assets
Cash equivalents	766.7	4,859.9
Bank time deposits	21.1
Investments in mutual funds, unit trusts and other similar instruments	9.9	9.8
Total Assets	797.7	4,869.7
Significant Other Observable Inputs (Level 2) [Member]
Assets
Insurance contracts	83.9	74.5
Derivative contracts	5.7	3.8
Total Assets	89.6	78.3
Liabilities
Derivative contracts	12.3	6.5
Total Liabilities	12.3	6.5
Significant Unobservable Inputs (Level 3) [Member]
Assets
Auction rate securities	4.5	4.5
Total Assets	4.5	4.5
Liabilities
Contingent consideration	33.1	5.1
Total Liabilities	$ 33.1	$ 5.1

XML

Debt Future Repayments (Details) (USD $)	Mar. 29, 2014	Dec. 31, 2013
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 17,173,300,000	$ 10,491,900,000
Term Loan
Maturities of Long-term Debt [Abstract]
Remainder of 2014	500,000,000
2015	1,000,000,000
2016	1,000,000,000
Total Repayments of Principal	$ 4,700,000,000	$ 0

XML

Completed Acquisitions Purchase Price (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			3 Months Ended			0 Months Ended						3 Months Ended
	Mar. 29, 2014	Mar. 29, 2014 Tradenames [Member]	Mar. 29, 2014 In-process Research and Development [Member]	Mar. 29, 2014 Customer Relationships [Member]	Mar. 29, 2014 Product Technology [Member]	Mar. 29, 2014 Tradenames and other [Member]	Feb. 03, 2014 Life Technologies Corporation [Member]	Feb. 03, 2014 Life Technologies Corporation [Member] Tradenames [Member]	Feb. 03, 2014 Life Technologies Corporation [Member] In-process Research and Development [Member]	Feb. 03, 2014 Life Technologies Corporation [Member] Customer Relationships [Member]	Feb. 03, 2014 Life Technologies Corporation [Member] Product Technology [Member]	Feb. 03, 2014 Life Technologies Corporation [Member] Tradenames and other [Member]	Mar. 29, 2014 Other Acquisitions [Member]	Mar. 29, 2014 Other Acquisitions [Member] Tradenames [Member]	Mar. 29, 2014 Other Acquisitions [Member] In-process Research and Development [Member]	Mar. 29, 2014 Other Acquisitions [Member] Customer Relationships [Member]	Mar. 29, 2014 Other Acquisitions [Member] Product Technology [Member]	Mar. 29, 2014 Other Acquisitions [Member] Tradenames and other [Member]
Purchase Price
Cash Paid	$ 13,528.9						$ 13,487.3						$ 41.6
Debt Assumed	2,279.7						2,279.7
Cash acquired	(472.6)						(463.0)						(9.6)
Total Purchase Price	15,336.0						15,304.0						32.0
Net Assets Acquired
Current assets	1,782.5						1,766.5						16.0
Property, plant and equipment	754.7						753.5						1.2
Definite-lived intangible assets				5,869.7	2,630.3	240.6				5,864.0	2,624.6	240.6				5.7	5.7	0
Indefinite-lived intangible assets		448.2	58.4					448.2	58.4					0	0
Goodwill	7,154.7						7,140.9						13.8
Other assets	228.4						228.4						0
Liabilities assumed	(3,831.5)						(3,821.1)						(10.4)
Total Purchase Price	$ 15,336.0						$ 15,304.0						$ 32.0
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years)	14 years			16 years	11 years	9 years

XML

Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) In Millions, unless otherwise specified	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Items [Member]
Balance at Dec. 31, 2012	$ 15,464.7	$ 413.5	$ 10,501.1	$ 7,697.3	$ (2,996.8)	$ (150.4)
Balance (in shares) at Dec. 31, 2012		413.5			56.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		3.0			0.3
Issuance of shares under employees' and directors' stock plans	86.8	3.0	102.7		(18.9)
Stock-based compensation	20.4		20.4
Tax benefit related to employees' and directors' stock plans	14.1		14.1
Purchases of company common stock (in shares)					1.3
Purchases of company common stock	(89.8)				(89.8)
Dividends declared	(54.0)			(54.0)
Net income	336.2			336.2
Other comprehensive items	(178.9)					(178.9)
Balance at Mar. 30, 2013	15,599.5	416.5	10,638.3	7,979.5	(3,105.5)	(329.3)
Balance (in shares) at Mar. 30, 2013		416.5			57.6
Balance at Dec. 31, 2013	16,856.1	369.6	8,222.6	8,753.3	(412.2)	(77.2)
Balance (in shares) at Dec. 31, 2013		369.6			7.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		2.3			0.3
Issuance of shares under employees' and directors' stock plans	61.4	2.3	89.5		(30.4)
Issuance of shares (in shares)		34.9
Issuance of shares	2,942.3	34.9	2,907.4
Stock-based compensation	25.2		25.2
Tax benefit related to employees' and directors' stock plans	48.2		48.2
Dividends declared	(60.1)			(60.1)
Net income	543.1			543.1
Other comprehensive items	14.4					14.4
Balance at Mar. 29, 2014	$ 20,430.6	$ 406.8	$ 11,292.9	$ 9,236.3	$ (442.6)	$ (62.8)
Balance (in shares) at Mar. 29, 2014		406.8			7.9

XML

Debt Short-term Financing (Details) (USD $)			3 Months Ended
	Mar. 29, 2014	Dec. 31, 2013	Mar. 29, 2014 Revolving Credit Facility [Member]	Mar. 29, 2014 U.S. Commercial Paper Program [Member]	Mar. 29, 2014 U.S. Commercial Paper Program [Member] Weighted Average [Member]
Short-term Financing [Line Items]
Short-term Borrowings, Weighted Average Interest Rate					0.54%
Maximum Period to Maturity Allowed Under Program				397 days
Principal Outstanding	$ 17,173,300,000	$ 10,491,900,000		$ 458,600,000
Short-term Debt, Period to Maturity				45 days
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			1,500,000,000
Line of Credit Facility, Expiration Date			Jul. 31, 2018
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA until August 2014			5.5
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA by August 2015			3.5
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio			3
Letters of Credit Outstanding, Amount			53,000,000
Line of Credit Facility, Amount Outstanding			$ 0

XML

Warranty Obligations (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Warranty Obligation [Roll Forward]
Beginning Balance	$ 49.8	$ 48.7
Provision charged to income	19.0	17.8
Usage	(18.4)	(18.9)
Acquisitions	7.2	0
Adjustments to previously provided warranties, net	0.6	0.2
Other, net	(0.4)	(0.7)
Ending Balance	$ 57.8	$ 47.1

XML

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 29, 2014

Acquisitions and Dispositions Disclosure

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

		The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:
(In millions)			Life Technologies		Other		Total
Purchase Price
	Cash paid		$	13,487.3	$	41.6	$	13,528.9
	Debt assumed			2,279.7		—		2,279.7
	Cash acquired			(463.0)		(9.6)		(472.6)
			$	15,304.0	$	32.0	$	15,336.0
Net Assets Acquired
	Current assets		$	1,766.5	$	16.0	$	1,782.5
	Property, plant and equipment			753.5		1.2		754.7
	Definite-lived intangible assets:
		Customer relationships		5,864.0		5.7		5,869.7
		Product technology		2,624.6		5.7		2,630.3
		Tradenames and other		240.6		—		240.6
	Indefinite-lived intangible assets:
		Tradenames		448.2		—		448.2
		In-process research and development		58.4		—		58.4
	Goodwill			7,140.9		13.8		7,154.7
	Other assets			228.4		—		228.4
	Liabilities assumed			(3,821.1)		(10.4)		(3,831.5)
			$	15,304.0	$	32.0	$	15,336.0

Business Acquisition, Pro Forma Information [Table Text Block]

Unaudited Pro Forma Information

The company acquired Life Technologies in February 2014. Had the acquisition of Life Technologiesbeen completed as of the beginning of 2013, the company’s pro forma results for2014 and 2013 would have been as follows:

			Three Months Ended
		March 29,			March 30,
(In millions except per share amounts)			2014		2013
Revenues			$	4,176.4	$	4,115.0
Income from Continuing Operations			$	730.5	$	13.3
Net Income			$	730.5	$	8.7
Earnings per Share from Continuing Operations:
	Basic		$	1.84	$	0.03
	Diluted		$	1.82	$	0.03
Earnings per Share:
	Basic		$	1.84	$	0.02
	Diluted		$	1.82	$	0.02

Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination, as follows:

• Pre tax charge to selling, general and administrative expenses of $197.2 million in the three months ended March 30, 2013, for acquisition-related transaction costs incurred by the company and Life Technologies;
• Pre tax charge to cost of revenues of $246.0 million in the three months ended March 30, 2013, for the sale of Life Technologies inventories revalued at the date of acquisition;
• Pre tax charge of $91.7 million in the three months ended March 30, 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition;
• Pre tax charge of $37.6million in the three months ended March 30, 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and
• Pre tax reduction of revenues of $2.5 million and $11.6 million in the three months ended March 29, 2014 and March 30, 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value.

These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future.

The company’s results would not have been materially different from its pro forma results had the company’s other 2014 acquisition occurred at the beginning of 2013.

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The assets and liabilities of the businesses sold were as follows at December 31, 2013:

	December 31,
(In millions)		2013
Current Assets		$	74.3
Long-term Assets			229.3
Current Liabilities			6.4
Long-term Liabilities			22.0

XML

Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 29, 2014

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Warranty Obligations [Table Text Block]

Warranty Obligations

Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of warranty obligations are as follows:

			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Beginning Balance			$	49.8		$	48.7
	Provision charged to income			19.0			17.8
	Usage			(18.4)			(18.9)
	Acquisitions			7.2			—
	Adjustments to previously provided warranties, net			0.6			0.2
	Other, net			(0.4)			(0.7)
Ending Balance			$	57.8		$	47.1

Inventories [Table Text Block]

Inventories

The components of inventories are as follows:

	March 29,			December 31,
(In millions)			2014	2013
Raw Materials		$	452.1	$	347.4
Work in Process			218.6		157.7
Finished Goods			1,389.8		989.4
Inventories		$	2,060.5	$	1,494.5

Property, Plant and Equipment [Table Text Block]

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	March 29,			December 31,
(In millions)			2014	2013
Land		$	294.6	$	212.2
Buildings and Improvements			1,012.9		821.0
Machinery, Equipment and Leasehold Improvements			2,528.1		2,047.9
Property, Plant and Equipment, at Cost			3,835.6		3,081.1
Less: Accumulated Depreciation and Amortization			1,346.9		1,313.7
Property, Plant and Equipment, at Cost, Net		$	2,488.7	$	1,767.4

Finite-Lived Acquisition-related Intangible Assets [Table Text Block]

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

	March 29, 2014							December 31, 2013
			Accumulated							Accumulated
(In millions)	Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived	$	18,730.6		$	(4,598.4)	$	14,132.2	$	10,121.8		$	(4,388.2)	$	5,733.6
Indefinite Lived		1,844.2			—		1,844.2		1,337.7			—		1,337.7
Acquisition-related Intangible Assets	$	20,574.8		$	(4,598.4)	$	15,976.4	$	11,459.5		$	(4,388.2)	$	7,071.3

