10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or

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

Commission file number 1-8002

THERMO FISHER SCIENTIFIC INC.

(Exact name of Registrant as specified in its charter)

Delaware	04-2209186
(State of incorporation)	(I.R.S. Employer Identification No.)

168 Third Avenue

Waltham, Massachusetts 02451

(Address of principal executive offices) (Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	TMO	New York Stock Exchange
0.750% Notes due 2024	TMO 24A	New York Stock Exchange
0.125% Notes due 2025	TMO 25B	New York Stock Exchange
2.000% Notes due 2025	TMO 25	New York Stock Exchange
1.400% Notes due 2026	TMO 26A	New York Stock Exchange
1.450% Notes due 2027	TMO 27	New York Stock Exchange
1.750% Notes due 2027	TMO 27B	New York Stock Exchange
0.500% Notes due 2028	TMO 28A	New York Stock Exchange
1.375% Notes due 2028	TMO 28	New York Stock Exchange
1.950% Notes due 2029	TMO 29	New York Stock Exchange
0.875% Notes due 2031	TMO 31	New York Stock Exchange
2.375% Notes due 2032	TMO 32	New York Stock Exchange
2.875% Notes due 2037	TMO 37	New York Stock Exchange
1.500% Notes due 2039	TMO 39	New York Stock Exchange
1.875% Notes due 2049	TMO 49	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒  No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐  No ☒ 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒  No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.      Large accelerated filer ☒             Accelerated filer ☐             Non-accelerated filer ☐ Smaller reporting company ☐        Emerging growth company ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

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

As of July 2, 2021, the aggregate market value of the voting stock held by nonaffiliates of the Registrant was approximately $201,672,052,000 (based on the last reported sale of common stock on the New York Stock Exchange Composite Tape reporting system on July 2, 2021).

As of February 5, 2022, the Registrant had 391,191,770 shares of Common Stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Sections of Thermo Fisher’s definitive Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference into Parts II and III of this report.

THERMO FISHER SCIENTIFIC INC.

ANNUAL REPORT ON FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021

	TABLE OF CONTENTS
		Page
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	17
Item 1B.	Unresolved Staff Comments	25
Item 2.	Properties	25
Item 3.	Legal Proceedings	25
Item 4.	Mine Safety Disclosures	25
	PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
Item 6.	Reserved	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 8.	Financial Statements and Supplementary Data	36
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	36
Item 9A.	Controls and Procedures	36
Item 9B.	Other Information	37
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	37
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	38
Item 11.	Executive Compensation	38
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	38
Item 13.	Certain Relationships and Related Transactions, and Director Independence	38
Item 14.	Principal Accountant Fees and Services	38
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	39
Item 16.	Form 10-K Summary	39

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PART I

Item 1.    Business

General Development of Business

Thermo Fisher Scientific Inc. (also referred to in this document as “Thermo Fisher,” “we,” the “company,” or the “registrant”) is the world leader in serving science. Our Mission is to enable our customers to make the world healthier, cleaner and safer. We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial quality and process control settings. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

We continuously increase our depth of capabilities in technologies, software and services, and leverage our extensive global channels to address our customers’ emerging needs. We do this through organic investments in research and development and through acquisitions. Our goal is to make our customers more productive in an increasingly competitive business environment, and enable them to solve their challenges, from complex research to improved patient care, environmental, industrial quality and process monitoring, and consumer safety.

On December 8, 2021, the company acquired PPD, Inc., a leading global provider of clinical research services to the pharma and biotech industry. The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process. PPD is now part of our Laboratory Products and Biopharma Services segment.

Forward-looking Statements

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934 (the Exchange Act), are made throughout this Annual Report on Form 10-K. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including without limitation statements regarding: projections of revenues, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, and our liquidity position; cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions or divestitures; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; the expected impact of the COVID-19 pandemic on the company’s business; and any other statements that address events or developments that Thermo Fisher intends or believes will or may occur in the future. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. 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 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 I, Item 1A.

Business Segments and Products

We report our business in four segments – Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services.

During 2021, the Life Sciences Solutions and Specialty Diagnostics segments as well as the laboratory products business continued to support COVID-19 diagnostic testing, scaling and evolving their molecular diagnostics solutions and plastic consumables businesses to respond to the on-going COVID-19 pandemic. The biosciences and bioproduction businesses also expanded their capacity to meet the needs of pharma and biotech customers as they rapidly expanded their own production volumes to meet global vaccine manufacturing requirements. Additionally, through our pharma services business, we provided our pharma and biotech customers with the services they needed to develop and produce vaccines and therapies globally.

Life Sciences Solutions Segment

Through our Life Sciences Solutions segment, we provide 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 infection

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and disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets. Life Sciences Solutions includes four primary businesses – Biosciences, Genetic Sciences, Clinical Next-Generation Sequencing, and BioProduction.

Biosciences

Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and medical research, discover new drugs and vaccines, and diagnose infection and disease, such as COVID-19.

Our biosciences offerings include:

•Reagents, instruments, and consumables used for protein biology, molecular biology, sample preparation and cell imaging and analysis. The portfolio includes antibodies and products for protein purification, detection, modification, and analysis; and sequencing, detection and purification products used for high-content analysis of nucleic acids. Many of these products are also used in applied markets, including agriculture, forensics, diagnostics product development, toxicology research and diagnostic testing.

•Tools used for genetic engineering, amplification, quantification and analysis as well as RNA isolation, including stem cell reprogramming kits, transfection reagents, RNA interference reagents, along with gene editing tools and gene synthesis products.

•Cell culture media, reagents, and plastics for preserving and growing mammalian cells which are used in many life science research applications.

•Fluorescence-based technologies, which facilitate the labeling of molecules for biological research and drug discovery. These technologies include a wide range of cell analysis instruments, including flow cytometers and imaging platforms that enable fluorescence microscopy.

•Protein analysis products, including precast electrophoresis gels for separating nucleic acids and proteins, and western blotting and staining tools.

Genetic Sciences

Our genetic sciences business combines a wide variety of instruments and related reagents used to provide high-value genomic solutions to assist customer decisions in the research, clinical, healthcare and applied markets.

Our offerings include real-time polymerase chain reaction (PCR) technology used to identify changes in gene expression, genotyping or proteins on an individual gene-by-gene basis and for diagnostic testing to identify infection and disease such as COVID-19; capillary electrophoresis (CE) sequencing, a core technology used in DNA sequencing and fragment analysis and forensic analysis applications; and microarray technology, used in gene expression, genotyping and reproductive health.

Our genetic analyzers served as the foundational platform used to sequence the first human genome. These systems are used in a variety of basic, commercial and clinical research applications.

Clinical Next-Generation Sequencing

Our clinical next-generation sequencing (NGS) business focuses on delivering simple, fast and cost-effective NGS technology for a range of applications. The business is focused on targeted sequencing solutions for research use, the application of NGS in oncology and companion diagnostics.

BioProduction

Our bioproduction business supports developers and manufacturers of biological-based therapeutics and vaccines with a portfolio of premium solutions and services focused on upstream cell culture, downstream purification, analytics for detection and quantitation of process/product impurities, and a suite of single-use solutions spanning the biologics workflow.

Our bioproduction offerings include:

•Single-use bioproduction solutions that provide our customers with faster turnaround and set-up times, minimal validation requirements, reduced investment and running costs, and increased flexibility of manufacturing capacity.

•Production cell culture media solutions, which are used by leading biotechnology and pharmaceutical companies to grow cells in controlled conditions and enable large scale cGMP (Current Good Manufacturing Practices) manufacturing of drugs and vaccines, including the COVID-19 vaccine. We also provide our customers with the associated services to optimize the productivity of these production platforms.

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•Chromatography products, which deliver superior capacity and resolution for process-scale bioseparations, and offer a broad set of scalable options for the purification of antibodies, antibody fragments and proteins.

•Rapid molecular products that deliver accurate results in less than four hours for contaminant detection, identification and quantitation.

•Scalable solutions for the manufacture of cell therapy-based drugs.

Our Doe & Ingalls offerings include chemical distribution and supply chain services that provide primarily life science manufacturers with reliable, secure supply chains for their chemical raw materials.

Analytical Instruments Segment

Through our Analytical Instruments segment, we provide 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. This segment includes three primary businesses – Chromatography and Mass Spectrometry, Chemical Analysis, and Materials and Structural Analysis.

Chromatography and Mass Spectrometry

Our chromatography and mass spectrometry (MS) business provides analytical instrumentation for organic and inorganic sample analysis across both applied technologies and life science research. These products are complemented by laboratory information management systems (LIMS); chromatography data systems (CDS); database analytical tools; automation systems; a range of consumables, such as a line of chromatography columns; and a range of sample preparation and separation products including auto-samplers and multiplexing systems.

Chromatography is a technique for separating, identifying and quantifying individual chemical components of substances based on their specific physical and chemical characteristics. Our chromatography product line includes high-performance liquid chromatography, ion chromatography and gas chromatography systems, all of which are supported by our Chromeleon chromatography data system software.

•Liquid Chromatography (LC) Systems analyze complex sample matrices in liquids. Our high-pressure liquid chromatography (HPLC) and ultrahigh-pressure liquid chromatography (UHPLC) systems offer high throughput and sensitivity and are sold either as stand-alone systems or integrated with our mass spectrometers (LC/MS and LC/MS/MS). These systems are used for a range of applications, from complex proteomic analyses to routine industrial quality assurance and quality control (QA/QC).

•Ion Chromatography (IC) Systems separate ionic (charged) or highly polar molecules (e.g., sugars and carbohydrates), usually found in water-based solutions, and typically detect them based on their electrical conductivity. Our IC products are used in a wide range of applications, including scientific research, and environmental testing, as well as quality control in pharmaceutical, food and beverage, and other industrial processes.

•Gas Chromatography (GC) Systems analyze complex sample matrices in gases, comprising both separation and detection technology. Separation technology is common to all gas chromatography analyzers and is paired with either a conventional detector (GC) or with different types of mass spectrometers (GC/MS). Our GC/MS offering includes a triple-stage quadrupole, a single-stage quadrupole, an Orbitrap, and an ion trap for a range of applications, including food safety testing, quantitative screening of environmental samples, and complex molecular analyses.

•Elemental Analysis Spectrometers use atomic spectroscopy techniques to identify trace concentrations of elements in liquid and solid samples primarily in environmental, petrochemical, food safety, metallurgical, geochemical and clinical/toxicology research applications. These products are widely used in growth markets such as China, India and Latin America to support compliance with increasingly stringent international environmental and consumer safety regulations.

Mass spectrometry is a technique for analyzing chemical compounds, individually or in complex mixtures, by forming charged ions that are then analyzed according to their mass-to-charge ratios. In addition to molecular information, each discrete chemical compound generates a pattern that provides structurally identifiable information. Our comprehensive offering includes life sciences mass spectrometry systems; and inorganic mass spectrometry systems; as well as a range of sample preparation and separation products, including auto-samplers and multiplexing systems.

•Life Sciences Mass Spectrometers include triple quadrupole and Orbitrap technologies. Our triple quadrupole systems provide high-performance quantitative analysis of chemicals in biological fluids, environmental samples and food

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matrices. They are also used by the pharmaceutical industry for targeted quantitation during drug discovery. Our Orbitrap technologies provide high-resolution and accurate mass capabilities for both research and applied markets and are well suited for drug metabolism, proteomics, environmental analysis, food safety, toxicology and clinical research applications. We also offer a comprehensive portfolio of instrument control and data analysis software to help customers simplify their workflows and obtain knowledge from often complex data.

•Inorganic Mass Spectrometers include four product lines: isotope ratio mass spectrometry (IRMS); multi-collector isotope ratio mass spectrometry (MC/IRMS); inductively coupled plasma mass spectrometry (ICP/MS); and high-resolution trace mass spectrometry (HR Trace/MS). These products are primarily used for qualitative and quantitative analysis of inorganic matter in a range of applications, including environmental analysis, materials science and earth sciences.

Chemical Analysis

Our chemical analysis products fall into three main categories: production, process and analytics; field safety instruments; and environmental and process instruments. Customers use these products to quickly and accurately analyze the composition of materials to optimize workflows primarily in industrial applications or to help them comply with governmental regulations and industry safety standards. Our product lines range from those used on production lines to improve quality and efficiency, to portable systems for rapid and real-time chemical identification in the field or to analyze, measure or respond to hazardous situations.

•Production, Process and Analytics includes production line process monitoring and control systems for a range of industrial applications. For example, we offer on-line instruments that analyze bulk materials non-invasively and in real time to improve quality control and ensure safe operation in a mine or cement manufacturing plant, as well as systems that enable high-speed weighing during bulk materials handling. We also offer gauging systems that employ ionizing and non-ionizing technologies to measure the total thickness, basis weight and coating thickness of flat-sheet materials, such as steel, plastics, foil, rubber and glass. We also offer on-line analyzers based on a variety of technologies, such as X-ray imaging and ultra-trace chemical detection, to inspect packaged goods for physical contaminants, validate fill quantities, or check for missing or broken parts on-line and at high speeds in the food and beverage, pharmaceutical production and packaging industries, to maintain safety and quality standards.

•Field Safety Instruments are rugged handheld products that provide rapid, precise, real-time analysis at the point of need. Our main product categories are elemental analyzers, optical analyzers and radiation detection instruments. Our portable elemental analyzers use X-ray fluorescence (XRF) or Laser-induced breakdown spectroscopy technologies in QA/QC applications to identify metal alloys in scrap metal recycling; in precious metals analysis; in environmental analysis; and for lead screening in a range of consumer products. Our portable optical analyzers utilize Raman, Fourier transform infrared (FTIR) and near-infrared (NIR) technologies for use in the field by first responders and law enforcement and military personnel who need to quickly and accurately identify chemicals and explosives in critical safety and security situations. Other applications include QA/QC in pharmaceutical production and identification of counterfeit drugs. Our radiation measurement products are used to monitor, detect and identify specific forms of radiation in nuclear power, environmental, industrial, medical, and security applications. Our primary customers include national, regional, and local government agencies responsible for monitoring cargo, vehicles and people traveling across borders. These products are also used by first-responders in safety and security situations, and for worker safety in the nuclear power and other industrial markets.

•Environmental and Process Instruments include fixed and portable instrumentation that help our customers protect people and the environment as well as comply with government regulations and industry safety standards. Our products are used by environmental regulatory agencies and power plant operators to measure ambient air, and stack gas emissions for compliance with regulated emissions standards for criteria pollutant gases. Our products are also used in ambient particulate monitoring applications by customers in mining environments to provide continuous measurements and logging of real-time concentrations and median particle sizes of airborne dust, smoke, mist and fumes to improve efficiency and increase worker safety.

In addition to our broad product offerings, we offer a variety of specialized services to our customers, including equipment servicing, instrument calibration services, asset management and training.

Electron Microscopy

Our electron microscopy business (formerly known as materials and structural analysis business) includes electron microscopy, molecular spectroscopy and bulk elemental analysis instruments that are used by customers in life sciences, materials sciences, semiconductor and industrial markets to accelerate breakthrough discoveries.

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•Electron Microscopy Instruments include transmission electron microscopes which provide imaging and characterization at the atomic scale, with applications in semiconductor development, materials science research and the characterization of protein structure and function. We also offer scanning electron microscopes which resolve features from the optical regime down to the nanometer length scale and are used for a wide variety of applications from materials characterization in science and engineering to applications in natural resources, manufacturing, and biological systems. Our DualBeam focused ion beam-scanning electron microscope systems are used for sample preparation, 3D characterization, nanoprototyping, and industrial failure analysis. Our focused ion beam microscopes are used in a range of process control, failure analysis, and materials research applications. We also offer electrical failure analysis instruments which are used in root cause failure analysis and quality control; microCT instruments which are micro-computed tomography solutions for quantitative analysis of a broad range of materials, providing 3D visualization of large volumes non-destructively; and a range of surface analysis instruments commonly used in the semiconductor, metals, coatings, and polymer industries as a product development and failure analysis tool. We also provide 3D visualization software that turns the data and images generated by a broad range of instruments into 3D visualizations of the microscopic sample, allowing for quantitative analysis of material properties.

•Molecular Spectroscopy Instruments are divided into four primary techniques: FTIR, Raman, NIR and ultraviolet/visible (UV/Vis) spectroscopy. These technologies are typically used in the laboratory to provide information on the structure of molecules to identify, verify and quantify organic materials in pharmaceutical, biotechnology, polymer, chemical, and forensic sciences. Our material characterization instruments include rheometers and extruders that measure viscosity, elasticity, processability, and temperature-related mechanical changes of various materials.

•Bulk Elemental Analysis Instruments and analyzers use XRF, X-ray diffraction (XRD), and arc spark optical emission (OES) techniques for accurate and precise analysis of bulk materials in the metals, cement, minerals, and petrochemicals industries.

Specialty Diagnostics Segment

Our Specialty Diagnostics segment offers a wide range of diagnostic test kits, reagents, culture media, instruments and associated products in order to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner. This segment has five primary businesses – Clinical Diagnostics, ImmunoDiagnostics, Microbiology, Transplant Diagnostics and our Healthcare Market Channel.

Clinical Diagnostics

Our clinical diagnostics products include a broad offering of liquid, ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls and calibration verification fluids. In particular, we provide products used for COVID-19 testing; drugs-of-abuse testing; therapeutic drug monitoring, including immunosuppressant drug testing; thyroid hormone testing; serum toxicology; clinical chemistry; immunology; hematology; coagulation; glucose tolerance testing; first trimester screening; tumor markers testing; and biomarkers testing for sepsis, acute myocardial infarction and congestive heart failure. We also private-label many of our reagents and controls for major in vitro diagnostics companies through OEM arrangements. In many instances, we will work with customers or partners to develop new products and applications for their instrument platforms.

We have developed one of the broadest menus for drugs-of-abuse immunoassays. We also provide a broad offering of immunosuppressant drug immunoassays that can be used on a variety of clinical chemistry analyzers.

Our clinical chemistry systems include analyzers and reagents to analyze and measure routine blood and urine chemistry, such as glucose and cholesterol; and advanced testing for specific proteins, therapeutic drug monitoring and drugs-of-abuse. Our diagnostic test range currently covers approximately 80 different validated methods. We also provide pre- and post-analytical automation for preparation of blood specimens before and after analysis, and specialty diagnostic tests based on patented biomarkers for sepsis, cardiovascular and pulmonary diseases, as well as intensive care treatments and prenatal screening.

ImmunoDiagnostics

Our immunodiagnostics offerings include developing, manufacturing and marketing complete blood-test systems to support the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases. We offer antibody tests for approximately 20 indications to help diagnose autoimmune diseases such as rheumatoid arthritis, celiac disease, lupus and scleroderma. Our products include ImmunoCAP for allergy and asthma tests and EliA for autoimmunity tests.

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Microbiology

Our microbiology offerings include dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products and associated products for the microbiology laboratory. Our products help customers worldwide to diagnose infectious disease; determine appropriate antimicrobial therapy; implement effective infection control programs; and detect microbial contamination of their products or manufacturing facilities.

Within the food and pharmaceutical industries, our products are used to assure the safety and quality of consumer products by monitoring production environments; raw materials and end products for bacterial contamination; and animal health in the dairy industry.

Transplant Diagnostics

Our transplant diagnostics products include human leukocyte antigen (HLA) typing and testing for the organ transplant market. Our diagnostic tests are used by transplant centers for tissue typing, primarily to determine the compatibility of donors and recipients pre-transplant, and to detect the presence of antibodies post-transplant that can lead to transplant rejection. These transplant diagnostic tests are widely used across the transplant-testing workflow to improve patient outcomes. Our transplant diagnostic offerings include several lines of HLA typing and antibody detection assays utilizing serological, molecular, enzyme-linked immunosorbent assays (ELISA), flow, and multiplexing technologies.

Healthcare Market Channel

Our healthcare market channel offerings include a broad array of consumables, diagnostic kits and reagents, equipment, instruments, solutions and services for hospitals, clinical laboratories, reference laboratories, physicians’ offices and other clinical testing facilities. These products are manufactured by Thermo Fisher and third parties and are primarily used in clinical diagnosis. We go to market through our expert sales force, segment-relevant printed collateral and digital content, and a state-of-the-art website, www.fishersci.com/healthcare, containing full product content for more than 1.5 million products.

Laboratory Products and Biopharma Services Segment

Our Laboratory Products and Biopharma Services segment (formerly known as Laboratory Products and Services) offers virtually everything needed for the laboratory. Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more efficient, productive and cost-effective. The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing. We serve the pharmaceutical, biotechnology, academic, medical device, government and other research and industrial markets, as well as the clinical laboratory market through five key businesses: Laboratory Products, Laboratory Chemicals, Research and Safety Market Channel, Pharma Services and Clinical Research.

Laboratory Products

Our laboratory products are used primarily by pharmaceutical companies for drug discovery and development and by biotechnology companies and universities for life science research to advance the prevention and cure of diseases and enhance quality of life. This offering consists of equipment, accessories, and services for sample preparation, storage and protection, and analysis:

•Laboratory Equipment Technologies includes our leading laboratory refrigerators and freezers, ultralow-temperature freezers and cryopreservation storage tanks for maintaining samples in a cold environment to protect them from degradation. We also offer temperature control products such as heated bath circulators, immersion coolers, recirculating chillers, water baths, and dry baths in a range of sizes, temperatures and configurations for life science, analytical chemistry, manufacturing and quality-control applications. In addition, we offer sample preparation and preservation equipment, which protects our customers’ chemical and biological samples and supports the growth of cells and organisms in optimal conditions such as temperature, carbon dioxide and humidity, as well as incubators and related products. We also offer centrifugation products, which are used to separate biological matrices and inorganic materials, including microcentrifuges, general use bench-top centrifuges and floor models. Additionally, we offer biological safety cabinets, which enable technicians to handle samples without risk to themselves or their environment and without risk of cross-contamination of samples.

•Water and Laboratory Products include water analysis instruments such as meters, electrodes and solutions for the measurement of pH, ions, conductivity, dissolved oxygen, turbidity and other key parameters in the lab and production

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line. We also offer other laboratory equipment such as water purification systems, shakers, vacuum concentrators, microbiological incubators, ovens, furnaces, hotplates, stirrers, stirring hotplates, and other related products.

•Laboratory Plastics Essentials include a leading offering of laboratory pipette tips and a complementary range of handheld and automated pipetting systems, supporting low- through high-throughput activity. These products optimize productivity and ergonomics and ensure accurate results. We also offer sample preparation and storage products such as centrifugation consumables as well as vials and organization systems for ultralow temperature and cryogenic storage, with specific products designed for low protein binding and low DNA binding and containers for packaging life science and diagnostic reagents as well for the storage and transport of bulk intermediates and active pharmaceutical ingredients. Additionally, our offerings include a complete selection of clinical specimen collection products, drug-of-abuse collection kits and environmental and food-safety glass and plastic vials, bottles and containers, plastic transfer pipettes, general purpose clinical laboratory consumables and containers for breast milk collection, storage and feeding primarily used in neo-natal units and by lactation specialists. We also provide OEM and custom kit assembly services for clinical and drugs-of-abuse test kits.

Laboratory Chemicals

Our laboratory chemicals offering comprises a broad range of chemicals, solvents and reagents supporting virtually every laboratory application – from research and drug discovery to development and manufacturing. This portfolio includes organic chemicals used to synthesize new materials; essential laboratory chemicals used by scientists to purify, extract, separate, identify and manufacture products; high-purity analytical reagents; bioreagents used in many different applications, from cell growth to detailed protein analysis; novel chemical building blocks, reactive intermediates and screening libraries used to accelerate drug discovery; and precious metals, salts and solutions used in a broad range of applications where highly specific reactions are desired. We provide bulk volumes of many products for scale-up from research to development and customized services for chemical procurement, processing, production, testing, and packaging.

Research and Safety Market Channel

Our research and safety market channel serves academic, pharmaceutical, biotechnology, government and industrial customers. We go to market through our expert sales force, segment-relevant printed collateral and digital content in four languages, a state-of-the-art website, www.fishersci.com, containing full product content for more than 1.5 million products, and our global network of resellers and distributors.

We have an international network of warehouses in our primary markets through which we maintain inventory and coordinate product delivery. With specialized product vaults and warehouse management systems, we are able to handle the complete range of products we offer to our customers. Our transportation capabilities include our dedicated fleet of delivery vehicles as well as parcel shipping capabilities that are closely integrated with our third-party parcel carriers. Throughout the product delivery process, we provide our customers with convenient access to comprehensive electronic systems that offer automated catalog search, product order and invoicing, and payment capabilities.

Our channel offers a mix of products that are manufactured by Thermo Fisher, by third parties for us on a private-label basis, and by third parties under their brand but offered for sale exclusively through us. We also offer a broad range of third-party products representing leading industry brand names on a non-exclusive basis.

Our research products include a complete offering of laboratory products, ranging from capital equipment and instruments to chemicals to consumable products. Our safety products include clean-room and controlled-environment supplies, personal protective equipment, firefighting, military, and first responder equipment and supplies, and environmental monitoring and sampling equipment. Our education products include science-related and laboratory products for the K-12 and secondary education markets.

In addition to our broad product offerings, we offer a variety of specialized services to our customers through our Unity Lab Services team, including training, equipment servicing and asset management, and dedicated supply management personnel. We also offer scientific support services including desktop delivery, coordination of instrument calibration and service, and on-site customer service.

Pharma Services

We provide the entire spectrum of development, manufacturing and clinical trials services for both small-molecule and large-molecule pharmaceuticals. This includes i) development of a suitable formulation and manufacturing process for the active pharmaceutical ingredient (API) or biologic; ii) technology transfer to scale up the manufacturing; iii) labeling, packaging, distribution and logistics for clinical trials; and iv) commercial scale manufacturing and packaging.

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•Drug Substance Services - Our service offerings address small molecules, produced through chemical synthesis, and large molecules such as antibodies and proteins produced through mammalian cell culture. We provide development and manufacturing services for small molecule APIs and the biologically active component of pharmaceutical products under current good manufacturing practice (cGMP) conditions from early development through commercial production. We also provide a full range of viral vector development and manufacturing services for customers developing and commercializing gene and cell therapies, including process development, optimization, scale-up, analytical development and qualification of viral vectors for commercial manufacturing. Our breadth of vector platform includes the five most widely used virus types, providing extensive coverage across the gene and cell therapy landscape.

•Drug Product Services - We manufacture both small-molecule and large-molecule products for customers in conventional and specialized dosage forms. We differentiate ourselves by our breadth of dosage forms and specialized capabilities in both oral solid and sterile dosage forms. We provide a wide spectrum of advanced formulation, production and technical services and scientific expertise and solutions, from the early stages of a product’s development to regulatory approval and commercial scale production.

•Clinical Trials Services - We provide a comprehensive global supply chain offering for pharmaceutical and biotechnology companies engaged in clinical trials, including comparator sourcing; specialized packaging; over-encapsulation; multi-lingual and specialized labeling and distribution for phase I through phase IV clinical trials; biological-specimen management and biobanking services; specialty pharmaceutical logistics; clinical supply-chain planning and management; and a global distribution logistics network.

•Advanced Therapy Services - We provide a global network of cell and gene therapy development, manufacturing and supply chain services for Plasmid, mRNA drug substance and cell therapy manufacturing.

Clinical Research

We offer comprehensive, integrated clinical development and analytical services to our biopharmaceutical, biotechnology, government and academic customers. Our clinical development services include all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services. Our analytical services include a range of high-value, advanced testing services, including bioanalytical, biomarker, vaccine, cGMP and central laboratory services.

•Clinical Development Services - Within our clinical development services business, we provide early development and clinical research management services, site and patient access services, and peri- and post-approval services.

Through our early development and clinical research management services offering, we provide comprehensive support to early clinical development programs, including Phase I trials. We conduct early-phase studies at our dedicated in-patient clinical facilities and complement these Phase I clinical research units with a global network of affiliated clinical trial sites. We also provide full-service protocol management for Phases II-IV clinical research studies for investigational new drugs, biologics and medical devices. Our suite of services for Phases II-IV clinical trials includes protocol design; clinical trial strategic feasibility and investigator site selection; project management; site study startup activities; patient recruitment; clinical monitoring and data capture; data management; biostatistics; safety medical monitoring/pharmacovigilance; regulatory affairs; medical writing; global clinical supplies; eClinical services; quality assurance; and virtual and digitally enabled trial solutions.

Through our site and patient access services offering we combine our unique-in-industry patient recruitment capability with a large independent network of dedicated clinical research investigator sites to offer services to complement the traditional site selection model, speeding study enrollment through efficient and predictive centralized recruitment while leveraging our network sites exclusively or in conjunction with independent investigators.

Through our peri- and post-approval services offering, we provide real-world research and evidence-based solutions to demonstrate the real-world effectiveness, safety, and value of biopharmaceutical and biotechnology products. We also provide industry inbound and outbound peri- and post-approval contact center solutions focused on medical and clinical support to the biopharmaceutical industry.

•Analytical Services - We own and operate an integrated and scaled suite of laboratory services. Our bioanalytical laboratories analyze drug and metabolite concentrations from biological fluid and tissue samples within preclinical and human clinical studies. Our biomarker laboratory is closely aligned with both the central laboratories and bioanalytical laboratories to provide customized solutions for biomarker projects, including ligand binding, flow cytometry and molecular genomics. We also perform testing for vaccines, such as immunogenicity testing to evaluate the efficacy of vaccines in inducing cellular and humoral immune responses, and employ molecular detection methods, such as

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Business (continued)

polymerase chain reaction testing to detect the absence of pathogens or to characterize attenuated vaccine strains following administration of a vaccine. We provide early preclinical development through post-approval testing services and product analysis laboratory services that are designed to be compliant with cGMPs, and our central laboratories provide highly standardized safety and biomarker testing services with customized results databases for our customers.

Sales and Marketing

We market and sell our products and services through a direct sales force, customer-service professionals, electronic commerce, third-party distributors and various catalogs.

We offer our products and services through leading brands including:

•The Thermo Scientific brand offers customers in research, diagnostics, industrial, and applied markets a complete range of high-end analytical instruments as well as laboratory equipment, software, services, consumables and reagents. Our portfolio of products includes innovative technologies for mass spectrometry, chromatography, elemental analysis, electron microscopy, molecular spectroscopy, sample preparation, informatics, chemical research and analysis, cell culture, bioprocess production, cellular, protein and molecular biology research, allergy testing, drugs-of-abuse testing, therapeutic drug monitoring testing, microbiology, as well as environmental monitoring and process control.

•The Applied Biosystems brand offers customers in research, clinical and applied markets integrated instrument systems, reagents, and software for genetic analysis. Our portfolio includes innovative technologies for genetic sequencing and real-time, digital and end point PCR, that are used to determine meaningful genetic information in applications such as COVID-19 testing, cancer diagnostics, human identification testing, and animal health, as well as inherited and infectious disease.

•The Invitrogen brand offers life science customers a broad range of consumables and instruments that accelerate research and ensure consistency of results. Our portfolio of products includes innovative solutions for cellular analysis and biology, flow cytometry, cell culture, protein expression, synthetic biology, molecular biology and protein biology.

•Fisher Scientific is our channels brand, offering customers a complete portfolio of laboratory equipment and consumables, chemicals, supplies and services used in scientific research, healthcare, safety, and education markets. These products are offered through an extensive network of direct sales professionals, segment-relevant printed collateral and digital content, a state-of-the-art website, and supply-chain management services.

•Unity Lab Services is our instrument and equipment services brand, offering a complete portfolio of services from enterprise-level engagements to individual instruments and laboratory equipment, regardless of the original manufacturer. Through our network of world-class service and support personnel, we provide services that are designed to help our customers improve productivity, reduce costs, and drive decisions with better data.

•Patheon is our contract development and manufacturing brand, representing the comprehensive offering of services that we provide to customers ranging from small biotech to large pharmaceutical companies. We support our customers’ development of innovative medicines, including biologics, gene therapies and vaccines. By leveraging our expanding global network of facilities, we deliver high-quality services at all stages of the drug lifecycle, from discovery to development through clinical trials services and commercial manufacturing.

•PPD is our clinical research services brand, helping customers in the biopharmaceutical industry bring their medicines and other treatments to patients around the world. Our clinical development services include all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services. Our analytical services offer a range of high-value, advanced testing services, including bioanalytical, biomarker, vaccine, cGMP and central laboratory services.

We have approximately 15,000 sales personnel including highly trained technical specialists who enable us to better meet the needs of our more technical end-users. We also provide customers with product standardization and other supply-chain-management services to reduce procurement costs.

New Products and Research and Development

Our business includes the development and introduction of new products and may include entry into new business segments. We anticipate that we will continue to make significant expenditures for research and development as we seek to provide a continuing flow of innovative products to maintain and improve our competitive position.

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Resources

Raw Materials

Our management team believes that we have a readily available supply of raw materials for all of our significant products from various sources. No single supplier is material, although for reasons of quality assurance, regulatory requirements, cost effectiveness, availability or uniqueness of design, certain materials components may be sourced from a single supplier or a limited number of suppliers that can readily provide such materials or components.

Raw material and fuel prices are subject to fluctuations due to market conditions. We employ many strategies, including the use of alternative materials, to mitigate the effect of these fluctuations on our results.

For a discussion of risks related to our supply chain and raw material and fuel prices, refer to “Risk Factors” in Part I, Item 1A.

Patents, Licenses and Trademarks

Patents are important in many aspects of our business. No particular patent, or related group of patents, is so important, however, that its loss would significantly affect our operations as a whole. Where appropriate, we seek patent protection for inventions and developments made by our personnel that are incorporated into our products or otherwise fall within our fields of interest. Patent rights resulting from work sponsored by outside parties do not always accrue exclusively to the company and may be limited by agreements or contracts.

We protect some of our technology as trade secrets and, where appropriate, we use trademarks or register trademarks used in connection with products. We also enter into license agreements with others to grant and/or receive rights to intellectual property rights.

All trademarks, trade names, product names, graphics and logos of Thermo Fisher contained herein are trademarks or registered trademarks of Thermo Fisher or its subsidiaries, as applicable, in the United States and/or other countries. Solely for convenience, we may refer to trademarks in this Annual Report on Form 10-K without the ™ and ® symbols. Such references are not intended to indicate, in any way, that we will not assert, to the fullest extent permitted by law, our rights to our trademarks. To the extent other trademarks appear in this Annual Report on Form 10-K, they are the property of their respective owners.

Seasonal Influences

Revenues in the fourth quarter are historically stronger than in other quarters due to the capital spending patterns of industrial, pharmaceutical and government customers. Sales of flu tests and related diagnostic products vary quarter to quarter and year to year based on the severity and duration of each period’s flu season. Sales of allergy tests vary quarter to quarter and year to year based on the severity and duration of each period’s airborne pollen allergens.

Government Contracts

Although the company transacts business with various government agencies, no government contract is of such magnitude that a renegotiation of profits or termination of the contract at the election of the government agency would have a material adverse effect on the company’s financial results.

Competition

The company encounters aggressive and able competition in virtually all of the markets we serve. Because of the diversity of our products and services, we face many different types of competitors and competition. Our competitors include a broad range of manufacturers, third-party distributors and service providers. Competitive climates in many of the markets we serve are characterized by changing technology and customer demands that require continuing research and development. Our success primarily depends on the following factors:

•technical performance and advances in technology that result in new products and improved price/performance ratios;

•product differentiation, availability and reliability;

•the depth of our capabilities;

•our reputation among customers as a quality provider of products and services;

•customer service and support;

•active research and application-development programs; and

•relative prices of our products and services.

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Government Regulation

Environmental Regulations

We are subject to various laws and governmental regulations concerning environmental matters and employee safety and health in the United States and other countries. U.S. federal environmental legislation that affects us includes the Toxic Substances Control Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA). We are also subject to regulation by the Occupational Safety and Health Administration (OSHA) concerning employee safety and health matters. The United States Environmental Protection Agency (USEPA), OSHA, and other federal agencies have the authority to promulgate regulations that have an effect on our operations.

In addition to these federal laws and regulations, various states have been delegated certain authority under the aforementioned federal statutes and have authority over these matters under state laws. Many state and local governments have adopted environmental and employee safety and health laws and regulations, some of which are similar to federal requirements.

A number of our operations involve the handling, manufacturing, use or sale of substances that are or could be classified as toxic or hazardous materials within the meaning of applicable laws. Consequently, some risk of environmental harm is inherent in our operations and products, as it is with other companies engaged in similar businesses.

Our expenses for environmental requirements are incurred generally for ongoing compliance and historical remediation matters. Based on current information, we believe that these compliance costs are not material. For historical remediation obligations, our expenditures relate primarily to the cost of permitting, installing, and operating and maintaining groundwater-treatment systems and other remedial measures.

Our Fair Lawn and Somerville, New Jersey facilities entered into administrative consent orders with the New Jersey Department of Environmental Protection in 1984 to maintain groundwater-remediation activities at these sites, and are currently under the State’s Licensed Site Remediation Professional Program. As the owner of the Fair Lawn facility, we are listed as a potentially responsible party for remediation within an area called the Fair Lawn Wellfields Superfund Site, and, in 2008, the company and certain other parties entered into a consent order with the USEPA to complete a Remedial Investigation/Feasibility Study. In 2018, the USEPA issued a Record of Decision, setting forth the scope of required remediation work at the site, which includes upgrading a water treatment plant to address constituents such as chlorinated organic compounds, 1,4-dioxane, and perfluorooctanoic acid/perfluorooctane sulfonate (PFOA/PFOS). In 2020, the court approved a consent decree that requires the company and another responsible party to finance and perform the required remediation work with USEPA oversight.

In 2011, our Life Technologies subsidiary entered into a consent decree with the USEPA and other responsible parties to implement a groundwater remedy at the former Davis Landfill Superfund site in Smithfield, Rhode Island. After years of additional study, in September, 2020, USEPA revised its cleanup plan by selecting an interim remedial approach that includes groundwater treatment followed by additional monitoring of site conditions. Depending on the results of these treatment and monitoring activities over the next several years, USEPA anticipates selecting a final groundwater remedy for the site. In November 2021, the 2011 consent decree was amended to reflect the parties’ obligations to implement USEPA’s interim remedy.

We record accruals for environmental 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. We calculate estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge and experience with these environmental matters. We include in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. Accrued liabilities for environmental matters totaled $65 million at December 31, 2021.

These environmental liabilities do not include third-party recoveries to which we may be entitled. We believe that our accrual is adequate for the environmental liabilities we currently expect to incur. As a result we believe that our ultimate liability with respect to environmental matters will not have a material adverse effect on our financial position, results of operations or cash flows. However, we may be subject to 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, changes in the conduct of our operations, and the effect of changes in accounting rules, which could have a material adverse effect on our financial position, results of operations or cash flows. For a discussion of the environmental laws and regulations that the Company’s operations, products and services are subject to and other environmental contingencies, refer to Note 12 to our Consolidated Financial Statements – Commitments and Contingencies.

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Other Laws and Regulations

Our operations, and some of the products and services we offer, are subject to a number of complex and stringent laws and regulations governing the development, testing, approval, production, handling, transportation and distribution of chemicals, drugs and other similar products, including the operating and security standards of the Food and Drug Administration, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and various state boards of pharmacy as well as comparable state and foreign agencies. As Thermo Fisher’s businesses also include export and import activities, we are subject to pertinent laws enforced by the U.S. Departments of Commerce, State and Treasury. In addition, our logistics activities must comply with the rules and regulations of the Department of Transportation, the Federal Aviation Administration and similar foreign agencies. While we believe we are in compliance in all material respects with such laws and regulations, any noncompliance could result in substantial fines or otherwise restrict our ability to provide competitive distribution services and thereby have an adverse effect on our financial condition. To date, no such laws or regulations have had a material impact on our operations.

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 revenues 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. We are also subject to investigation for compliance with the regulations governing government contracts. A failure to comply with these regulations could also result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

For a discussion of risks related to changes in governmental regulations, refer to “Risk Factors” in Part I, Item 1A.

Human Capital

The success of Thermo Fisher is fueled by colleagues who are highly engaged and feel empowered to achieve their goals. Everything we do starts with our Mission – to enable our customers to make the world healthier, cleaner and safer. Our colleagues understand the role they play in fulfilling that Mission and that inspires them to bring their best to work each day. Our Mission is not only a differentiator for us externally, but a motivator for us internally.

Our culture is rooted in our 4i Values of Integrity, Intensity, Innovation and Involvement. Within this framework, we strive to create a safe, fair and positive working environment for our colleagues around the world. We want our teams to feel they have a stake in our success, a voice in our direction and to be empowered to make a difference for the key stakeholders we serve.

Every year, we conduct an Employee Involvement Survey to solicit direct feedback from our colleagues on what we’re doing well and where we need to improve. We then compile the feedback to measure our progress using three key indices: Leadership, Involvement and Inclusion. In 2021, 86 percent of our workforce completed the survey, and we saw marked improvement in each index and across nearly every survey question, despite the challenges of a sustained pandemic environment. Our continued focus on enhancing our culture helps position our company to be an even better place to work.

We are committed to maintaining the strongest team in our industry, focusing on developing and retaining our colleagues, while leveraging our leadership to attract new colleagues to our company. As of December 31, 2021, we employed approximately 130,000 colleagues globally, with an approximate regional distribution as follows: 67,000 based in the Americas, 20,000 in the Asia Pacific region, and nearly 42,000 in Europe, the Middle East and Africa (EMEA).

Diversity and Inclusion

We recognize that the future aspirations outlined in our Vision for 2030, which serves as our long-term roadmap, will only be achievable if we have a culture that values diversity and inclusion. While diversity of gender and ethnicity are important – and we’re focused on continuously improving– for us, diversity of backgrounds, experiences and viewpoints is equally vital to our long-term success. When those differences are welcomed and supported, we create an inclusive workplace that unlocks the true benefits of diversity.

Diversity and Inclusion (D&I) is not an initiative at Thermo Fisher. It’s woven into the fabric of our culture, and our colleagues are encouraged to openly share the wide range of perspectives they represent. We work together to create an inclusive culture where our colleagues feel they belong and are empowered to contribute, collaborate and innovate. Embracing individual differences is critical to our success. For example, Thermo Fisher was named as a Top 100 Female Friendly Employer by Forbes in 2021 as well as a Best Place to Work for LGBTQ Equality for the seventh consecutive year. Establishing this kind of environment is critical in empowering our colleagues so they can contribute their best ideas and bring their true selves to work each day.

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Our D&I focus is embedded in every stage of our colleague lifecycle – from recruiting to onboarding, training, development and longer-term career planning. We track our progress on our D&I strategic objectives through a core set of metrics that are reviewed during routine business operating mechanisms, including Quarterly Business Reviews, Human Resource Reviews, Board Reviews and through team dashboards that are shared each month with leaders across the company. This enables frequent, meaningful, data-driven discussions across our businesses and functions on a range of D&I factors, including gender and ethnic representation. This approach also ensures we consistently prioritize our opportunities to improve. We understand the critical role diversity plays in sustained business success, and our teams are empowered to ensure our workforce represents the customers we serve. Further, to provide additional transparency to our U.S. workforce demographics, in 2021, following our report submission to the U.S. Equal Employment Opportunity Commission, we disclosed our EEO-1 report on our website and we plan to continue to do so on an annual basis.

We are committed to ensuring our colleagues have access to resources, awareness training and internal networks that offer support and guidance. Our D&I strategy is greatly enabled by our Employee Resource Groups (ERGs), which bring together individuals with similar interests to share experiences, learn from each other and collaborate to identify solutions to business challenges. Our ERGs reinforce that all colleagues can make a difference for our customers, for each other and for our company. As of December 31, 2021, we had 10 ERGs globally, with more than 220 local ERG chapters.

Talent Development

Our overarching goal from a talent perspective is to create opportunities for our colleagues to achieve their full potential and career aspirations here at Thermo Fisher. We are committed to creating an exceptional colleague experience from their first day throughout their career with us. We focus on the entire lifecycle of a colleague’s career, from their initial recruitment, to onboarding, through ongoing development and training to enhance their skills so they are in the best position to deliver on their goals and achieve their career aspirations.

In today’s environment, we know talent is a key competitive advantage, and that building the strongest team in the industry is critical to our future. From our colleague referral program, summer internships, university relations, to our Graduate Leadership Development Program, we continue to build strong internal and external sourcing channels.

Once on board, talent development at Thermo Fisher is a key organizational capability. We continue to make significant investments to support our colleagues along every step of their career journey to help support their success. Our talent development framework incorporates a multi-faceted approach, including formal and self-paced training, networking opportunities, on-the-job stretch learning, coaching, mentoring and manager training utilizing contemporary technology solutions to support the broad needs of our workforce.

We provide multiple programs at all career levels, from online learning for all colleagues through Thermo Fisher University, to focused trainings for managers at various experience levels, to our Global Leadership Program for executives. We also support our colleagues’ career advancement through our tuition reimbursement program.

In a company our size, we can also actively manage our talent through rotational opportunities across our businesses, functions and geographies that help our colleagues gain new experiences, share knowledge and broaden their skills. Our executives and leaders participate in frequent talent discussions as well as formal reviews, leveraging workforce data and predictive analytics to better anticipate the talent requirements of our business based on our growth opportunities and market demand.

Thermo Fisher is dedicated to talent development to meet our evolving business needs and to provide our colleagues with opportunities for long and fulfilling careers. Our colleagues are passionate about our company, and their role in our success, and it’s our responsibility to help them reach their full potential.

Total Rewards

We offer a comprehensive total rewards package that we regularly evaluate and measure against established benchmarks to ensure its effectiveness in recruiting and retention, and to position Thermo Fisher as an employer of choice. In 2021, we reinvested an incremental $1 billion back into our global workforce in the form of pay, benefits, and workplace enhancements.

Our health and wellness programs provide competitive, flexible programs that our global colleagues and their families can count on. For example, for U.S. colleagues, we offer a choice of comprehensive national medical, dental and vision plans; a wellness program, including valuable health incentive opportunities and tax-advantaged savings and spending accounts; as well as commuter benefits, employee assistance programs, optional group legal coverage, and company-paid disability, accident and life insurance. We also offer a company-paid proprietary program for cancer care called the Impact Program, which gives our colleagues and their families access to personalized support and direct lines of communication to experts in cancer genetics and genomics. Similar benefits are available in all countries around the world where we operate.

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We also invest in our colleagues’ financial health, helping them to grow and protect their savings, plan for the future and share in the success of the company they are helping to build. We deliver comprehensive rewards, including competitive base pay, and also provide a variety of incentive and equity programs that, by design, directly link the impact of colleague contributions to the company’s overall success.

Disclosure Pursuant to Section 13(r) of the Exchange Act

In March 2021, the Russian Federal Security Service (the FSB) was designated as a blocked party under Executive Order 13382. During the quarter ended December 31, 2021, one of our Russian affiliates responded to an official inquiry from FSB in connection with the validity of certain product warranties on certain instruments sold by a reseller of the Russian affiliate to a health center based in Russia. This interaction did not result in any revenue or otherwise contribute to our net income for the quarter and all such dealings were legal and authorized by General License 1B issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control. We expect our Russian affiliate to respond to similar regulatory inquiries in the future, as necessary and to the extent permitted by applicable U.S. sanctions laws and regulations.

Available Information

The company files annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (SEC) under the Exchange Act. The SEC maintains a website that contains reports, proxy and information statements and other information that issuers, including the company, file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov. We also make available free of charge on or through our own website at www.thermofisher.com our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. In addition, paper copies of these documents may be obtained free of charge by writing to the company care of its Investor Relations Department at our principal executive office located at 168 Third Avenue, Waltham, Massachusetts 02451.

Information about Our Executive Officers

As of February 24, 2022, our executive officers were:

Name	Age	Present Title (Fiscal Year First Became Executive Officer)	Other Positions Held
Marc N. Casper	53	Chairman, President and Chief Executive Officer (2001)	President and Chief Executive Officer (2009-2020) Chief Operating Officer (2008-2009) Executive Vice President (2006-2009)
Mark P. Stevenson	59	Retiring Executive Vice President and Chief Operating Officer (2014)	Executive Vice President and Chief Operating Officer (2017-2021) Executive Vice President and President, Life Sciences Solutions (2014-2017) President and Chief Operating Officer, Life Technologies Corporation (2008-2014)
Michel Lagarde	48	Executive Vice President and Chief Operating Officer (2017)	Executive Vice President (2019-2021) Senior Vice President and President, Pharma Services (2017-2019) President and Chief Operating Officer, Patheon N.V. (2016-2017) Managing Director, JLL Partners* (2008-2016)
Gianluca Pettiti	43	Executive Vice President (2021)	Senior Vice President and President, Specialty Diagnostics (2019-2021) President, Biosciences (2018-2019) President, China (2015-2017)
Michael A. Boxer	60	Senior Vice President, General Counsel and Secretary** (2018)	Executive Vice President and Group General Counsel, Luxottica Group S.p.A. (2011-2017)
Stephen Williamson	55	Senior Vice President and Chief Financial Officer (2015)	Vice President, Financial Operations (2008-2015)
Joseph R. Holmes	43	Vice President and Chief Accounting Officer (2021)	Senior Director, Technical Accounting (2017-2021)

*JLL Partners is a private equity firm focused on healthcare.

**Assumed additional role of Secretary effective November 5, 2021.

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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 in Item 1. Business under the caption “Forward-looking Statements”.

Industry and Economic Risks

Our growth would suffer if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets would diminish demand for our products and services, which would adversely affect our financial statements. Certain of our businesses operate in industries that may experience periodic, cyclical downturns.

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, continue to be unstable (including as a result of the COVID-19 pandemic), 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;

•causing supply interruptions, which could disrupt our ability to produce our products; and

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

Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our 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. As our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In 2021, currency translation had a favorable effect of $619 million on revenues due to the weakening of the U.S. dollar relative to other currencies in which the company sells products and services.

Some emerging market countries may be particularly vulnerable to periods of global and local political, legal, regulatory and financial instability, including issues of geopolitical relations, the imposition of international sanctions in response to certain state actions and/or sovereign debt issues, and may have a higher incidence of corruption and fraudulent business practices. As a result of these and other factors, our strategy to grow in emerging markets may not be successful, and growth rates in these markets may not be sustainable.

In addition, many of our employees, contract manufacturers, suppliers, job functions, outsourcing activities and manufacturing facilities are located outside the U.S. Accordingly, our future results could be harmed by a variety of factors, including:

•interruption to transportation flows for delivery of parts to us and finished goods to our customers;

•changes in a specific country's or region's political, economic or other conditions;

•changes in diplomatic and trade relationships, including new tariffs, trade protection measures, import or export licensing requirements, trade embargoes and sanctions and other trade barriers;

•tariffs imposed by the U.S. on goods from other countries and tariffs imposed by other countries on U.S. goods, including the tariffs adopted by the U.S. government on various imports from China and by the Chinese government on certain U.S. goods;

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Risk Factors (continued)

•the impact of public health epidemics/pandemics on the global economy, such as the COVID-19 pandemic;

•uncertainties regarding the collectability of accounts receivable;

•the imposition of governmental controls;

•diverse data privacy and protection requirements;

•supply interruptions, which could disrupt our ability to produce our products;

•negative consequences from changes in tax laws;

•difficulty in staffing and managing widespread operations;

•differing labor regulations;

•differing protection of intellectual property;

•unexpected changes in regulatory requirements;

•the effects of the U.K.'s departure from the E.U., known as Brexit; and

•geopolitical uncertainty or turmoil, including terrorism and war.

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.

We are subject to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. Our global operations expose us to risks associated with public health crises and epidemics/pandemics, such as COVID-19. The global spread of COVID-19 has created significant volatility, uncertainty and worldwide economic disruption, resulting in an economic slowdown of potentially extended duration.

COVID-19 has had an adverse impact on certain of our operations, supply chains and distribution systems, including as a result of impacts associated with preventive and precautionary measures that we, other businesses and governments are taking. National, state and local governments have implemented and may continue to implement safety precautions, including quarantines, border closures, increased border controls, travel restrictions, shelter in place orders and shutdowns and other measures. These measures may disrupt normal business operations and may have significant negative impacts on businesses and financial markets worldwide.

The company has mobilized to support the COVID-19 response with products and services that help diagnose the virus as well as assisting customers to develop therapeutics and vaccines used to protect from the virus. Our ability to continue to manufacture products is highly dependent on our ability to maintain the safety and health of our factory employees. The ability of our employees to work may be significantly impacted by individuals contracting or being exposed to COVID-19. While we are following the requirements of governmental authorities and taking preventative and protective measures to prioritize the safety of our employees, these measures may not be successful, and we may be required to temporarily close facilities or take other measures. While we are staying in close communication with our sites, employees, customers and suppliers and acting to mitigate the impact of this dynamic and evolving situation, the duration and extent of the effect of COVID-19 on the company is not determinable.

