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 June 27, 2015

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 June 27, 2015
Common Stock, $1.00 par value	398,487,656

THERMO FISHER SCIENTIFIC INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED JUNE 27, 2015

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	46
	PART II
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 6.	Exhibits	53

2

THERMO FISHER SCIENTIFIC INC.

PART I    FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEET
(Unaudited)
	June 27,				December 31,
(In millions except share and per share amounts)		2015			2014
Assets
Current Assets:
Cash and cash equivalents		$	768.4		$	1,343.5
Short-term investments			2.0			8.5
Accounts receivable, less allowances of $74.7 and $74.1			2,631.0			2,473.6
Inventories			1,962.3			1,859.5
Deferred tax assets			283.5			303.3
Other current assets			589.4			551.4
Total current assets			6,236.6			6,539.8
Property, Plant and Equipment, at Cost, Net			2,406.9			2,426.5
Acquisition-related Intangible Assets, Net			13,383.7			14,110.1
Other Assets			940.3			933.1
Goodwill			18,806.9			18,842.6
Total Assets		$	41,774.4		$	42,852.1
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations		$	3,359.8		$	2,212.4
Accounts payable			819.0			820.7
Accrued payroll and employee benefits			478.5			668.9
Accrued income taxes			41.0			165.1
Deferred revenue			334.3			311.9
Other accrued expenses			1,067.8			1,170.8
Total current liabilities			6,100.4			5,349.8
Deferred Income Taxes			3,134.9			3,430.7
Other Long-term Liabilities			1,195.6			1,171.9
Long-term Obligations			10,663.7			12,351.6
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 410,647,421 and
408,461,670 shares issued			410.6			408.5
Capital in excess of par value			11,669.3			11,473.6
Retained earnings			11,183.7			10,406.9
Treasury stock at cost, 12,159,765 and 7,991,782 shares			(988.7	)		(455.9	)
Accumulated other comprehensive items			(1,595.1	)		(1,285.0	)
Total shareholders' equity			20,679.8			20,548.1
Total Liabilities and Shareholders' Equity		$	41,774.4		$	42,852.1

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

3

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
		Three Months Ended						Six Months Ended
	June 27,				June 28,			June 27,			June 28,
(In millions except per share amounts)		2015			2014			2015			2014
Revenues
Product revenues		$	3,677.2		$	3,778.0		$	7,064.8		$	7,153.4
Service revenues			593.7			543.9			1,124.9			1,072.0
Total revenues			4,270.9			4,321.9			8,189.7			8,225.4
Costs and Operating Expenses:
Cost of product revenues			1,907.0			2,112.9			3,627.8			4,046.2
Cost of service revenues			422.1			362.5			797.6			712.7
Selling, general and administrative expenses			1,151.0			1,253.8			2,288.4			2,430.8
Research and development expenses			174.6			183.7			340.4			333.4
Restructuring and other costs (income), net			20.4			60.9			52.4			(521.3	)
Total costs and operating expenses			3,675.1			3,973.8			7,106.6			7,001.8
Operating Income			595.8			348.1			1,083.1			1,223.6
Other Expense, Net			(92.2	)		(111.6	)		(197.5	)		(212.7	)
Income from Continuing Operations Before Income Taxes			503.6			236.5			885.6			1,010.9
Benefit from (Provision for) Income Taxes			8.0			42.0			11.1			(189.3	)
Net Income		$	511.6		$	278.5		$	896.7		$	821.6
Earnings per Share
Basic		$	1.28		$	.70		$	2.25		$	2.07
Diluted		$	1.27		$	.69		$	2.23		$	2.05
Weighted Average Shares
Basic			398.4			399.4			398.1			396.3
Diluted			401.5			403.1			401.5			400.7
Cash Dividends Declared per Common Share		$	.15		$	.15		$	.30		$	.30

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

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THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
		Three Months Ended						Six Months Ended
	June 27,				June 28,			June 27,			June 28,
(In millions)		2015			2014			2015			2014
Comprehensive Income
Net Income		$	511.6		$	278.5		$	896.7		$	821.6
Other Comprehensive Items:
Currency translation adjustment			220.9			(50.7	)		(342.0	)		(36.4	)
Unrealized gains on available-for-sale investments:
Unrealized holding gains (losses) arising       during the period (net of tax provision of       $0.0, $0.1 and $0.1)			(0.1	)		1.8			—			1.8
Reclassification adjustment for gains included      in net income (net of tax provision of $0.0      and $0.0)			—			(1.4	)		—			(1.4	)
Unrealized gains and losses on hedging instruments:
Unrealized gain on hedging instruments (net      of tax provision of $19.0 and $14.1)			31.0			—			23.0			—
Reclassification adjustment for losses      included in net income (net of tax benefit of      $0.5, $0.5, $0.6 and $0.9)			0.8			0.8			1.9			1.5
Pension and other postretirement benefit liability       adjustment:
Pension and other postretirement benefit      liability adjustments arising during the      period (net of tax provision (benefit) of      ($1.2), ($0.3), $1.7 and ($0.9))			(3.2	)		(0.7	)		3.4			(2.6	)
Amortization of net loss and prior service      benefit included in net periodic pension      cost (net of tax benefit of $0.5, $0.6, $1.2 and      $1.2)			1.9			1.3			3.6			2.6
Total other comprehensive items			251.3			(48.9	)		(310.1	)		(34.5	)
Comprehensive Income		$	762.9		$	229.6		$	586.6		$	787.1

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

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THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
		Six Months Ended
	June 27,				June 28,
(In millions)		2015			2014
Operating Activities
Net income		$	896.7		$	821.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			836.0			800.4
Change in deferred income taxes			(218.0	)		(460.4	)
Net gains on sale of businesses			(7.6	)		(761.8	)
Non-cash stock-based compensation			59.3			56.0
Tax benefits from stock-based compensation awards			(49.0	)		(55.6	)
Non-cash charges for sale of inventories revalued at the date of acquisition			0.7			302.3
Other non-cash expenses, net			24.1			27.1
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable			(201.7	)		(153.7	)
Inventories			(122.1	)		(53.8	)
Other assets			(14.9	)		258.9
Accounts payable			21.7			3.4
Other liabilities			(354.8	)		233.1
Contributions to retirement plans			(21.2	)		(25.7	)
Net cash provided by continuing operations			849.2			991.8
Net cash used in discontinued operations			(4.3	)		(1.9	)
Net cash provided by operating activities			844.9			989.9
Investing Activities
Acquisitions, net of cash acquired			(298.6	)		(13,054.5	)
Proceeds from sale of businesses, net of cash divested			—			1,048.7
Purchase of property, plant and equipment			(192.5	)		(180.2	)
Proceeds from sale of property, plant and equipment			6.2			12.7
Proceeds from sale of investments			9.3			65.0
Decrease in restricted cash			7.6			37.9
Other investing activities, net			(1.3	)		(3.7	)
Net cash used in investing activities		$	(469.3	)	$	(12,074.1	)

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THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
(Unaudited)
	Six Months Ended
	June 27,			June 28,
(In millions)	2015			2014
Financing Activities
Net proceeds from issuance of long-term debt	$	—		$	4,999.6
Repayment of long-term obligations		(1,554.7	)		(2,452.3	)
Increase in commercial paper, net		1,121.5			305.6
Decrease in short-term notes payable		—			(18.6	)
Purchases of company common stock		(500.0	)		—
Dividends paid		(120.5	)		(114.7	)
Net proceeds from issuance of company common stock		—			2,942.0
Net proceeds from issuance of company common stock under employee stock plans		81.7			108.6
Tax benefits from stock-based compensation awards		49.0			55.6
Other financing activities, net		(6.3	)		(4.9	)
Net cash (used in) provided by financing activities		(929.3	)		5,820.9
Exchange Rate Effect on Cash		(21.4	)		22.2
Decrease in Cash and Cash Equivalents		(575.1	)		(5,241.1	)
Cash and Cash Equivalents at Beginning of Period		1,343.5			5,826.0
Cash and Cash Equivalents at End of Period	$	768.4		$	584.9
See Note 13 for supplemental cash flow information.

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

7

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, 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		2.7		2.7		110.2			—			(0.3	)		(30.9	)		—			82.0
Issuance of shares		34.9		34.9		2,907.4			—			—			—			—			2,942.3
Stock-based compensation		—		—		56.0			—			—			—			—			56.0
Tax benefit related to employees'     and directors' stock plans		—		—		55.5			—			—			—			—			55.5
Dividends declared		—		—		—			(120.3	)		—			—			—			(120.3	)
Net income		—		—		—			821.6			—			—			—			821.6
Other comprehensive items		—		—		—			—			—			—			(34.5	)		(34.5	)
Other		—		—		(0.1	)		—			—			—			—			(0.1	)
Balance at June 28, 2014		407.2	$	407.2	$	11,351.6		$	9,454.6			(7.9	)	$	(443.1	)	$	(111.7	)	$	20,658.6
Balance at December 31, 2014		408.5	$	408.5	$	11,473.6		$	10,406.9			(8.0	)	$	(455.9	)	$	(1,285.0	)	$	20,548.1
Issuance of shares under employees'     and directors' stock plans		2.1		2.1		87.8			—			(0.3	)		(32.8	)		—			57.1
Stock-based compensation		—		—		59.3			—			—			—			—			59.3
Tax benefit related to employees'     and directors' stock plans		—		—		48.6			—			—			—			—			48.6
Purchases of company common     stock		—		—		—			—			(3.9	)		(500.0	)		—			(500.0	)
Dividends declared		—		—		—			(119.9	)		—			—			—			(119.9	)
Net income		—		—		—			896.7			—			—			—			896.7
Other comprehensive items		—		—		—			—			—			—			(310.1	)		(310.1	)
Balance at June 27, 2015		410.6	$	410.6	$	11,669.3		$	11,183.7			(12.2	)	$	(988.7	)	$	(1,595.1	)	$	20,679.8

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

8

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.

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 June 27, 2015, the results of operations for the three- and six-month periods ended June 27, 2015, and June 28, 2014, and the cash flows for the six-month periods ended June 27, 2015, and June 28, 2014. Interim results are not necessarily indicative of results for a full year.

 The consolidated balance sheet presented as of December 31, 2014, has been derived from the audited consolidated financial statements as of that date. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The consolidated financial statements and notes included in this report should be read in conjunction with the 2014 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC).

 Note 1 to the consolidated financial statements for 2014 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 six months ended June 27, 2015.

Warranty Obligations

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

	Six Months Ended
	June 27,			June 28,
(In millions)	2015			2014
Beginning Balance	$	57.5		$	49.8
Provision charged to income		38.3			38.2
Usage		(38.2	)		(39.2	)
Acquisitions		0.5			7.2
Adjustments to previously provided warranties, net		(2.0	)		0.9
Currency translation		(1.8	)		—
Ending Balance	$	54.3		$	56.9

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Inventories

The components of inventories are as follows:

	June 27,		December 31,
(In millions)	2015		2014
Raw Materials	$	470.9	$	441.6
Work in Process		233.4		207.6
Finished Goods		1,258.0		1,210.3
Inventories	$	1,962.3	$	1,859.5

Property, Plant and Equipment

 Property, plant and equipment consists of the following:

	June 27,		December 31,
(In millions)	2015		2014
Land	$	279.4	$	281.8
Buildings and Improvements		979.1		955.1
Machinery, Equipment and Leasehold Improvements		2,733.3		2,632.0
Property, Plant and Equipment, at Cost		3,991.8		3,868.9
Less: Accumulated Depreciation and Amortization		1,584.9		1,442.4
Property, Plant and Equipment, at Cost, Net	$	2,406.9	$	2,426.5

Acquisition-related Intangible Assets

 Acquisition-related intangible assets are as follows:

	June 27, 2015							December 31, 2014
			Accumulated							Accumulated
(In millions)	Gross		Amortization			Net		Gross		Amortization			Net
Definite Lived:
Customer relationships	$	11,826.7	$	(3,745.3	)	$	8,081.4	$	11,866.8	$	(3,340.6	)	$	8,526.2
Product technology		4,831.2		(1,630.7	)		3,200.5		4,898.1		(1,501.3	)		3,396.8
Tradenames		1,320.0		(503.1	)		816.9		1,333.0		(448.7	)		884.3
Other		33.8		(33.4	)		0.4		34.2		(33.3	)		0.9
		18,011.7		(5,912.5	)		12,099.2		18,132.1		(5,323.9	)		12,808.2
Indefinite Lived:
Tradenames		1,234.8		—			1,234.8		1,234.8		—			1,234.8
In-process research     and development		49.7		—			49.7		67.1		—			67.1
		1,284.5		—			1,284.5		1,301.9		—			1,301.9
Acquisition-related       Intangible Assets	$	19,296.2	$	(5,912.5	)	$	13,383.7	$	19,434.0	$	(5,323.9	)	$	14,110.1

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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.

Recent Accounting Pronouncements

 In April 2015, the FASB issued new guidance that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet.

 In January 2015, the FASB issued new guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

 In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements.

 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 that has or will have a major effect on 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. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

Note 2. Acquisitions

 The company’s acquisitions have historically been made at prices above the determined 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 as incurred.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

2015

 In June 2015, the company signed an agreement to acquire, within the Laboratory Products and Services segment, Alfa Aesar, a U.K.-based global manufacturer of research chemicals from Johnson Matthey Plc, for £256 million (or approximately $400 million) in cash. The acquisition will enhance the company’s existing portfolio of chemicals, solvents and reagents. Revenues of Alfa Aesar were approximately £78 million (or $125 million) in 2014. The transaction, which is expected to close by the end of 2015, is subject to customary closing conditions, including regulatory approvals.

 In February 2015, the company acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc., a North America-based global provider of single-use systems and process equipment for bioprocess production, for approximately $289 million. The acquisition expanded the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $125 million was allocated to goodwill, all of which is tax deductible.

 In addition, in 2015, the company acquired, within the Analytical Instruments segment, selected assets of certain existing channel partners for its chromatography and mass spectrometry products, for an aggregate purchase price of $11 million.

 During the first six months of 2015, the company made contingent purchase price payments totaling $8 million for acquisitions completed prior to 2015. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses.

 The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:

(In millions)	Advanced Scientifics			Other			Total
Purchase Price
Cash paid	$	289.1		$	9.6		$	298.7
Purchase price payable		—			1.3			1.3
Cash acquired		(0.1	)		—			(0.1	)
	$	289.0		$	10.9		$	299.9
Net Assets Acquired
Current assets	$	27.8		$	3.8		$	31.6
Property, plant and equipment		10.6			—			10.6
Definite-lived intangible assets:
Customer relationships		90.0			4.3			94.3
Product technology		36.5			—			36.5
Tradenames and other		2.3			—			2.3
Goodwill		125.2			4.3			129.5
Other assets		0.2			—			0.2
Liabilities assumed		(3.6	)		(1.5	)		(5.1	)
	$	289.0		$	10.9		$	299.9

 The weighted-average amortization periods for definite-lived intangible assets acquired in 2015 are 16 years for customer relationships, 10 years for product technology and 10 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2015 is 15 years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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 the first six months of 2014 would have been as follows:

	Six Months Ended
	June 28,
(In millions except per share amounts)	2014
Revenues	$	8,501.5
Net Income	$	1,113.0
Earnings per Share:
Basic	$	2.79
Diluted	$	2.76

 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 or 2015 acquisitions occurred at the beginning of 2013 or 2014, respectively.

Note 3. Business Segment Information

 The company’s financial performance is reported in four segments. A description of each segment follows.

 Life Sciences Solutions: provides an extensive 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 pharmaceutical, biotechnology, agricultural, clinical, academic, and government 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 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.

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(Unaudited)

Business Segment Information
	Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Revenues
Life Sciences Solutions	$	1,129.3		$	1,103.1		$	2,149.2		$	1,938.6
Analytical Instruments		777.0			793.4			1,504.4			1,563.3
Specialty Diagnostics		817.1			855.1			1,602.3			1,668.8
Laboratory Products and Services		1,693.3			1,699.4			3,206.7			3,289.9
Eliminations		(145.8	)		(129.1	)		(272.9	)		(235.2	)
Consolidated revenues		4,270.9			4,321.9			8,189.7			8,225.4
Segment Income (a)
Life Sciences Solutions		323.5			299.1			622.2			543.7
Analytical Instruments		139.6			130.4			261.3			261.3
Specialty Diagnostics		227.2			236.4			441.3			457.4
Laboratory Products and Services		260.0			257.7			482.1			491.7
Subtotal reportable segments (a)		950.3			923.6			1,806.9			1,754.1
Cost of revenues charges		(1.1	)		(156.1	)		(1.7	)		(324.6	)
Selling, general and administrative charges, net		(3.2	)		(14.9	)		(10.8	)		(97.7	)
Restructuring and other (costs) income, net		(20.4	)		(60.9	)		(52.4	)		521.3
Amortization of acquisition-related intangible assets		(329.8	)		(343.6	)		(658.9	)		(629.5	)
Consolidated operating income		595.8			348.1			1,083.1			1,223.6
Other expense, net (b)		(92.2	)		(111.6	)		(197.5	)		(212.7	)
Income from continuing operations before income taxes	$	503.6		$	236.5		$	885.6		$	1,010.9
Depreciation
Life Sciences Solutions	$	34.8		$	36.3		$	68.3		$	60.3
Analytical Instruments		9.4			9.2			18.7			19.6
Specialty Diagnostics		18.0			19.2			35.8			38.0
Laboratory Products and Services		27.7			26.5			54.3			53.0
Consolidated depreciation	$	89.9		$	91.2		$	177.1		$	170.9

(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.

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(Unaudited)

Note 4. Other Expense, Net  

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

	Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Interest Income	$	7.7		$	16.0		$	14.7		$	27.9
Interest Expense		(102.9	)		(129.1	)		(211.3	)		(246.9	)
Other Items, Net		3.0			1.5			(0.9	)		6.3
Other Expense, Net	$	(92.2	)	$	(111.6	)	$	(197.5	)	$	(212.7	)

Other Items, Net

In the first six months of 2015, other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and a $3 million loss on the early extinguishment of debt. In the first six months of 2014, other items, net includes a $5 million gain from an equity investment.

Note 5. Stock-based Compensation Expense

The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and include the following:
	Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Stock Option Awards		$	10.9		$	11.7		$	21.3		$	22.4
Restricted Unit Awards			20.2			19.1			38.0			33.6
Total Stock-based Compensation Expense		$	31.1		$	30.8		$	59.3		$	56.0

 As of June 27, 2015, there was $97 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.6 years.

 As of June 27, 2015, there was $163 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2018 with a weighted average amortization period of 2.4 years.

 During the first six months of 2015, the company made equity compensation grants to employees consisting of 0.9 million service- and performance-based restricted stock units and options to purchase 1.8 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 second quarter of 2015 and 2014 and first six months of 2015 and 2014, the company recorded expense for cash-in-lieu of equity of $5.5 million, $10.0 million, $13.9 million and $17.1 million, respectively, related to these arrangements.

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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 generally 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						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Service Cost-Benefits Earned	$	6.1		$	5.0		$	12.3		$	9.6
Interest Cost on Benefit Obligation		19.3			23.5			38.7			43.6
Expected Return on Plan Assets		(23.3	)		(25.1	)		(46.6	)		(46.2	)
Amortization of Actuarial Net Loss		2.4			2.1			4.7			4.0
Amortization of Prior Service Benefit		(0.1	)		(0.1	)		(0.1	)		(0.1	)
Settlement/Curtailment Loss		0.1			—			0.1			—
Net Periodic Benefit Cost	$	4.5		$	5.4		$	9.1		$	10.9

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:

	Six Months Ended
	June 27,			June 28,
(In millions)	2015			2014
Provision for Income Taxes at Statutory Rate	$	310.0		$	353.8
Increases (Decreases) Resulting From:
Foreign rate differential		(72.6	)		(60.8	)
Income tax credits		(204.1	)		(59.4	)
Manufacturing deduction		(17.6	)		(8.9	)
Singapore tax holiday		(7.5	)		—
Impact of change in tax laws and apportionment on deferred taxes		(14.4	)		(25.9	)
Nondeductible expenses		4.4			3.3
Provision (reversal) of tax reserves, net		—			25.3
Basis difference on disposal of businesses		—			(61.9	)
Tax return reassessments and settlements		(7.0	)		—
State income taxes, net of federal tax		(3.0	)		23.1
Other, net		0.7			0.7
Provision for (benefit from) income taxes	$	(11.1	)	$	189.3

 In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. As a result of these initiatives, the company generated U.S. foreign tax credits of $123 million, offset in part by additional U.S. income taxes of $43 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2015.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

 The company has significant activities in Singapore and has received considerable tax incentives. The local taxing authority granted the company pioneer company status which provides an incentive encouraging companies to undertake activities that have the effect of promoting economic or technological development in Singapore. This incentive equates to a tax exemption on earnings associated with most of the company’s manufacturing activities in Singapore and continues through December 31, 2021. The impact of this tax holiday decreased the annual effective tax rate by 0.8% and increased diluted earnings per share by approximately $0.02 in the first six months of 2015.