Indefinite-lived Acquisition-related Intangible Assets [Table Text Block]

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

	March 29, 2014							December 31, 2013
			Accumulated							Accumulated
(In millions)	Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived	$	18,730.6		$	(4,598.4)	$	14,132.2	$	10,121.8		$	(4,388.2)	$	5,733.6
Indefinite Lived		1,844.2			—		1,844.2		1,337.7			—		1,337.7
Acquisition-related Intangible Assets	$	20,574.8		$	(4,598.4)	$	15,976.4	$	11,459.5		$	(4,388.2)	$	7,071.3

XML

Pensions Net Benefit Cost (Details) (Pension Plans, Defined Benefit [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Pension Plans, Defined Benefit [Member]
Components of Net Benefit Cost (Income)
Service Cost-Benefits Earned	$ 4.6	$ 3.6
Interest Cost on Benefit Obligation	20.1	12.0
Expected Return on Plan Assets	(21.1)	(13.2)
Amortization of Actuarial Net Loss	1.9	2.8
Amortization of Prior Service Benefit	0	(0.1)
Special Termination Benefits	0	0.1
Net Periodic Benefit Cost	$ 5.5	$ 5.2

XML

Inventories (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Inventories [Abstract]
Raw Materials	$ 452.1	$ 347.4
Work in Process	218.6	157.7
Finished Goods	1,389.8	989.4
Inventories	$ 2,060.5	$ 1,494.5

XML

Business Segment Information (Tables)

3 Months Ended

Mar. 29, 2014

Business Segments

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Business Segment Information
				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Revenues
	Life Sciences Solutions			$	835.5		$	172.6
	Analytical Instruments				769.9			740.1
	Specialty Diagnostics				813.7			805.6
	Laboratory Products and Services				1,590.5			1,556.3
	Eliminations				(106.1)			(83.1)
		Consolidated revenues			3,903.5			3,191.5
Segment Income
	Life Sciences Solutions (a)				244.6			41.0
	Analytical Instruments (a)				130.9			120.5
	Specialty Diagnostics (a)				221.0			222.9
	Laboratory Products and Services (a)				234.0			230.7
		Subtotal reportable segments (a)			830.5			615.1
	Cost of revenues charges				(168.5)			(13.2)
	Selling, general and administrative charges, net				(82.8)			(1.3)
	Restructuring and other income (costs), net				582.2			(21.5)
	Amortization of acquisition-related intangible assets				(285.9)			(192.0)
		Consolidated operating income			875.5			387.1
	Other expense, net (b)				(101.1)			(44.2)
	Income from continuing operations before income taxes			$	774.4		$	342.9
Depreciation
	Life Sciences Solutions			$	24.0		$	4.1
	Analytical Instruments				10.4			10.2
	Specialty Diagnostics				18.8			18.5
	Laboratory Products and Services				26.5			26.2
		Consolidated depreciation		$	79.7		$	59.0
(a)	Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles.
(b)	The company does not allocate other expense, net to its segments.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Business Segment Information
				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Revenues
	Life Sciences Solutions			$	835.5		$	172.6
	Analytical Instruments				769.9			740.1
	Specialty Diagnostics				813.7			805.6
	Laboratory Products and Services				1,590.5			1,556.3
	Eliminations				(106.1)			(83.1)
		Consolidated revenues			3,903.5			3,191.5
Segment Income
	Life Sciences Solutions (a)				244.6			41.0
	Analytical Instruments (a)				130.9			120.5
	Specialty Diagnostics (a)				221.0			222.9
	Laboratory Products and Services (a)				234.0			230.7
		Subtotal reportable segments (a)			830.5			615.1
	Cost of revenues charges				(168.5)			(13.2)
	Selling, general and administrative charges, net				(82.8)			(1.3)
	Restructuring and other income (costs), net				582.2			(21.5)
	Amortization of acquisition-related intangible assets				(285.9)			(192.0)
		Consolidated operating income			875.5			387.1
	Other expense, net (b)				(101.1)			(44.2)
	Income from continuing operations before income taxes			$	774.4		$	342.9
Depreciation
	Life Sciences Solutions			$	24.0		$	4.1
	Analytical Instruments				10.4			10.2
	Specialty Diagnostics				18.8			18.5
	Laboratory Products and Services				26.5			26.2
		Consolidated depreciation		$	79.7		$	59.0
(a)	Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles.
(b)	The company does not allocate other expense, net to its segments.

XML

Other Expense, Net (Tables)

3 Months Ended

Mar. 29, 2014

Other Expense, Net Disclosure

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

		Three Months Ended
	March 29,			March 30,
(In millions)		2014			2013
Interest Income		$	11.9		$	7.2
Interest Expense			(117.8)			(64.4)
Other Items, Net			4.8			13.0
Other Expense, Net		$	(101.1)		$	(44.2)

XML

Consolidated Statement of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Operating Activities
Net income	$ 543.1	$ 336.2
Loss from discontinued operations	0	0.4
Loss on disposal of discontinued operations	0	4.2
Income from continuing operations	543.1	340.8
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	365.6	251.0
Change in deferred income taxes	(207.0)	(16.0)
Gains on sale of businesses	(758.5)	0
Non-cash stock-based compensation	25.2	20.4
Tax benefits from stock-based compensation awards	(48.4)	(16.2)
Non-cash charges for sale of inventories revalued at the date of acquisition	147.6	11.9
Other non-cash expenses (income), net	16.5	(1.2)
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(192.6)	(130.8)
Inventories	(32.1)	(67.9)
Other assets	4.2	(27.2)
Accounts payable	(9.8)	42.5
Other liabilities	267.2	(88.6)
Contributions to retirement plans	(18.8)	(19.6)
Net cash provided by continuing operations	102.2	299.1
Net cash used in discontinued operations	(1.0)	(0.8)
Net cash provided by operating activities	101.2	298.3
Investing Activities
Acquisitions, net of cash acquired	(13,056.3)	(3.8)
Purchase of property, plant and equipment	(104.7)	(66.0)
Proceeds from sale of property, plant and equipment	3.4	3.0
Proceeds from sale of investments	33.0	0
Proceeds from sale of businesses, net of cash divested	1,056.6	0
Other investing activities, net	0.1	(0.4)
Net cash used in investing activities	(12,067.9)	(67.2)
Financing Activities
Net proceeds from issuance of long-term debt	4,999.8	0
Increase in commercial paper, net	208.1	0
Repayment of long-term obligations	(600.9)	(0.5)
Increase (decrease) in short-term notes payable	5.1	(1.5)
Purchases of company common stock	0	(89.8)
Dividends paid	(54.9)	(54.0)
Net proceeds from issuance of company common stock	2,942.0	0
Net proceeds from issuance of company common stock under employee stock plans	87.5	101.8
Tax benefits from stock-based compensation awards	48.4	16.2
Net cash provided by (used in) financing activities	7,635.1	(27.8)
Exchange Rate Effect on Cash	2.8	(50.4)
(Decrease) Increase in Cash and Cash Equivalents	(4,328.8)	152.9
Cash and Cash Equivalents at Beginning of Period	5,826.0	805.6
Cash and Cash Equivalents at End of Period	$ 1,497.2	$ 958.5

XML

Stockbased Compensation Expense (Tables)

3 Months Ended

Mar. 29, 2014

Stock-based Compensation Expense Disclosure [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

	The components of stock-based compensation expense are as follows:
			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Stock Option Awards			$	10.7		$	9.6
Restricted Unit Awards				14.5			10.8
Total Stock-based Compensation Expense			$	25.2		$	20.4

XML

Schedule II - Valuation and Qualifying Accounts (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Restructuring and Related Costs, Non-Cash Costs	$ 0.3

XML

Restructuring and Other Costs (Income), Net (Tables)

3 Months Ended

Mar. 29, 2014

Restructuring And Other Costs, Net Disclosure

Schedule of Restructuring and Related Costs [Table Text Block]

First Three Months of 2014

During the first three months of 2014, the company recorded net restructuring and other costs (income) as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs (Income), Net		Total
Life Sciences Solutions	$	169.0	$	82.8	$	(588.1)	$	(336.3)
Analytical Instruments		(0.8)		—		1.2		0.4
Specialty Diagnostics		0.2		—		2.8		3.0
Laboratory Products and Services		0.1		—		1.2		1.3
Corporate		—		—		0.7		0.7
	$	168.5	$	82.8	$	(582.2)	$	(330.9)

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

				Abandonment
(In millions)		Severance			of Excess Facilities		Other (a)		Total
Pre-2013 Restructuring Plans
	Balance At December 31, 2013	$	6.6		$	8.0	$	0.3	$	14.9
	Costs incurred in 2014 (b)		0.5			0.4		0.1		1.0
	Reserves reversed		(0.5)			—		—		(0.5)
	Payments		(1.1)			(1.0)		(0.1)		(2.2)
	Balance At March 29, 2014	$	5.5		$	7.4	$	0.3	$	13.2
2013 Restructuring Plans
	Balance At December 31, 2013	$	22.0		$	1.4	$	2.2	$	25.6
	Costs incurred in 2014 (b)		2.5			1.1		2.5		6.1
	Reserves reversed		(1.7)			—		—		(1.7)
	Payments		(6.0)			(0.4)		(1.9)		(8.3)
	Balance At March 29, 2014	$	16.8		$	2.1	$	2.8	$	21.7
2014 Restructuring Plans
	Costs incurred in 2014 (b)	$	72.8		$	—	$	78.7	$	151.5
	Payments		(55.5)			—		(73.5)		(129.0)
	Currency translation		0.2			—		—		0.2
	Balance At March 29, 2014	$	17.5		$	—	$	5.2	$	22.7

• Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment.
• Excludes a $758.5 million gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; and an aggregate of $0.3 million of non-cash charges, net.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2014; and abandoned-facility payments, over lease terms expiring through 2020.