In addition, several of the company’s businesses have had an increase in revenues due to sales of products addressing diagnosis and treatment of COVID-19. While these positive impacts are expected to continue into 2022, the duration and extent of future revenues from such sales are uncertain and dependent primarily on customer testing demand.

Business Risks

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

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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 revenues 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 revenues.

It may be difficult for us to implement our strategies for improving internal growth. Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for our products and services, which would adversely affect our results of operations and financial condition. 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.

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.

Integrating PPD into our business may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of the transaction may not be fully realized. The success of the PPD acquisition, including the realization of anticipated benefits and cost savings, depends, in part, on our ability to successfully integrate PPD into our business. The integration is a difficult, costly and time-consuming process. It is possible that the integration process could result in the loss of key employees or the disruption of our ongoing business or that the alignment of standards, controls, procedures and policies may adversely affect our ability to maintain relationships with clients, customers, suppliers and employees or to fully achieve the anticipated benefits and cost savings of the transaction. The loss of key employees could adversely affect our ability to successfully conduct our business in the markets in which PPD now operates, which could have an adverse effect on our financial results.

If we experience difficulties with the integration process, the anticipated benefits and cost savings of the PPD acquisition may not be realized fully or at all, or may take longer to realize than expected, and our business may be unable to grow as planned, which could materially impact our business, cash flow, financial condition or results of operations as well as adversely impact our share price. The integration process may also result in significant expenses and charges, both cash and noncash.

Our inability to complete any 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, as well as disputes or litigation. Any

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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 $41.92 billion and $1.24 billion, respectively, as of December 31, 2021. In addition, we have definite-lived intangible assets totaling $18.88 billion as of December 31, 2021. 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.

Operational Risks

Our reliance upon sole or limited sources of supply for certain materials or components could cause production interruptions, delays and inefficiencies. Some of our businesses purchase certain materials from sole or limited source suppliers for reasons of quality assurance, regulatory requirements, cost effectiveness, availability or uniqueness of design. If these or other suppliers encounter financial, operating or other difficulties or if our relationship with them changes, we might not be able to quickly establish or qualify replacement sources of supply. The supply chains for our businesses could also be disrupted by supplier capacity constraints, bankruptcy or exiting of the business for other reasons, decreased availability of key raw materials or commodities and external events such as natural disasters, pandemic health issues such as COVID-19, war, terrorist actions, governmental actions and legislative or regulatory changes. Any of these factors could result in production interruptions, delays, extended lead times and inefficiencies.

A significant disruption in, or breach in security of, our information technology systems or violation of data privacy laws could adversely affect our business. 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 disrupt our ability to provide quotes, take customer orders and otherwise run our business in a timely manner. When we upgrade or change systems, we may suffer interruptions in service, loss of data or reduced functionality. 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 information technology systems to process, transmit and store electronic information (including sensitive data such as confidential business information and personally identifiable data relating to employees, customers and other business partners) and to manage or support a variety of critical business processes and activities (such as interacting with suppliers, selling our products and services, fulfilling orders and billing, collecting and making payments, shipping products, providing services and support to customers, tracking customer activity, fulfilling contractual obligations and otherwise conducting business). Our systems may be vulnerable to damage or interruption from natural disasters, power loss, telecommunication failures, terrorist attacks, computer hackers, computer viruses, ransomware, phishing, computer denial-of-service attacks, unauthorized access to customer or employee data or company trade secrets, and other attempts to harm our systems. 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 key business partners face similar risks and any security breach of their systems could adversely affect our security posture. Any of the cyber-attacks, breaches or other disruptions or damage described above, if significant, could materially interrupt our operations, delay production and shipments, result in theft of our and our customers’ intellectual property and trade secrets, damage customer, business partner and employee relationships and our reputation or result in defective products or services, legal claims and proceedings, liability and penalties under privacy laws and increased cost for security and remediation, each of which could adversely affect our business and financial results. Our liability insurance may not be sufficient in type or amount to cover us against claims related to security breaches, cyber-attacks and other related breaches.

If we are unable to maintain reliable information technology systems and appropriate controls with respect to global data privacy and security requirements and prevent data breaches, we may suffer regulatory consequences in addition to business consequences. As a global organization, we are subject to data privacy and security laws, regulations, and customer-imposed

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controls in numerous jurisdictions as a result of having access to and processing confidential, personal and/or sensitive data in the course of our business. For example, in the U.S., individual states regulate data breach and security requirements and multiple governmental bodies assert authority over aspects of the protection of personal privacy. European laws require us to have an approved legal mechanism to transfer personal data out of Europe, and the EU General Data Protection Regulation imposes significantly stricter requirements in how we collect and process personal data. Several countries, such as China and Russia, have passed laws that require personal data relating to their citizens to be maintained on local servers and impose additional data transfer restrictions. Government enforcement actions can be costly and interrupt the regular operation of our business, and data breaches or violations of data privacy laws can result in fines, reputational damage and civil lawsuits, any of which may adversely affect our business, reputation and financial statements.

We may have difficulty attracting and retaining a highly qualified workforce. Our success is largely dependent upon our ability to attract and retain highly qualified scientific, technical, clinical and management workforce in a highly competitive environment. Qualified individuals are in high demand, and we may incur significant costs to attract them. We may face difficulty in attracting and retaining key talent for a number of reasons, including management changes or recruitment by competitors. Our ability to attract and retain key talent also depends in part on how well we maintain a strong workplace culture that is attractive to employees. We cannot ensure that we will be able to hire or retain the personnel necessary for our operations or that the loss of any personnel will not have a material impact on our financial condition and results of operations.

We may incur unexpected costs from increases in fuel and raw material prices, which could reduce our earnings and cash flows. 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.

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.

Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control may disrupt our facilities or the facilities of third parties on which we depend, and could impact customer spending. We have significant operations in California, near major earthquake faults, which make us susceptible to earthquake risk. An earthquake or other natural disaster such as a fire or hurricane or power shortages or outages could disrupt our operations or impair our critical systems. Any of these disruptions or other events outside of our control, such as strikes or other labor unrest, could have an adverse effect on our results of operations. In addition, if any of our facilities, including our manufacturing or warehouse facilities, or the facilities of our suppliers, third-party service providers, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, such as trade protectionism, strikes or other labor unrest, our results of operations could be adversely affected. Moreover, these types of events could negatively impact customer spending in the impacted regions or depending upon the severity, globally, which could also adversely impact our operating results.

Increasing attention to environmental, social and governance matters may impact our business, financial results or stock price. Companies across all industries are facing increasing scrutiny from stakeholders related to their environmental, social and governance (ESG) practices and disclosures, including practices and disclosures related to climate change, diversity and inclusion and governance standards. Investor advocacy groups, certain institutional investors, lenders, investment funds and other influential investors are also increasingly focused on ESG practices and disclosures and in recent years have placed increasing importance on the implications and social cost of their investments. In addition, government organizations are enhancing or advancing legal and regulatory requirements specific to ESG matters. The heightened stakeholder focus on ESG issues related to our business requires the continuous monitoring of various and evolving laws, regulations, standards and expectations and the associated reporting requirements. A failure to adequately meet stakeholder expectations may result in noncompliance, the loss of business, reputational impacts, diluted market valuation, an inability to attract customers and an

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Risk Factors (continued)

inability to attract and retain top talent. In addition, our adoption of certain standards or mandated compliance to certain requirements could necessitate additional investments that could impact our profitability.

Legal, Quality and Regulatory Risks

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, we manufacture pharmaceuticals and 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 (the FDA) regulation of the drug discovery and development process could have an adverse effect on the demand for these products.

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 revenues 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.

Our pharma services offerings are highly complex, and if we are unable to provide quality and timely offerings to our customers, our business could suffer. Our pharma services offerings are highly exacting and complex, due in part to strict quality and regulatory requirements. Our operating results in this business depend on our ability to execute and, when necessary, improve our quality management strategy and systems, and our ability to effectively train and maintain our employee base with respect to quality management. A failure of our quality control systems could result in problems with facility operations or preparation or provision of products. In each case, such problems could arise for a variety of reasons, including equipment malfunction, failure to follow specific protocols and procedures, problems with raw materials or environmental factors and damage to, or loss of, manufacturing operations. Such problems could affect production of a particular batch or series of batches of products, requiring the destruction of such products or a halt of facility production altogether.

In addition, our failure to meet required quality standards may result in our failure to timely deliver products to our customers, which in turn could damage our reputation for quality and service. Any such failure could, among other things, lead to increased costs, lost revenues, reimbursement to customers for lost drug product, registered intermediates, registered starting materials, and active pharmaceutical ingredients, other customer claims, damage to and possibly termination of existing customer relationships, time and expense spent investigating the cause and, depending on the cause, similar losses with respect to other batches or products. Production problems in our drug and biologic manufacturing operations could be particularly significant because the cost of raw materials for such manufacturing is often high. If problems in preparation or manufacture of a product or failures to meet required quality standards for that product are not discovered before such product is released to the market, we may be subject to adverse regulatory actions, including product recalls, product seizures, injunctions to halt manufacture and distribution, restrictions on our operations, civil sanctions, including monetary sanctions, and criminal actions. In addition, such problems or failures could subject us to litigation claims, including claims from our customers for reimbursement for the cost of lost or damaged active pharmaceutical ingredients, the cost of which could be significant.

We are subject to product and other liability risks for which we may not have adequate insurance coverage. We may be named as a defendant in product liability lawsuits, which may allege that products or services we have provided from our pharma services offerings have resulted or could result in an unsafe condition or injury to consumers. Additionally, 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. In addition, patients involved in our clinical services trials conducted by our clinical development services business or taking drugs approved on the basis of those trials may also bring personal injury claims against us. 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.

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Risk Factors (continued)

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. We are subject to various local, state, federal, foreign and transnational laws and regulations, which include the operating and security standards of the FDA, the U.S. Drug Enforcement Agency (the DEA), various state boards of pharmacy, state health departments, the U.S. Department of Health and Human Services (the DHHS), the European Medicines Agency (the EMA), the EU member states and other comparable agencies and, in the future, any changes to such laws and regulations could adversely affect us. In particular, we are subject to laws and regulations concerning current good manufacturing practices and drug safety. Our subsidiaries may be required to register for permits and/or licenses with, and may be required to comply with the laws and regulations of the DEA, the FDA, the DHHS, foreign agencies including the EMA, and other various state boards of pharmacy, state health departments and/or comparable state agencies as well as certain accrediting bodies depending upon the type of operations and location of product distribution, manufacturing and sale.

The manufacture, distribution and marketing of many of our products and services, including medical devices, and our pharma and clinical development services, are subject to extensive ongoing regulation by the FDA, the DEA, the EMA, and other equivalent local, state, federal and non-U.S. regulatory authorities. In addition, we are subject to inspections by these regulatory authorities. Failure by us or by our customers to comply with the requirements of these regulatory authorities, including without limitation, remediating any inspectional observations to the satisfaction of these regulatory authorities, could result in warning letters, product recalls or seizures, monetary sanctions, injunctions to halt manufacture and distribution, restrictions on our operations, civil or criminal sanctions, or withdrawal of existing or denial of pending approvals, including those relating to products or facilities. In addition, such a failure could expose us to contractual or product liability claims, contractual claims from our customers, including claims for reimbursement for lost or damaged active pharmaceutical ingredients or personal injury, as well as ongoing remediation and increased compliance costs, any or all of which could be significant. We are the sole manufacturer of a number of pharmaceuticals for many of our customers and a negative regulatory event could impact our customers' ability to provide products to their customers.

We are also subject to a variety of federal, state, local and international laws and regulations that govern, among other things, the handling, transportation and manufacture of substances that could be classified as hazardous, and we are required to comply with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers. In certain circumstances, export control and economic sanctions regulations may prohibit the export of certain products, services and technologies. In other circumstances, we may be required to obtain an export license before exporting the controlled item. Compliance with the various import laws that apply to our businesses can restrict our access to, and increase the cost of obtaining, certain products and at times can interrupt our supply of imported inventory. Any noncompliance by us with applicable laws and regulations or the failure to maintain, renew or obtain necessary permits and licenses could result in criminal, civil and administrative penalties and could have an adverse effect on our results of operations.

Our reputation, ability to do business and financial statements may be impaired by improper conduct by any of our employees, agents or business partners. We have internal controls and compliance systems to protect the company against acts committed by employees, agents or businesses that we acquire that would violate U.S. and/or non-U.S. laws, including the laws governing payments to government officials, bribery, fraud, kickbacks and false claims, pricing, sales and marketing practices, conflicts of interest, competition, employment practices and workplace behavior, export and import compliance, money laundering and data privacy, but these controls and systems may not be sufficient to prevent every such wrongful act. In particular, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010 and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business, and we operate in many parts of the world that have experienced governmental corruption to some degree. Any such improper actions or allegations of such acts could damage our reputation and subject us to civil or criminal investigations in the U.S. and in other jurisdictions and related shareholder lawsuits, could lead to substantial civil and criminal, monetary and nonmonetary penalties and could cause us to incur significant legal and investigatory fees. In addition, the government may seek to hold us liable for violations committed by companies which we acquire. We also rely on our suppliers to adhere to our supplier standards of conduct, and material violations of such standards of conduct could occur that could have a material effect on our business, reputation and financial statements.

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 U.S. 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

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Risk Factors (continued)

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 not adequately protect our trade secrets and other proprietary rights. 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. 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.

Risks Relating to Financial Profile

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, the results of examinations and audits of our tax filings 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.

Our existing and future indebtedness may restrict our investment opportunities or limit our activities and negatively impact our credit ratings. As of December 31, 2021, we had approximately $34.87 billion in outstanding indebtedness. In addition, we have availability to borrow under a revolving credit facility that provides for up to $5.00 billion (as of January 7. 2022) of unsecured multi-currency revolving credit (the Facility). 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 a financial ratio, and contain affirmative and negative covenants that restrict our activities by, among other limitations, limiting our ability to incur additional indebtedness, merge or consolidate with other entities and create liens. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter.

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 the impact of 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

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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 1B.    Unresolved Staff Comments

None.

Item 2.    Properties

The company owns and leases office, engineering, laboratory, production and warehouse space throughout the world.

Item 3.    Legal Proceedings

There are various lawsuits and claims against the company involving product liability, intellectual property, employment and commercial issues. See “Note 12 to our Consolidated Financial Statements – Commitments and Contingencies.”

Item 4.    Mine Safety Disclosures

Not applicable.

PART II

Item 5.    Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Price of Common Stock

Our common stock is traded on the New York Stock Exchange under the symbol TMO.

Holders of Common Stock

As of February 5, 2022, the company had 2,619 holders of record of its common stock. This does not include holdings in street or nominee names.

Issuer Purchases of Equity Securities

There was no share repurchase activity for the company’s fourth quarter of 2021. On September 23, 2021, the Board of Directors authorized the repurchase of up to $3.00 billion of the company’s common stock. Early in the first quarter of 2022, the company repurchased $2.00 billion of the company's common stock. At February 24, 2022, $1.00 billion was available for future repurchases of the company’s common stock under this authorization.

Item 6.    Reserved

Not applicable.

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Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Reference is made throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations to Notes to the Consolidated Financial Statements, which begin on page F-1 of this report. Management's discussion and analysis of financial condition and results of operations for 2019 is included in Item 7 of the company’s 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission.

The company refers to various amounts or measures not prepared in accordance with generally accepted accounting principles (non-GAAP measures). These non-GAAP measures are further described and reconciled to their most directly comparable amount or measure under the section “Non-GAAP Measures” later in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

Overview

Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and therapies, and increase laboratory productivity. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics. The company’s operations fall into four segments (Note 4): Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics and Laboratory Products and Biopharma Services.

Financial Highlights - 2021 Compared With 2020

(Dollars in millions except per share amounts)	2021			2020			Change
Revenues	$	39,211		$	32,218		22	%
GAAP operating income	$	10,028		$	7,794		29	%
GAAP operating income margin	25.6		%	24.2		%	1.4	pt
Adjusted operating income (non-GAAP measure)	$	12,138		$	9,556		27	%
Adjusted operating income margin (non-GAAP measure)	31.0		%	29.7		%	1.3	pt
GAAP diluted earnings per share attributable to Thermo Fisher Scientific Inc.	$	19.46		$	15.96		22	%
Adjusted earnings per share (non-GAAP measure)	$	25.13		$	19.56		28	%

Organic Revenue Growth

Revenue growth	22	%
Impact of acquisitions	3	%
Impact of currency translation	2	%
Organic revenue growth* (non-GAAP measure)	17	%

*    Results may not sum due to rounding.

The company mobilized in early 2020 to support the COVID-19 pandemic response with products and services that help analyze, diagnose and protect from the virus. However, as a result of the pandemic’s impact on various markets, the company saw a significant reduction in customer activity in several businesses by late March 2020 that materially adversely affected primarily the 2020 results of the Analytical Instruments segment and, to a lesser extent, some businesses within the company’s other three segments. The negative impact significantly lessened in 2021, but could worsen in 2022 dependent on the success of global efforts to control and unwind from the pandemic and economic activity ramping up. During 2021, the Life Sciences Solutions and Specialty Diagnostics segments as well as the laboratory products business continued to support COVID-19 diagnostic testing, scaling and evolving their molecular diagnostics solutions and plastic consumables businesses to respond to the on-going COVID-19 pandemic. The biosciences and bioproduction businesses also expanded their capacity to meet the needs of pharma and biotech customers as they rapidly expanded their own production volumes to meet global vaccine manufacturing requirements. Additionally, through our pharma services business, we provided our pharma and biotech customers with the services they needed to develop and produce vaccines and therapies globally. While these positive impacts are expected to continue through 2022, the duration and extent of future revenues from such sales are uncertain and dependent primarily on customer testing as well as therapy and vaccine demand. Sales of products related to COVID-19 response were $9.23 billion and $6.63 billion in 2021 and 2020, respectively.

Conditions were strong in each of the company’s end markets during 2021. Revenues were particularly strong in pharma and biotech driven by strong market dynamics and the company’s role in supporting customers across a wide range of therapeutic areas, including our role in supporting COVID-19 vaccines and therapies. Customers in the academic and

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Overview (continued)

government market increased demand as a result of positive funding trends around the globe and a return to pre-pandemic levels of activity. Customer activity in the industrial and applied market returned to pre-pandemic levels in 2021. Revenues from customers in the diagnostics and healthcare market were driven by growth in COVID-19 testing-related products as the company continued to support the societal response to the pandemic. Sales growth was strong across all geographic regions during 2021. The company continues to execute its proven growth strategy which consists of three pillars:

•Developing high-impact, innovative new products,

•Leveraging our scale in high-growth and emerging markets, and

•Delivering a unique value proposition to our customers.

GAAP operating income margin and adjusted operating income margin increased in 2021 due primarily to profit on higher sales and sales mix, offset in part by strategic growth investments to support the company’s near and long-term growth.

The company’s references to strategic growth investments generally refer to targeted spending for enhancing commercial capabilities, including expansion of geographic sales reach and e-commerce platforms, marketing initiatives, expanded service and operational infrastructure, research and development projects and other expenditures to enhance the customer experience, as well as incentive compensation and recognition for employees. The company’s references throughout this discussion to productivity improvements generally refer to improved cost efficiencies from its Practical Process Improvement (PPI) business system including reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions, including headcount reductions and consolidation of facilities, and low cost region manufacturing. Productivity improvements are calculated net of inflationary cost increases.

Notable Recent Acquisitions

On January 15, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, the Belgium-based European viral vector manufacturing business of Groupe Novasep SAS for $830 million in net cash consideration. The European viral vector manufacturing business provides manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers. The acquisition expands the segment’s capabilities for cell and gene vaccines and therapies.

On February 25, 2021, the company acquired, within the Life Sciences Solutions segment, Mesa Biotech, Inc., a U.S.-based molecular diagnostic company, for $407 million in net cash consideration and contingent consideration with an initial fair value of $65 million due upon the completion of certain milestones. Mesa Biotech has developed and commercialized a PCR based rapid point-of-care testing platform available for detecting infectious diseases including COVID-19. The acquisition enables the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care.

On September 30, 2021, the company assumed operating responsibility, within the Laboratory Products and Biopharma Services segment, of a new state-of-the-art biologics manufacturing facility in Lengnau, Switzerland from CSL Limited to perform pharma services for CSL with capacity to serve other customers as well. The company expects to make fixed lease payments aggregating to $555 million (excluding renewals) from 2021 to 2041, with additional amounts dependent on the extent of revenues from customers of the facility other than CSL.

On December 8, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, PPD, Inc., a U.S.-based global provider of clinical research services to the pharma and biotech industry, for $15.99 billion in net cash consideration and $43 million of equity awards exchanged. The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process. In 2020, PPD generated revenues of $4.68 billion.

On December 30, 2021, the company acquired, within the Life Sciences Solutions segment, PeproTech, Inc., a U.S. based developer and manufacturer of recombinant proteins, for $1.86 billion in net cash consideration. PeproTech provides bioscience reagents known as recombinant proteins, including cytokines and growth factors. The acquisition expands the segment’s bioscience offerings.

Results of Operations

The company’s management evaluates segment operating performance using operating income before certain charges/credits as defined in Note 4. Accordingly, the following segment data are reported on this basis.

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Results of Operations (continued)

(Dollars in millions)	2021		2020
Revenues
Life Sciences Solutions	$	15,631	$	12,168
Analytical Instruments	6,069		5,124
Specialty Diagnostics	5,659		5,343
Laboratory Products and Biopharma Services	14,862		12,245
Eliminations	(3,010)		(2,662)
Consolidated revenues	$	39,211	$	32,218

Life Sciences Solutions													Organic* (non-GAAP measure)
(Dollars in millions)	2021			2020			Total Change		Currency Translation		Acquisitions/ Divestitures
Revenues	$	15,631		$	12,168		28	%	2	%	3	%	23	%
Segment income	$	7,817		$	6,109		28	%
Segment income margin	50.0		%	50.2		%	-0.2 pt

*    Results may not sum due to rounding

The increase in segment revenues at existing businesses in 2021 was driven by a combination of increased demand for testing to diagnose COVID-19 with higher sales of biosciences products and strong demand in each of the segment’s businesses. The decrease in segment income margin resulted primarily from strategic growth investments, offset in part by profit on higher sales.

Analytical Instruments													Organic* (non-GAAP measure)
(Dollars in millions)	2021			2020			Total Change		Currency Translation		Acquisitions/ Divestitures
Revenues	$	6,069		$	5,124		18	%	2	%	—	%	17	%
Segment income	1,197			808			48	%
Segment income margin	19.7		%	15.8		%	3.9 pt

*    Results may not sum due to rounding

The increase in segment revenues at existing businesses in 2021 was due to increased demand for products sold by each of the segment’s primary businesses with particular strength in electron microscopy instruments as well as chromatography and mass spectrometry instruments. The increase in segment income margin was primarily due to profit on higher sales and, to a lesser extent, a $108 million charge in 2020 related to a long-term supply contract (discussed in Note 12), offset in part by strategic growth investments.

Specialty Diagnostics													Organic* (non-GAAP measure)
(Dollars in millions)	2021			2020			Total Change		Currency Translation		Acquisitions/ Divestitures
Revenues	$	5,659		$	5,343		6	%	1	%	—	%	5	%
Segment income	1,280			1,368			(6)	%
Segment income margin	22.6		%	25.6		%	-3.0 pt

*    Results may not sum due to rounding

The increase in segment revenues at existing businesses in 2021 was due to higher demand primarily driven by products addressing treatment of COVID-19, with particular strength in sales of products sold through the segment's healthcare market channel, immunodiagnostics and clinical diagnostics products. The decrease in segment income margin was primarily due to sales mix and strategic investments, offset in part by profit on higher sales and, to a lesser extent, a $13 million credit to cost of product revenue as a result of changing the method of accounting for inventories (discussed in Note 1).

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Results of Operations (continued)

Laboratory Products and Biopharma Services													Organic* (non-GAAP measure)
(Dollars in millions)	2021			2020			Total Change		Currency Translation		Acquisitions/ Divestitures
Revenues	$	14,862		$	12,245		21	%	2	%	5	%	15	%
Segment income	1,844			1,271			45	%
Segment income margin	12.4		%	10.4		%	2.0 pt

*    Results may not sum due to rounding

The increase in segment revenues at existing businesses in 2021 was primarily due to increased demand in each of the segment’s principal businesses with particular strength in products sold through its pharma services business and research and safety market channel and, to a lesser extent, laboratory products businesses. The increase in segment income margin was primarily due to profit on higher sales and sales mix, and, to a lesser extent, acquisitions and a $20 million credit to cost of product revenue as a result of changing the method of accounting for inventories (discussed in Note 1), offset in part by strategic growth investments.

Non-operating Items

(Dollars in millions)	2021			2020
Net interest expense	$	493		$	488
GAAP other income/(expense)	(694)			(76)
Adjusted other income/(expense) (non-GAAP measure)	38			45
GAAP tax rate	12.5		%	11.8		%
Adjusted tax rate (non-GAAP measure)	14.6		%	14.3		%

Net interest expense (interest expense less interest income) increased due primarily to the increase in debt to finance the acquisition of PPD and for general corporate purposes, offset in part by lower average interest rates. See additional discussion under the caption “Liquidity and Capital Resources” below.

GAAP other income/(expense) and adjusted other income/(expense) includes currency transaction gains and losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/income, excluding the service cost component. GAAP other income/(expense) in 2021 also includes $767 million of losses on the early extinguishment of debt (Note 10) and $36 million of financing costs associated with obtaining bridge financing commitments in connection with the agreement to acquire PPD (Note 2), offset in part by $66 million of net gains on investments. GAAP other income/(expense) in 2020 includes $81 million of financing costs for a terminated acquisition, primarily for loan commitment fees and entering into hedging contracts and $42 million of expense reclassified from accumulated other comprehensive items related to a hedge arrangement (Note 14), offset in part by $10 million of net gains on investments.

The company’s GAAP and adjusted tax rates increased in 2021 compared to 2020, primarily due to higher profits at different marginal rates, offset in part by the benefits of our tax planning initiatives. The company’s 2021 GAAP and adjusted tax rates were also impacted by income tax benefits on intra-entity transactions totaling $284 million. In 2020, the company’s GAAP and adjusted tax rates were impacted by foreign tax credit planning in Sweden which resulted in $96 million of foreign tax credits, with no related incremental U.S. income tax expense; a net income tax benefit of $51 million from a domestication transaction involving the transfer of non-U.S. subsidiaries to the U.S.; and a $47 million income tax benefit related to a foreign exchange loss for tax purposes on certain intercompany financing arrangements. Additionally, the 2020 GAAP tax rate included a $27 million tax benefit from tax audit settlements.

The effective tax rate in both 2021 and 2020 was also affected by relatively significant earnings in lower tax jurisdictions. Due primarily to the non-deductibility of intangible asset amortization for tax purposes, the company’s cash payments for income taxes were higher than its income tax expense for financial reporting purposes and totaled $2.18 billion and $1.32 billion in 2021 and 2020, respectively.

The company expects its GAAP effective tax rate in 2022 will be between 9% and 11% based on currently forecasted rates of profitability in the countries in which the company conducts business and expected generation of foreign tax credits. The effective tax rate can vary significantly from period to period as a result of discrete income tax factors and events. The company expects its adjusted tax rate will be approximately 13% in 2022.

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Results of Operations (continued)

The company has operations and a taxable presence in approximately 50 countries outside the U.S. Some of these countries have lower tax rates than the U.S. 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.

Liquidity and Capital Resources

The company’s proven growth strategy has enabled it to generate free cash flow as well as access the capital markets. The company deploys its capital primarily via mergers and acquisitions and secondarily via share buybacks and dividends.

	December 31,		December 31,
(In millions)	2021		2020
Cash and cash equivalents	$	4,477	$	10,325
Total debt	34,870		21,735

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, capacity expansion, and repayment of third-party foreign debt by foreign subsidiaries. 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. dividend received deduction or foreign tax credit equals any tax cost arising from the dividends. As a result of using such means of transferring cash to the U.S., the company does not expect any material adverse liquidity effects from its significant non-U.S. cash balances for the foreseeable future.

The company believes that its existing cash and cash equivalents 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.

As of December 31, 2021, the company’s short-term debt totaled $2.54 billion. On January 7, 2022, the company replaced its prior credit facility with a new revolving credit facility with a bank group that provides up to $5.00 billion of unsecured multi-currency revolving credit (Note 10). 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 December 31, 2021, no borrowings were outstanding under the company’s revolving credit facility, although available capacity was reduced by approximately $4 million as a result of outstanding letters of credit.

(In millions)	2021		2020
Net cash provided by operating activities	$	9,312	$	8,289
Net cash used in investing activities	(21,932)		(1,510)
Net cash provided by financing activities	6,581		959
Free cash flow (non-GAAP measure)	6,809		6,823

During 2021, cash provided by income was offset in part by investments in working capital. Increases in accounts receivable and inventories used cash of $204 million and $1.07 billion, respectively, primarily to support growth in sales. An increase in accounts payable provided cash of $479 million. Changes in other assets and other liabilities used cash of $724 million primarily due to the timing of tax and incentive compensation payments. Cash payments for income taxes were $2.18 billion during 2021.

During 2020, cash provided by income was offset in part by investments in working capital. Increases in accounts receivable and inventories used cash of $1.30 billion and $508 million, respectively, primarily to support growth in sales. Changes in other assets and other liabilities provided cash of $1.45 billion primarily due to the timing of incentive compensation payments and, to a lesser extent, customer billings. Cash payments for income taxes were $1.32 billion during 2020.

During 2021, acquisitions used cash of $19.40 billion. The company's investing activities also included the purchase of $2.52 billion of property, plant and equipment for capacity and capability investments. During 2020, the company’s investing activities were principally for the purchase of property, plant and equipment.

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Liquidity and Capital Resources (continued)

During 2021, issuance of senior notes provided $18.14 billion of cash. A net increase in commercial paper obligations provided cash of $2.51 billion. Repayment of debt used cash of $11.74 billion, including $4.30 billion to repay the debt assumed in the acquisition of PPD. The company’s financing activities also included the repurchase of $2.00 billion of the company's common stock (4.1 million shares) and the payment of $395 million in cash dividends. On September 23, 2021, the Board of Directors authorized the repurchase of up to $3.00 billion of the company’s common stock. Early in the first quarter of 2022, the company repurchased $2.00 billion of the company's common stock (3.3 million shares). At February 24, 2022, authorization remained for $1.00 billion of future repurchases of the company’s common stock. As discussed in Note 10, in the first quarter of 2022 the company redeemed its 3.650% Senior Notes due 2025 for a total cash outlay of $375 million.

During 2020, issuance of senior notes provided cash of $3.46 billion. Repayment of senior notes used cash of $710 million. The company’s financing activities also included the repurchase of $1.50 billion of the company’s common stock (4.5 million shares) and the payment of $337 million in cash dividends.

The company expects that for all of 2022, expenditures for property, plant and equipment, net of disposals, will be between $2.5 and $2.7 billion.

In addition to the obligations on the balance sheet at December 31, 2021, which include, but are not limited to, debt (Note 10), unrecognized tax benefits (Note 8), operating leases (Note 11) pension obligations (Note 7) and contingent consideration (Note 14), the company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties (Note 12).

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 heading “Product Liability, Workers Compensation and Other Personal Injury Matters,” in Note 12 could have a material adverse effect on the company’s financial position as well as its results of operations and cash flows.

Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of revenues from acquired/divested businesses and the effects of currency translation. We report organic revenue growth because Thermo Fisher management believes that in order to understand the company’s short-term and long-term financial trends, investors may wish to consider the impact of acquisitions and foreign currency translation on revenues. Thermo Fisher management uses organic revenue growth to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating income margin, adjusted other income/(expense), adjusted tax rate, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

•Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.

•Costs/income associated with restructuring activities, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs.

•Equity in earnings of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

•The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of

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Non-GAAP Measures (continued)

the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

•The tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods.

We report free cash flow, which is operating cash flow, excluding net capital expenditures to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities. The company uses this measure as an indication of the strength of the company and its ability to generate cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

The non-GAAP financial measures of Thermo Fisher Scientific’s results of operations and cash flows included in this Form 10-K are not meant to be considered superior to or a substitute for Thermo Fisher Scientific’s results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth within the “Overview” and “Results of Operations” sections and below.

(Dollars in millions except per share amounts)	2021					2020
Reconciliation of adjusted operating income and adjusted operating income margin
GAAP operating income	$	10,028		25.6	%	$	7,794		24.2	%
Cost of revenues charges (a)	8			0.0	%	6			0.0	%
Selling, general and administrative charges (credits) (b)	144			0.4	%	(10)			0.0	%
Restructuring and other costs (c)	197			0.5	%	99			0.3	%
Amortization of acquisition-related intangible assets	1,761			4.5	%	1,667			5.2	%
Adjusted operating income (non-GAAP measure)	$	12,138		31.0	%	$	9,556		29.7	%
Reconciliation of adjusted other income/(expense)
GAAP other income/(expense)	$	(694)				$	(76)
Adjustments (d)	732					121
Adjusted other income/(expense) (non-GAAP measure)	$	38				$	45
Reconciliation of adjusted tax rate
GAAP tax rate	12.5		%			11.8		%
Adjustments (e)	2.1		%			2.5		%
Adjusted tax rate (non-GAAP measure)	14.6		%			14.3		%
Reconciliation of adjusted earnings per share
GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc.	$	19.46				$	15.96
Cost of revenues charges (a)	0.02					0.01
Selling, general and administrative charges (credits) (b)	0.36					(0.02)
Restructuring and other costs (c)	0.50					0.25
Amortization of acquisition-related intangible assets	4.43					4.17
Other income/expense adjustments (d)	1.84					0.30
Benefit from income taxes (e)	(1.49)					(1.12)
Equity in losses of unconsolidated entities	0.01					0.01
Adjusted EPS (non-GAAP measure)	$	25.13				$	19.56

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Non-GAAP Measures (continued)

(Dollars in millions except per share amounts)	2021		2020
Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	9,312	$	8,289
Purchases of property, plant and equipment	(2,523)		(1,474)
Proceeds from sale of property, plant and equipment	20		8
Free cash flow (non-GAAP measure)	$	6,809	$	6,823

(a) Adjusted results in 2021 exclude charges for the sale of inventories revalued at the date of acquisition. Adjusted results in 2020 exclude $4 million of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and $2 million of charges to conform the accounting policies of recently acquired businesses with the company’s accounting policies.

(b) Adjusted results in 2021 and 2020 exclude certain third-party expenses (credits), principally transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions; credits from changes in estimates of contingent acquisition consideration; and charges associated with product liability litigation.

(c) Adjusted results in 2021 and 2020 exclude restructuring and other costs consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations, and charges for impairment of acquired technology. Adjusted results in 2021 exclude $35 million of charges for compensation due to employees of recently acquired businesses at the date of acquisition.

(d) Adjusted results in 2021 and 2020 exclude net gains on investments and charges for amortization of bridge loan commitment fees and entering hedging contracts for recent/terminated acquisitions. Adjusted results in 2021 exclude $767 million of losses on the early extinguishment of debt. Adjusted results in 2020 exclude $42 million of charges related to terminated interest rate swaps and $8 million of net charges for the settlement/curtailment of pension plans.

(e) Adjusted provision for income taxes in 2021 and 2020 excludes the incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income, incremental tax impacts from audit settlements and incremental tax impacts from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes.

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. On an on-going basis, management evaluates its estimates, including those related to acquisition-related measurements and income taxes. 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 bases its estimates on historical experience, current market and economic conditions and other assumptions that management believes are reasonable. The results of these estimates form the basis for judgments about the carrying value of assets and liabilities where the values are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The company believes the following represent its critical accounting policies and estimates used in the preparation of its financial statements:

Acquisition-related Measurements

Business Combinations

The company uses assumptions and estimates in determining the fair value of assets acquired and liabilities assumed in a business combination. The determination of the fair value of intangible assets, which represent a significant portion of the purchase price in many of the company’s acquisitions, requires the use of significant judgment with regard to (i) the fair value and (ii) whether such intangibles are amortizable or non-amortizable and, if the former, the period and the method by which the intangible asset will be amortized. The company estimates the fair value of acquisition-related intangible assets principally based on projections of cash flows that will arise from identifiable intangible assets of acquired businesses, which include estimates of customer attrition and technology obsolesce rates. The projected cash flows are discounted to determine the present value of the assets at the dates of acquisition. See Note 2 for additional information about our recent business combinations.

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Critical Accounting Policies and Estimates (continued)

Goodwill and Indefinite-lived Intangible Assets

The company evaluates goodwill and indefinite-lived intangible assets for impairment annually and when events occur or circumstances change that would more likely than not reduce the fair value of the asset below its carrying amount. Events or circumstances that might require an interim evaluation include unexpected adverse business conditions, economic factors, unanticipated technological changes or competitive activities, loss of key personnel and acts by governments and courts. Goodwill and indefinite-lived intangible assets totaled $41.92 billion and $1.24 billion, respectively, at December 31, 2021 (see Note 1 for additional information). Estimates of discounted future cash flows require assumptions related to revenue and operating income growth rates, discount rates and other factors. For the goodwill impairment tests, the company considers (i) peer revenues and earnings trading multiples from companies that have operational and financial characteristics that are similar to the respective reporting units and (ii) estimated weighted average costs of capital. Different assumptions from those made in the company’s analysis could materially affect projected cash flows and the company’s evaluation of goodwill and indefinite-lived intangible assets for impairment.

The company performed the quantitative goodwill impairment test for all of its reporting units and indefinite-lived intangible assets. Indications of fair value based on projections of cash flows, which increased over the prior year projections at higher rates than the increases in carrying values, and on peer revenues, earnings trading multiples and discount rates, which were relatively consistent with the prior year, were sufficient to conclude that no impairment of goodwill or indefinite-lived intangible assets existed at the end of the tenth fiscal month of 2021, the date of the company’s annual impairment testing. There were no interim impairments of goodwill or indefinite-lived intangible assets in 2021. There can be no assurance, however, that an economic downturn will not materially adversely affect peer trading multiples and the company’s businesses such that they do not achieve their forecasted profitability and these assets become impaired. Should the fair value of the company’s goodwill or indefinite-lived intangible assets decline because of reduced operating performance, market declines, or other indicators of impairment, or as a result of changes in the discount rate, charges for impairment may be necessary.

Definite-lived Intangible Assets

Definite-lived intangible assets totaled $18.88 billion at December 31, 2021 (see Note 1 for additional information). The company reviews definite-lived intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Actual cash flows arising from a particular intangible asset could vary from projected cash flows which could imply different carrying values from those established at the dates of acquisition and which could result in impairment of such asset. The company recorded impairments of $0.12 billion in 2021 (see Note 16 for additional information).

Contingent Consideration

The fair value of contingent consideration liabilities, which were initially exchanged for control of businesses or assumed from acquired businesses, was $0.32 billion at December 31, 2021. At each reporting period, the fair value of contingent consideration is determined using either discounted cash flow analyses, Monte Carlo simulations, or fair values of an underlying recapitalization investment portfolio. Changes in the fair value of contingent consideration liabilities can result from changes in estimates of revenue or operating results or in the timing or likelihood of achieving milestones, as well as changes in the fair values of the investments underlying the recapitalization investment portfolio. These changes resulted in (benefits)/charges of $(0.05) billion during 2021 (see Note 14 for additional information).

Income Taxes

Unrecognized Tax Benefits

In the ordinary course of business there is inherent uncertainty in quantifying the company’s income tax positions. The company assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the company has recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Should tax return positions that the company expects are sustainable not be sustained upon audit, the company could be required to record an incremental tax provision for such taxes. The company’s liability for these unrecognized tax benefits totaled $1.12 billion at December 31, 2021 (see Note 8 for additional information).

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Critical Accounting Policies and Estimates (continued)

The company operates in numerous countries under many legal forms and, as a result, is subject to the jurisdiction of numerous domestic and non-U.S. tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires the company to interpret the related tax laws and regulations and the use of estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Changes in tax laws, regulations, agreements and treaties, currency exchange restrictions or the company’s level of operations or profitability in each taxing jurisdiction could have an impact upon the amount of current and deferred tax balances and hence the company’s net income.

Valuation Allowances

The company estimates the degree to which tax assets will result in a benefit, after consideration of all positive and negative evidence, and provides a valuation allowance for tax assets that it believes will more likely than not go unused. In situations in which the company has been able to determine that its deferred tax assets will be realized, that determination generally relies on future reversals of taxable temporary differences and expected future taxable income. If it becomes more likely than not that a tax asset will be used, the company reverses the related valuation allowance. Any such reversals are recorded as a reduction of the company’s tax provision. The company’s tax valuation allowance totaled $0.97 billion at December 31, 2021 (see Note 8 for additional information). Should the company’s actual future taxable income by tax jurisdiction vary from estimates, additional allowances or reversals thereof may be necessary.

Undistributed Earnings

The company has not provided U.S. state income taxes or additional non-U.S. taxes on certain of its non-U.S. subsidiaries’ undistributed earnings, as such amounts are intended to be reinvested outside the United States indefinitely in the respective jurisdictions based on specific business plans and tax strategies (see Note 8 for additional information). These business plans and tax strategies consider: short-term and long-term forecasts and budgets of the U.S. parent and non-U.S. subsidiaries; working capital and other needs in locations where earnings are generated; the company’s past practices regarding non-U.S. subsidiary dividends; sources of financing by the U.S. parent, such as issuing debt or equity; and uses of cash by the U.S. parent that are more discretionary in nature, such as business combinations and share repurchase programs. However, should the company change its business plans and tax strategies in the future and decide to repatriate a portion of these earnings to one of its U.S. subsidiaries, including cash maintained by these non-U.S. subsidiaries, the company would recognize additional tax liabilities. It is not practicable to estimate the amount of additional U.S. state income tax and non-U.S. tax liabilities that the company would incur. The company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax costs.

Recent Accounting Pronouncements

A description of recently issued accounting standards is included under the heading “Recent Accounting Pronouncements” in Note 1.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

The company is exposed to market risk from changes in interest rates and currency exchange rates, which could affect its future results of operations and financial condition. The company manages its exposure to these risks through its regular operating and financing activities. The company has periodically hedged interest rate risks of fixed-rate instruments with offsetting interest rate swaps. Additionally, the company uses short-term forward and option contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates. Such exposures result from purchases, sales, cash and intercompany loans that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, Swiss franc, British pounds sterling, Canadian dollars, Czech koruna, Japanese yen and Hong Kong dollars. Income and losses arising from these derivative contracts are recognized as offsets to losses and income resulting from the underlying exposure being hedged. The company does not enter into speculative derivative agreements.

Interest Rates

The company is exposed to changes in interest rates while conducting normal business operations as a result of ongoing investing and financing activities, which affect the company’s debt as well as cash and cash equivalents. As of December 31, 2021, the company’s debt portfolio was comprised primarily of fixed rate borrowings. The fair market value of the company’s

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THERMO FISHER SCIENTIFIC INC.

Quantitative and Qualitative Disclosures About Market Risk (continued)

fixed interest rate debt is subject to interest rate risk. Generally, the fair market value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise. The total estimated fair value of the company’s debt at December 31, 2021 was $36.05 billion (Note 14). Fair values were determined from available market prices using current interest rates and terms to maturity. If interest rates were to decrease by 100 basis points, the fair value of the company’s debt at December 31, 2021 would increase by approximately $2.51 billion. If interest rates were to increase by 100 basis points, the fair value of the company’s debt at December 31, 2021 would decrease by approximately $2.52 billion.

In addition, interest rate changes would result in a change in the company’s interest expense due to variable-rate debt instruments including swap arrangements. In 2021, a 100 basis point increase in interest rates on the swap arrangements and variable-rate debt would have increased the company’s annual pre-tax interest expense by approximately $6 million.

Currency Exchange Rates

The company views its investment in international subsidiaries with a functional currency other than the U.S. dollar as permanent. The company’s investment in international subsidiaries is sensitive to fluctuations in currency exchange rates. The functional currencies of the company’s international subsidiaries are principally denominated in euro, British pounds sterling, Swedish kronor, Canadian dollars, Norwegian kroner and Danish kroner. The effect of a change in the period ending currency exchange rates on the company’s net investment in international subsidiaries is reflected in the “accumulated other comprehensive items” component of shareholders’ equity. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A 10% depreciation in year-end 2021 functional currencies, relative to the U.S. dollar, would result in a reduction of shareholders’ equity of approximately $1.23 billion.

The fair value of forward currency-exchange contracts is sensitive to changes in currency exchange rates. The fair value of forward currency-exchange contracts is the estimated amount that the company would pay or receive upon termination of the contract, taking into account the change in currency exchange rates. A 10% depreciation in year-end 2021 non-functional currency exchange rates related to the company’s contracts would result in an additional unrealized loss on forward currency-exchange contracts of $71 million. A 10% appreciation in year-end 2021 non-functional currency exchange rates related to the company’s contracts would result in an unrealized gain on forward currency-exchange contracts of $71 million. The unrealized gains or losses on forward currency-exchange contracts resulting from changes in currency exchange rates are expected to approximately offset losses or gains on the exposures being hedged.

Certain of the company’s cash and cash equivalents are denominated in currencies other than the functional currency of the depositor and are sensitive to changes in currency exchange rates. A 10% depreciation in the related year-end 2021 non-functional currency exchange rates applied to such cash balances would result in a negative impact of $27 million on the company’s net income.

Item 8.    Financial Statements and Supplementary Data

This data is submitted as a separate section to this report. See Item 15 “Exhibits and Financial Statement Schedules.”

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A.    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, has evaluated the effectiveness of the company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. 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 such evaluation, the company’s chief executive officer and chief financial officer concluded that, as of the end of such period, the company’s disclosure controls and procedures were effective at the reasonable assurance level.

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THERMO FISHER SCIENTIFIC INC.

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 December 31, 2021, that have materially affected or are reasonably likely to materially affect the company’s internal control over financial reporting.

Management’s Annual Report on Internal Control Over Financial Reporting

The company’s management, including the company’s chief executive officer and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company. Internal control over financial reporting is a process designed 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. The company’s management conducted an assessment of the effectiveness of the company’s internal control over financial reporting as of December 31, 2021 based on criteria established in “Internal Control - Integrated Framework” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, the company’s management concluded that, as of December 31, 2021, the company’s internal control over financial reporting was effective. Management’s assessment of the effectiveness of the company’s internal control over financial reporting as of December 31, 2021, excluded PPD, Inc., Mesa Biotech, Inc. and PeproTech, Inc., which were acquired by the company in 2021 in separate purchase business combinations. These entities, whose total assets and total revenues were excluded from the company’s assessment, represented approximately 5% and 2%, respectively, of the related consolidated amounts as of and for the year ended December 31, 2021. Based upon Securities and Exchange Commission staff guidance, companies are allowed to exclude certain acquisitions from their assessments of internal control over financial reporting during the first year of an acquisition while integrating the acquired companies.

The company’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of the company’s internal control over financial reporting as of December 31, 2021, as stated in their report that appears on page F-2 of this Annual Report on Form 10-K.

Item 9B.    Other Information

On February 24, 2022, the company and Mark P. Stevenson entered into a consulting agreement relating to ongoing services that Mr. Stevenson will provide to the company following his last day as an employee on March 18, 2022. Under the consulting agreement, which has a term ending March 1, 2023, Mr. Stevenson will serve on the company’s Scientific Advisory Board and will also provide ongoing advice and services relating to COVID-19 research and products. During the term of the consulting agreement, Mr. Stevenson’s outstanding and unvested equity awards granted in fiscal year 2021 will continue to vest in accordance with their original terms based on his continued service to the company and, if he provides consulting services through March 1, 2023, his outstanding and unvested equity awards granted in fiscal year 2021 will vest to the same extent as if he had retired as an employee on March 1, 2023 and the post-termination exercise period of all of Mr. Stevenson’s stock options, to the extent vested and exercisable on March 1, 2023, will be extended until the original maximum term of such stock options. The agreement also contains provisions that restrict Mr. Stevenson’s ability during the term of the consulting agreement, and (i) for a period of twelve months thereafter, to work for or provide consulting services to, any competitor of the company, and (ii) for a period of eighteen months thereafter, to solicit for hire employees or consultants of the company or to solicit customers or clients of the company.

The foregoing summary of the consulting agreement is subject to, and qualified in its entirety by, the full text of such agreement, which is filed as an exhibit to this Annual Report on Form 10-K.

Item 9C.     Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

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THERMO FISHER SCIENTIFIC INC.

PART III

Item 10.    Directors, Executive Officers and Corporate Governance

The information with respect to directors required by this Item will be contained in our definitive proxy statement to be filed with the SEC not later than 120 days after the close of business of the fiscal year (2022 Definitive Proxy Statement) including under “Corporate governance—Board of directors—selection, skills and experience—Director nominee skills, experience, and background,” and “Corporate governance—Board of directors—selection, skills and experience—Nominees and incumbent directors,” and is incorporated in this report by reference.

The information with respect to executive officers required by this Item is included in Item 1 of Part I of this report.

The other information required by this Item will be contained in our 2022 Definitive Proxy Statement including under “Corporate governance—Board practices, policies and processes —Corporate Governance Guidelines” and “Corporate Governance—Board leadership structure—Board committees,” and is incorporated in this report by reference.

Item 11.    Executive Compensation

The information required by this Item will be contained in our 2022 Definitive Proxy Statement including under “Corporate governance—Compensation of directors,” and “Executive compensation,” and is incorporated in this report by reference.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this Item will be contained in our 2022 Definitive Proxy Statement including under “Information about stock ownership—Equity compensation plan information” and “Information about stock ownership—Security ownership of certain beneficial owners and management,” and is incorporated in this report by reference.

Item 13.    Certain Relationships and Related Transactions, and Director Independence

The information required by this Item will be contained in our 2022 Definitive Proxy Statement including under “Corporate governance—Board practices, policies and processes—Related person transactions,” and “Corporate governance—Board leadership structure—How we assess director independence,” and is incorporated in this report by reference.

Item 14.    Principal Accountant Fees and Services

The information required by this Item will be contained in our 2022 Definitive Proxy Statement including under “Audit matters—Independent auditor fees” and “Audit matters—Audit Committee’s pre-approval policies and procedures,” and is incorporated in this report by reference.

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THERMO FISHER SCIENTIFIC INC.

PART IV

Item 15.    Exhibits and Financial Statement Schedules

(a) The following documents are filed as part of this report:

(1) Consolidated Financial Statements (see Index on page F-1 of this report)

Consolidated Statement of Redeemable Noncontrolling Interest and Equity

(2) All schedules are omitted because they are not applicable or not required, or because the required information is included either in the consolidated financial statements or in the notes thereto.

(b) Exhibits

See the Exhibit Index on page 41.

Item 16.    Form 10-K Summary

None.

39

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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:	February 24, 2022	THERMO FISHER SCIENTIFIC INC.
		By:	/s/ Marc N. Casper
			Marc N. Casper
			Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated, as of February 24, 2022.