Note 8. Earnings per Share  

	Three Months Ended				Six Months Ended
	June 27,		June 28,		June 27,		June 28,
(In millions except per share amounts)	2015		2014		2015		2014
Net Income	$	511.6	$	278.5	$	896.7	$	821.6
Basic Weighted Average Shares		398.4		399.4		398.1		396.3
Plus Effect of:
Equity forward arrangement		—		—		—		0.3
Stock options and restricted units		3.1		3.7		3.4		4.1
Diluted Weighted Average Shares		401.5		403.1		401.5		400.7
Basic Earnings per Share	$	1.28	$	.70	$	2.25	$	2.07
Diluted Earnings per Share	$	1.27	$	.69	$	2.23	$	2.05

 Options to purchase 3.6 million, 2.5 million, 3.8 million and 2.4 million shares of common stock were not included in the computation of diluted earnings per share for the second quarter of 2015 and 2014 and first six months of 2015 and 2014, respectively, because their effect would have been antidilutive.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 9. Debt and Other Financing Arrangements  

	Effective
	Interest Rate at
	June 27,			June 27,			December 31,
(Dollars in millions)	2015			2015			2014
Commercial Paper		1.03	%	$	1,125.0		$	—
Term Loan		1.65	%		925.0			1,275.0
4.40% 5-Year Senior Notes, Due 3/1/2015					—			500.0
3.20% 5-Year Senior Notes, Due 5/1/2015					—			450.0
5.00% 10-Year Senior Notes, Due 6/1/2015					—			250.0
3.50% 5-Year Senior Notes, Due 1/15/2016		1.06	%		400.0			400.0
3.20% 5-Year Senior Notes, Due 3/1/2016		3.21	%		900.0			900.0
2.25% 5-Year Senior Notes, Due 8/15/2016		2.29	%		1,000.0			1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017		0.82	%		900.0			900.0
1.85% 5-Year Senior Notes, Due 1/15/2018		1.85	%		500.0			500.0
2.40% 5-Year Senior Notes, Due 2/1/2019		2.44	%		900.0			900.0
6.00% 10-Year Senior Notes, Due 3/1/2020		2.98	%		750.0			750.0
4.70% 10-Year Senior Notes, Due 5/1/2020		3.58	%		300.0			300.0
5.00% 10-Year Senior Notes, Due 1/15/2021		3.25	%		400.0			400.0
4.50% 10-Year Senior Notes, Due 3/1/2021		3.38	%		1,000.0			1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021		3.08	%		1,100.0			1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022		3.30	%		800.0			800.0
3.15% 10-Year Senior Notes, Due 1/15/2023		3.21	%		800.0			800.0
4.15% 10-Year Senior Notes, Due 2/1/2024		4.07	%		1,000.0			1,000.0
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)		2.03	%		714.7			774.3
5.30% 30-Year Senior Notes, Due 2/1/2044		5.30	%		400.0			400.0
Other					18.8			23.2
Total Borrowings at Par Value					13,933.5			14,422.5
Fair Value Hedge Accounting Adjustments					(32.9	)		(0.5	)
Unamortized Premium, Net					122.9			142.0
Total Borrowings at Carrying Value					14,023.5			14,564.0
Less: Short-term Obligations and Current Maturities					3,359.8			2,212.4
Long-term Obligations				$	10,663.7		$	12,351.6

 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 $2.00 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 4.0 to 1.0, decreasing 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 June 27, 2015, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $59 million as a result of outstanding letters of credit.

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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 June 27, 2015, outstanding borrowings under this program were $1.13 billion, with a weighted average remaining period to maturity of 62 days.

Term Loan

In connection with the acquisition of Life Technologies, the company entered into an 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 4.0 to 1.0, decreasing to 3.5 to 1.0 by August 2015, and a minimum interest coverage ratio of 3.0 to 1.0. As of June 27, 2015, outstanding borrowings under the term loan agreement were $0.93 billion all of which were repaid during July 2015.

Senior Notes

Interest on the euro-denominated 2.00% Senior Notes due 2025 is payable annually. Interest on each of the other 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.

In March 2015, the company redeemed its 5% Senior Notes due June 1, 2015, and recorded a charge of $3 million for the early extinguishment of this debt.

Interest Rate Swap Arrangements

In February 2015, the company entered into LIBOR-based interest rate swap arrangements with various banks on its outstanding 4.70% Senior Notes due May 1, 2020, 4.50% Senior Notes due March 1, 2021 and 3.60% Senior Notes due August 15, 2021. The aggregate amounts of the swaps are equal to the principal amounts of the notes and the payment dates of the swaps coincide with the interest payment dates of the notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plus a spread of 3.156% (3.3400% at June 27, 2015) and receive a fixed rate of 4.70% on the 4.70% Notes; to pay a variable interest rate of one-month LIBOR plus a spread of 2.868% (3.0520% at June 27, 2015) and receive a fixed rate of 4.50% on the 4.50% Notes; and to pay a variable interest rate of one-month LIBOR plus a spread of 1.937% (2.1225% at June 27, 2015) and receive a fixed rate of 3.60% on the 3.60% Notes. The variable interest rates reset monthly. The swaps have been accounted for as fair value hedges of the notes. See Note 12 for additional information.

 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% (0.8456% at June 27, 2015) 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.

19

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Note 10. Commitments and Contingencies  

Environmental Matters

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 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. At June 27, 2015 and December 31, 2014, the company’s total environmental liability was approximately $41 million and $32 million, respectively. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations or cash flows.

Litigation and Related Contingencies

 There are various lawsuits and claims pending against the company involving product liability, intellectual property, employment, and contractual issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid 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. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, and, with respect to certain pending litigation or claims where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows.

   Product Liability, Workers Compensation and Other Personal Injury Matters

 For product liability, workers compensation and other personal injury matters, the company accrues the most likely amount or at least the minimum of the range of possible loss when a range of possible loss can be estimated. The company records estimated amounts due from insurers related to certain product liabilities as an asset. Although the company believes that the amounts accrued 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 payment history as well as the financial condition and ratings of its insurers on an ongoing basis.

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(Unaudited)

   Intellectual Property Matters

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 July 13, 2015, 454 Life Sciences (a member of the Roche Group) filed complaints against Ion Torrent, Inc., Life Technologies Corp., and Thermo Fisher Scientific, Inc. in the United States District Court for the District of Delaware and in Germany. Plaintiff alleges (i) infringement of patents relating to methods of analyzing nucleic acid sequences using emulsion amplification, which plaintiff alleges are impermissibly used in Ion Torrent sequencing workflows and (ii) breach of contract. Plaintiff seeks damages for alleged willful infringement and breach of contract, attorneys’ fees and costs, and injunctive relief.

 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. In March 2015 the United States Court of Appeals for the Federal Circuit vacated the judgment and returned the case to the District Court for further proceedings. The company has maintained the $60.9 million accrual, pending appeals.

 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 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 plaintiffs and Life Technologies filed cross-appeals with 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 December 15, 2014, the Court of Appeals issued a decision invalidating four of the plaintiffs’ patents, but finding infringement by Life Technologies of the remaining fifth patent. The Court of Appeals also ordered a new trial on damages in the District Court.

 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.

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(Unaudited)

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.

Note 11. Comprehensive Income and Shareholders’ Equity

Comprehensive Income (Loss)

 Comprehensive income (loss) 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 on Available-for- Sale Investments		Unrealized Gains (Losses) on Hedging Instruments			Pension and Other Postretirement Benefit Liability Adjustment			Total
Balance at December 31, 2014	$	(1,070.6	)	$	1.3	$	(20.9	)	$	(194.8	)	$	(1,285.0	)
Other comprehensive income (loss)       before reclassifications		(342.0	)		—		23.0			3.4			(315.6	)
Amounts reclassified from       accumulated other       comprehensive items		—			—		1.9			3.6			5.5
Net other comprehensive items		(342.0	)		—		24.9			7.0			(310.1	)
Balance at June 27, 2015	$	(1,412.6	)	$	1.3	$	4.0		$	(187.8	)	$	(1,595.1	)

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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 2015. 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 June 27, 2015:
	June 27,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	2015		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	69.3	$	69.3	$	—	$	—
Bank time deposits		2.0		2.0		—		—
Investments in mutual funds, unit trusts and other     similar instruments		7.7		7.7		—		—
Insurance contracts		103.6		—		103.6		—
Derivative contracts		50.3		—		50.3		—
Total Assets	$	232.9	$	79.0	$	153.9	$	—
Liabilities
Derivative contracts	$	48.5	$	—	$	48.5	$	—
Contingent consideration		7.6		—		—		7.6
Total Liabilities	$	56.1	$	—	$	48.5	$	7.6

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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, 2014:
	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	2014		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	617.3	$	617.3	$	—	$	—
Bank time deposits		8.5		8.5		—		—
Investments in mutual funds, unit trusts and other     similar instruments		8.7		8.7		—		—
Insurance contracts		102.5		—		102.5		—
Derivative contracts		20.2		—		20.2		—
Total Assets	$	757.2	$	634.5	$	122.7	$	—
Liabilities
Derivative contracts	$	10.4	$	—	$	10.4	$	—
Contingent consideration		29.6		—		—		29.6
Total Liabilities	$	40.0	$	—	$	10.4	$	29.6

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

	Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Contingent Consideration
Beginning Balance	$	21.0		$	33.1		$	29.6		$	5.1
Acquisition		—			—			—			29.1
Payments		—			(5.0	)		(8.0	)		(6.1	)
Change in fair value included in earnings		—			3.6			(0.5	)		3.6
Sale of a product line		(13.4	)		—			(13.4	)		—
Currency translation		—			0.3			(0.1	)		0.3
Ending Balance	$	7.6		$	32.0		$	7.6		$	32.0

 The notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.62 billion and $3.74 billion at June 27, 2015 and December 31, 2014, 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.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Fair Value – Assets				Fair Value – Liabilities
	June 27,		December 31,		June 27,		December 31,
(In millions)	2015		2014		2015		2014
Derivatives Designated as Hedging Instruments
Interest rate swaps (a)	$	37.1	$	—	$	40.7	$	3.7
Derivatives Not Designated as Hedging Instruments
Currency exchange contracts (b)		13.2		20.2		7.8		6.7

(a)	The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or 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 (Loss) Recognized
	Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)	2015			2014			2015			2014
Derivatives Designated as Fair Value Hedges
Interest rate swaps - effective portion	$	9.5		$	1.0		$	16.2		$	2.1
Interest rate swaps - ineffective portion (a)		(0.2	)		1.1			(7.2	)		1.8
Derivatives Not Designated as Fair Value Hedges
Currency exchange contracts
Included in cost of revenues	$	4.1		$	3.4		$	17.5		$	4.2
Included in other expense, net		17.1			(0.5	)		137.0			0.2

(a) The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements.

 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 are included in other expense, net in the accompanying statement of income.

The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated 2.00% Senior Notes, due 2025 have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. In the first six months of 2015, the currency translation adjustment component of other comprehensive income includes pre-tax net gains of $59.4 million from the euro-denominated notes.

Cash Flow Hedge Arrangements

In February 2015, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of a debt offering in 2016. Based on the company’s conclusion that a debt offering is probable as a result of debt maturing in 2016 and that such debt would carry semi-annual interest payments over a 10-year term, the swaps hedge the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned 10-year fixed-rate debt issue. The hedge will be terminated upon completion of a debt offering in 2016. The fair value of the hedge at that time will be recorded to accumulated other comprehensive items within shareholders’ equity and will be amortized to interest expense over the term of the debt. The change in the fair value of the hedge, $23 million, net of tax, as of June 27, 2015, was classified as an increase to accumulated other comprehensive items.

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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:

	June 27, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
(In millions)	Value		Value		Value		Value
Notes Receivable	$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
Senior notes	$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
Term loan		925.0		925.0		1,275.0		1,275.0
Commercial paper		1,125.0		1,125.0		—		—
Other		18.8		18.8		23.2		23.2
	$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8

 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

	Six Months Ended
	June 27,			June 28,
(In millions)	2015			2014
Non-cash Activities
Fair value of assets of acquired businesses	$	305.1		$	19,649.1
Cash paid for acquired businesses		(298.7	)		(13,529.0	)
Liabilities assumed of acquired businesses	$	6.4		$	6,120.1
Declared but unpaid dividends	$	61.2		$	61.4
Issuance of stock upon vesting of restricted stock units	$	79.7		$	76.8

Note 14. Restructuring and Other Costs, Net   

Restructuring and other costs in the first six months of 2015 primarily included 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 the U.S., Europe and Asia, and, to a lesser extent, third-party acquisition transaction and integration costs related to recent acquisitions and a charge for settlement of litigation at an acquired business, offset in part by gains on the sale of a small product line and real estate. In the first six months of 2015, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

 As of July 31, 2015, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in the remainder of 2015 and the first half of 2016, which will be recorded when specified criteria are met, such as abandonment of facilities.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Second Quarter of 2015

During the second quarter of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of  Revenues		Selling,  General and Administrative Expenses		Restructuring and Other  Costs, Net		Total
Life Sciences Solutions	$	0.9	$	0.1	$	3.4	$	4.4
Analytical Instruments		—		—		12.8		12.8
Specialty Diagnostics		0.2		—		1.9		2.1
Laboratory Products and Services		—		1.3		2.0		3.3
Corporate		—		1.8		0.3		2.1
	$	1.1	$	3.2	$	20.4	$	24.7

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

Life Sciences Solutions

The Life Sciences Solutions segment recorded $4.4 million of net restructuring and other charges in the second quarter of 2015. The segment recorded charges to cost of revenues of $0.9 million primarily for accelerated depreciation at facilities closing due to real estate consolidation; charges to selling, general and administrative expenses of $0.1 million for third-party transaction costs related to the acquisition of Advanced Scientifics; and $3.4 million of restructuring and other costs, net, $9.3 million of which were cash costs, primarily associated with headcount reductions and facility consolidations in the U.S. and Europe. In addition, the segment recorded a $3.5 million provision for settlement of a pre-acquisition litigation-related matter. These costs were partially offset by a $7.6 million gain on the sale of a small product line and a $1.9 million gain on the sale of real estate.

Analytical Instruments

 The Analytical Instruments segment recorded $12.8 million of net restructuring and other charges in the second quarter of 2015, $12.7 million of which were cash costs primarily for abandoned facilities costs associated with the remediation and closure of a manufacturing facility in the U.S.

Specialty Diagnostics

 The Specialty Diagnostics segment recorded $2.1 million of net restructuring and other charges in the second quarter of 2015. The segment recorded charges to cost of revenues of $0.2 million for accelerated depreciation at facilities closing due to real estate consolidation, as well as $1.9 million of other restructuring costs, all of which were cash costs primarily associated with headcount reductions as well as consolidation of facilities in the U.S. and Europe.

Laboratory Products and Services

 The Laboratory Products and Services segment recorded $3.3 million of net restructuring and other charges in the second quarter of 2015. The segment recorded charges to selling, general and administrative expenses of $1.3 million for third-party transaction costs related to the acquisition of Alfa Aesar and $1.2 million of cash restructuring costs, primarily severance costs associated with headcount reductions. The segment also recorded a $0.8 million of charges associated with a litigation-related matter of a divested business.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Corporate

During the second quarter of 2015, the company recorded $2.1 million of net restructuring and other charges. The segment recorded $1.8 million of charges to selling, general and administrative expenses associated with accelerated depreciation on information systems to be abandoned due to integration synergies, as well as $0.3 million of cash costs for severance at its corporate operations.

First Six Months of 2015

During the first six months of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling,  General and Administrative Expenses		Restructuring  and Other  Costs, Net		Total
Life Sciences Solutions	$	1.4	$	6.2	$	26.1	$	33.7
Analytical Instruments		—		—		18.4		18.4
Specialty Diagnostics		0.3		—		4.7		5.0
Laboratory Products and Services		—		0.8		2.9		3.7
Corporate		—		3.8		0.3		4.1
	$	1.7	$	10.8	$	52.4	$	64.9

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

Life Sciences Solutions

 In the first six months of 2015, the Life Sciences Solutions segment recorded $33.7 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $1.4 million primarily for sales of inventories revalued at the date of acquisition and accelerated depreciation at facilities closing due to real estate consolidation; $6.2 million of charges to selling, general and administrative expenses for third-party transaction and integration costs related to the acquisitions of Life Technologies and Advanced Scientifics; and $26.1 million of restructuring and other costs, net, $31.8 million of which were cash costs. These costs included $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $0.9 million of charges associated with a previous sale of a business; and $25.9 million of costs primarily associated with headcount reductions and facility consolidations in the U.S. and Europe, including $20.1 million for severance, $1.7 million of abandoned facility costs, and $4.1 million of other cash costs, including retention and outplacement costs. The segment also recorded a $3.5 million provision for a settlement of a pre-acquisition litigation related matter and $0.2 million of non-cash charges associated with restructuring actions. These costs were partially offset by a $7.6 million gain on the sale of a small product line, as well as a $1.9 million gain on the sale of real estate.

Analytical Instruments

 In the first six months of 2015, the Analytical Instruments segment recorded $18.4 million of net restructuring and other charges, $18.3 million of which were cash costs associated with abandoned facilities, including remediation and other closure costs, and, to a lesser extent, headcount reductions.

Specialty Diagnostics

 In the first six months of 2015, the Specialty Diagnostics segment recorded $5.0 million of net restructuring and other charges, including charges to cost of revenues of $0.3 million for accelerated depreciation at facilities closing due to real estate consolidation, and $4.7 million of cash costs for employee severance and other costs associated with headcount reductions.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Laboratory Products and Services

In the first six months of 2015, the Laboratory Products and Services segment recorded $3.7 million of net restructuring and other charges. The segment recorded $0.8 million of charges to selling, general and administrative expenses, including $1.3 million of third party transaction costs related to the acquisition of Alfa Aesar which was partially offset by $0.5 million of income for changes in estimates of contingent consideration. In addition, the segment recorded $2.1 million of cash restructuring costs primarily for employee severance and other costs associated with headcount reductions. The segment also recorded $0.8 million of charges associated with a litigation-related matter of a divested business.

Corporate

In the first six months of 2015, the company recorded $4.1 million of net restructuring and other charges, primarily $3.8 million of selling, general and administrative charges associated with accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $0.3 million of cash restructuring costs 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-2014 Restructuring Plans
Balance At December 31, 2014	$	6.2		$	7.5		$	1.8		$	15.5
Costs incurred in 2015 (b)		1.3			0.5			0.1			1.9
Reserves reversed		(1.8	)		(0.2	)		(0.1	)		(2.1	)
Payments		(2.4	)		(1.5	)		(0.8	)		(4.7	)
Currency translation		(0.3	)		(0.1	)		(0.1	)		(0.5	)
Balance At June 27, 2015	$	3.0		$	6.2		$	0.9		$	10.1
2014 Restructuring Plans
Balance At December 31, 2014	$	31.5		$	2.3		$	4.1		$	37.9
Costs incurred in 2015 (b)		8.0			1.2			4.1			13.3
Reserves reversed		(7.0	)		(0.1	)		(1.4	)		(8.5	)
Payments		(29.1	)		(3.0	)		(4.4	)		(36.5	)
Currency translation		(0.5	)		(0.1	)		(0.1	)		(0.7	)
Balance At June 27, 2015	$	2.9		$	0.3		$	2.3		$	5.5
2015 Restructuring Plans
Costs incurred in 2015 (b)	$	29.2		$	13.1		$	4.4		$	46.7
Payments		(21.3	)		(0.5	)		(3.8	)		(25.6	)
Currency translation		0.1			—			—			0.1
Balance At June 27, 2015	$	8.0		$	12.6		$	0.6		$	21.2

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(a)   Other includes cash charges for relocation and moving expenses associated with facility consolidations, 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 $7.6 million gain on the sale of a product line, $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $4.3 million of provision for losses on litigation-related matters; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.5 million of non-cash income, net, which are detailed by segment above.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs primarily through 2015 and abandoned-facility payments, over lease terms expiring through 2020.

Note 15. Subsequent Event  

In July 2015, the company issued €500 million principal amount of 2.15% Senior Notes due 2022. The terms of these notes are consistent with the company’s other outstanding senior notes that are described in Note 9.

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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. The company’s principal recent acquisitions and divestitures are described below.

 On February 3, 2014, the company 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. Life Technologies was integrated into the Life Sciences Solutions segment and 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 legacy sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.06 billion, net of cash divested. The sale of these businesses resulted in a pre-tax gain of approximately $761 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.

 On August 15, 2014, the company sold its Cole-Parmer specialty channel business, part of the Laboratory Products and Services segment, for $480 million in cash, net of cash divested. The sale of this business resulted in a pre-tax gain of approximately $134 million, included in restructuring and other costs (income), net. Revenues and operating income of the business sold were approximately $232 million and $43 million, respectively, for the year ended December 31, 2013 and $149 million and $28 million, respectively, in 2014 through the date of sale.

 In February 2015, the company acquired Advanced Scientifics, Inc., a North America-based global provider of single-use technologies for customized bioprocessing solutions, for approximately $289 million. Advanced Scientifics was integrated into the Life Sciences Solutions segment and expands the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014.

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

Overview of Results of Operations and Liquidity

	Three Months Ended										Six Months Ended
	June 27,					June 28,					June 27,					June 28,
(Dollars in millions)	2015					2014					2015					2014
Revenues
Life Sciences Solutions	$	1,129.3		26.4	%	$	1,103.1		25.5	%	$	2,149.2		26.2	%	$	1,938.6		23.6	%
Analytical Instruments		777.0		18.2	%		793.4		18.4	%		1,504.4		18.4	%		1,563.3		19.0	%
Specialty Diagnostics		817.1		19.1	%		855.1		19.8	%		1,602.3		19.6	%		1,668.8		20.3	%
Laboratory Products      and Services		1,693.3		39.6	%		1,699.4		39.3	%		3,206.7		39.2	%		3,289.9		40.0	%
Eliminations		(145.8	)	(3.3	)%		(129.1	)	(3.0	)%		(272.9	)	(3.4	)%		(235.2	)	(2.9	)%
	$	4,270.9		100	%	$	4,321.9		100	%	$	8,189.7		100	%	$	8,225.4		100	%

Sales in the second quarter of 2015 were $4.27 billion, a decrease of $51 million from the second quarter of 2014. Aside from the unfavorable effects of currency translation and dispositions, net of acquisitions (discussed in total and by segment under the caption “Results of Operations”), revenues in the second quarter of 2015 increased $244 million (6%) over the second quarter of 2014 revenues, primarily due to increased demand. Sales to customers in each of the company’s primary end markets grew. Demand from customers in pharmaceutical and biotech industries was particularly strong.

 Revenues and operating income of the company’s non-U.S. operations are translated into U.S. dollars to report consolidated results. Based on weakening of currency exchange rates against the U.S. dollar that occurred in late 2014 and early 2015, the company currently expects that there will be a significant adverse effect on reported amounts of revenues and operating income in the remainder of 2015 as a result of the stronger U.S. dollar.