XML

Stockbased Compensation Expense (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Stock Option Awards	$ 10.7	$ 9.6
Restricted Unit Awards	14.5	10.8
Stock-based Compensation Expense	25.2	20.4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense, Cash-in-Lieu of Pre-acquisition Equity Awards	7.1
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards	117.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	2 years 11 months
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition	4 years
Restricted Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards	$ 159.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	2 years 9 months
Restricted Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition	3 years

XML

Supplemental Cash Flow Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Non-cash Activities [Abstract]
Fair value of assets of acquired businesses	$ 19,640.1
Cash paid for acquired businesses	(13,528.9)
Liabilities assumed of acquired businesses	6,111.2
Fair value of available-for-sale investments contributed to defined benefit plans		27.1
Declared but unpaid dividends	61.1	54.7
Issuance of stock upon vesting of restricted stock units	$ 73.6	$ 50.5

XML

Consolidated Balance Sheet (Unaudited) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 1,497.2	$ 5,826.0
Short-term investments, at quoted market value (cost of $25.7 and $4.6)	25.5	4.5
Accounts receivable, less allowances of $84.5 and $54.1	2,695.5	1,942.3
Inventories	2,060.5	1,494.5
Deferred tax assets	230.1	192.5
Other current assets	797.3	420.9
Total current assets	7,306.1	9,880.7
Property, Plant and Equipment, at Cost, Net	2,488.7	1,767.4
Acquisition-related Intangible Assets, Net	15,976.4	7,071.3
Other Assets	833.0	640.7
Goodwill	19,529.5	12,503.3
Total Assets	46,133.7	31,863.4
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	2,165.7	987.7
Accounts payable	828.8	691.5
Accrued payroll and employee benefits	518.5	432.0
Accrued income taxes	401.9	0
Deferred revenue	336.6	198.9
Other accrued expenses	1,140.0	815.9
Total current liabilities	5,391.5	3,126.0
Deferred Income Taxes	3,985.6	1,609.9
Other Long-term Liabilities	1,129.1	771.8
Long-term Obligations	15,196.9	9,499.6
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 406,820,005 and 369,598,265 shares issued	406.8	369.6
Capital in excess of par value	11,292.9	8,222.6
Retained earnings	9,236.3	8,753.3
Treasury stock at cost, 7,881,708 and 7,636,887 shares	(442.6)	(412.2)
Accumulated other comprehensive items	(62.8)	(77.2)
Total shareholders' equity	20,430.6	16,856.1
Total Liabilities & Shareholders' Equity	$ 46,133.7	$ 31,863.4

XML

Property, Plant and Equipment (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 3,835.6		$ 3,081.1
Less: Accumulated depreciation and amortization	1,346.9		1,313.7
Property, Plant and Equipment, at Cost, Net	2,488.7		1,767.4
Depreciation and amortization expense of property, plant and equipment	79.7	59.0
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	294.6		212.2
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	1,012.9		821.0
Machinery, Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 2,528.1		$ 2,047.9

XML

Consolidated Statement of Comprehensive Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Comprehensive Income
Net income	$ 543.1	$ 336.2
Other Comprehensive Items:
Currency translation adjustment	14.3	(179.3)
Unrealized gains on available-for-sale investments:
Unrealized holding gains arising during the period (net of tax provision of $0.4)	0	1.2
Reclassification adjustment for gains included in net income (net of tax provision of $2.5)	0	(8.0)
Unrealized gains and losses on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax benefit of $0.4 and $0.5)	0.7	0.8
Pension and other postretirement benefit liability adjustment:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (benefit) provision of ($0.6) and $1.6)	(1.9)	4.5
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $0.6 and $0.9)	1.3	1.9
Total other comprehensive items	14.4	(178.9)
Comprehensive Income	$ 557.5	$ 157.3

XML

EPS Calculation (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Earnings per Share
Income from Continuing Operations	$ 543.1	$ 340.8
Loss from Discontinued Operations	0	(0.4)
Loss on Disposal of Discontinued Operations, Net	0	(4.2)
Net Income	$ 543.1	$ 336.2
Basic Weighted Average Shares	393.3	358.1
Effect of Equity Forward Arrangement	0.7	0
Effect of Stock Options and Restricted Units	4.4	3.6
Diluted Weighted Average Shares	398.4	361.7
Basic Earnings per Share:
Continuing operations (in dollars per share)	$ 1.38	$ 0.95
Discontinued operations (in dollars per share)	$ 0	$ (0.01)
Earnings Per Share, Basic (in dollars per share)	$ 1.38	$ 0.94
Diluted Earnings per Share:
Continuing operations (in dollars per share)	$ 1.36	$ 0.94
Discontinued operations (in dollars per share)	$ 0	$ (0.01)
Earnings Per Share, Diluted (in dollars per share)	$ 1.36	$ 0.93
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share	2.4	1.9

XML

Earnings per Share (Tables)

3 Months Ended

Mar. 29, 2014

Earnings per Share

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

			Three Months Ended
		March 29,			March 30,
(In millions except per share amounts)			2014			2013
Income from Continuing Operations			$	543.1		$	340.8
Loss from Discontinued Operations				—			(0.4)
Loss on Disposal of Discontinued Operations, Net				—			(4.2)
Net Income			$	543.1		$	336.2
Basic Weighted Average Shares				393.3			358.1
Plus Effect of:
	Equity forward arrangement			0.7			—
	Stock options and restricted units			4.4			3.6
Diluted Weighted Average Shares				398.4			361.7
Basic Earnings per Share:
	Continuing operations		$	1.38		$	.95
	Discontinued operations			—			(.01)
			$	1.38		$	.94
Diluted Earnings per Share:
	Continuing operations		$	1.36		$	.94
	Discontinued operations			—			(.01)
			$	1.36		$	.93

XML

Commitments and Contingencies (Details) (Life Technologies Corporation [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Feb. 03, 2014
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member]
Loss Contingency [Abstract]
Loss Contingency Accrued	$ 60.9
Loss Contingencies [Line Items]
Damages Awarded	48.5
Prejudgment Interest Awarded	12.4
Loss Contingency Accrued	60.9
Promega Corp and Max-Plank-Gesellschaft [Member]
Loss Contingency [Abstract]
Loss Contingency Accrued	52.0
Loss Contingencies [Line Items]
Damages Awarded	52.0
Loss Contingency Accrued	$ 52.0

XML

Supplemental Cash Flow Information

3 Months Ended

Mar. 29, 2014

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information [Text Block]

Note 13.Supplemental Cash Flow Information

				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Non-cash Activities
	Fair value of assets of acquired businesses			$	19,640.1		$	—
	Cash paid for acquired businesses				(13,528.9)			—
	Liabilities assumed of acquired businesses			$	6,111.2		$	—
	Fair value of available-for-sale investments contributed to defined
		benefit plans		$	—		$	27.1
	Declared but unpaid dividends			$	61.1		$	54.7
	Issuance of stock upon vesting of restricted stock units			$	73.6		$	50.5

XML

Debt and Other Financing Arrangements (Tables)

3 Months Ended

Mar. 29, 2014

Debt And Other Financing Arrangements Disclosure [Abstract]

Schedule of Debt [Table Text Block]

		Effective
		Interest Rate at	March 29,			December 31,
(Dollars in millions)		March 29, 2014		2014		2013
Commercial Paper		0.54%		$	458.6	$	250.0
Term Loan		1.62%			4,700.0		—
2.05% Senior Notes, Due 2014					—		300.0
3.25% Senior Notes, Due 2014		1.53%			400.0		400.0
4.40% Senior Notes, Due 2015		0.74%			500.0		—
3.20% Senior Notes, Due 2015		1.56%			450.0		450.0
5.00% Senior Notes, Due 2015		5.13%			250.0		250.0
3.50% Senior Notes, Due 2016		1.05%			400.0		—
3.20% Senior Notes, Due 2016		3.21%			900.0		900.0
2.25% Senior Notes, Due 2016		2.29%			1,000.0		1,000.0
1.30% Senior Notes, Due 2017		1.04%			900.0		900.0
1.85% Senior Notes, Due 2018		1.85%			500.0		500.0
2.40% Senior Notes, Due 2019		2.44%			900.0		900.0
6.00% Senior Notes, Due 2020		2.98%			750.0		—
4.70% Senior Notes, Due 2020		4.70%			300.0		300.0
5.00% Senior Notes, Due 2021		3.25%			400.0		—
4.50% Senior Notes, Due 2021		4.58%			1,000.0		1,000.0
3.60% Senior Notes, Due 2021		4.29%			1,100.0		1,100.0
3.15% Senior Notes, Due 2023		3.21%			800.0		800.0
4.15% Senior Notes, Due 2024		4.07%			1,000.0		1,000.0
5.30% Senior Notes, Due 2044		5.30%			400.0		400.0
Other					64.7		41.9
Total Borrowings at Par Value					17,173.3		10,491.9
	Fair Value Hedge Accounting Adjustments				7.4		12.9
	Unamortized Premium (Discount), Net				181.9		(17.5)
Total Borrowings at Carrying Value					17,362.6		10,487.3
	Less: Short-term Obligations and Current Maturities				2,165.7		987.7
Long-term Obligations				$	15,196.9	$	9,499.6

XML

Discontinued Operations

3 Months Ended

Mar. 29, 2014

Discontinued Operations [Abstract]

Discontinued Operations, Disclosure [Text Block]

Note 15.Discontinued Operations

In June 2012, in an effort to exit a non-core business, the company’s senior management made a decision to pursue a sale of its laboratory workstations business, part of the Laboratory Products and Services segment. The company completed the sale in October 2012 for nominal proceeds. In 2013, the company recorded an after-tax charge of $4.2 million for the estimated cost to raze certain abandoned facilities of the discontinued operations prior to the planned sale of the related land.

XML

Fair Value Measurements, Available-for-sale Securities (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 30, 2013
Available-for-sale Securities [Abstract]
Fair value of available-for-sale investments contributed to defined benefit plans	$ 27.1
Available-for-sale Securities, Gross Realized Gains	$ 11

XML

Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Statement of Income and Comprehensive Income [Abstract]
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period		$ 0.4
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income		2.5
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income	(0.4)	(0.5)
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period	(0.6)	1.6
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost	$ (0.6)	$ (0.9)

XML

Consolidated Balance Sheet (Unaudited) (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Consolidated Balance Sheet Parenthetical [Abstract]
Cost of Short-term Investments	$ 25.7	$ 4.6
Accounts Receivable Allowances	$ 84.5	$ 54.1
Preferred Stock, $100 Par Value - Par Value (in dollars per share)	$ 100	$ 100
Preferred Stock, $100 Par Value - Shares Authorized (in shares)	50,000	50,000
Preferred Stock, $100 Par Value - Shares Issued (in shares)	0	0
Common Stock, $1 Par Value - Par Value (in dollars per share)	$ 1	$ 1
Common Stock, $1 Par Value - Shares Authorized (in shares)	1,200,000,000	1,200,000,000
Common Stock, $1 Par Value - Shares Issued (in shares)	406,820,005	369,598,265
Treasury Stock at Cost (in shares)	7,881,708	7,636,887

XML

Earnings Per Share

3 Months Ended

Mar. 29, 2014

Earnings per Share

Earnings per Share [Text Block]

Note 8. Earnings per Share

			Three Months Ended
		March 29,			March 30,
(In millions except per share amounts)			2014			2013
Income from Continuing Operations			$	543.1		$	340.8
Loss from Discontinued Operations				—			(0.4)
Loss on Disposal of Discontinued Operations, Net				—			(4.2)
Net Income			$	543.1		$	336.2
Basic Weighted Average Shares				393.3			358.1
Plus Effect of:
	Equity forward arrangement			0.7			—
	Stock options and restricted units			4.4			3.6
Diluted Weighted Average Shares				398.4			361.7
Basic Earnings per Share:
	Continuing operations		$	1.38		$	.95
	Discontinued operations			—			(.01)
			$	1.38		$	.94
Diluted Earnings per Share:
	Continuing operations		$	1.36		$	.94
	Discontinued operations			—			(.01)
			$	1.36		$	.93

Options to purchase 2.4 million and 1.9 million shares of common stock were not included in the computation of diluted earnings per share for the first three months of 2014 and 2013, respectively, because their effect would have been antidilutive.