By:	/s/ Marc N. Casper	By:	/s/ Thomas J. Lynch
	Marc N. Casper		Thomas J. Lynch
	Chairman, President and Chief Executive Officer		Lead Director
	(Principal Executive Officer)
By:	/s/ Stephen Williamson	By:	/s/ Jim P. Manzi
	Stephen Williamson		Jim P. Manzi
	Senior Vice President and Chief Financial Officer		Director
	(Principal Financial Officer)
By:	/s/ Joseph R. Holmes	By:	/s/ James C. Mullen
	Joseph R. Holmes		James C. Mullen
	Vice President and Chief Accounting Officer		Director
	(Principal Accounting Officer)
By:	/s/ Nelson J. Chai	By:	/s/ Lars R. Sørensen
	Nelson J. Chai		Lars R. Sørensen
	Director		Director
By:	/s/ C. Martin Harris	By:	/s/ Debora L. Spar
	C. Martin Harris		Debora L. Spar
	Director		Director
By:	/s/ Tyler E. Jacks	By:	/s/ Scott M. Sperling
	Tyler E. Jacks		Scott M. Sperling
	Director		Director
By:	/s/ R. Alexandra Keith	By:	/s/ Dion J. Weisler
	R. Alexandra Keith		Dion J. Weisler
	Director		Director

40

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
2.1	Agreement and Plan of Merger, dated as of April 15, 2021, by and among Thermo Fisher Scientific Inc., Powder Acquisition Corp. and PPD, Inc. (filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed April 16, 2021 [File No. 1-8002] and incorporated in this document by reference).
3.1	Amended and Restated Certificate of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 [File No. 1-8002] and incorporated in this document by reference).
3.2	Amendment to Thermo Fisher Scientific Inc.’s Third Amended and Restated Certificate of Incorporation (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 14, 2006 [File No. 1-8002] and incorporated in this document by reference).
3.3	Certificate of Elimination of the Series B Junior Participating Preferred Stock of the Company, dated November 13, 2015 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 16, 2015 [File No. 1-8002] and incorporated in this document by reference).
3.4	Amended and Restated By-Laws of the Registrant, as amended and effective as of July 8, 2021 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed July 9, 2021 [File No. 1-8002] and incorporated in this document by reference).
	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.
4.1	Indenture dated as of November 20, 2009 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed November 20, 2009 [File No. 1-8002] and incorporated in this document by reference).
4.2	Sixth Supplemental Indenture, dated as of December 11, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed December 11, 2013 [File No. 1-8002] and incorporated in this document by reference).
4.3	Eighth Supplemental Indenture, dated as of November 24, 2014, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed November 24, 2014 [File No. 1-8002] and incorporated in this document by reference).
4.4	Eleventh Supplemental Indenture, dated as of December 9, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed December 9, 2015 [File No. 1-8002] and incorporated in this document by reference).
4.5	Thirteenth Supplemental Indenture, dated as of September 12, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 12, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.6	Fifteenth Supplemental Indenture, dated as of March 16, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed March 16, 2017 [File No. 1-8002] and incorporated in this document by reference).
4.7	Sixteenth Supplemental Indenture, dated as of July 24, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed July 24, 2017 [File No. 1-8002] and incorporated in this document by reference).
4.8	Seventeenth Supplemental Indenture, dated as of August 14, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed August 14, 2017 [File No. 1-8002] and incorporated in this document by reference).
4.9	Eighteenth Supplemental Indenture, dated as of September 30, 2019, between the Company, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 30, 2019 [File No. 1-8002] and incorporated in this document by reference).
4.10	Nineteenth Supplemental Indenture, dated as of October 8, 2019, between the Company, and the Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed October 8, 2019 [File No. 1-8002] and incorporated in this document by reference).
4.11	Twenty-First Supplemental Indenture, dated as of April 2, 2020, between the Company, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed April 2, 2020 [File No. 1-8002] and incorporated in this document by reference).
4.12	Twenty-Second Supplemental Indenture, dated as of August 23, 2021, between the Company, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed August 23, 2021 [File No. 1-8002] and incorporated in this document by reference).
4.13	Third Supplemental Indenture, dated as of October 18, 2021, among Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed October 18, 2021 [File No. 1-8002] and incorporated in this document by reference).
4.14	Twenty-Third Supplemental Indenture, dated as of October 22, 2021, between the Company, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed October 22, 2021 [File No. 1-8002] and incorporated in this document by reference).
4.15	Indenture, dated as of August 9, 2016, among Thermo Fisher International, as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed August 9, 2016 [File No. 1-8002] and incorporated in this document by reference).

41

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
4.16	Fourth Supplemental Indenture, dated as of November 18, 2021, among Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), as issuer, the Company, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed August 9, 2016 [File No. 1-8002] and incorporated in this document by reference).
4.17	Description of the Registrant’s Securities
10.1	Thermo Fisher Scientific Inc. Deferred Compensation Plan for Directors of the Registrant, as amended and restated effective November 10, 2006 (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2007 [File No. 1‑8002] and incorporated in this document by reference).*
10.2	Thermo Electron Corporation Deferred Compensation Plan, effective November 1, 2001 (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 29, 2001 [File No. 1-8002] and incorporated in this document by reference).*
10.3	Form of Amended and Restated Indemnification Agreement between the Registrant and its directors and officers (filed as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-4 [Reg. No. 333-90661] and incorporated in this document by reference).*
10.4	Summary of Thermo Fisher Scientific Inc. Annual Non-Management Director Compensation (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 24, 2022 [File No. 1-8002] and incorporated in this document by reference).*
10.5	Summary of 2021 Annual Cash Incentive Plan*
10.6	Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers, effective as of January 1, 2009 (filed as Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 [File No. 1-8002] and incorporated in this document by reference).*
10.7	Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc. (filed as Exhibit 10.12 to Fisher Scientific International Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 [File No. 1-10920] and incorporated in this document by reference).*
10.8	First Amendment to the Fisher Scientific International Inc. Retirement Plan for Non-Employee Directors (filed as Exhibit 10.04 to Fisher Scientific International Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 [File No. 1-10920] and incorporated in this document by reference).*
10.9	Amendment to Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc. (filed as Exhibit 10.02 to Fisher Scientific International Inc.’s Current Report on Form 8-K filed March 7, 2006 [File No. 1-10920] and incorporated in this document by reference).*
10.10	Thermo Fisher Scientific Inc. Amended and Restated 2005 Deferred Compensation Plan, effective January 1, 2020 (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2020 [File No. 1-8002] and incorporated in this document by reference).*
10.11	2009 Restatement of Executive Severance Agreement, between Marc N. Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
10.12	Executive Change In Control Retention Agreement, between Marc N. Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
10.13	Noncompetition Agreement, between Marc N. Casper and the Registrant, dated November 21, 2009 (filed as Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
10.14	Amendment No. 1 to 2009 Restatement of Executive Severance Agreement, dated February 25, 2010, between the Registrant and Marc N. Casper (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No. 1-8002] and incorporated in this document by reference).*
10.15	Amendment No. 2 to 2009 Restatement of Executive Severance Agreement, dated November 30, 2010, between the Registrant and Marc N. Casper (filed as Exhibit 10.55 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).*
10.16	Amendment No. 1 to Executive Change In Control Retention Agreement, dated November 30, 2010, between Marc N. Casper and the Registrant (filed as Exhibit 10.56 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).*
10.17	Amendment No. 2 to Executive Change in Control Retention Agreement, dated March 16, 2018, between Marc N. Casper and the Registrant (filed as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 [File No. 1-8002] and incorporated in this document by reference).*
10.18	Form of Executive Change in Control Retention Agreement for Officers (other than Marc N. Casper) (filed as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 [File No. 1-8002] and incorporated in this document by reference).*
10.19	Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement for Directors (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2011 [File No. 1-8002] and incorporated in this document by reference).*

42

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
10.20	Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement effective February 26, 2013 (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
10.21	Form of Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper effective February 26, 2013 (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
10.22	Form of Nonstatutory Stock Option Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper effective February 26, 2013 (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
10.23	Thermo Fisher Scientific Inc. 2013 Stock Incentive Plan (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 23, 2013 [File No. 1-8002] and incorporated in this document by reference).*
10.24	Supplemental Executive Retirement Plan effective as of December 31, 2005, as amended and restated as of August 28, 2006 (filed as Exhibit 10.3 to Applera Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 [File No. 1-04389] and incorporated in this document by reference).*
10.25	Amendment to Supplemental Executive Retirement Plan, effective as of January 1, 2010 (filed as Exhibit 10.1 to Life Technologies Corporation’s Current Report on Form 8-K filed December 18, 2009 [File No. 000-25317] and incorporated in this document by reference).*
10.26	Noncompetition Agreement between the Registrant and Mark P. Stevenson, dated September 10, 2015 (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 26, 2015 [File No. 1-8002] and incorporated in this document by reference).*
10.27	Form of Thermo Fisher Scientific Inc.’s Nonstatutory Stock Option Agreement for Officers (filed as Exhibit 10.44 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2016 [File No. 1-8002] and incorporated in this document by reference).*
10.28	Patheon N.V. 2016 Omnibus Incentive Plan (filed as Exhibit 10.2 to the Current Report on Form 8-K filed by Patheon N.V. on July 26, 2016 [File No. 001-37837] and incorporated in this document by reference).*
10.29	Amendment to Patheon N.V. 2016 Omnibus Incentive Plan, dated March 7, 2017 (filed as Exhibit 4.5 to the Registrant's Registration Statement on Form S-8 filed August 29, 2017 [File No. 1-8002] and incorporated in this document by reference).*
10.30	Amendment to Patheon N.V. 2016 Omnibus Incentive Plan, dated August 23, 2017 (filed as Exhibit 4.6 to the Registrant's Registration Statement on Form S-8 filed August 29, 2017 [File No. 1-8002] and incorporated in this document by reference).*
10.31	Credit Agreement, dated January 7, 2022, among Thermo Fisher Scientific Inc., certain Subsidiaries of Thermo Fisher Scientific Inc. from time to time party thereto, Bank of America, N.A., as Administrative Agent and each lender from time to time party thereto (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed January 7, 2022 [File No. 1-8002] and incorporated in this document by reference).
10.32	Form of Performance Restricted Stock Unit Agreement effective February 26, 2019 (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.33	Form of Performance Restricted Stock Unit Agreement for Marc N. Casper effective February 26, 2019 (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.34	Letter Agreement between the Registrant and Michel Lagarde dated August 28, 2017 (filed as Exhibit 10.39 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.35	Option Agreement Under the Patheon N.V. 2016 Omnibus Incentive Plan between Patheon N.V. and Michel Lagarde dated July 20, 2016 (filed as Exhibit 10.40 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.36	Option Agreement Under the Patheon N.V. 2016 Omnibus Incentive Plan between Patheon N.V. and Michel Lagarde dated March 23, 2017 (filed as Exhibit 10.42 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.37	Thermo Fisher Scientific Inc. Executive Severance Policy (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.38	Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers (filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.39	Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement effective as of February 25, 2020 (filed as Exhibit 10.45 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.40	Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement effective as of February 25, 2020 (filed as Exhibit 10.46 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*

43

THERMO FISHER SCIENTIFIC INC.

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
10.41	Form of Thermo Fisher Scientific Inc.’s Nonstatutory Stock Option Agreement for Officers effective as of February 25, 2020 (filed as Exhibit 10.47 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.42	Form of Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper effective as of February 25, 2020 (filed as Exhibit 10.48 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.43	Form of Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper effective as of February 25, 2020 (filed as Exhibit 10.49 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.44	Form of Nonstatutory Stock Option Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper effective as of February 25, 2020 (filed as Exhibit 10.50 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
10.45	Form of Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper (filed as Exhibit 10.47 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 [File No. 1-8002] and incorporated in this document by reference).*
10.46	Form of Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc N. Casper (filed as Exhibit 10.48 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 [File No. 1-8002] and incorporated in this document by reference).*
10.47	Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement (filed as Exhibit 10.49 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 [File No. 1-8002] and incorporated in this document by reference).*
10.48	PPD, Inc. 2020 Omnibus Incentive Plan (filed as Exhibit 10.38 to PPD Inc.’s Form S-1/A filed January 27, 2020 [File No. 333-235860] and incorporated in this document by reference).*
10.49	Consulting Agreement between the Registrant and Mark P. Stevenson, dated February 24, 2022*
21	Subsidiaries of the Registrant.
22	Subsidiary Issuer of Guaranteed Securities.
23.1	Consent of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm.
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 - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

_______________________

*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.

44

THERMO FISHER SCIENTIFIC INC.

INDEX OF CONSOLIDATED FINANCIAL STATEMENTS

The following Consolidated Financial Statements of the Registrant and its subsidiaries are required to be included in Item 15:

	Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)	F-2
Consolidated Balance Sheet as of December 31, 2021 and 2020	F-6
Consolidated Statement of Income for the years ended December 31, 2021, 2020 and 2019	F-7
Consolidated Statement of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019	F-8
Consolidated Statement of Cash Flows for the years ended December 31, 2021, 2020 and 2019	F-9
Consolidated Statement of Redeemable Noncontrolling Interest and Equity for the years ended December 31, 2021, 2020 and 2019	F-10
Notes to Consolidated Financial Statements	F-11

F-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Thermo Fisher Scientific Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheet of Thermo Fisher Scientific Inc. and its subsidiaries (the “Company”) as of December 31, 2021 and 2020, and the related consolidated statements of income, of comprehensive income, of redeemable noncontrolling interest and equity and of cash flows for each of the three years in the period ended December 31, 2021, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for leases in 2019.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and

F-2

significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Annual Report on Internal Control Over Financial Reporting, management has excluded PPD, Inc., Mesa Biotech, Inc. and PeproTech, Inc. from its assessment of internal control over financial reporting as of December 31, 2021 because they were acquired by the Company in purchase business combinations during 2021. We have also excluded PPD, Inc., Mesa Biotech, Inc. and PeproTech, Inc. from our audit of internal control over financial reporting. PPD, Inc., Mesa Biotech, Inc. and PeproTech, Inc. are wholly-owned subsidiaries whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting collectively represent approximately 5% and 2%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2021.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Income taxes

As described in Note 8 to the consolidated financial statements, the Company’s provision for income taxes for the year ended December 31, 2021 was $1,109 million. The Company has

F-3

deferred tax liabilities, net, of $2,829 million (including a valuation allowance of $968 million) and unrecognized tax benefits of $1,124 million as of December 31, 2021. As disclosed by management, the Company operates in numerous countries under many legal forms and, as a result, is subject to the jurisdiction of numerous domestic and non-U.S. tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires management to interpret the related tax laws and regulations and to use estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Management assesses income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, management has recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Management estimates the degree to which tax assets will result in a benefit, after consideration of all positive and negative evidence, and provides a valuation allowance for tax assets that it believes will more likely than not go unused. In situations in which management has been able to determine that the Company’s deferred tax assets will be realized, that determination generally relies on future reversals of taxable temporary differences and expected future taxable income. If it becomes more likely than not that a tax asset will be used, management reverses the related valuation allowance.

The principal considerations for our determination that performing procedures relating to income taxes is a critical audit matter are (i) the significant judgment by management when interpreting the numerous and complex tax laws and regulations as it relates to determining the provision for income taxes, deferred tax assets and liabilities, including the valuation allowance, and liabilities for unrecognized tax benefits, (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the provision for income taxes, deferred tax assets and liabilities, including the valuation allowance, and liabilities for unrecognized tax benefits, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the provision for income taxes, deferred tax assets and liabilities, including the valuation allowance, and liabilities for unrecognized tax benefits. These procedures also included, among others (i) testing the accuracy of the provision for income taxes, including the rate reconciliation and permanent and temporary differences, (ii) evaluating whether the data utilized in the calculations of the provision for income taxes, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits were appropriate and consistent with evidence obtained in other areas of the audit, (iii) evaluating management’s assessment of the realizability of deferred tax assets on a jurisdictional basis, (iv) evaluating the identification of liabilities for unrecognized tax benefits and the reasonableness of the more likely than not determination in consideration of court decisions, legislative actions, statutes of limitations, and developments in tax examinations by jurisdiction, (v) testing the calculation of the liability for unrecognized tax benefits by jurisdiction, including estimates of the amount of income tax benefit expected to be sustained, and (vi) evaluating the adequacy of the Company’s disclosures. Professionals with specialized skill and knowledge were used to assist in evaluating the reasonableness of management’s judgments and estimates related to the application of foreign and domestic tax laws and regulations.

F-4

Acquisition of PPD, Inc. - Valuation of Customer Relationships Intangible Assets

As described in Note 2 to the consolidated financial statements, on December 8, 2021, the Company acquired PPD, Inc. for $15.99 billion in net cash consideration and $43 million of equity awards exchanged, which resulted in $6,264 million of customer relationships intangible assets being recorded. As disclosed by management, assumptions and estimates are used in determining the fair value of the customer relationships intangible assets acquired in a business combination. Management estimates the fair value of acquisition-related customer relationships intangible assets principally based on projections of cash flows that will arise from the customer relationships of PPD, Inc., which include estimates of customer attrition rates. The projected cash flows are discounted to determine the present value of the assets at the date of the acquisition.

The principal considerations for our determination that performing procedures relating to the valuation of the acquired customer relationships intangible assets from the acquisition of PPD, Inc. is a critical audit matter are (i) the significant judgment by management when determining the fair value of the acquired customer relationships intangible assets, (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to projections of cash flows and discount rates, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the customer relationships intangible assets. These procedures also included, among others (i) reading the purchase agreement, (ii) testing management’s process for determining the fair values of the acquired customer relationships intangible assets, (iii) evaluating the appropriateness of the valuation methodology utilizing discounted projected cash flows, (iv) testing the completeness and accuracy of the underlying data used in the discounted projected cash flows, and (v) evaluating the reasonableness of the significant assumptions used by management related to projections of cash flows and discount rates. Evaluating management’s significant assumption related to projections of cash flows involved evaluating whether the significant assumption used by management was reasonable considering (i) the current and past performance of PPD, Inc., (ii) the consistency with external market and industry data, and (iii) whether the significant assumption was consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the valuation methodology utilizing discounted projected cash flows and (ii) the reasonableness of the discount rate significant assumption.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2022

We have served as the Company’s auditor since 2002.

F-5

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED BALANCE SHEET

	December 31,		December 31,
(In millions except share and per share amounts)	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	4,477	$	10,325
Accounts receivable, less allowances of $150 and $135	7,977		5,741
Inventories	5,051		4,029
Contract assets, net	968		731
Other current assets	1,640		1,131
Total current assets	20,113		21,957
Property, plant and equipment, net	8,333		5,912
Acquisition-related intangible assets, net	20,113		12,685
Other assets	4,640		2,457
Goodwill	41,924		26,041
Total assets	$	95,123	$	69,052
Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	2,537	$	2,628
Accounts payable	2,867		2,175
Accrued payroll and employee benefits	2,427		1,916
Contract liabilities	2,655		1,271
Other accrued expenses	2,950		2,314
Total current liabilities	13,436		10,304
Deferred income taxes	3,837		1,794
Other long-term liabilities	4,540		3,330
Long-term obligations	32,333		19,107
Commitments and contingencies (Note 12)
Redeemable noncontrolling interest	122		—
Equity:
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 439,154,741 and 437,088,297 shares issued	439		437
Capital in excess of par value	16,174		15,579
Retained earnings	35,431		28,116
Treasury stock at cost, 44,720,112 and 40,417,789 shares	(8,922)		(6,818)
Accumulated other comprehensive items	(2,329)		(2,807)
Total Thermo Fisher Scientific Inc. shareholders’ equity	40,793		34,507
Noncontrolling interests	62		10
Total equity	40,855		34,517
Total liabilities, redeemable noncontrolling interest and equity	$	95,123	$	69,052

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

F-6

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF INCOME

	Year Ended
	December 31,		December 31,		December 31,
(In millions except per share amounts)	2021		2020		2019
Revenues
Product revenues	$	30,361	$	25,306	$	19,496
Service revenues	8,850		6,912		6,046
Total revenues	39,211		32,218		25,542
Costs and operating expenses:
Cost of product revenues	13,594		11,407		10,037
Cost of service revenues	5,979		4,807		4,177
Selling, general and administrative expenses	8,007		6,930		6,144
Research and development expenses	1,406		1,181		1,003
Restructuring and other costs (income)	197		99		(413)
Total costs and operating expenses	29,183		24,424		20,948
Operating income	10,028		7,794		4,594
Interest income	43		65		224
Interest expense	(536)		(553)		(676)
Other income/(expense)	(694)		(76)		(70)
Income before income taxes	8,841		7,230		4,072
Provision for income taxes	(1,109)		(850)		(374)
Equity in (losses) earnings of unconsolidated entities	(4)		(3)		—
Net income	7,728		6,377		3,698
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	3		2		2
Net income attributable to Thermo Fisher Scientific Inc.	$	7,725	$	6,375	$	3,696
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic	$	19.62	$	16.09	$	9.24
Diluted	$	19.46	$	15.96	$	9.17
Weighted average shares
Basic	394		396		400
Diluted	397		399		403

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

F-7

THERMO FISHER SCIENTIFIC INC.

 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Year Ended
	December 31,		December 31,		December 31,
(In millions)	2021		2020		2019
Comprehensive income
Net income	$	7,728	$	6,377	$	3,698
Other comprehensive items:
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $231, $(221) and $25)	373		(118)		(106)
Reclassification adjustment for losses included in net income	—		—		30
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $0, $20 and $12)	—		(65)		(38)
Reclassification adjustment for losses included in net income (net of tax benefit of $17, $14 and $6)	56		45		19
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of $11, $(1) and $(31))	36		(8)		(93)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $6, $4 and $2)	13		18		8
Total other comprehensive items	478		(128)		(180)
Comprehensive income	8,206		6,249		3,518
Less: comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest	2		2		3
Comprehensive income attributable to Thermo Fisher Scientific Inc.	$	8,204	$	6,247	$	3,515

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

F-8

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

	Year Ended
	December 31,		December 31,		December 31,
(In millions)	2021		2020		2019
Operating activities
Net income	$	7,728	$	6,377	$	3,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	831		658		564
Amortization of acquisition-related intangible assets	1,761		1,667		1,713
Change in deferred income taxes	(647)		(552)		(302)
Gain on sales of businesses	—		—		(482)
Stock-based compensation	230		196		181
Loss on early extinguishment of debt	767		—		184
Other non-cash expenses	190		338		82
Changes in assets and liabilities, excluding the effects of acquisitions and disposition:
Accounts receivable	(204)		(1,302)		(225)
Inventories	(1,065)		(508)		(458)
Accounts payable	479		59		266
Contributions to retirement plans	(34)		(96)		(50)
Other	(724)		1,452		(198)
Net cash provided by operating activities	9,312		8,289		4,973
Investing activities
Acquisitions, net of cash acquired	(19,395)		(38)		(1,843)
Proceeds from sale of business, net of cash divested	—		—		1,128
Purchase of property, plant and equipment	(2,523)		(1,474)		(926)
Proceeds from sale of property, plant and equipment	20		8		36
Other investing activities, net	(34)		(6)		118
Net cash used in investing activities	(21,932)		(1,510)		(1,487)
Financing activities
Net proceeds from issuance of debt	18,137		3,464		5,638
Repayment of debt	(11,738)		(710)		(6,355)
Proceeds from issuance of commercial paper	2,512		383		2,781
Repayments of commercial paper	—		(387)		(3,464)
Purchases of company common stock	(2,000)		(1,500)		(1,500)
Dividends paid	(395)		(337)		(297)
Net proceeds from issuance of company common stock under employee stock plans	156		196		153
Other financing activities, net	(91)		(150)		(74)
Net cash provided by (used in) financing activities	6,581		959		(3,118)
Exchange rate effect on cash	194		176		(63)
(Decrease) increase in cash, cash equivalents and restricted cash	(5,845)		7,914		305
Cash, cash equivalents and restricted cash at beginning of year	10,336		2,422		2,117
Cash, cash equivalents and restricted cash at end of year	$	4,491	$	10,336	$	2,422

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

F-9

THERMO FISHER SCIENTIFIC INC.

CONSOLIDATED STATEMENT OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

	Redeemable Noncontrolling Interest		Common Stock			Capital in Excess of Par Value		Retained Earnings		Treasury Stock			Accumulated Other Comprehensive Items		Total Thermo Fisher Scientific Inc. Shareholders’ Equity		Noncontrolling Interests		Total Equity
(In millions)			Shares	Amount						Shares	Amount
Balance at December 31, 2018	$	—	432	$	432	$	14,621	$	18,696	29	$	(3,665)	$	(2,498)	$	27,586	$	8	$	27,594
Cumulative effect of accounting changes	—		—	—		—		4		—	—		—		4		—		4
Issuance of shares under employees' and directors' stock plans	—		2	2		262		—		1	(71)		—		193		—		193
Stock-based compensation	—		—	—		181		—		—	—		—		181		—		181
Purchases of company common stock	—		—	—		—		—		6	(1,500)		—		(1,500)		—		(1,500)
Dividends declared ($0.76 per share)	—		—	—		—		(304)		—	—		—		(304)		—		(304)
Net income	—		—	—		—		3,696		—	—		—		3,696		2		3,698
Other comprehensive items	—		—	—		—		—		—	—		(181)		(181)		1		(180)
Contributions from (distributions to) noncontrolling interests	—		—	—		—		—		—	—		—		—		(2)		(2)
Balance at December 31, 2019	—		434	434		15,064		22,092		36	(5,236)		(2,679)		29,675		9		29,684
Cumulative effect of accounting changes	—		—	—		—		(1)		—	—		—		(1)		—		(1)
Issuance of shares under employees' and directors' stock plans	—		3	3		319		—		—	(82)		—		240		—		240
Stock-based compensation	—		—	—		196		—		—	—		—		196		—		196
Purchases of company common stock	—		—	—		—		—		4	(1,500)		—		(1,500)		—		(1,500)
Dividends declared ($0.88 per share)	—		—	—		—		(350)		—	—		—		(350)		—		(350)
Net income	—		—	—		—		6,375		—	—		—		6,375		2		6,377
Other comprehensive items	—		—	—		—		—		—	—		(128)		(128)		—		(128)
Contributions from (distributions to) noncontrolling interests	—		—	—		—		—		—	—		—		—		(1)		(1)
Balance at December 31, 2020	—		437	437		15,579		28,116		40	(6,818)		(2,807)		34,507		10		34,517
Issuance of shares under employees' and directors' stock plans	—		2	2		324		—		1	(104)		—		222		—		222
Stock-based compensation	—		—	—		230		—		—	—		—		230		—		230
Purchases of company common stock	—		—	—		—		—		4	(2,000)		—		(2,000)		—		(2,000)
Dividends declared ($1.04 per share)	—		—	—		—		(410)		—	—		—		(410)		—		(410)
Recognition upon acquisition	122		—	—		—		—		—	—		—		—		—		—
Net income	1		—	—		—		7,725		—	—		—		7,725		2		7,727
Other comprehensive items	(1)		—	—		—		—		—	—		478		478		—		478
Contributions from (distributions to) noncontrolling interests	—		—	—		—		—		—	—		—		—		50		50
Other	—		—	—		41		—		—	—		—		41		—		41
Balance at December 31, 2021	$	122	439	$	439	$	16,174	$	35,431	45	$	(8,922)	$	(2,329)	$	40,793	$	62	$	40,855

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

F-10

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.    Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and therapies, and increase laboratory productivity. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.

Principles of Consolidation

The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. At December 31, 2021 and 2020, the company had such investments with carrying amounts of $576 million and $32 million, respectively. The company has elected the fair value option of accounting for certain of its investments with readily determinable fair values that would otherwise be accounted for under the equity method. At December 31, 2021, the fair value of such investments was $217 million.

Redeemable Noncontrolling Interest

The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at its pre-acquisition fair value.

Presentation

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

Revenue Recognition

Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.

Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date.

Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.

Contract-related Balances

Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from

F-11

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.

Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.

Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.

Warranty Obligations

The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.

Leases

Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.

Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.

Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.

As a lessee, the company accounts for the lease and non-lease components as a single lease component.

Research and Development

The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.

Restructuring Costs

Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to generate revenues. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period.

Income Taxes

The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused.

The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money.

Earnings per Share

Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units.

Cash and Cash Equivalents

Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value.

Inventories

Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. As discussed below, prior to the third quarter of 2021 certain of the company's businesses utilized the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Raw materials	$	1,922	$	1,305
Work in process	676		540
Finished goods	2,453		2,184
Inventories	$	5,051	$	4,029

Prior to the third quarter of 2021, certain of the company’s businesses utilized the LIFO method of accounting for inventories. During the third quarter of 2021, these businesses, which comprised approximately 5% of consolidated inventories, changed from the LIFO method to the FIFO method. The company believes this change is preferable as it will provide a consistent, uniform costing method for all inventories across the company, better reflect the current value of inventories, and improve comparability with peers. Prior financial statements have not been retrospectively adjusted due to immateriality. The cumulative pre-tax effect of this change in accounting principle of $33 million was recorded as an increase to inventories and a decrease to cost of product revenues in the third quarter of 2021. This change was recorded in the Laboratory Products and Biopharma Services ($20 million) and Specialty Diagnostics ($13 million) segments.

The value of inventories maintained using the LIFO method was $274 million at December 31, 2020, which was below estimated replacement cost by $49 million. Reductions to cost of revenues as a result of the liquidation of LIFO inventories were nominal during 2019, 2020 and the first half of 2021.

F-13

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following:

	December 31,		December 31,
(In millions)	2021		2020
Land	$	431	$	410
Buildings and improvements	2,575		2,192
Machinery, equipment and leasehold improvements	9,587		6,975
Property, plant and equipment, at cost	12,593		9,577
Less: Accumulated depreciation and amortization	4,260		3,665
Property, plant and equipment, net	$	8,333	$	5,912

Acquisition-related Intangible Assets

Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company reviews these intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.

In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. The company may perform an optional qualitative assessment. If the company determines that the fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount, no additional testing is necessary. If not, or if the company bypasses the optional qualitative assessment, it writes the carrying value down to the fair value, if applicable.

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2021						Balance at December 31, 2020
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite lived:
Customer relationships	$	22,802	$	(7,792)	$	15,010	$	16,593	$	(7,450)	$	9,143
Product technology	6,041		(3,977)		2,064		5,523		(3,532)		1,991
Tradenames	1,722		(919)		803		1,213		(897)		316
Backlog	1,060		(59)		1,001		—		—		—
	31,625		(12,747)		18,878		23,329		(11,879)		11,450
Indefinite lived:
Tradenames	1,235		N/A		1,235		1,235		N/A		1,235
Acquisition-related intangible assets	$	32,860	$	(12,747)	$	20,113	$	24,564	$	(11,879)	$	12,685

F-14

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:

(In millions)
2022	$	2,489
2023	2,358
2024	1,992
2025	1,669
2026	1,392
2027 and thereafter	8,978
Estimated future amortization expense of definite-lived intangible assets	$	18,878

Other Assets

Other assets in the accompanying balance sheet include operating lease right-of-use assets, investments, deferred tax assets, pension assets, cash surrender value of life insurance, insurance recovery receivables related to product liability matters, certain intangible assets and other assets.

At December 31, 2021 and 2020, the company had $33 million and $43 million, respectively, of intangible assets not derived from acquisitions, net of accumulated amortization, which are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years.

Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments. At December 31, 2021 and 2020, the company had such investments with carrying amounts of $22 million and $28 million, respectively, and investments measured at NAV of $16 million and $0 million, respectively, which are included in other assets.

Goodwill

The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2021, 2020 or 2019.

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions		Analytical Instruments		Specialty Diagnostics		Laboratory Products and Biopharma Services		Total
Balance at December 31, 2019	$	8,544	$	4,928	$	3,184	$	9,058	$	25,714
Acquisition	35		—		—		—		35
Currency translation	11		151		186		(56)		292
Balance at December 31, 2020	8,590		5,079		3,370		9,002		26,041
Acquisitions	1,560		56		8		14,400		16,024
Currency translation	(7)		(92)		(101)		59		(141)
Balance at December 31, 2021	$	10,143	$	5,043	$	3,277	$	23,461	$	41,924

F-15

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Loss Contingencies

Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Certain liabilities acquired in acquisitions have been recorded at readily determinable fair values and, as such, were discounted to present value at the dates of acquisition.

Currency Translation

All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period. Currency transaction gains are included in the accompanying statement of income and in aggregate were $25 million, $24 million and $52 million in 2021, 2020 and 2019, respectively.

Derivative Contracts

The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive items until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings.

The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, Swiss franc, British pounds sterling, Canadian dollars, Czech koruna, Japanese yen and Hong Kong dollars. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.

Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive items and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.

Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings.

Net investment hedges. The company uses foreign currency-denominated debt and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes and its cross-currency interest rate swaps 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 and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Risks and uncertainties associated with the ongoing COVID-19 global pandemic materially adversely affected certain of the company’s businesses in 2020, particularly in the Analytical Instruments segment and, to a lesser extent, some businesses within the other three segments. The negative impacts significantly lessened in 2021. The extent and duration of negative impacts in the future, which

F-16

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

may include inflationary pressures and supply chain disruptions, are uncertain and may require changes to estimates. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company will adopt this guidance in 2022 using a prospective method. The adoption of this guidance is not expected to have a material impact on the company’s disclosures; however, the impact will be dependent on the extent of transactions of this nature entered into by the company in periods subsequent to the date of adoption.

In October 2021, the FASB amended guidance to recognize and measure contract assets and contract liabilities acquired in a business combination. Generally, this new guidance will result in the company recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The company adopted this guidance in the fourth quarter of 2021 retrospectively to all business combinations completed in the first three quarters of 2021 and prospectively to all future business combinations. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements for acquisitions that closed in 2021; however, the impact in future periods will be dependent on the contract assets and contract liabilities acquired in future business combinations.

In July 2021, the FASB amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. The company adopted the guidance in the third quarter of 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In January 2020, the FASB issued new guidance to clarify the interaction of the accounting for certain equity securities, equity method investments, and certain forward contracts and purchased options. Among other things, the new guidance clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying measurement principles for certain equity securities immediately before applying or discontinuing the equity method. The company adopted this guidance in 2020 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. Among other things, the new guidance requires the effects of enacted changes in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. The company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events or conditions that would be affected such as enacted changes in tax laws or rates.

In August 2018, the FASB issued new guidance to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The company adopted the guidance in 2020 using a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In August 2018, the FASB issued new guidance to modify the disclosure requirements on fair value measurements. The company adopted the guidance in 2020 with some items requiring a prospective method and others requiring a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In June 2016, the FASB issued new guidance to require a financial asset measured at amortized cost basis, such as accounts receivable, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. During 2018 and 2019, the FASB issued additional guidance and clarification. The company adopted the guidance in 2020 using a modified retrospective method. The adoption of this guidance reduced accounts receivable and retained earnings by $1 million on January 1, 2020.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. During 2017 - 2019, the FASB issued additional guidance and clarification. The company adopted this guidance in January 2019. The company elected to adopt the guidance using a modified retrospective method, by applying the transition approach as of the beginning of the period of adoption. Comparative periods have not been restated. As permitted upon transition, the company did not reassess whether any expired or

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existing contracts were or contained embedded leases, the lease classification for any expired or existing leases, initial direct costs for any leases, or whether land easements met the definition of a lease if they were not accounted for as leases under the prior guidance. The adoption of this guidance increased retained earnings by $4 million on January 1, 2019.

Note 2.    Acquisitions and Disposition

The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforce. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.

2021

On January 15, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, the Belgium-based European viral vector manufacturing business of Groupe Novasep SAS for $830 million in net cash consideration. The European viral vector manufacturing business provides manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers. The acquisition expands the segment’s capabilities for cell and gene vaccines and therapies. The goodwill recorded as a result of this business combination is not tax deductible.

On February 25, 2021, the company acquired, within the Life Sciences Solutions segment, Mesa Biotech, Inc., a U.S.-based molecular diagnostic company, for $407 million in net cash consideration and contingent consideration with an initial fair value of $65 million due upon the completion of certain milestones. Mesa Biotech has developed and commercialized a polymerase chain reaction (PCR) based rapid point-of-care testing platform available for detecting infectious diseases including COVID-19. The acquisition enables the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care. The goodwill recorded as a result of this business combination is not tax deductible.

On September 30, 2021, the company assumed operating responsibility, within the Laboratory Products and Biopharma Services segment, of a new state-of-the-art biologics manufacturing facility in Lengnau, Switzerland from CSL Limited to perform pharma services for CSL with capacity to serve other customers as well. The company expects to make fixed lease payments aggregating to $555 million (excluding renewals) from 2021 to 2041, with additional amounts dependent on the extent of revenues from customers of the facility other than CSL. The goodwill recorded as a result of this business combination is not tax deductible.

On December 8, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, PPD, Inc., a U.S.-based global provider of clinical research services to the pharma and biotech industry, for $15.99 billion in net cash consideration and $43 million of equity awards exchanged. The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process. The goodwill recorded as a result of this business combination is not tax deductible.

On December 30, 2021, the company acquired, within the Life Sciences Solutions segment, PeproTech, Inc., a U.S. based developer and manufacturer of recombinant proteins, for $1.86 billion in net cash consideration. PeproTech provides bioscience reagents known as recombinant proteins, including cytokines and growth factors. The acquisition expands the segment’s bioscience offerings. The goodwill recorded as a result of this business combination is not tax deductible.

In addition, in 2021, the company acquired, within the Life Sciences Solutions segment, cell sorting technology assets, an Ireland-based life sciences distributor and a developer of a digital PCR platform; within the Analytical Instruments segment, a Belgium-based developer of micro-chip based technology for liquid chromatography columns; and within the Specialty Diagnostics segment, a transplant diagnostics information system provider.

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The components of the purchase price and net assets acquired for 2021 acquisitions are as follows:

(In millions)	PPD		PeproTech		European Viral Vector Business		Mesa Biotech		Lengnau biologics manufacturing facility		Other
Purchase price
Cash paid	$	17,237	$	1,947	$	848	$	421	$	17	$	298
Fair value of equity awards exchanged	43		—		—		—		—		—
Fair value of contingent consideration	—		—		—		65		1		117
Cash acquired	(1,244)		(83)		(18)		(14)		—		(13)
	$	16,036	$	1,864	$	830	$	472	$	18	$	402
Net assets acquired
Current assets	$	2,510	$	63	$	39	$	54	$	—	$	12
Property, plant and equipment	562		18		59		2		92		2
Definite-lived intangible assets:
Customer relationships	6,264		514		302		—		—		2
Product technology	—		282		25		279		—		224
Tradenames	603		—		—		2		—		2
Backlog	1,060		—		—		—		—		—
Goodwill	13,781		1,190		600		237		18		198
Other assets	1,108		11		3		3		376		2
Contract liabilities	(1,570)		—		(59)		—		—		(1)
Deferred tax assets (liabilities)	(1,803)		(193)		(80)		(72)		—		(28)
Finance lease liabilities	(86)		—		(24)		—		(82)		—
Debt assumed	(4,299)		—		—		—		—		—
Other liabilities assumed	(1,972)		(21)		(35)		(33)		(386)		(11)
Redeemable noncontrolling interest	(122)		—		—		—		—		—
	$	16,036	$	1,864	$	830	$	472	$	18	$	402

The weighted-average amortization periods for definite-lived intangible assets acquired in 2021 are 17 years for customer relationships, 11 years for product technology, 7 years for tradenames and 3 years for backlog. The weighted average amortization period for all definite-lived intangible assets acquired in 2021 is 14 years.

The preliminary allocations of the purchase price for the acquisitions of the Lengnau biologics manufacturing facility, PPD and PeproTech were based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization, largely with respect to acquired intangible assets, lease assets and liabilities, and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions.

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Unaudited Pro Forma Information

The following unaudited pro forma information provides the effect of the company's 2021 acquisition of PPD as if the acquisition had occurred on January 1, 2020:

	Year Ended
	December 31,		December 31,
(In millions)	2021		2020
Revenues	$	44,886	$	36,887
Net income attributable to Thermo Fisher Scientific Inc.	$	7,369	$	5,361

The historical consolidated financial information of the company and PPD has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the acquisitions and related financing arrangements and are factually supportable.

To reflect the acquisition of PPD as if it had occurred on January 1, 2020, the unaudited pro forma results include adjustments to reflect, among other things, the incremental intangible asset amortization to be incurred based on the preliminary values of each identifiable intangible asset and the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the company's historical statutory rates in effect for the respective periods. The unaudited pro forma amounts are not necessarily indicative of the combined results of operations that would have been realized had the acquisitions and related financings occurred on the aforementioned dates, nor are they meant to be indicative of any anticipated combined results of operations that the company will experience after the transaction. In addition, the amounts do not include any adjustments for actions that may be taken following the completion of the transaction, such as expected cost savings, operating synergies, or revenue enhancements that may be realized subsequent to the transaction.

Pro forma net income attributable to Thermo Fisher Scientific Inc. for the year ended December 31, 2021, excludes $312 million of transaction costs, initial restructuring costs, and debt extinguishment costs directly attributable to the PPD acquisition that were included in the determination of net income attributable to Thermo Fisher Scientific Inc. for that period. These items have reduced pro forma net income attributable to Thermo Fisher Scientific Inc. for the year ended December 31, 2020, by $197 million.

The company’s results would not have been materially different from its pro forma results had the company’s other 2021 acquisitions occurred at the beginning of 2020.

PPD’s revenues and losses attributable to Thermo Fisher Scientific Inc. in 2021, subsequent to the acquisition date, were $378 million and $(60) million, respectively. The loss includes non-recurring transaction and compensation costs.

2020

In 2020, the company acquired, within the Life Sciences Solutions segment, a U.S.-based provider of a spectral dye platform for high-resolution biology applications which will extend the company’s existing tools for protein and cell analysis applications, for a total purchase price of $63 million including the fair value of contingent consideration.

2019

On April 30, 2019, the company acquired, within the Laboratory Products and Biopharma Services segment, Brammer Bio for approximately $1.67 billion in cash. Brammer Bio is a leading viral vector contract development and manufacturing organization for gene and cell therapies. The acquisition expanded the segment’s contract manufacturing capabilities. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $938 million was allocated to goodwill, $405 million of which is tax deductible.

In addition, in 2019 the company acquired, within the Analytical Instruments segment, a Slovakia-based provider of mass spectrometry software used for identification of compounds, and, within the Laboratory Products and Biopharma Services segment, an active pharmaceutical ingredient manufacturing facility in Cork, Ireland, for an aggregate purchase price of $169 million.

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The components of the purchase price and net assets acquired for 2019 acquisitions are as follows:

(In millions)	Brammer Bio		Other
Purchase price
Cash paid	$	1,710	$	169
Cash acquired	(36)		—
	$	1,674	$	169
Net assets acquired
Current assets	$	52	$	58
Property, plant and equipment	147		102
Definite-lived intangible assets:
Customer relationships	744		—
Product technology	65		7
Tradenames	7		—
Goodwill	938		9
Other assets	49		—
Contract liabilities	(110)		—
Deferred tax liabilities	(110)		(6)
Other liabilities assumed	(108)		(1)
	$	1,674	$	169

The weighted-average amortization periods for definite-lived intangible assets acquired in 2019 are 14 years for customer relationships, 13 years for product technology and 2 years for tradenames. The weighted average amortization period for all definite-lived intangible assets acquired in 2019 is 14 years.

Disposition

On June 28, 2019, the company sold its Anatomical Pathology business to PHC Holdings Corporation for $1.13 billion, net of cash divested. The business was part of the Specialty Diagnostics segment. The sale of this business resulted in a pre-tax gain of approximately $478 million, included in restructuring and other (income) costs, net. Revenues in 2019, through the date of sale, of the business sold were approximately $115 million, net of retained sales through the company's healthcare market and research and safety market channels.

Note 3.    Revenues and Contract-related Balances

Disaggregated Revenues

Revenues by type are as follows:

(In millions)	2021		2020		2019
Revenues
Consumables	$	22,608	$	18,527	$	13,109
Instruments	7,753		6,779		6,387
Services	8,850		6,912		6,046
Consolidated revenues	$	39,211	$	32,218	$	25,542

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Revenues by geographic region based on customer location are as follows:

(In millions)	2021		2020		2019
Revenues
North America	$	19,659	$	17,081	$	12,896
Europe	11,134		8,284		6,358
Asia-Pacific	7,218		5,822		5,524
Other regions	1,200		1,031		764
Consolidated revenues	$	39,211	$	32,218	$	25,542

Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of December 31, 2021 was $28.30 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 59% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

Contract-related Balances

Noncurrent contract assets are included within other assets in the accompanying balance sheet. Noncurrent contract liabilities are included within other long-term liabilities in the accompanying balance sheet. Contract asset and liability balances are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Current contract assets, net	$	968	$	731
Noncurrent contract assets, net	9		11
Current contract liabilities	2,655		1,271
Noncurrent contract liabilities	1,238		763

Substantially all of the current contract liabilities balance at December 31, 2020 and 2019 was recognized in revenues during 2021 and 2020, respectively.

Note 4.    Business Segment and Geographical 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 (including COVID-19 through its polymerase chain reaction (PCR) testing and sample preparation capabilities). 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 Biopharma Services (formerly known as Laboratory Products and Services): provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products for customers in research, academic, government, industrial and healthcare settings. The segment also includes a comprehensive offering of

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outsourced services used by the pharmaceutical and biotech industries for drug development, clinical trials logistics, clinical research services and commercial drug manufacturing.

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 as well as from significant litigation-related matters; 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

(In millions)	2021		2020		2019
Revenues
Life Sciences Solutions	$	15,631	$	12,168	$	6,856
Analytical Instruments	6,069		5,124		5,522
Specialty Diagnostics	5,659		5,343		3,718
Laboratory Products and Biopharma Services	14,862		12,245		10,599
Eliminations	(3,010)		(2,662)		(1,153)
Consolidated revenues	39,211		32,218		25,542
Segment Income
Life Sciences Solutions	7,817		6,109		2,446
Analytical Instruments	1,197		808		1,273
Specialty Diagnostics	1,280		1,368		930
Laboratory Products and Biopharma Services	1,844		1,271		1,324
Subtotal reportable segments	12,138		9,556		5,973
Cost of revenues charges	(8)		(6)		(17)
Selling, general and administrative (charges) credits	(144)		10		(62)
Restructuring and other (costs) income	(197)		(99)		413
Amortization of acquisition-related intangible assets	(1,761)		(1,667)		(1,713)
Consolidated operating income	10,028		7,794		4,594
Interest income	43		65		224
Interest expense	(536)		(553)		(676)
Other income/(expense)	(694)		(76)		(70)
Income before income taxes	$	8,841	$	7,230	$	4,072
Depreciation
Life Sciences Solutions	$	197	$	140	$	130
Analytical Instruments	83		76		75
Specialty Diagnostics	128		100		67
Laboratory Products and Biopharma Services	423		342		292
Consolidated depreciation	$	831	$	658	$	564

Cost of revenues charges included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and accelerated depreciation on fixed assets to estimated disposal value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of third-party transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges/credits related to product liability litigation.

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(In millions)	2021		2020		2019
Total assets
Life Sciences Solutions	$	22,751	$	20,209	$	18,306
Analytical Instruments	9,692		9,773		9,896
Specialty Diagnostics	6,010		6,534		5,867
Laboratory Products and Biopharma Services	52,639		22,711		21,761
Corporate/other (a)	4,031		9,825		2,551
Consolidated total assets	$	95,123	$	69,052	$	58,381
Capital expenditures
Life Sciences Solutions	$	810	$	392	$	151
Analytical Instruments	79		74		64
Specialty Diagnostics	167		175		83
Laboratory Products and Biopharma Services	1,327		772		554
Corporate/other	140		61		74
Consolidated capital expenditures	$	2,523	$	1,474	$	926

(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.

Geographical Information

(In millions)	2021		2020		2019
Revenues (b)
United States	$	18,907	$	16,435	$	12,366
China	3,444		2,797		2,752
Other	16,860		12,986		10,424
Consolidated revenues	$	39,211	$	32,218	$	25,542
Long-lived Assets (c)
United States	$	5,578	$	3,686	$	3,099
Other	4,286		3,001		2,349
Consolidated long-lived assets	$	9,864	$	6,687	$	5,448

(b)Revenues are attributed to countries based on customer location.

(c)Includes property, plant and equipment, net, and operating lease ROU assets.

Note 5.    Other Income/(Expense)

In all periods, other income/(expense) includes currency transaction gains and losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/income, excluding the service cost component which is included in operating expenses on the accompanying statement of income. In 2021, other income/(expense) includes $767 million of losses on the early extinguishment of debt (Note 10), $36 million of financing costs associated with obtaining bridge financing commitments in connection with the agreement to acquire PPD (Note 2), offset in part by $66 million of net gains on investments. The company had a cash outlay of $36 million in 2021 associated with obtaining the bridge financing commitments, included in other financing activities, net, in the accompanying statement of cash flows.

In 2020, other income/(expense) includes $81 million of financing costs for a terminated acquisition, primarily for loan commitment fees and entering into hedging contracts and $42 million reclassified from accumulated other comprehensive items related to a hedge arrangement (Note 14), offset in part by $10 million of net gains on investments. The company had a cash outlay of $51 million in 2020 associated with obtaining the loan commitments included in other financing activities, net, in the accompanying statement of cash flows.

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In 2019, other income/(expense) includes $184 million of losses on the early extinguishment of debt (Note 10), offset in part by $44 million of net gains on investments. The investment gains include a $28 million gain on the sale of a joint venture for net proceeds of $42 million.

Note 6.    Stock-based Compensation Expense

The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vesting. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment).

Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.

Stock Options

The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.

The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 

	2021		2020		2019
Expected stock price volatility	26	%	22	%	21	%
Risk free interest rate	0.8	%	1.1	%	2.4	%
Expected life of options (years)	4.3		4.3		4.3
Expected annual dividend	0.2	%	0.3	%	0.3	%

The weighted average per share grant-date fair values of options granted during 2021, 2020 and 2019 were $123.97, $61.19 and $53.37, respectively. The total intrinsic value of options exercised during the same periods was $501 million, $457 million and $320 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option.

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A summary of the company’s option activity for the year ended December 31, 2021 is presented below:

	Shares (in millions)	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2020	5.9	$	221.22
Granted	1.5	552.26
Issued in connection with an acquisition	0.2	492.35
Exercised	(1.4)	183.63
Canceled/expired	(0.2)	341.83
Outstanding at December 31, 2021	6.0	$	319.95	4.5	$	2,094
Vested and unvested expected to vest at December 31, 2021	5.7	$	306.64	4.3	$	2,035
Exercisable at December 31, 2021	2.8	$	193.39	2.9	$	1,307

As of December 31, 2021, there was $243 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2025 with a weighted average amortization period of 2.9 years.

Restricted Share/Unit Awards

Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.

A summary of the company’s restricted unit activity for the year ended December 31, 2021 is presented below:

	Units (in millions)	Weighted average grant-date fair value
Unvested at December 31, 2020	0.8	$	276.74
Granted	0.4	444.61
Issued in connection with an acquisition	0.2	628.71
Vested	(0.5)	295.70
Forfeited	(0.1)	326.90
Unvested at December 31, 2021	0.8	$	425.39

The total fair value of shares vested during 2021, 2020 and 2019 was $151 million, $126 million and $118 million, respectively.

As of December 31, 2021, there was $250 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2025 with a weighted average amortization period of 2.1 years.

Employee Stock Purchase Plans

Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s qualifying gross wages. The company issued 0.1 million, 0.1 million and 0.2 million shares, respectively, of its common stock in 2021, 2020 and 2019 under the employee stock purchase plan.

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Note 7.    Pension and Other Postretirement Benefit Plans

401(k) Savings Plan and Other Defined Contribution Plans

The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. In 2021, 2020 and 2019, the company charged to expense $299 million, $254 million and $232 million, respectively, related to its defined contribution plans.

Defined Benefit Pension 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 liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.

The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.

When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.

The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. During 2021, 2020 and 2019, the company made cash contributions of approximately $34 million, $96 million and $50 million, respectively. Contributions to the plans included in the following table are estimated at between $40 and $60 million for 2022.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:

	Domestic pension  benefits				Non-U.S. pension  benefits
(In millions)	2021		2020		2021		2020
Change in projected benefit obligations
Benefit obligation at beginning of year	$	1,302	$	1,302	$	1,486	$	1,303
Acquisitions	—		—		170		—
Service costs	—		—		27		24
Interest costs	23		35		11		18
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Actuarial (gains) losses	20		44		(57)		119
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(54)		81
Benefit obligation at end of year	$	1,260	$	1,302	$	1,552	$	1,486
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	1,267	$	1,201	$	1,160	$	986
Acquisitions	—		—		158		—
Actual return on plan assets	37		138		14		92
Employer contribution	7		7		27		87
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(26)		54
Fair value of plan assets at end of year	$	1,226	$	1,267	$	1,302	$	1,160
Funded status	$	(34)	$	(35)	$	(250)	$	(326)
Accumulated benefit obligation	$	1,260	$	1,302	$	1,475	$	1,417
Amounts recognized in balance sheet
Noncurrent assets	$	32	$	38	$	205	$	157
Current liability	(7)		(8)		(10)		(9)
Noncurrent liabilities	(59)		(65)		(445)		(474)
Net amount recognized	$	(34)	$	(35)	$	(250)	$	(326)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss	$	157	$	142	$	167	$	242
Prior service credits	—		—		(3)		(2)
Net amount recognized	$	157	$	142	$	164	$	240

For domestic pension plans, actuarial losses experienced in 2021 were driven by differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns, which were partially offset by actuarial gains due to increases in the weighted average discount rates used to determine the projected benefit obligation differences. For non-U.S. pension plans, actuarial gains experienced in 2021 were principally driven by increases in the weighted average discount rates used to determine the projected benefit obligation.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For both domestic and non-U.S. pension plans, actuarial losses experienced in 2020 were principally driven by decreases in the weighted average discount rates used to determine the projected benefit obligation. For domestic pension plans, the 2020 actuarial losses were partially offset by gains recognized due to the adoption of an updated mortality assumption.