 In the second quarter of 2015, total company operating income and operating income margin were $596 million and 14.0%, respectively, compared with $348 million and 8.1%, respectively, in 2014. The increase in operating income was primarily due to $170 million of charges in the 2014 quarter related to the acquisition of Life Technologies and, to a lesser extent, profit on higher sales in local currencies, productivity improvements, net of inflationary cost increases and lower restructuring costs in the 2015 quarter. These increases were offset in part by lower profitability as a result of unfavorable foreign currency exchange. 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, a lower cost structure following restructuring actions, including headcount reductions and consolidation of facilities, low cost region manufacturing and, where applicable, acquisition cost synergies.

 The company recorded a benefit from income taxes in the second quarter of 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These initiatives resulted in additional foreign tax credits of $46 million, offset in part by additional U.S. income taxes of $16 million on the related foreign income (net benefit of $30 million), which was a discrete item that reduced the company’s effective rate by 6.0 percentage points. The company expects its effective tax rate for all of 2015 will be less than 3% based on currently forecasted rates of profitability in the countries in which the company conducts business. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes are higher than its income tax expense for financial reporting purposes and are expected to total $550 to $575 million in 2015. The company recorded a benefit from income taxes in the second quarter of 2014 due to restructuring and other costs associated with the acquisition of Life Technologies as well as an increase in the expected benefit from foreign tax credits. In the second quarter of 2014, the company implemented tax planning initiatives related to non-U.S. subsidiaries. The majority of the benefit derived from these initiatives resulted in additional foreign tax credits with benefits of $24.0 million which was a discrete item that reduced the company’s effective tax rate in the 2014 period by 10.1 percentage points. The tax provision in the 2015 and 2014 periods were favorably affected by $15.1 million, or 3.0 percentage points and $5.4 million, or 2.3 percentage points, respectively, as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both periods was also affected by relatively significant earnings in lower tax jurisdictions.

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Overview of Results of Operations and Liquidity (continued)

Net income increased to $512 million in the second quarter of 2015, compared to $279 million in the second quarter of 2014 primarily due to the increase in operating income in the 2015 period (discussed above) and, to a lesser extent a reduction in interest expense (discussed under the caption “Results of Operations”) offset in part by a decrease in the income tax benefit in the 2015 period (discussed above).

 During the first six months of 2015, the company’s cash flow from operations totaled $845 million, compared with $990 million for the first six months of 2014. The decrease resulted from higher payments for incentive compensation and interest following the Life Technologies acquisition as well as higher income tax payments, offset in part by cash disbursements in the 2014 period totaling $287 million related to the acquisition of Life Technologies, including severance obligations, third-party transaction/integration costs and monetizing certain equity awards held by Life Technologies employees at the date of acquisition.

 As of June 27, 2015, the company’s short-term debt totaled $3.36 billion, including $1.31 billion of senior notes, due in the next twelve months, $0.93 billion on the company’s term loan and $1.13 billion of commercial paper obligations. The company has a revolving credit facility with a bank group that provides up to $2.00 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 June 27, 2015, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $59 million as a result of outstanding letters of credit.

In July 2015, the company issued €500 million principal amount of 2.15% Senior Notes due 2022.

The company believes that its existing cash and short-term investments of $770 million as of June 27, 2015, cash raised through the July 2015 debt offering, and its future cash flow from operations together with available borrowing capacity under its revolving credit agreement will be 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 2014, 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 six months of 2015.

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Results of Operations

Second Quarter 2015 Compared With Second Quarter 2014

Continuing Operations

	Three Months Ended
	June 27,			June 28,			Total			Currency			Acquisitions/
(In millions)	2015			2014			Change			Translation			Divestitures			Operations
Revenues
Life Sciences Solutions	$	1,129.3		$	1,103.1		$	26.2		$	(76.6	)	$	21.4		$	81.4
Analytical Technologies		777.0			793.4			(16.4	)		(50.2	)		1.3			32.5
Specialty Diagnostics		817.1			855.1			(38.0	)		(58.6	)		3.9			16.7
Laboratory Products     and Services		1,693.3			1,699.4			(6.1	)		(87.2	)		(52.9	)		134.0
Eliminations		(145.8	)		(129.1	)		(16.7	)		4.2			—			(20.9	)
Consolidated Revenues	$	4,270.9		$	4,321.9		$	(51.0	)	$	(268.4	)	$	(26.3	)	$	243.7

 Sales in the second quarter of 2015 were $4.27 billion, a decrease of $51 million from the second quarter of 2014. The unfavorable effects of currency translation resulted in a decrease in revenues of $268 million in 2015. Sales decreased $26 million due to divestitures, net of acquisitions. Aside from the effects of currency translation, divestitures and acquisitions, revenues increased $244 million (6%) primarily due to increased demand. Sales to customers in each of the company’s primary end markets grew. Demand from customers in pharmaceutical and biotech industries was particularly strong. Sales growth was strong in each of the company’s principal geographic regions. Revenues and operating income of the company’s non-U.S. operations are translated into U.S. dollars to report consolidated results. Based on weakening of currency exchange rates against the U.S. dollar that occurred in late 2014 and early 2015, the company currently expects that there will be a significant adverse effect on reported amounts of revenues and operating income in the remainder of 2015 as a result of the stronger U.S. dollar.

 In the second quarter of 2015, total company operating income and operating income margin were $596 million and 14.0%, respectively, compared with $348 million and 8.1%, respectively, in 2014. The increase in operating income was primarily due to $170 million of charges in the 2014 quarter related to the acquisition of Life Technologies and, to a lesser extent, profit on higher sales in local currencies, productivity improvements, net of inflationary cost increases and lower restructuring costs in the 2015 quarter. These increases were offset in part by lower profitability as a result of unfavorable foreign currency exchange. 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, a lower cost structure following restructuring actions, including headcount reductions and consolidation of facilities, low cost region manufacturing and, where applicable, acquisition cost synergies.

 In the second quarter of 2015, the company recorded restructuring and other costs, net, of $25 million primarily for abandoned facilities costs associated with the remediation and closure of a manufacturing facility in the U.S. and for actions to achieve synergies from the Life Technologies acquisition, and, to a lesser extent, a charge for settlement of litigation at an acquired business and third-party transaction costs related to the pending acquisition of Alfa Aesar. These costs were partially offset by gains on the sale of a product line and real estate (see Note 14).

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Results of Operations (continued)

In the second quarter of 2014, the company recorded restructuring and other costs, net, of $232 million, including $156 million of charges to cost of revenues primarily from the sale of inventories revalued at the date of acquisition and $15 million of charges to selling, general and administrative expenses primarily for transaction costs related to the acquisition of Life Technologies and, to a lesser extent, for changes in estimates of contingent consideration for acquisitions. The company incurred $52 million of cash restructuring costs primarily for actions to achieve synergies from the Life Technologies acquisition. 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., Europe and Asia.

 As of July 31, 2015, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in the remainder of 2015 and the first half of 2016, and expects to identify additional actions during the remainder of 2015. The additional charges will be recorded when specified criteria are met, such as abandonment of facilities.

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.

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Results of Operations (continued)

	Three Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues
Life Sciences Solutions	$	1,129.3		$	1,103.1			2	%
Analytical Instruments		777.0			793.4			(2	)%
Specialty Diagnostics		817.1			855.1			(4	)%
Laboratory Products and Services		1,693.3			1,699.4			0	%
Eliminations		(145.8	)		(129.1	)		13	%
Consolidated Revenues	$	4,270.9		$	4,321.9			(1	)%
Segment Income
Life Sciences Solutions	$	323.5		$	299.1			8	%
Analytical Instruments		139.6			130.4			7	%
Specialty Diagnostics		227.2			236.4			(4	)%
Laboratory Products and Services		260.0			257.7			1	%
Subtotal Reportable Segments		950.3			923.6			3	%
Cost of Revenues Charges		(1.1	)		(156.1	)
Selling, General and Administrative Charges, Net		(3.2	)		(14.9	)
Restructuring and Other Costs, Net		(20.4	)		(60.9	)
Amortization of Acquisition-related Intangible Assets		(329.8	)		(343.6	)
Consolidated Operating Income	$	595.8		$	348.1			71	%
Reportable Segments Operating Income Margin		22.3	%		21.4	%
Consolidated Operating Income Margin		14.0	%		8.1	%

Income from the company’s reportable segments increased 3% to $950 million in the second quarter of 2015 due primarily to productivity improvements, net of inflationary costs increases and, to a lesser extent, profit on higher sales in local currencies offset in part by the unfavorable impact of foreign exchange and strategic growth investments.

   Life Sciences Solutions

	Three Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	1,129.3		$	1,103.1			2	%
Operating Income Margin		28.6	%		27.1	%	1.5pt

Sales in the Life Sciences Solutions segment increased $26 million to $1.13 billion in the second quarter of 2015. Sales increased $81 million (7%) due to higher revenues at existing businesses and $21 million due to an acquisition offset in part by a decrease of $77 million due to the unfavorable effects of currency translation. The increase in revenue at existing businesses was primarily due to increased demand for biosciences products as well as bioprocess production products.

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Results of Operations (continued)

Operating income margin was 28.6% in the second quarter of 2015 and 27.1% in the second quarter of 2014. The increase resulted primarily from productivity improvements (including acquisition cost synergies), net of inflationary cost increases and, to a lesser extent, favorable sales mix, offset by unfavorable foreign exchange effects.

   Analytical Instruments

	Three Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	777.0		$	793.4			(2	)%
Operating Income Margin		18.0	%		16.4	%	1.6pt

Sales in the Analytical Instruments segment decreased $16 million to $777 million in the second quarter of 2015. Sales decreased $50 million due to the unfavorable effects of currency translation offset in part by $33 million (4%) of higher revenues at existing businesses and $1 million due to acquisitions. The increase in revenue at existing businesses was primarily due to increased demand for chromatography products and, to a lesser extent, sales of service offerings. These increases were offset in part by modestly lower sales of chemical analysis products due primarily to softness in certain commodity materials markets.

 Operating income margin was 18.0% in the second quarter of 2015 and 16.4% in the second quarter of 2014. The increase resulted primarily from productivity improvements, net of inflationary cost increases and, to a lesser extent, favorable sales mix, offset in part by the impact of unfavorable foreign currency exchange and strategic growth investments.

   Specialty Diagnostics

	Three Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	817.1		$	855.1			(4	)%
Operating Income Margin		27.8	%		27.6	%	0.2pt

Sales in the Specialty Diagnostics segment decreased $38 million to $817 million in the second quarter of 2015. Sales decreased $59 million due to the unfavorable effects of currency translation offset in part by $17 million (2%) due to higher revenues at existing businesses and $4 million due to an acquisition. The increase in revenue at existing businesses was primarily due to increased demand for clinical diagnostics and immunodiagnostics products.

 Operating income margin was 27.8% in the second quarter of 2015 and 27.6% in the second quarter of 2014. The increase resulted primarily from productivity improvements, net of inflationary cost increases and, to a lesser extent, profit on higher sales in local currencies, offset in part by strategic growth investments and unfavorable foreign currency exchange.

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Results of Operations (continued)

   Laboratory Products and Services

	Three Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	1,693.3		$	1,699.4			0	%
Operating Income Margin		15.4	%		15.2	%	0.2pt

Sales in the Laboratory Products and Services segment decreased $6 million to $1.69 billion in the second quarter of 2015. Sales decreased $87 million due to the unfavorable effects of currency translation and $53 million due to a divestiture. These decreases were offset by an increase of $134 million (8%) due to higher revenues at existing businesses. The increase in revenue at existing businesses was primarily due to increased demand for laboratory equipment and consumables and, to a lesser extent, clinical trials logistics services.

 Operating income margin was 15.4% in the second quarter of 2015 and 15.2% in the second quarter of 2014. The increase resulted primarily from productivity improvements, net of inflationary cost increases, offset in part by strategic growth investments and unfavorable sales mix.

Other Expense, Net

 The company reported other expense, net, of $92 million and $112 million in the second quarter of 2015 and 2014, 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 decreased $26 million primarily due to a reduction in outstanding debt.

Provision for Income Taxes

 The company recorded a benefit from income taxes in the second quarter of 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These initiatives resulted in additional foreign tax credits of $46 million, offset in part by additional U.S. income taxes of $16 million on the related foreign income (net benefit of $30 million), which was a discrete item that reduced the company’s effective rate by 6.0 percentage points. The company expects its effective tax rate for all of 2015 will be less than 3% based on currently forecasted rates of profitability in the countries in which the company conducts business. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes are higher than its income tax expense for financial reporting purposes and are expected to total $550 to $575 million in 2015. The company recorded a benefit from income taxes in the second quarter of 2014 due to restructuring and other costs associated with the acquisition of Life Technologies as well as an increase in the expected benefit from foreign tax credits. In the second quarter of 2014, the company implemented tax planning initiatives related to non-U.S. subsidiaries. The majority of the benefit derived from these initiatives resulted in additional foreign tax credits with benefits of $24.0 million which was a discrete item that reduced the company’s effective tax rate in the 2014 period by 10.1 percentage points. The tax provision in the 2015 and 2014 periods were favorably affected by $15.1 million, or 3.0 percentage points and $5.4 million, or 2.3 percentage points, respectively, as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both periods was also affected by relatively significant earnings in lower tax jurisdictions.

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.

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

Results of Operations (continued)

Results of Operations

First Six Months of 2015 Compared With First Six Months of 2014

Continuing Operations

	Six Months Ended
	June 27,			June 28,			Total			Currency			Acquisitions/
(In millions)	2015			2014			Change			Translation			Divestitures			Operations
Revenues
Life Sciences Solutions	$	2,149.2		$	1,938.6		$	210.6		$	(134.9	)	$	258.1		$	87.4
Analytical Instruments		1,504.4			1,563.3			(58.9	)		(100.2	)		2.7			38.6
Specialty Diagnostics		1,602.3			1,668.8			(66.5	)		(109.4	)		4.9			38.0
Laboratory Products     and Services		3,206.7			3,289.9			(83.2	)		(160.3	)		(105.9	)		183.0
Eliminations		(272.9	)		(235.2	)		(37.7	)		7.3			(7.1	)		(37.9	)
Consolidated Revenues	$	8,189.7		$	8,225.4		$	(35.7	)	$	(497.5	)	$	152.7		$	309.1

 Sales in the first six months of 2015 were $8.19 billion, a decrease of $36 million from the first six months of 2014. The unfavorable effects of currency translation resulted in a decrease in revenues of $498 million in 2015. Sales increased $153 million due to acquisitions, principally Life Technologies, net of divestitures. Aside from the effects of currency translation, acquisitions and divestitures, revenues increased $309 million (4%) primarily due to increased demand. Sales to customers in the company’s primary end markets grew, except for those in academic and government markets where sales declined modestly. The decrease was primarily in Japan where first quarter 2014 sales were spurred by an impending consumption tax increase and demand in the first quarter of 2015 was slow due to the timing of the Japanese government budget passage. Sales growth was moderate in North America and Europe and strong in Asia.

 In the first six months of 2015, total company operating income and operating income margin were $1.08 billion and 13.2%, respectively, compared with $1.22 billion and 14.9%, respectively, in the first six months of 2014. The decrease in operating income and operating income margin was primarily due to gains of $762 million on the sale of businesses in the 2014 period, offset in part by $421 million of charges in the 2014 period associated with the February 2014 acquisition of Life Technologies. The unfavorable impact of foreign currency exchange also contributed to the decrease in profitability. Amortization expense was $29 million higher in 2015, primarily related to the acquisition of Life Technologies. These factors that reduced operating income in 2015 were offset in part by productivity improvements, net of inflationary cost increases and, to a lesser extent, profit on higher sales in local currencies.

 In the first six months of 2015, the company recorded restructuring and other costs, net, of $65 million, including $2 million of charges to cost of revenues for accelerated depreciation at facilities closing due to real estate consolidation and the sale of inventories revalued at the date of acquisition, $11 million of charges to selling, general and administrative expenses primarily for third-party transaction and integration costs related to the acquisitions of Life Technologies and Alfa Aesar, and $57 million of cash restructuring costs primarily for actions to achieve synergies from the Life Technologies acquisition and for abandoned facilities costs associated with a manufacturing facility in the U.S. 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., Europe and Asia. The company also recorded a charge for settlement of litigation at an acquired business. These costs were partially offset by gains on the sale of a small product line and real estate (see Note 14).

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Results of Operations (continued)

In the first six months of 2014, the company recorded restructuring and other income, net, of $99 million, including net gains on the sale of businesses of $762 million, offset in part by $325 million of charges to cost of revenues primarily related to the sale of inventories revalued at the date of acquisition and $98 million of charges to selling, general and administrative expenses primarily for transaction costs related to the acquisition of Life Technologies. The company incurred $228 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 were being consolidated, including the consolidation of operations within several facilities in the U.S., Europe and Asia.

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Results of Operations (continued)

Segment Results

	Six Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues
Life Sciences Solutions	$	2,149.2		$	1,938.6			11	%
Analytical Instruments		1,504.4			1,563.3			(4	)%
Specialty Diagnostics		1,602.3			1,668.8			(4	)%
Laboratory Products and Services		3,206.7			3,289.9			(3	)%
Eliminations		(272.9	)		(235.2	)		16	%
Consolidated Revenues	$	8,189.7		$	8,225.4			0	%
Segment Income
Life Sciences Solutions	$	622.2		$	543.7			14	%
Analytical Instruments		261.3			261.3			0	%
Specialty Diagnostics		441.3			457.4			(4	)%
Laboratory Products and Services		482.1			491.7			(2	)%
Subtotal Reportable Segments		1,806.9			1,754.1			3	%
Cost of Revenues Charges		(1.7	)		(324.6	)
Selling, General and Administrative Charges, Net		(10.8	)		(97.7	)
Restructuring and Other Income (Costs), Net		(52.4	)		521.3
Amortization of Acquisition-related Intangible Assets		(658.9	)		(629.5	)
Consolidated Operating Income	$	1,083.1		$	1,223.6			(11	)%
Reportable Segments Operating Income Margin		22.1	%		21.3	%
Consolidated Operating Income Margin		13.2	%		14.9	%

Income from the company’s reportable segments increased 3% to $1.81 billion in the first six months of 2015 due primarily to productivity improvements, net of inflationary costs increases and, to a lesser extent, profit on higher sales in local currencies, offset in part by the unfavorable impact of foreign exchange and strategic growth investments.

   Life Sciences Solutions

	Six Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	2,149.2		$	1,938.6			11	%
Operating Income Margin		29.0	%		28.0	%	1.0pt

Sales in the Life Sciences Solutions segment increased $211 million to $2.15 billion in the first six months of 2015 primarily due to the acquisition of Life Technologies, net of divestitures. Had the acquisition of Life Technologies been completed at the beginning of 2013, pro forma revenues for the 2015 period would have decreased $59 million compared to pro forma 2014 revenues, including a decrease of $149 million due to the unfavorable effects of currency translation and a decrease of $7 million due to dispositions, net of other acquisitions, offset in part by an increase of $98 million (5%) due to higher revenues at existing businesses. The increase in pro forma revenue at existing businesses was primarily due to increased demand for bioprocess production products as well as biosciences products.

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Results of Operations (continued)

Operating income margin was 29.0% in the first six months of 2015 compared to 28.0% in the first six months of 2014. The increase resulted primarily from productivity improvements (including acquisition cost synergies), net of inflationary cost increases. These increases were offset in part by the unfavorable impact of foreign currency exchange and, to a lesser extent, by exclusion in 2014 of January’s lower margin results for Life Technologies. Results for January commonly have a lower margin rate than results for the balance of the quarter, due to the phasing of revenue and costs.

   Analytical Instruments

	Six Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	1,504.4		$	1,563.3			(4	)%
Operating Income Margin		17.4	%		16.7	%	0.7pt

Sales in the Analytical Instruments segment decreased $59 million to $1.50 billion in the first six months of 2015. Sales decreased $100 million due to the unfavorable effects of currency translation offset in part by increases of $39 million (2%) 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 products and, to a lesser extent, sales of service offerings. These increases were offset in part by modestly lower sales of chemical analysis products due primarily to softness in certain commodity materials markets.

 Operating income margin was 17.4% in the first six months of 2015 compared to 16.7% in the first six months of 2014. The increase resulted primarily from productivity improvements, net of inflationary cost increases, offset in part by strategic growth investments and the impact of unfavorable foreign currency exchange.

   Specialty Diagnostics

	Six Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	1,602.3		$	1,668.8			(4	)%
Operating Income Margin		27.5	%		27.4	%	0.1pt

Sales in the Specialty Diagnostics segment decreased $67 million to $1.60 billion in the first six months of 2015. Sales decreased $109 million due to the unfavorable effects of currency translation offset in part by $38 million (2%) due to higher revenues at existing businesses and $5 million due to an acquisition net of a divestiture. The increase in revenue at existing businesses was primarily due to increased demand for clinical diagnostics products, products sold through the segment’s healthcare market channel and immunodiagnostics products.

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

Results of Operations (continued)

Operating income margin was 27.5% in the first six months of 2015 and 27.4% in the first six months of 2014. The increase resulted primarily from productivity improvements and, to a lesser extent, profit on higher sales in local currencies, offset in part by strategic growth investments and unfavorable foreign currency exchange.

   Laboratory Products and Services

	Six Months Ended
	June 27,			June 28,
(Dollars in millions)	2015			2014			Change
Revenues	$	3,206.7		$	3,289.9			(3	)%
Operating Income Margin		15.0	%		14.9	%	0.1pt

 Sales in the Laboratory Products and Services segment decreased $83 million to $3.21 billion in the first six months of 2015. Sales decreased $160 million due to the unfavorable effects of currency translation and $106 million due to a disposition. These decreases were offset in part by $183 million (6%) due to higher revenues at existing businesses. The increase in revenue at existing businesses was primarily due to increased demand for laboratory equipment and consumables and, to a lesser extent, clinical trials logistics services.

 Operating income margin was 15.0% in the first six months of 2015 and 14.9% in the first six months of 2014. The increase was primarily due to productivity improvements, net of inflationary cost increases offset by unfavorable sales mix and strategic growth investments.

Other Expense, Net

 The company reported other expense, net, of $198 million and $213 million in the first six months of 2015 and 2014, respectively (Note 4). Interest expense decreased $36 million primarily due to a reduction in outstanding debt. In 2015, other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and a $3 million loss on the early extinguishment of debt. In 2014, other items, net includes net gains of $5 million on the sale of investments.