XML

Document and Entity Information	3 Months Ended
	Mar. 29, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Thermo Fisher Scientific Inc.
Entity Central Index Key	0000097745
Document Type	10-Q
Document Period End Date	Mar. 29, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	398,938,297

XML

Debt and Other Financing Arrangements

3 Months Ended

Mar. 29, 2014

Debt And Other Financing Arrangements Disclosure [Abstract]

Debt and Other Financing Arrangements [Text Block]

Note 9.Debt and Other Financing Arrangements

		Effective
		Interest Rate at	March 29,			December 31,
(Dollars in millions)		March 29, 2014		2014		2013
Commercial Paper		0.54%		$	458.6	$	250.0
Term Loan		1.62%			4,700.0		—
2.05% Senior Notes, Due 2014					—		300.0
3.25% Senior Notes, Due 2014		1.53%			400.0		400.0
4.40% Senior Notes, Due 2015		0.74%			500.0		—
3.20% Senior Notes, Due 2015		1.56%			450.0		450.0
5.00% Senior Notes, Due 2015		5.13%			250.0		250.0
3.50% Senior Notes, Due 2016		1.05%			400.0		—
3.20% Senior Notes, Due 2016		3.21%			900.0		900.0
2.25% Senior Notes, Due 2016		2.29%			1,000.0		1,000.0
1.30% Senior Notes, Due 2017		1.04%			900.0		900.0
1.85% Senior Notes, Due 2018		1.85%			500.0		500.0
2.40% Senior Notes, Due 2019		2.44%			900.0		900.0
6.00% Senior Notes, Due 2020		2.98%			750.0		—
4.70% Senior Notes, Due 2020		4.70%			300.0		300.0
5.00% Senior Notes, Due 2021		3.25%			400.0		—
4.50% Senior Notes, Due 2021		4.58%			1,000.0		1,000.0
3.60% Senior Notes, Due 2021		4.29%			1,100.0		1,100.0
3.15% Senior Notes, Due 2023		3.21%			800.0		800.0
4.15% Senior Notes, Due 2024		4.07%			1,000.0		1,000.0
5.30% Senior Notes, Due 2044		5.30%			400.0		400.0
Other					64.7		41.9
Total Borrowings at Par Value					17,173.3		10,491.9
	Fair Value Hedge Accounting Adjustments				7.4		12.9
	Unamortized Premium (Discount), Net				181.9		(17.5)
Total Borrowings at Carrying Value					17,362.6		10,487.3
	Less: Short-term Obligations and Current Maturities				2,165.7		987.7
Long-term Obligations				$	15,196.9	$	9,499.6

The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount or amortization of any premium and, if applicable, adjustments related to hedging.

See Note 12 for fair value information pertaining to the company’s long-term obligations.

Credit Facilities

The company has a revolving credit facility with a bank group that provides for up to $1.50 billion of unsecured multi-currency revolving credit. The facility expires in July 2018. The agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenant requires the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 5.5 to 1.0 until August 2014 and decreasing, based on the passage of time, to 3.5 to 1.0, by August 2015 and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest expense of 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of March 29,2014, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $53 million as a result of outstanding letters of credit.

Commercial Paper Program

The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company’s other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of March 29,2014, outstanding borrowings under this program were $459 million, with a weighted average remaining period to maturity of 45 days. The weighted average interest rate on the outstanding CP Notes as of March 29,2014 was 0.54%.

Term Loan

In connection with the acquisition of Life Technologies, the company entered into a 3-year unsecured term loan agreement. The term loan agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The term loan agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreements) below 5.5 to 1.0 until August 2014 and decreasing, based on the passage of time, to 3.5 to 1.0, by August 2015. The company must also maintain a minimum interest coverage ratio of 3.0 to 1.0. As of March 29,2014, outstanding borrowings under the term loan agreement were $4.70 billion. The company must make minimum periodic payments totaling $500 million, $1.00 billion and $1.00 billion in 2014, 2015 and 2016, respectively. The remaining balance is due in February 2017. Borrowings may be prepaid without penalty.

Senior Notes

Interest on each of the senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements.

The 4.40% Senior Notes due 2015, 3.50% Senior Notes due 2016, 6.00% Senior Notes due 2020 and 5.00% Senior Notes due 2021 were assumed by the company in connection with the Life Technologies acquisition. The fair value of these senior notes on the date of acquisition exceeded the par value by $207 million which was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. This adjustment does not affect cash interest payments.

Interest Rate Swap Arrangements

In 2013, upon the issuance of $900 million principal amount of 1.30% Senior Notes due 2017, the company entered into LIBOR-based interest rate swap arrangements with various banks. The aggregate amount of the swaps is equal to the principal amount of the 1.30% Notes and the payment dates of the swaps coincide with the payment dates of the 1.30% Notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plus a spread of 0.6616% (0.8161% at March 29,2014) and to receive a fixed rate of 1.30%. The variable interest rate resets monthly. The swaps have been accounted for as a fair value hedge of the 1.30% Notes. See Note 12 for additional information.

XML

Pensions Plan Assets Excluding FV Disclosures (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Change in Fair Value of Plan Assets [Roll Forward]
Employer contribution	$ 18.8	$ 19.6
Fair value of available-for-sale investments contributed to defined benefit plans		$ 27.1

XML

Consolidated Statement of Income (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Revenues
Product revenues	$ 3,375.4	$ 2,723.5
Service revenues	528.1	468.0
Total revenues	3,903.5	3,191.5
Costs and Operating Expenses:
Cost of product revenues	1,933.3	1,533.1
Cost of service revenues	350.2	322.1
Selling, general and administrative expenses	1,177.0	829.5
Research and development expenses	149.7	98.2
Restructuring and other costs (income), net	(582.2)	21.5
Total costs and operating expenses	3,028.0	2,804.4
Operating Income	875.5	387.1
Other Expense, Net	(101.1)	(44.2)
Income from Continuing Operations Before Income Taxes	774.4	342.9
Provision for Income Taxes	(231.3)	(2.1)
Income from Continuing Operations	543.1	340.8
Loss from Discontinued Operations (net of income tax benefit of $0.2)	0	(0.4)
Loss on Disposal of Discontinued Operations, Net (net of income tax benefit of $2.8)	0	(4.2)
Net Income	$ 543.1	$ 336.2
Earnings per Share from Continuing Operations
Basic (in dollars per share)	$ 1.38	$ 0.95
Diluted (in dollars per share)	$ 1.36	$ 0.94
Earnings per Share
Basic (in dollars per share)	$ 1.38	$ 0.94
Diluted (in dollars per share)	$ 1.36	$ 0.93
Weighted Average Shares
Basic (in millions of shares)	393.3	358.1
Diluted (in millions of shares)	398.4	361.7
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.15	$ 0.15

XML

Business Segment Information

3 Months Ended

Mar. 29, 2014

Business Segments

Business Segment Information [Text Block]

Note 3. Business Segment and Geographical Information

With the completion of the Life Technologies acquisition, the company established a new reporting segment, called Life Sciences Solutions. Effective January 1, 2014, the company’s financial performance is reported in four segments reflecting the following changes:

• The new Life Sciences Solutions segment consists of the majority of the former Life Technologies businesses and Thermo Fisher biosciences businesses.

• Thermo Fisher’s global chemicals business has moved from the biosciences business in the Analytical Technologies segment to the Laboratory Products and Services segment.

• Thermo Fisher’s Analytical Technologies segment has been renamed the Analytical Instruments segment to reflect the transfer of the biosciences businesses to other segments, as mentioned above.

• Two small specialty diagnostics businesses within Life Technologies have become part of the Specialty Diagnostics segment.

Prior period segment information has been reclassified to reflect these transfers. As Life Technologies was acquired on February 3, 2014, its results are not included in the company’s results prior to that date. A description of each segment follows.

Life Sciences Solutions: provides a portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in life science research, drug discovery and diagnostics markets.

Analytical Instruments: provides a broad offering of instruments, consumables, software and services that are used for a range of applications in the laboratory, on the production line and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.

Specialty Diagnostics: provides a wide range of diagnostic test kits, reagents, culture media, instruments and associated products used to increase the speed and accuracy of diagnoses. These products are used primarily by customers in healthcare, clinical, pharmaceutical, industrial and food safety laboratories.

Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory.

The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation.

Business Segment Information
				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Revenues
	Life Sciences Solutions			$	835.5		$	172.6
	Analytical Instruments				769.9			740.1
	Specialty Diagnostics				813.7			805.6
	Laboratory Products and Services				1,590.5			1,556.3
	Eliminations				(106.1)			(83.1)
		Consolidated revenues			3,903.5			3,191.5
Segment Income
	Life Sciences Solutions (a)				244.6			41.0
	Analytical Instruments (a)				130.9			120.5
	Specialty Diagnostics (a)				221.0			222.9
	Laboratory Products and Services (a)				234.0			230.7
		Subtotal reportable segments (a)			830.5			615.1
	Cost of revenues charges				(168.5)			(13.2)
	Selling, general and administrative charges, net				(82.8)			(1.3)
	Restructuring and other income (costs), net				582.2			(21.5)
	Amortization of acquisition-related intangible assets				(285.9)			(192.0)
		Consolidated operating income			875.5			387.1
	Other expense, net (b)				(101.1)			(44.2)
	Income from continuing operations before income taxes			$	774.4		$	342.9
Depreciation
	Life Sciences Solutions			$	24.0		$	4.1
	Analytical Instruments				10.4			10.2
	Specialty Diagnostics				18.8			18.5
	Laboratory Products and Services				26.5			26.2
		Consolidated depreciation		$	79.7		$	59.0
(a)	Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles.
(b)	The company does not allocate other expense, net to its segments.

XML

Acquisitions and Dispositions

3 Months Ended

Mar. 29, 2014

Acquisitions and Dispositions Disclosure

Acquisitions and Dispositions [Text Block]

Note 2. Acquisitions and Dispositions

The company’s acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. 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 purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses. The net assets acquired have been recorded based on estimates of fair value and, for acquisitions completed within the past year, are subject to adjustment upon finalization of the valuation process. The company is not aware of any information that indicates the final valuations will differ materially from preliminary estimates.

2014

On February 3, 2014, the Life Sciences Solutions segment completed the acquisition of Life Technologies Corporation for a total purchase price of $15.30 billion, net of cash acquired, including the assumption of $2.28 billion of debt. The company issued debt and common stock in late 2013 and early 2014 to partially fund the acquisition (Notes 9 and 11). Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. The acquisition of Life Technologies extends customer reach and broadens the company’s offerings in biosciences; genetic, medical and applied sciences; and bioproduction. Life Technologies’ revenues totaled $3.87billion in 2013. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $7.14 billion was allocated to goodwill, substantially none of which is tax deductible.

In addition, in 2014, the Life Sciences Solutions segment acquired an animal health diagnostics company for $32 million.