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2021 and 2020 and are as follows:

	Domestic pension  benefits				Non-U.S. pension  benefits
	2021		2020		2021		2020
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation	2.70	%	2.33	%	1.45	%	0.95	%
Interest crediting rate for cash balance plans	2.58	%	2.16	%	1.25	%	1.25	%
Average rate of increase in employee compensation	N/A		N/A		2.73	%	2.30	%

The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:

	Domestic pension benefits						Non-U.S. pension benefits
	2021		2020		2019		2021		2020		2019
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost	N/A		N/A		N/A		0.65	%	1.21	%	1.97	%
Discount rate - interest cost	2.33	%	3.13	%	4.22	%	0.80	%	1.44	%	2.06	%
Average rate of increase in employee compensation	N/A		N/A		N/A		2.30	%	2.27	%	2.47	%
Expected long-term rate of return on assets	4.25	%	5.00	%	5.76	%	2.02	%	2.33	%	3.25	%

The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.

The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.

Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.

The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.

The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	2,010	$	2,047
Fair value of plan assets	1,521		1,529

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	1,937	$	1,976
Fair value of plan assets	1,521		1,526

The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations.

The net periodic pension benefit cost (income) includes the following components:

	Domestic pension benefits						Non-U.S. pension benefits
(In millions)	2021		2020		2019		2021		2020		2019
Components of net benefit cost (income)
Service cost	$	—	$	—	$	—	$	27	$	24	$	23
Interest cost on benefit obligation	23		35		45		11		18		24
Expected return on plan assets	(40)		(47)		(55)		(19)		(19)		(30)
Amortization of actuarial net loss	7		6		2		12		10		6
Amortization of prior service benefit	—		—		—		—		(1)		(1)
Settlement/curtailment loss	—		—		—		—		8		4
Net periodic benefit cost (income)	$	(10)	$	(6)	$	(8)	$	31	$	40	$	26

Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2021. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:

(In millions)	Domestic pension benefits		Non-U.S. pension benefits
Expected benefit payments
2022	$	93	$	45
2023	89		45
2024	88		49
2025	86		52
2026	84		56
2027-2031	368		307

Domestic Pension Plan Assets

The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.

Non-U.S. Pension Plan Assets

The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of

F-30

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 40% - 90% for fixed income funds, 0% - 35% for multi-asset funds, and 0% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.

The fair values of the company’s plan assets at December 31, 2021 and 2020, by asset category are as follows:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	124	$	—	$	—	$	—	$	124
International equity funds	117		—		—		—		117
Fixed income funds	966		—		—		—		966
Money market funds	19		—		—		—		19
Total domestic pension plans	$	1,226	$	—	$	—	$	—	$	1,226
Non-U.S. pension plan assets
Equity funds	$	17	$	—	$	—	$	—	$	17
Fixed income funds	651		—		—		—		651
Hedge funds	3		—		—		—		3
Multi-asset funds	73		—		—		—		73
Derivative funds	253		—		—		—		253
Alternative investments	1		—		—		—		1
Insurance contracts	295		—		295		—		—
Cash / money market funds	9		5		—		—		4
Total non-U.S. pension plans	$	1,302	$	5	$	295	$	—	$	1,002
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

F-31

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	125	$	—	$	—	$	—	$	125
International equity funds	126		—		—		—		126
Fixed income funds	1,001		—		—		—		1,001
Money market funds	15		—		—		—		15
Total domestic pension plans	$	1,267	$	—	$	—	$	—	$	1,267
Non-U.S. pension plan assets
Equity funds	$	74	$	—	$	—	$	—	$	74
Fixed income funds	510		—		—		—		510
Hedge funds	59		—		—		—		59
Multi-asset funds	45		—		—		—		45
Derivative funds	149		—		—		—		149
Alternative investments	6		—		—		—		6
Insurance contracts	262		—		262		—		—
Cash / money market funds	55		7		—		—		48
Total non-U.S. pension plans	$	1,160	$	7	$	262	$	—	$	891
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 14). Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.

Note 8.    Income Taxes

The components of income before provision for income taxes are as follows:

(In millions)	2021		2020		2019
U.S.	$	3,340	$	4,762	$	2,280
Non-U.S.	5,501		2,468		1,792
Income before income taxes	$	8,841	$	7,230	$	4,072

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The components of the provision for income taxes are as follows:

(In millions)	2021		2020		2019
Current income tax provision
Federal	$	446	$	521	$	267
Non-U.S.	1,148		423		544
State	160		175		62
	1,754		1,119		873
Deferred income tax provision (benefit)
Federal	$	(227)	$	(237)	$	(222)
Non-U.S.	(399)		(18)		(252)
State	(19)		(14)		(25)
	(645)		(269)		(499)
Provision for income taxes	$	1,109	$	850	$	374

The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:

(In millions)	2021			2020			2019
Statutory federal income tax rate	21		%	21		%	21		%
Provision for income taxes at statutory rate	$	1,857		$	1,518		$	855
Increases (decreases) resulting from:
Foreign rate differential	(255)			(223)			(204)
Income tax credits	(315)			(335)			(213)
Global intangible low-taxed income	76			86			92
Foreign-derived intangible income	(119)			(156)			(111)
Excess tax benefits from stock options and restricted stock units	(124)			(114)			(80)
Provision for (reversal of) tax reserves, net	(17)			(26)			62
Intra-entity transfers	(284)			—			(79)
Foreign exchange loss on inter-company debt refinancing	—			(47)			(62)
Domestication transaction	—			(263)			—
Valuation allowance	36			379			(4)
Withholding taxes	164			115			38
Basis difference on disposal of business	—			—			73
Tax return reassessments and settlements	1			(196)			(6)
State income taxes, net of federal tax	82			147			22
Other, net	7			(35)			(9)
Provision for income taxes	$	1,109		$	850		$	374

The company has operations and a taxable presence in approximately 50 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate.

During 2021, the company recorded a $188 million income tax benefit related to the deferred tax implications of an intra-entity transfer of assets. Also in 2021, the company recorded a $96 million income tax benefit related to a capital loss resulting from certain intra-entity transactions.

During 2020, the company settled an IRS audit relating to the 2014, 2015, and 2016 tax years. The company recorded a $25 million net tax benefit primarily from this settlement and related impacts, which resulted in a decrease in the company’s unrecognized tax benefits of $378 million, of which $144 million was reclassified to income taxes payable. The company recorded $53 million of charges for expired tax credits and other related components of the settlement. The company recorded a charge of $156 million to establish a valuation allowance against certain U.S. foreign tax credits which the company believes will more likely than not expire unutilized.

F-33

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In 2020, the company recorded a $263 million income tax benefit related to a domestication transaction involving the transfer of certain non-U.S. subsidiaries to the U.S., including interest expense of those subsidiaries. The company also recorded a valuation allowance of $212 million against the amount of interest expense that the company believes will more likely than not go unused. Also in 2020, the company recorded a $47 million income tax benefit, including both U.S. federal and state taxes, related to a foreign exchange loss for tax purposes on certain intercompany financing arrangements.

In 2019, the company recorded a $62 million income tax benefit, including both U.S. federal and state taxes, related to a foreign exchange loss for tax purposes on certain intercompany financing arrangements as well as a tax provision of $191 million related to the gain on the sale of the Anatomical Pathology business. Also in 2019, the company recorded a $79 million benefit related to the deferred tax implications of intra-entity transactions which included a tax benefit to release a valuation allowance against net operating losses previously determined to be unrealizable.

The foreign tax credits discussed below are the result of foreign earnings and profits remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned.

In 2020, the company implemented foreign tax credit planning in Sweden which resulted in $96 million of foreign tax credits, with no related incremental U.S. income tax expense.

In 2019, the company implemented foreign tax credit planning in Sweden which resulted in $75 million of foreign tax credits, with no related incremental U.S. income tax expense.

The company generally receives a tax deduction upon the exercise of non-qualified stock options by employees, or the vesting of restricted stock units held by employees, for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The company uses the incremental tax benefit approach for utilization of tax attributes. These excess tax benefits reduce the tax provision. In 2021, 2020 and 2019, the company's tax provision was reduced by $124 million, $114 million and $80 million, respectively, of such benefits.

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2021		2020
Deferred tax asset (liability)
Depreciation and amortization	$	(4,687)	$	(2,962)
Net operating loss and credit carryforwards	1,652		1,668
Reserves and accruals	162		164
Accrued compensation	318		253
Inventory basis difference	181		112
Deferred interest	295		227
Unrealized (gains) losses on hedging instruments	(33)		242
Other, net	251		124
Deferred tax liabilities, net before valuation allowance	(1,861)		(172)
Less: Valuation allowance	968		933
Deferred tax liabilities, net	$	(2,829)	$	(1,105)

The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2021, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.

F-34

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The changes in the valuation allowance are as follows:

	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance	$	933	$	408	$	471
Additions (reductions) charged to income tax provision, net	24		514		(27)
Additions due to acquisitions	30		—		—
Reduction due to a divestiture	—		—		(33)
Currency translation and other	(19)		11		(3)
Ending balance	$	968	$	933	$	408

At December 31, 2021, the company had net federal, state and non-U.S. net operating loss carryforwards of $72 million, $88 million and $1.18 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. The federal and state net operating loss carryforwards expire in the years 2022 through 2041. Of the net non-U.S. net operating loss carryforwards, $419 million expire in the years 2025 through 2041, and the remainder do not expire.

At December 31, 2021, the company had foreign tax credit carryforwards of $610 million and deferred interest carryforwards of $295 million. The foreign tax credit carryforwards will expire in the years 2022 through 2030 while deferred interest carryforwards do not expire.

U.S. federal taxes have been recorded on $24 billion of undistributed foreign earnings as of December 31, 2021. A provision has not been made for certain U.S. state income taxes or additional non-U.S. taxes that would be due when cash is repatriated to the U.S. as the company’s undistributed foreign earnings are intended to be reinvested outside of the U.S. indefinitely. The determination of the amount of the unrecognized deferred tax liability related to the undistributed foreign earnings is not practicable due to the uncertainty in the manner in which these earnings will be distributed. The company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.

Unrecognized Tax Benefits

As of December 31, 2021, the company had $1.12 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2021		2020		2019
Beginning balance	$	1,091	$	1,552	$	1,442
Additions due to acquisitions	26		—		—
Additions for tax positions of current year	32		8		53
Additions for tax positions of prior years	60		—		69
Reductions for tax positions of prior years	(5)		(296)		(7)
Closure of tax years	(27)		—		—
Settlements	(53)		(173)		(5)
Ending balance	$	1,124	$	1,091	$	1,552

Substantially all of the unrecognized tax benefits are classified as long-term liabilities. The company does not expect its unrecognized tax benefits to change significantly over the next twelve months.

During 2021, the company’s unrecognized tax benefits increased by $80 million as a result of uncertain tax positions relating to foreign tax positions and decreased $75 million relating to U.S. federal and state tax positions. The company also assumed $26 million of uncertain tax benefits as part of the acquisition of PPD.

During 2020, the company’s unrecognized tax benefits decreased $51 million as a result of uncertain tax positions relating to foreign tax positions and $410 million relating to U.S. federal and state tax positions which included $378 million from the settlement of the IRS audit of the 2014, 2015 and 2016 tax years.

During 2019, the company’s unrecognized tax benefits increased $70 million as a result of uncertain tax positions relating to foreign tax positions and $45 million relating to U.S. federal and state tax positions.

F-35

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2021 and 2020 was $59 million and $78 million, respectively.

The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2012 and no longer subject to U.S. federal income tax examinations for years before 2017.

Note 9.    Earnings per Share

(In millions except per share amounts)	2021		2020		2019
Net income attributable to Thermo Fisher Scientific Inc.	$	7,725	$	6,375	$	3,696
Basic weighted average shares	394		396		400
Plus effect of: stock options and restricted stock units	3		3		3
Diluted weighted average shares	397		399		403
Basic earnings per share	$	19.62	$	16.09	$	9.24
Diluted earnings per share	$	19.46	$	15.96	$	9.17
Antidilutive stock options excluded from diluted weighted average shares	1		1		1

Note 10.    Debt and Other Financing Arrangements

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
Commercial Paper	0.01	%	$	2,522	$	—
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)			—		611
3.00% 7-Year Senior Notes, Due 4/15/2023			—		1,000
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023			1,000		—
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023			500		—
0.797% 2-Year Senior Notes, Due 10/18/2023	1.03	%	1,350		—
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.00	%	1,933		—
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.06	%	625		—
4.15% 10-Year Senior Notes, Due 2/1/2024			—		1,000
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.94	%	1,137		1,222
1.215% 3-Year Senior Notes, Due 10/18/2024	1.42	%	2,500		—
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024			500		—
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)	0.41	%	910		977
4.133% 5-Year Senior Notes, Due 3/25/2025			—		1,100
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.10	%	728		782
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)	0.16	%	625		—
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350		350
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)	1.53	%	796		855
2.95% 10-Year Senior Notes, Due 9/19/2026			—		1,200

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)	1.66	%	568		611
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)	1.97	%	682		733
3.20% 10-Year Senior Notes, Due 8/15/2027			—		750
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)	0.77	%	910		977
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)	1.46	%	682		733
1.750% 7-Year Senior Notes, Due 10/15/2028	1.89	%	700		—
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)	2.08	%	796		855
2.60% 10-Year Senior Notes, Due 10/1/2029	2.74	%	900		900
4.497% 10-Year Senior Notes, Due 3/25/2030			—		1,100
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)	0.89	%	1,990		—
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)	1.13	%	1,023		1,099
2.00% 10-Year Senior Notes, Due 10/15/2031	2.23	%	1,200		—
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)	2.55	%	682		733
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)	1.21	%	1,706		—
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)	2.94	%	796		855
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)	1.73	%	1,023		1,099
2.80% 20-Year Senior Notes, Due 10/15/2041	2.90	%	1,200		—
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)	1.78	%	1,421		—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400		400
4.10% 30-Year Senior Notes, Due 8/15/2047	4.23	%	750		750
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)	1.98	%	1,137		1,222
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)	2.07	%	853		—
Other			76		5
Total borrowings at par value			34,971		21,919
Fair value hedge accounting adjustments			—		25
Unamortized discount			(117)		(102)
Unamortized debt issuance costs			(184)		(114)
Total borrowings at carrying value			34,670		21,728
Finance lease liabilities			200		7
Less: Short-term obligations and current maturities			2,537		2,628
Long-term obligations			$	32,333	$	19,107

SOFR - Secured Overnight Financing Rate

EURIBOR - Euro Interbank Offered Rate

The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount and the amortization of any debt issuance costs.

See Note 14 for fair value information pertaining to the company’s long-term borrowings.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As of December 31, 2021, the annual repayment requirements for debt obligations are as follows:

(In millions)	Borrowings		Finance Lease Liabilities
2022	$	2,522	$	15
2023	5,396		12
2024	4,138		12
2025	2,610		12
2026	797		12
2027 and thereafter	19,508		137
	$	34,971	$	200

In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $78 million as of December 31, 2021. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.

Credit Facilities

On January 7, 2022, the company entered into a new revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit The Facility replaces the company’s $3.00 billion credit facility which was in place at December 31, 2021 (the prior credit facility). The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term SOFR, a EURIBOR-based rate (for funds drawn in euro) 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 facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of December 31, 2021, no borrowings were outstanding under the prior credit facility, although available capacity was reduced by approximately $4 million as a result of outstanding letters of credit.

Commercial Paper Programs

The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the 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. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2021, there were $2.52 billion outstanding borrowings under these programs.

Senior Notes

Interest is payable quarterly on the floating rate senior notes, annually on the euro-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the fixed rate senior notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. Except for the euro-denominated floating rate senior notes, which may not be redeemed early, the floating rate senior notes may be redeemed in whole or in part on or after their applicable call dates at a redemption price of 100% of the principal amount plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. The company was in compliance with all covenants at December 31, 2021.

The company intends to allocate an amount equal to the net proceeds from the 0.000% senior notes due 2025 to finance or refinance, in whole or in part, certain green or social eligible projects. Pending allocation to green or social eligible projects, such net proceeds may be temporarily invested in cash, cash equivalents, short-term investments, or used to repay other borrowings.

In 2021, the company redeemed some of its existing senior notes. In connection with these redemptions, the company incurred $767 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

statement of income. Upon redemption of the senior notes, the company terminated the related fixed to floating rate interest rate swap arrangements and received $22 million, included in other financing activities, net, in the accompanying statement of cash flows.

In 2019, the company refinanced certain of its debt by issuing new senior notes and using the proceeds to redeem some of its existing senior notes. In connection with these redemptions, the company incurred $184 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying statement of income. Upon redemption of the senior notes, the company terminated the related fixed to floating rate interest rate swap arrangements and paid $17 million, included in other financing activities, net, in the accompanying statement of cash flows. The company also terminated related cross-currency interest rate swap arrangements and received $44 million, included in other investing activities, net, in the accompanying statement of cash flows.

In February 2022, the company redeemed all of its 3.650% Senior Notes due 2025. In connection with the redemption the company incurred approximately $26 million of losses on the early extinguishment of debt in the first quarter of 2022.

Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the Floating Rate Senior Notes due 2023, the 0.00% Senior Notes due 2023, the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051 included in the table above (collectively, the “Euronotes”) in registered public offerings. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.

Note 11.    Leases

As a lessee, the company leases certain logistics, office, and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have remaining lease terms between 1 month and 30 years, and some include options to extend (generally for 1 to 10 years) or have options to terminate the arrangement within 1 year.

The company has guaranteed the residual value of three leased operating facilities with lease terms ending in 2023, 2024 and 2025. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 10). The aggregate maximum guarantee under these three lease arrangements is $147 million. Operating lease ROU assets and lease liabilities for these lease arrangements are recorded on the consolidated balance sheet as of December 31, 2021, but exclude any amounts for residual value guarantees.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

As a lessee, the consolidated financial statements include the following relating to operating leases:

(In millions)	2021			2020			2019
Balance sheet
ROU assets	$	1,531		$	775
Operating lease liabilities - current	266			184
Operating lease liabilities - noncurrent	1,203			626
Statement of income
Operating lease costs	$	254		$	224		$	208
Variable lease costs	66			49			41
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities	$	288		$	222		$	208
Operating lease ROU assets obtained in exchange for new operating lease liabilities	293			202			205
Weighted average at end of year
Remaining operating lease term	9.9 years			6.3 years			6.2 years
Discount rate	2.6		%	3.4		%	4.0		%

ROU assets are classified in other assets in the consolidated balance sheet. Operating lease liabilities are classified in other accrued expenses and other long-term liabilities, respectively, in the consolidated balance sheet.

Lease costs arising from finance leases, short-term leases, and sublease income are not material. See Note 10 for additional information relating to finance leases.

As of December 31, 2021, future payments of operating lease liabilities are as follows:

(In millions)
2022	$	303
2023	248
2024	193
2025	144
2026	120
2027 and thereafter	650
Total lease payments	1,658
Less: imputed interest	189
Total operating lease liability	$	1,469

As a lessor, operating leases, sales-type leases and direct financing leases are not material.

Note 12.    Commitments and Contingencies

Purchase Obligations

The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $2.51 billion at December 31, 2021 and the majority of these obligations are expected to be settled during 2022.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Analytical Instruments segment recorded a charge to cost of product revenues for $108 million in 2020 related to an existing supply contract for components of electron microscopy instruments. The agreement requires the company to make future minimum purchases through 2025. The company developed and launched an alternative product beginning in 2020 and based on the expected demand for the internally developed product vs. the third-party product, the company does not expect to use all of the product it will be required to buy, resulting in a loss on the purchase commitment.

Letters of Credit, Guarantees and Other Commitments

Outstanding letters of credit and bank guarantees totaled $266 million at December 31, 2021. Substantially all of these letters of credit and guarantees expire before 2039.

Outstanding surety bonds and other guarantees totaled $95 million at December 31, 2021. The expiration of these bonds and guarantees ranges through 2023.

The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required.

The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits, however the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2021 was $36 million.

In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer.

Indemnifications

In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where probable, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications.

In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations.

In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions.

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 input from 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

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

maintenance of cleanup sites. At December 31, 2021, the company’s total environmental liability was approximately $65 million. 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

The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial 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, nor, with respect to certain pending litigation or claims where no liability has been accrued, 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 below, 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

The company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2021, was approximately $216 million to $375 million on an undiscounted basis. The portion of these liabilities assumed in the 2006 merger with Fisher was recorded at its fair (present) value at the date of merger. The company’s accrual for all such matters in total, including the discounted liabilities, was $216 million at December 31, 2021 (or $223 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $100 million at December 31, 2021 (or $106 million undiscounted) that are included in other assets in the accompanying balance sheet. The portion of these insurance assets assumed in the merger with Fisher was also recorded at its fair value at the date of merger. In addition to the above accrual, as of December 31, 2021, the company had a product liability accrual of $11 million (undiscounted) relating to divested businesses.

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, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. 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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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 13.    Comprehensive Income and Shareholders' Equity

Comprehensive Income (Loss)

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

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

(In millions)	Currency translation adjustment		Unrealized losses on hedging instruments		Pension and other postretirement benefit liability adjustment		Total
Balance at December 31, 2020	$	(2,438)	$	(91)	$	(278)	$	(2,807)
Other comprehensive items before reclassifications	373		—		36		409
Amounts reclassified from accumulated other comprehensive items	—		56		13		69
Net other comprehensive items	373		56		49		478
Balance at December 31, 2021	$	(2,065)	$	(35)	$	(229)	$	(2,329)

Shareholders’ Equity

At December 31, 2021, the company had reserved 23 million unissued shares of its common stock for possible issuance under stock-based compensation plans.

Early in the first quarter of 2022, the company repurchased $2.00 billion of the company's common stock (3.3 million shares).

Note 14.    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 2021. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in publicly traded securities, insurance contracts, investments in derivative 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.

Assets and liabilities carried at fair value are 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.

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	2,210	$	2,210	$	—	$	—
Investments	298		298		—		—
Warrants	15		—		15		—
Insurance contracts	181		—		181		—
Derivative contracts	36		—		36		—
Total assets	$	2,740	$	2,508	$	232	$	—
Liabilities
Derivative contracts	$	1	$	—	$	1	$	—
Contingent consideration	317		—		—		317
Total liabilities	$	318	$	—	$	1	$	317

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	8,971	$	8,971	$	—	$	—
Investments	21		21		—		—
Warrants	7		—		7		—
Insurance contracts	157		—		157		—
Derivative contracts	28		—		28		—
Total assets	$	9,184	$	8,992	$	192	$	—
Liabilities
Derivative contracts	$	132	$	—	$	132	$	—
Contingent consideration	70		—		—		70
Total liabilities	$	202	$	—	$	132	$	70

The company uses the Black-Scholes model to value its warrants. 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 initially measures the fair value of acquisition-related contingent consideration based on amounts expected to be transferred (probability-weighted) discounted to present value. 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 (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a

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THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

recapitalization investment portfolio), of the contingent consideration.

(In millions)	2021		2020
Contingent consideration
Beginning balance	$	70	$	55
Acquisitions (including assumed balances)	403		28
Payments	(109)		(4)
Changes in fair value included in earnings	(47)		(9)
Ending balance	$	317	$	70

Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

	December 31,		December 31,
(In millions)	2021		2020
Notional amount
Interest rate swaps - fair value hedges	$	—	$	1,000
Cross-currency interest rate swaps - designated as net investment hedges	900		900
Currency exchange contracts	2,149		5,206

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

	Fair value – assets				Fair value – liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	—	$	25	$	—	$	—
Cross-currency interest rate swaps (a)	25		—		—		46
Derivatives not designated as hedging instruments
Currency exchange contracts (b)	11		3		1		86
Total derivatives	$	36	$	28	$	1	$	132

(a)The fair values of the interest rate swaps and cross-currency interest rate swaps are included in the accompanying balance sheet under the caption other assets or other long-term liabilities.

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

The following amounts related to cumulative basis adjustments for fair value hedges were included in the accompanying balance sheet under the caption long-term obligations:

	Carrying amount of the hedged liability				Cumulative amount of fair value hedging adjustment - increase (decrease) included in carrying amount of liability
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Long-term obligations	$	—	$	1,020	$	—	$	25

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	Gain (loss) recognized
(In millions)	2021		2020
Fair value hedging relationships
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)	$	25	$	(38)
Derivatives designated as hedging instruments - included in other income/(expense)	(3)		38
Derivatives designated as cash flow hedges
Interest rate swaps
Included in unrealized losses on hedging instruments within other comprehensive items	—		(85)
Amount reclassified from accumulated other comprehensive items to other income/(expense)	(73)		(59)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt
Included in currency translation adjustment within other comprehensive items	922		(873)
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items	71		(79)
Included in other income/(expense)	8		11
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues	12		(17)
Included in other income/(expense)	162		(81)
Cross-currency interest rate swaps
Included in other income/(expense)	—		(9)

Gains and losses recognized on currency exchange contracts and the interest rate swaps designated as fair value hedges are included in the accompanying statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions.

The company uses foreign currency-denominated debt and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes and its cross-currency interest rate swaps 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 and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

See Note 1 and Note 10 for additional information on the company's risk management objectives and strategies.

Cash Flow Hedge Arrangements

In 2020 and 2019, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of debt offerings. Based on the company's conclusion that the debt offerings were probable, the swaps hedged the cash flow risk for each of the interest payments on the planned fixed-rate debt issues. The aggregate fair value of the terminated hedges, net of tax, has been classified as a reduction to accumulated other comprehensive items and will be amortized to interest expense over the term of the related debt issuances. The company had cash outlays aggregating $85 million and $50 million in 2020 and 2019, respectively, associated with termination of the arrangements, included in other financing activities, net, in the accompanying statement of cash flows.

In late 2020, the company determined that the previously anticipated debt offerings were probable of not occurring and reclassified $42 million from accumulated other comprehensive items to other income/(expense). During 2021, in connection with the extinguishment of debt (Note 10), the company reclassified $65 million from accumulated other comprehensive items to other income/(expense).

F-46

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s debt instruments are as follows:

	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(In millions)	value		value		value		value
Senior notes	$	32,072	$	33,449	$	21,723	$	24,653
Commercial paper	2,522		2,522		—		—
Other	76		76		5		5
	$	34,670	$	36,047	$	21,728	$	24,658

The fair value of debt instruments 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 15.    Supplemental Cash Flow Information

(In millions)	2021		2020		2019
Cash paid for:
Interest	$	555	$	471	$	790
Income taxes	2,182		1,324		896
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment	379		347		150
Fair value of equity awards exchanged	43		—		—
Fair value of acquisition contingent consideration	183		—		—
Finance lease ROU assets obtained in exchange for new finance lease liabilities	15		5		1
Declared but unpaid dividends	104		89		77
Issuance of stock upon vesting of restricted stock units	265		217		182

Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:

	December 31,		December 31,
(In millions)	2021		2020
Cash and cash equivalents	$	4,477	$	10,325
Restricted cash included in other current assets	13		10
Restricted cash included in other assets	1		1
Cash, cash equivalents and restricted cash	$	4,491	$	10,336

Amounts included in restricted cash represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.

F-47

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Note 16.    Restructuring and Other Costs (Income)

Restructuring and other costs in 2021 primarily included charges for impairments of an acquired technology asset and a tradename asset, and, to a lesser extent, compensation due to employees at acquired businesses on the date of acquisition. In 2021, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.

Restructuring and other costs in 2020 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. and Europe, and charges for the write-off of acquired technology. In 2020, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

Restructuring and other costs (income) in 2019 primarily included the gain on the sale of the company’s Anatomical Pathology business, and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S. and Europe. In 2019, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

As of February 24, 2022, the company has identified restructuring actions that will result in additional charges of approximately $20 million, primarily in 2022, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred.

Restructuring and other costs (income) by segment are as follows:

(In millions)	2021		2020		2019
Life Sciences Solutions	$	129	$	34	$	24
Analytical Instruments	6		26		14
Specialty Diagnostics	18		9		(471)
Laboratory Products and Biopharma Services	35		23		17
Corporate	9		7		3
	$	197	$	99	$	(413)

The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

(In millions)	Total (a)
Balance at December 31, 2018	$	80
Cumulative effect of accounting change (b)	(28)
Net restructuring charges incurred in 2019 (c)	52
Payments	(69)
Currency translation	(1)
Balance at December 31, 2019	34
Net restructuring charges incurred in 2020 (d)	51
Payments	(57)
Currency translation	(7)
Balance at December 31, 2020	21
Net restructuring charges incurred in 2021 (e)	37
Payments	(40)
Currency translation	(1)
Balance at December 31, 2021	$	17

(a)The movements in the restructuring liability principally consist of severance and other costs such as 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)Impact of adopting new lease accounting guidance on January 1, 2019.

F-48

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(c)Excludes $465 million of net charges, principally $482 million of net gain on the sale of businesses recorded in the Specialty Diagnostics segment, partially offset by $17 million of other restructuring charges, net, across the company’s segments primarily for the write-off of acquired technology, pre-acquisition litigation-related matters, and compensation due to employees at businesses at the date of acquisition.

(d)Excludes $48 million of charges, principally $32 million for impairment of acquired technology in the Life Sciences Solutions segment resulting from a reduction in expected cash flows and, to a lesser extent, charges across the company’s segments for fixed asset writedowns and costs associated with environmental remediation at abandoned/previously owned facilities.

(e)Excludes $160 million of charges, principally $122 million for impairments of an acquired technology asset and a tradename asset in the Life Sciences Solutions and Laboratory Products and Biopharma Services segment, principally resulting from a reduction in expected cash flows, and $35 million of charges for compensation contractually due to employees of acquired businesses at the date of acquisition in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.

The company expects to pay accrued restructuring costs primarily through 2022.

F-49

EX-4.17

Exhibit 4.17

Description of Registrant’s Securities

The following description of registered securities of Thermo Fisher Scientific Inc. is intended as a summary only and therefore is not a complete description. As used in this “Description of Registrant’s Securities,” the terms “Thermo Fisher,” “Company,” “we,” “our” and “us” refer to Thermo Fisher Scientific Inc. and do not, unless the context otherwise indicates, include our subsidiaries.

Our authorized capital stock consists of 1.2 billion shares of common stock, $1.00 par value per share, and 50,000 shares of preferred stock, $100 par value per share. Our common stock is registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We also have several classes of debt securities registered under Section 12(b) of the Exchange Act.

COMMON STOCK

This description of our common stock is based upon, and qualified by reference to, our Third Amended and Restated Certificate of Incorporation, as amended (our “certificate of incorporation”), our amended and restated by-laws (our “bylaws”) and applicable provisions of Delaware corporate law (the “DGCL”). You should read our certificate of incorporation and bylaws, which are incorporated by reference as Exhibits 3.1 to 3.3 and Exhibit 3.4, respectively, to the Annual Report on Form 10-K for the year ended December 31, 2021, of which this Exhibit 4.17 is a part, for the provisions that are important to you.

General

Annual Meeting. Annual meetings of our stockholders are held on the date designated in accordance with our bylaws. Written notice must be given to each stockholder entitled to vote not less than ten nor more than 60 days before the date of the meeting. The presence in person or by proxy of the holders of record of a majority of our issued and outstanding shares entitled to vote at such meeting constitutes a quorum for the transaction of business at meetings of the stockholders, unless or except to the extent that the presence of a larger number may be required by our certificate of incorporation or the DGCL. Special meetings of the stockholders may only be called by our board of directors, the chairman of the board of directors or the chief executive officer or, solely to the extent required by our bylaws, by our secretary at the written request in proper form of one or more stockholders who have continuously held as stockholders of record not less than 15% of the outstanding shares of our common stock for at least one year prior to the date such request is delivered to our secretary. Except as may be otherwise provided by applicable law, our certificate of incorporation or our bylaws, all matters shall be decided by a majority of the votes cast by stockholders entitled to vote thereon at a duly held meeting of stockholders at which a quorum is present. Except as may be otherwise provided by our certificate of incorporation, a nominee shall be elected to our board of directors if the votes cast for such nominee’s election exceed the votes cast against, provided that if, on the 10th business day before we mail our notice of meeting to the stockholders, the number of nominees exceeds the number of directors to be elected, the election shall be decided by a plurality.

Voting Rights. Each holder of common stock is entitled to one vote for each share held on all matters to be voted upon by stockholders.

Dividends. The holders of common stock, after any preferences of holders of any preferred stock are entitled to receive dividends when and if declared by our board of directors out of legally available funds.

1

Exhibit 4.17

Liquidation, Dissolution and Winding Up. In the event of our liquidation, dissolution or winding up, the holders of the common stock will be entitled to share in our assets available for distribution to stockholders in proportion to the amount of common stock they own. The amount available for common stockholders is calculated after payment of liabilities. Holders of any preferred stock will receive a preferential share of our assets before the holders of the common stock receive any assets.

Other Rights. Holders of the common stock have no right to:

•convert the stock into any other security;

•have the stock redeemed; or

•purchase additional stock or to maintain their proportionate ownership interest.

The common stock does not have cumulative voting rights. Holders of shares of the common stock are not required to make additional capital contributions.

Provisions of Our Certificate of Incorporation and Bylaws and Delaware Law That May Have Anti-Takeover Effects

Certain provisions of our certificate of incorporation and bylaws may have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, control of us. Such provisions could limit the price that certain investors might be willing to pay in the future for shares of our common stock and may limit the ability of stockholders to remove current management or directors or approve transactions that stockholders may deem to be in their best interest and, therefore, could adversely affect the price of our common stock.

Removal of Directors by Stockholders. Our bylaws provide that, except as otherwise provided by our certificate of incorporation or the DGCL, any one or more or all of the members of our board of directors may be removed, with or without cause, by the holders of a majority of the voting power of the shares entitled to vote thereon.

Board Vacancies Filled Only by Majority of Directors Then in Office. Our bylaws provide that, except as otherwise provided by our certificate of incorporation or the DGCL, vacancies and newly created seats on our board may be filled only by our board of directors. Further, only our board of directors may determine the number of directors on our board. The inability of stockholders to determine the number of directors or to fill vacancies or newly created seats on the board makes it more difficult to change the composition of our board of directors.

Stockholder Nomination of Directors and Proposals. Our bylaws provide that a stockholder must notify us in writing of any stockholder nomination of a director or proposal for other business not less than 60 days and not more than 75 days prior to the first anniversary of the date on which we first mailed our proxy materials for the preceding year’s annual meeting; provided, that if the date of the annual meeting is advanced or delayed by more than 30 days from such anniversary date, notice by the stockholder to be timely must be so delivered not later than the close of business on the later of (x) the 90th day prior to the date of such meeting or (y) the 10th day following the day on which public announcement of the date of such annual meeting is first made by us.

2

Exhibit 4.17

Proxy Access. Our bylaws provide for proxy access, which permits a stockholder, or a group of up to 20 stockholders, owning 3% or more of our outstanding common stock continuously for at least three years, to nominate and include in our proxy materials qualifying director nominees constituting up to the greater of (i) 20% of our board of directors or (ii) two directors. To be timely, any proxy access notice must be delivered in writing to our secretary not less than 120 days and not more than 150 days prior to the first anniversary of the preceding year’s annual meeting; provided that in the event that the date of the annual meeting is advanced by more than 30 days or delayed (other than as a result of adjournment) by more than 60 days from the first anniversary of the preceding year’s annual meeting, or if no annual meeting was held in the preceding year, a stockholder’s notice must be received not earlier than 150 days prior to such annual meeting and not later than the close of business on the later of (a) the 120th day prior to such annual meeting and (b) the 10th day following the day on which notice of the date of such annual meeting was mailed or publicly announced. The complete proxy access provisions for director nominations are set forth in our bylaws.

“Blank Check” Preferred Stock. Our board of directors is authorized, without further action by our stockholders, to issue up to 50,000 shares of “blank check” preferred stock of the par value of $100 per share in one or more series possessing such specific terms, including dividend rates, conversion prices, voting rights, redemption prices, maturity dates and other special rights, preferences, qualifications, limitations, and restrictions thereof, as shall be determined in the resolution or resolutions providing for the issue of such preferred stock adopted by our board of directors. The issuance of preferred stock could impede the completion of a merger, tender offer or other takeover attempt.

These provisions of Delaware law, our certificate of incorporation and our bylaws may have the effect of deterring hostile takeovers or delaying changes in our control or in our management. These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and in the policies they implement, and to discourage certain types of transactions that may involve an actual or threatened change of our control. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares that could result from actual or rumored takeover attempts.

Delaware Business Combination Statute. We are subject to Section 203 of the DGCL (“Section 203”), which prohibits a Delaware corporation from engaging in business combinations with an interested stockholder. An interested stockholder is generally defined as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation or any entity or person affiliated with or controlling or controlled by such entity or person (“interested stockholder”). Section 203 provides that an interested stockholder may not engage in business combinations with the corporation for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

•before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

•upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not

3

Exhibit 4.17

have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

•on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

In general, Section 203 defines business combinations to include the following:

•any merger or consolidation involving the corporation and the interested stockholder;

•any sale, lease, transfer, pledge or other disposition of 10% or more of the assets of the corporation to or with the interested stockholder;

•subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

•any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or

•the receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through the corporation.

4

Exhibit 4.17

DEBT SECURITIES

This description of our registered debt securities is based upon, and qualified by reference to the 2009 Base Indenture, the Eighth Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture, the Eighteenth Supplemental Indenture, and the Twenty-First Supplemental Indenture (each as hereinafter defined). You should read the 2009 Base Indenture, the Eighth Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture, the Eighteenth Supplemental Indenture, and the Twenty-First Supplemental Indenture, which are incorporated by reference as Exhibits 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.11, respectively, to the Annual Report on Form 10-K of which this Exhibit 4.17 is a part, for the provisions that are important to you.

As used in this description of registered debt securities, the term “Issuer” refers to Thermo Fisher, the term “Fixed Rate Notes” refers collectively to the 2024 Notes, the March 2025 Notes, the April 2025 Notes, the 2026 Notes, the March 2027 Notes, the April 2027 Notes, the March 2028 Notes, the September 2028 Notes, the 2029 Notes, the 2031 Notes, the 2032 Notes, the 2037 Notes, the 2039 Notes, and the 2049 Notes (each as hereinafter defined), and the term “indenture” means the 2009 Base Indenture as supplemented by the applicable supplemental indenture for the particular series of Fixed Rate Notes being described.

General

We currently have the following series of senior notes issued and outstanding under an Indenture (the “2009 Base Indenture”), dated as of November 20, 2009, by and between Thermo Fisher, as issuer, and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee, as supplemented by the Eighth Supplemental Indenture (the “Eighth Supplemental Indenture”), dated as of November 24, 2014, by and among Thermo Fisher, as issuer, the Trustee, as trustee, and The Bank of New York Mellon, London Branch (“BNY London Branch”), as London paying agent: 2.000% Senior Notes due 2025 (the “April 2025 Notes”).

We currently have the following series of senior notes issued and outstanding under the 2009 Base Indenture, as supplemented by the Thirteenth Supplemental Indenture (the “Thirteenth Supplemental Indenture”), dated as of September 12, 2016, by and between Thermo Fisher, as issuer, and the Trustee, as trustee: 0.750% Senior Notes due 2024 (the “2024 Notes”) and 1.375% Senior Notes due 2028 (the “September 2028 Notes”).

We currently have the following series of senior notes issued and outstanding under the 2009 Base Indenture, as supplemented by the Fifteenth Supplemental Indenture (the “Fifteenth Supplemental Indenture”), dated as of March 16, 2017, by and between Thermo Fisher, as issuer, and the Trustee, as trustee: 1.450% Senior Notes due 2027 (the “March2027 Notes”).

We currently have the following series of senior notes issued and outstanding under the 2009 Base Indenture, as supplemented by the Sixteenth Supplemental Indenture (the “Sixteenth Supplemental Indenture”), dated as of July 24, 2017, by and between Thermo Fisher, as issuer, and the Trustee, as trustee: 1.400% Senior Notes due 2026 (the “2026 Notes”), 1.950% Senior Notes due 2029 (the “2029 Notes”), and 2.875% Senior Notes due 2037 (the “2037 Notes”).

We currently have the following series of senior notes issued and outstanding under the 2009 Base Indenture, as supplemented by the Eighteenth Supplemental Indenture (the “Eighteenth Supplemental Indenture”), dated as of September 30, 2019, by and between Thermo Fisher, as issuer, and the Trustee, as trustee: 0.125% Senior Notes due 2025 (the “March 2025 Notes”), 0.500% Senior Notes due 2028 (the “March 2028 Notes”), 0.875% Senior

5

Exhibit 4.17

Notes due 2031 (the “2031 Notes”), 1.500% Senior Notes due 2039 (the “2039 Notes”), and 1.875% Senior Notes due 2049 (the “2049 Notes”).

We currently have the following series of senior notes issued and outstanding under the 2009 Base Indenture, as supplemented by the Twenty-First Supplemental Indenture (the “Twenty-First Supplemental Indenture”), dated as of April 2, 2020, by and between Thermo Fisher, as issuer, and the Trustee, as trustee: 1.750% Senior Notes due 2027 (the “April 2027 Notes”) and 2.375% Senior Notes due 2032 (the “2032 Notes”).

The Fixed Rate Notes are general unsecured obligations of the Issuer. Each series of Fixed Rate Notes ranks equally in right of payment with existing and any future unsecured indebtedness of Thermo Fisher, and is junior in right of payment to the Issuer’s senior indebtedness (including senior debt securities). Each series of Fixed Rate Notes is also effectively subordinated to any existing and future secured indebtedness of Thermo Fisher to the extent of the assets securing such indebtedness, and will be structurally subordinated to all existing and any future indebtedness and any other liabilities of their respective subsidiaries. Each series of Fixed Rate Notes is senior in right of payment to any of our existing and future indebtedness that is subordinated to such Fixed Rate Notes.

Aside from the restrictions set forth under “Certain Covenants” below, neither the Fixed Rate Notes nor the indentures restrict our ability or the ability of our subsidiaries to incur additional debt, repurchase securities, recapitalize, or pay dividends or make distributions to shareholders, or require us to maintain interest coverage or other current ratios. We may from time to time, without notice to or the consent of the holders of any series of Fixed Rate Notes, create and issue further notes of any such series ranking equally with the Fixed Rate Notes of such series, and having the same terms as such series (or the same terms other than (1) the payment of interest accruing prior to the issue date of such further notes or (2) the first payment of interest following the issue date of such further notes). Such further notes may be consolidated and form a single series with the notes of such series and have the same terms as to status, redemption, or otherwise as the notes of such series.

Maturity

Each series of Fixed Rate Notes will mature and bear interest as provided in the following table:

Series	Maturity	Interest Rate	Interest Payment Dates	Record Dates	Aggregate Principal Amount Issued/ Authorized/ Outstanding
2024 Notes	September 12, 2024	0.750%	Annually in arrears on September 12 of each year, commencing on September 12, 2017	August 28	€ 1,000,000,000
March 2025 Notes	March 1, 2025	0.125%	Annually in arrears on March 1 of each year, commencing on March 1, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 800,000,000
April 2025 Notes	April 15, 2025	2.000%	Annually in arrears on April 15 of each year, commencing on April 15, 2015	April 1	€ 640,000,000

6

Exhibit 4.17

Series	Maturity	Interest Rate	Interest Payment Dates	Record Dates	Aggregate Principal Amount Issued/ Authorized/ Outstanding
2026 Notes	January 23, 2026	1.400%	Annually in arrears on January 23 of each year, commencing on January 23, 2018	January 8	€ 700,000,000
March 2027 Notes	March 16, 2027	1.450%	Annually in arrears on March 16 of each year, commencing on March 16, 2018	March 1	€ 500,000,000
April 2027 Notes	April 15, 2027	1.750%	Annually in arrears on April 15 of each year, commencing on April 15, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 600,000,000
March 2028 Notes	March 1, 2028	0.500%	Annually in arrears on March 1 of each year, commencing on March 1, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 800,000,000
September 2028 Notes	September 12, 2028	1.375%	Annually in arrears on September 12 of each year, commencing on September 12, 2017	August 28	€ 600,000,000
2029 Notes	July 24, 2029	1.950%	Annually in arrears on July 24 of each year, commencing on July 24, 2018	July 9	€ 700,000,000
2031 Notes	October 1, 2031	0.875%	Annually in arrears on October 1 of each year, commencing on October 1, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 900,000,000
2032 Notes	April 15, 2032	2.375%	Annually in arrears on April 15 of each year, commencing on April 15, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 600,000,000
2037 Notes	July 24, 2037	2.875%	Annually in arrears on July 24 of each year, commencing on July 24, 2018	July 9	€ 700,000,000
2039 Notes	October 1, 2039	1.500%	Annually in arrears on October 1 of each year, commencing on October 1, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 900,000,000
2049 Notes	October 1, 2049	1.875%	Annually in arrears on October 1 of each year, commencing on October 1, 2020	Fifteenth calendar day prior to the applicable interest payment date	€ 1,000,000,000

The Fixed Rate Notes are not subject to any sinking fund.

7

Exhibit 4.17

Interest

The Fixed Rate Notes bear interest, which is paid annually in arrears, at the rates and from the respective dates set forth in the table above.

Interest on an interest payment date is paid to the persons, or “holders” in whose names the Fixed Rate Notes are registered in the security register on the immediately preceding record date noted in the table above, whether or not a business day, as the case may be (each such date being a “regular record date”). Interest on the Fixed Rate Notes will be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets Association) day count convention.

If any interest payment date, maturity date, or earlier date of redemption falls on a day that is not a business day, the required payment on the Fixed Rate Notes shall be made on the next business day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that interest payment date, that maturity date, or that date of redemption, as the case may be, until the next business day.

For purposes of the Fixed Rate Notes, “business day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation, or executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.

Optional Redemption

We have the option to redeem the Fixed Rate Notes of any series, in whole at any time or in part from time to time, on at least 15 days but no more than 60 days prior written notice transmitted to the registered holders of the Fixed Rate Notes to be redeemed. With respect to the March 2025 Notes, the April 2027 Notes, the March 2028 Notes, the 2031 Notes, the 2032 Notes, the 2039 Notes, and the 2049 Notes, any notice may, at our discretion, be subject to the satisfaction or waiver of one or more conditions precedent. In such case, the notice shall state the nature of such condition precedent.

Prior to the applicable Par Call Date, upon redemption of the Fixed Rate Notes of any series, we will pay a redemption price equal to the greater of:

(1)100% of the principal amount of the Fixed Rate Notes to be redeemed, and

(2)the sum of the present values of the Remaining Scheduled Payments (as defined below) of the Fixed Rate Notes to be redeemed, discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) using a discount rate equal to the Comparable Bond Rate (as defined below) plus 19 basis points in the case of the April 2025 Notes, 20 basis points in the case of the 2024 Notes, the March 2025 Notes, the 2026 Notes, the March 2027 Notes, and the March 2028 Notes, 25 basis points in the case of the September 2028 Notes, the 2029 Notes, and the 2031 Notes, 30 basis points in the case of the 2037 Notes and the 2039 Notes, 35 basis points in the case of the 2049 Notes, 40 basis points in the case of the April 2027 Notes, and 45 basis points in the case of the 2032 Notes,

plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

8

Exhibit 4.17

On and after the applicable Par Call Date, upon redemption of the Fixed Rate Notes of any series, we will pay a redemption price equal to 100% of the principal amount of the Fixed Rate Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

Notwithstanding the foregoing, installments of interest on the Fixed Rate Notes that are due and payable on an interest payment date falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date in accordance with the Fixed Rate Notes and the applicable indenture.

If less than all of the March 2025 Notes, the April 2027 Notes, the March 2028 Notes, the 2031 Notes, the 2032 Notes, the 2039 Notes, or the 2049 Notes are to be redeemed, the Fixed Rate Notes of such series to be redeemed, shall be selected, in the case of global securities, in accordance with applicable depositary procedures and, in the case of definitive securities, in a manner the Trustee deems to be fair and appropriate, unless otherwise required by law or applicable stock exchange requirements. If less than all of the 2024 Notes, the April 2025 Notes, the 2026 Notes, the March 2027 Notes, the 2029 Notes, the September 2028 Notes, or the 2037 Notes are to be redeemed, the Fixed Rate Notes of such series to be redeemed shall be selected by the Trustee, in a manner that it deems fair and appropriate in accordance with applicable depositary procedures, unless otherwise required by law or applicable stock exchange requirements. Fixed Rate Notes may be redeemed in part in the minimum authorized denomination for Fixed Rate Notes or in any integral multiple of such amount. Unless we default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Fixed Rate Notes or portions thereof called for redemption.

“Comparable Bond Rate” means, for any redemption date, the rate per annum equal to the annual equivalent yield to maturity or interpolated yield to maturity (on a day count basis), computed as of the third business day immediately preceding that redemption date, of the Comparable Government Issue, assuming a price for the Comparable Government Issue (expressed as a percentage of its principal amount) equal to the Comparable Price for that redemption date.

“Comparable Government Issue” means the euro-denominated security issued by the German government selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Fixed Rate Notes to be redeemed (assuming in the case of the 2024 Notes, the March 2025 Notes, the 2026 Notes, the March 2027 Notes, the April 2027 Notes, the March 2028 Notes, the September 2028 Notes, the 2029 Notes, the 2031 Notes, the 2032 Notes, the 2037 Notes, the 2039 Notes, or the 2049 Notes to be redeemed matured on their applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Fixed Rate Notes to be redeemed.

“Comparable Price” means, with respect to any redemption date, (a) the average of the Reference Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest of the Reference Dealer Quotations, (b) if we obtain fewer than four Reference Dealer Quotations, the arithmetic average of those quotations, or (c) if we obtain only one Reference Dealer Quotation, such Reference Dealer Quotation.

“Independent Investment Banker” means

(a)with respect to the 2024 Notes, the April 2027 Notes, the September 2028 Notes, and the 2032 Notes, each Reference Dealer appointed by us as Independent Investment Banker (initially, J.P. Morgan Securities plc);

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Exhibit 4.17

(b)with respect to the March 2025 Notes, the March 2028 Notes, the 2031 Notes, the 2039 Notes, and the 2049 Notes, any Reference Dealer appointed by us as Independent Investment Banker (initially, Merrill Lynch International);

(c)with respect to the April 2025 Notes, each Reference Dealer appointed by us as Independent Investment Banker (initially, HSBC Bank plc, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc);

(d)with respect to the 2026 Notes, the 2029 Notes, and the 2037 Notes, each Reference Dealer appointed by us as Independent Investment Banker (initially, Goldman Sachs & Co. LLC); and

(e)with respect to the March 2027 Notes, each Reference Dealer appointed by us as Independent Investment Banker (initially, HSBC Bank plc).

“Par Call Date” means June 12, 2024 in the case of the 2024 Notes; January 15, 2025 in the case of the April 2025 Notes; February 1, 2025 in the case of the March 2025 Notes; November 23, 2025 in the case of the 2026 Notes; December 16, 2026 in the case of the March 2027 Notes; February 15, 2027 in the case of the April 2027 Notes; December 1, 2027 in the case of the March 2028 Notes; June 12, 2028 in the case of the September 2028 Notes; April 24, 2029 in the case of the 2029 Notes; July 1, 2031 in the case of the 2031 Notes; January 15, 2032 in the case of the 2032 Notes; April 24, 2037 in the case of the 2037 Notes; April 1, 2039 in the case of the 2039 Notes; and April 1, 2049, in the case of the 2049 Notes.