Provision for Income Taxes

 The company recorded a benefit from income taxes in the first six months of 2015. In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. These initiatives resulted in additional foreign tax credits of $123 million, offset in part by additional U.S. income taxes of $43 million on the related foreign income (net benefit of $80 million), which was a discrete item that reduced the company’s effective rate by 9.0 percentage points. The company’s effective tax rate was 18.7% in the first six months of 2014. The provision for income taxes in the 2014 period includes $253 million related to gains on the sales of businesses. Aside from the discrete tax on the gains, the company had a benefit from income taxes. In the first six months of 2014 the company recognized a discrete tax benefit of $15.4 million, or 1.5 percentage points, attributable to tax rulings related to non-U.S. subsidiaries. In the first six months of 2014 the company implemented tax planning initiatives related to non-U.S. subsidiaries. The majority of the benefit derived from these initiatives resulted in additional foreign tax credits with benefits of $24.0 million which was a discrete item that reduced the company’s effective tax rate by 2.4 percentage points. The tax provision in the 2015 and 2014 periods were favorably affected by $14.4 million, or 1.6 percentage points, and $10.6 million, or 1.0 percentage points, respectively, as a result of adjustments to deferred tax balances due to changes in tax rates. The effective tax rate in both periods was also affected by relatively significant earnings in lower tax jurisdictions.

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

Results of Operations (continued)

Recent Accounting Pronouncements

 In April 2015, the FASB issued new guidance that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet.

 In January 2015, the FASB issued new guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

 In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements.

 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 that has or will have a major effect on 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. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

Contingent Liabilities

 The company is contingently liable with respect to certain legal proceedings and related matters. An unfavorable outcome that differs materially from current accrual estimates, if any, for one or more of the matters described under the headings “Product Liability, Workers Compensation and Other Personal Injury Matters” and “Intellectual Property Matters” 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 $0.14 billion at June 27, 2015, compared with $1.19 billion at December 31, 2014. Included in working capital were cash, cash equivalents and short-term investments of $770 million at June 27, 2015 and $1.35 billion at December 31, 2014. The decrease in working capital is primarily due to an increase in short-term debt of $1.15 billion.

First Six Months of 2015

 Cash provided by operating activities was $845 million during the first six months of 2015. Increases in accounts receivable and inventories used cash of $202 million and $122 million, respectively, primarily to support growth in sales in local currencies. Other liabilities decreased by $355 million primarily due to the timing of payments for incentive compensation and income taxes. Cash payments for income taxes increased to $313 million during the first six months of 2015, compared with $211 million in 2014. The company made cash contributions to its pension and postretirement benefit plans totaling $21 million during the first six months of 2015. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $67 million during the first six months of 2015.

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Liquidity and Capital Resources (continued)

During the first six months of 2015, the company’s investing activities used $469 million of cash. Acquisitions used cash of $299 million. The company’s investing activities also included the purchase of $193 million of property, plant and equipment. In June 2015, the company signed an agreement to acquire Alfa Aesar for £256 million (or approximately $400 million) in cash. The transaction which is expected to close by the end of 2015, is subject to customary closing conditions, including regulatory approvals.

 The company’s financing activities used $929 million of cash during the first six months of 2015. Repayments of long-term debt totaled $1.55 billion. An increase in commercial paper obligations provided cash of $1.12 billion. The company’s financing activities also included the repurchase of $500 million of the company’s common stock and the payment of $121 million in cash dividends, offset in part by $82 million of proceeds from employee stock option exercises. 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 June 27, 2015, $410 million was available for future repurchases of the company’s common stock under this authorization. In July 2015, the company repaid the remaining $0.93 billion balance of the term loan.

 The company’s commitments for purchases of property, plant and equipment contractual obligations and other commercial commitments did not change materially between December 31, 2014 and June 27, 2015. The company expects that for all of 2015, expenditures for property, plant and equipment, net of disposals, will approximate between $435 to $450 million.

 As of June 27, 2015, the company’s short-term debt totaled $3.36 billion, including $1.31 billion of senior notes, due in the next twelve months, $0.93 billion on the company’s term loan and $1.13 billion of commercial paper obligations. The company has a revolving credit facility with a bank group that provides up to $2.00 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 June 27, 2015, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $59 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.

In July 2015, the company issued €500 million principal amount of 2.15% Senior Notes due 2022.

The company believes that its existing cash and short-term investments of $770 million as of June 27, 2015, cash raised through the July 2015 debt offering, and its future cash flow from operations together with available borrowing capacity under its revolving credit agreement will be sufficient to meet the cash requirements of its existing businesses for the foreseeable future, including at least the next 24 months.

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Liquidity and Capital Resources (continued)

First Six Months of 2014

 Cash provided by operating activities was $990 million during the first six months of 2014. Increases in accounts receivable and inventories used cash of $154 million and $54 million, respectively, primarily to support growth in sales. Other assets decreased by $259 million primarily due to collection of tax refunds including those related to legacy Life Technologies’ operations. Other liabilities increased by $233 million primarily due to the timing of payments for income taxes. In the first six months of 2014, the company made cash payments including monetizing certain equity awards, severance obligations and transaction costs totaling $287 million related to the acquisition of Life Technologies. The company made cash contributions to its pension and postretirement benefit plans totaling $26 million during the first six months of 2014. Cash payments for income taxes totaled $211 million.

 During the first six 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 $13.05 billion. Proceeds from the sale of businesses provided $1.05 billion. The company’s investing activities also included the purchase of $180 million of property, plant and equipment.

 The company’s financing activities provided $5.82 billion of cash during the first six months of 2014. To partially fund the acquisition of Life Technologies, the company borrowed $5.00 billion under an unsecured term loan (Note 9) and issued 34.9 million shares of its common stock for net proceeds of $2.94 billion in cash. Repayments of long-term debt, principally the term loan, totaled $2.45 billion. An increase in commercial paper obligations provided cash of $306 million. The company’s financing activities also included the receipt of $109 million of proceeds from employee stock option exercises offset by the payment of $115 million in cash dividends.

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 2014.

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 June 27, 2015. 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 June 27, 2015, 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

 There have been no 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 June 27, 2015, that have materially affected or are reasonably likely to materially affect the company’s internal control over financial reporting.

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PART II OTHER INFORMATION   

Item 1. Legal Proceedings   

There are various lawsuits and claims against the company involving product liability, intellectual property, employment, and contractual issues. See “Note 10 to our Consolidated Financial Statements – Commitments and Contingencies.”

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 31.

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.

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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 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. In fiscal year 2013, the U.S. Government was unable to reach agreement on budget reduction measures required by the Budget Control Act of 2011. As a result, in early 2013, an enforcement mechanism known as sequestration went into effect, which triggered one year of budget reductions. Despite agreement not to impose similar cuts in fiscal years 2014 and 2015, it is possible that Congress will allow similar cuts to occur again in fiscal year 2016 and beyond.

 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.

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 our reported revenues and profitability when translated into U.S. dollars for financial reporting purposes. These fluctuations could also adversely affect the demand for products and services provided by us. 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. Should our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In the first six months of 2015, currency translation had an unfavorable effect of $498 million on revenues due to the strengthening of the U.S. dollar relative to other currencies in which the company sells products and services. For the remainder of 2015, the company is expecting a significant negative impact on revenues and operating income due to the stronger U.S. dollar.

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Risk Factors (continued)

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 acquisition of Life Technologies, we became party to several lawsuits in which plaintiffs claim we infringe their intellectual property (Note 10). 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.

 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.

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Risk Factors (continued)

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 $18.81 billion and $1.28 billion, respectively, as of June 27, 2015. In addition, we have definite-lived intangible assets totaling $12.10 billion as of June 27, 2015. 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. We assess the realizability of definite-lived intangible assets 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 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 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.

 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.

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Risk Factors (continued)

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.

 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. In 2012 the SEC adopted a 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 rule requires an annual disclosure report to be filed, and requires companies to perform due diligence and disclose and report whether or not such minerals originate from the Democratic Republic of Congo or an adjoining country. The 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 undertake, 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.

 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, or other events beyond our control could adversely affect our sales and customer relationships and therefore adversely affect our business. We have significant operations in California, near major earthquake faults, which makes us susceptible to earthquake risk. 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.

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Risk Factors (continued)

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 June 27, 2015, we had approximately $14.02 billion in outstanding indebtedness. In addition, we have a revolving credit facility that provides for up to $2.00 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.

 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 4.0 to 1.0, decreasing 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.

52

THERMO FISHER SCIENTIFIC INC.

Risk Factors (continued)

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 second quarter of 2015. On November 8, 2012, the company announced a repurchase program authorizing the purchase of up to $1 billion of the company's common stock beginning January 1, 2013. At June 27, 2015, $410 million was available for future repurchases of the company’s common stock under this authorization.

Item 6. Exhibits 

 See Exhibit Index on page 55.

53

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:  July 31, 2015	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

54

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number		Description of Exhibit
10.1	Ninth Supplemental Indenture, dated as of July 21, 2015, among the Company, The Bank of New York Mellon Trust Company, N.A., and The Bank of New York Mellon, London Branch (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed July 21, 2015 [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 June 27, 2015, and December 31, 2014, (ii) Consolidated Statements of Income for the three and six months ended June 27, 2015 and June 28, 2014, (iii) Consolidated Statement of Comprehensive Income for the three and six months ended June 27, 2015 and June 28, 2014, (iv) Consolidated Statements of Cash Flows for the six months ended June 27, 2015 and June 28, 2014, (v) Consolidated Statement of Shareholders’ Equity for the six months ended June 27, 2015 and June 28, 2014 and (vi) Notes to Consolidated Financial Statements.

55

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:  July 31, 2015

/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: July 31, 2015

/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 June 27, 2015, 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:  July 31, 2015

/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 June 27, 2015, 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:  July 31, 2015

/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

Warranty Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Warranty Obligation [Roll Forward]
Beginning Balance	$ 57.5	$ 49.8
Provision charged to income	38.3	38.2
Usage	(38.2)	(39.2)
Acquisitions	0.5	7.2
Adjustments to previously provided warranties, net	(2.0)	0.9
Currency translation	(1.8)	0.0
Ending Balance	$ 54.3	$ 56.9

XML

Debt Future Repayments (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 13,933.5	$ 14,422.5

XML

Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Stock-based Compensation Expense Disclosure [Abstract]
Tax benefit related to employees' and directors' stock plans	$ 48.6	$ 55.5
Options Outstanding [Roll Forward]
Granted	1.8

XML

Dispositions (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash divested	$ 0.0	$ 1,048.7
Gain (Loss) on Divestiture of Businesses	7.6	$ 761.8
Current Assets	6,236.6		$ 6,539.8
Current Liabilities	$ 6,100.4		$ 5,349.8

XML

Debt Short-term Financing (Details) - Jun. 27, 2015	USD ($)
U.S. Commercial Paper Program [Member]
Short-term Financing [Line Items]
Maximum Period to Maturity Allowed Under Program	397 days
Short-term Debt, Period to Maturity	62 days
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000,000
Line of Credit Facility, Expiration Date	Jul. 31, 2018
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA	4
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	$ 59,000,000
Line of Credit Facility, Amount Outstanding	$ 0

XML

Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Other Expense, Net Disclosure
Interest Income	$ 7.7	$ 16.0	$ 14.7	$ 27.9
Interest Expense	(102.9)	(129.1)	(211.3)	(246.9)
Other Items, Net	3.0	1.5	(0.9)	6.3
Other Expense, Net	$ (92.2)	$ (111.6)	(197.5)	(212.7)
Losses on Extinguishment of Debt			3.0
Gain on Sale of Investments				$ 5.0
Costs associated with entering into interest rate swap arrangements			$ 7.5

XML

Earnings per Share (Tables)

6 Months Ended

Jun. 27, 2015

Earnings per Share

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

			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions except per share amounts)			2015			2014			2015			2014
Net Income			$	511.6		$	278.5		$	896.7		$	821.6
Basic Weighted Average Shares				398.4			399.4			398.1			396.3
Plus Effect of:
	Equity forward arrangement			—			—			—			0.3
	Stock options and restricted units			3.1			3.7			3.4			4.1
Diluted Weighted Average Shares				401.5			403.1			401.5			400.7
Basic Earnings per Share			$	1.28		$	.70		$	2.25		$	2.07
Diluted Earnings per Share			$	1.27		$	.69		$	2.23		$	2.05

XML

Pensions Plan Assets Excluding FV Disclosures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Change in Fair Value of Plan Assets [Roll Forward]
Cash contributions to retirement plans	$ 21.2	$ 25.7

XML

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 03, 2014	Jun. 27, 2015	Dec. 31, 2014
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies, Net		$ 41.0	$ 32.0
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member]
Loss Contingency [Abstract]
Loss Contingency Accrued		$ 60.9
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | Life Technologies Corporation [Member]
Loss Contingency [Abstract]
Damages Awarded	$ 48.5
Prejudgment Interest Awarded	12.4
Loss Contingency Accrued	60.9
Promega Corp and Max-Plank-Gesellschaft [Member] | Life Technologies Corporation [Member]
Loss Contingency [Abstract]
Damages Awarded	52.0
Loss Contingency Accrued	$ 52.0

XML

Geographical Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,270.9	$ 4,321.9	$ 8,189.7	$ 8,225.4
Long-lived Assets	$ 2,406.9		$ 2,406.9		$ 2,426.5

XML

Acquisitions and Dispositions (Policies)

6 Months Ended

Jun. 27, 2015

Acquisitions and Dispositions Disclosure

Business Combinations Policy [Policy Text Block]

The company’s acquisitions have historically been made at prices above the determined 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 as incurred.

XML

Pensions Net Benefit Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Components of Net Benefit Cost
Service Cost-Benefits Earned	$ 6.1	$ 5.0	$ 12.3	$ 9.6
Interest Cost on Benefit Obligation	19.3	23.5	38.7	43.6
Expected Return on Plan Assets	(23.3)	(25.1)	(46.6)	(46.2)
Amortization of Actuarial Net Loss	2.4	2.1	4.7	4.0
Amortization of Prior Service Benefit	(0.1)	(0.1)	(0.1)	(0.1)
Settlement/Curtailment Loss	0.1		0.1
Net Periodic Benefit Cost	$ 4.5	$ 5.4	$ 9.1	$ 10.9

XML

Acquisition-related Intangible Assets (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	$ 18,011.7	$ 18,132.1
Accumulated Amortization	(5,912.5)	(5,323.9)
Definite-Lived Intangible Assets, Net	12,099.2	12,808.2
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-Lived Intangible Assets	1,284.5	1,301.9
Acquisition-related Intangible Assets, Gross	19,296.2	19,434.0
Acquisition-related Intangible Assets, net of Accumulated Amortization	13,383.7	14,110.1
Tradenames [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-Lived Intangible Assets	1,234.8	1,234.8
In-process Research and Development [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-Lived Intangible Assets	49.7	67.1
Customer Relationships [Member]
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	11,826.7	11,866.8
Accumulated Amortization	(3,745.3)	(3,340.6)
Definite-Lived Intangible Assets, Net	8,081.4	8,526.2
Product Technology [Member]
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	4,831.2	4,898.1
Accumulated Amortization	(1,630.7)	(1,501.3)
Definite-Lived Intangible Assets, Net	3,200.5	3,396.8
Tradenames [Member]
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	1,320.0	1,333.0
Accumulated Amortization	(503.1)	(448.7)
Definite-Lived Intangible Assets, Net	816.9	884.3
Other Intangible Assets [Member]
Definite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	33.8	34.2
Accumulated Amortization	(33.4)	(33.3)
Definite-Lived Intangible Assets, Net	$ 0.4	$ 0.9

XML

Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Unaudited Quarterly Information [Abstract]
Revenues	$ 4,270.9	$ 4,321.9	$ 8,189.7	$ 8,225.4
Net income	$ 511.6	$ 278.5	$ 896.7	$ 821.6
Earnings per Share
Basic (in dollars per share)	$ 1.28	$ 0.7	$ 2.25	$ 2.07
Diluted (in dollars per share)	1.27	0.69	2.23	2.05
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.15	$ 0.15	$ 0.3	$ 0.3
Total Restructuring and Other Costs (Income), Net	$ 24.7		$ 64.9

XML

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 27, 2015

Supplemental Cash Flow Information [Abstract]

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

			Six Months Ended
		June 27,			June 28,
(In millions)			2015			2014
Non-cash Activities
	Fair value of assets of acquired businesses		$	305.1		$	19,649.1
	Cash paid for acquired businesses			(298.7)			(13,529.0)
	Liabilities assumed of acquired businesses		$	6.4		$	6,120.1
	Declared but unpaid dividends		$	61.2		$	61.4
	Issuance of stock upon vesting of restricted stock units		$	79.7		$	76.8

XML

EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Earnings per Share
Net Income	$ 511.6	$ 278.5	$ 896.7	$ 821.6
Basic Weighted Average Shares	398.4	399.4	398.1	396.3
Effect of Equity Forward Arrangement	0.0	0.0	0.0	0.3
Effect of Stock Options and Restricted Units	3.1	3.7	3.4	4.1
Diluted Weighted Average Shares	401.5	403.1	401.5	400.7
Basic Earnings per Share:
Earnings Per Share, Basic (in dollars per share)	$ 1.28	$ 0.7	$ 2.25	$ 2.07
Diluted Earnings per Share:
Earnings Per Share, Diluted (in dollars per share)	$ 1.27	$ 0.69	$ 2.23	$ 2.05
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share	3.6	2.5	3.8	2.4

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Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Of Derivatives	$ 6,620	$ 3,740
Derivatives Designated as Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Of Derivatives	$ 1,000

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Fair Value Measurements, Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015		Jun. 28, 2014	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Costs associated with entering into interest rate swap arrangements included in ineffective portion of loss recognized			$ 7.5
Cash Flow Hedge Arrangements
Notional Amount Of Derivatives	$ 6,620.0		6,620.0			$ 3,740.0
Change in fair value of cash flow hedges, net of tax	31.0	$ 0.0	23.0		$ 0.0
Net Investment Hedge
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge			$ 59.4
Derivatives Designated as Cash Flow Hedges [Member]
Cash Flow Hedge Arrangements
Debt Instrument, Term			10 years
Notional Amount Of Derivatives	1,000.0		$ 1,000.0
Change in fair value of cash flow hedges, net of tax			23.0
Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Fair Value Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized	9.5	1.0	16.2		2.1
Ineffective Portion of Gain (Loss) Recognized	(0.2)	1.1	(7.2)	[1]	1.8
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments | Other Current Assets [Member]
Fair Value - Assets
Derivative Asset, Fair Value	37.1		37.1
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments | Other Long-term Liabilities [Member]
Fair Value - Liabilities
Derivative Liability, Fair Value	40.7		40.7			3.7
Foreign Currency Exchange Contracts [Member] | Cost of Revenues [Member] | Derivatives Not Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized	4.1	3.4	17.5		4.2
Foreign Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized	17.1	$ (0.5)	137.0		$ 0.2
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Fair Value Hedges | Other Current Assets [Member]
Fair Value - Assets
Derivative Asset, Fair Value	13.2		13.2			20.2
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Fair Value Hedges | Accrued Expense [Member]
Fair Value - Liabilities
Derivative Liability, Fair Value	$ 7.8		$ 7.8			$ 6.7

[1] The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements.

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Stockbased Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Stock Option Awards	$ 10.9	$ 11.7	$ 21.3	$ 22.4
Restricted Unit Awards	20.2	19.1	38.0	33.6
Stock-based Compensation Expense	31.1	30.8	59.3	56.0
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expense, Cash-in-Lieu of Pre-acquisition Equity Awards	5.5	$ 10.0	13.9	$ 17.1
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs On Nonvested Awards	97.0		$ 97.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition			2 years 7 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	$ 163.0		$ 163.0
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition			2 years 5 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

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Nature of Operations and Summary of Significant Accounting Policies

6 Months Ended

Jun. 27, 2015

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.

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 June 27,2015, the results of operations for the three- and six-month periods ended June 27,2015, and June 28,2014, and the cash flows for the six-month periods ended June 27,2015, and June 28,2014. Interim results are not necessarily indicative of results for a full year.

The consolidated balance sheet presented as of December 31, 2014, has been derived from the audited consolidated financial statements as of that date. The consolidated financial statements and notesare presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The consolidated financial statements and notesincluded in this report should be read in conjunction with the 2014 financial statements and notesincluded in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC).

Note 1 to the consolidated financial statements for 2014 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 six months ended June 27,2015.

Warranty Obligations

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

			Six Months Ended
		June 27,			June 28,
(In millions)			2015			2014
Beginning Balance			$	57.5		$	49.8
	Provision charged to income			38.3			38.2
	Usage			(38.2)			(39.2)
	Acquisitions			0.5			7.2
	Adjustments to previously provided warranties, net			(2.0)			0.9
	Currency translation			(1.8)			—
Ending Balance			$	54.3		$	56.9

Inventories

The components of inventories are as follows:

	June 27,			December 31,
(In millions)			2015	2014
Raw Materials		$	470.9	$	441.6
Work in Process			233.4		207.6
Finished Goods			1,258.0		1,210.3
Inventories		$	1,962.3	$	1,859.5

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	June 27,			December 31,
(In millions)			2015	2014
Land		$	279.4	$	281.8
Buildings and Improvements			979.1		955.1
Machinery, Equipment and Leasehold Improvements			2,733.3		2,632.0
Property, Plant and Equipment, at Cost			3,991.8		3,868.9
Less: Accumulated Depreciation and Amortization			1,584.9		1,442.4
Property, Plant and Equipment, at Cost, Net		$	2,406.9	$	2,426.5

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

		June 27, 2015							December 31, 2014
				Accumulated							Accumulated
(In millions)		Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived:
	Customer relationships	$	11,826.7		$	(3,745.3)	$	8,081.4	$	11,866.8		$	(3,340.6)	$	8,526.2
	Product technology		4,831.2			(1,630.7)		3,200.5		4,898.1			(1,501.3)		3,396.8
	Tradenames		1,320.0			(503.1)		816.9		1,333.0			(448.7)		884.3
	Other		33.8			(33.4)		0.4		34.2			(33.3)		0.9
			18,011.7			(5,912.5)		12,099.2		18,132.1			(5,323.9)		12,808.2
Indefinite Lived:
	Tradenames		1,234.8			—		1,234.8		1,234.8			—		1,234.8
	In-process research and development		49.7			—		49.7		67.1			—		67.1
			1,284.5			—		1,284.5		1,301.9			—		1,301.9
Acquisition-related Intangible Assets		$	19,296.2		$	(5,912.5)	$	13,383.7	$	19,434.0		$	(5,323.9)	$	14,110.1

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.