		The components of the purchase price and net assets acquired for 2014 acquisitions are as follows:
(In millions)			Life Technologies		Other		Total
Purchase Price
	Cash paid		$	13,487.3	$	41.6	$	13,528.9
	Debt assumed			2,279.7		—		2,279.7
	Cash acquired			(463.0)		(9.6)		(472.6)
			$	15,304.0	$	32.0	$	15,336.0
Net Assets Acquired
	Current assets		$	1,766.5	$	16.0	$	1,782.5
	Property, plant and equipment			753.5		1.2		754.7
	Definite-lived intangible assets:
		Customer relationships		5,864.0		5.7		5,869.7
		Product technology		2,624.6		5.7		2,630.3
		Tradenames and other		240.6		—		240.6
	Indefinite-lived intangible assets:
		Tradenames		448.2		—		448.2
		In-process research and development		58.4		—		58.4
	Goodwill			7,140.9		13.8		7,154.7
	Other assets			228.4		—		228.4
	Liabilities assumed			(3,821.1)		(10.4)		(3,831.5)
			$	15,304.0	$	32.0	$	15,336.0

The weighted-average amortization periods for intangible assets acquired in 2014 are 16 years for customer relationships, 11 years for product technology and 9 years for definite-lived tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2014 is 14 years.

Unaudited Pro Forma Information

The company acquired Life Technologies in February 2014. Had the acquisition of Life Technologiesbeen completed as of the beginning of 2013, the company’s pro forma results for2014 and 2013 would have been as follows:

			Three Months Ended
		March 29,			March 30,
(In millions except per share amounts)			2014		2013
Revenues			$	4,176.4	$	4,115.0
Income from Continuing Operations			$	730.5	$	13.3
Net Income			$	730.5	$	8.7
Earnings per Share from Continuing Operations:
	Basic		$	1.84	$	0.03
	Diluted		$	1.82	$	0.03
Earnings per Share:
	Basic		$	1.84	$	0.02
	Diluted		$	1.82	$	0.02

Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination, as follows:

• Pre tax charge to selling, general and administrative expenses of $197.2 million in the three months ended March 30, 2013, for acquisition-related transaction costs incurred by the company and Life Technologies;
• Pre tax charge to cost of revenues of $246.0 million in the three months ended March 30, 2013, for the sale of Life Technologies inventories revalued at the date of acquisition;
• Pre tax charge of $91.7 million in the three months ended March 30, 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition;
• Pre tax charge of $37.6million in the three months ended March 30, 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and
• Pre tax reduction of revenues of $2.5 million and $11.6 million in the three months ended March 29, 2014 and March 30, 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value.

These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future.

The company’s results would not have been materially different from its pro forma results had the company’s other 2014 acquisition occurred at the beginning of 2013.

Dispositions

On March 21, 2014, the company sold its sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.05 billion, net of cash divested, subject to a post-closing adjustment. The sale of these businesses resulted in a pre-tax gain of approximately $757 million, included in restructuring and other costs (income), net. The businesses fell principally in the Life Sciences Solutions segment. Divestitureof these businesses was a condition to obtaining antitrust approval for the Life Technologies acquisition. Revenues and operating income of the businesses sold were approximately $250 million and $64 million, respectively, for the year ended December 31, 2013 and $61 million and $12 million, respectively, in 2014 through the date of sale.

The assets and liabilities of the businesses sold were as follows at December 31, 2013:

	December 31,
(In millions)		2013
Current Assets		$	74.3
Long-term Assets			229.3
Current Liabilities			6.4
Long-term Liabilities			22.0

XML

Restructuring and Other Costs (Income), Net

3 Months Ended

Mar. 29, 2014

Restructuring And Other Costs, Net Disclosure

Restructuring and Other Costs, Net [Text Block]

Note 14.Restructuring and Other Costs (Income), Net

Restructuring and other costs (income) in the first three months of 2014 primarily included the gain on sale of the company’s sera and media, gene modulation and magnetic beads businesses to GE Healthcare, offset in part by sales of inventories revalued at the date of acquisition, cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition, acquisition transaction costs, severance obligations payable to former Life Technologies’ executives and employees, charges to conform the accounting policies of Life Technologies with the company’s accounting policies and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in Europe and Asia. In the first three months of 2014, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.

As of May 2, 2014, the company has identified restructuring actions that will result in additional charges of approximately $65 million, primarily in the remainder of 2014.

First Three Months of 2014

During the first three months of 2014, the company recorded net restructuring and other costs (income) as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs (Income), Net		Total
Life Sciences Solutions	$	169.0	$	82.8	$	(588.1)	$	(336.3)
Analytical Instruments		(0.8)		—		1.2		0.4
Specialty Diagnostics		0.2		—		2.8		3.0
Laboratory Products and Services		0.1		—		1.2		1.3
Corporate		—		—		0.7		0.7
	$	168.5	$	82.8	$	(582.2)	$	(330.9)

The components of net restructuring and other costs (income) by segment are as follows:

Life Sciences Solutions

In the first three months of 2014, the Life Sciences Solutions segment recorded $336.3 million of other income, net of restructuring costs. The segment recorded a gain of $757.2million from the divestiture of its sera and media, gene modulation and magnetic beads businesses (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $169.0 million, consisting of $147.6 million of charges for sales of inventories revalued at the date of acquisition and $21.4 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies. The segment also recorded charges to selling, general and administrative expenses of $82.8 million, including $66.6 million of transaction costs related to the acquisition of Life Technologies (Note 2) and $16.2 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies. In addition, the segment recorded $168.8 million of cash restructuring costs, including $91.7 million for cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition with the remainder principally for severance obligations payable to former Life Technologies’ executives and employees.

Analytical Instruments

In the first three months of 2014, the Analytical Instruments segment recorded $0.4 million of net restructuring and other charges, including cash costs of $1.6 million primarily for abandoned facility costs, offset in part by noncash gains.

Specialty Diagnostics

In the first three months of 2014, the Specialty Diagnostics segment recorded $3.0 million of net restructuring and other charges, principally$3.8 million of cash costs for severance and other costs associated with facility consolidations.In addition, the segment recorded $1.0million of income, net, primarily from a gain on the divestiture of a small business unit.

Laboratory Products and Services

In the first three months of 2014, the Laboratory Products and Services segment recorded $1.3 million of net restructuring and other charges, primarily$1.1 million of cash costs for severance and abandoned facility costs.

Corporate

In the first three months of 2014, the company recorded$0.7 million of net restructuring and other charges, all of which were cash costs primarily for severance at its corporate operations.

The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

				Abandonment
(In millions)		Severance			of Excess Facilities		Other (a)		Total
Pre-2013 Restructuring Plans
	Balance At December 31, 2013	$	6.6		$	8.0	$	0.3	$	14.9
	Costs incurred in 2014 (b)		0.5			0.4		0.1		1.0
	Reserves reversed		(0.5)			—		—		(0.5)
	Payments		(1.1)			(1.0)		(0.1)		(2.2)
	Balance At March 29, 2014	$	5.5		$	7.4	$	0.3	$	13.2
2013 Restructuring Plans
	Balance At December 31, 2013	$	22.0		$	1.4	$	2.2	$	25.6
	Costs incurred in 2014 (b)		2.5			1.1		2.5		6.1
	Reserves reversed		(1.7)			—		—		(1.7)
	Payments		(6.0)			(0.4)		(1.9)		(8.3)
	Balance At March 29, 2014	$	16.8		$	2.1	$	2.8	$	21.7
2014 Restructuring Plans
	Costs incurred in 2014 (b)	$	72.8		$	—	$	78.7	$	151.5
	Payments		(55.5)			—		(73.5)		(129.0)
	Currency translation		0.2			—		—		0.2
	Balance At March 29, 2014	$	17.5		$	—	$	5.2	$	22.7

• Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment.
• Excludes a $758.5 million gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; and an aggregate of $0.3 million of non-cash charges, net.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2014; and abandoned-facility payments, over lease terms expiring through 2020.

XML

Commitments and Contingencies

3 Months Ended

Mar. 29, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 10.Commitments and Contingencies

There are various lawsuits and claims pending against the company involving product liability, contract, commercial and other issues. The company establishes a liability that is an estimate of amounts needed to pay damages in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. The reserve estimates are adjusted as additional information becomes known or payments are made.

The company records estimated amounts due from insurers as an asset. Although the company believes that the amounts reserved and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the financial condition and ratings of its insurers on an ongoing basis.

The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of permit requirements and installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites.

On February 3, 2014, the company acquired Life Technologies. Life Technologies and its subsidiaries are party to several lawsuits in which plaintiffs claim infringement of their intellectual property, including the following:

On June 6, 2004, Enzo Biochem, Enzo Life Sciences and Yale University filed a complaint against Life Technologies in United States District Court for the District of Connecticut. The plaintiffs allege patent infringement by Applera’s labeled DNA terminator products used in DNA sequencing and fragment analysis. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. In November 2012, the jury awarded damages of $48.5 million. Prejudgment interest of $12.4 million was also granted. The $60.9 million judgment and interest was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. The case is currently on appeal to the United States Court of Appeal for the Federal Circuit.

On January 30, 2012, Enzo Life Sciences filed a complaint against Life Technologies in United States District Court for the District of Delaware. The plaintiff alleges patent infringement by Life Technologies’ Taqman probes and assays, Dynabead oligo-dT beads, NCode oligonucleotide array products, Ion Torrent beads and chips and SOLiD beads and chips. The plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest and injunctive relief.

On May 26, 2010, Promega Corp. & Max-Planck-Gesellschaft Zur Forderung Der Wissenschaften EV filed a complaint against Life Technologies in the United States District Court for the Western District of Wisconsin. The plaintiffs allege patent infringement by salesand uses of Applied Biosystems’ short tandem repeat DNA identification products outside the scope of a 2006 license agreement. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. Although a jury initially found willful infringement and assessed damages at $52 million, the District Court subsequently overturned the verdict on the grounds that the plaintiff had failed to prove infringement. The District Court entered judgment in favor of Life Technologies, and the case is currently on appeal to the United States Court of Appeals for the Federal Circuit. The $52 million award was accrued by Life Technologiesand the liability was assumed by the company as of the date of the acquisition.

On September 29, 2009, Life Technologies filed a complaint against Illumina, Inc. and Solexa, Inc. in the United States District Court for the District of Delaware alleging infringement of patents relating to clonal amplification of nucleic acids by Illumina’s next generation Genome Analyzer, HiSeq, and MiSeq DNA sequencing systems. Illumina asserted counterclaims in that case alleging infringement of patents relating to optical tracking, generating linked pairs of nucleic acid segments, and genome-wide variation analysis by Life Technologies’ next generation SOLiD sequencing system and Ion Torrent’s semiconductor sequencing system. On April 6, 2011, the case was transferred to the United States District Court for the Southern District of California. Life Technologies seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief. On its counterclaims, Illumina seeks damages for alleged infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief.

On December 27, 2011, Illumina Inc. filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging infringement of a patent relating to methods for making bead arrays by Ion Torrent’s semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief.

On April 26, 2012, Esoterix Genetic Laboratories filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging infringement of patents relating to detection of subpopulations of cells with mutated sequences and multiplexed DNA amplification by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief.

On October 31, 2012, Esoterix Genetic Laboratories and The Johns Hopkins University filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging infringement of patents relating to methods of determining a ratio of genetic sequences in a population of genetic sequences and methods of determining allelic imbalances in a biological sample by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiffs seek damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief.

On June 3, 2013, Unisone Strategic IP filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging patent infringement by Life Technologies’ supply chain management system software, which operates with product “supply centers” installed at customer sites. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, and injunctive relief.