“Reference Dealer” means

(a)with respect to the 2024 Notes and the September 2028 Notes, each of (i) J.P. Morgan Securities plc, Barclays Bank PLC, Mizuho International plc, and Morgan Stanley & Co. International plc and their respective affiliates or successors and (ii) one other nationally recognized investment banking firm (or its respective affiliates) that is a broker or dealer of, and/or a market maker in, German government bonds (each, for purposes of this clause “a”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and their respective successors;

(b)with respect to the March 2025 Notes, the March 2028 Notes, the 2031 Notes, the 2039 Notes, and the 2049 Notes, each of (i) Merrill Lynch International, Goldman Sachs & Co. LLC, Citigroup Global Markets Limited, and J.P. Morgan Securities plc and their respective affiliates or successors and (ii) one other nationally recognized investment banking firm (or its affiliate) that is a broker or dealer of, and/or market maker in, German government bonds (each, for purposes of this clause “b”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and its successors;

(c)with respect to the April 2025 Notes, each of (i) HSBC Bank plc, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc, and their respective affiliates or successors and (ii) two other nationally recognized investment banking firms (or their respective affiliates) that are brokers or dealers of, and/or market makers in, German government bonds (each, for purposes of this clause “c”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and their respective successors;

(d)With respect to the 2026 Notes, the 2029 Notes, and the 2037 Notes, each of (i) Goldman Sachs & Co. LLC, Merrill Lynch International, Barclays Bank PLC, and HSBC Bank plc and their respective affiliates or successors and (ii) one other nationally recognized investment banking firm (or its affiliate) that is a broker or dealer of, and/or a market maker in, German government bonds (each, for purposes of this clause “d”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and its successors;

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Exhibit 4.17

(e)With respect to the March 2027 Notes, each of (i) Credit Suisse Securities (Europe) Limited and HSBC Bank plc and their respective affiliates or successors and (ii) three other nationally recognized investment banking firms (or their respective affiliates) that are brokers or dealers of, and/or market makers in, German government bonds (each, for purposes of this clause “e”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and their respective successors; and

(f)With respect to the April 2027 Notes and the 2032 Notes, each of (i) J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Merrill Lynch International, and Citigroup Global Markets Limited and their respective affiliates or successors and (ii) one other nationally recognized investment banking firm (or its affiliate) that is a broker or dealer of, and/or market maker in, German government bonds (each, for purposes of this clause “f”, a “Primary Bond Dealer”) that we select in connection with the particular redemption, and its successors;

provided, in each case, that if at any time any of the above is not a Primary Bond Dealer, we will substitute that entity with another nationally recognized investment banking firm that we select that is a Primary Bond Dealer.

“Reference Dealer Quotations” means, with respect to each Reference Dealer and any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Government Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Dealer at 11:00 a.m., London time, on the third business day preceding such redemption date.

“Remaining Scheduled Payments” means,

(a)with respect to each 2024 Note, March 2025 Note, 2026 Note, March 2027 Note, April 2027 Note, March 2028 Note, September 2028 Note, 2029 Note, 2031 Note, 2032 Note, 2037 Note, 2039 Note, and 2049 Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption (assuming that such notes to be redeemed matured on their applicable Par Call Date); and

(b)with respect to each April 2025 Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date for such redemption;

provided, however, that, if any such redemption date is not an interest payment date with respect to such note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

Redemption Upon Tax Event

We may redeem at our option any series of Fixed Rate Notes in whole, but not in part, on at least 15 days’ but not more than 60 days’ notice, at a redemption price equal to 100% of their principal amount (plus any accrued interest and additional amounts then payable with respect to the Fixed Rate Notes to be redeemed), if we determine that (A) as a result of any change or amendment to the laws, treaties, regulations or rulings of the United States or any political subdivision or taxing authority thereof, which change or amendment is announced or becomes effective on or after the date of the applicable prospectus supplement pursuant to which the Fixed Rate Notes of such series were issued, there is a material probability that we have or will become obligated to pay additional amounts as described under “Payment of Additional Amounts” on any Fixed Rate Notes of such

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Exhibit 4.17

series or (B) on or after the date of the applicable prospectus supplement pursuant to which the Fixed Rate Notes of such series were issued, any change in the official application, enforcement or interpretation of those laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States or any other action, taken by any taxing authority or a court of competent jurisdiction in the United States, whether or not such action was taken or made with respect to us, results in a material probability that we have or will become obligated to pay additional amounts as described under “Payment of Additional Amounts” on any Fixed Rate Notes of such series; provided that we determine, in our business judgment, that the obligation to pay such additional amounts cannot be avoided by use of reasonable measures available to us, not including substitution of the obligor under the Fixed Rate Notes. Prior to the mailing of any notice of such a redemption, we will deliver to the Trustee (1) an officer’s certificate stating that we are entitled to effect such a redemption and setting forth a statement of facts showing that the conditions precedent to the right of our company to so redeem have occurred and (2) an opinion of counsel to that effect based on that statement of facts.

Payment of Additional Amounts

We will pay to a holder of Fixed Rate Notes who is not a United States person (as defined below) additional amounts as may be necessary so that every net payment of the principal of and premium, if any, and interest on such holder’s Fixed Rate Notes, after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon that holder by the United States or any taxing authority thereof or therein, will not be less than the amount provided in such holder’s Fixed Rate Notes to be then due and payable. We will not be required, however, to make any payment of additional amounts for or on account of:

(a)any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of those Fixed Rate Notes or the receipt of payments in respect of those Fixed Rate Notes) between that holder (or the beneficial owner for whose benefit such holder holds such Fixed Rate Notes), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that holder or beneficial owner, if that holder or beneficial owner is an estate, trust, partnership or corporation, and the United States, including that holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a debt security for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for;

(b)any estate, inheritance, gift, sales, transfer, excise, personal property, wealth, capital gains, interest equalization or similar tax, assessment or other governmental charge;

(c)any tax, assessment, or other governmental charge imposed on foreign personal holding company income or by reason of a holder (or the beneficial owner for whose benefit such holder holds such Fixed Rate Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the holder or beneficial owner, if that holder or beneficial owner is an estate, trust, partnership, or corporation, being or having been a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization, or a personal holding company with respect to the United States or a corporation that accumulates earnings to avoid U.S. federal income tax;

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Exhibit 4.17

(d)any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or premium, if any, or interest on such holder’s Fixed Rate Notes;

(e)any tax, assessment, or other governmental charge required to be withheld by any paying agent from any payment of principal of and premium, if any, or interest on any note if that payment can be made without withholding by any other paying agent;

(f)any tax, assessment, or other governmental charge which would not have been imposed but for the failure of a holder (or the beneficial owner for whose benefit such holder holds the Fixed Rate Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of power over, the holder or beneficial owner, if that holder or beneficial owner is an estate, trust, partnership or corporation, or any intermediary through which a beneficial owner holds Fixed Rate Notes to comply with our request to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity, or connections with the United States of the beneficial owner or any holder of the Fixed Rate Notes (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, Forms W-8BEN-E, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);

(g)any tax, assessment, or other governmental charge imposed as a result of a holder (or the beneficial owner for whose benefit such holder holds such Fixed Rate Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the holder or beneficial owner, if that holder or beneficial owner is an estate, trust, partnership or corporation, being or having been (1) a 10% shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of our company or (2) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code;

(h)any tax, assessment, or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

(i)any taxes payable under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections), any current or future regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith;

(j)any combination of items (a), (b), (c), (d), (e), (f), (g), (h), and (i); or

(k)with respect to the April 2025 Notes, any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC relating to the taxation of savings or any law implementing or complying with, or introduced in order to conform to, such Directive (or any successor version that is substantively comparable) or any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), and this item (k);

nor will we pay any additional amounts to any holder that is not the sole beneficial owner of the Fixed Rate Notes, or a portion of the Fixed Rate Notes, or that is a fiduciary, partnership, or limited liability company to the extent that a beneficial owner with respect to the holder, a beneficiary, or settlor with respect to the fiduciary or a member of that partnership, limited liability company, or a beneficial owner thereof would not have been entitled to the payment of those additional amounts had that beneficiary, settlor, member, or beneficial owner received directly its beneficial or distributive share of the payment.

As used in the preceding paragraph, the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership, or other entity

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Exhibit 4.17

created or organized in or under the laws of the United States, any state of the United States, or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury Regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. As used under this heading “Payment of Additional Amounts” and under the heading “Redemption Upon Tax Event”, the term “United States” means the United States of America, the states of the United States, and the District of Columbia.

The Fixed Rate Notes are subject in all cases to any tax, fiscal, or other law or regulation or administrative or judicial interpretation applicable to the Fixed Rate Notes. Except as specifically provided under this heading “Payment of Additional Amounts,” we will not be required to make any payment for any tax, assessment, or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

Repurchase Upon a Change of Control

If a Change of Control Triggering Event occurs with respect to any series of Fixed Rate Notes, unless the Issuer has redeemed such series of Fixed Rate Notes in full, as described above, has defeased such series of Fixed Rate Notes, or has satisfied and discharged such series of Fixed Rate Notes as described below, the Issuer will make an offer to each holder of the applicable series of Fixed Rate Notes (the “Change of Control Offer”) to repurchase any and all of such holder’s Fixed Rate Notes of such series at a repurchase price in cash equal to 101% of the aggregate principal amount of such Fixed Rate Notes (such principal amount to be equal to €100,000 or an integral multiple of €1,000 in excess thereof), plus accrued and unpaid interest, if any, thereon, to, but excluding, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, notice shall be delivered to holders of Fixed Rate Notes of such series describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Fixed Rate Notes on the date specified in the notice, which date will be no earlier than 15 days and no later than 60 days from the date such notice is delivered (the “Change of Control Payment Date”), pursuant to the procedures required by the Fixed Rate Notes and described in such notice. Notwithstanding the foregoing, installments of interest on any series of Fixed Rate Notes that are due and payable on interest payment dates falling on or prior to the Change of Control Payment Date will be payable on such interest payment dates to the registered holders as of the close of business on the relevant record dates in accordance with such series of Fixed Rate Notes and the applicable indenture. The Issuer must comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Fixed Rate Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control repurchase provisions of the Fixed Rate Notes, the Issuer will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control repurchase provisions of the Fixed Rate Notes by virtue of such conflicts.

On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to:

•accept for payment all Fixed Rate Notes or portions of Fixed Rate Notes of the applicable series properly tendered pursuant to the Change of Control Offer;

•deposit with the Trustee or a paying agent an amount equal to the Change of Control Payment in respect of all Fixed Rate Notes or portions of Fixed Rate Notes of the applicable series properly tendered; and

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Exhibit 4.17

•deliver or cause to be delivered to the Trustee the Fixed Rate Notes properly accepted, together with an officer’s certificate stating the principal amount of Fixed Rate Notes or portions of Fixed Rate Notes of such series being repurchased.

“Below Investment Grade Rating Event” means, with respect to a series of Fixed Rate Notes, such Fixed Rate Notes are downgraded below Investment Grade Rating (as defined below) by any two of the Rating Agencies (as defined below) on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by Thermo Fisher of the occurrence of a Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period shall be extended so long as the rating of such Fixed Rate Notes is under publicly announced consideration for possible downgrade by at least two of such Rating Agencies on such 60th day, such extension to last with respect to each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates such Fixed Rate Notes below Investment Grade or (y) publicly announces that it is no longer considering such Fixed Rate Notes for possible downgrade, provided that no such extension will occur if on such 60th day such Fixed Rate Notes are rated Investment Grade by at least two of such Rating Agencies in question and are not subject to review for possible downgrade by such Rating Agencies).

“Change of Control” means the occurrence of any of the following:

(1)the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Thermo Fisher and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than Thermo Fisher or one of its direct or indirect wholly-owned subsidiaries;

(2)the consummation of any transaction (including, without limitation, any merger or consolidation) as a result of which any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of Thermo Fisher’s outstanding voting stock or other voting stock into which Thermo Fisher’s voting stock is reclassified, consolidated, exchanged, or changed, measured by voting power rather than number of shares;

(3)Thermo Fisher consolidates with, or merges with or into, any “person” or “group” (as that term is used in Section 13(d)(3) of the Exchange Act), or any “person” or “group” consolidates with, or merges with or into, Thermo Fisher, in any such event pursuant to a transaction in which any of Thermo Fisher’s voting stock or the voting stock of such other person is converted into or exchanged for cash, securities, or other property, other than any such transaction where the shares of Thermo Fisher’s voting stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction;

(4)with respect to the April 2025 Notes, the first day on which a majority of the members of Thermo Fisher’s board of directors are not Continuing Directors (as defined below); or

(5)the adoption of a plan relating to Thermo Fisher’s liquidation or dissolution.

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) Thermo Fisher becomes a direct or indirect wholly-owned subsidiary of a holding company (which shall include a parent company) and (b)(i) the holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of Thermo Fisher’s voting stock immediately prior to that transaction or (ii) no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a

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Exhibit 4.17

holding company satisfying the requirements of this sentence) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the voting stock of such holding company immediately following such transaction.

For purposes of this definition, “voting stock” means with respect to any specified person (as that term is used in Section 13(d)(3) of the Exchange Act) capital stock of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right to vote has been suspended by the happening of such a contingency.

The definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance, or other disposition of “all or substantially all” of the properties or assets of Thermo Fisher and its subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable law. Accordingly, the applicability of the requirement that Thermo Fisher offer to repurchase the Fixed Rate Notes as a result of a sale, lease, transfer, conveyance, or other disposition of less than all of the assets of Thermo Fisher and its subsidiaries taken as a whole to another person or group may be uncertain.

“Change of Control Triggering Event” means, with respect to any series of Fixed Rate Notes, the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

“Continuing Directors” means, as of any date of determination, any member of the board of directors of Thermo Fisher who (1) was a member of the board of directors of Thermo Fisher on the date of the issuance of the April 2025 Notes; or (2) was nominated for election or elected to the board of directors of Thermo Fisher with the approval of a majority of the Continuing Directors who were members of such board of directors of Thermo Fisher at the time of such nomination or election (either by specific vote or by approval of Thermo Fisher’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

“Fitch” means Fitch Ratings Limited, and any successor to its rating agency business.

“Investment Grade Rating” means a rating by Moody’s equal to or higher than Baa3 (or the equivalent under a successor rating category of Moody’s) or a rating by S&P equal to or higher than BBB- (or the equivalent under any successor rating category of S&P) or a rating by Fitch equal to or higher than BBB- (or the equivalent under any successor rating category of Fitch).

“Moody’s” means Moody’s Investors Service, Inc., and any successor to its rating agency business.

“Rating Agencies” means (1) Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch ceases to rate the applicable series of Fixed Rate Notes or fails to make a rating of such Fixed Rate Notes publicly available for any reason, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by Thermo Fisher (as certified by a resolution of its board of directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as the case may be.

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., and any successor to its rating agency business.

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Exhibit 4.17

Certain Covenants

Limitations on Liens. The Issuer will not, and will not permit any of its subsidiaries to, create, incur, assume, or otherwise cause to become effective any Lien (as defined below) (other than permitted Liens) on any Principal Property (as defined below) or upon shares of stock of any Principal Subsidiary (as defined below) (whether such Principal Property or shares are now existing or owned or hereafter created or acquired), to secure any indebtedness of the Issuer, any of its subsidiaries or any indebtedness of any other Person (as defined below), unless the Issuer or such subsidiary also secures all payments due under the Fixed Rate Notes and all senior debt securities of any series having the benefit of this covenant (together with, if the Issuer shall so determine, any other indebtedness of the Issuer or any subsidiary of the Issuer then existing or thereafter created ranking equally with the Fixed Rate Notes), on an equal and ratable basis with such other indebtedness so secured (or, in the case of indebtedness subordinated to the Fixed Rate Notes, prior or senior thereto, with the same relative priority as the Fixed Rate Notes will have with respect to such subordinated indebtedness) for so long as such other indebtedness shall be so secured. The indentures contain the following exceptions to the foregoing prohibition:

(a)Liens existing on the date when the Issuer first issued the applicable series of Fixed Rate Notes pursuant to the applicable indenture;

(b)Liens on property owned or leased by a Person existing at the time such Person is merged with or into or consolidated with the Issuer or any subsidiary of the Issuer or the Issuer or one or more of its subsidiaries acquires directly or indirectly all or substantially all of the stock or assets of such Person; provided that such Liens were in existence prior to the contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person merged into, consolidated with, or acquired by the Issuer or such subsidiary;

(c)Liens on property existing at the time of acquisition thereof by the Issuer or any subsidiary of the Issuer, provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Issuer or such subsidiary;

(d)Liens to secure indebtedness incurred prior to, at the time of or within 18 months after the later of the acquisition of any property and the completion of the construction, alteration, repair, or improvement of any property, as the case may be, for the purpose of financing all or a part of the purchase price thereof or cost of the construction, alteration, repair, or improvement thereof and Liens to the extent they secure indebtedness in excess of such purchase price or cost and for the payment of which recourse may be had only against such property;

(e)Liens in favor of the United States or any state, territory, or possession thereof (or the District of Columbia), or any department, agency, instrumentality, or political subdivision of the United States or any state, territory, or possession thereof (or the District of Columbia), to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens;

(f)any Lien securing indebtedness of a subsidiary owing to the Issuer or to one or more of its subsidiaries;

(g)Liens incurred or assumed in connection with the issuance of revenue bonds the interest on which is exempt from federal taxation pursuant to Section 103 of the Code;

(h)Liens created, incurred or assumed in connection with an industrial revenue bond, pollution control bond, or similar financing between the Issuer or any subsidiary of the Issuer and any federal, state, or municipal government or other government body or quasi-governmental agency;

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Exhibit 4.17

(i)any extension, renewal, or replacement (or successive extensions, renewals, or replacements) in whole or in part of any Lien referred to in clauses (a) through (h) above, inclusive, so long as (1) the principal amount of the indebtedness secured thereby does not exceed the principal amount of indebtedness so secured at the time of the extension, renewal, or replacement (except that, where an additional principal amount of indebtedness is incurred to provide funds for the completion of a specific project, the additional principal amount, and any related financing costs, may be secured by the Lien as well) and (2) the Lien is limited to the same property subject to the Lien so extended, renewed or replaced (and improvements on the property); and

(j)any Lien on a Principal Property or the shares of stock of a Principal Subsidiary that would not otherwise be permitted by clauses (a) through (i) above, inclusive, securing indebtedness which, together with:

•the aggregate outstanding principal amount of all other indebtedness of the Issuer and its subsidiaries secured by Liens on a Principal Property or the shares of stock of a Principal Subsidiary that is permitted solely pursuant to this clause (j), and

•the aggregate Value (as defined below) of existing Sale and Leaseback Transactions (as defined below) that are permitted solely pursuant to clause (c) of “Limitation on Sale and Leaseback Transactions” and are still in existence, does not exceed 10% of Consolidated Net Assets (as defined below).

Limitation on Sale and Leaseback Transactions. The Issuer will not, and will not permit any of its subsidiaries to, enter into any Sale and Leaseback Transaction with respect to any Principal Property unless:

(a)the Issuer or such subsidiary could incur indebtedness, in a principal amount at least equal to the Value of such Sale and Leaseback Transaction, secured by a Lien on the Principal Property to be leased (without equally and ratably securing debt securities of any series having the benefit of this covenant) pursuant to clauses (a) through (i) under “Limitations on Liens” above;

(b)the Issuer applies, during the six months following the effective date of the Sale and Leaseback Transaction, an amount equal to the Value of the Sale and Leaseback Transaction to either (or a combination of) the voluntary retirement of Funded Debt (as defined below) or to the acquisition of property; or

(c)the aggregate Value of such Sale and Leaseback Transaction plus the Value of all other Sale and Leaseback Transactions of Principal Properties entered into after the date of the issuance of the Fixed Rate Notes permitted solely by this clause (c) and still in existence, plus the aggregate amount of all indebtedness secured by Liens permitted solely by clause (j) of “Limitations on Liens” does not exceed 10% of Consolidated Net Assets.

Certain Other Covenants. The indentures contain certain other covenants regarding, among other matters, corporate existence and reports to holders of Fixed Rate Notes. The Fixed Rate Notes do not contain any additional financial or restrictive covenants, including covenants relating to total indebtedness, interest coverage, stock repurchases, recapitalizations, dividends and distributions to shareholders or current ratios. The provisions of the indentures do not afford holders of Fixed Rate Notes issued thereunder protection in the event of a sudden or significant decline in the Issuer’s credit quality or in the event of a takeover, recapitalization or highly leveraged or similar transaction involving the Issuer or any of its affiliates that may adversely affect such holders.

Consolidation, Merger and Sale of Assets. The Issuer will not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its and its subsidiaries property and

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Exhibit 4.17

assets taken as a whole (in one transaction or a series of related transactions) to any Person, or permit any Person to merge with or into the Issuer, unless:

•the Issuer shall be the continuing Person, or the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or that acquired or leased such property and assets (the “Surviving Person”), shall be a Person organized and validly existing under the laws of the United States of America or any jurisdiction thereof, or, subject to certain conditions (including an obligation to pay additional amounts in respect of withholding taxes), a jurisdiction outside the United States, and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the Issuer’s obligations under each applicable indenture and the Fixed Rate Notes;

•immediately after giving effect to such transaction, no default or event of default (each as defined in each applicable indenture) shall have occurred and be continuing; and

•the Issuer delivers to the Trustee an officer’s certificate and opinion of counsel, in each case stating that such consolidation, merger, or transfer and such supplemental indenture complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied with.

The Surviving Person will succeed to, and be substituted for, the Issuer under each applicable indenture and the Fixed Rate Notes and, except in the case of a lease, the Issuer shall be released of all obligations under the indenture and the Fixed Rate Notes.

Definition of Certain Terms. The following are the meanings of terms that are important in understanding the covenants described above with respect to the Fixed Rate Notes.

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with U.S. GAAP (as defined below) as in effect on the date of the applicable indenture.

“Consolidated Net Assets” means the consolidated total assets of the Issuer and its subsidiaries as reflected in its most recent balance sheet prepared in accordance with U.S. GAAP as in effect at the time of such determination, less (a) all current liabilities (excluding any notes and loans payable, current maturities of long-term debt, the current portion of deferred revenue and obligations under capital leases) and (b) acquisition-related intangible assets in accordance with U.S. GAAP in effect at the time of such determination. Consolidated Net Assets includes goodwill of the Issuer and its subsidiaries.

“Funded Debt” means, as of any date of determination, the Issuer’s indebtedness or the indebtedness of a subsidiary maturing by its terms more than one year after its creation and indebtedness classified as long-term debt under U.S. GAAP as in effect on the date of the applicable indenture, and in each case ranking at least pari passu with the senior debt securities.

“indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

(1)in respect of borrowed money;

(2)evidenced by bonds, notes, debentures, or similar instruments or letters of credit (or reimbursement agreements in respect thereof); and

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Exhibit 4.17

(3)in respect of Capital Lease Obligations.

In addition, the term “indebtedness” includes (x) all indebtedness (as defined above) of others secured by a Lien on any asset of the specified Person (whether or not such indebtedness is assumed by the specified Person), provided that the amount of such indebtedness will be the lesser of (A) the fair market value of such asset at such date of determination and (B) the amount of such indebtedness, and (y) to the extent not otherwise included, the guarantee by the specified Person of any indebtedness (as defined above) of any other Person.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, or encumbrance of any kind in respect of such asset, whether or not filed, recorded, or otherwise perfected under applicable law, including any conditional sale or other title retention agreement.

“Original Issue Discount Security” means any debt security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of maturity thereof pursuant to the applicable indenture.

“Person” means any individual, corporation, partnership, limited liability company, joint venture, joint-stock company, association, trust, unincorporated organization, or government or any agency or political subdivision of a government or governmental agency.

“Principal Property” means any single parcel of real property or any permanent improvement thereon (i) owned by the Issuer or any of its subsidiaries located in the United States, including the Issuer’s principal corporate office, any manufacturing facility or plant, or any portion thereof and (ii) having a book value, as of the date of determination, in excess of 3% the Issuer’s Consolidated Net Assets, as calculated most recently prior to the applicable issue due of the applicable series of Fixed Rate Notes. Principal Property does not include any property that the Issuer’s board of directors has determined not to be of material importance to the business conducted by the Issuer and its subsidiaries, taken as a whole.

“Principal Subsidiary” means any direct or indirect subsidiary of the Issuer that owns a Principal Property.

“Sale and Leaseback Transaction” means any arrangement with any Person providing for the leasing by the Issuer or any subsidiary of any Principal Property which has been or is to be sold or transferred by the Issuer or such subsidiary to such Person, excluding (1) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (2) leases between the Issuer and a subsidiary or between subsidiaries of the Issuer, (3) leases of a Principal Property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement, or the commencement of commercial operation of the property, and (4) arrangements pursuant to any provision of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954, as amended.

“U.S. GAAP” means generally accepted accounting principles set forth in the FASB Accounting Standards Codification or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time.

“Value” means, with respect to a Sale and Leaseback Transaction, an amount equal to the net present value of the lease payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, water rates and other items that do not constitute payments for property rights) with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the weighted average interest rate on the debt

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Exhibit 4.17

securities of all series (including the yield to maturity on any Original Issue Discount Securities) which are outstanding on the effective date of such Sale and Leaseback Transaction.

Events of Default

Each indenture defines an Event of Default with respect to any series of Fixed Rate Notes issued pursuant to the applicable indenture. Events of Default on the Fixed Rate Notes are any of the following:

•Default in the payment of the principal or any premium on Fixed Rate Notes when due (whether at maturity, upon acceleration, redemption or otherwise);

•Default for 30 days in the payment of interest on Fixed Rate Notes when due;

•Failure to comply with the provisions described under the caption “—Repurchase Upon a Change of Control” with respect to any series of Fixed Rate Notes.

•Failure by Thermo Fisher to observe or perform any other term of the applicable indenture for a period of 90 days after it receives a notice of default stating that it is in breach. The notice must be sent by either the Trustee or holders of 25% of the principal amount of the Fixed Rate Notes of the affected series;

•(1) Failure by Thermo Fisher to pay indebtedness for money it borrowed or guaranteed the payment of in an aggregate principal amount of at least $100 million, in the case of the 2024 Notes, the April 2025 Notes, the 2026 Notes, the March 2027 Notes, the September 2028 Notes, the 2029 Notes, or the 2037 Notes, or $150 million, in the case of the March 2025 Notes, the April 2027 Notes, the March 2028 Notes, the 2031 Notes, the 2032 Notes, the 2039 Notes, or the 2049 Notes, at the later of final maturity and the expiration of any related applicable grace period and such defaulted payment shall not have been made, waived or extended within 30 days or (2) acceleration of the maturity of any indebtedness for money that the Issuer borrowed or guaranteed the payment of in an aggregate principal amount of at least $100 million, in the case of the 2024 Notes, the April 2025 Notes, the 2026 Notes, the March 2027 Notes, the September 2028 Notes, the 2029 Notes, or the 2037 Notes, or $150 million, in the case of the March 2025 Notes, the April 2027 Notes, the March 2028 Notes, the 2031 Notes, the 2032 Notes, the 2039 Notes, or the 2049 Notes, if such indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days; provided, however, that, if the default under the instrument is cured by the Issuer, or waived by the holders of the indebtedness, in each case as permitted by the governing instrument, then the Event of Default under the applicable indenture governing the Fixed Rate Notes caused by such default will be deemed likewise to be cured or waived; and

•Certain events in bankruptcy, insolvency or reorganization with respect to Thermo Fisher.

Each indenture provides that the Trustee may withhold notice to the holders of any series of debt securities issued thereunder of any default if the Trustee’s board of directors, executive committee, or a trust committee of directors or trustees and/or certain officers of the Trustee in good faith determine it in the interest of such holders to do so.

Remedies if an Event of Default Occurs. Each indenture provides that if an Event of Default has occurred with respect to the applicable series of Fixed Rate Notes and has not been cured, the Trustee or the holders of not less than 25% in principal amount of the Fixed Rate Notes of that series then outstanding may declare the entire

21

Exhibit 4.17

principal amount of all the Fixed Rate Notes of that series, and accrued interest, if any, to be due and immediately payable. This is called a declaration of acceleration of maturity. If an Event of Default occurs because of certain events in bankruptcy, insolvency, or reorganization with respect to the Issuer, the principal amount of all the Fixed Rate Notes will be automatically accelerated, without any action by the Trustee or any holder. The holders of a majority in aggregate principal amount of the Fixed Rate Notes of the affected series may by written notice to the Issuer and the Trustee, on behalf of the holders of the Fixed Rate Notes of the affected series, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the applicable indenture, if the rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest, if any, on, such Fixed Rate Notes.

Except as may otherwise be provided in the applicable indenture in cases of default, where the Trustee has some special duties, the Trustee is not required to take any action under such indenture at the request of any holders unless the holders offer the Trustee protection from expenses and liability (called an “indemnity”). If indemnity satisfactory to the Trustee is provided, the holders of a majority in principal amount of the outstanding Fixed Rate Notes of the affected series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the Trustee. Subject to certain exceptions contained in the applicable indenture, these majority holders may also direct the Trustee in performing any other action under the applicable indenture.

Before a holder of Fixed Rate Notes bypasses the Trustee and brings its own lawsuit or other formal legal action or takes other steps to enforce its rights or protect its interests relating to the applicable series of Fixed Rate Notes, the following must occur:

•The holder must give the Trustee written notice that an Event of Default has occurred and remains uncured.

•The holders of 25% in principal amount of all outstanding Fixed Rate Notes of the affected series must make a written request that the Trustee take action because of the Event of Default and must offer reasonable indemnity to the Trustee against the cost and other liabilities of taking that action.

•The Trustee must have failed to take action for 60 days after receipt of the above notice and offer of indemnity and, during such 60-day period, the Trustee has not received a contrary instruction from holders of a majority in principal amount of all outstanding Fixed Rate Notes of such series.

However, a holder of Fixed Rate Notes is entitled at any time to bring a lawsuit for the payment of money due on its Fixed Rate Notes on or after the due date of that payment.

The Issuer will furnish to the Trustee every year a written statement of one to two of its officers certifying that to their knowledge the Issuer is in compliance with the applicable indenture and the Fixed Rate Notes, or else specifying any default.

Satisfaction and Discharge

The applicable indenture will cease to be of further effect with respect to a series of Fixed Rate Notes and the Trustee, upon the Issuer’s demand and at its expense, will execute appropriate instruments acknowledging the satisfaction and discharge of the applicable indenture upon compliance with certain conditions, including:

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Exhibit 4.17

•the Issuer having paid all sums payable by it under such indenture, as and when the same shall be due and payable;

•the Issuer having delivered to the Trustee for cancellation all Fixed Rate Notes theretofore authenticated under such indenture;

•all Fixed Rate Notes of any series outstanding under such indenture not theretofore delivered to the Trustee for cancellation shall have become due and payable or are by their terms to become due and payable within one year and the Issuer shall have deposited with the Trustee sufficient cash or U.S. government or U.S. government agency notes or bonds that will generate enough cash to pay, at maturity or upon redemption, all such Fixed Rate Notes of any series outstanding under such indenture; or

•the Issuer having delivered to the Trustee an officer’s certificate and an opinion of counsel, each stating that these conditions have been satisfied

Defeasance

Full Defeasance. The Issuer can legally release itself from any payment or other obligations on the Fixed Rate Notes of any series (called “full defeasance”) if the following conditions are met:

•The Issuer deposits in trust for the benefit of holders of Fixed Rate Notes of the same series a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal, any premium and any other payments on the Fixed Rate Notes of that series on their various due dates.

•There is a change in current U.S. federal tax law or an Internal Revenue Service ruling that lets the Issuer make the above deposit without causing holders of Fixed Rate Notes to be taxed on the Fixed Rate Notes any differently than if the Issuer did not make the deposit and instead repaid the Fixed Rate Notes itself when due. Under current U.S. federal tax law, the deposit and the Issuer’s legal release from the Fixed Rate Notes would be treated as though the Issuer took back a holder’s Fixed Rate Notes and gave such holder its share of the cash and debt securities or bonds deposited in trust. In that event, a holder of Fixed Rate Notes could recognize gain or loss on the Fixed Rate Notes it give back to the Issuer.

•The Issuer delivers to the Trustee a legal opinion of its counsel confirming the tax law change or ruling described above.

If the Issuer ever did accomplish full defeasance, as described above, a holder of Fixed Rate Notes would have to rely solely on the trust deposit for repayment of the Fixed Rate Notes. Such holders could not look to the Issuer for repayment in the event of any shortfall.

However, even if the Issuer makes the deposit in trust and opinion delivery arrangements discussed above, a number of its obligations relating to the Fixed Rate Notes will remain. These include the Issuer’s obligations:

•to register the transfer and exchange of Fixed Rate Notes;

•to replace mutilated, destroyed, lost or stolen Fixed Rate Notes;

•to maintain paying agencies; and

•to hold money for payment in trust.

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Exhibit 4.17

Covenant Defeasance. Without any change of current U.S. federal tax law, the Issuer can make the same type of deposit described above and be released from some of the covenants on the Fixed Rate Notes of any series. This is called “covenant defeasance.” In that event, holders of Fixed Rate Notes would lose the protection of those covenants but would gain the protection of having money and securities set aside in trust to repay the Fixed Rate Notes. In order to achieve covenant defeasance, the Issuer must do the following:

•The Issuer must deposit in trust for the benefit of holders of Fixed Rate Notes of the same series a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal, any premium and any other payments on the Fixed Rate Notes of that series on their various due dates.

•The Issuer must deliver to the Trustee a legal opinion of its counsel confirming that under current U.S. federal income tax law the Issuer may make the above deposit without causing holders of such series of Fixed Rate Notes to be taxed on the Fixed Rate Notes any differently than if it did not make the deposit and instead repaid the Fixed Rate Notes itself when due.

If the Issuer accomplishes covenant defeasance, a holder of such Fixed Rate Notes can still look to it for repayment of the Fixed Rate Notes if there were a shortfall in the trust deposit. In fact, if one of the Events of Default occurred (such as the Issuer’s bankruptcy) and the Fixed Rate Notes become immediately due and payable, there may be such a shortfall. Depending on the event causing the default, a holder of such Fixed Rate Notes may not be able to obtain payment of the shortfall.

Modification and Waiver

There are three types of changes the Issuer can make to the indentures and the Fixed Rate Notes.

Changes Requiring Approval of the Holder. First, there are changes that cannot be made to a series of Fixed Rate Notes without specific approval of each holder of Fixed Rate Notes of such series. The following is a list of those types of changes:

•change the stated maturity of the principal or interest on Fixed Rate Notes of any series;

•reduce any amounts due on any Fixed Rate Notes of such series;

•reduce the amount of principal payable upon acceleration of the maturity of the Fixed Rate Notes following an Event of Default;

•change the place or currency of payment for such series of Fixed Rate Notes;

•impair the holder’s right to sue for the enforcement of any payment on or with respect to the Fixed Rate Notes;

•reduce the percentage in principal amount of the Fixed Rate Notes, the approval of whose holders is needed to modify or amend the applicable indenture or the Fixed Rate Notes;

•reduce the percentage in principal amount of the Fixed Rate Notes, the approval of whose holders is needed to waive compliance with certain provisions of the applicable indenture or to waive certain defaults; and

•modify any other aspect of the provisions dealing with modification and waiver of the applicable indenture, except to increase the percentage required for any modification or to provide that other provisions of such indenture may not be modified or waived without consent of the holder of each Fixed Rate Note of such series affected by the modification.

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Exhibit 4.17

Changes Not Requiring Approval. The second type of change does not require any vote by holders of the Fixed Rate Notes. The following is a list of those types of changes:

•cure any ambiguity, defect, or inconsistency;

•evidence the succession of another entity to the Issuer’s obligations under the indentures;

•provide for uncertificated Fixed Rate Notes in addition to or in place of certificated Fixed Rate Notes;

•add to the covenants for the benefit of holders of outstanding Fixed Rate Notes or to surrender any right or power the Issuer has under the applicable indenture;

•add additional events of default;

•secure Fixed Rate Notes of any series;

•make any change that does not adversely affect the rights of any holder of Fixed Rate Notes in any material respect;

•issue additional Fixed Rate Notes of any series;

•evidence and provide for a successor Trustee and add to or change the provisions of an indenture to provide for or facilitate the administration of the trusts under the applicable indenture; or

•comply with requirements of the SEC in order to effect or maintain the qualification of the applicable indenture under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).

Changes Requiring a Majority Vote. Any other change to an indenture and the Fixed Rate Notes would require the following approval:

•If the change affects only Fixed Rate Notes of one series, it must be approved by the holders of a majority in principal amount of the Fixed Rate Notes of that series.

•If the change affects a series of Fixed Rate Notes as well as the senior debt securities of one or more other series issued under the indentures, it must be approved by the holders of a majority in principal amount of the Fixed Rate Notes of such series and each other series of senior debt securities affected by the change.

•In each case, the required approval must be given by written consent.

The same vote would be required for the Issuer to obtain a waiver of a past default. However, the Issuer cannot obtain a waiver of a payment default or a waiver with respect to any other aspect of the applicable indenture and the Fixed Rate Notes listed in the first category described previously under “Changes Requiring Approval of the Holder” unless the Issuer obtains a holder’s individual consent to the waiver.

Further Details Concerning Voting

Any series of Fixed Rate Notes will not be considered outstanding, and therefore not eligible to vote, if the Issuer has deposited or set aside in trust for holders of such series of Fixed Rate Notes money for their payment or redemption. The Fixed Rate Notes of any series will also not be eligible to vote if they have been fully defeased as described above under “Full Defeasance.”

The Issuer generally is entitled to set any day as a record date for the purpose of determining the holders of outstanding Fixed Rate Notes that are entitled to vote or take other action under the applicable indenture. In certain limited circumstances, the Trustee is entitled to set a record date for action by holders. If the Issuer or the Trustee sets a record date for a vote or other action to be taken by holders of Fixed Rate Notes, that vote or action may be taken only by persons who are holders of outstanding Fixed Rate Notes on the record date and must be taken within 180 days following the record date or another period that the Issuer may specify (or as the

25

Exhibit 4.17

Trustee may specify, if it set the record date). The Issuer may shorten or lengthen (but not beyond 180 days) this period from time to time.

No Personal Liability of Incorporators, Stockholders, Officers, Directors

The indentures provide that no recourse shall be had under any obligation, covenant, or agreement of the Issuer in the indentures or in any of the Fixed Rate Notes or because of the creation of any indebtedness represented thereby, against any of its incorporators, stockholders, officers, or directors, past, present, or future, or of any predecessor or successor entity thereof under any law, statute, or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. Each holder, by accepting the Fixed Rate Notes, waived and released all such liability.

Concerning the Trustee

The Bank of New York Mellon Trust Company, N.A. is the trustee under the indentures. The Bank of New York Mellon, London Branch, has been appointed as paying agent with respect to the April 2025 Notes. The Trustee or its affiliates may from time to time in the future provide banking and other services to the Issuer in the ordinary course of its business.

The indentures provide that, prior to the occurrence of an Event of Default with respect to the Fixed Rate Notes of a series and after the curing or waiving of all such Events of Default with respect to that series, the Trustee will not be liable except for the performance of such duties as are specifically set forth in the applicable indenture. If an Event of Default has occurred and has not been cured or waived, the Trustee will exercise such rights and powers vested in it under the applicable indenture and will use the same degree of care and skill in its exercise as a prudent person would exercise under the circumstances in the conduct of such person’s own affairs.

The indentures and the provisions of the Trust Indenture Act incorporated by reference therein contain limitations on the rights of the Trustee thereunder, should it become a creditor of the Issuer or any of its subsidiaries, to obtain payment of claims in certain cases or to realize on certain property received by the Trustee in respect of any such claims, as security or otherwise. The Trustee is permitted to engage in other transactions, provided that if it acquires any conflicting interest (as defined in the Trust Indenture Act), it must eliminate such conflict or resign.

Unclaimed Funds

All funds deposited with the Trustee or any paying agent for the payment of principal, interest, premium, or additional amounts in respect of Fixed Rate Notes that remain unclaimed for one year after the date upon which the principal of, premium, if any, or interest on such Fixed Rate Notes shall have become due and payable will be repaid to the Issuer. Thereafter, any right of any holder of Fixed Rate Notes to such funds shall be enforceable only against the Issuer, and the Trustee and paying agents will have no liability therefor.

Book-Entry; Delivery and Form

The Fixed Rate Notes are issued in the form of one or more global notes in fully registered form, without coupons, and have been deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary, for, and in respect of interests held through, Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, S.A. (“Clearstream”). Except as described herein, certificates will not

26

Exhibit 4.17

be issued in exchange for beneficial interests in the global notes. Except as set forth below, the global notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective nominees.

Beneficial interests in the global notes are represented, and transfers of such beneficial interests are effected, through accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in Euroclear or Clearstream. Those beneficial interests must be in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Investors may hold Fixed Rate Notes directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations that are participants in such systems.

For so long as the Fixed Rate Notes are represented by global notes deposited with, and registered in the name of a nominee for, a common depositary for Euroclear and/or Clearstream, each person (other than Euroclear or Clearstream) who is for the time being shown in the records of Euroclear or of Clearstream as the holder of a particular nominal amount of the Fixed Rate Notes (in which regard any certificate or other document issued by Euroclear or Clearstream as to the nominal amount of the Fixed Rate Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall upon their receipt of a certificate or other document be treated by Thermo Fisher and the Trustee as the holder of such nominal amount of the Fixed Rate Notes and the registered holder of the global notes shall be deemed not to be the holder for all purposes other than with respect to the payment of principal or interest on such nominal amount of the Fixed Rate Notes, for which purpose the registered holder of the relevant global note shall be treated by Thermo Fisher and the Trustee as the holder of such nominal amount of the Fixed Rate Notes in accordance with and subject to the terms of the global notes and the expressions “noteholder” and “holder of notes” and related expressions shall be construed accordingly.

Certificated Notes

If the depositary for any of the securities represented by a global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we will issue securities in definitive form in exchange for the global security that had been held by the depositary. Any securities issued in definitive form in exchange for a global security will be registered in the name or names that the depositary gives to the Trustee or other relevant agent of ours or theirs. It is expected that the depositary’s instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the global security that had been held by the depositary.

Governing Law

The indentures and the Fixed Rate Notes are governed by, and construed in accordance with, the laws of the State of New York.

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EX-10.5

Exhibit 10.5

SUMMARY OF 2021 ANNUAL CASH INCENTIVE PLAN

In February 2021, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Thermo Fisher Scientific Inc. (the "Company") established a target cash bonus amount for 2021 for each of the Company’s executive officers, as well as performance metrics and goals for the Company under the Company’s annual cash incentive program. The target cash bonus amount for each executive, which is expressed as a percentage of base salary (ranging from 80% to 200%), was determined by the Compensation Committee based on the salary level and position of such executive within the Company. The total target opportunity under the annual cash incentive plan for 2021 is 0-200% of target cash bonus (other than in exceptional circumstances).

The performance metrics and goals for the annual cash incentive plan for 2021 are based on (a) (70%) financial measures for the Company, comprised of (i) growth in revenue (adjusted for the impact of acquisitions and divestitures and for foreign currency changes) (35%), (ii) net income (adjusted for restructuring charges and certain other items of income or expense) (30%) and (iii) operating cash flow (adjusted for capital expenditures) (5%) and (b) (30%) non-financial measures of such executives’ contributions to the achievement of certain business objectives of the Company.

For each of the financial measures included in the Company’s annual incentive plan, the Company’s actual performance will be measured relative to the Company’s internal operating plan for 2021, and the Compensation Committee will have the option of considering the impact of macro-economic factors, including foreign exchange. In exceptional circumstances, the Committee has the discretion to fund at a higher level than 200%.

EX-10.49

Exhibit 10.49

CONSULTING AGREEMENT

THIS AGREEMENT, made this 24th day of February, 2022, by and between Thermo Fisher Scientific Inc. (“Company”), with its principal place of business located at 168 Third Avenue, Waltham, MA 02451, and Mark Stevenson (“Consultant”), with his principal place of business at an address on file with the Company (collectively referred to as “the Parties”).

    The Parties agree as follows:

1.CONSULTING PERIOD

    The term of this Agreement shall commence on March 19, 2022, and shall continue until March 1, 2023, unless terminated earlier or extended by mutual agreement as provided below (the “Consulting Period”).

2.CONSULTING SERVICES

Company engages Consultant to perform, and Consultant shall perform, the following advisory and consulting services: (1) serve as a member of the Company’s Scientific Advisory Board during the Consulting Period, (2) consulting on Covid-19 testing including assisting externally as needed, and (3) other duties and responsibilities as mutually defined by the Parties. Consultant agrees to devote a sufficient number of hours per week in order to complete the assignments given by Company in a timely manner.

3.CONSIDERATION

In full consideration of the services performed by Consultant under this Agreement and for the noncompetition provision outlined in Section 7 and Schedule B to this Agreement, and for so long as Consultant provides the Consulting Services to the Company pursuant to this Agreement, any and all outstanding and unvested equity awards granted to Consultant by the Company will continue to vest and be exercisable in accordance with the applicable equity plans and award agreements; provided, however, that if Consultant continues to provide the Consulting Services through March 1, 2023, Consultant shall for purposes of the equity awards identified on Schedule A hereto be vested in such awards on March 1, 2023 to the same extent as if Consultant had “retired” from the Company (as provided in such awards) on March 1, 2023  and shall, in the case of the Nonstatutory Stock Option Award, be eligible to exercise such award through its “Final Exercise Date”.  For avoidance of doubt, if this Agreement is terminated for any reason prior to March 1, 2023, (i) Consultant will, as of such termination date, no longer enjoy continued vesting in any outstanding equity award or the special vesting and other rights under the awards identified on Schedule, (ii) all unvested equity awards as of the termination date shall be forfeited, and (iii) vested equity awards shall be exercisable or paid in accordance

with the terms of the original award agreement. Consultant specifically acknowledges and agrees that such continuation of vesting is fair, reasonable, and mutually agreed-upon consideration for the services outlined in Section 2 and for agreeing to the non-competition restriction in Section 7 below and Schedule B to this Agreement.

4.REIMBURSEMENT OF CONSULTANT EXPENSES

Company shall reimburse Consultant for all expenses reasonably incurred by Consultant on behalf of Company to the extent that same have been duly authorized in advance by Company. Expenses will be reimbursed within thirty (30) days after submission to Company.

5.INDEPENDENT CONTRACTOR STATUS

Consultant shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent of the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, workers compensation, social security, unemployment, medical or pension payments, made available to employees of the Company with respect to the services performed under this Agreement.

6.TAX REPORTING AND FILING; 409A COMPLIANCE

Company will report and withhold on the amount it pays Consultant in accordance with applicable Internal Revenue Code provisions and/or state or local law. Consultant acknowledges and agrees to file all tax returns, tax declarations, and tax schedules and to pay all taxes required, when due, with respect to any and all compensation earned by Consultant under this Agreement.

Compensation earned by Consultant under this Agreement is intended to either be exempt from or comply with the requirements of Internal Revenue Code Section 409A (“Section 409A”), and Company shall interpret and administer such payments and benefits in accordance with this intention. Each payment subject to Section 409A made to Consultant shall be considered a separate payment on a fixed payment date and not one of series of payments for purposes of Section 409A. Consultant shall not have the right to designate the taxable year of payment.

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7.PERFORMING SERVICES FOR OTHERS; NO CONFLICTING WORK

Company agrees that Consultant may perform services for others, so long as the performance of these services does not interfere with the performance of the Services to be provided pursuant to this Agreement. Notwithstanding the foregoing, Consultant agrees that at all times during the Consulting Period, and for a 12-month period commencing on the termination of this Agreement, Consultant shall refrain from, alone as a consultant, or as a partner, member, employee or agent of any partnership, or as an officer, employee, agent, director, stockholder or investor of any corporation, or in any other individual or representative capacity, directly or indirectly (through an affiliate or otherwise) working for or providing consulting or any other services to, or permitting the use of Consultant’s name by, any business, person or activity, which is or which becomes during the Consulting Period, directly or indirectly, competitive with Company’s business as conducted or proposed to be conducted. If any restriction set forth in this paragraph is found by the applicable judicial authority of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or over too broad a geographic area, the parties agree it shall be interpreted to extend over a maximum period of time, range of activities or geographic area as to which it may be enforceable.

8.NON-SOLICITATION OF COMPANY EMPLOYEES AND CUSTOMERS

    Consultant shall not, directly or indirectly, during the Consulting Period, and for a 18-month period commencing on the termination of this Agreement, solicit, interfere with, or induce any person, who is or was an employee or consultant of Company, to (i) discontinue his, her or its relationship with Company, or (ii) accept employment by, or enter into a business relationship with Consultant, or any other entity or person unless Company has approved of such business or employment relationship beforehand in writing. Additionally, Consultant shall not, directly or indirectly, during the Consulting Period, and for a 18-month period commencing on the termination of this Agreement solicit, aid in or encourage the solicitation of, contract with, aid in or encourage the contracting with, service, or contact any person or entity which is or was, a customer or client of Company, for purposes of marketing, offering or selling a product or service competitive with Company. Consultant acknowledges that this paragraph is reasonable and necessary for the protection of the business of Company and its affiliates, and that part of the compensation paid under this Agreement is in consideration for the provisions contained in this paragraph. If any restriction set forth in this paragraph is found by the applicable judicial authority of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or over too broad a geographic area, the parties agree it shall be interpreted to extend over a maximum period of time, range of activities or geographic area as to which it may be enforceable.

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9.CONFIDENTIAL DATA

Consultant agrees to keep secret and retain in the strictest confidence all Confidential Information of Company and its affiliates, and not to disclose any such Confidential Information to anyone outside of Company unless authorized by Company on a “need to know” basis, or except as may be required in the good faith performance of the Services, or as may be required by law. Consultant further agrees to take all other reasonable precautions to prevent any unauthorized disclosure of such Confidential Information. For purposes of this Agreement, “Confidential Information” means any proprietary information including, without limitation, all information in whatever form provided relating to the past, present or future business affairs of Company or its affiliates, or another party whose information Company has in its possession under obligation of confidentiality, which is disclosed by Company or its affiliates to Consultant, or which Consultant learns from inspection of drawings, parts or equipment including, without limitation, trade secrets, computer programs, computer code graphics, algorithms, engineering, product and service planning, client or customer lists, hardware configuration information, and information, research, and development, business plans, pricing and fee policies, information relating to operations, systems, security, merchandising, marketing, affiliate relations, products and product development, financial and personnel data, and specialized knowledge, data or property concerning any idea, invention, discovery, process, program, services or products provided, used, developed, investigated, manufactured or considered by Company or its affiliates during the Consulting Period, whether commercial, experimental or patented, patentable or not. Consultant also agrees that all such Confidential Information, as well as all records, files and other memoranda made or kept by Consultant in connection with the Services, shall be the exclusive property of Company. Upon termination of this Agreement, for whatever reason, Consultant will promptly deliver to Company all materials, notebooks, records, data, lists, information, memoranda, documents (including all copies) and all other property belonging to Company or containing Confidential Information, including, among other things, Confidential Information which relates to the Services, including Confidential Information that was created or obtained by Consultant while performing the Services or by virtue of Consultant’s relationship with Company. Under the Defend Trade Secrets Act of 2016 (“DTSA”), Consultant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made to Consultant’s attorney in relation to a retaliation lawsuit brought by Consultant for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

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10.INVENTIONS

All inventions, ideas, data, technology, devices, software in whatever form, processes, innovations and improvements, whether or not patentable and whether or not copyrightable, hereafter made, conceived, reduced to practice, created, written, designed or developed by the Consultant solely or jointly with others during the Consulting Period (or thereafter if resulting or directly derived from Proprietary Information, as defined below) and which relate in any manner to the business of the Company, or to its actual or planned research or development, or are suggested or result from any task assigned to the Consultant under this Agreement or work performed by the Consultant for or on behalf of the Company, shall be the sole property of the Company (collectively, “Inventions”). The Consultant hereby assigns to the Company all Inventions and any and all related patent, copyrights, trademarks, trade names and other intellectual property rights and applications therefor, in the United States and elsewhere, and appoints any officer of the Company as his duly authorized attorney to execute, file, prosecute and protect the same before any government agency, court or authority. Upon the request of the Company, and without further compensation except as expressly provided below, the Consultant shall execute such further assignments, documents and other instruments as may be necessary or desirable to fully and completely assign all Inventions to the Company and to assist the Company in applying for, obtaining and enforcing patents, copyrights or other rights in the United States and in any foreign country with respect to any Invention. The Consultant shall promptly disclose to the Company all Inventions and the Consultant further agrees that all papers and records of every kind relating to any Inventions which shall at any time come into the Consultant's possession shall be the sole and exclusive property of the Company and shall be surrendered to the Company upon the termination of the Consulting Period or upon request at any other time either during or after the termination of the Consulting Period. The Consultant agrees that the obligations and undertakings stated in this Section shall continue beyond the termination of the Consulting Period.

11.CONFLICTING OBLIGATIONS

Consultant certifies that Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude Consultant from complying with the provisions of this Agreement. Consultant will not enter into any such conflicting agreement during the term of this Agreement. Consultant’s violation of this paragraph will be considered a material breach of this Agreement.