Recent Accounting Pronouncements

In April 2015, the FASB issued new guidance that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet.

In January 2015, the FASB issued new guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements.

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 that has or will have a major effect on 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. The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements.

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Fair Value of Other Instruments (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Other Financial Instruments [Abstract]
Notes Receivable - Carrying Value	$ 10.8	$ 8.3
Notes Receivable - Fair Value	10.8	8.3
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	14,023.5	14,564.0
Debt Obligations - Fair Value	14,141.7	14,888.8
Senior Notes [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	11,954.7	13,265.8
Debt Obligations - Fair Value	12,072.9	13,590.6
Term Loan
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	925.0	1,275.0
Debt Obligations - Fair Value	925.0	1,275.0
U.S. Commercial Paper Program [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	1,125.0	0.0
Debt Obligations - Fair Value	1,125.0	0.0
Other Debt [Member]
Carrying Value and Fair Value of Other Financial Instruments [Line Items]
Debt Obligations - Carrying Value	18.8	23.2
Debt Obligations - Fair Value	$ 18.8	$ 23.2

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Acquisitions Purchase Price (Details) £ in Millions, $ in Millions	1 Months Ended	5 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2015 USD ($)	Dec. 31, 2015 GBP (£)	Dec. 31, 2015 USD ($)	Jun. 27, 2015 USD ($)	Jun. 28, 2014 USD ($)	Dec. 31, 2014 GBP (£)	Dec. 31, 2014 USD ($)
Purchase Price
Cash Paid				$ 298.7	$ 13,529.0
Purchase Price Payable				1.3
Cash acquired				(0.1)
Total Purchase Price				299.9
Net Assets Acquired
Current assets				31.6
Property, plant and equipment				10.6
Goodwill				129.5
Other assets				0.2
Liabilities assumed				(5.1)
Total Purchase Price				$ 299.9
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years)				15 years
Other Information
Purchase Price Paid				$ 298.6	$ 13,054.5
Purchase Price Paid For Acquisitions Completed In A Prior Year				8.0
Customer Relationships [Member]
Net Assets Acquired
Definite-lived intangible assets				$ 94.3
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years)				16 years
Product Technology [Member]
Net Assets Acquired
Definite-lived intangible assets				$ 36.5
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years)				10 years
Tradenames and other [Member]
Net Assets Acquired
Definite-lived intangible assets				$ 2.3
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years)				10 years
Advanced Scientifics, Inc. [Member]
Purchase Price
Cash Paid	$ 289.1
Cash acquired	(0.1)
Total Purchase Price	289.0
Net Assets Acquired
Current assets	27.8
Property, plant and equipment	10.6
Goodwill	125.2
Other assets	0.2
Liabilities assumed	(3.6)
Total Purchase Price	289.0
Other Information
Revenue Reported by Acquired Entity							$ 80.0
Goodwill, Expected Tax Deductible Amount	125.2
Advanced Scientifics, Inc. [Member] | Customer Relationships [Member]
Net Assets Acquired
Definite-lived intangible assets	90.0
Advanced Scientifics, Inc. [Member] | Product Technology [Member]
Net Assets Acquired
Definite-lived intangible assets	36.5
Advanced Scientifics, Inc. [Member] | Tradenames and other [Member]
Net Assets Acquired
Definite-lived intangible assets	$ 2.3
Other Acquisitions [Member]
Purchase Price
Cash Paid				$ 9.6
Purchase Price Payable				1.3
Total Purchase Price				10.9
Net Assets Acquired
Current assets				3.8
Goodwill				4.3
Liabilities assumed				(1.5)
Total Purchase Price				10.9
Other Acquisitions [Member] | Customer Relationships [Member]
Net Assets Acquired
Definite-lived intangible assets				$ 4.3
Pending Acquisition - Alfa Aesar [Member]
Other Information
Revenue Reported by Acquired Entity						£ 78	$ 125.0
Pending Acquisition - Alfa Aesar [Member] | Pending Future Acquisition [Member]
Purchase Price
Cash Paid		£ 256	$ 400.0

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Other Expense, Net (Tables)

6 Months Ended

Jun. 27, 2015

Other Expense, Net Disclosure

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

		Three Months Ended						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)		2015			2014			2015			2014
Interest Income		$	7.7		$	16.0		$	14.7		$	27.9
Interest Expense			(102.9)			(129.1)			(211.3)			(246.9)
Other Items, Net			3.0			1.5			(0.9)			6.3
Other Expense, Net		$	(92.2)		$	(111.6)		$	(197.5)		$	(212.7)

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Business Segment Information (Tables)

6 Months Ended

Jun. 27, 2015

Business Segments

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

Business Segment Information
				Three Months Ended						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Revenues
	Life Sciences Solutions			$	1,129.3		$	1,103.1		$	2,149.2		$	1,938.6
	Analytical Instruments				777.0			793.4			1,504.4			1,563.3
	Specialty Diagnostics				817.1			855.1			1,602.3			1,668.8
	Laboratory Products and Services				1,693.3			1,699.4			3,206.7			3,289.9
	Eliminations				(145.8)			(129.1)			(272.9)			(235.2)
		Consolidated revenues			4,270.9			4,321.9			8,189.7			8,225.4
Segment Income (a)
	Life Sciences Solutions				323.5			299.1			622.2			543.7
	Analytical Instruments				139.6			130.4			261.3			261.3
	Specialty Diagnostics				227.2			236.4			441.3			457.4
	Laboratory Products and Services				260.0			257.7			482.1			491.7
		Subtotal reportable segments (a)			950.3			923.6			1,806.9			1,754.1
	Cost of revenues charges				(1.1)			(156.1)			(1.7)			(324.6)
	Selling, general and administrative charges, net				(3.2)			(14.9)			(10.8)			(97.7)
	Restructuring and other (costs) income, net				(20.4)			(60.9)			(52.4)			521.3
	Amortization of acquisition-related intangible assets				(329.8)			(343.6)			(658.9)			(629.5)
		Consolidated operating income			595.8			348.1			1,083.1			1,223.6
	Other expense, net (b)				(92.2)			(111.6)			(197.5)			(212.7)
	Income from continuing operations before income taxes			$	503.6		$	236.5		$	885.6		$	1,010.9
Depreciation
	Life Sciences Solutions			$	34.8		$	36.3		$	68.3		$	60.3
	Analytical Instruments				9.4			9.2			18.7			19.6
	Specialty Diagnostics				18.0			19.2			35.8			38.0
	Laboratory Products and Services				27.7			26.5			54.3			53.0
		Consolidated depreciation		$	89.9		$	91.2		$	177.1		$	170.9
(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						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Revenues
	Life Sciences Solutions			$	1,129.3		$	1,103.1		$	2,149.2		$	1,938.6
	Analytical Instruments				777.0			793.4			1,504.4			1,563.3
	Specialty Diagnostics				817.1			855.1			1,602.3			1,668.8
	Laboratory Products and Services				1,693.3			1,699.4			3,206.7			3,289.9
	Eliminations				(145.8)			(129.1)			(272.9)			(235.2)
		Consolidated revenues			4,270.9			4,321.9			8,189.7			8,225.4
Segment Income (a)
	Life Sciences Solutions				323.5			299.1			622.2			543.7
	Analytical Instruments				139.6			130.4			261.3			261.3
	Specialty Diagnostics				227.2			236.4			441.3			457.4
	Laboratory Products and Services				260.0			257.7			482.1			491.7
		Subtotal reportable segments (a)			950.3			923.6			1,806.9			1,754.1
	Cost of revenues charges				(1.1)			(156.1)			(1.7)			(324.6)
	Selling, general and administrative charges, net				(3.2)			(14.9)			(10.8)			(97.7)
	Restructuring and other (costs) income, net				(20.4)			(60.9)			(52.4)			521.3
	Amortization of acquisition-related intangible assets				(329.8)			(343.6)			(658.9)			(629.5)
		Consolidated operating income			595.8			348.1			1,083.1			1,223.6
	Other expense, net (b)				(92.2)			(111.6)			(197.5)			(212.7)
	Income from continuing operations before income taxes			$	503.6		$	236.5		$	885.6		$	1,010.9
Depreciation
	Life Sciences Solutions			$	34.8		$	36.3		$	68.3		$	60.3
	Analytical Instruments				9.4			9.2			18.7			19.6
	Specialty Diagnostics				18.0			19.2			35.8			38.0
	Laboratory Products and Services				27.7			26.5			54.3			53.0
		Consolidated depreciation		$	89.9		$	91.2		$	177.1		$	170.9
(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.

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Interest Rate Swap Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 6,620.0		$ 6,620.0		$ 3,740.0
Change in fair value of cash flow hedges, net of tax	31.0	$ 0.0	23.0	$ 0.0
Senior Notes 1.30% Due 2017 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 900.0		$ 900.0
Interest Rate Swap, Spread above One-month LIBOR	0.6616%		0.6616%
Interest Rate Swap, Variable Rate at Period End	0.8456%		0.8456%
Fixed Interest Rate	1.30%		1.30%
Senior Notes 4.70% Due 2020 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 300.0		$ 300.0
Interest Rate Swap, Spread above One-month LIBOR	3.156%		3.156%
Interest Rate Swap, Variable Rate at Period End	3.34%		3.34%
Fixed Interest Rate	4.70%		4.70%
Senior Notes 4.50% Due 2021 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 1,000.0		$ 1,000.0
Interest Rate Swap, Spread above One-month LIBOR	2.868%		2.868%
Interest Rate Swap, Variable Rate at Period End	3.052%		3.052%
Fixed Interest Rate	4.50%		4.50%
Senior Notes 3.60% Due 2021 [Member] | Interest Rate Swaps [Member]
Debt Instrument [Line Items]
Notional Amount Of Derivatives	$ 1,100.0		$ 1,100.0
Interest Rate Swap, Spread above One-month LIBOR	1.937%		1.937%
Interest Rate Swap, Variable Rate at Period End	2.1225%		2.1225%
Fixed Interest Rate	3.60%		3.60%

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Acquisition Pro Forma Results (Details) - 6 months ended Jun. 28, 2014 - USD ($) $ / shares in Units, $ in Millions	Total
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 8,501.5
Net Income	$ 1,113.0
Earnings per Share:
Basic (in dollars per share)	$ 2.79
Diluted (in dollars per share)	$ 2.76

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Stockbased Compensation Expense (Tables)

6 Months Ended

Jun. 27, 2015

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 primarily included in selling, general and
administrative expenses and include the following:
			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Stock Option Awards			$	10.9		$	11.7		$	21.3		$	22.4
Restricted Unit Awards				20.2			19.1			38.0			33.6
Total Stock-based Compensation Expense			$	31.1		$	30.8		$	59.3		$	56.0

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Pensions and Other Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 27, 2015

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						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Service Cost-Benefits Earned			$	6.1		$	5.0		$	12.3		$	9.6
Interest Cost on Benefit Obligation				19.3			23.5			38.7			43.6
Expected Return on Plan Assets				(23.3)			(25.1)			(46.6)			(46.2)
Amortization of Actuarial Net Loss				2.4			2.1			4.7			4.0
Amortization of Prior Service Benefit				(0.1)			(0.1)			(0.1)			(0.1)
Settlement/Curtailment Loss				0.1			—			0.1			—
Net Periodic Benefit Cost			$	4.5		$	5.4		$	9.1		$	10.9

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Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Items [Member]
Balance (in shares) at Dec. 31, 2013		369.6			(7.6)
Balance at Dec. 31, 2013	$ 16,856.1	$ 369.6	$ 8,222.6	$ 8,753.3	$ (412.2)	$ (77.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		2.7			(0.3)
Issuance of shares under employees' and directors' stock plans	82.0	$ 2.7	110.2		$ (30.9)
Issuance of shares (in shares)		34.9
Issuance of shares	2,942.3	$ 34.9	2,907.4
Stock-based compensation	56.0		56.0
Tax benefit related to employees' and directors' stock plans	55.5		55.5
Dividends declared	(120.3)			(120.3)
Net income	821.6			821.6
Other comprehensive items	(34.5)					(34.5)
Other	(0.1)		(0.1)
Balance (in shares) at Jun. 28, 2014		407.2			(7.9)
Balance at Jun. 28, 2014	20,658.6	$ 407.2	11,351.6	9,454.6	$ (443.1)	(111.7)
Balance (in shares) at Dec. 31, 2014		408.5			(8.0)
Balance at Dec. 31, 2014	20,548.1	$ 408.5	11,473.6	10,406.9	$ (455.9)	(1,285.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		2.1			(0.3)
Issuance of shares under employees' and directors' stock plans	57.1	$ 2.1	87.8		$ (32.8)
Stock-based compensation	59.3		59.3
Tax benefit related to employees' and directors' stock plans	48.6		48.6
Purchases of company common stock (in shares)					(3.9)
Purchases of company common stock	(500.0)				$ (500.0)
Dividends declared	(119.9)			(119.9)
Net income	896.7			896.7
Other comprehensive items	(310.1)					(310.1)
Balance (in shares) at Jun. 27, 2015		410.6			(12.2)
Balance at Jun. 27, 2015	$ 20,679.8	$ 410.6	$ 11,669.3	$ 11,183.7	$ (988.7)	$ (1,595.1)

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Income Taxes (Tables)

6 Months Ended

Jun. 27, 2015

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:
				Six Months Ended
			June 27,			June 28,
(In millions)				2015			2014
Provision for Income Taxes at Statutory Rate				$	310.0		$	353.8
Increases (Decreases) Resulting From:
	Foreign rate differential				(72.6)			(60.8)
	Income tax credits				(204.1)			(59.4)
	Manufacturing deduction				(17.6)			(8.9)
	Singapore tax holiday				(7.5)			—
	Impact of change in tax laws and apportionment on deferred taxes				(14.4)			(25.9)
	Nondeductible expenses				4.4			3.3
	Provision (reversal) of tax reserves, net				—			25.3
	Basis difference on disposal of businesses				—			(61.9)
	Tax return reassessments and settlements				(7.0)			—
	State income taxes, net of federal tax				(3.0)			23.1
	Other, net				0.7			0.7
		Provision for (benefit from) income taxes		$	(11.1)		$	189.3

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Inventories (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw Materials	$ 470.9	$ 441.6
Work in Process	233.4	207.6
Finished Goods	1,258.0	1,210.3
Inventories	$ 1,962.3	$ 1,859.5

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Debt Outstanding Debt (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2015 USD ($)	Jun. 27, 2015 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Principal Outstanding		$ 13,933.5	$ 14,422.5
Fair Value Hedge Accounting Adjustments		(32.9)	(0.5)
Unamortized Premium, Net		122.9	142.0
Debt Obligations - Carrying Value		14,023.5	14,564.0
Less: Short-term obligations and current maturities of long-term obligations		3,359.8	2,212.4
Long-term Obligations		10,663.7	12,351.6
Losses on Extinguishment of Debt		$ 3.0
Commercial Paper [Member]
Debt Instrument [Line Items]
Effective Interest Rate		1.03%
Principal Outstanding		$ 1,125.0	0.0
Debt Obligations - Carrying Value		$ 1,125.0	0.0
Term Loan
Debt Instrument [Line Items]
Effective Interest Rate		1.65%
Principal Outstanding		$ 925.0	1,275.0
Debt Obligations - Carrying Value		$ 925.0	1,275.0
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA		4
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA by August 2015		3.5
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio		3
Repayments of Debt	$ 925.0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Obligations - Carrying Value		$ 11,954.7	13,265.8
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
Senior Notes [Member] | 4.40% 5-Year Senior Notes, Due 3/1/2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		4.40%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Mar. 01, 2015
Principal Outstanding		$ 0.0	500.0
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 5/1/2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.20%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		May 01, 2015
Principal Outstanding		$ 0.0	450.0
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 6/1/2015 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		5.00%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Jun. 01, 2015
Principal Outstanding		$ 0.0	250.0
Losses on Extinguishment of Debt		$ 3.0
Senior Notes [Member] | 3.50% 5-Year Senior Notes, Due 1/15/2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.50%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Jan. 15, 2016
Effective Interest Rate		1.06%
Principal Outstanding		$ 400.0	400.0
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 3/1/2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.20%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Mar. 01, 2016
Effective Interest Rate		3.21%
Principal Outstanding		$ 900.0	900.0
Senior Notes [Member] | 2.25% 5-Year Senior Notes, Due 8/15/2016 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		2.25%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Aug. 15, 2016
Effective Interest Rate		2.29%
Principal Outstanding		$ 1,000.0	1,000.0
Senior Notes [Member] | 1.30% 3-Year Senior Notes, Due 2/1/2017 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		1.30%
Debt Instrument, Term		3 years
Debt Instrument, Maturity Date		Feb. 01, 2017
Effective Interest Rate		0.82%
Principal Outstanding		$ 900.0	900.0
Senior Notes [Member] | 1.85% 5-Year Senior Notes, Due 1/15/2018 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		1.85%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Jan. 15, 2018
Effective Interest Rate		1.85%
Principal Outstanding		$ 500.0	500.0
Senior Notes [Member] | 2.40% 5-Year Senior Notes, Due 2/1/2019 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		2.40%
Debt Instrument, Term		5 years
Debt Instrument, Maturity Date		Feb. 01, 2019
Effective Interest Rate		2.44%
Principal Outstanding		$ 900.0	900.0
Senior Notes [Member] | 6.00% 10-Year Senior Notes, Due 3/1/2020 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		6.00%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Mar. 01, 2020
Effective Interest Rate		2.98%
Principal Outstanding		$ 750.0	750.0
Senior Notes [Member] | 4.70% 10-Year Senior Notes, Due 5/1/2020 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		4.70%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		May 01, 2020
Effective Interest Rate		3.58%
Principal Outstanding		$ 300.0	300.0
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 1/15/2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		5.00%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Jan. 15, 2021
Effective Interest Rate		3.25%
Principal Outstanding		$ 400.0	400.0
Senior Notes [Member] | 4.50% 10-Year Senior Notes, Due 3/1/2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		4.50%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Mar. 01, 2021
Effective Interest Rate		3.38%
Principal Outstanding		$ 1,000.0	1,000.0
Senior Notes [Member] | 3.60% 10-Year Senior Notes, Due 8/15/2021 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.60%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Aug. 15, 2021
Effective Interest Rate		3.08%
Principal Outstanding		$ 1,100.0	1,100.0
Senior Notes [Member] | 3.30% 7-Year Senior Notes, Due 2/15/2022 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.30%
Debt Instrument, Term		7 years
Debt Instrument, Maturity Date		Feb. 15, 2022
Effective Interest Rate		3.30%
Principal Outstanding		$ 800.0	800.0
Senior Notes [Member] | 3.15% 10-Year Senior Notes, Due 1/15/2023 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		3.15%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Jan. 15, 2023
Effective Interest Rate		3.21%
Principal Outstanding		$ 800.0	800.0
Senior Notes [Member] | 4.15% 10-Year Senior Notes, Due 2/1/2024 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		4.15%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Feb. 01, 2024
Effective Interest Rate		4.07%
Principal Outstanding		$ 1,000.0	1,000.0
Senior Notes [Member] | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate		2.00%
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date		Apr. 15, 2025
Effective Interest Rate		2.03%
Principal Outstanding		$ 714.7	774.3
Senior Notes [Member] | 5.30% 30-Year Senior Notes, Due 2/1/2044 [Member]
Debt Instrument [Line Items]
Stated Interest Rate		5.30%
Debt Instrument, Term		30 years
Debt Instrument, Maturity Date		Feb. 01, 2044
Effective Interest Rate		5.30%
Principal Outstanding		$ 400.0	400.0
Other Debt [Member]
Debt Instrument [Line Items]
Principal Outstanding		18.8	23.2
Debt Obligations - Carrying Value		$ 18.8	$ 23.2

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Pensions Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Change in Projected Benefit Obligation [Roll Forward]
Service costs	$ 6.1	$ 5.0	$ 12.3	$ 9.6
Interest costs	$ 19.3	$ 23.5	$ 38.7	$ 43.6

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Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 768.4	$ 1,343.5
Short-term investments	2.0	8.5
Accounts receivable, less allowances of $74.7 and $74.1	2,631.0	2,473.6
Inventories	1,962.3	1,859.5
Deferred tax assets	283.5	303.3
Other current assets	589.4	551.4
Total current assets	6,236.6	6,539.8
Property, Plant and Equipment, at Cost, Net	2,406.9	2,426.5
Acquisition-related Intangible Assets, Net	13,383.7	14,110.1
Other Assets	940.3	933.1
Goodwill	18,806.9	18,842.6
Total Assets	41,774.4	42,852.1
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	3,359.8	2,212.4
Accounts payable	819.0	820.7
Accrued payroll and employee benefits	478.5	668.9
Accrued income taxes	41.0	165.1
Deferred revenue	334.3	311.9
Other accrued expenses	1,067.8	1,170.8
Total current liabilities	6,100.4	5,349.8
Deferred Income Taxes	3,134.9	3,430.7
Other Long-term Liabilities	1,195.6	1,171.9
Long-term Obligations	$ 10,663.7	$ 12,351.6
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 410,647,421 and 408,461,670 shares issued	$ 410.6	$ 408.5
Capital in excess of par value	11,669.3	11,473.6
Retained earnings	11,183.7	10,406.9
Treasury stock at cost, 12,159,765 and 7,991,782 shares	(988.7)	(455.9)
Accumulated other comprehensive items	(1,595.1)	(1,285.0)
Total shareholders' equity	20,679.8	20,548.1
Total Liabilities & Shareholders' Equity	$ 41,774.4	$ 42,852.1

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Business Segment Information (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 27, 2015 USD ($)	Jun. 28, 2014 USD ($)	Jun. 27, 2015 USD ($) Segment	Jun. 28, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Segments
Number of Reportable Segments | Segment				4
Segment Reporting Information [Line Items]
Revenues		$ 4,270.9	$ 4,321.9	$ 8,189.7	$ 8,225.4
Cost of revenues charges		(1.1)		(1.7)
Selling, general and administrative charges, net		(3.2)		(10.8)
Restructuring and other income (costs), net		(20.4)	(60.9)	(52.4)	521.3
Operating Income		595.8	348.1	1,083.1	1,223.6
Other expense, net		(92.2)	(111.6)	(197.5)	(212.7)
Income from Continuing Operations Before Income Taxes		503.6	236.5	885.6	1,010.9
Depreciation		89.9	91.2	177.1	170.9
Total Assets		41,774.4		41,774.4		$ 42,852.1
Capital Expenditures				192.5	180.2
Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		(0.9)		(1.4)
Selling, general and administrative charges, net		(0.1)		(6.2)
Restructuring and other income (costs), net		(3.4)		(26.1)
Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		0.0		0.0
Selling, general and administrative charges, net		0.0		0.0
Restructuring and other income (costs), net		(12.8)		(18.4)
Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		(0.2)		(0.3)
Selling, general and administrative charges, net		0.0		0.0
Restructuring and other income (costs), net		(1.9)		(4.7)
Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		0.0		0.0
Selling, general and administrative charges, net		(1.3)		(0.8)
Restructuring and other income (costs), net		(2.0)		(2.9)
Total Reportable Segments [Member]
Segment Reporting Information [Line Items]
Operating Income	[1]	950.3	923.6	1,806.9	1,754.1
Total Reportable Segments [Member] | Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Revenues		1,129.3	1,103.1	2,149.2	1,938.6
Operating Income	[1]	323.5	299.1	622.2	543.7
Depreciation		34.8	36.3	68.3	60.3
Total Reportable Segments [Member] | Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Revenues		777.0	793.4	1,504.4	1,563.3
Operating Income	[1]	139.6	130.4	261.3	261.3
Depreciation		9.4	9.2	18.7	19.6
Total Reportable Segments [Member] | Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenues		817.1	855.1	1,602.3	1,668.8
Operating Income	[1]	227.2	236.4	441.3	457.4
Depreciation		18.0	19.2	35.8	38.0
Total Reportable Segments [Member] | Laboratory Products and Services [Member]
Segment Reporting Information [Line Items]
Revenues		1,693.3	1,699.4	3,206.7	3,289.9
Operating Income	[1]	260.0	257.7	482.1	491.7
Depreciation		27.7	26.5	54.3	53.0
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues		(145.8)	(129.1)	(272.9)	(235.2)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		(1.1)	(156.1)	(1.7)	(324.6)
Selling, general and administrative charges, net		(3.2)	(14.9)	(10.8)	(97.7)
Restructuring and other income (costs), net		(20.4)	(60.9)	(52.4)	521.3
Amortization of acquisition-related intangible assets		$ (329.8)	$ (343.6)	$ (658.9)	$ (629.5)

[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.