An unfavorable outcome that differs materially from current reserve estimates for one or more of the matters described above could have a material adverse effect on the company’s results of operations, financial position or cash flows.

XML

Pension and Other Postretirement Benefit Plans

3 Months Ended

Mar. 29, 2014

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 6. Pension and Other Postretirement Benefit Plans

Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are funded on a self-insured and insured-premium basis.

Net periodic benefit costs for the company’s defined benefit pension plans include the following components:

		Three Months Ended
	March 29,			March 30,
(In millions)		2014			2013
Service Cost - Benefits Earned		$	4.6		$	3.6
Interest Cost on Benefit Obligation			20.1			12.0
Expected Return on Plan Assets			(21.1)			(13.2)
Amortization of Net Loss			1.9			2.8
Amortization of Prior Service Benefit			—			(0.1)
Special Termination Benefits			—			0.1
Net Periodic Benefit Cost		$	5.5		$	5.2

XML

Debt Outstanding Debt (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Feb. 03, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Principal Outstanding	$ 17,173.3		$ 10,491.9
Fair Value Hedge Accounting Adjustments	7.4		12.9
Unamortized Premium (Discount), Net	181.9		(17.5)
Debt Obligations - Carrying Value	17,362.6		10,487.3
Less: Short-term obligations and current maturities of long-term obligations	2,165.7		987.7
Long-term Obligations	15,196.9		9,499.6
Commercial Paper [Member]
Debt Instrument [Line Items]
Effective Interest Rate	0.54%
Principal Outstanding	458.6		250.0
Debt Obligations - Carrying Value	458.6		250.0
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Maturity Year	2017
Effective Interest Rate	1.62%
Principal Outstanding	4,700.0		0
Debt Obligations - Carrying Value	4,700.0		0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Obligations - Carrying Value	12,139.3		10,195.4
Debt Instrument, Frequency of Periodic Payment	Interest on each of the senior notes is payable semi-annually.
Debt Instrument, Call Feature	Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest
Business Combination, Fair Value of Long-term Debt in Excess of Par Value		207
Senior Notes [Member] | 2.05% Senior Notes Due 2014 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.05%
Debt Instrument, Maturity Year	2014
Principal Outstanding	0		300.0
Senior Notes [Member] | 3.25% Senior Notes Due 2014 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Debt Instrument, Maturity Year	2014
Effective Interest Rate	1.53%
Principal Outstanding	400.0		400.0
Senior Notes [Member] | 4.40% Senior Notes, Due 2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.40%
Debt Instrument, Maturity Year	2015
Effective Interest Rate	0.74%
Principal Outstanding	500.0		0
Senior Notes [Member] | 3.20% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.20%
Debt Instrument, Maturity Year	2015
Effective Interest Rate	1.56%
Principal Outstanding	450.0		450.0
Senior Notes [Member] | 5.00% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	5.00%
Debt Instrument, Maturity Year	2015
Effective Interest Rate	5.13%
Principal Outstanding	250.0		250.0
Senior Notes [Member] | 3.50% Senior Notes, Due 2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.50%
Debt Instrument, Maturity Year	2016
Effective Interest Rate	1.05%
Principal Outstanding	400.0		0
Senior Notes [Member] | 3.20% Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.20%
Debt Instrument, Maturity Year	2016
Effective Interest Rate	3.21%
Principal Outstanding	900.0		900.0
Senior Notes [Member] | 2.25% Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.25%
Debt Instrument, Maturity Year	2016
Effective Interest Rate	2.29%
Principal Outstanding	1,000.0		1,000.0
Senior Notes [Member] | 1.30% Senior Notes Due 2017 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.30%
Debt Instrument, Maturity Year	2017
Effective Interest Rate	1.04%
Principal Outstanding	900.0		900.0
Senior Notes [Member] | 1.85% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.85%
Debt Instrument, Maturity Year	2018
Effective Interest Rate	1.85%
Principal Outstanding	500.0		500.0
Senior Notes [Member] | 2.40% Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.40%
Debt Instrument, Maturity Year	2019
Effective Interest Rate	2.44%
Principal Outstanding	900.0		900.0
Senior Notes [Member] | 6.00% Senior Notes, Due 2020 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	6.00%
Debt Instrument, Maturity Year	2020
Effective Interest Rate	2.98%
Principal Outstanding	750.0		0
Senior Notes [Member] | 4.70% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.70%
Debt Instrument, Maturity Year	2020
Effective Interest Rate	4.70%
Principal Outstanding	300.0		300.0
Senior Notes [Member] | 5.00% Senior Notes, Due 2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	5.00%
Debt Instrument, Maturity Year	2021
Effective Interest Rate	3.25%
Principal Outstanding	400.0		0
Senior Notes [Member] | 4.50% Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.50%
Debt Instrument, Maturity Year	2021
Effective Interest Rate	4.58%
Principal Outstanding	1,000.0		1,000.0
Senior Notes [Member] | 3.60% Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.60%
Debt Instrument, Maturity Year	2021
Effective Interest Rate	4.29%
Principal Outstanding	1,100.0		1,100.0
Senior Notes [Member] | 3.15% Senior Notes Due 2023 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.15%
Debt Instrument, Maturity Year	2023
Effective Interest Rate	3.21%
Principal Outstanding	800.0		800.0
Senior Notes [Member] | 4.15% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.15%
Debt Instrument, Maturity Year	2024
Effective Interest Rate	4.07%
Principal Outstanding	1,000.0		1,000.0
Senior Notes [Member] | 5.30% Senior Notes Due 2044 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	5.30%
Debt Instrument, Maturity Year	2044
Effective Interest Rate	5.30%
Principal Outstanding	400.0		400.0
Other Debt [Member]
Debt Instrument [Line Items]
Principal Outstanding	64.7		41.9
Debt Obligations - Carrying Value	$ 64.7		$ 41.9

XML

Other Expense, Net

3 Months Ended

Mar. 29, 2014

Other Expense, Net Disclosure

Other Expense, Net [Text Block]

Note 4. Other Expense, Net

The components of other expense, net, in the accompanying statement of income are as follows:

		Three Months Ended
	March 29,			March 30,
(In millions)		2014			2013
Interest Income		$	11.9		$	7.2
Interest Expense			(117.8)			(64.4)
Other Items, Net			4.8			13.0
Other Expense, Net		$	(101.1)		$	(44.2)

Other Items, Net

In 2014, other items, net includes a $4 million gain from the sale of an equity investment. In 2013, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million.

XML

Stockbased Compensation Expense

3 Months Ended

Mar. 29, 2014

Stock-based Compensation Expense Disclosure [Abstract]

Stock-based Compensation Expense [Text Block]

Note 5. Stock-based Compensation Expense

	The components of stock-based compensation expense are as follows:
			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Stock Option Awards			$	10.7		$	9.6
Restricted Unit Awards				14.5			10.8
Total Stock-based Compensation Expense			$	25.2		$	20.4

As of March 29,2014, there was $117 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2018 with a weighted average amortization period of 2.9 years.

As of March 29,2014, there was $159 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2017 with a weighted average amortization period of 2.7 years.

During the first three months of 2014, the company made equity compensation grants to employees consisting of 0.9 million service- and performance-based restricted stock units and options to purchase 2.4 million shares.

Certain pre-acquisition equity awards of Life Technologies were converted to rights to receive future cash payments over the remaining vesting period. In addition to stock-based compensation, which is included in the above table, in the first three monthsof 2014, the company recorded expense for cash-in-lieu of equity of $7.1 million related to these arrangements.

XML

Income Taxes

3 Months Ended

Mar. 29, 2014

Income Taxes Disclosure [Abstract]

Income Taxes [Text Block]

Note 7. 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 of 35% to income from continuing operations before provision for
income taxes due to the following:
				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Provision for Income Taxes at Statutory Rate				$	271.0		$	120.0
Increases (Decreases) Resulting From:
	Foreign rate differential				(6.1)			(61.3)
	Impact of change in tax laws and apportionment on deferred taxes				(20.5)			(0.5)
	Foreign and research and development tax credits				—			(52.9)
	Manufacturing deduction				—			(7.1)
	State income taxes, net of federal tax				23.3			(1.0)
	Nondeductible expenses				—			1.8
	Provision (reversal) of tax reserves, net				25.3			—
	Basis difference on disposal of businesses				(61.9)			—
	Other, net				0.2			3.1
				$	231.3		$	2.1

The company’s unrecognized tax benefits increased to $259.8 million at March 29,2014, from $134.2 million at December 31, 2013. Of the total increase, $100.3 million resulted from the acquisition of Life Technologies and $25.3 million resulted from the provision of tax reserves, primarily related to divested businesses.

XML

Interest Rate Swap Arrangements (Details) (USD $) In Millions, unless otherwise specified	Mar. 29, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 3,520	$ 2,030
Senior Notes 1.30% Due 2017 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 900
Interest Rate Swap, Spread above One-month LIBOR	0.6616%
Interest Rate Swap, Variable Rate at Period End	0.8161%
Fixed Interest Rate	1.30%

XML

Comprehensive Income and Shareholders' Equity (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended			1 Months Ended	3 Months Ended	0 Months Ended	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013	Dec. 31, 2013	Jan. 31, 2014 Equity Forward Agreements [Member]	Mar. 29, 2014 Equity Forward Agreements [Member]	Feb. 03, 2014 Subscription Agreement [Member]	Mar. 29, 2014 Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 30, 2013 Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 29, 2014 Currency Translation Adjustment [Member]	Mar. 29, 2014 Unrealized Gains (Losses) on Available-for-Sale Investments [Member]	Mar. 29, 2014 Unrealized Gains (Losses) on Available-for-Sale Investments [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 30, 2013 Unrealized Gains (Losses) on Available-for-Sale Investments [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 29, 2014 Unrealized Gains (Losses) on Hedging Instruments [Member]	Mar. 29, 2014 Unrealized Gains (Losses) on Hedging Instruments [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 30, 2013 Unrealized Gains (Losses) on Hedging Instruments [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 29, 2014 Pension and Other Postretirement Benefit Liability Adjustment [Member]	Mar. 29, 2014 Pension and Other Postretirement Benefit Liability Adjustment [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]	Mar. 30, 2013 Pension and Other Postretirement Benefit Liability Adjustment [Member] Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance	$ (77.2)								$ 112.0	$ 1.3			$ (23.9)			$ (166.6)
Other comprehensive income (loss) before reclassifications	12.4								14.3	0			0			(1.9)
Amounts reclassified from accumulated other comprehensive items	2.0									0			0.7			1.3
Total other comprehensive items	14.4	(178.9)							14.3	0			0.7			(0.6)
Accumulated Other Comprehensive Items, Ending Balance	(62.8)								126.3	1.3			(23.2)			(167.2)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Expense, Net	101.1	44.2									0	(10.5)		1.1	1.3
Net Periodic Benefit Cost - Amortization of Actuarial Losses																	1.9	2.9
Net Periodic Benefit Cost - Amortization of Prior Service Benefit																	0	(0.1)
Total Before Tax	(774.4)	(342.9)															1.9	2.8
Provision for Income Taxes	231.3	2.1									0	2.5		(0.4)	(0.5)		(0.6)	(0.9)
Net of Tax	$ (543.1)	$ (336.2)					$ 2.0	$ (5.3)			$ 0	$ (8.0)		$ 0.7	$ 0.8		$ 1.3	$ 1.9
Class of Stock Disclosures [Abstract]
Preferred Stock, $100 Par Value - Shares Authorized (in shares)	50,000		50,000
Preferred Stock, $100 Par Value - Par Value (in dollars per share)	$ 100		$ 100
Forward Contract Indexed to Issuer's Equity [Line Items]
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share				$ 82.5342		$ 94.85
Forward Contract Indexed To Issuer's Equity, Settlement Date					Jan. 31, 2014
Issuance of shares (in shares)				29,600,000		5,300,000