12.NOTICES

All notices required or permitted under this Agreement shall be in writing and shall be addressed to the other party at the address first above shown. All

5

notices shall be sent by registered or certified mail, return receipt requested, or by Federal Express or other comparable courier providing proof of delivery, and shall be deemed duly given and received (i) if mailed, on the third business day following the mailing thereof, or (ii) if sent by courier, the date of its receipt (or, if such day is not a business day, the next succeeding business day).

13.EARLY TERMINATION

Notwithstanding anything to the contrary in this Agreement, the Consulting Period shall terminate automatically and immediately upon the occurrence of any one of the following events: (i) the death of Consultant; (ii) the breach of any material term of this Agreement; or (iii) the termination of this Agreement by either Party for any reason or no reason upon 30 days written notice to the other Party. Any such termination shall not, however, affect or otherwise modify the obligation of Company to pay accrued sums owed to the Consultant pursuant to the terms of this Agreement. Termination of this Agreement for any reason shall not affect Consultant’s continuing obligations under Sections 7, 8, 9, and 10, except that the non-competition restrictions in Section 7 shall not be applicable in the event the Consulting Period is ended by the Company without cause.

14.ASSIGNMENT

Should Company at any time be merged or consolidated into or with any other entity, or if substantially all of the assets of Company are transferred to another entity, this Agreement may be assigned to such entity. Consultant shall not assign any rights under this Agreement to any other person or entity.

15.INDEMNIFICATION

Company agrees to indemnify, hold harmless and defend Consultant from any liability or financial loss (including, without limitation, attorneys’ fees and costs) arising from its intentional, reckless, negligent or otherwise wrongful acts, errors or omissions in the performance of this Agreement. Consultant agrees to indemnify, hold harmless and defend Company and its related and affiliated entities from any liability or financial loss (including, without limitation, attorneys’ fees and costs) arising from intentional, reckless, negligent or otherwise wrongful acts, errors or omissions committed by Consultant or Consultant's assistants in the performance of this Agreement by Consultant or Consultant’s assistants.

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16.INTEGRATION

This Agreement is intended to be the final, complete and exhaustive statement of the terms of Consultant’s engagement by Company. This Agreement supercedes all prior and contemporaneous agreements and statements, whether written or oral, express or implied, pertaining in any manner to the engagement of Consultant and it may not be contradicted by evidence of any prior or contemporaneous statements or agreements. To the extent that practices, policies, or procedures of Company, now or in the future, apply to Consultant and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall prevail. Notwithstanding the foregoing, nothing in this Agreement changes or alters Consultant’s continuing legal obligations (including but not limited to Consultant’s Noncompetition Agreement with the Company) incurred while Consultant was employed by the Company.

17.SEVERABILITY

If a Court or Arbitrator holds any provision of this Agreement to be invalid, unenforceable or void, the remainder of this Agreement, shall remain in full force and effect.

18.GOVERNING LAW

This Agreement shall be construed, interpreted and enforced in accordance with the laws of the Commonwealth of Massachusetts without reference to its choice of law provisions. Each party hereby irrevocably consents to the exclusive jurisdiction of the state and federal courts located in Suffolk County, MA, in any action arising out of or relating to this Agreement and waives any other venue to which it may be entitled by domicile or otherwise (but without prejudice to rights of action and enforcement which may arise in the courts of England & Wales under the Restrictive Covenant Agreement appended as Schedule B to this Agreement, which are expressly reserved). In the event of any legal proceeding between the Company and Consultant relating to this Agreement, neither party may claim the right to a trial by jury, and both parties waive any right they may have under applicable law or otherwise to a right to a trial by jury.

19.ADVICE OF COUNSEL

    Consultant acknowledges that, in executing this Agreement, Consultant has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of this Agreement. This Agreement shall not be construed against any party by reason of the drafting or preparation hereof.

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20.NOTICE

Consultant acknowledges that he was provided this Agreement ten (10) business days before commencement of the consultancy relationship with the Company.

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the above date.

THERMO FISHER SCIENTIFIC INC. /s/ Lisa Britt	CONSULTANT /s/ Mark Stevenson
Lisa Britt	Mark Stevenson
SVP, Chief Human Resources Officer

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Schedule A

Grant Type	Grant Date	Grant Expiration Date	Grant Price	Amount Granted	Unvested Amount
Stock Options1	02/23/2021	02/23/2028	$458.81	17,875	13,407
RSUs2	02/23/2021	N/A	N/A	4,000	3,400
PRSUs3	02/23/2021	N/A	N/A	4,000	2,667
				Total: 25,875	Total: 19,474

1 Non-Statutory Stock Option Agreement dated February 23, 2021 between Company and Mark Stevenson. If the vesting conditions of the Non-Statutory Stock Option Agreement and the Consulting Agreement are satisfied, the remaining unvested option shall vest as follows: 4,469 Stock Options – February 23, 2023; 8,938 Stock Options – March 1, 2023

2Restricted Stock Unit Agreement dated February 23, 2021 between Company and Mark Stevenson. If the vesting conditions of the Restricted Stock Unit Agreement and the Consulting Agreement are satisfied, the remaining outstanding RSUs shall be settled as follows: 1,000 RSUs – August 23, 2022; 2,400 RSUs – March 1, 2023. Shares shall be delivered within 5 business days of the settlement date.

3 Performance Restricted Stock Unit Agreementdated February 23, 2021 between Company and Mark Stevenson. If the vesting conditions of the Performance Restricted Stock Unit Agreement and the Consulting Agreement are satisfied, the shares that become issuable pursuant to a PRSU based on the provisions of Schedule A of the Performance Restricted Stock Unit Agreement , to the extent not previously delivered, shall be delivered within the sixty (60) day period following the date such PRSUs would have vested had the Consultant remained employed with the Company.

Schedule B

Restrictive Covenant Agreement

This Agreement is made on February 24, 2022

Between

(1)LIFE TECHNOLOGIES LIMITED (Registered Company Number SC083107), whose registered address is 3 Fountain Drive, Inchinnan Business Park, Paisley PA4 9RF (hereinafter referred to as “the Company”) part of the Thermo Fisher Scientific group of companies; and

(2)MARK STEVENSON, currently residing at an address on file with the Company (“Consultant”).

Whereas

(A)The Consultant has been engaged by the Company’s parent company, Thermo Fisher Scientific Inc., to provide certain consultancy services for valuable consideration in accordance with a Consulting Agreement dated February 24, 2022 (“Consulting Agreement”) and the Consultant has agreed to enter into this supplementary Restrictive Covenant Agreement (“RC Agreement”) as Schedule B to and a condition of the terms of the Consulting Agreement; and

(B)Prior to his retirement from Thermo Fisher Scientific Inc., the Consultant was employed as the Executive Vice President and Chief Operating Officer for the Group, a role which had global responsibility across the Company and in which role the Consultant had deep insight to and/or leadership responsibility for key Confidential Information, strategic decisions, objectives and commercial relationships across the Group’s business; and

(C)The Consultant will continue to have access to key Confidential Information in the performance of the services under the Consulting Agreement; and

(D)The Parties have agreed that the restrictions contained in this RC Agreement are necessary to secure the legitimate business interests of Thermo Fisher Scientific Inc. and the Group;

It is agreed

1Definitions and interpretation

1.1In this RC Agreement unless the context otherwise requires the following expressions have the following meanings:

Confidential Information has the same meaning as in the Consulting Agreement

General Counsel means the Senior Vice President & General Counsel of the Group

Group means the Company and the Group Companies

Group Company means any company which is for the time being a subsidiary or holding company of the Group and any subsidiary of any such holding company (including, for the

avoidance of doubt and without limitation, Thermo Fisher Scientific Inc., whose registered office is at 168 Third Avenue, Waltham, Massachusetts 02451, USA, and any company which is for the time being a subsidiary or holding company of Thermo Fisher Scientific Inc.), and for the purposes of this RC Agreement the terms subsidiary and holding company shall have the meanings ascribed to them by section 1159 Companies Act 2006 or in any subordinate legislation made under the Companies Act 2006 (and Group Companies shall be interpreted accordingly)

Restricted Businesses shall mean the business and activities of Thermo Fisher Scientific Inc. and its Group Companies

Restricted Territory shall mean the United States of America, the United Kingdom, Switzerland, and all other countries in the European Economic Area and the rest of the World that the Consultant has had oversight or responsibility for in his role in the 24 months immediately preceding the Termination Date

Termination Date means the date of the termination of the Consulting Agreement

1.2Any reference in this RC Agreement to a statutory provision shall be deemed to include a reference to any statutory amendment, modification or re-enactment of it.

1.3The headings to the clauses are for convenience only and shall not affect the construction or interpretation of this RC Agreement.

2Restrictive covenants

2.1The Consultant covenants that he will not (without the previous consent in writing of the General Counsel) whether as principal or agent, and whether alone or jointly with, or as a director, manager, partner, shareholder, employee or consultant of any other person, directly or indirectly either during the term of the Consulting Agreement or:

(a)for the period of 12 months immediately after the Termination Date carry on, or be engaged, concerned or interested in any business in the Restricted Territory, which competes with the Restricted Businesses and/or any business being carried on by the Company or by any other Group Company which the Consultant has had oversight or responsibility for in the 36 month period immediately preceding the Termination Date;

(b)for the period of 18 months immediately after the Termination Date negotiate with, solicit business from or endeavour to entice away from the Company, or any other Group Company the business of any person, firm, company or organisation who or which is and has been a customer, client or agent of or supplier to (or who had regular business dealings with) the Company or any Group Company during the period of 36 months immediately preceding the Termination Date;

(c)for the period of 18 months immediately after the Termination Date undertake to provide in competition with the Company or any other Group Company any service or manufacture or supply any product similar to those with which he was concerned during the period of 36 months immediately preceding the Termination Date to or for any person who is or was a customer, client or agent of (or who had regular business dealings with)

the Company or any other Group Company during the period of 36 months immediately preceding the Termination Date;

(d)for the period of 18 months immediately after the Termination Date employ or engage for the provision of work or services, solicit or endeavour to entice away from the Company or any other Group Company, any person who is an employee of or otherwise works for the Company or any Group Company and who is either:

(i)part of the Group’s senior management (Band 9 and above) within the Restricted Businesses; or

(ii)who by reason of their knowledge of trade secrets or confidential information of the Restricted Businesses or knowledge or influence over the clients, customers or suppliers of the Restricted Businesses is likely to be able to assist or benefit a business which competes or proposes to compete with the Company or any other Group Company.

2.2For the avoidance of doubt, none of the restrictions contained in this RC Agreement shall prohibit any activities by the Consultant which are not in direct or indirect competition with any business being carried on by the Company or any other Group Company at the Termination Date.

2.3Nothing in clause 2.1 shall preclude the Consultant from acquiring or holding (directly or through nominees) publicly traded stock or other publicly traded securities of a business, so long as Consultant’s ownership does not exceed 1% percent of the outstanding securities of such company of the same class as those held by the Consultant.

2.4The Consultant agrees that, having regard to all the circumstances, the restrictions contained in this RC Agreement are reasonable and necessary for the protection of the Company or any other Group Company and that they do not bear harshly upon him and the parties agree that:

(a)each restriction shall be read and construed independently of the other restrictions so that if one or more are found to be void or unenforceable as an unreasonable restraint of trade or for any other reason the remaining restrictions shall not be affected; and

(b)if any restriction is found to be void but would be valid and enforceable if some part of it were deleted, that restriction shall apply with such deletion as may be necessary to make it valid and enforceable.

2.5The Consultant shall not, during or after the term of the Consulting Agreement, assist or advise or give any information to any person for the purpose of that person doing an act which, if done by the Consultant himself, would be in breach of any of the provisions of this RC Agreement.

2.6If the Consultant applies for or is offered a new employment, appointment or engagement, before entering into any related contract the Consultant will bring the terms of this RC Agreement to the attention of a third party proposing to directly or indirectly employ, appoint or engage him.

2.7The Consultant will at the request and cost of the Company enter into direct undertakings with the Company and/or any Group Company which correspond to the restrictions in the Consulting

Agreement and this RC Agreement, or which are less onerous only to the extent necessary (in the opinion of the Group or its legal advisors) to ensure that such undertakings are valid and enforceable.

3Third party rights

The benefit of each agreement and obligation of the Consultant under this RC Agreement may be assigned to and enforced by all successors and assigns for the time being of the Company and any Group Company and such agreements and obligations shall operate and remain binding notwithstanding the termination of this RC Agreement.

4Choice of law and submission to jurisdiction

4.1This RC Agreement shall be governed by and interpreted in accordance with the laws of England & Wales.

4.2The parties submit to the exclusive jurisdiction of the English courts, but this RC Agreement may be enforced by the Group in any court of competent jurisdiction.

Executed as a deed by Life Technologies Limited (the Company) acting by two directors or by a director and its secretary	)	..........................................................................
	)	Director
	)
	)	..........................................................................
	)	Director/Secretary

Executed as a deed by the Consultant in the presence of	)
	)
	)	..........................................................................
..........................................................................
Signature of witness
Name ................................................................
Address .............................................................
..........................................................................

EX-21

Exhibit 21

 THERMO FISHER SCIENTIFIC INC. 

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Operating Company LLC	Delaware	100
Thermo Fisher Scientific Senior Financing LLC	Delaware	100
Thermo Fisher Scientific (DE) Holding S.a.r.l.	Luxembourg	100
Laboratory Management Systems, Inc.	Delaware	100
Thermo Fisher Scientific Peru S.R.L.  [1% by Fisher Clinical Services (Peru) LLC]	Peru	99
Thermo Fisher Scientific Malaysia Sdn. Bhd.	Malaysia	100
Thermo Fisher Scientific (Barbados) Holding, Limited	Barbados	100
Fisher Clinical Logistics LLC	Delaware	100
Fisher Clinical Services (Suzhou) Co., Ltd.	China	100
Fisher Clinical Services Limited Liability Company [1% by Thermo Fisher Scientific Inc.]	Russia	99
Fisher Clinical Services Japan K.K.	Japan	100
Fisher Clinical Services (Korea) Co., Ltd	Korea	100
Cohesive Technologies Inc.	Delaware	100
Cohesive Technologies (UK) Limited	England	100
Thermo Hypersil-Keystone LLC	Delaware	100
Thermo Electron A/S	Denmark	100
Phitonex, Inc.	North Carolina	100
TWX, LLC [22.5% byThermo Scientific Portable Analytical Instruments Inc.]	Massachusetts	77.5
Thermo Fisher GP LLC	Delaware	100
Thermo Fisher Scientific C.V. [1% by TFLP LLC]	Netherlands	99
Phadia GmbH	Germany	100
Thermo Dutch Holdings Limited Partnership [1% by Thermo Finland Holdings LLC]	England	99
Fisher Clinical Services Mexico, S. de R.L. de C.V. [1% by Fisher Clinical Services (Mexico) LLC]	Mexico	99
Fisher Clinical Services (Mexico) LLC	Delaware	100
D-finitive Technologies, Inc.	South Carolina	100
Thermo Fisher Scientific Africa Proprietary Ltd	South Africa	100
Thermo Fisher Scientific Middle East Holdings Inc.	Delaware	100
Thermo Portable Holdings LLC	Delaware	100
TSP Holdings I LLC	Delaware	100

1

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Scientific Portable Analytical Instruments Inc.	Delaware	100
Thermo Fisher Germany B.V.	Netherlands	100
NovaWave Technologies, Inc.	California	100
Thermo Fisher RE I Corporation [20% by Thermo Fisher Insurance Holdings Inc.]	Delaware	80
Thermo Fisher RE II Corporation	Delaware	100
Thermo Fisher Scientific Re Ltd.	Bermuda	100
Thermo Finland Holdings LLC	Delaware	100
Pelican Acquisition Corporation	Delaware	100
Priority Air Holdings Corp	Delaware	100
Priority Air Express, LLC	Delaware	100
Priority Air Express UK Limited	England	100
Priority Air Express Pte. Ltd.	Singapore	100
PAX – DSI Acquisition LLC	Delaware	100
Distribution Solutions International, Inc.	Michigan	100
Thermo EGS Gauging LLC	Delaware	100
EGS Gauging Technical Services Company	Delaware	100
EGS Gauging Ltd.	England	100
Thermo Asset Management Services Inc.	Delaware	100
Thermo CRS Holdings Ltd.	Canada	100
Thermo CRS Ltd. [Series 1 Preferred Shares held by Oxoid Company, Diagnostix Ltd. and Thermo Fisher Scientific (Mississauga) Inc.]	Canada	100
Robocon Labor- und Industrieroboter Gesellschaft m.b.H	Austria	100
Thermo Fisher Scientific West Palm Holdings LLC	Delaware	100
Thermo Electron North America LLC	Delaware	100
picoSpin, LLC	Colorado	100
Loftus Furnace Company	Pennsylvania	100
NAPCO, Inc.	Connecticut	100
Fisher Clinical Services (Colombia) LLC	Delaware	100
Fisher Clinical Services Colombia S.A.S.	Colombia	100
Fisher Servicios Clinicos (Chile) LLC	Delaware	100
Fisher Servicios Clinicos Chile Ltda [1% by Thermo Fisher Scientific Inc.]	Chile	99
Staten Island Cogeneration Corporation	New York	100
Doe & Ingalls Investors, Inc.	Delaware	100

2

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Doe & Ingalls Management, LLC [47% by Thermo Fisher Scientific Inc.]	Delaware	53
Doe & Ingalls of California Operating LLC	North Carolina	100
Doe & Ingalls of Florida Operating LLC	Florida	100
Doe & Ingalls of Maryland Operating LLC	North Carolina	100
Doe & Ingalls of Massachusetts Operating LLC	North Carolina	100
Doe & Ingalls of North Carolina Operating LLC	North Carolina	100
Doe & Ingalls Properties II, LLC	North Carolina	100
Doe & Ingalls Properties, LLC	North Carolina	100
Thermo Electron Export Inc.	Barbados	100
Thermo Fisher Scientific (Mexico City) LLC	Delaware	100
Odyssey Luxembourg Holdings S.C.S. [1% by Odyssey Holdings LLC]	Luxembourg	99
Fisher Worldwide Gene Distribution SPV	Cayman Islands	100
Thermo Fisher Scientific Odyssey Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific Odyssey Holdings Limited	England	100
Odyssey Venture Corporation	Delaware	100
Odyssey Holdings Corporation	Delaware	100
One Lambda, Inc	California	100
SystemLink, Inc.	Virginia	100
Linkage Biosciences, Inc.	California	100
Thermo Fisher Scientific TDI S.a.r.l [.26% by Applied Biosystems International, Inc., .06% by Thermo Fisher Scientific (Finance II) S.a.r.l., and 16.81% by Thermo Fisher Scientific (Finance III) S.a.r.l.]	Luxembourg	82.87
Thermo Fisher (CN) Malta Holdings Limited [.0000001% by Thermo Fisher Scientific (Finance III) LLC	Malta	99.9999999
Thermo Fisher Scientific (Finance III) LLC	Delaware	100
Thermo Fisher Scientific TDI 2 S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Remel Luxembourg S.a.r.l.	Luxembourg	100
ABII 2 Limited	England	100
Remel Europe Limited	England	100
Odyssey Luxembourg IP Holdings 1 S.à r.l.	Luxembourg	100
Odyssey Luxembourg IP Holdings 2 S.à r.l.	Luxembourg	100
Thermo Foundation, Inc.	Massachusetts	100
Thermo Fisher Financial Services Inc.	Delaware	100
Thermo Fisher Scientific Chemicals Inc.	Delaware	100

3

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Russell pH Limited	Scotland	100
Thermo Keytek LLC	Delaware	100
Thermo Finland Holdings MT2 B.V. [10% by Thermo Finland Holdings LLC]	Netherlands	90
Thermo Cayman Holdings Ltd. [21.27% by Thermo Cambridge Limited]	Cayman Islands	78.73
European Laboratory Holdings Limited	Ireland	100
Thermo Fisher Investments (Cayman) Ltd.	Cayman Islands	100
Thermo Fisher Scientific Investments (Luxembourg) II S.a.r.l.	Luxembourg	100
Thermo Suomi Holding B.V. [33.33% by Life Sciences International Holdings BV]	Netherlands	66.67
Thermo Fisher (Finland Holdings 2) LLC	Delaware	100
Thermo Fisher (Finland Holdings) Limited Partnership [.5% by Thermo Fisher (Finland Holdings 2) LLC]	England	99.5
Thermo Finland Holdings MT1 B.V. [.5% by Thermo Fisher (Finland Holdings 2) LLC]	Netherlands	99.5
Thermo Fisher Scientific Oy	Finland	100
Life technologies Finland Oy	Finland	100
Thermo Electron Manufacturing Limited	England	100
Thermo Finnigan Limited	England	100
Thermo Hypersil Ltd	England	100
G V Instruments Limited	England	100
GV Instruments Inc	Delaware	100
GV Instruments Canada Ltd.	Canada	100
Thermo Fisher India Holding B.V. [6.13% by Thermo Fisher Scientific Inc., .68% by Thermo Gamma-Metrics LLC and 30.74% by Thermo Fisher Scientific (Asheville) LLC]	Netherlands	62.45
Thermo Fisher Scientific India Pvt Ltd [.00161 % by Thermo Fisher Scientific Inc., .00320% by Thermo Electron LED GmbH, 2.66891% by Phadia Holding AB, .00001% by Phadia AB, and 22.23825% by Dionex Corporation]	India	75.08802
JSC “Thermo Fisher Scientific”	Russia	100
Thermedics Detection de Argentina S.R.L [10% by Thermo Ramsey LLC]	Argentina	90
Fisher Clinical Services Latin America S.R.L. [10% by Thermo Ramsey LLC]	Argentina	90
Thermo Detection de Mexico S. de R.L. de C.V. [.00815586%  by Thermo Environmental Instruments LLC and .02975898% by Thermo Fisher Scientific (Mexico City) LLC]	Mexico	99.96208516
Thermo Fisher Scientific eCommerce Solutions, LLC	Delaware	100
Goring Kerr Detection Limited	England	100

4

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Sentron Canada Inc. [10% by Thermo Fisher Scientific Inc.]	Canada	90
Thermo Ramsey S.A.	Spain	100
Thermo Ramsey LLC	Massachusetts	100
Thermo Fisher Project Cyprus LLC	Delaware	100
Thermo Fisher Scientific Brasil Instrumentos de Processo Ltda. [.01% by Thermo Ramsey LLC]	Brazil	99.99
IntegenX, Inc.	California	100
IntegenX Ltd	England	100
Thermo Re, Ltd.	Bermuda	100
Thermo Electron (Proprietary) Limited	South Africa	100
Odyssey Holdings LLC	Delaware	100
TFS Group Holding I LLC [12.51% by Thermo Luxembourg Holding LLC, 4.70% by Molecular BioProducts, Inc., 20.48% by Fisher Scientific Worldwide Inc., .37% by Fisher Clinical Services Inc., .70% by Liberty Lane Investment LLC, .15% by Fisher Scientific International LLC, 7.40% by Thermo Fisher Scientific Life Investments US Financing II LLC, 13.37% by Erie LP Holding LLC, preferred shares held by Thermo Fisher Scientific Life Investments US Financing I LLC, Fisher Scientific Worldwide Holdings I C.V., and Thermo Fisher Scientific Investments (Sweden) S.a.r.l.]	Delaware	40.32
Thermo Fisher Scientific Luxembourg Sweden Holdings I S.à r.l	Luxembourg	100
TFS Group Holdings IV LLC [12.39% by Thermo Fisher Scientific Life Holdings III C.V. LLC and 0% by TFS Group Holdings III LLC]	Delaware	87.61
Thermo Fisher Scientific AU LLC	Delaware	100
Thermo Fisher Scientific AU C.V. [1% by Thermo Fisher Scientific AU LLC]	Netherlands	99
Thermo Fisher Scientific Life Technologies Investment I LLC	Delaware	100
Thermo Fisher Scientific Life Technologies Investment II LLC	Delaware	100
Thermo Fisher Scientific Life Technologies Investments Holding LP [.10% by Thermo Fisher Scientific Life Technologies Investment I LLC]	England	99.90
Thermo Electron Australia Pty Limited	Australia	100
Thermo Trace Pty Ltd.	Australia	100
Thermo Fisher Scientific Australia Pty Ltd	Australia	100
Dionex Pty Limited	Australia	100
Life Technologies Australia PTY Ltd.	Australia	100
Microgenics Diagnostics Pty Limited	Australia	100
Lomb Scientific (Aust) Pty Limited	Australia	100
Technology Design Solutions Pty Ltd	Australia	100
App-Tek International Pty Ltd	Australia	100

5

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific New Zealand Holdings	New Zealand	100
Thermo Fisher Scientific New Zealand Limited	New Zealand	100
Thermo Gamma-Metrics Holdings Pty Ltd.	Australia	100
Thermo Gamma-Metrics Pty Ltd	Australia	100
Thermo Electron (Chile) S.p.A.	Chile	100
Thermo Fisher Scientific Life Financing (Cayman)	Cayman Islands	100
Thermo Fisher Scientific Life Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific Life Technologies Investment UK II Limited	England	100
Thermo Fisher Scientific Life Holdings Limited	England	100
Thermo Fisher Scientific Life Financing Limited	England	100
Thermo Fisher Scientific AU Limited	England	100
Life Technologies Limited	Scotland	100
Matrix MicroScience Ltd.	England	100
TFS Group Holding II LLC	Delaware	100
TFS Life Holding LLC [6.19% by Thermo Fisher Scientific Life Technologies Investment UK I Limited, .01% by Thermo Fisher Scientific Life Investments US Financing II LLC, preferred shares held by Thermo Fisher Scientific Investments (Sweden) S.a.r.l. , Thermo Fisher Scientific Sweden Holdings LLC, and TFS Group Holding II LLC]	Delaware	93.80
FSWH II LLC	Delaware	100
Thermo Patheon Holdings LLC	Delaware	100
FSWH I LLC	Delaware	100
Thermo CIDTEC Inc. [2.01% by Thermo Fisher Scientific Inc. and 1.44% by FSWH II LLC]	New York	96.55
Thermo Fisher Scientific Canada Holdings LLC	Delaware	100
Thermo Fisher Scientific Canada Financing 1 ULC	Canada	100
Thermo Fisher Scientific Senior Holdings US LP [.01% by Thermo Fisher Scientific Canada Financing 3 ULC]	Delaware	99.99
Thermo Fisher Scientific Canada Financing 2 ULC	Canada	100
Thermo Fisher Scientific Senior Holdings LP [.01% held by Thermo Fisher Scientific Canada Financing 2 ULC]	Canada	99.99
Life Technologies Inc. [109,472 Class B by Thermo Fisher Scientific Life Canada Holding ULC and 690,000 Class A by Fisher Scientific Company]	Canada	100
Thermo Fisher Scientific Canada Financing 3 ULC	Canada	100
Thermo Fisher (CN) Luxembourg Holding S.a.r.l. [19% by TFS Life Holding LLC] [Domesticated in the State of Delaware under the name of Thermo Fisher (CN) Luxembourg Holding S.a.r.l. LLC]	Luxembourg	81

6

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
TFS Venture Holdings I LLC	Delaware	100
Thermo Fisher Scientific Luxembourg Venture Holdings I S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Panama I Cayman Ltd	Cayman Islands	100
Thermo Fisher Senior Canada Holdings LLC	Delaware	100
Thermo Fisher (CN-I) Luxembourg LLC	Delaware	100
Thermo Fisher (CN-II) Luxembourg LLC	Delaware	100
Thermo Fisher Scientific (PN-II) SRL	Barbados	100
Thermo Fisher (CN) Luxembourg S.a.r.l.	Luxembourg	100
TFS Venture Holdings III S.C.S. [.01 % by Thermo Fisher Scientific Luxembourg Venture Holdings I S.a.r.l.]	Luxembourg	99.99
Thermo Fisher Scientific PN2 C.V [1% by Thermo Fisher Scientific PN2 LLC]	Netherlands	99
Thermo Fisher Scientific PN2 LLC	Delaware	100
Thermo Fisher Scientific PN2 (Malta) Limited [.04% by Thermo CN Luxembourg LLC]	Malta	99.96
DPI Newco LLC	Delaware	100
Thermo Fisher Scientific FLC LLC [36.68% by Thermo Fisher Scientific Inc.]	Delaware	63.32
Patheon Manufacturing Services LLC	Delaware	100
Patheon Development Services Inc.	Delaware	100
REP GBP I-B Blocker, Inc.	Delaware	100
Patheon Biologics LLC [24% by REP GBP I-B Blocker, Inc.]	Delaware	76
Patheon Biologics (NJ) LLC	Delaware	100
Patheon API Inc.	South Carolina	100
Patheon API Services Inc.	South Carolina	100
Patheon API Manufacturing Inc.	South Carolina	100
DSM Pharmaceutical Products, Inc.	Delaware	100
Percivia LLC [50% held privately]	Delaware	50
Thermo Fisher Scientific (Finance I) S.a.r.l. [1.26% by Thermo Luxembourg Holding S.a.r.l.]	Luxembourg	98.74
Thermo Fisher Insurance Holdings Inc.	Delaware	100
Thermo Fisher Insurance Holdings LLC [45.62% by Thermo Fisher Scientific Re Ltd.]	Delaware	54.38
Thermo Scientific Microbiology Sdn Bhd	Malaysia	100
Thermo Scientific Microbiology Pte Ltd.	Singapore	100

7

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
TFS FEI Holding LLC [12.08% by Thermo Fisher Scientific (Finance I) S.a.r.l., 5.09% by Thermo Fisher (CN) Luxembourg S.a.r.l., and 21.22% Thermo Fisher (CN) Luxembourg Holding S.a.r.l]	Delaware	61.61
Thermo CN Luxembourg LLC	Delaware	100
Thermo Fisher Scientific Luxembourg Venture Holdings II S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific (DPI) Limited Partnership [.00000001% by Thermo CN Luxembourg LLC]	Canada	99.99999999
Thermo Fisher Scientific (CP1) Limited	England	100
Thermo Fisher Scientific PN2 (Luxembourg) S.à.r.l	Luxembourg	100
Fisher Canada Holding ULC 1	Canada	100
Fisher Canada Holding ULC 2	Canada	100
Fisher CLP Holding Limited Partnership [2.65574447% by Fisher Canada Holding ULC 2]	Canada	97.34425553
Fisher Canada Holding ULC 3	Canada	100
Fisher Scientific Company	Canada	100
Thermo Fisher Scientific (CP2) Limited	England	100
Patheon Inc.	Canada	100
Patheon KK	Japan	100
Patheon U.S. Holdings LLC	Delaware	100
Thermo Fisher Scientific PNM Limited Liability Partnership   [50% by Patheon Inc.]	England	50
Thermo Fisher Scientific (PN-I) SRL	Barbados	100
Thermo Fisher Scientific PNM S.a.r.l	Luxembourg	100
Patheon I B.V.	Netherlands	100
Patheon Cooperatief U.A. [1% by Patheon Finance LLC]	Netherlands	99
Patheon Softgels B.V.	Netherlands	100
Patheon Finance LLC	Delaware	100
Patheon Holdings SAS	France	100
Patheon France SAS	France	100
Patheon Italia S.p.A.	Italy	100
Thermo Fisher Scientific (PN1) UK Ltd	England	100
Patheon UK Limited	England	100
Patheon Calculus Merger LLC	Delaware	100
Patheon Puerto Rico, Inc.	Puerto Rico	100
Patheon Puerto Rico Acquisitions Corporation	Puerto Rico	100

8

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
CEPH International Corporation	Puerto Rico	100
Patheon U.S. Holdings Inc.	Delaware	100
Patheon Pharmaceuticals Services Inc.	Delaware	100
Patheon Pharmaceuticals Inc.	Delaware	100
Patheon Banner U.S. Holdings Inc.	Delaware	100
Patheon Softgels Inc.	Delaware	100
Pharmacaps Mexicana S.A. de C.V. [.2% by Patheon Banner U.S. Holdings Inc.]	Mexico	99.8
Thermo Fisher Scientific (PN) UK LLC	Delaware	100
Patheon UK Pension Trustees Limited	England	100
Thermo Fisher Scientific (PN) UK Limited Partnership [1% by Thermo Fisher Scientific (PN) UK LLC]	England	99
Thermo Fisher Scientific FSUKHCO Financing (Barbados) SRL	Barbados	100
Diagnostix Ltd.	Canada	100
Fisher Scientific Oxoid Holdings Ltd.	England	100
Oxoid Company	Canada	100
Fisher Scientific Luxembourg S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific UK Holding Company Financing Limited	England	100
Perbio Science (Canada) Company	Canada	100
Fisher Scientific UK Holding Company Limited	England	100
Fisher Scientific Oy	Finland	100
Fisher Scientific Norway AS	Norway	100
Fisher Scientific A/S	Norway	100
Doublecape Holding Limited	England	100
I.Q. (BIO) Limited	England	100
Oxoid (ELY) Limited	England	100
Doublecape Limited	England	100
Fisher Scientific Ireland Limited	Ireland	100
Doe & Ingalls Limited	Ireland	100
Fisher Scientific Holding U.K., Limited	England	100
Fisher Scientific U.K., Limited	England	100
FSUK Holdings Limited	England	100
Sterilin Limited	England	100
Fisher Scientific UK Holding Company 2	England	100

9

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Fisher Clinical Services U.K. Limited	England	100
Fisher Clinical Services Pte Ltd.	Singapore	100
Fisher Clinical Services (Beijing) Co., Ltd.	China	100
Fisher Scientific Europe Holdings B.V.	Netherlands	100
Perbio Science International Netherlands B.V.	Netherlands	100
Fisher Scientific The Hague III B.V. [35.00095% by Fisher Scientific Europe Holdings B.V.]	Netherlands	64.99905
Fisher Scientific The Hague IV B.V. [4.545% by Fisher Scientific The Hague I B.V.]	Netherlands	95.455
Acros Organics BV [.3333 by Fisher Scientific The Hague II B.V.]	Belgium	99.6667
Fisher Scientific AG [17.55% by Fisher Scientific S.A.S.]	Switzerland	82.45
Fisher Scientific The Hague V B.V.	Netherlands	100
Fisher Clinical Services GmbH	Switzerland	100
Fisher BioPharma Services (India) Private Limited [.315% by Fisher Clinical Services U.K. Limited]	India	99.685
Fisher Scientific Ireland Investments Unlimited [.10% by Fisher Scientific Europe Holdings B.V.]	Ireland	99.90
Fisher Emergo B.V.	Netherlands	100
Fisher Scientific The Hague II B.V.	Netherlands	100
Fisher Scientific The Hague I B.V.	Netherlands	100
Fisher Scientific Jersey Island Limited	Jersey	100
Fisher Maybridge Holdings Limited	England	100
Maybridge Chemical Holdings Limited	England	100
Maybridge Limited	England	100
Fisher Bioblock Holding II SNC [.99% by Fisher Scientific The Hague II BV]	France	99.01
Thermo Electron Holdings SAS [22.12% by Fisher Scientific Company]	France	77.88
Inel SAS	France	100
Inel Inc.	Delaware	100
Thermo Electron SAS	France	100
Thermo Electron LED S.A.S.	France	100
Jouan Limited	England	100
Thermo Electron Industries	France	100

10

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
S.C.I. du 10 rue Dugay Trouin [2% by Thermo Electron Industries]	France	98
Thermo Fisher Scientific Milano Srl [.05% by Thermo Electron Industries]	Italy	99.95
Fisher Scientific S.A.S.	France	100
Fisher Scientific SRL  [.1% by Fisher Bioblock Holding II SNC]	Belgium	99.9
SCI Inno 92 [.0004% by Fisher Bioblock Holding II SNC]	France	99.9996
Fisher Scientific S.L.	Spain	100
Fisher Scientific, Unipessoal, Lda.	Portugal	100
Oxoid Holding SAS	France	100
Thermo Fisher Diagnostics SAS	France	100
Oxoid Senior Holdings Limited	England	100
Oxoid UKH LLC	Delaware	100
Oxoid 2000 Limited	England	100
Oxoid Holdings Limited	England	100
Oxoid International Limited	England	100
Oxoid Australia Pty. Limited	Australia	100
OXOID CZ s.r.o. [1% by Oxoid Limited]	Czech Republic	99
Thermo Fisher Diagnostics AS	Norway	100
Thermo Fisher Diagnostics AB	Sweden	100
ILS Laboratories Scandinavia, AB	Sweden	100
Perbio Science Invest AB	Sweden	100
Perbio Science Projekt AB	Sweden	100
Fermentas Sweden AB	Sweden	100
Life Technologies BPD AB	Sweden	100
Power Sweden Holdings III Aktiebolag	Sweden	100
Thermo Fisher Diagnostics AG	Switzerland	100
Thermo Fisher Diagnostics B.V.	Netherlands	100
Oxoid Inc.	Delaware	100
Oxoid NV [.01% by Oxoid Holdings Limited]	Belgium	99.99
Thermo Fisher Diagnostics S.p.A.	Italy	100
Panomics S.r.l.	Italy	100

11

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Prionics Italia S.r.l.	Italy	100
Oxoid Limited	England	100
Thermo Fisher (Heysham) Limited	England	100
Avocado Research Chemicals Limited	England	100
Thermo Fisher (Kandel) GmbH	Germany	100
G & M Procter Limited	Scotland	100
Oxoid Limited	Ireland	100
Oxoid Pension Trustees Limited	England	100
Thermo Fisher Scientific Beteiligungsverwaltungs GmbH	Germany	100
Thermo Fisher Diagnostics Aps	Denmark	100
Phadia s.r.o. [1% by Phadia AB]	Czech Republic	99
Phadia Taiwan Inc.	Taiwan	100
Thermo Fisher Diagnostics Limited	England	100
Thermo Fisher Diagnostics K.K.	Japan	100
Thermo Fisher Diagnostics Austria GmbH	Austria	100
Thermo Fisher Diagnostics NV [.0016% by Thermo Fisher Diagnostics Limited]	Belgium	99.9984
Thermo Fisher Diagnostics, Sociedade Unipessoal Lda	Portugal	100
Thermo Fisher Diagnostics, S.L.U.	Spain	100
Thermo Fisher Diagnostics Oy	Finland	100
Fiberlite Centrifuge LLC	Delaware	100
Thermo MF Physics LLC [3.02% by Thermo Fisher Scientific Spectra-Physics Holdings Luxembourg II S.à r.l.]	Delaware	96.98
Thermo Fisher Investments (Cayman) LLC [4.37% by Thermo Fisher Scientific Investments (Luxembourg) II S.a.r.l.]	Delaware	95.63
Thermo Fisher Scientific CMN LLC [5.61% by Thermo Fisher Scientific Investments (Luxembourg) S.a.r.l.]	Delaware	94.39
Thermo Fisher Scientific Worldwide Investments LLC [10.10% by Thermo Fisher Scientific Worldwide Investments (Luxembourg) S.a.r.l.]	Delaware	89.90
Thermo USC I LLC [5.68% by Thermo Fisher Scientific Inc. and 2.66% by Thermo Fisher Scientific (IVGN) Limited]	Delaware	91.66
Phadia International LLC [15.28% by Phadia International Holdings C.V.]	Delaware	84.72
Thermo Fisher Scientific Investments (Sweden) II LLC [13.19% by Thermo Fisher Scientific Investments (Sweden) S.a.r.l.]	Delaware	86.81
Thermo Fisher Scientific (Cayman) LLC [14.12% by Thermo Fisher Scientific (Luxembourg) II S.a.r.l.]	Delaware	85.88

12

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Sweden Holdings S.a.r.l [1% by Thermo Fisher Scientific Sweden Holdings LLC]	Luxembourg	99
FSII Sweden Holdings I AB	Sweden	100
FSII Sweden Holdings II AB	Sweden	100
CB Diagnostics I AB	Sweden	100
Power Sweden Holdings I AB	Sweden	100
FSII Sweden Holdings AB	Sweden	100
Thermo Fisher Scientific Life Canada Holding ULC	Canada	100
Life Technologies Japan Ltd.	Japan	100
Pasteur U.S. Corporation	Delaware	100
Phadia US Market Holdings LLC	Delaware	100
Life Technologies GmbH	Germany	100
Thermo Fisher Scientific GENEART GmbH	Germany	100
LTC Tech South Africa PTY Ltd.	South Africa	100
Power Sweden Holdings II AB	Sweden	100
Perbio Science AB	Sweden	100
Thermo Fisher Scientific PRB S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Investments (Luxembourg) S.a.r.l. [1% by FSII Sweden Holdings AB]	Luxembourg	99
Thermo Fisher Scientific Life Investments II S.à r.l.	Luxembourg	100
Thermo Fisher Scientific Life Investments US Financing II LLC [1% by Perbio Science Sweden Holdings AB]	Delaware	99
Perbio Science Sweden Holdings AB	Sweden	100
Phadia Luxembourg Holdings S.a.r.l.	Luxembourg	100
Fisher Scientific GTF AB	Sweden	100
Fisher Scientific Biotech Line ApS	Denmark	100
CB Diagnostics Holding AB	Sweden	100
CB Diagnostics AB	Sweden	100
Sweden DIA (Sweden) AB	Sweden	100
Phadia Sweden AB	Sweden	100
Phadia Holding AB	Sweden	100
Phadia Diagnosticos Ltda [1% by Phadia AB]	Brazil	99
Beijing Phadia Diagnostics Co Ltd	China	100
Allergon AB	Sweden	100

13

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Nanjing WeiKangLe Trading Industrial Co Ltd	China	100
Laboratory Specialties Proprietary Ltd.	South Africa	100
Phadia AB	Sweden	100
Phadia Real Property AB	Sweden	100
Phadia US Inc.	Delaware	100
Life Technologies BPD UK Limited	England	100
Perbio Science UK Limited	England	100
Perbio Science Nederland B.V.	Netherlands	100
Thermo Fisher Scientific (Finance III) S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific (Finance II) S.a.r.l.	Luxembourg	100
Thermo Fisher CM II LLC	Delaware	100
Thermo Fisher Scientific Falcon Senior Holdings Inc.	Delaware	100
FEI Company	Oregon	100
ASPEX Corporation	Pennsylvania	100
FEI Korea Ltd.	Korea	100
FEI Houston, Inc.	Delaware	100
FEI Melbourne Pty Ltd.	Australia	100
FEI Saudi Arabia LLC [10% by FEI Europe B.V.]	Saudi Arabia	90
FEI Technologies, Inc.	Oregon	100
FEI EFA, Inc.	Delaware	100
Thermo Fisher Scientific FLC Hong Kong Limited	Hong Kong	100
Thermo Fisher Scientific Dutch Senior Holdings B.V.	Netherlands	100
Thermo Fisher Scientific FLC B.V.	Netherlands	100
Thermo Fisher Scientific B.V.	Netherlands	100
Eutech Instruments Europe B.V.	Netherlands	100
Thermo Optek S.A.	Spain	100
Thermo Fisher Financial Services B.V.	Netherlands	100
Thermo Quest S.A.	Spain	100
Thermo Fisher Scientific FLC II B.V. [Domesticated in the State of Delaware under the name of Thermo Fisher Scientific FLC II B.V.]	Netherlands	100
Thermo Fisher Scientific (Panama) B.V.	Netherlands	100
Thermo Fisher Scientific (Panama) II B.V.	Netherlands	100
Thermo Fisher Scientific (Panama) Dutch LLC	Delaware	100

14

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Patheon B.V.	Netherlands	100
Patheon Holdings B.V.	Netherlands	100
Patheon Holdings I B.V.	Netherlands	100
Patheon Holdings II B.V.	Netherlands	100
Fisher Bioservices Netherlands B.V.	Netherlands	100
Patheon Biologics Australia Pty Ltd	Australia	100
Patheon Biologics B.V.	Netherlands	100
Patheon Regensburg GmbH	Germany	100
Patheon Life Science Products International GmbH	Austria	100
Patheon I Holding GmbH	Austria	100
Patheon Austria GmbH & Co. KG [0% by Patheon I Holding GmbH]	Austria	100
Thermo Fisher Scientific Dutch Holdings B.V.	Netherlands	100
FEI Electron Optics International B.V.	Netherlands	100
Thermo Fisher (FEI) Ireland Ltd	Ireland	100
FEI Microscopy Solutions Ltd	Israel	100
FEI CPD B.V.	Netherlands	100
FEI EFA International Pte. Ltd.	Singapore	100
DCG Systems G.K.	Japan	100
DCG Systems Korea Ltd.	Korea	100
FEI Company of USA (S.E.A.) Pte Ltd.	Singapore	100
FEI Europe B.V.	Netherlands	100
FEI Electron Optics B.V.	Netherlands	100
FEI Hong Kong Company Limited	Hong Kong	100
Thermo Fisher Electronic Technology Research and Development (Shanghai) Co., Ltd	China	100
FEI Trading (Shanghai) Co., Ltd.	China	100
Thermo Fisher Scientific Brno s.r.o.	Czech Republic	100
FEI Asia Pacific Co., Ltd.	China	100
FEI Technology de Mexico S.A. de C.V. [2% by FEI Company]	Mexico	98
FEI UK Ltd.	England	100
FEI France SAS	France	100
FEI Italia Srl	Italy	100
FEI SAS	France	100

15

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
FEI Company Japan Ltd.	Japan	100
FEI Norway Holding AS	Norway	100
FEI Australia Pty Ltd	Australia	100
FEI Trondheim AS	Norway	100
Thermo Fisher Scientific Dutch Holdings II B.V.	Netherlands	100
Thermo Fisher Scientific Luxembourg Sweden Holdings II S.à r.l.	Luxembourg	100
TFS Breda B.V. [.25% by Thermo Fisher Scientific C.V.]	Netherlands	99.75
Thermo Fisher Scientific Switzerland B.V.	Netherlands	100
SwissAnalytic Group GmbH	Switzerland	100
Thermo Fisher Scientific (Ecublens) SARL	Switzerland	100
Thermo Fisher Scientific Holdings Europe Limited	England	100
Thermo Fisher Scientific SpA	Italy	100
Fisher Luxembourg Danish Holdings SARL	Luxembourg	100
Nunc A/S	Denmark	100
Proxeon Biosystems ApS	Denmark	100
Kendro Laboratory Products Ltd	England	100
Kendro Containment & Services Limited	England	100
Thermo Fisher Scientific (Johannesburg) (Proprietary) Limited	South Africa	100
Thermo Fisher Scientific (Schweiz) AG	Switzerland	100
Thermo Fisher Scientific Wissenschaftliche Geräte GmbH	Austria	100
Thermo Fisher Scientific (Praha) s.r.o.	Czech Republic	100
Thermo Electron Sweden Forvaltning AB [10.08% by Dionex Corporation]	Sweden	89.92
Spectra-Physics AB	Sweden	100
Thermo Fisher Scientific Spectra S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Spectra-Physics Holdings Luxembourg II S.à r.l.	Luxembourg	100
Thermo Fisher Scientific Spectra-Physics Holdings Luxembourg I S.à r.l.	Luxembourg	100
Spectra-Physics Holdings Limited	England	100
Thermo Fisher Scientific Japan Holdings III B.V.	Netherlands	100
Thermo Fisher Scientific K.K. [0% by TFS Breda B.V. – preferred shares]	Japan	100
Saroph Sweden AB	Sweden	100
Thermo Electron Sweden AB	Sweden	100

16

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Life Sciences AB	Sweden	100
Thermo Fisher Scientific Norway US Investments LLC	Delaware	100
Thermo Fisher Scientific Norway Holdings AS	Norway	100
Thermo Fisher Scientific Life Senior Holdings, Inc. [15.37% by Thermo Fisher Scientific Norway Holdings AS]	Delaware	84.63
Erie UK 1 LLC	Delaware	100
Thermo Fisher Scientific Invitrogen Financing (Barbados) SRL	Barbados	100
Invitrogen Holdings Ltd.	Scotland	100
Invitrogen Europe Limited	Scotland	100
Erie N2 LLC	Delaware	100
Thermo Fisher Scientific Powder UK Holdings Limited	England	100
Erie N10 LLC	Delaware	100
Erie UK 4 Limited	England	100
Thermo Fisher Scientific AU II Limited	England	100
Erie Finance LLC	Delaware	100
Applied Biosystems International Inc.	Delaware	100
Erie N2 UK Limited	England	100
Thermo Fisher Scientific Powder Financing 2 LLC	Delaware	100
Thermo Fisher Scientific Powder Finance LLC	Delaware	100
Life Technologies Corporation	Delaware	100
Combinati Incorporated	Delaware	100
Affymetrix, Inc	Delaware	100
Affymetrix Japan K.K.	Japan	100
Bender MedSystems GmbH	Austria	100
eBioscience, Ltd	England	100
Panomics, L.L.C.	California	100
USB Corporation	Ohio	100
Thermo Fisher Scientific Life Technologies Israel Investment I Limited	England	100
Thermo Fisher Scientific Life Technologies Israel Investment II Limited	England	100
Thermo Fisher Israel Ltd.	Israel	100
STC Bio Manufacturing, Inc.	Illinois	100
Thermo Fisher Scientific Colombia S.A.S.	Colombia	100
HyClone International Trade (Tianjin) Co., Ltd	China	100
Invitrogen Argentina SA	Argentina	100

17

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Invitrogen BioServices India Private Limited [1% by Invitrogen Holdings LLC]	India	99
Invitrogen IP Holdings, Inc.	Delaware	100
Ion Torrent Systems, Inc.	Delaware	100
Molecular Probes, Inc.	Oregon	100
Acoustic Cytometry Systems, Inc.	Delaware	100
Matrix MicroScience Inc.	Delaware	100
Gold Cattle Standard Testing Labs, Inc.	Texas	100
Westover Scientific, Inc.	Washington	100
Kettlebrook Insurance Co. ltd. [32.5% by Invitrogen Europe Limited]	Hawaii	67.5
Invitrogen Finance Corporation	Delaware	100
CellzDirect, Inc.	Delaware	100
Applied Biosystems, LLC	Delaware	100
NewcoGen PE, LLC	Delaware	100
BioTrove Corporation	Delaware	100
BioTrove International, Inc.	Delaware	100
Life Technologies Clinical Services Lab, Inc.	Delaware	100
Compendia Bioscience, Inc.	Michigan	100
Ambion, Inc.	Delaware	100
CHK Holdings Inc.	Delaware	100
Thermo Fisher Scientific Norway Senior Holding AS	Norway	100
Applied Biosystems de Mexico S. de R.L. de C.V. [.002% by Applied Biosystems, LLC]	Mexico	99.998
Thermo Fisher Scientific (IVGN) Limited [.84% by Ambion, Inc.]	Hong Kong	99.16
Applied Biosystems B.V.	Netherlands	100
Invitrogen Hong Kong Limited	Hong Kong	100
Life Technologies Limited [23.5% by Applied Biosystems BV]	Hong Kong	76.5
Life Technologies Holdings PTE Ltd.	Singapore	100
Affymetrix Biotech Shanghai Ltd	China	100
Affymetrix UK Ltd	England	100
Life Technologies Magyarorszag Kft	Hungary	100
Life Technologies Czech Republic s.r.o.	Czech Republic	100

18

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Life Technologies Polska Sp z.o.o. [.08% by Invitrogen Holdings LLC]	Poland	99.92
Life Technologies Europe B.V.	Netherlands	100
Bio-Sciences Ltd	Ireland	100
Prionics USA Inc.	Delaware	100
Prionics Lelystad B.V.	Netherlands	100
Prionics France SAS	France	100
Life Technologies SA	Spain	100
Stokes Bio Ltd.	Ireland	100
Life Technologies s.r.o [2.1% by Applied Biosystems BV]	Slovakia	97.9
Life Technologies AS	Norway	100
Life Technologies Norway Investments US LLC	Delaware	100
Nihon Dynal K.K. [40% held privately]	Japan	60
Dynal Biotech Beijing Limited	China	100
Life Technologies SAS	France	100
Perbio Science France SAS	France	100
eBioscience SAS	France	100
Laboratoire Service International - L.S.I	France	100
BAC BV	Netherlands	100
BAC IP BV	Netherlands	100
Thermo Fisher Scientific (IVGN) B.V.	Netherlands	100
Thermo Fisher Scientific Life Tech Korea Holdings LLC	Delaware	100
Life Technologies Brasil Comercio e Industria de Produtos para Biotecnologia Ltda [3.45% by Thermo Fisher CHK Holding LLC]	Brazil	96.55
Thermo Fisher CHK Holding LLC	Delaware	100
Invitrogen Holdings LLC	Delaware	100
Thermo Fisher Bioprocessing Research and Development (Shanghai) Co., Ltd.	China	100
Invitrogen (Shanghai) Investment Co., Ltd.	China	100
Thermo Fisher Scientific (Guangzhou) Co., Ltd	China	100
Thermo Fisher Scientific Life Technologies Luxembourg Holding LLC	Delaware	100
Thermo Fisher Scientific Luxembourg Life Technologies UK Holding S.à r.l	Luxembourg	100
Thermo Fisher Scientific Life Technologies Enterprise Holding Limited	England	100