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Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
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	$ 0.0	$ 0.1		$ 0.1
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income		0.0		0.0
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period	19.0		$ 14.1
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income	(0.5)	(0.5)	(0.6)	(0.9)
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period	(1.2)	(0.3)	1.7	(0.9)
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost	$ (0.5)	$ (0.6)	$ (1.2)	$ (1.2)

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Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Assets
Cash equivalents	$ 69.3	$ 617.3
Bank time deposits	2.0	8.5
Investments in mutual funds, unit trusts and other similar instruments	7.7	8.7
Insurance contracts	103.6	102.5
Derivative contracts	50.3	20.2
Total Assets	232.9	757.2
Liabilities
Derivative contracts	48.5	10.4
Contingent consideration	7.6	29.6
Total Liabilities	56.1	40.0
Quoted Prices in Active Markets (Level I) [Member]
Assets
Cash equivalents	69.3	617.3
Bank time deposits	2.0	8.5
Investments in mutual funds, unit trusts and other similar instruments	7.7	8.7
Total Assets	79.0	634.5
Significant Other Observable Inputs (Level 2) [Member]
Assets
Insurance contracts	103.6	102.5
Derivative contracts	50.3	20.2
Total Assets	153.9	122.7
Liabilities
Derivative contracts	48.5	10.4
Total Liabilities	48.5	10.4
Significant Unobservable Inputs (Level 3) [Member]
Liabilities
Contingent consideration	7.6	29.6
Total Liabilities	$ 7.6	$ 29.6

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Comprehensive Income and Shareholders Equity (Tables)

6 Months Ended

Jun. 27, 2015

Comprehensive Income and Shareholders Equity Disclosure [Abstract]

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

		Changes in each component of accumulated other comprehensive items, net of tax are as follows:
(In millions)			Currency Translation Adjustment		Unrealized Gains on Available-for-Sale Investments		Unrealized Gains (Losses) on Hedging Instruments		Pension and Other Postretirement Benefit Liability Adjustment		Total
Balance at December 31, 2014			$	(1,070.6)	$	1.3	$	(20.9)	$	(194.8)	$	(1,285.0)
	Other comprehensive income (loss) before reclassifications			(342.0)		—		23.0		3.4		(315.6)
	Amounts reclassified from accumulated other comprehensive items			—		—		1.9		3.6		5.5
		Net other comprehensive items		(342.0)		—		24.9		7.0		(310.1)
Balance at June 27, 2015			$	(1,412.6)	$	1.3	$	4.0	$	(187.8)	$	(1,595.1)

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Restructuring Reserves (Details) - Jun. 27, 2015 - USD ($) $ in Millions	Total
Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Expected Final Year of Payments	2015
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	2015
Pre-2014 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	$ 15.5
Costs incurred	1.9
Reserves reversed	(2.1)
Payments	(4.7)
Currency translation	(0.5)
Ending balance	10.1
Pre-2014 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	6.2
Costs incurred	1.3
Reserves reversed	(1.8)
Payments	(2.4)
Currency translation	(0.3)
Ending balance	3.0
Pre-2014 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	7.5
Costs incurred	0.5
Reserves reversed	(0.2)
Payments	(1.5)
Currency translation	(0.1)
Ending balance	6.2
Pre-2014 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	1.8
Costs incurred	0.1
Reserves reversed	(0.1)
Payments	(0.8)
Currency translation	(0.1)
Ending balance	0.9
2014 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	37.9
Costs incurred	13.3
Reserves reversed	(8.5)
Payments	(36.5)
Currency translation	(0.7)
Ending balance	5.5
2014 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	31.5
Costs incurred	8.0
Reserves reversed	(7.0)
Payments	(29.1)
Currency translation	(0.5)
Ending balance	2.9
2014 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	2.3
Costs incurred	1.2
Reserves reversed	(0.1)
Payments	(3.0)
Currency translation	(0.1)
Ending balance	0.3
2014 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	4.1
Costs incurred	4.1
Reserves reversed	(1.4)
Payments	(4.4)
Currency translation	(0.1)
Ending balance	2.3
2015 Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	46.7
Payments	(25.6)
Currency translation	0.1
Ending balance	21.2
2015 Restructuring Plans [Member] | Severance [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	29.2
Payments	(21.3)
Currency translation	0.1
Ending balance	8.0
2015 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	13.1
Payments	(0.5)
Currency translation	0.0
Ending balance	12.6
2015 Restructuring Plans [Member] | Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Costs incurred	4.4
Payments	(3.8)
Currency translation	0.0
Ending balance	$ 0.6

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Restructuring and Other Costs, Net

6 Months Ended

Jun. 27, 2015

Restructuring And Other Costs, Net Disclosure

Restructuring and Other Costs, Net [Text Block]

Note 14.Restructuring and Other Costs, Net

Restructuring and other costs in the first six months of 2015 primarily included 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 the U.S., Europe and Asia, and, to a lesser extent, third-party acquisition transaction and integration costs related to recent acquisitions and a charge for settlement of litigation at an acquired business, offset in part by gains on the sale of a small product line and real estate. In the first six months of 2015, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

As of July 31, 2015, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in the remainder of 2015 and the first half of 2016, which will be recorded when specified criteria are met, such as abandonment of facilities.

Second Quarter of 2015

During the second quarter of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	0.9	$	0.1	$	3.4	$	4.4
Analytical Instruments		—		—		12.8		12.8
Specialty Diagnostics		0.2		—		1.9		2.1
Laboratory Products and Services		—		1.3		2.0		3.3
Corporate		—		1.8		0.3		2.1
	$	1.1	$	3.2	$	20.4	$	24.7

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

Life Sciences Solutions

The Life Sciences Solutions segment recorded $4.4 million of net restructuring and other charges in the second quarter of 2015. The segment recorded charges to cost of revenues of $0.9 million primarily for accelerated depreciation at facilities closing due to real estate consolidation; charges to selling, general and administrative expenses of $0.1million for third-party transaction costs related to the acquisition of Advanced Scientifics; and $3.4 million of restructuring and other costs, net,$9.3 million of which were cash costs, primarily associated with headcount reductions and facility consolidations in the U.S. and Europe. In addition, the segment recorded a $3.5 million provision for settlement of a pre-acquisition litigation-related matter. These costs were partially offset by a $7.6 million gain on the sale of a small product line and a $1.9 million gain on the sale of real estate.

Analytical Instruments

The Analytical Instruments segment recorded $12.8 million of net restructuring and other charges in the second quarter of 2015, $12.7 million of which were cash costs primarily for abandoned facilities costs associated with the remediation and closure of a manufacturing facility in the U.S.

Specialty Diagnostics

The Specialty Diagnostics segment recorded $2.1 million of net restructuring and other charges in the second quarter of 2015. The segment recorded charges to cost of revenues of $0.2 million for accelerated depreciation at facilities closing due to real estate consolidation, as well as $1.9 million of other restructuring costs, all of which were cash costs primarily associated with headcount reductions as well as consolidation of facilities in the U.S. and Europe.

Laboratory Products and Services

The Laboratory Products and Services segment recorded $3.3 million of net restructuring and other charges in the second quarter of2015. The segment recordedcharges to selling, general and administrative expenses of $1.3 million for third-party transaction costs related to the acquisition of Alfa Aesar and $1.2 million of cash restructuring costs, primarily severance costs associated with headcount reductions. The segment also recorded a $0.8 million of charges associated with a litigation-related matter of a divested business.

Corporate

During the second quarter of 2015, the company recorded$2.1 million of net restructuring and other charges. The segment recorded $1.8 million of charges to selling, general and administrative expenses associated with accelerated depreciation on information systems to be abandoned due to integration synergies, as well as $0.3 million of cash costs for severance at its corporate operations.

First Six Months of 2015

During the first six months of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	1.4	$	6.2	$	26.1	$	33.7
Analytical Instruments		—		—		18.4		18.4
Specialty Diagnostics		0.3		—		4.7		5.0
Laboratory Products and Services		—		0.8		2.9		3.7
Corporate		—		3.8		0.3		4.1
	$	1.7	$	10.8	$	52.4	$	64.9

The components of net restructuring and other costsby segment are as follows:

Life Sciences Solutions

In the first six months of 2015, the Life Sciences Solutions segment recorded $33.7 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $1.4 million primarily for sales of inventories revalued at the date of acquisition and accelerated depreciation at facilities closing due to real estate consolidation; $6.2 million of charges to selling, general and administrative expenses for third-party transaction and integration costs related to the acquisitions of Life Technologies and Advanced Scientifics; and $26.1 million of restructuring and other costs, net, $31.8 million of which were cash costs. These costs included $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $0.9 million of charges associated with a previous sale of a business; and $25.9 million of costs primarily associated with headcount reductions and facility consolidations in the U.S. and Europe, including $20.1 million for severance, $1.7 million of abandoned facility costs, and $4.1 million of other cash costs, including retention and outplacement costs. The segment also recorded a $3.5 million provision for a settlement of a pre-acquisition litigation related matter and $0.2 million of non-cash charges associated with restructuring actions. These costs were partially offset by a $7.6 million gain on the sale of a small product line, as well as a $1.9 million gain on the sale of real estate.

Analytical Instruments

In the first six months of 2015, the Analytical Instruments segment recorded $18.4 million of net restructuring and other charges, $18.3 million of which were cash costs associated with abandoned facilities, including remediation and other closure costs, and, to a lesser extent, headcount reductions.

Specialty Diagnostics

In the first six months of 2015, the Specialty Diagnostics segment recorded $5.0 million of net restructuring and other charges, including charges to cost of revenues of $0.3 million for accelerated depreciation at facilities closing due to real estate consolidation, and $4.7 million of cash costs for employee severance and other costs associated with headcount reductions.

Laboratory Products and Services

In the first six months of 2015, the Laboratory Products and Services segment recorded $3.7 million of net restructuring and other charges. The segment recorded $0.8 million of charges to selling, general and administrative expenses, including $1.3 million of third party transaction costs related to the acquisition of Alfa Aesar which was partially offset by $0.5 million of income for changes in estimates of contingent consideration. In addition, the segment recorded $2.1 million of cash restructuring costs primarily for employee severance and other costs associated with headcount reductions. The segment also recorded $0.8 million of charges associated with a litigation-related matter of a divested business.

Corporate

In the first six months of 2015, the company recorded$4.1 million of net restructuring and other charges, primarily $3.8 million of selling, general and administrative charges associated with accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $0.3 million of cash restructuring costs 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-2014 Restructuring Plans
	Balance At December 31, 2014	$	6.2		$	7.5	$	1.8	$	15.5
	Costs incurred in 2015 (b)		1.3			0.5		0.1		1.9
	Reserves reversed		(1.8)			(0.2)		(0.1)		(2.1)
	Payments		(2.4)			(1.5)		(0.8)		(4.7)
	Currency translation		(0.3)			(0.1)		(0.1)		(0.5)
	Balance At June 27, 2015	$	3.0		$	6.2	$	0.9	$	10.1
2014 Restructuring Plans
	Balance At December 31, 2014	$	31.5		$	2.3	$	4.1	$	37.9
	Costs incurred in 2015 (b)		8.0			1.2		4.1		13.3
	Reserves reversed		(7.0)			(0.1)		(1.4)		(8.5)
	Payments		(29.1)			(3.0)		(4.4)		(36.5)
	Currency translation		(0.5)			(0.1)		(0.1)		(0.7)
	Balance At June 27, 2015	$	2.9		$	0.3	$	2.3	$	5.5
2015 Restructuring Plans
	Costs incurred in 2015 (b)	$	29.2		$	13.1	$	4.4	$	46.7
	Payments		(21.3)			(0.5)		(3.8)		(25.6)
	Currency translation		0.1			—		—		0.1
	Balance At June 27, 2015	$	8.0		$	12.6	$	0.6	$	21.2

• Other includes cash charges for relocation and moving expenses associated with facility consolidations, 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 $7.6 million gain on the sale of a product line, $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $4.3 million of provision for losses on litigation-related matters; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.5 million of non-cash income, net, which are detailed by segment above.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs primarily through 2015 and abandoned-facility payments, over lease terms expiring through 2020.

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

6 Months Ended

Jun. 27, 2015

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 June 27, 2015:
			June 27,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2015		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	69.3	$	69.3	$	—	$	—
	Bank time deposits				2.0		2.0		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				7.7		7.7		—		—
	Insurance contracts				103.6		—		103.6		—
	Derivative contracts				50.3		—		50.3		—
		Total Assets		$	232.9	$	79.0	$	153.9	$	—
Liabilities
	Derivative contracts			$	48.5	$	—	$	48.5	$	—
	Contingent consideration				7.6		—		—		7.6
		Total Liabilities		$	56.1	$	—	$	48.5	$	7.6

		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, 2014:
			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	617.3	$	617.3	$	—	$	—
	Bank time deposits				8.5		8.5		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				8.7		8.7		—		—
	Insurance contracts				102.5		—		102.5		—
	Derivative contracts				20.2		—		20.2		—
		Total Assets		$	757.2	$	634.5	$	122.7	$	—
Liabilities
	Derivative contracts			$	10.4	$	—	$	10.4	$	—
	Contingent consideration				29.6		—		—		29.6
		Total Liabilities		$	40.0	$	—	$	10.4	$	29.6

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						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Contingent Consideration
	Beginning Balance		$	21.0		$	33.1		$	29.6		$	5.1
	Acquisition			—			—			—			29.1
	Payments			—			(5.0)			(8.0)			(6.1)
	Change in fair value included in earnings			—			3.6			(0.5)			3.6
	Sale of a product line			(13.4)			—			(13.4)			—
	Currency translation			—			0.3			(0.1)			0.3
	Ending Balance		$	7.6		$	32.0		$	7.6		$	32.0

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

				Fair Value – Assets					Fair Value – Liabilities
			June 27,			December 31,		June 27,			December 31,
(In millions)				2015		2014			2015		2014
Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	37.1	$	—		$	40.7	$	3.7
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				13.2		20.2			7.8		6.7
(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or 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 (Loss) Recognized
			Three Months Ended						Six Months Ended
			June 27,		June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion		$	9.5		$	1.0		$	16.2		$	2.1
	Interest rate swaps - ineffective portion (a)			(0.2)			1.1			(7.2)			1.8
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues	$	4.1		$	3.4		$	17.5		$	4.2
		Included in other expense, net		17.1			(0.5)			137.0			0.2
(a)		The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements.

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

		The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
			June 27, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
	Senior notes		$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
	Term loan			925.0		925.0		1,275.0		1,275.0
	Commercial paper			1,125.0		1,125.0		—		—
	Other			18.8		18.8		23.2		23.2
			$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8
		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]

		The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
			June 27, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
	Senior notes		$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
	Term loan			925.0		925.0		1,275.0		1,275.0
	Commercial paper			1,125.0		1,125.0		—		—
	Other			18.8		18.8		23.2		23.2
			$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8
		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.

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

6 Months Ended

Jun. 27, 2015

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 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.

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Acquisition-related Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Definite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	$ 12,099.2	$ 12,808.2

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Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Operating Activities
Net income	$ 896.7	$ 821.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	836.0	800.4
Change in deferred income taxes	(218.0)	(460.4)
Net gains on sale of businesses	(7.6)	(761.8)
Non-cash stock-based compensation	59.3	56.0
Tax benefits from stock-based compensation awards	(49.0)	(55.6)
Non-cash charges for sale of inventories revalued at the date of acquisition	0.7	302.3
Other non-cash expenses, net	24.1	27.1
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(201.7)	(153.7)
Inventories	(122.1)	(53.8)
Other assets	(14.9)	258.9
Accounts payable	21.7	3.4
Other liabilities	(354.8)	233.1
Contributions to retirement plans	(21.2)	(25.7)
Net cash provided by continuing operations	849.2	991.8
Net cash used in discontinued operations	(4.3)	(1.9)
Net cash provided by operating activities	844.9	989.9
Investing Activities
Acquisitions, net of cash acquired	(298.6)	(13,054.5)
Proceeds from sale of businesses, net of cash divested	0.0	1,048.7
Purchase of property, plant and equipment	(192.5)	(180.2)
Proceeds from sale of property, plant and equipment	6.2	12.7
Proceeds from sale of investments	9.3	65.0
Decrease in restricted cash	7.6	37.9
Other investing activities, net	(1.3)	(3.7)
Net cash used in investing activities	(469.3)	(12,074.1)
Financing Activities
Net proceeds from issuance of long-term debt	0.0	4,999.6
Repayment of long-term obligations	(1,554.7)	(2,452.3)
Increase in commercial paper, net	1,121.5	305.6
Decrease in short-term notes payable	0.0	(18.6)
Purchases of company common stock	(500.0)	0.0
Dividends paid	(120.5)	(114.7)
Net proceeds from issuance of company common stock	0.0	2,942.0
Net proceeds from issuance of company common stock under employee stock plans	81.7	108.6
Tax benefits from stock-based compensation awards	49.0	55.6
Other financing activities, net	(6.3)	(4.9)
Net cash (used in) provided by financing activities	(929.3)	5,820.9
Exchange Rate Effect on Cash	(21.4)	22.2
Decrease in Cash and Cash Equivalents	(575.1)	(5,241.1)
Cash and Cash Equivalents at Beginning of Period	1,343.5	5,826.0
Cash and Cash Equivalents at End of Period	$ 768.4	$ 584.9

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Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 27, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts Receivable Allowances	$ 74.7	$ 74.1
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)	410,647,421	408,461,670
Treasury Stock at Cost (in shares)	12,159,765	7,991,782

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Debt and Other Financing Arrangements

6 Months Ended

Jun. 27, 2015

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
		June 27,	June 27,			December 31,
(Dollars in millions)		2015		2015		2014
Commercial Paper		1.03%		$	1,125.0	$	—
Term Loan		1.65%			925.0		1,275.0
4.40% 5-Year Senior Notes, Due 3/1/2015					—		500.0
3.20% 5-Year Senior Notes, Due 5/1/2015					—		450.0
5.00% 10-Year Senior Notes, Due 6/1/2015					—		250.0
3.50% 5-Year Senior Notes, Due 1/15/2016		1.06%			400.0		400.0
3.20% 5-Year Senior Notes, Due 3/1/2016		3.21%			900.0		900.0
2.25% 5-Year Senior Notes, Due 8/15/2016		2.29%			1,000.0		1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017		0.82%			900.0		900.0
1.85% 5-Year Senior Notes, Due 1/15/2018		1.85%			500.0		500.0
2.40% 5-Year Senior Notes, Due 2/1/2019		2.44%			900.0		900.0
6.00% 10-Year Senior Notes, Due 3/1/2020		2.98%			750.0		750.0
4.70% 10-Year Senior Notes, Due 5/1/2020		3.58%			300.0		300.0
5.00% 10-Year Senior Notes, Due 1/15/2021		3.25%			400.0		400.0
4.50% 10-Year Senior Notes, Due 3/1/2021		3.38%			1,000.0		1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021		3.08%			1,100.0		1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022		3.30%			800.0		800.0
3.15% 10-Year Senior Notes, Due 1/15/2023		3.21%			800.0		800.0
4.15% 10-Year Senior Notes, Due 2/1/2024		4.07%			1,000.0		1,000.0
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)		2.03%			714.7		774.3
5.30% 30-Year Senior Notes, Due 2/1/2044		5.30%			400.0		400.0
Other					18.8		23.2
Total Borrowings at Par Value					13,933.5		14,422.5
	Fair Value Hedge Accounting Adjustments				(32.9)		(0.5)
	Unamortized Premium, Net				122.9		142.0
Total Borrowings at Carrying Value					14,023.5		14,564.0
	Less: Short-term Obligations and Current Maturities				3,359.8		2,212.4
Long-term Obligations				$	10,663.7	$	12,351.6

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 $2.00 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 4.0 to 1.0, decreasing 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 June 27,2015, no borrowings were outstanding under the facility, although available capacity was reduced by approximately $59 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 paripassu 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 June 27,2015, outstanding borrowings under this program were $1.13 billion, with a weighted average remaining period to maturity of 62 days.