XML

Financing Commitments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Principal Outstanding	$ 17,173.3	$ 10,491.9
Term Loan
Debt Instrument [Line Items]
Principal Outstanding	$ 4,700.0	$ 0
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA until August 2014	5.5
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA by August 2015	3.5
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio	3

XML

Income Taxes (Tables)

3 Months Ended

Mar. 29, 2014

Income Taxes Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		The provision for income taxes in the accompanying statement of income differs from the provision calculated
by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for
income taxes due to the following:
				Three Months Ended
			March 29,			March 30,
(In millions)				2014			2013
Provision for Income Taxes at Statutory Rate				$	271.0		$	120.0
Increases (Decreases) Resulting From:
	Foreign rate differential				(6.1)			(61.3)
	Impact of change in tax laws and apportionment on deferred taxes				(20.5)			(0.5)
	Foreign and research and development tax credits				—			(52.9)
	Manufacturing deduction				—			(7.1)
	State income taxes, net of federal tax				23.3			(1.0)
	Nondeductible expenses				—			1.8
	Provision (reversal) of tax reserves, net				25.3			—
	Basis difference on disposal of businesses				(61.9)			—
	Other, net				0.2			3.1
				$	231.3		$	2.1

XML

Business Segment Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014 Segment		Mar. 30, 2013		Dec. 31, 2013
Business Segments
Number of Reportable Segments	4
Segment Reporting Information [Line Items]
Revenues	$ 3,903.5		$ 3,191.5
Cost of revenues charges	(168.5)
Selling, general and administrative charges, net	(82.8)
Restructuring and other income (costs), net	582.2		(21.5)
Operating Income	875.5		387.1
Other expense, net	(101.1)		(44.2)
Income from Continuing Operations Before Income Taxes	774.4		342.9
Depreciation	79.7		59.0
Total Assets	46,133.7				31,863.4
Capital Expenditures	104.7		66.0
Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges	(169.0)
Selling, general and administrative charges, net	(82.8)
Restructuring and other income (costs), net	588.1
Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges	0.8
Restructuring and other income (costs), net	(1.2)
Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges	(0.2)
Restructuring and other income (costs), net	(2.8)
Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges	(0.1)
Restructuring and other income (costs), net	(1.2)
Total Reportable Segments [Member]
Segment Reporting Information [Line Items]
Operating Income	830.5	[1]	615.1	[1]
Total Reportable Segments [Member] | Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	835.5		172.6
Operating Income	244.6	[1]	41.0	[1]
Depreciation	24.0		4.1
Total Reportable Segments [Member] | Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Revenues	769.9		740.1
Operating Income	130.9	[1]	120.5	[1]
Depreciation	10.4		10.2
Total Reportable Segments [Member] | Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenues	813.7		805.6
Operating Income	221.0	[1]	222.9	[1]
Depreciation	18.8		18.5
Total Reportable Segments [Member] | Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Revenues	1,590.5		1,556.3
Operating Income	234.0	[1]	230.7	[1]
Depreciation	26.5		26.2
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(106.1)		(83.1)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges	(168.5)		(13.2)
Selling, general and administrative charges, net	(82.8)		(1.3)
Restructuring and other income (costs), net	582.2		(21.5)
Amortization of acquisition-related intangible assets	$ (285.9)		$ (192.0)

[1] Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles.

XML

Fair Value Measurements and Fair Value Of Financial Instruments

3 Months Ended

Mar. 29, 2014

Fair Value Measurements and Fair Value of Financial Instruments Disclosure

Fair Value Measurements and Fair Value of Financial Instruments [Text Block]

Note 12.Fair Value Measurements and Fair Value of Financial Instruments

Fair Value Measurements

The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2014. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in money market funds; derivative contracts, insurance contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration.

The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.

Level 3: Inputs are unobservable data points that are not corroborated by market data.

The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29,2014:

			March 29,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	766.7	$	766.7	$	—	$	—
	Bank time deposits				21.1		21.1		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				9.9		9.9		—		—
	Insurance contracts				83.9		—		83.9		—
	Auction rate securities				4.5		—		—		4.5
	Derivative contracts				5.7		—		5.7		—
		Total Assets		$	891.8	$	797.7	$	89.6	$	4.5
Liabilities
	Derivative contracts			$	12.3	$	—	$	12.3	$	—
	Contingent consideration				33.1		—		—		33.1
		Total Liabilities		$	45.4	$	—	$	12.3	$	33.1

		The following table presents information about the company’s financial assets and liabilities measured at fair
value on a recurring basis as of December 31, 2013:
			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2013		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	4,859.9	$	4,859.9	$	—	$	—
	Investments in mutual funds, unit trusts and other    similar instruments				9.8		9.8		—		—
	Insurance contracts				74.5		—		74.5		—
	Auction rate securities				4.5		—		—		4.5
	Derivative contracts				3.8		—		3.8		—
		Total Assets		$	4,952.5	$	4,869.7	$	78.3	$	4.5
Liabilities
	Derivative contracts			$	6.5	$	—	$	6.5	$	—
	Contingent consideration				5.1		—		—		5.1
		Total Liabilities		$	11.6	$	—	$	6.5	$	5.1

The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of the auction rate securities by obtaining indications of value from brokers/dealers. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such future payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense.

The company has the ability and intent to hold the auction rate securities to maturity unless they are redeemed earlier by the issuer. There was no significant activity within the Level 3 auction rate securities during 2014 or 2013. The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration.

			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Contingent Consideration
	Beginning Balance		$	5.1		$	20.1
	Acquisition			29.1			—
	Payments			(1.1)			—
	Currency translation			—			(0.1)
	Ending Balance		$	33.1		$	20.0

The notional amounts of derivative contracts outstanding, consisting of currency exchange contracts and interest rate swaps, totaled $3.52 billion and $2.03billion at March 29,2014 and December 31, 2013, respectively.

While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the consolidated balance sheet. The following tables present the fair value of derivative instruments in the consolidated balance sheet and statement of income.

				Fair Value – Assets					Fair Value – Liabilities
			March 29,			December 31,		March 29,			December 31,
(In millions)				2014		2013			2014		2013
Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	—	$	—		$	6.0	$	5.2
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				5.7		3.8			6.3		1.3
(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities.
(b)		The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses.

				Gain Recognized
				Three Months Ended
			March 29,			March 30,
(In millions)					2014			2013
Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion			$	1.1		$	—
	Interest rate swaps - ineffective portion				0.7			—
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues		$	0.8		$	1.0
		Included in other expense, net			0.7			16.7

Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of incometogether with the corresponding, offsetting losses and gains on the underlying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps is included in other expense, net in the accompanying statement of income.

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

			March 29, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	7.7	$	7.7	$	7.6	$	7.6
Debt Obligations:
	Senior notes		$	12,139.3	$	12,386.7	$	10,195.4	$	10,304.8
	Term loan			4,700.0		4,700.0		—		—
	Commercial paper			458.6		458.6		250.0		250.0
	Other			64.7		64.7		41.9		41.9
			$	17,362.6	$	17,610.0	$	10,487.3	$	10,596.7
		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

XML

Acquisitions and Dispositions (Policies)

3 Months Ended

Mar. 29, 2014

Acquisitions and Dispositions Disclosure

Business Combinations Policy [Policy Text Block]

The company’s acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. 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 purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses. The net assets acquired have been recorded based on estimates of fair value and, for acquisitions completed within the past year, are subject to adjustment upon finalization of the valuation process. The company is not aware of any information that indicates the final valuations will differ materially from preliminary estimates.

XML

Acquisition Pro Forma Results (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 4,176.4	$ 4,115.0
Income from Continuing Operations	730.5	13.3
Net Income	730.5	8.7
Earnings per Share from Continuing Operations:
Basic (in dollars per share)	$ 1.84	$ 0.03
Diluted (in dollars per share)	$ 1.82	$ 0.03
Earnings per Share:
Basic (in dollars per share)	$ 1.84	$ 0.02
Diluted (in dollars per share)	$ 1.82	$ 0.02
Non-recurring Pro Forma Adjustments, Deferred Revenue
Business Acquisition, Pro Forma Information [Abstract]
Revenues	(2.5)	(11.6)
Non-recurring Pro Forma Adjustments, Fair Value Adjustment to Inventories
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(246.0)
Non-recurring Pro Forma Adjustments, Transaction Costs
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(197.2)
Non-recurring Pro Forma Adjustments, Monetized Equity Awards
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		(91.7)
Non-recurring Pro Forma Adjustments, Conform Accounting Policies
Business Acquisition, Pro Forma Information [Abstract]
Income from Continuing Operations		$ (37.6)

XML

Discontinued Operations (Tables)

3 Months Ended

Mar. 29, 2014

Discontinued Operations [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The assets and liabilities of the businesses sold were as follows at December 31, 2013:

	December 31,
(In millions)		2013
Current Assets		$	74.3
Long-term Assets			229.3
Current Liabilities			6.4
Long-term Liabilities			22.0

XML

Consolidated Statement of Income (Unaudited) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 30, 2013
Consolidated Income Statement Parenthetical [Abstract]
Provision for (Benefit from) Income Taxes on Income (Loss) from Discontinued Operations	$ (0.2)
Provision for (Benefit From) Income Taxes on Gain (Loss) on Disposal of Discontinued Operations	$ (2.8)

XML

Nature of Operations and Summary of Significant Accounting Policies

3 Months Ended

Mar. 29, 2014

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies [Text Block]

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 providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. On February 3, 2014, the company acquired Life Technologies Corporation (Note 2).

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 29,2014, the results of operations for the three-month periods ended March 29,2014, and March 30,2013, and the cash flows for the three-month periods ended March 29,2014, and March 30,2013. Interim results are not necessarily indicative of results for a full year.

The consolidated balance sheet presented as of December 31, 2013, 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 of the company. The consolidated financial statements and notes included in this report should be read in conjunction with the 2013 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February27, 2014.

Note 1 to the consolidated financial statements for 2013 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 29,2014.