19

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Luxembourg Enterprise Holdings S.à r.l.	Luxembourg	100
Thermo Fisher Scientific Life CV GP Holdings II LLC	Delaware	100
Thermo Fisher Scientific One Limited	England	100
Thermo Fisher Scientific Life International Holdings II LP [.00000004% by Thermo Fisher Scientific One Limited and .55383943% by Thermo Fisher Scientific Life Investments IV S.a.r.l.]	England	99.44616054
Thermo Fisher Scientific Life Technologies Investment UK I Limited	England	100
Thermo Fisher Scientific Holdings (Cayman) I [37.88% by Thermo Fisher Scientific Life Technologies Investment I LLC and 23.42% by Thermo Fisher Scientific Life Technologies Investments Holding LP]	Cayman Islands	38.70
Thermo Fisher Scientific Holdings (Cayman) II	Cayman Islands	100
Thermo Fisher Scientific Cayman Investments LLC	Delaware	100
Thermo Fisher Scientific (Luxembourg) II S.a.r.l.	Luxembourg	100
Invitrogen Trading (Shanghai) Co., Ltd.	China	100
Life Technologies DaAn Diagnostic (Guangzhou) Co., Ltd. [42.5% held privately]	China	57.5
Life Technologies Finance Ltd.	Scotland	100
Thermo Fisher Scientific (Thailand) Co., Ltd.	Thailand	100
Thermo Fisher Scientific Solutions LLC [20% by Thermo Fisher Scientific Life Tech Korea Holdings LLC]	Korea	80
Applied Biosystems Trading (Shanghai) Company Ltd.	China	100
Shanghai Life Technologies Biotechnology Co. Limited	China	100
Applied Biosystems Taiwan LLC	Delaware	100
Life Technologies Co., Ltd.      [42.6% by Applied Biosystems BV]	Taiwan	57.4
Life Technologies Chile SpA	Chile	100
Thermo Fisher Scientific Sweden Holdings LLC [.2936% by Thermo Fisher Scientific Investments (Sweden) S.a.r.l.]	Delaware	99.7064
Princeton Gamma-Tech Instruments LLC	Delaware	100
TPI Real Estate Holdings LLC	Delaware	100
Comtest Limited	England	100
Thermo Electron Metallurgical Services, Inc.	Texas	100

20

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
ONIX Systems Inc.	Delaware	100
Thermo Process Instruments GP, LLC	Delaware	100
Thermo Process Instruments, L.P. [.10% by Thermo Process Instruments GP, LLC]	Texas	99.90
Thermo Measuretech Canada Inc.	Canada	100
Onix Holdings Limited	England	100
CAC Limited	England	100
Thermo Measurement Ltd	England	100
Thermo Onix Limited	England	100
Thermo Electron Scientific Instruments LLC	Delaware	100
Thermo Fisher Scientific Japan Holdings I LLC	Delaware	100
Thermo Fisher Scientific Japan Holdings I B.V.	Netherlands	100
Thermo Fisher Scientific Japan Holdings I LP [10% by Thermo Fisher Scientific Japan 1 LLC]	Delaware	90
Thermo Fisher Scientific Japan 1 LLC	Delaware	100
Fuji Partnership [17.8184% by Thermo Fisher Scientific Japan Holdings II B.V. and 10.1634% by Thermo Fisher Scientific Japan Holdings III B.V.]	Japan	72.0182
TK Partnership (aka Silent Partnership) [44.66% by Thermo Fisher Scientific K.K.]	Japan	55.34
Thermo Fisher Scientific (NK) LLC	Delaware	100
Thermo Fisher Eurobonds Ltd.	Cayman Islands	100
Thermo Fisher Scientific LSI Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific (Mississauga) Inc. [Thermo Finnigan LLC owns 100 Series A Preferred shares]	Canada	100
Life Sciences International Limited	England	100
Hybaid Limited	England	100
Thermo Optek Limited	England	100
Thermo Cambridge Limited	England	100
VG Systems Limited	England	100
Thermo Radiometrie Limited	England	100
Thermo Electron Limited	England	100
Thermo Electron Weighing & Inspection Limited	England	100
Thermo Electron (Management Services) Limited	England	100
Life Sciences International Holdings BV	Netherlands	100
Bioanalysis Labsystems, S.A. [10% by Thermo Fisher Scientific B.V.]	Spain	90

21

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Ramsey Italia S.r.l.	Italy	100
Helmet Securities Limited	England	100
Life Sciences International LLC	Delaware	100
Thermo Fisher Scientific (Asheville) LLC	Delaware	100
Thermo Fisher Scientific Japan Holdings II LLC	Delaware	100
Thermo Neslab LLC	New Hampshire	100
Thermo Fisher Scientific Japan Holdings II B.V.	Netherlands	100
Thermo Fisher Scientific Japan Holdings II LP [10% by Thermo Fisher Scientific Japan 2 LLC]	Delaware	90
Thermo Fisher Scientific Japan 2 LLC	Delaware	100
Lab-Line Instruments, Inc.	Delaware	100
Thermo Scientific Services, Inc.	California	100
Thermo Fisher Scientific (Fuji) LLC	Delaware	100
Jouan LLC	Delaware	100
Thermo Kevex X-Ray LLC	Delaware	100
Thermo Gamma-Metrics LLC	Delaware	100
ThermoSpectra Limited	England	100
Thermo Fisher Scientific Cork Ltd	Ireland	100
Laser Analytical Systems, Inc.	California	100
Thermo Finnigan LLC	Delaware	100
TMOI Inc.	Delaware	100
Thermo Fisher Scientific (China) Holding Limited	England	100
TFS Singapore HK Limited	Hong Kong	100
Thermo Fisher Scientific NHK Limited	Hong Kong	100
Thermo Fisher Scientific TR Limited	Hong Kong	100
Thermo Fisher Scientific Baltics UAB [18.24% by Thermo Fisher Scientific (IVGN) Limited and 3.86% by Oxoid Investments GmbH]	Lithuania	77.90
Fermentas China Co., Ltd	China	100
Thermo Fisher Scientific BHK (I) Limited	Hong Kong	100
Thermo Fisher China Business Trust II [1% by Thermo Fisher Scientific BHK (II) Limited]	China	99
Thermo Fisher Scientific BHK (II) Limited	Hong Kong	100
Thermo Fisher Scientific (China-HK) Holding Limited	Hong Kong	100
Thermo Fisher Scientific (Suzhou) Research and Development Co., Ltd.	China	100
Alfa Aesar (Hong Kong) Limited	Hong Kong	100

22

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Alfa Aesar (China) Chemical Co. Ltd.	China	100
Thermo Fisher Scientific (Shanghai) Instruments Co., Ltd.	China	100
Thermo Fisher Scientific (Suzhou) Instruments Co., Ltd	China	100
Thermo Fisher Scientific (China) Co., Ltd.	China	100
Thermo Fisher Biopharma Services (Hangzhou) Ltd. [49 % held privately]	China	51
Thermo Fisher Scientific (Shanghai) Management Co., Ltd.	China	100
Thermo Fisher Scientific (Hong Kong) Limited	Hong Kong	100
Thermo Life Science International Trading (Tianjin) Co., Ltd.	China	100
Thermo Fisher Scientific SL	Spain	100
Thermo Fisher (Cayman) Holdings I Ltd.	Cayman Islands	100
Thermo Fisher (Gibraltar) Limited [50% by Thermo Fisher (Cayman) Holdings II Ltd.]	Gibraltar	50
Thermo Fisher (Gibraltar) II Limited	Gibraltar	100
Navaho Acquisition Corp.	Delaware	100
NanoDrop Technologies LLC	Delaware	100
Thermo Fisher (Cayman) Holdings II Ltd.	Cayman Islands	100
Thermo BioAnalysis LLC [5.1% by Life Sciences International Limited and 9.4% by Life Sciences International LLC]	Delaware	85.5
Thermo Fisher Scientific Senior Holdings Australia LLC	Delaware	100
Thermo LabSystems S.A.	Spain	100
Thermo Fisher German Holdings LLC	Delaware	100
Thermo Holding European Operations LLC	Delaware	100
Thermo DMA Inc.	Texas	100
Thermo BioAnalysis Limited	England	100
Thermo Fast U.K. Limited	England	100
Thermo Projects Limited	England	100
Thermo LabSystems Inc.	Massachusetts	100
InnaPhase Limited	England	100
Core Informatics, LLC	Connecticut	100
Core Informatics UK Ltd.	England	100
Thermo Environmental Instruments LLC	California	100
27 Forge Parkway LLC	Delaware	100
Thermo Electron (Calgary) Limited	Canada	100
Thermo Orion Inc.	Massachusetts	100

23

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Aquasensors LLC	Delaware	100
Thermo Electron Puerto Rico, Inc.	Puerto Rico	100
Thermo Power Corporation	Massachusetts	100
ACI Holdings Inc.	New York	100
Thermo Securities Corporation	Delaware	100
Thermo Eberline Holdings I LLC [49% by Thermo Fisher Scientific Inc.]	Delaware	51
Thermo Eberline Holdings II LLC	Delaware	100
Thermo Eberline LLC	Delaware	100
Thermo Instrument Controls de Mexico, S.A. de C.V. [2% by Thermo Fisher Scientific Inc.]	Mexico	98
ThermoLase LLC	Delaware	100
Trex Medical Corporation	Delaware	100
Fermentas Inc.	Maryland	100
TFS LLC	Massachusetts	100
Thermo Corporation	Delaware	100
Fisher Scientific GmbH	Germany	100
Fisher Scientific Germany Beteiligungs GmbH	Germany	100
Fisher Scientific, spol. S.r.o	Czech Republic	100
Fisher Scientific (Austria) GmbH	Austria	100
Thermo Fisher Scientific Germany BV & Co. KG [0% by Thermo Fisher Germany B.V.]	Germany	100
Thermo Fisher Scientific C.F. GmbH	Germany	100
Fisher Clinical Services GmbH	Germany	100
Fisher Clinical Services Rheinfelden GmbH	Germany	100
Thermo Fisher Scientific (Holding II) B.V. & Co. KG [0% by Thermo Fisher Germany B.V.]	Germany	100
FEI Deutschland GmbH	Germany	100
Thermo Fisher Diagnostics GmbH	Germany	100
Microgenics Corporation [0% by Thermo Fisher Scientific Vector Holdings 2 LLC]	Delaware	100
AcroMetrix LLC	California	100
Consolidated Technologies, Inc.	Wisconsin	100
Remel Inc.	Wisconsin	100
Trek Diagnostic Systems LLC	Delaware	100
Trek Holding Company Ltd.	England	100

24

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Trek Holding Company II Ltd.	England	100
Trek Diagnostic Systems Ltd.	England	100
Thermo Luxembourg Holding S.a.r.l. [Domesticated in the State of Delaware under the name of Thermo Luxembourg Holding LLC]	Luxembourg	100
Thermo MT II Limited [.0000003% by Thermo MT II LLC]	Malta	99.9999997
Thermo MT II LLC	Delaware	100
Thermo Luxembourg U.S. S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Asset Management 1 GmbH	Germany	100
Thermo Fisher Scientific Asset Management 2 GmbH	Germany	100
Thermo Fisher Scientific Vector Senior Holdings II UAB	Lithuania	100
Thermo Fisher Scientific Vector Senior Holdings I UAB	Lithuania	100
Thermo Fisher Scientific Vector Holdings UAB	Lithuania	100
Thermo Fisher Scientific Vector Holdings LLC	Delaware	100
Thermo Fisher Scientific Vector Holdings 2 LLC	Delaware	100
FB2 Blocker, LLC	Delaware	100
TFS Brammer Holding Corporation [43.18% by Thermo Fisher Scientific Vector Holdings LLC]	Delaware	56.82
Brammer Bio Holding Company, LLC	Delaware	100
Brammer Bio, LLC	Delaware	100
Brammer Bio MA, LLC	Delaware	100
Thermo Fisher Scientific Biosciences Corp.	Canada	100
Oxoid Investments GmbH	Germany	100
B.R.A.H.M.S. GmbH [5.025% by Phadia GmbH]	Germany	94.975
B.R.A.H.M.S. Biotech GmbH [6% held privately]	Germany	94
Cezanne S.A.S.	France	100
B.R.A.H.M.S. UK Ltd	England	100
Thermo Fisher Scientific Luxembourg German Holdings S.a.r.l.	Luxembourg	100
Dionex (UK) Limited [.10% by Dionex Corporation]	England	99.90
Thermo Fisher Scientific Chromatography Holdings S.à r.l. [5.28% by Oxoid Investments GmbH]	Luxembourg	94.72
Thermo Fisher Scientific Chromatography Holdings Aps	Denmark	100
Dionex Corporation	Delaware	100

25

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific Pte. Ltd.	Singapore	100
Dionex Sweden AB	Sweden	100
Dionex I, LLC	Delaware	100
Dionex (Switzerland) AG	Switzerland	100
Dionex Canada Ltd.	Canada	100
Dionex Austria GmbH	Austria	100
Dionex Benelux B.V.	Netherlands	100
Dionex Holding GmbH	Germany	100
Dionex Softron GmbH	Germany	100
Dionex Singapore Pte Ltd.	Singapore	100
Thermo Fisher Scientific Korea Ltd.	Korea	100
Dionex S.A.	France	100
Thermo Fisher Diagnostics (Ireland) Limited	Ireland	100
Dionex S.p.A. [.08% held privately]	Italy	99.92
Dionex China Limited	Hong Kong	100
Thermo Fisher (China) Analytical Ltd.	China	100
Thermo Fisher Scientific Taiwan Co., Ltd.	Taiwan	100
Dionex Denmark A/S	Denmark	100
Thermo Fisher Scientific (Breda) Holding BV	Netherlands	100
Thermo Luxembourg S.a.r.l.	Luxembourg	100
Thermo TLH L.P. [.01% by Thermo TLH (U.K.) Limited]	Delaware	99.99
Thermo TLH (UK) Limited	England	100
Thermo TLH (MT) Limited [.000003% by Thermo TLH L.P.]	Malta	99.999997
Thermo TLH Luxembourg S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific IT Services GmbH	Germany	100
Thermo Fisher Scientific GmbH	Germany	100
BmT GmbH Laborprodukte	Germany	100
Thermo Fisher Scientific (Real Estate 1) S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Messtechnik GmbH [10.04% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG]	Germany	89.96
Thermo Electron (Karlsruhe) GmbH  [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG]	Germany	90
Thermo Electron Pension Trust GmbH	Germany	100

26

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG [0% by Fisher Scientific Germany Beteiligungs GmbH as the General Partner]	Germany	100
Thermo Fisher Scientific (Bremen) GmbH  [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG]	Germany	90
La-Pha-Pack GmbH	Germany	100
Thermo Electron LED GmbH [10% by Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG]	Germany	90
Oxoid Deutschland GmbH	Germany	100
Microgenics B.V. & Co. KG [.01% by Thermo Fisher Germany B.V.]	Germany	99.9
Advanced Scientifics International, Inc.	Pennsylvania	100
Advanced Scientifics, Inc.	Pennsylvania	100
Avances Cientificos de Mexico, S. de R.L. de C.V. [1.005% by Advanced Scientifics International, Inc.]	Mexico	98.995
Barnstead Thermolyne LLC	Delaware	100
Thermo Fisher Scientific China Holdings I B.V.	Netherlands	100
Thermo Fisher Scientific China Holdings II B.V.	Netherlands	100
Thermo Fisher Scientific China Holdings III B.V.	Netherlands	100
Thermo Fisher China Business Trust [1% by Thermo Fisher Scientific China Holdings IV B.V.]	China	99
Thermo Fisher Scientific China Holdings IV B.V.	Netherlands	100
Fisher Scientific International LLC	Delaware	100
Thermo Fisher Scientific Powder Holdings III	Cayman Islands	100
Thermo Fisher Scientific Powder Holdings IV	Cayman Islands	100
NERL Diagnostics LLC	Wisconsin	100
FHP LLC	Delaware	100
Alchematrix, Inc.	Delaware	100
Fisher Internet Minority Holdings L.L.C.	Delaware	100
Alchematrix LLC	Delaware	100
Apogent Technologies Inc.	Wisconsin	100
Apogent Holding Company	Delaware	100
Niton Asia Limited	Hong Kong	100
Matrix Technologies LLC	Delaware	100
Molecular BioProducts, Inc.	California	100
Intrinsic BioProbes, Inc.	Arizona	100

27

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Labomex MBP, S. de R. L. De C.V. [.04% by Apogent Technologies Inc.]	Mexico	99.96
National Scientific Company	Wisconsin	100
Lab-Chrom-Pack LLC	New York	100
Robbins Scientific LLC	California	100
Apogent Transition Corp.	Delaware	100
Erie Scientific LLC	Delaware	100
Thermo Fisher TDI Holding LLC	Delaware	100
Microm Laborgerate S.L.	Spain	100
TFLP LLC [.061140% by Thermo Fisher Scientific Inc., .000001% by Apogent Technologies Inc., .000060% by Fisher Scientific Worldwide Inc., and 9.993898% by Fisher WWD Holding L.L.C.]	Delaware	89.944901
Thermo Fisher Scientific AL-1 LLC	Delaware	100
Thermo Fisher Scientific Life Holdings III C.V. LLC [33.19378799% by Erie Scientific LLC, 22.31855864% by Thermo Fisher Scientific Inc., and .00000002% by Thermo Fisher Scientific AL-1 LLC]	Delaware	44.48765335
TFS Group Holdings III LLC	Delaware	100
Metavac LLC	Delaware	100
Abgene Inc.	Delaware	100
Apogent Finance Company	Delaware	100
Capitol Vial, Inc.	Alabama	100
Capitol Scientific Products, Inc.	New York	100
Chase Scientific Glass, Inc. [50% by Apogent Holding Company]	Wisconsin	50
EP Scientific Products LLC	Delaware	100
Erie Scientific Company of Puerto Rico	Delaware	100
Erie Scientific Hungary Ipari és Szolgáltató Kft	Hungary	100
Erie UK Holding Company	Delaware	100
Erie LP Holding LLC	Delaware	100
Fisher Scientific Investments (Cayman), Ltd.	Cayman Islands	100
Thermo Fisher Scientific Erie Financing (Barbados) SRL	Barbados	100
Erie U.K. Limited	England	100
Lab Vision (UK) Limited	England	100
Nalge Nunc International Corporation	Delaware	100
Epsom Glass Industries Limited	England	100

28

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Thermo Fisher Scientific (Monterrey), S. De R.L. De C.V. [1% by Nalge Nunc International (Monterrey) LLC]	Mexico	99
236 Perinton Parkway, LLC	New York	100
ARG Services LLC	Delaware	100
Owl Separation Systems LLC	Wisconsin	100
Nalge Nunc International (Monterrey) LLC	Delaware	100
Erie UK Senior Holding Limited [1.01% by Erie LP Holding LLC]	England	98.99
LambTrack Limited	England	100
Erie UK 2 Limited	England	100
Thermo BioSciences Holdings LLC	Delaware	100
Pierce Biotechnology, Inc.	Delaware	100
Perbio Science, Inc.	Delaware	100
Pierce Milwaukee, Inc.	Delaware	100
Pierce Milwaukee Holding Corp.	Delaware	100
Thermo Fisher Scientific (Milwaukee) LLC [1% by Pierce Milwaukee, Inc.]	Delaware	99
Advanced Biotechnologies Limited	England	100
Abgene Limited	England	100
Apogent U.K. Limited	England	100
Matrix Technologies Corporation Limited	England	100
Nalge (Europe) Limited	England	100
Chromacol Limited	England	100
Ever Ready Thermometer Co., Inc.	Wisconsin	100
Samco Scientific LLC	Delaware	100
Samco Scientific (Monterrey) LLC	Delaware	100
Seradyn Inc.	Delaware	100
Applied Scientific Corporation	California	100
Cellomics, Inc.	Delaware	100
Fisher BioSciences Japan G.K.	Japan	100
CTPS LLC	Delaware	100
Clintrak Pharmaceutical Services, LLC	Delaware	100
Fisher Clinical Services (Bristol), LLC	Delaware	100
Clintrak Clinical Labeling Services, LLC	Delaware	100
Columbia Diagnostics, Inc.	Delaware	100

29

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Drakeside Real Estate Holding Company LLC	Delaware	100
Duke Scientific Corporation	California	100
Fisher Clinical Services Inc.	Pennsylvania	100
Eutech Instruments Pte Ltd.	Singapore	100
Thermo Fisher Scientific Brasil Serviços de Logística Ltda [.001% by Fisher BioServices Inc.]	Brazil	99.999
Fisher BioServices Inc.	Virginia	100
Southern Trials (Pty) Ltd.	South Africa	100
Schantz Road LLC	Pennsylvania	100
Specialty (SMI) Inc.	California	100
Fisher Hamilton China Inc.	Delaware	100
Fisher Scientific Brazil Inc.	Delaware	100
Systems Manufacturing Corporation	Delaware	100
Fisher Scientific Central America Inc.	Delaware	100
Fisher Scientific Chile Inc.	Delaware	100
Consultores Fisher Scientific Chile Ltd [50% by Fisher Scientific Worldwide Inc.]	Chile	50
Fisher Scientific Colombia Inc.	Delaware	100
Fisher Scientific Company L.L.C.	Delaware	100
Fisher Scientific Costa Rica Sociedad de Responsabilidad Limitada	Costa Rica	100
Thermo Fisher Scientific Brahms LLC	Delaware	100
Biochemical Sciences LLC	Delaware	100
Fisher Scientific de Mexico S.A.	Mexico	100
Medical Analysis Systems, Inc.	Delaware	100
Medical Analysis Systems International, Inc.	California	100
Medical Diagnostics Systems, Inc.	California	100
United Diagnostics, Inc.	Delaware	100
Fisher Scientific Latin America Inc.	Delaware	100
Fisher Scientific Mexico Inc.	Delaware	100
FS Mexicana Holdings LLC [.01% by Fisher Scientific Mexicana, S. de R.L. de C.V]	Delaware	99.99
Fisher Alder S. de R.L. de C.V. [.0020% by Fisher Scientific International LLC]	Mexico	99.9980
Fisher Hamilton Mexico LLC	Delaware	100
Fisher Scientific Mexicana, S. de R.L. de C.V. [.01% by Fisher Scientific Worldwide Inc.]	Mexico	99.99

30

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
FS Casa Rocas Holdings LLC [1% by Fisher Mexico, S. de R.L. de C.V]	Delaware	99
Fisher Mexico, S. de R.L. de C.V.  [.0000269% by FS Casa Rocas Holdings LLC]	Mexico	99.9999731
Fisher Scientific Middle East and Africa Inc.	Delaware	100
Fisher Scientific Operating Company	Delaware	100
Fisher Scientific Venezuela Inc.	Delaware	100
Fisher Scientific Worldwide (Shanghai) Co., Ltd.	China	100
FRC Holding Inc., V	Delaware	100
Golden West Indemnity Company Limited	Bermuda	100
Liberty Lane Real Estate Holding Company LLC	Delaware	100
New FS Holdings Inc.	Delaware	100
Hangar 215, Inc.	Delaware	100
Fisher Scientific Worldwide Inc.	Delaware	100
Spectra-Physics Holdings USA, LLC	Delaware	100
Thermo Fisher Scientific Powder Holdings I	Cayman Islands	100
Thermo Fisher Scientific Powder Holdings II [11.76% by Thermo Fisher Scientific Powder Holdings IV]	Cayman Islands	88.24
Thermo Fisher Scientific Powder SRL	Barbados	100
Thermo Fisher Scientific Powder US Holdings Limited	England	100
Thermo Fisher Scientific Powder US Holdings Corp.	Delaware	100
PPD, Inc.	Delaware	100
Eagle Holding Company II, LLC	Delaware	100
Jaguar Holding Company I, LLC	Delaware	100
Jaguar Holding Company II	Delaware	100
Jaguar (Barbados) Finance SRL	Barbados	100
Wildcat Acquisition Holdings (UK) Limited	United Kingdom	100
Pharmaceutical Product Development, LLC	Delaware	100
Synexus Clinical Research Topco Limited	United Kingdom	100
PPD Vaccines and Biologics, LLC	Pennsylvania	100
Synexus Compass, Inc. (fmr. Synarc Inc.)	Delaware	100
MediciGroup, Inc.	Pennsylvania	100
Compass Research, LLC	Florida	100
The Compass Clinic, LLC	Florida	100
Compass NeuroHealth, LLC	Florida	100

31

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
NeuroHealth, Inc.	Florida	100
Center for Health and Medical Research -CCBR Hong Kong Limited	Hong Kong	100
Center for Clinical and Basic Research A/S	Denmark	100
UAB Center for Clinical and Basic Research	Lithuania	100
UAB DDF Properties LT	Lithuania	100
CCBR (Beijing) Company Limited	China	100
CCBR Asia Ltd.	Hong Kong	100
PPD Services, Inc.	North Carolina	100
PPD Investigator Services, LLC	Delaware	100
Synexus Clinical Research US, Inc.	Arizona	100
Optimal Research, LLC	Maryland	100
PPD Global Central Labs, LLC	Kentucky	100
PPD Corporate Foundation	Delaware	100
Applied Bioscience International, LLC	Delaware	100
PPD GP, LLC	Delaware	100
PPD Holdings, LLC	Delaware	100
PPD Development, L.P. [.1% by PPD GP, LLC]	Delaware	99.9
River Ventures, LLC	North Carolina	100
PPD Aeronautics, LLC	North Carolina	100
Pharmaco Investments, Inc.	Delaware	100
Acurian, Inc.	Delaware	100
Panoply Health Limited	United Kingdom	100
APBI Finance Corporation	Delaware	100
PPD CT Investments LLP [20% by PPD International Holdings, LLC]	United Kingdom	80
ATP, LLC	North Carolina	100
Evidera, Inc.	Delaware	100
0972792 B.C. LTD	Canada	100
Evidera Holdings Ltd	United Kingdom	100
Evidera Access Consulting Ltd	United Kingdom	100
Evidera Ltd	United Kingdom	100
PPD International Holdings, LLC	Delaware	100
PPD Scandinavia AB	Sweden	100
PPD Pharmaceutical Development Japan K.K.	Japan	100

32

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
PPD-SNBL K.K. [40% by Shin Nippon Biomedical Laboratories, Ltd.]	Japan	60
PPD Peru S.A.C. [.01% by Applied Bioscience International, LLC]	Peru	99.99
PPD Mexico S.A. de C.V. [.002% by PPD Development, L.P.]	Mexico	99.998
PPD Italy S.r.l	Italy	100
PPD International Holdings, Inc. y Compania Limitada [1 % Applied Bioscience International, LLC]	Chile	99
PPD International Holdings (UK) Ltd	United Kingdom	100
PPD Switzerland GmbH	Switzerland	100
PPD International Investments Limited [.4% by AbC.R.O., Inc.]	United Kingdom	99.6
Synexus Clinical Research Midco No1 Limited	United Kingdom	100
Synexus Clinical Research Midco No2 Limited	United Kingdom	100
Synexus Clinical Research Midco No3 Limited	United Kingdom	100
Synexus Clinical Research Midco No4 Limited	United Kingdom	100
Synexus Clinical Research Finance Limited	United Kingdom	100
Synexus Clinical Research Acquisitions Limited	United Kingdom	100
Synexus Clinical Research Limited	United Kingdom	100
Synexus Clinical Research South Africa (Pty) Limited	South Africa	100
Synexus Clinical Research GmbH	Germany	100
Synexus Czech s.r.o.	Czech Republic	100
Synexus Limited	United Kingdom	100
Synexus Magyarorszg Egszsggyi Szolgltat Korltolt Felelssg Trsasg	Hungary	100
Synexus Polska Sp. Z o.o	Poland	100
Synexus Ukraine Limited Liability Company [1% by Synexus Clinical Research Acquisitions Limited]	Ukraine	99
Synexus Bulgaria EOOD	Bulgaria	100
Medical Centre Synexus Sofia EOOD	Bulgaria	100
PPD UK Holdings Limited	United Kingdom	100

33

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
PPD Slovak Republic s.r.o. [15% by PPD Global Ltd]	Slovak Republic	85
PPD Pharmaceutical Development Vietnam Company Limited	Vietnam	100
PPD Pharmaceutical Development India Private Limited [.01% by PPD Global Ltd.]	India	99.99
PPD Serbia D.O.O. Beograd	Serbia	100
PPD Latvia SIA	Latvia	100
PPD Global Ltd.	United Kingdom	100
Clinical Technology Centre (International) Limited [1% by PPD UK Holdings Limited]	United Kingdom	99
PPD Global Central Labs BVBA [.1% by PPD Global Ltd]	Belgium	99.9
PPD Laboratories (Suzhou) Co., Ltd.	China	100
PPD Global Central Labs (S) Pte. Ltd.	Singapore	100
PPD Development Ireland Limited	Ireland	100
PPD Development (S) Pte. Ltd.	Singapore	100
PPD Pharmaceutical Development (Beijing) Co., Ltd.	China	100
PPD Development (HK) Limited. [50% by Applied Bioscience International, LLC]	Hong Kong	50
PPD Colombia S.A.S	Colombia	100
PPD Bulgaria EOOD	Bulgaria	100
PPD (Netherlands) B.V.	Netherlands	100
PPD Pharmaceutical Development Philippines Corp. [.0001% held privately]	Philippines	99.9999
Shorecloud Corporation [.0001% held privately]	Philippines	99.9999
PPD International Holdings GmbH	Germany	100
PPD Poland Sp.Z o.o.	Poland	100
PPD Hungary Research and Development Ltd. [3.33% by PPD International Holdings, LLC]	Hungary	96.67
PPD Germany GmbH & Co. KG [28% by PPD Germany GmbH]	Germany	72

34

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
PPD Germany GmbH	Germany	100
PPD Czech Republic S.R.O. [2.22% by PPD International Holdings, LLC]	Czech Republic	97.78
PPD France SAS	France	100
Greenbird Limited	Cyprus	100
Limited Liability Company PPD Development (Smolensk)	Russia	100
Limited Liability Company Contract Research Organisation Innopharm	Ukraine	100
Excel PharmaStudies Inc.	Cayman Islands	100
Clinical Technology Centre (Ireland) Limited	Ireland	100
PPD Guatemala, S.A. [1.0% by Applied Biosciences International, LLC]	Guatemala	99
PPD do Brasil- Suporte a Pesquisa Clinica Ltd [.00002% by Pharmaceutical Product Development, LLC]	Brazil	99.99998
Medimix Latam Pesquisa de Mercado Ltda	Brazil	100
PPD Development (Thailand) Co., Ltd. [.0025% by PPD Development (S) Pte. Ltd. and .0025% by PPD UK Holdings Limited]	Thailand	99.995
PPD Canada	Canada	100
PPD Australia Pty Limited	Australia	100
PPD Argentina S.A. [5% by Applied Bioscience International, LLC]	Argentina	95
Pharmaceutical Product Development Spain SL [.763% by PPD Development, L.P.]	Spain	99.237
Pharmaceutical Product Development South Africa (Proprietary) Ltd	South Africa	100
AbC.R.O., Inc.	Virginia	100
PPD Romania SRL [.67% by PPD Bulgaria EOOD]	Romania	99.33
PPD Hrvatska d.o.o.	Croatia	100
FSIR Holdings (US) Inc. [1.265% by Fisher Clinical Services Inc.]	Delaware	98.735
Liberty Lane Investment LLC	Delaware	100
Fisher Scientific Holding Company LLC	Delaware	100
Fisher Manufacturing (Malaysia) Sdn Bhd	Malaysia	100
Bumi-Sans Sendirian Berhad	Malaysia	100

35

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Fisher Scientific (M) Sdn Bhd	Malaysia	100
General Scientific Company Sdn Bhd (M)	Malaysia	100
Fisher Scientific Holdings (S) Pte Ltd	Singapore	100
Fisher Scientific Pte. Ltd. [16.57% by Fisher Scientific International LLC]	Singapore	83.43
Fisher Scientific (SEA) Pte. Ltd.	Singapore	100
Fisher Scientific Australia Pty Limited	Australia	100
FSIR Holdings (UK) Limited	England	100
FSWH Company LLC	Delaware	100
FSI Receivables Company LLC	Delaware	100
Fisher Bermuda Holdings Limited	Bermuda	100
Thermo Fisher Scientific FSIR Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific FSIR Financing S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific FSIR Holdings (UK) Financing Limited	England	100
Fisher Scientific Worldwide Holdings I C.V. [12% by Fisher Scientific Worldwide Inc.]	Netherlands	88
Finesse Solutions, Inc.	Delaware	100
Finesse Scientific Equipment (Shanghai) Co., Ltd.	China	100
FSWH International Holdings LLC	Delaware	100
Phadia International Holdings LP [.01% by FSIR Holdings (UK) Limited and 9.99% by FSIR Holdings (US) Inc.]	England	90
Thermo Fisher Scientific Life Investments US Financing I LLC  [1% by FSIR Holdings (US) Inc.]	Delaware	99
Phadia International Holdings C.V. [10% by FSIR Holdings (US) Inc.]	Netherlands	90
Thermo Fisher Scientific BV	Belgium	100
PharmaFluidics NV	Belgium	100
Thermo Fisher Scientific Worldwide Investments (Cayman)	Cayman Islands	100
Thermo Fisher Scientific Worldwide Investments (Luxembourg) S.a.r.l.	Luxembourg	100
Thermo Fisher Scientific Investments (Sweden) S.a.r.l. [16.086% by CHK Holdings Inc.]	Luxembourg	83.914
Thermo Fisher Scientific Denmark Senior Holdings ApS	Denmark	100
Fisher Scientific Holding HK Limited [.01% by Fisher Scientific Holding Company LLC]	Hong Kong	99.99
Fisher Scientific (Hong Kong) Limited [.022% Fisher Scientific Holding Company LLC]	Hong Kong	99.978
Fisher Scientific Japan, Ltd.	Japan	100

36

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Fisher Scientific Korea Ltd	Korea	100
Fisher WWD Holding L.L.C.	Delaware	100
Kyle Jordan Investments LLC	Delaware	100
Pacific Rim Far East Industries LLC	Delaware	100
Pacific Rim Investment, LLC	Delaware	100
Marketbase International Limited	Hong Kong	100
Thermo-Fisher Biochemical Product (Beijing) Co., Ltd.	China	100
HighChem s.r.o.	Slovakia	100
Thermo Fisher Scientific HR Services Mexico, S. de R.L. de C.V. [1% by Fisher Clinical Services (Mexico) LLC]	Mexico	99
Thermo Fisher Scientific China (C-I) LLC	Delaware	100
Shanghai Thermo Fisher (C-I) Trading Co. Ltd	China	100
Pasteur Acquisition SRL	Barbados	100
Thermo Fisher Scientific China (S) LLC	Delaware	100
Shanghai Thermo Fisher (S) Trading Co. Ltd	China	100
Molecular Transfer, Inc.	Delaware	100
Thermo Fisher Scientific Cyprus I Ltd	Cayman Islands	100
Thermo Fisher Scientific Cyprus II Ltd	Cayman Islands	100
Thermo Fisher Scientific India Holding LLC	Delaware	100
Thermo Fisher Scientific Cyprus III Ltd	Cayman Islands	100
Thermo Fisher Scientific PSG Corporation	Delaware	100
Thermo Fisher Detection Mexico LLC	Delaware	100
Thermo Fisher Costa Rica Sociedad de Responsabilidad Limitada [1% by Fisher Scientific Company L.L.C.]	Costa Rica	99
Thermo Fisher Scientific South Africa Proprietary Ltd	South Africa	100
TFS (Barbados) I Srl	Barbados	100
Thermo Fisher Biopharma Services Pte. Ltd.	Singapore	100
Thermo Services (Hungary) Kft	Hungary	100
Erie UK 1 Limited	England	100
Erie UK 5 Limited	England	100
Erie US II LLC	Delaware	100
Erie Finance Holding Limited	England	100
Erie Finance Limited	England	100
Erie Finance 2 Limited	England	100
Erie Finance 1 Limited	England	100

37

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Erie (GC) Holding Limited [1% by Erie US III LLC]	England	99
Erie UK 3 Limited	England	100
Erie GC Holding LLC	Delaware	100
Erie GC Limited	England	100
Erie US III LLC	Delaware	100
Quebec Court B.V. [5.71% by Erie Finance Limited]	Netherlands	94.29
Quebec B.V.	Netherlands	100
Thermo Fisher Scientific Powder LLC	Delaware	100
Thermo Fisher Scientific (Finance I) B.V.	Netherlands	100
Thermo Fisher Scientific Erie Financing S.a r.l	Luxembourg	100
Erie Luxembourg LLC	Delaware	100
Thermo Fisher Scientific Erie 1 Financing (Barbados) SRL	Barbados	100
Thermo Fisher Scientific EMEA Limited	Ireland	100
Oncomine Molecular Inc.	Delaware	100
Oncomine LLC	Delaware	100
Oncomine India Private Limited [.01% by Oncomine Molecular Inc.	India	99.99
Oncomine	France	100
Oncomine Limited	England	100
Oncomine ULC	Canada	100
Oncomine Pte. Ltd	Singapore	100
Oncomine Molecular, S.L	Spain	100
Oncomine S.r.l	Italy	100
Oncomine K.K.	Japan	100
Thermo FLC LP [42.78% By Thermo Fisher Scientific FLC LLC]	Delaware	57.22
Mesa Biotech, Inc.	Delaware	100
Fisher Clinical Services (Peru) LLC	Delaware	100
Fisher Clinical Services Peru S.R.L [1% by Thermo Fisher Scientific Inc.]	Peru	99
Henogen SA	Belgium	100
Ginko Park SA	Belgium	100
Thermo USC II LLC	Delaware	100
Thermo Fisher Scientific Life Sciences COE Corporation	Delaware	100

38

NAME	STATE OR JURISDICTION OF ORGANIZATION	PERCENT OF OWNERSHIP
Phadia Malta Holdings Limited	Malta	100
Thermo Fisher Scientific Life Investments IV S.a.r.l	Luxembourg	100
Thermo Fisher Scientific Life Investments Malta II Limited [.00001% by Thermo Fisher Scientific Life Investments Malta Holding I LLC]	Malta	99.99999
Thermo Fisher Scientific Life Investments Malta Holding I LLC	Delaware	100
Thermo Fisher Scientific Investments (Malta) Limited [.00000066% by Thermo Fisher Scientific Malta Holdings LLC]	Malta	99.99999934
Thermo Fisher Scientific Malta Holdings LLC	Delaware	100
Thermo Fisher Scientific PRB Malta Limited [.03997% by Thermo Fisher Scientific PRB LLC]	Malta	99.96003
Thermo Fisher Scientific PRB LLC	Delaware	100
Thermo Fisher Scientific Spectra Malta Limited [.03997% by Thermo Fisher Scientific Spectra LLC]	Malta	99.96003
Thermo Fisher Scientific Spectra LLC	Delaware	100
Thermo Fisher Scientific Spectra-Physics Investments Malta Limited [.0000011% by Spectra-Physics Holdings USA, LLC]	Malta	99.9999989
Thermo Fisher Scientific Investments Malta (Sweden Financing) Limited [.00000002% by Thermo Fisher Scientific Investments (Sweden) LLC and 26.76040344% by Thermo Fisher Scientific Life Investments I S.a.r.l]	Malta	73.23959654
Thermo Fisher Scientific Investments (Sweden) LLC	Delaware	100
PeproTech, Inc.	New Jersey	100
PeproTech EC Ltd.	England	100
PeproTech France	France	100
PeproTech GmbH	Germany	100
PeproTech Asia Ltd	Israel	100
PeproTech BioTech (Suzhou) Co., Ltd.	China	100
PeproTech Korea	Korea	100

39

EX-22

Exhibit 22

Subsidiary Issuer of Guaranteed Securities

Thermo Fisher Scientific Inc. (the “Registrant”) is the guarantor of the senior secured registered notes listed below issued by Thermo Fisher Scientific (Finance I) B.V., a wholly-owned finance subsidiary of the Registrant.

Thermo Fisher Scientific (Finance I) B.V.

0.800% Senior Notes due 2030

1.125% Senior Notes due 2033

1.625% Senior Notes due 2041

2.000% Senior Notes due 2051

Floating Rate Senior Notes due 2023

0.000% Senior Notes due 2023

0.000% Senior Notes due 2025

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-229951) and Form S-8 (Nos. 33-51189, 33-54347, 333-146068, 333-152344, 333-161939, 333-188846, 333-220231 and 333-261548) of Thermo Fisher Scientific Inc. of our report dated February 24, 2022 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2022

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 Annual Report on Form 10-K 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: February 24, 2022

/s/ Marc N. Casper

Marc N. Casper
Chairman, 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, Stephen Williamson, certify that:

1.I have reviewed this Annual Report on Form 10-K 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: February 24, 2022

/s/ Stephen Williamson

Stephen Williamson
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 Annual Report on Form 10-K of Thermo Fisher Scientific Inc. (the “Company”) for the period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Marc N. Casper, Chairman, 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:  February 24, 2022

/s/ Marc N. Casper

Marc N. Casper
Chairman, 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 Annual Report on Form 10-K of Thermo Fisher Scientific Inc. (the “Company”) for the period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Stephen Williamson, 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:  February 24, 2022

/s/ Stephen Williamson

Stephen Williamson
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

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 05, 2022	Jul. 02, 2021
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	1-8002
Entity Registrant Name	THERMO FISHER SCIENTIFIC INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2209186
Entity Address, Address Line One	168 Third Avenue
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	622-1000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 201,672,052
Entity Common Stock, Shares Outstanding		391,191,770
Documents Incorporated by Reference [Text Block]	Sections of Thermo Fisher’s definitive Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference into Parts II and III of this report.
Entity Central Index Key	0000097745
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Common Stock, $1.00 par value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value
Entity Stock Trading Symbol	TMO
Security Exchange Name	NYSE
0.750% Notes due 2024
Entity Listings [Line Items]
Title of 12(b) Security	0.750% Notes due 2024
Entity Stock Trading Symbol	TMO 24A
Security Exchange Name	NYSE
0.125% Notes due 2025
Entity Listings [Line Items]
Title of 12(b) Security	0.125% Notes due 2025
Entity Stock Trading Symbol	TMO 25B
Security Exchange Name	NYSE
2.000% Notes due 2025
Entity Listings [Line Items]
Title of 12(b) Security	2.000% Notes due 2025
Entity Stock Trading Symbol	TMO 25
Security Exchange Name	NYSE
1.400% Notes due 2026
Entity Listings [Line Items]
Title of 12(b) Security	1.400% Notes due 2026
Entity Stock Trading Symbol	TMO 26A
Security Exchange Name	NYSE
1.450% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	1.450% Notes due 2027
Entity Stock Trading Symbol	TMO 27
Security Exchange Name	NYSE
1.750% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	1.750% Notes due 2027
Entity Stock Trading Symbol	TMO 27B
Security Exchange Name	NYSE
0.500% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	0.500% Notes due 2028
Entity Stock Trading Symbol	TMO 28A
Security Exchange Name	NYSE
1.375% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	1.375% Notes due 2028
Entity Stock Trading Symbol	TMO 28
Security Exchange Name	NYSE
1.950% Notes due 2029
Entity Listings [Line Items]
Title of 12(b) Security	1.950% Notes due 2029
Entity Stock Trading Symbol	TMO 29
Security Exchange Name	NYSE
0.875% Notes due 2031
Entity Listings [Line Items]
Title of 12(b) Security	0.875% Notes due 2031
Entity Stock Trading Symbol	TMO 31
Security Exchange Name	NYSE
2.375% Notes due 2032
Entity Listings [Line Items]
Title of 12(b) Security	2.375% Notes due 2032
Entity Stock Trading Symbol	TMO 32
Security Exchange Name	NYSE
2.875% Notes due 2037
Entity Listings [Line Items]
Title of 12(b) Security	2.875% Notes due 2037
Entity Stock Trading Symbol	TMO 37
Security Exchange Name	NYSE
1.500% Notes due 2039
Entity Listings [Line Items]
Title of 12(b) Security	1.500% Notes due 2039
Entity Stock Trading Symbol	TMO 39
Security Exchange Name	NYSE
1.875% Notes due 2049
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2049
Entity Stock Trading Symbol	TMO 49
Security Exchange Name	NYSE

XML

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 4,477	$ 10,325
Accounts receivable, less allowances of $150 and $135	7,977	5,741
Inventories	5,051	4,029
Contract assets, net	968	731
Other current assets	1,640	1,131
Total current assets	20,113	21,957
Property, plant and equipment, net	8,333	5,912
Acquisition-related intangible assets, net	20,113	12,685
Other assets	4,640	2,457
Goodwill	41,924	26,041
Total assets	95,123	69,052
Current liabilities:
Short-term obligations and current maturities of long-term obligations	2,537	2,628
Accounts payable	2,867	2,175
Accrued payroll and employee benefits	2,427	1,916
Contract liabilities	2,655	1,271
Other accrued expenses	2,950	2,314
Total current liabilities	13,436	10,304
Deferred income taxes	3,837	1,794
Other long-term liabilities	4,540	3,330
Long-term obligations	32,333	19,107
Commitments and Contingencies
Redeemable noncontrolling interest	122	0
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued
Common stock, $1 par value, 1,200,000,000 shares authorized; 439,154,741 and 437,088,297 shares issued	439	437
Capital in excess of par value	16,174	15,579
Retained earnings	35,431	28,116
Treasury stock at cost, 44,720,112 and 40,417,789 shares	(8,922)	(6,818)
Accumulated other comprehensive items	(2,329)	(2,807)
Total Thermo Fisher Scientific Inc. shareholders’ equity	40,793	34,507
Noncontrolling interests	62	10
Total equity	40,855	34,517
Total liabilities, redeemable noncontrolling interest and equity	$ 95,123	$ 69,052

XML

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts Receivable Allowances	$ 150	$ 135
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)	439,154,741	437,088,297
Treasury Stock at Cost (in shares)	44,720,112	40,417,789

XML

Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenues	$ 39,211	$ 32,218	$ 25,542
Costs and operating expenses:
Selling, general and administrative expenses	8,007	6,930	6,144
Research and development expenses	1,406	1,181	1,003
Restructuring and other costs (income)	197	99	(413)
Total costs and operating expenses	29,183	24,424	20,948
Operating income	10,028	7,794	4,594
Interest income	43	65	224
Interest expense	(536)	(553)	(676)
Other income/(expense)	(694)	(76)	(70)
Income before income taxes	8,841	7,230	4,072
Provision for income taxes	(1,109)	(850)	(374)
Equity in (losses) earnings of unconsolidated entities	(4)	(3)	0
Net income	7,728	6,377	3,698
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	3	2	2
Net income attributable to Thermo Fisher Scientific Inc.	$ 7,725	$ 6,375	$ 3,696
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic (in dollars per share)	$ 19.62	$ 16.09	$ 9.24
Diluted (in dollars per share)	$ 19.46	$ 15.96	$ 9.17
Weighted average shares
Basic (in shares)	394	396	400
Diluted (in shares)	397	399	403
Product [Member]
Revenues
Revenues	$ 30,361	$ 25,306	$ 19,496
Costs and operating expenses:
Cost of revenues	13,594	11,407	10,037
Service [Member]
Revenues
Revenues	8,850	6,912	6,046
Costs and operating expenses:
Cost of revenues	$ 5,979	$ 4,807	$ 4,177

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive income
Net income	$ 7,728	$ 6,377	$ 3,698
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $231, $(221) and $25)	373	(118)	(106)
Reclassification adjustment for losses included in net income	0	0	30
Unrealized gains and losses on hedging instruments:
Unrealized losses on hedging instruments (net of tax benefit of $0, $20 and $12)	0	(65)	(38)
Reclassification adjustment for losses included in net income (net of tax benefit of $17, $14 and $6)	56	45	19
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of $11, $(1) and $(31))	36	(8)	(93)
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $6, $4 and $2)	13	18	8
Total other comprehensive items	478	(128)	(180)
Comprehensive income	8,206	6,249	3,518
Less: comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest	2	2	3
Comprehensive income attributable to Thermo Fisher Scientific Inc.	$ 8,204	$ 6,247	$ 3,515

XML

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on currency translation adjustment	$ 231	$ (221)	$ 25
Tax benefit on unrealized holding losses on hedging instruments arising during the period	0	20	12
Tax benefit on reclassification adjustment for losses on hedging instruments recognized in net income	17	14	6
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period	11	(1)	(31)
Tax benefit on amortization of net loss and prior service benefit included in net periodic pension cost	$ 6	$ 4	$ 2

XML

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 7,728	$ 6,377	$ 3,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	831	658	564
Amortization of acquisition-related intangible assets	1,761	1,667	1,713
Change in deferred income taxes	(647)	(552)	(302)
Gain on sales of businesses	0	0	(482)
Stock-based compensation	230	196	181
Loss on early extinguishment of debt	767	0	184
Other non-cash expenses	190	338	82
Changes in assets and liabilities, excluding the effects of acquisitions and disposition:
Accounts receivable	(204)	(1,302)	(225)
Inventories	(1,065)	(508)	(458)
Accounts payable	479	59	266
Contributions to retirement plans	(34)	(96)	(50)
Other	(724)	1,452	(198)
Net cash provided by operating activities	9,312	8,289	4,973
Investing activities
Acquisitions, net of cash acquired	(19,395)	(38)	(1,843)
Proceeds from sale of business, net of cash divested	0	0	1,128
Purchase of property, plant and equipment	(2,523)	(1,474)	(926)
Proceeds from sale of property, plant and equipment	20	8	36
Other investing activities, net	(34)	(6)	118
Net cash used in investing activities	(21,932)	(1,510)	(1,487)
Financing activities
Net proceeds from issuance of debt	18,137	3,464	5,638
Repayment of debt	(11,738)	(710)	(6,355)
Proceeds from issuance of commercial paper	2,512	383	2,781
Repayments of commercial paper	0	(387)	(3,464)
Purchases of company common stock	(2,000)	(1,500)	(1,500)
Dividends paid	(395)	(337)	(297)
Net proceeds from issuance of company common stock under employee stock plans	156	196	153
Other financing activities, net	(91)	(150)	(74)
Net cash provided by (used in) financing activities	6,581	959	(3,118)
Exchange rate effect on cash	194	176	(63)
(Decrease) increase in cash, cash equivalents and restricted cash	(5,845)	7,914	305
Cash, cash equivalents and restricted cash at beginning of year	10,336	2,422	2,117
Cash, cash equivalents and restricted cash at end of year	$ 4,491	$ 10,336	$ 2,422

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Consolidated Statement of Redeemable Noncontrolling Interest and Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock, $1.00 par value	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Items [Member]	Total Thermo Fisher Scientific Inc. Shareholders' Equity	Total Thermo Fisher Scientific Inc. Shareholders' Equity Cumulative Effect, Period of Adoption, Adjustment [Member]	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018			432				29
Balance at Dec. 31, 2018	$ 27,594	$ 4	$ 432	$ 14,621	$ 18,696	$ 4	$ (3,665)	$ (2,498)	$ 27,586	$ 4	$ 8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)			2				1
Issuance of shares under employees' and directors' stock plans	193		$ 2	262			$ (71)		193
Stock-based compensation	181			181					181
Purchases of company common stock (in shares)							6
Purchases of company common stock	(1,500)						$ (1,500)		(1,500)
Dividends declared	(304)				(304)				(304)
Net income	3,698				3,696				3,696		2
Other comprehensive items	(180)							(181)	(181)		1
Contributions from (distributions to) noncontrolling interests	(2)										(2)
Balance (in shares) at Dec. 31, 2019			434				36
Balance at Dec. 31, 2019	29,684	$ (1)	$ 434	15,064	22,092	$ (1)	$ (5,236)	(2,679)	29,675	$ (1)	9
Redeemable Noncontrolling Interest, Balance at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)			3				0
Issuance of shares under employees' and directors' stock plans	240		$ 3	319			$ (82)		240
Stock-based compensation	196			196					196
Purchases of company common stock (in shares)							4
Purchases of company common stock	(1,500)						$ (1,500)		(1,500)
Dividends declared	(350)				(350)				(350)
Net income	6,377				6,375				6,375		2
Other comprehensive items	(128)							(128)	(128)
Contributions from (distributions to) noncontrolling interests	(1)										(1)
Balance (in shares) at Dec. 31, 2020			437				40
Balance at Dec. 31, 2020	34,517		$ 437	15,579	28,116		$ (6,818)	(2,807)	34,507		10
Redeemable Noncontrolling Interest [Roll Forward]
Noncontrolling Interest, Increase from Business Combination	122
Net income (loss) attributable to redeemable noncontrolling interest	1
Other comprehensive items attributable to redeemable noncontrolling interest	(1)
Redeemable Noncontrolling Interest, Balance at Dec. 31, 2021	122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)			2				1
Issuance of shares under employees' and directors' stock plans	222		$ 2	324			$ (104)		222
Stock-based compensation	230			230					230
Purchases of company common stock (in shares)							4
Purchases of company common stock	(2,000)						$ (2,000)		(2,000)
Dividends declared	(410)				(410)				(410)
Net income	7,727				7,725				7,725		2
Other comprehensive items	478							478	478
Contributions from (distributions to) noncontrolling interests	50										50
Other	41			41					41
Balance (in shares) at Dec. 31, 2021			439				45
Balance at Dec. 31, 2021	$ 40,855		$ 439	$ 16,174	$ 35,431		$ (8,922)	$ (2,329)	$ 40,793		$ 62

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Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash Dividends Declared per Common Share (in dollars per share)	$ 1.04	$ 0.88	$ 0.76

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Nature of Operations and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [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 helping them accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and therapies, and increase laboratory productivity. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.