Term Loan

In connection with the acquisition of Life Technologies, the company entered into an 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 4.0 to 1.0, decreasingto 3.5 to 1.0 by August 2015, and a minimum interest coverage ratio of 3.0 to 1.0. As of June 27,2015, outstanding borrowings under the term loan agreement were $0.93 billion all of which were repaid during July 2015.

Senior Notes

Interest on the euro-denominated 2.00% Senior Notes due 2025 is payable annually. Interest on each of the other 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.

In March 2015, the company redeemed its 5% Senior Notes due June 1, 2015, and recorded a charge of $3 million for the early extinguishment of this debt.

Interest Rate Swap Arrangements

In February 2015, the company entered into LIBOR-based interest rate swap arrangements with various banks on its outstanding 4.70% Senior Notes due May 1, 2020, 4.50% Senior Notes due March 1, 2021 and 3.60% Senior Notes due August 15, 2021. The aggregate amounts of the swaps are equal to the principal amounts of the notes and the payment dates of the swaps coincide with the interest payment dates of the notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plus a spread of 3.156% (3.3400% at June 27,2015) and receive a fixed rate of 4.70% on the 4.70% Notes; to pay a variable interest rate of one-month LIBOR plus a spread of 2.868% (3.0520% at June 27,2015) and receive a fixed rate of 4.50% on the 4.50% Notes; and to pay a variable interest rate of one-month LIBOR plus a spread of 1.937% (2.1225% at June 27,2015) and receive a fixed rate of 3.60% on the 3.60% Notes. The variable interest rates reset monthly. The swaps have been accounted for as fair value hedges of the notes. See Note 12 for additional information.

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% (0.8456% at June 27,2015) 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.

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Document and Entity Information - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 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	Jun. 27, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 47,112,558
Entity Common Stock, Shares Outstanding	398,487,656
Entity Stock Trading Symbol	TMO

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Commitments and Contingencies

6 Months Ended

Jun. 27, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 10.Commitments and Contingencies

Environmental Matters

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 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. At June 27,2015 and December 31,2014, the company’s total environmental liability was approximately $41 million and $32 million, respectively. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations or cash flows.

Litigation and Related Contingencies

There are various lawsuits and claims pending against the company involving product liability, intellectual property, employment, and contractual issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid 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. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, and, with respect to certain pending litigation or claims where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome.The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows.

Product Liability, Workers Compensation and Other Personal Injury Matters

For product liability, workers compensation and other personal injury matters, the company accrues the most likely amount or at least the minimum of the range of possible loss when a range of possible loss can be estimated. The company records estimated amounts due from insurers related to certain product liabilities as an asset. Although the company believes that the amounts accrued 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 payment history as well as the financial condition and ratings of its insurers on an ongoing basis.

Intellectual Property Matters

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 July 13, 2015, 454 Life Sciences (a member of the Roche Group) filed complaints against Ion Torrent, Inc., Life Technologies Corp., and Thermo Fisher Scientific, Inc. in the United States District Court for the District of Delaware and in Germany. Plaintiff alleges (i) infringement of patents relating to methods of analyzing nucleic acid sequences using emulsion amplification, which plaintiff alleges are impermissibly used in Ion Torrent sequencing workflows and (ii) breach of contract. Plaintiff seeks damages for alleged willful infringement and breach of contract, attorneys’ fees and costs, and injunctive relief.

On June 6, 2004, EnzoBiochem, 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. In March 2015 the United States Court of Appeals for the Federal Circuit vacated the judgment and returned the case to the District Court for further proceedings. The company has maintained the $60.9 million accrual, pending appeals.

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, Dynabeadoligo-dT beads, NCodeoligonucleotide 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-GesellschaftZurForderungDerWissenschaften 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 plaintiffs and Life Technologies filed cross-appeals with 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 December 15, 2014, the Court of Appeals issued a decision invalidating four of the plaintiffs’ patents, but finding infringement by Life Technologies of the remaining fifth patent. The Court of Appeals also ordered a new trial on damages in the District Court.

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 SOLiDsequencing 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.

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Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Revenues
Product revenues	$ 3,677.2	$ 3,778.0	$ 7,064.8	$ 7,153.4
Service revenues	593.7	543.9	1,124.9	1,072.0
Total revenues	4,270.9	4,321.9	8,189.7	8,225.4
Costs and Operating Expenses:
Cost of product revenues	1,907.0	2,112.9	3,627.8	4,046.2
Cost of service revenues	422.1	362.5	797.6	712.7
Selling, general and administrative expenses	1,151.0	1,253.8	2,288.4	2,430.8
Research and development expenses	174.6	183.7	340.4	333.4
Restructuring and other costs (income), net	20.4	60.9	52.4	(521.3)
Total costs and operating expenses	3,675.1	3,973.8	7,106.6	7,001.8
Operating Income	595.8	348.1	1,083.1	1,223.6
Other Expense, Net	(92.2)	(111.6)	(197.5)	(212.7)
Income from Continuing Operations Before Income Taxes	503.6	236.5	885.6	1,010.9
Benefit from (Provision for) Income Taxes	8.0	42.0	11.1	(189.3)
Net Income	$ 511.6	$ 278.5	$ 896.7	$ 821.6
Earnings per Share
Basic (in dollars per share)	$ 1.28	$ 0.7	$ 2.25	$ 2.07
Diluted (in dollars per share)	$ 1.27	$ 0.69	$ 2.23	$ 2.05
Weighted Average Shares
Basic (in millions of shares)	398.4	399.4	398.1	396.3
Diluted (in millions of shares)	401.5	403.1	401.5	400.7
Cash Dividends Declared per Common Share (in dollars per share)	$ 0.15	$ 0.15	$ 0.3	$ 0.3

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Other Expense, Net

6 Months Ended

Jun. 27, 2015

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						Six Months Ended
	June 27,			June 28,			June 27,			June 28,
(In millions)		2015			2014			2015			2014
Interest Income		$	7.7		$	16.0		$	14.7		$	27.9
Interest Expense			(102.9)			(129.1)			(211.3)			(246.9)
Other Items, Net			3.0			1.5			(0.9)			6.3
Other Expense, Net		$	(92.2)		$	(111.6)		$	(197.5)		$	(212.7)

Other Items, Net

In the first six months of 2015, other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and a $3 million loss on the early extinguishment of debt. In the first six months of 2014, other items, net includes a $5 million gain from an equity investment.

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Business Segment Information

6 Months Ended

Jun. 27, 2015

Business Segments

Business Segment Information [Text Block]

Note 3. Business Segment Information

The company’s financial performance is reported in four segments. A description of each segment follows.

Life Sciences Solutions: provides an extensive 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 pharmaceutical, biotechnology, agricultural, clinical, academic, and government 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 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						Six Months Ended
			June 27,			June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Revenues
	Life Sciences Solutions			$	1,129.3		$	1,103.1		$	2,149.2		$	1,938.6
	Analytical Instruments				777.0			793.4			1,504.4			1,563.3
	Specialty Diagnostics				817.1			855.1			1,602.3			1,668.8
	Laboratory Products and Services				1,693.3			1,699.4			3,206.7			3,289.9
	Eliminations				(145.8)			(129.1)			(272.9)			(235.2)
		Consolidated revenues			4,270.9			4,321.9			8,189.7			8,225.4
Segment Income (a)
	Life Sciences Solutions				323.5			299.1			622.2			543.7
	Analytical Instruments				139.6			130.4			261.3			261.3
	Specialty Diagnostics				227.2			236.4			441.3			457.4
	Laboratory Products and Services				260.0			257.7			482.1			491.7
		Subtotal reportable segments (a)			950.3			923.6			1,806.9			1,754.1
	Cost of revenues charges				(1.1)			(156.1)			(1.7)			(324.6)
	Selling, general and administrative charges, net				(3.2)			(14.9)			(10.8)			(97.7)
	Restructuring and other (costs) income, net				(20.4)			(60.9)			(52.4)			521.3
	Amortization of acquisition-related intangible assets				(329.8)			(343.6)			(658.9)			(629.5)
		Consolidated operating income			595.8			348.1			1,083.1			1,223.6
	Other expense, net (b)				(92.2)			(111.6)			(197.5)			(212.7)
	Income from continuing operations before income taxes			$	503.6		$	236.5		$	885.6		$	1,010.9
Depreciation
	Life Sciences Solutions			$	34.8		$	36.3		$	68.3		$	60.3
	Analytical Instruments				9.4			9.2			18.7			19.6
	Specialty Diagnostics				18.0			19.2			35.8			38.0
	Laboratory Products and Services				27.7			26.5			54.3			53.0
		Consolidated depreciation		$	89.9		$	91.2		$	177.1		$	170.9
(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.

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Subsequent Event

6 Months Ended

Jun. 27, 2015

Subsequent Event [Abstract]

Subsequent Event [Text Block]

Note 15.Subsequent Event

In July 2015, the company issued €500 million principal amount of 2.15% Senior Notes due 2022. The terms of these notes are consistent with the company’s other outstanding senior notes thatare described in Note 9.

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Comprehensive Income and Shareholders Equity

6 Months Ended

Jun. 27, 2015

Comprehensive Income and Shareholders Equity Disclosure [Abstract]

Comprehensive Income and Shareholders Equity [Text Block]

Note 11.Comprehensive Income and Shareholders’ Equity

Comprehensive Income (Loss)

Comprehensive income (loss) 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 on Available-for-Sale Investments		Unrealized Gains (Losses) on Hedging Instruments		Pension and Other Postretirement Benefit Liability Adjustment		Total
Balance at December 31, 2014			$	(1,070.6)	$	1.3	$	(20.9)	$	(194.8)	$	(1,285.0)
	Other comprehensive income (loss) before reclassifications			(342.0)		—		23.0		3.4		(315.6)
	Amounts reclassified from accumulated other comprehensive items			—		—		1.9		3.6		5.5
		Net other comprehensive items		(342.0)		—		24.9		7.0		(310.1)
Balance at June 27, 2015			$	(1,412.6)	$	1.3	$	4.0	$	(187.8)	$	(1,595.1)

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Income Taxes

6 Months Ended

Jun. 27, 2015

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:
				Six Months Ended
			June 27,			June 28,
(In millions)				2015			2014
Provision for Income Taxes at Statutory Rate				$	310.0		$	353.8
Increases (Decreases) Resulting From:
	Foreign rate differential				(72.6)			(60.8)
	Income tax credits				(204.1)			(59.4)
	Manufacturing deduction				(17.6)			(8.9)
	Singapore tax holiday				(7.5)			—
	Impact of change in tax laws and apportionment on deferred taxes				(14.4)			(25.9)
	Nondeductible expenses				4.4			3.3
	Provision (reversal) of tax reserves, net				—			25.3
	Basis difference on disposal of businesses				—			(61.9)
	Tax return reassessments and settlements				(7.0)			—
	State income taxes, net of federal tax				(3.0)			23.1
	Other, net				0.7			0.7
		Provision for (benefit from) income taxes		$	(11.1)		$	189.3

In 2015, the company implemented tax planning initiatives related to non-U.S. subsidiaries. As a result of these initiatives, the company generated U.S. foreign tax credits of $123 million, offset in part by additional U.S. income taxes of $43 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2015.

The company has significant activities in Singapore and has received considerable tax incentives. The local taxing authority granted the company pioneer company status which provides an incentive encouraging companies to undertake activities that have the effect of promoting economic or technological development in Singapore. This incentive equates to a tax exemption on earnings associated with most of the company’s manufacturing activities in Singapore and continues through December 31, 2021. The impact of this tax holiday decreased the annual effective tax rate by 0.8% and increased diluted earnings per share by approximately $0.02 in the first six months of 2015.

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Fair Value Measurements, Level 3 Reconciliation (Details) - Contingent Consideration [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 21.0	$ 33.1	$ 29.6	$ 5.1
Acquisition	0.0	0.0	0.0	29.1
Payments	0.0	(5.0)	(8.0)	(6.1)
Change in fair value included in earnings	0.0	3.6	(0.5)	3.6
Sale of a product line	(13.4)		(13.4)
Currency translation	0.0	0.3	(0.1)	0.3
Ending Balance	$ 7.6	$ 32.0	$ 7.6	$ 32.0

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Stockbased Compensation Expense

6 Months Ended

Jun. 27, 2015

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 primarily included in selling, general and
administrative expenses and include the following:
			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Stock Option Awards			$	10.9		$	11.7		$	21.3		$	22.4
Restricted Unit Awards				20.2			19.1			38.0			33.6
Total Stock-based Compensation Expense			$	31.1		$	30.8		$	59.3		$	56.0

As of June 27,2015, there was $97 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.6 years.

As of June 27,2015, there was $163 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2018 with a weighted average amortization period of 2.4 years.

During the first six months of 2015, the company made equity compensation grants to employees consisting of 0.9 million service- and performance-based restricted stock units and options to purchase 1.8 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 thesecond quarter of 2015 and 2014 and firstsix months of2015 and 2014, the company recorded expense for cash-in-lieu of equity of $5.5 million, $10.0 million, $13.9million and $17.1 million, respectively, related to these arrangements.

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Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 27, 2015

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 generally 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						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Service Cost-Benefits Earned			$	6.1		$	5.0		$	12.3		$	9.6
Interest Cost on Benefit Obligation				19.3			23.5			38.7			43.6
Expected Return on Plan Assets				(23.3)			(25.1)			(46.6)			(46.2)
Amortization of Actuarial Net Loss				2.4			2.1			4.7			4.0
Amortization of Prior Service Benefit				(0.1)			(0.1)			(0.1)			(0.1)
Settlement/Curtailment Loss				0.1			—			0.1			—
Net Periodic Benefit Cost			$	4.5		$	5.4		$	9.1		$	10.9

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Earnings Per Share

6 Months Ended

Jun. 27, 2015

Earnings per Share

Earnings per Share [Text Block]

Note 8. Earnings per Share

			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions except per share amounts)			2015			2014			2015			2014
Net Income			$	511.6		$	278.5		$	896.7		$	821.6
Basic Weighted Average Shares				398.4			399.4			398.1			396.3
Plus Effect of:
	Equity forward arrangement			—			—			—			0.3
	Stock options and restricted units			3.1			3.7			3.4			4.1
Diluted Weighted Average Shares				401.5			403.1			401.5			400.7
Basic Earnings per Share			$	1.28		$	.70		$	2.25		$	2.07
Diluted Earnings per Share			$	1.27		$	.69		$	2.23		$	2.05

Options to purchase 3.6 million, 2.5 million,3.8 million and 2.4 million shares of common stock were not included in the computation of diluted earnings per share for the second quarter of 2015 and 2014 and first six months of 2015 and 2014, respectively, because their effect would have been antidilutive.

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Restructuring and Other Costs, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Jul. 31, 2015
Restructuring And Other Costs, Net Disclosure
Restructuring and Related Cost, Percentage of Total Workforce Eliminated			1.00%
Identified Future Restructuring Costs					$ 85.0
Restructuring Reserve [Line Items]
Cost of Revenues	$ 1.1		$ 1.7
Selling, General and Administrative Expenses	3.2		10.8
Restructuring and Other Costs, Net	20.4	$ 60.9	52.4	$ (521.3)
Total Restructuring and Other Costs, Net	24.7		64.9
Restructuring and Related Costs, Non-Cash Costs (Income), Net			1.5
Gain (Loss) Related To Litigation-related Matter			(4.3)
Gain (Loss) on Divestiture of Businesses			7.6	$ 761.8
Transaction Costs Related to Divestiture [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			0.9
Charges for Cash Compensation Contractually Due to Employees of Acquired Business [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			5.0
Life Sciences Solutions [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.9		1.4
Selling, General and Administrative Expenses	0.1		6.2
Restructuring and Other Costs, Net	3.4		26.1
Total Restructuring and Other Costs, Net	4.4		33.7
Restructuring and Related Costs, Cash Costs	9.3		31.8
Restructuring and Related Costs, Non-Cash Costs (Income), Net			0.2
Gain (Loss) Related To Litigation-related Matter	(3.5)		(3.5)
Gain (Loss) on Disposition of Property Plant Equipment	1.9		1.9
Gain (Loss) on Divestiture of Businesses	7.6		7.6
Life Sciences Solutions [Member] | Costs associated with headcount reductions and facility consolidations
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			25.9
Life Sciences Solutions [Member] | Severance [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			20.1
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			1.7
Life Sciences Solutions [Member] | Other Restructuring [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			4.1
Life Sciences Solutions [Member] | Transaction Costs Related to Acquisition [Member]
Restructuring Reserve [Line Items]
Selling, General and Administrative Expenses	0.1
Life Sciences Solutions [Member] | Transaction Costs Related to Divestiture [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			0.9
Life Sciences Solutions [Member] | Charges for Cash Compensation Contractually Due to Employees of Acquired Business [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs			5.0
Analytical Instruments [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.0		0.0
Selling, General and Administrative Expenses	0.0		0.0
Restructuring and Other Costs, Net	12.8		18.4
Total Restructuring and Other Costs, Net	12.8		18.4
Restructuring and Related Costs, Cash Costs	12.7		18.3
Specialty Diagnostics [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.2		0.3
Selling, General and Administrative Expenses	0.0		0.0
Restructuring and Other Costs, Net	1.9		4.7
Total Restructuring and Other Costs, Net	2.1		5.0
Restructuring and Related Costs, Cash Costs	1.9		4.7
Laboratory Products and Services [Member]
Restructuring Reserve [Line Items]
Cost of Revenues	0.0		0.0
Selling, General and Administrative Expenses	1.3		0.8
Restructuring and Other Costs, Net	2.0		2.9
Total Restructuring and Other Costs, Net	3.3		3.7
Restructuring and Related Costs, Cash Costs	1.2		2.1
Gain (Loss) Related To Litigation-related Matter	(0.8)		(0.8)
Laboratory Products and Services [Member] | Transaction Costs Related to Acquisition [Member]
Restructuring Reserve [Line Items]
Selling, General and Administrative Expenses	1.3		1.3
Laboratory Products and Services [Member] | Charges for Changes in Estimates of Contingent Consideration for Acquisitions [Member]
Restructuring Reserve [Line Items]
Selling, General and Administrative Expenses			(0.5)
Corporate [Member]
Restructuring Reserve [Line Items]
Selling, General and Administrative Expenses	1.8		3.8
Restructuring and Other Costs, Net	0.3		0.3
Total Restructuring and Other Costs, Net	2.1		4.1
Corporate [Member] | Severance [Member]
Restructuring Reserve [Line Items]
Restructuring and Related Costs, Cash Costs	$ 0.3		$ 0.3

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Subsequent Event (Details) - Jul. 31, 2015 - Subsequent Event [Member] - Senior Notes [Member] - 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro denominated) [Member] - EUR (€) € in Millions	Total
Subsequent Event [Line Items]
Issuance of Senior Notes	€ 500
Stated Interest Rate	2.15%
Debt Instrument, Maturity Date	Jul. 21, 2022

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Non-cash Activities [Abstract]
Fair value of assets of acquired businesses	$ 305.1	$ 19,649.1
Cash paid for acquired businesses	(298.7)	(13,529.0)
Liabilities assumed of acquired businesses	6.4	6,120.1
Declared but unpaid dividends	61.2	61.4
Issuance of stock upon vesting of restricted stock units	$ 79.7	$ 76.8

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Debt and Other Financing Arrangements (Tables)

6 Months Ended

Jun. 27, 2015

Debt And Other Financing Arrangements Disclosure [Abstract]

Schedule of Debt [Table Text Block]

		Effective
		Interest Rate at
		June 27,	June 27,			December 31,
(Dollars in millions)		2015		2015		2014
Commercial Paper		1.03%		$	1,125.0	$	—
Term Loan		1.65%			925.0		1,275.0
4.40% 5-Year Senior Notes, Due 3/1/2015					—		500.0
3.20% 5-Year Senior Notes, Due 5/1/2015					—		450.0
5.00% 10-Year Senior Notes, Due 6/1/2015					—		250.0
3.50% 5-Year Senior Notes, Due 1/15/2016		1.06%			400.0		400.0
3.20% 5-Year Senior Notes, Due 3/1/2016		3.21%			900.0		900.0
2.25% 5-Year Senior Notes, Due 8/15/2016		2.29%			1,000.0		1,000.0
1.30% 3-Year Senior Notes, Due 2/1/2017		0.82%			900.0		900.0
1.85% 5-Year Senior Notes, Due 1/15/2018		1.85%			500.0		500.0
2.40% 5-Year Senior Notes, Due 2/1/2019		2.44%			900.0		900.0
6.00% 10-Year Senior Notes, Due 3/1/2020		2.98%			750.0		750.0
4.70% 10-Year Senior Notes, Due 5/1/2020		3.58%			300.0		300.0
5.00% 10-Year Senior Notes, Due 1/15/2021		3.25%			400.0		400.0
4.50% 10-Year Senior Notes, Due 3/1/2021		3.38%			1,000.0		1,000.0
3.60% 10-Year Senior Notes, Due 8/15/2021		3.08%			1,100.0		1,100.0
3.30% 7-Year Senior Notes, Due 2/15/2022		3.30%			800.0		800.0
3.15% 10-Year Senior Notes, Due 1/15/2023		3.21%			800.0		800.0
4.15% 10-Year Senior Notes, Due 2/1/2024		4.07%			1,000.0		1,000.0
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)		2.03%			714.7		774.3
5.30% 30-Year Senior Notes, Due 2/1/2044		5.30%			400.0		400.0
Other					18.8		23.2
Total Borrowings at Par Value					13,933.5		14,422.5
	Fair Value Hedge Accounting Adjustments				(32.9)		(0.5)
	Unamortized Premium, Net				122.9		142.0
Total Borrowings at Carrying Value					14,023.5		14,564.0
	Less: Short-term Obligations and Current Maturities				3,359.8		2,212.4
Long-term Obligations				$	10,663.7	$	12,351.6