Presentation

Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Warranty Obligations

Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of warranty obligations are as follows:

			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Beginning Balance			$	49.8		$	48.7
	Provision charged to income			19.0			17.8
	Usage			(18.4)			(18.9)
	Acquisitions			7.2			—
	Adjustments to previously provided warranties, net			0.6			0.2
	Other, net			(0.4)			(0.7)
Ending Balance			$	57.8		$	47.1

Inventories

The components of inventories are as follows:

	March 29,			December 31,
(In millions)			2014	2013
Raw Materials		$	452.1	$	347.4
Work in Process			218.6		157.7
Finished Goods			1,389.8		989.4
Inventories		$	2,060.5	$	1,494.5

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	March 29,			December 31,
(In millions)			2014	2013
Land		$	294.6	$	212.2
Buildings and Improvements			1,012.9		821.0
Machinery, Equipment and Leasehold Improvements			2,528.1		2,047.9
Property, Plant and Equipment, at Cost			3,835.6		3,081.1
Less: Accumulated Depreciation and Amortization			1,346.9		1,313.7
Property, Plant and Equipment, at Cost, Net		$	2,488.7	$	1,767.4

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

	March 29, 2014							December 31, 2013
			Accumulated							Accumulated
(In millions)	Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived	$	18,730.6		$	(4,598.4)	$	14,132.2	$	10,121.8		$	(4,388.2)	$	5,733.6
Indefinite Lived		1,844.2			—		1,844.2		1,337.7			—		1,337.7
Acquisition-related Intangible Assets	$	20,574.8		$	(4,598.4)	$	15,976.4	$	11,459.5		$	(4,388.2)	$	7,071.3

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. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assetsand in determining the fair value of acquired intangible assets (Note 2) and the ultimate loss from abandoning leases at facilities being exited (Note 14). Actual results could differ from those estimates.

Recent Accounting Pronouncements

In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals. Under the new guidance, only disposals representing a strategic shift in operations will be presented as discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of the company that does not qualify for discontinued operations reporting. This guidance is effective for the company in 2015. Adoption of this standard is not expected to have a material impact on the company’s consolidated financial position, results of operations or cash flows.

XML

Income Taxes - Unrecognized Tax Benefits (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014
Reconciliation Of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 134.2
Additions due to acquisitions	100.3
Additions for tax positions of current year	25.3
Balance at end of year	$ 259.8

XML

Unaudited Quarterly Information (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Unaudited Quarterly Information [Abstract]
Revenues	$ 3,903.5	$ 3,191.5
Income from Continuing Operations	543.1	340.8
Net income	543.1	336.2
Earnings per Share from Continuing Operations [Abstract]
Basic (in dollars per share)	$ 1.38	$ 0.95
Diluted (in dollars per share)	$ 1.36	$ 0.94
Earnings per Share
Basic (in dollars per share)	$ 1.38	$ 0.94
Diluted (in dollars per share)	$ 1.36	$ 0.93
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.15	$ 0.15
Total Restructuring and Other Costs (Income), Net	$ (330.9)

XML

Fair Value Measurements, Level 3 Reconciliation (Details) (Contingent Consideration [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 5.1	$ 20.1
Acquisition	29.1	0
Payments	(1.1)	0
Currency translation	0	(0.1)
Ending Balance	$ 33.1	$ 20.0

XML

Pension and Other Postretirement Benefit Plans (Policies)

3 Months Ended

Mar. 29, 2014

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are funded on a self-insured and insured-premium basis.

XML

Restructuring Reserves (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 29, 2014
Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Expected Final Year of Payments	2014
Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Expected Final Year of Payments	2020
Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Expected Final Year of Payments	2014
Pre-2013 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	$ 14.9
Costs incurred	1.0
Reserves reversed	(0.5)
Payments	(2.2)
Ending balance	13.2
Pre-2013 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	6.6
Costs incurred	0.5
Reserves reversed	(0.5)
Payments	(1.1)
Ending balance	5.5
Pre-2013 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	8.0
Costs incurred	0.4
Reserves reversed	0
Payments	(1.0)
Ending balance	7.4
Pre-2013 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0.3
Costs incurred	0.1
Reserves reversed	0
Payments	(0.1)
Ending balance	0.3
2013 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	25.6
Costs incurred	6.1
Reserves reversed	(1.7)
Payments	(8.3)
Ending balance	21.7
2013 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	22.0
Costs incurred	2.5
Reserves reversed	(1.7)
Payments	(6.0)
Ending balance	16.8
2013 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	1.4
Costs incurred	1.1
Reserves reversed	0
Payments	(0.4)
Ending balance	2.1
2013 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	2.2
Costs incurred	2.5
Reserves reversed	0
Payments	(1.9)
Ending balance	2.8
2014 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	151.5
Payments	(129.0)
Currency translation	0.2
Ending balance	22.7
2014 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	72.8
Payments	(55.5)
Currency translation	0.2
Ending balance	17.5
2014 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	0
Payments	0
Currency translation	0
Ending balance	0
2014 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	78.7
Payments	(73.5)
Currency translation	0
Ending balance	$ 5.2

XML

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2014

Fair Value Measurements and Fair Value of Financial Instruments Disclosure

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29,2014:

			March 29,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	766.7	$	766.7	$	—	$	—
	Bank time deposits				21.1		21.1		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				9.9		9.9		—		—
	Insurance contracts				83.9		—		83.9		—
	Auction rate securities				4.5		—		—		4.5
	Derivative contracts				5.7		—		5.7		—
		Total Assets		$	891.8	$	797.7	$	89.6	$	4.5
Liabilities
	Derivative contracts			$	12.3	$	—	$	12.3	$	—
	Contingent consideration				33.1		—		—		33.1
		Total Liabilities		$	45.4	$	—	$	12.3	$	33.1

		The following table presents information about the company’s financial assets and liabilities measured at fair
value on a recurring basis as of December 31, 2013:
			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2013		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	4,859.9	$	4,859.9	$	—	$	—
	Investments in mutual funds, unit trusts and other    similar instruments				9.8		9.8		—		—
	Insurance contracts				74.5		—		74.5		—
	Auction rate securities				4.5		—		—		4.5
	Derivative contracts				3.8		—		3.8		—
		Total Assets		$	4,952.5	$	4,869.7	$	78.3	$	4.5
Liabilities
	Derivative contracts			$	6.5	$	—	$	6.5	$	—
	Contingent consideration				5.1		—		—		5.1
		Total Liabilities		$	11.6	$	—	$	6.5	$	5.1

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration.

			Three Months Ended
		March 29,			March 30,
(In millions)			2014			2013
Contingent Consideration
	Beginning Balance		$	5.1		$	20.1
	Acquisition			29.1			—
	Payments			(1.1)			—
	Currency translation			—			(0.1)
	Ending Balance		$	33.1		$	20.0

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

				Fair Value – Assets					Fair Value – Liabilities
			March 29,			December 31,		March 29,			December 31,
(In millions)				2014		2013			2014		2013
Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	—	$	—		$	6.0	$	5.2
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				5.7		3.8			6.3		1.3
(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the caption other long-term liabilities.
(b)		The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

				Gain Recognized
				Three Months Ended
			March 29,			March 30,
(In millions)					2014			2013
Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion			$	1.1		$	—
	Interest rate swaps - ineffective portion				0.7			—
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues		$	0.8		$	1.0
		Included in other expense, net			0.7			16.7

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

			March 29, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	7.7	$	7.7	$	7.6	$	7.6
Debt Obligations:
	Senior notes		$	12,139.3	$	12,386.7	$	10,195.4	$	10,304.8
	Term loan			4,700.0		4,700.0		—		—
	Commercial paper			458.6		458.6		250.0		250.0
	Other			64.7		64.7		41.9		41.9
			$	17,362.6	$	17,610.0	$	10,487.3	$	10,596.7
		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:

			March 29, 2014				December 31, 2013
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	7.7	$	7.7	$	7.6	$	7.6
Debt Obligations:
	Senior notes		$	12,139.3	$	12,386.7	$	10,195.4	$	10,304.8
	Term loan			4,700.0		4,700.0		—		—
	Commercial paper			458.6		458.6		250.0		250.0
	Other			64.7		64.7		41.9		41.9
			$	17,362.6	$	17,610.0	$	10,487.3	$	10,596.7
		The fair value of debt obligations was determined based on quoted market prices and on borrowing rates
available to the company at the respective period ends which represent level 2 measurements.

XML

Comprehensive Income and Shareholders Equity

3 Months Ended

Mar. 29, 2014

Comprehensive Income and Shareholders Equity Disclosure [Abstract]

Comprehensive Income and Shareholders Equity [Text Block]

Note 11.Comprehensive Income and Shareholders’ Equity

Comprehensive Income

Comprehensive income combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of shareholders’ equity in the accompanying balance sheet.

Changes in each component of accumulated other comprehensive items, net of tax are as follows:

(In millions)			Currency Translation Adjustment		Unrealized Gains (Losses) on Available-for-Sale Investments		Unrealized Gains (Losses) on Hedging Instruments		Pension and Other Postretirement Benefit Liability Adjustment		Total
Balance at December 31, 2013			$	112.0	$	1.3	$	(23.9)	$	(166.6)	$	(77.2)
	Other comprehensive income (loss) before reclassifications			14.3		—		—		(1.9)		12.4
	Amounts reclassified from accumulated other comprehensive items			—		—		0.7		1.3		2.0
		Net other comprehensive items		14.3		—		0.7		(0.6)		14.4
Balance at March 29, 2014			$	126.3	$	1.3	$	(23.2)	$	(167.2)	$	(62.8)

The amounts reclassified out of accumulated other comprehensive items are as follows:

						Three Months Ended
				Affected Line Item in the	March 29,			March 30,
(In millions)				Statement of Income		2014			2013
Amounts Reclassified From Accumulated Other Comprehensive Items
	Unrealized gains and losses on available-for-sale investments:
		Realized gain on sale or transfer of available-for- sale investments		Other Expense, Net		$	—		$	(10.5)
		Tax provision		Provision for Income Taxes			—			2.5
							—			(8.0)
	Unrealized gains and losses on hedging instruments:
		Realized loss on interest rate swaps and locks		Other Expense, Net			1.1			1.3
		Tax benefit		Provision for Income Taxes			(0.4)			(0.5)
							0.7			0.8
	Pension and other postretirement benefit liability adjustment:
		Amortization of actuarial losses		Net Periodic Benefit Cost -			1.9			2.9
		Amortization of prior service benefit		see Note 6 for details			—			(0.1)
			Total before tax				1.9			2.8
		Tax benefit		Provision for Income Taxes			(0.6)			(0.9)
							1.3			1.9
			Total reclassifications			$	2.0		$	(5.3)

Equity Forward Agreements

In June 2013, in anticipation of the acquisition of Life Technologies, the company entered into equity forward agreements. The use of the equity forward agreements substantially eliminated future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating share dilution from the offering by postponing the actual issuance of common stock until the funds were needed for the Life Technologies acquisition.

Upon settlement of the agreements, in January 2014, the company issued and delivered 29.6 million shares of its common stock at the then applicable forward sale price of $82.5342 per share.

On February 3, 2014, the company issued 5.3 million shares of its common stock at a price of $94.85 per share to settle a private placement subscription agreement that was contingent on the closing of the Life Technologies acquisition.

The equity forward and subscription agreements had no initial fair value as they were entered into at the then market price of the common stock. The company did not receive any proceeds from the sale of common stock until the agreements were settled. Upon settlement, the proceeds were recorded in equity. Prior to their settlement, to the extent that the equity forward agreements were dilutive, they have been reflected in the company’s diluted earnings per share calculations using the treasury stock method. Prior to closing, the subscription agreement was not potentially dilutive to the company’s diluted earnings per share calculations due to its contingent nature.