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Income Taxes Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
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			$ 310.0	$ 353.8
Foreign rate differential			(72.6)	(60.8)
Income tax credits			(204.1)	(59.4)
Manufacturing deduction			(17.6)	(8.9)
Singapore tax holiday			(7.5)	0.0
Impact of change in tax laws and apportionment on deferred taxes			(14.4)	(25.9)
Nondeductible expenses			4.4	3.3
Provision (reversal) of tax reserves, net			0.0	25.3
Basis difference on disposal of businesses			0.0	(61.9)
Tax return reassessments and settlements			(7.0)
State income taxes, net of federal tax			(3.0)	23.1
Other, net			0.7	0.7
Provision for (Benefit From) Income Taxes	$ (8.0)	$ (42.0)	(11.1)	$ 189.3
US foreign tax credits generated by repatriation of foreign earnings			123.0
US Income taxes on repatriated foreign earnings			$ 43.0
Income Tax Holiday [Line Items]
Income Tax Holiday, Termination Date			12/31/2021
Effective Income Tax Rate Reconciliation, Tax Holiday, Percent			0.80%
Income Tax Holiday, Income Tax Benefits Per Share			$ 0.02

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Supplemental Cash Flow Information

6 Months Ended

Jun. 27, 2015

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information [Text Block]

Note 13.Supplemental Cash Flow Information

			Six Months Ended
		June 27,			June 28,
(In millions)			2015			2014
Non-cash Activities
	Fair value of assets of acquired businesses		$	305.1		$	19,649.1
	Cash paid for acquired businesses			(298.7)			(13,529.0)
	Liabilities assumed of acquired businesses		$	6.4		$	6,120.1
	Declared but unpaid dividends		$	61.2		$	61.4
	Issuance of stock upon vesting of restricted stock units		$	79.7		$	76.8

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

6 Months Ended

Jun. 27, 2015

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 standard product warranty obligations are as follows:

			Six Months Ended
		June 27,			June 28,
(In millions)			2015			2014
Beginning Balance			$	57.5		$	49.8
	Provision charged to income			38.3			38.2
	Usage			(38.2)			(39.2)
	Acquisitions			0.5			7.2
	Adjustments to previously provided warranties, net			(2.0)			0.9
	Currency translation			(1.8)			—
Ending Balance			$	54.3		$	56.9

Inventories [Table Text Block]

Inventories

The components of inventories are as follows:

	June 27,			December 31,
(In millions)			2015	2014
Raw Materials		$	470.9	$	441.6
Work in Process			233.4		207.6
Finished Goods			1,258.0		1,210.3
Inventories		$	1,962.3	$	1,859.5

Property, Plant and Equipment [Table Text Block]

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	June 27,			December 31,
(In millions)			2015	2014
Land		$	279.4	$	281.8
Buildings and Improvements			979.1		955.1
Machinery, Equipment and Leasehold Improvements			2,733.3		2,632.0
Property, Plant and Equipment, at Cost			3,991.8		3,868.9
Less: Accumulated Depreciation and Amortization			1,584.9		1,442.4
Property, Plant and Equipment, at Cost, Net		$	2,406.9	$	2,426.5

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

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

		June 27, 2015							December 31, 2014
				Accumulated							Accumulated
(In millions)		Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived:
	Customer relationships	$	11,826.7		$	(3,745.3)	$	8,081.4	$	11,866.8		$	(3,340.6)	$	8,526.2
	Product technology		4,831.2			(1,630.7)		3,200.5		4,898.1			(1,501.3)		3,396.8
	Tradenames		1,320.0			(503.1)		816.9		1,333.0			(448.7)		884.3
	Other		33.8			(33.4)		0.4		34.2			(33.3)		0.9
			18,011.7			(5,912.5)		12,099.2		18,132.1			(5,323.9)		12,808.2
Indefinite Lived:
	Tradenames		1,234.8			—		1,234.8		1,234.8			—		1,234.8
	In-process research and development		49.7			—		49.7		67.1			—		67.1
			1,284.5			—		1,284.5		1,301.9			—		1,301.9
Acquisition-related Intangible Assets		$	19,296.2		$	(5,912.5)	$	13,383.7	$	19,434.0		$	(5,323.9)	$	14,110.1

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

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:

		June 27, 2015							December 31, 2014
				Accumulated							Accumulated
(In millions)		Gross			Amortization		Net		Gross			Amortization		Net
Definite Lived:
	Customer relationships	$	11,826.7		$	(3,745.3)	$	8,081.4	$	11,866.8		$	(3,340.6)	$	8,526.2
	Product technology		4,831.2			(1,630.7)		3,200.5		4,898.1			(1,501.3)		3,396.8
	Tradenames		1,320.0			(503.1)		816.9		1,333.0			(448.7)		884.3
	Other		33.8			(33.4)		0.4		34.2			(33.3)		0.9
			18,011.7			(5,912.5)		12,099.2		18,132.1			(5,323.9)		12,808.2
Indefinite Lived:
	Tradenames		1,234.8			—		1,234.8		1,234.8			—		1,234.8
	In-process research and development		49.7			—		49.7		67.1			—		67.1
			1,284.5			—		1,284.5		1,301.9			—		1,301.9
Acquisition-related Intangible Assets		$	19,296.2		$	(5,912.5)	$	13,383.7	$	19,434.0		$	(5,323.9)	$	14,110.1

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Stockbased Compensation, Restricted Units Disclosures (Details) shares in Millions	6 Months Ended
	Jun. 27, 2015 shares
Unvested Restricted Units [Roll Forward]
Granted	0.9

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Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 3,991.8		$ 3,991.8		$ 3,868.9
Less: Accumulated depreciation and amortization	1,584.9		1,584.9		1,442.4
Property, Plant and Equipment, at Cost, Net	2,406.9		2,406.9		2,426.5
Depreciation and amortization expense of property, plant and equipment	89.9	$ 91.2	177.1	$ 170.9
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	279.4		279.4		281.8
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	979.1		979.1		955.1
Machinery, Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, at Cost	$ 2,733.3		$ 2,733.3		$ 2,632.0

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Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Comprehensive Income
Net income	$ 511.6	$ 278.5	$ 896.7	$ 821.6
Other Comprehensive Items:
Currency translation adjustment	220.9	(50.7)	(342.0)	(36.4)
Unrealized gains on available-for-sale investments:
Unrealized holding gains (losses) arising during the period (net of tax provision of $0.0, $0.1 and $0.1)	(0.1)	1.8	0.0	1.8
Reclassification adjustment for gains included in net income (net of tax provision of $0.0 and $0.0)	0.0	(1.4)	0.0	(1.4)
Unrealized gains and losses on hedging instruments:
Unrealized gain on hedging instruments (net of tax provision of $19.0 and $14.1)	31.0	0.0	23.0	0.0
Reclassification adjustment for losses included in net income (net of tax benefit of $0.5, $0.5, $0.6 and $0.9)	0.8	0.8	1.9	1.5
Pension and other postretirement benefit liability adjustment:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of ($1.2), ($0.3), $1.7 and ($0.9))	(3.2)	(0.7)	3.4	(2.6)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $0.5, $0.6, $1.2 and $1.2)	1.9	1.3	3.6	2.6
Total other comprehensive items	251.3	(48.9)	(310.1)	(34.5)
Comprehensive Income	$ 762.9	$ 229.6	$ 586.6	$ 787.1

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Acquisitions and Dispositions

6 Months Ended

Jun. 27, 2015

Acquisitions and Dispositions Disclosure

Acquisitions and Dispositions [Text Block]

Note 2. Acquisitions

The company’s acquisitions have historically been made at prices above the determined 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 as incurred.

2015

In June 2015, the company signed an agreement to acquire, within the Laboratory Products and Services segment, Alfa Aesar, a U.K.-based global manufacturer of research chemicals from Johnson Matthey Plc, for £256 million (or approximately $400 million) in cash. The acquisition will enhance the company’s existing portfolio of chemicals, solvents and reagents. Revenues of Alfa Aesar were approximately £78 million (or $125 million) in 2014. The transaction, which is expected to close by the end of 2015, is subject to customary closing conditions, including regulatory approvals.

In February 2015, the company acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc., a North America-based global provider of single-use systems and process equipment for bioprocess production, for approximately $289 million. The acquisition expanded the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $125 million was allocated to goodwill, all of which is tax deductible.

In addition, in 2015, the company acquired, within the Analytical Instruments segment, selected assets of certain existing channel partnersfor its chromatography and mass spectrometry products, for an aggregate purchase price of $11 million.

During the first six months of 2015, the company made contingent purchase price payments totaling $8 million for acquisitions completed prior to 2015. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses.

		The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:
(In millions)			Advanced Scientifics		Other		Total
Purchase Price
	Cash paid		$	289.1	$	9.6	$	298.7
	Purchase price payable			—		1.3		1.3
	Cash acquired			(0.1)		—		(0.1)
			$	289.0	$	10.9	$	299.9
Net Assets Acquired
	Current assets		$	27.8	$	3.8	$	31.6
	Property, plant and equipment			10.6		—		10.6
	Definite-lived intangible assets:
		Customer relationships		90.0		4.3		94.3
		Product technology		36.5		—		36.5
		Tradenames and other		2.3		—		2.3
	Goodwill			125.2		4.3		129.5
	Other assets			0.2		—		0.2
	Liabilities assumed			(3.6)		(1.5)		(5.1)
			$	289.0	$	10.9	$	299.9

The weighted-average amortization periods for definite-lived intangible assets acquired in 2015 are 16 years for customer relationships, 10 years for product technology and 10 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2015 is 15 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 for the first six months of 2014 would have been as follows:

				Six Months Ended
		June 28,
(In millions except per share amounts)			2014
Revenues			$	8,501.5
Net Income			$	1,113.0
Earnings per Share:
	Basic		$	2.79
	Diluted		$	2.76

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 or 2015 acquisitions occurred at the beginning of 2013 or 2014, respectively.

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Comprehensive Income and Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance			$ (1,285.0)
Other comprehensive income (loss) before reclassifications			(315.6)
Amounts reclassified from accumulated other comprehensive items			5.5
Total other comprehensive items	$ 251.3	$ (48.9)	(310.1)	$ (34.5)
Accumulated Other Comprehensive Items, Ending Balance	(1,595.1)		(1,595.1)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Expense, Net	92.2	111.6	197.5	212.7
Total Before Tax	(503.6)	(236.5)	(885.6)	(1,010.9)
Income Tax Provision (Benefit)	(8.0)	(42.0)	(11.1)	189.3
Net of Tax	$ (511.6)	$ (278.5)	$ (896.7)	$ (821.6)
Class of Stock Disclosures [Abstract]
Preferred Stock, $100 Par Value - Shares Authorized (in shares)	50,000		50,000		50,000
Preferred Stock, $100 Par Value - Par Value (in dollars per share)	$ 100		$ 100		$ 100
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance			$ (1,070.6)
Other comprehensive income (loss) before reclassifications			(342.0)
Total other comprehensive items			(342.0)
Accumulated Other Comprehensive Items, Ending Balance	$ (1,412.6)		(1,412.6)
Unrealized Gains on Available-for-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance			1.3
Other comprehensive income (loss) before reclassifications			0.0
Amounts reclassified from accumulated other comprehensive items			0.0
Total other comprehensive items			0.0
Accumulated Other Comprehensive Items, Ending Balance	1.3		1.3
Unrealized Gains (Losses) on Hedging Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance			(20.9)
Other comprehensive income (loss) before reclassifications			23.0
Amounts reclassified from accumulated other comprehensive items			1.9
Total other comprehensive items			24.9
Accumulated Other Comprehensive Items, Ending Balance	4.0		4.0
Pension and Other Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Items, Beginning Balance			(194.8)
Other comprehensive income (loss) before reclassifications			3.4
Amounts reclassified from accumulated other comprehensive items			3.6
Total other comprehensive items			7.0
Accumulated Other Comprehensive Items, Ending Balance	$ (187.8)		$ (187.8)

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Goodwill (Details) $ in Millions	Jun. 27, 2015 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 18,842.6
Ending balance	$ 18,806.9

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Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 27, 2015

Acquisitions and Dispositions Disclosure

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

		The components of the purchase price and net assets acquired for 2015 acquisitions are as follows:
(In millions)			Advanced Scientifics		Other		Total
Purchase Price
	Cash paid		$	289.1	$	9.6	$	298.7
	Purchase price payable			—		1.3		1.3
	Cash acquired			(0.1)		—		(0.1)
			$	289.0	$	10.9	$	299.9
Net Assets Acquired
	Current assets		$	27.8	$	3.8	$	31.6
	Property, plant and equipment			10.6		—		10.6
	Definite-lived intangible assets:
		Customer relationships		90.0		4.3		94.3
		Product technology		36.5		—		36.5
		Tradenames and other		2.3		—		2.3
	Goodwill			125.2		4.3		129.5
	Other assets			0.2		—		0.2
	Liabilities assumed			(3.6)		(1.5)		(5.1)
			$	289.0	$	10.9	$	299.9

Business Acquisition, Pro Forma Information [Table Text Block]

Had the acquisition of Life Technologiesbeen completed as of the beginning of 2013, the company’s pro forma results for the first six months of 2014 would have been as follows:

				Six Months Ended
		June 28,
(In millions except per share amounts)			2014
Revenues			$	8,501.5
Net Income			$	1,113.0
Earnings per Share:
	Basic		$	2.79
	Diluted		$	2.76

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Income Taxes Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Components of Income From Continuing Operations Before Income Taxes [Abstract]
Income from Continuing Operations Before Income Taxes	$ 503.6	$ 236.5	$ 885.6	$ 1,010.9
Deferred Income Tax Provision (Benefit) [Abstract]
Provision for (Benefit From) Income Taxes	$ (8.0)	$ (42.0)	(11.1)	189.3
Excess income tax benefits from stock-based compensation plans recognized in equity			$ 48.6	$ 55.5

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Restructuring and Other Costs, Net (Tables)

6 Months Ended

Jun. 27, 2015

Restructuring And Other Costs, Net Disclosure

Schedule of Restructuring and Related Costs [Table Text Block]

Second Quarter of 2015

During the second quarter of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	0.9	$	0.1	$	3.4	$	4.4
Analytical Instruments		—		—		12.8		12.8
Specialty Diagnostics		0.2		—		1.9		2.1
Laboratory Products and Services		—		1.3		2.0		3.3
Corporate		—		1.8		0.3		2.1
	$	1.1	$	3.2	$	20.4	$	24.7

First Six Months of 2015

During the first six months of 2015, the company recorded net restructuring and other costs by segment as follows:

(In millions)	Cost of Revenues		Selling, General and Administrative Expenses		Restructuring and Other Costs, Net		Total
Life Sciences Solutions	$	1.4	$	6.2	$	26.1	$	33.7
Analytical Instruments		—		—		18.4		18.4
Specialty Diagnostics		0.3		—		4.7		5.0
Laboratory Products and Services		—		0.8		2.9		3.7
Corporate		—		3.8		0.3		4.1
	$	1.7	$	10.8	$	52.4	$	64.9

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-2014 Restructuring Plans
	Balance At December 31, 2014	$	6.2		$	7.5	$	1.8	$	15.5
	Costs incurred in 2015 (b)		1.3			0.5		0.1		1.9
	Reserves reversed		(1.8)			(0.2)		(0.1)		(2.1)
	Payments		(2.4)			(1.5)		(0.8)		(4.7)
	Currency translation		(0.3)			(0.1)		(0.1)		(0.5)
	Balance At June 27, 2015	$	3.0		$	6.2	$	0.9	$	10.1
2014 Restructuring Plans
	Balance At December 31, 2014	$	31.5		$	2.3	$	4.1	$	37.9
	Costs incurred in 2015 (b)		8.0			1.2		4.1		13.3
	Reserves reversed		(7.0)			(0.1)		(1.4)		(8.5)
	Payments		(29.1)			(3.0)		(4.4)		(36.5)
	Currency translation		(0.5)			(0.1)		(0.1)		(0.7)
	Balance At June 27, 2015	$	2.9		$	0.3	$	2.3	$	5.5
2015 Restructuring Plans
	Costs incurred in 2015 (b)	$	29.2		$	13.1	$	4.4	$	46.7
	Payments		(21.3)			(0.5)		(3.8)		(25.6)
	Currency translation		0.1			—		—		0.1
	Balance At June 27, 2015	$	8.0		$	12.6	$	0.6	$	21.2

• Other includes cash charges for relocation and moving expenses associated with facility consolidations, 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 $7.6 million gain on the sale of a product line, $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $4.3 million of provision for losses on litigation-related matters; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.5 million of non-cash income, net, which are detailed by segment above.

The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs primarily through 2015 and abandoned-facility payments, over lease terms expiring through 2020.

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Fair Value Measurements and Fair Value Of Financial Instruments

6 Months Ended

Jun. 27, 2015

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 2015. 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 June 27, 2015:
			June 27,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2015		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	69.3	$	69.3	$	—	$	—
	Bank time deposits				2.0		2.0		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				7.7		7.7		—		—
	Insurance contracts				103.6		—		103.6		—
	Derivative contracts				50.3		—		50.3		—
		Total Assets		$	232.9	$	79.0	$	153.9	$	—
Liabilities
	Derivative contracts			$	48.5	$	—	$	48.5	$	—
	Contingent consideration				7.6		—		—		7.6
		Total Liabilities		$	56.1	$	—	$	48.5	$	7.6

		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, 2014:
			December 31,			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)				2014		(Level 1)		(Level 2)		(Level 3)
Assets
	Cash equivalents			$	617.3	$	617.3	$	—	$	—
	Bank time deposits				8.5		8.5		—		—
	Investments in mutual funds, unit trusts and other    similar instruments				8.7		8.7		—		—
	Insurance contracts				102.5		—		102.5		—
	Derivative contracts				20.2		—		20.2		—
		Total Assets		$	757.2	$	634.5	$	122.7	$	—
Liabilities
	Derivative contracts			$	10.4	$	—	$	10.4	$	—
	Contingent consideration				29.6		—		—		29.6
		Total Liabilities		$	40.0	$	—	$	10.4	$	29.6

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

			Three Months Ended						Six Months Ended
		June 27,			June 28,			June 27,			June 28,
(In millions)			2015			2014			2015			2014
Contingent Consideration
	Beginning Balance		$	21.0		$	33.1		$	29.6		$	5.1
	Acquisition			—			—			—			29.1
	Payments			—			(5.0)			(8.0)			(6.1)
	Change in fair value included in earnings			—			3.6			(0.5)			3.6
	Sale of a product line			(13.4)			—			(13.4)			—
	Currency translation			—			0.3			(0.1)			0.3
	Ending Balance		$	7.6		$	32.0		$	7.6		$	32.0

The notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.62 billion and $3.74billion at June 27,2015 and December 31, 2014, 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
			June 27,			December 31,		June 27,			December 31,
(In millions)				2015		2014			2015		2014
Derivatives Designated as Hedging Instruments
	Interest rate swaps (a)			$	37.1	$	—		$	40.7	$	3.7
Derivatives Not Designated as Hedging Instruments
	Currency exchange contracts (b)				13.2		20.2			7.8		6.7
(a)		The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or 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 (Loss) Recognized
			Three Months Ended						Six Months Ended
			June 27,		June 28,			June 27,			June 28,
(In millions)				2015			2014			2015			2014
Derivatives Designated as Fair Value Hedges
	Interest rate swaps - effective portion		$	9.5		$	1.0		$	16.2		$	2.1
	Interest rate swaps - ineffective portion (a)			(0.2)			1.1			(7.2)			1.8
Derivatives Not Designated as Fair Value Hedges
	Currency exchange contracts
		Included in cost of revenues	$	4.1		$	3.4		$	17.5		$	4.2
		Included in other expense, net		17.1			(0.5)			137.0			0.2
(a)		The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements.

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 are included in other expense, net in the accompanying statement of income.

The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated 2.00% Senior Notes, due 2025 have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. In the first six months of 2015, the currency translation adjustment component of other comprehensive income includes pre-tax net gains of $59.4 million from the euro-denominated notes.

Cash Flow Hedge Arrangements

In February 2015, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of a debt offering in 2016. Based on the company’s conclusion that a debt offering is probable as a result of debt maturing in 2016 and that such debt would carry semi-annual interest payments over a 10-year term, the swaps hedge the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned 10-year fixed-rate debt issue. The hedge will be terminated upon completion of a debt offering in 2016. The fair value of the hedge at that time will be recorded to accumulated other comprehensive items within shareholders’ equity and will be amortized to interest expense over the term of the debt. The change in the fair value of the hedge, $23 million, net of tax, as of June 27,2015, was classified as an increase to accumulated other comprehensive items.

Fair Value of Other Financial Instruments

		The carrying value and fair value of the company’s notes receivable and debt obligations are as follows:
			June 27, 2015				December 31, 2014
			Carrying		Fair		Carrying		Fair
(In millions)			Value		Value		Value		Value
Notes Receivable			$	10.8	$	10.8	$	8.3	$	8.3
Debt Obligations:
	Senior notes		$	11,954.7	$	12,072.9	$	13,265.8	$	13,590.6
	Term loan			925.0		925.0		1,275.0		1,275.0
	Commercial paper			1,125.0		1,125.0		—		—
	Other			18.8		18.8		23.2		23.2
			$	14,023.5	$	14,141.7	$	14,564.0	$	14,888.8
		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.