Principles of Consolidation

The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. At December 31, 2021 and 2020, the company had such investments with carrying amounts of $576 million and $32 million, respectively. The company has elected the fair value option of accounting for certain of its investments with readily determinable fair values that would otherwise be accounted for under the equity method. At December 31, 2021, the fair value of such investments was $217 million.

Redeemable Noncontrolling Interest

The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at its pre-acquisition fair value.

Presentation

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

Revenue Recognition

Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.

Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date.

Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.

Contract-related Balances

Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from

the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.

Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.

Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.

Warranty Obligations

The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.

Leases

Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.

Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.

Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.

As a lessee, the company accounts for the lease and non-lease components as a single lease component.

Research and Development

The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.

Restructuring Costs

Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.

From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to generate revenues. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period.

Income Taxes

The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused.

The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money.

Earnings per Share

Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units.

Cash and Cash Equivalents

Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value.

Inventories

Inventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. As discussed below, prior to the third quarter of 2021 certain of the company's businesses utilized the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Raw materials	$	1,922	$	1,305
Work in process	676		540
Finished goods	2,453		2,184
Inventories	$	5,051	$	4,029

Prior to the third quarter of 2021, certain of the company’s businesses utilized the LIFO method of accounting for inventories. During the third quarter of 2021, these businesses, which comprised approximately 5% of consolidated inventories, changed from the LIFO method to the FIFO method. The company believes this change is preferable as it will provide a consistent, uniform costing method for all inventories across the company, better reflect the current value of inventories, and improve comparability with peers. Prior financial statements have not been retrospectively adjusted due to immateriality. The cumulative pre-tax effect of this change in accounting principle of $33 million was recorded as an increase to inventories and a decrease to cost of product revenues in the third quarter of 2021. This change was recorded in the Laboratory Products and Biopharma Services ($20 million) and Specialty Diagnostics ($13 million) segments.

The value of inventories maintained using the LIFO method was $274 million at December 31, 2020, which was below estimated replacement cost by $49 million. Reductions to cost of revenues as a result of the liquidation of LIFO inventories were nominal during 2019, 2020 and the first half of 2021.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following:

	December 31,		December 31,
(In millions)	2021		2020
Land	$	431	$	410
Buildings and improvements	2,575		2,192
Machinery, equipment and leasehold improvements	9,587		6,975
Property, plant and equipment, at cost	12,593		9,577
Less: Accumulated depreciation and amortization	4,260		3,665
Property, plant and equipment, net	$	8,333	$	5,912

Acquisition-related Intangible Assets

Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company reviews these intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.

In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. The company may perform an optional qualitative assessment. If the company determines that the fair value of the indefinite-lived intangible asset is more likely than not greater than its carrying amount, no additional testing is necessary. If not, or if the company bypasses the optional qualitative assessment, it writes the carrying value down to the fair value, if applicable.

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2021						Balance at December 31, 2020
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite lived:
Customer relationships	$	22,802	$	(7,792)	$	15,010	$	16,593	$	(7,450)	$	9,143
Product technology	6,041		(3,977)		2,064		5,523		(3,532)		1,991
Tradenames	1,722		(919)		803		1,213		(897)		316
Backlog	1,060		(59)		1,001		—		—		—
	31,625		(12,747)		18,878		23,329		(11,879)		11,450
Indefinite lived:
Tradenames	1,235		N/A		1,235		1,235		N/A		1,235
Acquisition-related intangible assets	$	32,860	$	(12,747)	$	20,113	$	24,564	$	(11,879)	$	12,685

The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:

(In millions)
2022	$	2,489
2023	2,358
2024	1,992
2025	1,669
2026	1,392
2027 and thereafter	8,978
Estimated future amortization expense of definite-lived intangible assets	$	18,878

Other Assets

Other assets in the accompanying balance sheet include operating lease right-of-use assets, investments, deferred tax assets, pension assets, cash surrender value of life insurance, insurance recovery receivables related to product liability matters, certain intangible assets and other assets.

At December 31, 2021 and 2020, the company had $33 million and $43 million, respectively, of intangible assets not derived from acquisitions, net of accumulated amortization, which are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years.

Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments. At December 31, 2021 and 2020, the company had such investments with carrying amounts of $22 million and $28 million, respectively, and investments measured at NAV of $16 million and $0 million, respectively, which are included in other assets.

Goodwill

The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2021, 2020 or 2019.

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions		Analytical Instruments		Specialty Diagnostics		Laboratory Products and Biopharma Services		Total
Balance at December 31, 2019	$	8,544	$	4,928	$	3,184	$	9,058	$	25,714
Acquisition	35		—		—		—		35
Currency translation	11		151		186		(56)		292
Balance at December 31, 2020	8,590		5,079		3,370		9,002		26,041
Acquisitions	1,560		56		8		14,400		16,024
Currency translation	(7)		(92)		(101)		59		(141)
Balance at December 31, 2021	$	10,143	$	5,043	$	3,277	$	23,461	$	41,924

Loss Contingencies

Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Certain liabilities acquired in acquisitions have been recorded at readily determinable fair values and, as such, were discounted to present value at the dates of acquisition.

Currency Translation

All assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period. Currency transaction gains are included in the accompanying statement of income and in aggregate were $25 million, $24 million and $52 million in 2021, 2020 and 2019, respectively.

Derivative Contracts

The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive items until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings.

The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, Swiss franc, British pounds sterling, Canadian dollars, Czech koruna, Japanese yen and Hong Kong dollars. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.

Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive items and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.

Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings.

Net investment hedges. The company uses foreign currency-denominated debt and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes and its cross-currency interest rate swaps 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 and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Risks and uncertainties associated with the ongoing COVID-19 global pandemic materially adversely affected certain of the company’s businesses in 2020, particularly in the Analytical Instruments segment and, to a lesser extent, some businesses within the other three segments. The negative impacts significantly lessened in 2021. The extent and duration of negative impacts in the future, which

may include inflationary pressures and supply chain disruptions, are uncertain and may require changes to estimates. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company will adopt this guidance in 2022 using a prospective method. The adoption of this guidance is not expected to have a material impact on the company’s disclosures; however, the impact will be dependent on the extent of transactions of this nature entered into by the company in periods subsequent to the date of adoption.

In October 2021, the FASB amended guidance to recognize and measure contract assets and contract liabilities acquired in a business combination. Generally, this new guidance will result in the company recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The company adopted this guidance in the fourth quarter of 2021 retrospectively to all business combinations completed in the first three quarters of 2021 and prospectively to all future business combinations. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements for acquisitions that closed in 2021; however, the impact in future periods will be dependent on the contract assets and contract liabilities acquired in future business combinations.

In July 2021, the FASB amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. The company adopted the guidance in the third quarter of 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In January 2020, the FASB issued new guidance to clarify the interaction of the accounting for certain equity securities, equity method investments, and certain forward contracts and purchased options. Among other things, the new guidance clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying measurement principles for certain equity securities immediately before applying or discontinuing the equity method. The company adopted this guidance in 2020 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. Among other things, the new guidance requires the effects of enacted changes in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. The company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events or conditions that would be affected such as enacted changes in tax laws or rates.

In August 2018, the FASB issued new guidance to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The company adopted the guidance in 2020 using a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In August 2018, the FASB issued new guidance to modify the disclosure requirements on fair value measurements. The company adopted the guidance in 2020 with some items requiring a prospective method and others requiring a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In June 2016, the FASB issued new guidance to require a financial asset measured at amortized cost basis, such as accounts receivable, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. During 2018 and 2019, the FASB issued additional guidance and clarification. The company adopted the guidance in 2020 using a modified retrospective method. The adoption of this guidance reduced accounts receivable and retained earnings by $1 million on January 1, 2020.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. During 2017 - 2019, the FASB issued additional guidance and clarification. The company adopted this guidance in January 2019. The company elected to adopt the guidance using a modified retrospective method, by applying the transition approach as of the beginning of the period of adoption. Comparative periods have not been restated. As permitted upon transition, the company did not reassess whether any expired or

existing contracts were or contained embedded leases, the lease classification for any expired or existing leases, initial direct costs for any leases, or whether land easements met the definition of a lease if they were not accounted for as leases under the prior guidance. The adoption of this guidance increased retained earnings by $4 million on January 1, 2019.

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Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions and Dispositions [Text Block]

Note 2.    Acquisitions and Disposition

The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforce. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.

2021

On January 15, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, the Belgium-based European viral vector manufacturing business of Groupe Novasep SAS for $830 million in net cash consideration. The European viral vector manufacturing business provides manufacturing services for vaccines and therapies to biotechnology companies and large biopharma customers. The acquisition expands the segment’s capabilities for cell and gene vaccines and therapies. The goodwill recorded as a result of this business combination is not tax deductible.

On February 25, 2021, the company acquired, within the Life Sciences Solutions segment, Mesa Biotech, Inc., a U.S.-based molecular diagnostic company, for $407 million in net cash consideration and contingent consideration with an initial fair value of $65 million due upon the completion of certain milestones. Mesa Biotech has developed and commercialized a polymerase chain reaction (PCR) based rapid point-of-care testing platform available for detecting infectious diseases including COVID-19. The acquisition enables the company to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care. The goodwill recorded as a result of this business combination is not tax deductible.

On September 30, 2021, the company assumed operating responsibility, within the Laboratory Products and Biopharma Services segment, of a new state-of-the-art biologics manufacturing facility in Lengnau, Switzerland from CSL Limited to perform pharma services for CSL with capacity to serve other customers as well. The company expects to make fixed lease payments aggregating to $555 million (excluding renewals) from 2021 to 2041, with additional amounts dependent on the extent of revenues from customers of the facility other than CSL. The goodwill recorded as a result of this business combination is not tax deductible.

On December 8, 2021, the company acquired, within the Laboratory Products and Biopharma Services segment, PPD, Inc., a U.S.-based global provider of clinical research services to the pharma and biotech industry, for $15.99 billion in net cash consideration and $43 million of equity awards exchanged. The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process. The goodwill recorded as a result of this business combination is not tax deductible.

On December 30, 2021, the company acquired, within the Life Sciences Solutions segment, PeproTech, Inc., a U.S. based developer and manufacturer of recombinant proteins, for $1.86 billion in net cash consideration. PeproTech provides bioscience reagents known as recombinant proteins, including cytokines and growth factors. The acquisition expands the segment’s bioscience offerings. The goodwill recorded as a result of this business combination is not tax deductible.

In addition, in 2021, the company acquired, within the Life Sciences Solutions segment, cell sorting technology assets, an Ireland-based life sciences distributor and a developer of a digital PCR platform; within the Analytical Instruments segment, a Belgium-based developer of micro-chip based technology for liquid chromatography columns; and within the Specialty Diagnostics segment, a transplant diagnostics information system provider.

The components of the purchase price and net assets acquired for 2021 acquisitions are as follows:

(In millions)	PPD		PeproTech		European Viral Vector Business		Mesa Biotech		Lengnau biologics manufacturing facility		Other
Purchase price
Cash paid	$	17,237	$	1,947	$	848	$	421	$	17	$	298
Fair value of equity awards exchanged	43		—		—		—		—		—
Fair value of contingent consideration	—		—		—		65		1		117
Cash acquired	(1,244)		(83)		(18)		(14)		—		(13)
	$	16,036	$	1,864	$	830	$	472	$	18	$	402
Net assets acquired
Current assets	$	2,510	$	63	$	39	$	54	$	—	$	12
Property, plant and equipment	562		18		59		2		92		2
Definite-lived intangible assets:
Customer relationships	6,264		514		302		—		—		2
Product technology	—		282		25		279		—		224
Tradenames	603		—		—		2		—		2
Backlog	1,060		—		—		—		—		—
Goodwill	13,781		1,190		600		237		18		198
Other assets	1,108		11		3		3		376		2
Contract liabilities	(1,570)		—		(59)		—		—		(1)
Deferred tax assets (liabilities)	(1,803)		(193)		(80)		(72)		—		(28)
Finance lease liabilities	(86)		—		(24)		—		(82)		—
Debt assumed	(4,299)		—		—		—		—		—
Other liabilities assumed	(1,972)		(21)		(35)		(33)		(386)		(11)
Redeemable noncontrolling interest	(122)		—		—		—		—		—
	$	16,036	$	1,864	$	830	$	472	$	18	$	402

The weighted-average amortization periods for definite-lived intangible assets acquired in 2021 are 17 years for customer relationships, 11 years for product technology, 7 years for tradenames and 3 years for backlog. The weighted average amortization period for all definite-lived intangible assets acquired in 2021 is 14 years.

The preliminary allocations of the purchase price for the acquisitions of the Lengnau biologics manufacturing facility, PPD and PeproTech were based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization, largely with respect to acquired intangible assets, lease assets and liabilities, and the related deferred taxes. Measurements of these items inherently require significant estimates and assumptions.

Unaudited Pro Forma Information

The following unaudited pro forma information provides the effect of the company's 2021 acquisition of PPD as if the acquisition had occurred on January 1, 2020:

	Year Ended
	December 31,		December 31,
(In millions)	2021		2020
Revenues	$	44,886	$	36,887
Net income attributable to Thermo Fisher Scientific Inc.	$	7,369	$	5,361

The historical consolidated financial information of the company and PPD has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the acquisitions and related financing arrangements and are factually supportable.

To reflect the acquisition of PPD as if it had occurred on January 1, 2020, the unaudited pro forma results include adjustments to reflect, among other things, the incremental intangible asset amortization to be incurred based on the preliminary values of each identifiable intangible asset and the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the company's historical statutory rates in effect for the respective periods. The unaudited pro forma amounts are not necessarily indicative of the combined results of operations that would have been realized had the acquisitions and related financings occurred on the aforementioned dates, nor are they meant to be indicative of any anticipated combined results of operations that the company will experience after the transaction. In addition, the amounts do not include any adjustments for actions that may be taken following the completion of the transaction, such as expected cost savings, operating synergies, or revenue enhancements that may be realized subsequent to the transaction.

Pro forma net income attributable to Thermo Fisher Scientific Inc. for the year ended December 31, 2021, excludes $312 million of transaction costs, initial restructuring costs, and debt extinguishment costs directly attributable to the PPD acquisition that were included in the determination of net income attributable to Thermo Fisher Scientific Inc. for that period. These items have reduced pro forma net income attributable to Thermo Fisher Scientific Inc. for the year ended December 31, 2020, by $197 million.

The company’s results would not have been materially different from its pro forma results had the company’s other 2021 acquisitions occurred at the beginning of 2020.

PPD’s revenues and losses attributable to Thermo Fisher Scientific Inc. in 2021, subsequent to the acquisition date, were $378 million and $(60) million, respectively. The loss includes non-recurring transaction and compensation costs.

2020

In 2020, the company acquired, within the Life Sciences Solutions segment, a U.S.-based provider of a spectral dye platform for high-resolution biology applications which will extend the company’s existing tools for protein and cell analysis applications, for a total purchase price of $63 million including the fair value of contingent consideration.

2019

On April 30, 2019, the company acquired, within the Laboratory Products and Biopharma Services segment, Brammer Bio for approximately $1.67 billion in cash. Brammer Bio is a leading viral vector contract development and manufacturing organization for gene and cell therapies. The acquisition expanded the segment’s contract manufacturing capabilities. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $938 million was allocated to goodwill, $405 million of which is tax deductible.

In addition, in 2019 the company acquired, within the Analytical Instruments segment, a Slovakia-based provider of mass spectrometry software used for identification of compounds, and, within the Laboratory Products and Biopharma Services segment, an active pharmaceutical ingredient manufacturing facility in Cork, Ireland, for an aggregate purchase price of $169 million.

The components of the purchase price and net assets acquired for 2019 acquisitions are as follows:

(In millions)	Brammer Bio		Other
Purchase price
Cash paid	$	1,710	$	169
Cash acquired	(36)		—
	$	1,674	$	169
Net assets acquired
Current assets	$	52	$	58
Property, plant and equipment	147		102
Definite-lived intangible assets:
Customer relationships	744		—
Product technology	65		7
Tradenames	7		—
Goodwill	938		9
Other assets	49		—
Contract liabilities	(110)		—
Deferred tax liabilities	(110)		(6)
Other liabilities assumed	(108)		(1)
	$	1,674	$	169

The weighted-average amortization periods for definite-lived intangible assets acquired in 2019 are 14 years for customer relationships, 13 years for product technology and 2 years for tradenames. The weighted average amortization period for all definite-lived intangible assets acquired in 2019 is 14 years.

Disposition

On June 28, 2019, the company sold its Anatomical Pathology business to PHC Holdings Corporation for $1.13 billion, net of cash divested. The business was part of the Specialty Diagnostics segment. The sale of this business resulted in a pre-tax gain of approximately $478 million, included in restructuring and other (income) costs, net. Revenues in 2019, through the date of sale, of the business sold were approximately $115 million, net of retained sales through the company's healthcare market and research and safety market channels.

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Revenue and Contract-related Balances

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Note 3.    Revenues and Contract-related Balances

Disaggregated Revenues

Revenues by type are as follows:

(In millions)	2021		2020		2019
Revenues
Consumables	$	22,608	$	18,527	$	13,109
Instruments	7,753		6,779		6,387
Services	8,850		6,912		6,046
Consolidated revenues	$	39,211	$	32,218	$	25,542

Revenues by geographic region based on customer location are as follows:

(In millions)	2021		2020		2019
Revenues
North America	$	19,659	$	17,081	$	12,896
Europe	11,134		8,284		6,358
Asia-Pacific	7,218		5,822		5,524
Other regions	1,200		1,031		764
Consolidated revenues	$	39,211	$	32,218	$	25,542

Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of December 31, 2021 was $28.30 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 59% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

Contract-related Balances

Noncurrent contract assets are included within other assets in the accompanying balance sheet. Noncurrent contract liabilities are included within other long-term liabilities in the accompanying balance sheet. Contract asset and liability balances are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Current contract assets, net	$	968	$	731
Noncurrent contract assets, net	9		11
Current contract liabilities	2,655		1,271
Noncurrent contract liabilities	1,238		763

Substantially all of the current contract liabilities balance at December 31, 2020 and 2019 was recognized in revenues during 2021 and 2020, respectively.

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Business Segment and Geographical Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segment and Geographical Information [Text Block]

Note 4.    Business Segment and Geographical 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 (including COVID-19 through its polymerase chain reaction (PCR) testing and sample preparation capabilities). 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 Biopharma Services (formerly known as Laboratory Products and Services): provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products for customers in research, academic, government, industrial and healthcare settings. The segment also includes a comprehensive offering of

outsourced services used by the pharmaceutical and biotech industries for drug development, clinical trials logistics, clinical research services and commercial drug manufacturing.

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 as well as from significant litigation-related matters; 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

(In millions)	2021		2020		2019
Revenues
Life Sciences Solutions	$	15,631	$	12,168	$	6,856
Analytical Instruments	6,069		5,124		5,522
Specialty Diagnostics	5,659		5,343		3,718
Laboratory Products and Biopharma Services	14,862		12,245		10,599
Eliminations	(3,010)		(2,662)		(1,153)
Consolidated revenues	39,211		32,218		25,542
Segment Income
Life Sciences Solutions	7,817		6,109		2,446
Analytical Instruments	1,197		808		1,273
Specialty Diagnostics	1,280		1,368		930
Laboratory Products and Biopharma Services	1,844		1,271		1,324
Subtotal reportable segments	12,138		9,556		5,973
Cost of revenues charges	(8)		(6)		(17)
Selling, general and administrative (charges) credits	(144)		10		(62)
Restructuring and other (costs) income	(197)		(99)		413
Amortization of acquisition-related intangible assets	(1,761)		(1,667)		(1,713)
Consolidated operating income	10,028		7,794		4,594
Interest income	43		65		224
Interest expense	(536)		(553)		(676)
Other income/(expense)	(694)		(76)		(70)
Income before income taxes	$	8,841	$	7,230	$	4,072
Depreciation
Life Sciences Solutions	$	197	$	140	$	130
Analytical Instruments	83		76		75
Specialty Diagnostics	128		100		67
Laboratory Products and Biopharma Services	423		342		292
Consolidated depreciation	$	831	$	658	$	564

Cost of revenues charges included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and accelerated depreciation on fixed assets to estimated disposal value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of third-party transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges/credits related to product liability litigation.

(In millions)	2021		2020		2019
Total assets
Life Sciences Solutions	$	22,751	$	20,209	$	18,306
Analytical Instruments	9,692		9,773		9,896
Specialty Diagnostics	6,010		6,534		5,867
Laboratory Products and Biopharma Services	52,639		22,711		21,761
Corporate/other (a)	4,031		9,825		2,551
Consolidated total assets	$	95,123	$	69,052	$	58,381
Capital expenditures
Life Sciences Solutions	$	810	$	392	$	151
Analytical Instruments	79		74		64
Specialty Diagnostics	167		175		83
Laboratory Products and Biopharma Services	1,327		772		554
Corporate/other	140		61		74
Consolidated capital expenditures	$	2,523	$	1,474	$	926

(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.

Geographical Information

(In millions)	2021		2020		2019
Revenues (b)
United States	$	18,907	$	16,435	$	12,366
China	3,444		2,797		2,752
Other	16,860		12,986		10,424
Consolidated revenues	$	39,211	$	32,218	$	25,542
Long-lived Assets (c)
United States	$	5,578	$	3,686	$	3,099
Other	4,286		3,001		2,349
Consolidated long-lived assets	$	9,864	$	6,687	$	5,448

(b)Revenues are attributed to countries based on customer location.

(c)Includes property, plant and equipment, net, and operating lease ROU assets.

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Other Expense, Net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other Expense, Net [Text Block]

Note 5.    Other Income/(Expense)

In all periods, other income/(expense) includes currency transaction gains and losses on non-operating monetary assets and liabilities and net periodic pension benefit cost/income, excluding the service cost component which is included in operating expenses on the accompanying statement of income. In 2021, other income/(expense) includes $767 million of losses on the early extinguishment of debt (Note 10), $36 million of financing costs associated with obtaining bridge financing commitments in connection with the agreement to acquire PPD (Note 2), offset in part by $66 million of net gains on investments. The company had a cash outlay of $36 million in 2021 associated with obtaining the bridge financing commitments, included in other financing activities, net, in the accompanying statement of cash flows.

In 2020, other income/(expense) includes $81 million of financing costs for a terminated acquisition, primarily for loan commitment fees and entering into hedging contracts and $42 million reclassified from accumulated other comprehensive items related to a hedge arrangement (Note 14), offset in part by $10 million of net gains on investments. The company had a cash outlay of $51 million in 2020 associated with obtaining the loan commitments included in other financing activities, net, in the accompanying statement of cash flows.

In 2019, other income/(expense) includes $184 million of losses on the early extinguishment of debt (Note 10), offset in part by $44 million of net gains on investments. The investment gains include a $28 million gain on the sale of a joint venture for net proceeds of $42 million.

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Stock-based Compensation Expense

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Expense [Text Block]

Note 6.    Stock-based Compensation Expense

The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vesting. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment).

Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.

Stock Options

The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.

The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 

	2021		2020		2019
Expected stock price volatility	26	%	22	%	21	%
Risk free interest rate	0.8	%	1.1	%	2.4	%
Expected life of options (years)	4.3		4.3		4.3
Expected annual dividend	0.2	%	0.3	%	0.3	%

The weighted average per share grant-date fair values of options granted during 2021, 2020 and 2019 were $123.97, $61.19 and $53.37, respectively. The total intrinsic value of options exercised during the same periods was $501 million, $457 million and $320 million, respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option.

A summary of the company’s option activity for the year ended December 31, 2021 is presented below:

	Shares (in millions)	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2020	5.9	$	221.22
Granted	1.5	552.26
Issued in connection with an acquisition	0.2	492.35
Exercised	(1.4)	183.63
Canceled/expired	(0.2)	341.83
Outstanding at December 31, 2021	6.0	$	319.95	4.5	$	2,094
Vested and unvested expected to vest at December 31, 2021	5.7	$	306.64	4.3	$	2,035
Exercisable at December 31, 2021	2.8	$	193.39	2.9	$	1,307

As of December 31, 2021, there was $243 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2025 with a weighted average amortization period of 2.9 years.

Restricted Share/Unit Awards

Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.

A summary of the company’s restricted unit activity for the year ended December 31, 2021 is presented below:

	Units (in millions)	Weighted average grant-date fair value
Unvested at December 31, 2020	0.8	$	276.74
Granted	0.4	444.61
Issued in connection with an acquisition	0.2	628.71
Vested	(0.5)	295.70
Forfeited	(0.1)	326.90
Unvested at December 31, 2021	0.8	$	425.39

The total fair value of shares vested during 2021, 2020 and 2019 was $151 million, $126 million and $118 million, respectively.

As of December 31, 2021, there was $250 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2025 with a weighted average amortization period of 2.1 years.

Employee Stock Purchase Plans

Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s qualifying gross wages. The company issued 0.1 million, 0.1 million and 0.2 million shares, respectively, of its common stock in 2021, 2020 and 2019 under the employee stock purchase plan.

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Pension and Other Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefit Plans [Text Block]

Note 7.    Pension and Other Postretirement Benefit Plans

401(k) Savings Plan and Other Defined Contribution Plans

The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. In 2021, 2020 and 2019, the company charged to expense $299 million, $254 million and $232 million, respectively, related to its defined contribution plans.

Defined Benefit Pension 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 liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.

The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.

When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.

The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. During 2021, 2020 and 2019, the company made cash contributions of approximately $34 million, $96 million and $50 million, respectively. Contributions to the plans included in the following table are estimated at between $40 and $60 million for 2022.

The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:

	Domestic pension  benefits				Non-U.S. pension  benefits
(In millions)	2021		2020		2021		2020
Change in projected benefit obligations
Benefit obligation at beginning of year	$	1,302	$	1,302	$	1,486	$	1,303
Acquisitions	—		—		170		—
Service costs	—		—		27		24
Interest costs	23		35		11		18
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Actuarial (gains) losses	20		44		(57)		119
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(54)		81
Benefit obligation at end of year	$	1,260	$	1,302	$	1,552	$	1,486
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	1,267	$	1,201	$	1,160	$	986
Acquisitions	—		—		158		—
Actual return on plan assets	37		138		14		92
Employer contribution	7		7		27		87
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(26)		54
Fair value of plan assets at end of year	$	1,226	$	1,267	$	1,302	$	1,160
Funded status	$	(34)	$	(35)	$	(250)	$	(326)
Accumulated benefit obligation	$	1,260	$	1,302	$	1,475	$	1,417
Amounts recognized in balance sheet
Noncurrent assets	$	32	$	38	$	205	$	157
Current liability	(7)		(8)		(10)		(9)
Noncurrent liabilities	(59)		(65)		(445)		(474)
Net amount recognized	$	(34)	$	(35)	$	(250)	$	(326)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss	$	157	$	142	$	167	$	242
Prior service credits	—		—		(3)		(2)
Net amount recognized	$	157	$	142	$	164	$	240

For domestic pension plans, actuarial losses experienced in 2021 were driven by differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns, which were partially offset by actuarial gains due to increases in the weighted average discount rates used to determine the projected benefit obligation differences. For non-U.S. pension plans, actuarial gains experienced in 2021 were principally driven by increases in the weighted average discount rates used to determine the projected benefit obligation.

For both domestic and non-U.S. pension plans, actuarial losses experienced in 2020 were principally driven by decreases in the weighted average discount rates used to determine the projected benefit obligation. For domestic pension plans, the 2020 actuarial losses were partially offset by gains recognized due to the adoption of an updated mortality assumption.

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2021 and 2020 and are as follows:

	Domestic pension  benefits				Non-U.S. pension  benefits
	2021		2020		2021		2020
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation	2.70	%	2.33	%	1.45	%	0.95	%
Interest crediting rate for cash balance plans	2.58	%	2.16	%	1.25	%	1.25	%
Average rate of increase in employee compensation	N/A		N/A		2.73	%	2.30	%

The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:

	Domestic pension benefits						Non-U.S. pension benefits
	2021		2020		2019		2021		2020		2019
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost	N/A		N/A		N/A		0.65	%	1.21	%	1.97	%
Discount rate - interest cost	2.33	%	3.13	%	4.22	%	0.80	%	1.44	%	2.06	%
Average rate of increase in employee compensation	N/A		N/A		N/A		2.30	%	2.27	%	2.47	%
Expected long-term rate of return on assets	4.25	%	5.00	%	5.76	%	2.02	%	2.33	%	3.25	%

The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.

The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.

Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.

The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.

The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	2,010	$	2,047
Fair value of plan assets	1,521		1,529

The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	1,937	$	1,976
Fair value of plan assets	1,521		1,526

The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations.

The net periodic pension benefit cost (income) includes the following components:

	Domestic pension benefits						Non-U.S. pension benefits
(In millions)	2021		2020		2019		2021		2020		2019
Components of net benefit cost (income)
Service cost	$	—	$	—	$	—	$	27	$	24	$	23
Interest cost on benefit obligation	23		35		45		11		18		24
Expected return on plan assets	(40)		(47)		(55)		(19)		(19)		(30)
Amortization of actuarial net loss	7		6		2		12		10		6
Amortization of prior service benefit	—		—		—		—		(1)		(1)
Settlement/curtailment loss	—		—		—		—		8		4
Net periodic benefit cost (income)	$	(10)	$	(6)	$	(8)	$	31	$	40	$	26

Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2021. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:

(In millions)	Domestic pension benefits		Non-U.S. pension benefits
Expected benefit payments
2022	$	93	$	45
2023	89		45
2024	88		49
2025	86		52
2026	84		56
2027-2031	368		307

Domestic Pension Plan Assets

The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.

Non-U.S. Pension Plan Assets

The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of

diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 40% - 90% for fixed income funds, 0% - 35% for multi-asset funds, and 0% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.

The fair values of the company’s plan assets at December 31, 2021 and 2020, by asset category are as follows:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	124	$	—	$	—	$	—	$	124
International equity funds	117		—		—		—		117
Fixed income funds	966		—		—		—		966
Money market funds	19		—		—		—		19
Total domestic pension plans	$	1,226	$	—	$	—	$	—	$	1,226
Non-U.S. pension plan assets
Equity funds	$	17	$	—	$	—	$	—	$	17
Fixed income funds	651		—		—		—		651
Hedge funds	3		—		—		—		3
Multi-asset funds	73		—		—		—		73
Derivative funds	253		—		—		—		253
Alternative investments	1		—		—		—		1
Insurance contracts	295		—		295		—		—
Cash / money market funds	9		5		—		—		4
Total non-U.S. pension plans	$	1,302	$	5	$	295	$	—	$	1,002
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	125	$	—	$	—	$	—	$	125
International equity funds	126		—		—		—		126
Fixed income funds	1,001		—		—		—		1,001
Money market funds	15		—		—		—		15
Total domestic pension plans	$	1,267	$	—	$	—	$	—	$	1,267
Non-U.S. pension plan assets
Equity funds	$	74	$	—	$	—	$	—	$	74
Fixed income funds	510		—		—		—		510
Hedge funds	59		—		—		—		59
Multi-asset funds	45		—		—		—		45
Derivative funds	149		—		—		—		149
Alternative investments	6		—		—		—		6
Insurance contracts	262		—		262		—		—
Cash / money market funds	55		7		—		—		48
Total non-U.S. pension plans	$	1,160	$	7	$	262	$	—	$	891
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 14). Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.

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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

Note 8.    Income Taxes

The components of income before provision for income taxes are as follows:

(In millions)	2021		2020		2019
U.S.	$	3,340	$	4,762	$	2,280
Non-U.S.	5,501		2,468		1,792
Income before income taxes	$	8,841	$	7,230	$	4,072

The components of the provision for income taxes are as follows:

(In millions)	2021		2020		2019
Current income tax provision
Federal	$	446	$	521	$	267
Non-U.S.	1,148		423		544
State	160		175		62
	1,754		1,119		873
Deferred income tax provision (benefit)
Federal	$	(227)	$	(237)	$	(222)
Non-U.S.	(399)		(18)		(252)
State	(19)		(14)		(25)
	(645)		(269)		(499)
Provision for income taxes	$	1,109	$	850	$	374

The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:

(In millions)	2021			2020			2019
Statutory federal income tax rate	21		%	21		%	21		%
Provision for income taxes at statutory rate	$	1,857		$	1,518		$	855
Increases (decreases) resulting from:
Foreign rate differential	(255)			(223)			(204)
Income tax credits	(315)			(335)			(213)
Global intangible low-taxed income	76			86			92
Foreign-derived intangible income	(119)			(156)			(111)
Excess tax benefits from stock options and restricted stock units	(124)			(114)			(80)
Provision for (reversal of) tax reserves, net	(17)			(26)			62
Intra-entity transfers	(284)			—			(79)
Foreign exchange loss on inter-company debt refinancing	—			(47)			(62)
Domestication transaction	—			(263)			—
Valuation allowance	36			379			(4)
Withholding taxes	164			115			38
Basis difference on disposal of business	—			—			73
Tax return reassessments and settlements	1			(196)			(6)
State income taxes, net of federal tax	82			147			22
Other, net	7			(35)			(9)
Provision for income taxes	$	1,109		$	850		$	374

The company has operations and a taxable presence in approximately 50 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate.

During 2021, the company recorded a $188 million income tax benefit related to the deferred tax implications of an intra-entity transfer of assets. Also in 2021, the company recorded a $96 million income tax benefit related to a capital loss resulting from certain intra-entity transactions.

During 2020, the company settled an IRS audit relating to the 2014, 2015, and 2016 tax years. The company recorded a $25 million net tax benefit primarily from this settlement and related impacts, which resulted in a decrease in the company’s unrecognized tax benefits of $378 million, of which $144 million was reclassified to income taxes payable. The company recorded $53 million of charges for expired tax credits and other related components of the settlement. The company recorded a charge of $156 million to establish a valuation allowance against certain U.S. foreign tax credits which the company believes will more likely than not expire unutilized.

In 2020, the company recorded a $263 million income tax benefit related to a domestication transaction involving the transfer of certain non-U.S. subsidiaries to the U.S., including interest expense of those subsidiaries. The company also recorded a valuation allowance of $212 million against the amount of interest expense that the company believes will more likely than not go unused. Also in 2020, the company recorded a $47 million income tax benefit, including both U.S. federal and state taxes, related to a foreign exchange loss for tax purposes on certain intercompany financing arrangements.

In 2019, the company recorded a $62 million income tax benefit, including both U.S. federal and state taxes, related to a foreign exchange loss for tax purposes on certain intercompany financing arrangements as well as a tax provision of $191 million related to the gain on the sale of the Anatomical Pathology business. Also in 2019, the company recorded a $79 million benefit related to the deferred tax implications of intra-entity transactions which included a tax benefit to release a valuation allowance against net operating losses previously determined to be unrealizable.

The foreign tax credits discussed below are the result of foreign earnings and profits remitted or deemed remitted to the U.S. during the reporting year and the U.S. treatment of taxes paid in the foreign jurisdictions in the years those profits were originally earned.

In 2020, the company implemented foreign tax credit planning in Sweden which resulted in $96 million of foreign tax credits, with no related incremental U.S. income tax expense.

In 2019, the company implemented foreign tax credit planning in Sweden which resulted in $75 million of foreign tax credits, with no related incremental U.S. income tax expense.

The company generally receives a tax deduction upon the exercise of non-qualified stock options by employees, or the vesting of restricted stock units held by employees, for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The company uses the incremental tax benefit approach for utilization of tax attributes. These excess tax benefits reduce the tax provision. In 2021, 2020 and 2019, the company's tax provision was reduced by $124 million, $114 million and $80 million, respectively, of such benefits.

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2021		2020
Deferred tax asset (liability)
Depreciation and amortization	$	(4,687)	$	(2,962)
Net operating loss and credit carryforwards	1,652		1,668
Reserves and accruals	162		164
Accrued compensation	318		253
Inventory basis difference	181		112
Deferred interest	295		227
Unrealized (gains) losses on hedging instruments	(33)		242
Other, net	251		124
Deferred tax liabilities, net before valuation allowance	(1,861)		(172)
Less: Valuation allowance	968		933
Deferred tax liabilities, net	$	(2,829)	$	(1,105)

The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2021, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.

The changes in the valuation allowance are as follows:

	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance	$	933	$	408	$	471
Additions (reductions) charged to income tax provision, net	24		514		(27)
Additions due to acquisitions	30		—		—
Reduction due to a divestiture	—		—		(33)
Currency translation and other	(19)		11		(3)
Ending balance	$	968	$	933	$	408

At December 31, 2021, the company had net federal, state and non-U.S. net operating loss carryforwards of $72 million, $88 million and $1.18 billion, respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. The federal and state net operating loss carryforwards expire in the years 2022 through 2041. Of the net non-U.S. net operating loss carryforwards, $419 million expire in the years 2025 through 2041, and the remainder do not expire.

At December 31, 2021, the company had foreign tax credit carryforwards of $610 million and deferred interest carryforwards of $295 million. The foreign tax credit carryforwards will expire in the years 2022 through 2030 while deferred interest carryforwards do not expire.

U.S. federal taxes have been recorded on $24 billion of undistributed foreign earnings as of December 31, 2021. A provision has not been made for certain U.S. state income taxes or additional non-U.S. taxes that would be due when cash is repatriated to the U.S. as the company’s undistributed foreign earnings are intended to be reinvested outside of the U.S. indefinitely. The determination of the amount of the unrecognized deferred tax liability related to the undistributed foreign earnings is not practicable due to the uncertainty in the manner in which these earnings will be distributed. The company’s intent is to only make distributions from non-U.S. subsidiaries in the future when they can be made at no net tax cost.

Unrecognized Tax Benefits

As of December 31, 2021, the company had $1.12 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2021		2020		2019
Beginning balance	$	1,091	$	1,552	$	1,442
Additions due to acquisitions	26		—		—
Additions for tax positions of current year	32		8		53
Additions for tax positions of prior years	60		—		69
Reductions for tax positions of prior years	(5)		(296)		(7)
Closure of tax years	(27)		—		—
Settlements	(53)		(173)		(5)
Ending balance	$	1,124	$	1,091	$	1,552

Substantially all of the unrecognized tax benefits are classified as long-term liabilities. The company does not expect its unrecognized tax benefits to change significantly over the next twelve months.

During 2021, the company’s unrecognized tax benefits increased by $80 million as a result of uncertain tax positions relating to foreign tax positions and decreased $75 million relating to U.S. federal and state tax positions. The company also assumed $26 million of uncertain tax benefits as part of the acquisition of PPD.

During 2020, the company’s unrecognized tax benefits decreased $51 million as a result of uncertain tax positions relating to foreign tax positions and $410 million relating to U.S. federal and state tax positions which included $378 million from the settlement of the IRS audit of the 2014, 2015 and 2016 tax years.

During 2019, the company’s unrecognized tax benefits increased $70 million as a result of uncertain tax positions relating to foreign tax positions and $45 million relating to U.S. federal and state tax positions.

The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2021 and 2020 was $59 million and $78 million, respectively.

The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. state and local or non-U.S. income tax examinations for years before 2012 and no longer subject to U.S. federal income tax examinations for years before 2017.

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Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 9.    Earnings per Share

(In millions except per share amounts)	2021		2020		2019
Net income attributable to Thermo Fisher Scientific Inc.	$	7,725	$	6,375	$	3,696
Basic weighted average shares	394		396		400
Plus effect of: stock options and restricted stock units	3		3		3
Diluted weighted average shares	397		399		403
Basic earnings per share	$	19.62	$	16.09	$	9.24
Diluted earnings per share	$	19.46	$	15.96	$	9.17
Antidilutive stock options excluded from diluted weighted average shares	1		1		1

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Debt and Other Financing Arrangements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt and Other Financing Arrangements [Text Block]

Note 10.    Debt and Other Financing Arrangements

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
Commercial Paper	0.01	%	$	2,522	$	—
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)			—		611
3.00% 7-Year Senior Notes, Due 4/15/2023			—		1,000
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023			1,000		—
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023			500		—
0.797% 2-Year Senior Notes, Due 10/18/2023	1.03	%	1,350		—
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.00	%	1,933		—
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.06	%	625		—
4.15% 10-Year Senior Notes, Due 2/1/2024			—		1,000
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.94	%	1,137		1,222
1.215% 3-Year Senior Notes, Due 10/18/2024	1.42	%	2,500		—
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024			500		—
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)	0.41	%	910		977
4.133% 5-Year Senior Notes, Due 3/25/2025			—		1,100
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.10	%	728		782
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)	0.16	%	625		—
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350		350
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)	1.53	%	796		855
2.95% 10-Year Senior Notes, Due 9/19/2026			—		1,200

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)	1.66	%	568		611
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)	1.97	%	682		733
3.20% 10-Year Senior Notes, Due 8/15/2027			—		750
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)	0.77	%	910		977
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)	1.46	%	682		733
1.750% 7-Year Senior Notes, Due 10/15/2028	1.89	%	700		—
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)	2.08	%	796		855
2.60% 10-Year Senior Notes, Due 10/1/2029	2.74	%	900		900
4.497% 10-Year Senior Notes, Due 3/25/2030			—		1,100
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)	0.89	%	1,990		—
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)	1.13	%	1,023		1,099
2.00% 10-Year Senior Notes, Due 10/15/2031	2.23	%	1,200		—
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)	2.55	%	682		733
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)	1.21	%	1,706		—
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)	2.94	%	796		855
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)	1.73	%	1,023		1,099
2.80% 20-Year Senior Notes, Due 10/15/2041	2.90	%	1,200		—
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)	1.78	%	1,421		—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400		400
4.10% 30-Year Senior Notes, Due 8/15/2047	4.23	%	750		750
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)	1.98	%	1,137		1,222
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)	2.07	%	853		—
Other			76		5
Total borrowings at par value			34,971		21,919
Fair value hedge accounting adjustments			—		25
Unamortized discount			(117)		(102)
Unamortized debt issuance costs			(184)		(114)
Total borrowings at carrying value			34,670		21,728
Finance lease liabilities			200		7
Less: Short-term obligations and current maturities			2,537		2,628
Long-term obligations			$	32,333	$	19,107

SOFR - Secured Overnight Financing Rate

EURIBOR - Euro Interbank Offered Rate

The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount and the amortization of any debt issuance costs.

See Note 14 for fair value information pertaining to the company’s long-term borrowings.

As of December 31, 2021, the annual repayment requirements for debt obligations are as follows:

(In millions)	Borrowings		Finance Lease Liabilities
2022	$	2,522	$	15
2023	5,396		12
2024	4,138		12
2025	2,610		12
2026	797		12
2027 and thereafter	19,508		137
	$	34,971	$	200

In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $78 million as of December 31, 2021. These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates.

Credit Facilities

On January 7, 2022, the company entered into a new revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit The Facility replaces the company’s $3.00 billion credit facility which was in place at December 31, 2021 (the prior credit facility). The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term SOFR, a EURIBOR-based rate (for funds drawn in euro) 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 facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of December 31, 2021, no borrowings were outstanding under the prior credit facility, although available capacity was reduced by approximately $4 million as a result of outstanding letters of credit.

Commercial Paper Programs

The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the 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. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2021, there were $2.52 billion outstanding borrowings under these programs.

Senior Notes

Interest is payable quarterly on the floating rate senior notes, annually on the euro-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the fixed rate senior notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. Except for the euro-denominated floating rate senior notes, which may not be redeemed early, the floating rate senior notes may be redeemed in whole or in part on or after their applicable call dates at a redemption price of 100% of the principal amount plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. The company was in compliance with all covenants at December 31, 2021.

The company intends to allocate an amount equal to the net proceeds from the 0.000% senior notes due 2025 to finance or refinance, in whole or in part, certain green or social eligible projects. Pending allocation to green or social eligible projects, such net proceeds may be temporarily invested in cash, cash equivalents, short-term investments, or used to repay other borrowings.

In 2021, the company redeemed some of its existing senior notes. In connection with these redemptions, the company incurred $767 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying

statement of income. Upon redemption of the senior notes, the company terminated the related fixed to floating rate interest rate swap arrangements and received $22 million, included in other financing activities, net, in the accompanying statement of cash flows.

In 2019, the company refinanced certain of its debt by issuing new senior notes and using the proceeds to redeem some of its existing senior notes. In connection with these redemptions, the company incurred $184 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying statement of income. Upon redemption of the senior notes, the company terminated the related fixed to floating rate interest rate swap arrangements and paid $17 million, included in other financing activities, net, in the accompanying statement of cash flows. The company also terminated related cross-currency interest rate swap arrangements and received $44 million, included in other investing activities, net, in the accompanying statement of cash flows.

In February 2022, the company redeemed all of its 3.650% Senior Notes due 2025. In connection with the redemption the company incurred approximately $26 million of losses on the early extinguishment of debt in the first quarter of 2022.

Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the Floating Rate Senior Notes due 2023, the 0.00% Senior Notes due 2023, the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051 included in the table above (collectively, the “Euronotes”) in registered public offerings. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.

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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Note 11.    Leases

As a lessee, the company leases certain logistics, office, and manufacturing facilities, as well as vehicles, copiers, and other equipment. These operating leases generally have remaining lease terms between 1 month and 30 years, and some include options to extend (generally for 1 to 10 years) or have options to terminate the arrangement within 1 year.

The company has guaranteed the residual value of three leased operating facilities with lease terms ending in 2023, 2024 and 2025. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 10). The aggregate maximum guarantee under these three lease arrangements is $147 million. Operating lease ROU assets and lease liabilities for these lease arrangements are recorded on the consolidated balance sheet as of December 31, 2021, but exclude any amounts for residual value guarantees.

As a lessee, the consolidated financial statements include the following relating to operating leases:

(In millions)	2021			2020			2019
Balance sheet
ROU assets	$	1,531		$	775
Operating lease liabilities - current	266			184
Operating lease liabilities - noncurrent	1,203			626
Statement of income
Operating lease costs	$	254		$	224		$	208
Variable lease costs	66			49			41
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities	$	288		$	222		$	208
Operating lease ROU assets obtained in exchange for new operating lease liabilities	293			202			205
Weighted average at end of year
Remaining operating lease term	9.9 years			6.3 years			6.2 years
Discount rate	2.6		%	3.4		%	4.0		%

ROU assets are classified in other assets in the consolidated balance sheet. Operating lease liabilities are classified in other accrued expenses and other long-term liabilities, respectively, in the consolidated balance sheet.

Lease costs arising from finance leases, short-term leases, and sublease income are not material. See Note 10 for additional information relating to finance leases.

As of December 31, 2021, future payments of operating lease liabilities are as follows:

(In millions)
2022	$	303
2023	248
2024	193
2025	144
2026	120
2027 and thereafter	650
Total lease payments	1,658
Less: imputed interest	189
Total operating lease liability	$	1,469

As a lessor, operating leases, sales-type leases and direct financing leases are not material.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies [Text Block]

Note 12.    Commitments and Contingencies

Purchase Obligations

The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $2.51 billion at December 31, 2021 and the majority of these obligations are expected to be settled during 2022.

The Analytical Instruments segment recorded a charge to cost of product revenues for $108 million in 2020 related to an existing supply contract for components of electron microscopy instruments. The agreement requires the company to make future minimum purchases through 2025. The company developed and launched an alternative product beginning in 2020 and based on the expected demand for the internally developed product vs. the third-party product, the company does not expect to use all of the product it will be required to buy, resulting in a loss on the purchase commitment.

Letters of Credit, Guarantees and Other Commitments

Outstanding letters of credit and bank guarantees totaled $266 million at December 31, 2021. Substantially all of these letters of credit and guarantees expire before 2039.

Outstanding surety bonds and other guarantees totaled $95 million at December 31, 2021. The expiration of these bonds and guarantees ranges through 2023.

The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required.

The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits, however the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2021 was $36 million.

In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer.

Indemnifications

In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where probable, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications.

In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations.

In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions.

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 input from 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 December 31, 2021, the company’s total environmental liability was approximately $65 million. 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

The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial 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, nor, with respect to certain pending litigation or claims where no liability has been accrued, 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 below, 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

The company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2021, was approximately $216 million to $375 million on an undiscounted basis. The portion of these liabilities assumed in the 2006 merger with Fisher was recorded at its fair (present) value at the date of merger. The company’s accrual for all such matters in total, including the discounted liabilities, was $216 million at December 31, 2021 (or $223 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $100 million at December 31, 2021 (or $106 million undiscounted) that are included in other assets in the accompanying balance sheet. The portion of these insurance assets assumed in the merger with Fisher was also recorded at its fair value at the date of merger. In addition to the above accrual, as of December 31, 2021, the company had a product liability accrual of $11 million (undiscounted) relating to divested businesses.

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, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. 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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Comprehensive Income and Shareholders Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Comprehensive Income and Shareholders' Equity [Text Block]

Note 13.    Comprehensive Income and Shareholders' Equity

Comprehensive Income (Loss)

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

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

(In millions)	Currency translation adjustment		Unrealized losses on hedging instruments		Pension and other postretirement benefit liability adjustment		Total
Balance at December 31, 2020	$	(2,438)	$	(91)	$	(278)	$	(2,807)
Other comprehensive items before reclassifications	373		—		36		409
Amounts reclassified from accumulated other comprehensive items	—		56		13		69
Net other comprehensive items	373		56		49		478
Balance at December 31, 2021	$	(2,065)	$	(35)	$	(229)	$	(2,329)

Shareholders’ Equity

At December 31, 2021, the company had reserved 23 million unissued shares of its common stock for possible issuance under stock-based compensation plans.

Early in the first quarter of 2022, the company repurchased $2.00 billion of the company's common stock (3.3 million shares).

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Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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

Note 14.    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 2021. The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in publicly traded securities, insurance contracts, investments in derivative 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.

Assets and liabilities carried at fair value are 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 tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	2,210	$	2,210	$	—	$	—
Investments	298		298		—		—
Warrants	15		—		15		—
Insurance contracts	181		—		181		—
Derivative contracts	36		—		36		—
Total assets	$	2,740	$	2,508	$	232	$	—
Liabilities
Derivative contracts	$	1	$	—	$	1	$	—
Contingent consideration	317		—		—		317
Total liabilities	$	318	$	—	$	1	$	317

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	8,971	$	8,971	$	—	$	—
Investments	21		21		—		—
Warrants	7		—		7		—
Insurance contracts	157		—		157		—
Derivative contracts	28		—		28		—
Total assets	$	9,184	$	8,992	$	192	$	—
Liabilities
Derivative contracts	$	132	$	—	$	132	$	—
Contingent consideration	70		—		—		70
Total liabilities	$	202	$	—	$	132	$	70

The company uses the Black-Scholes model to value its warrants. 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 initially measures the fair value of acquisition-related contingent consideration based on amounts expected to be transferred (probability-weighted) discounted to present value. 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 (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a

recapitalization investment portfolio), of the contingent consideration.

(In millions)	2021		2020
Contingent consideration
Beginning balance	$	70	$	55
Acquisitions (including assumed balances)	403		28
Payments	(109)		(4)
Changes in fair value included in earnings	(47)		(9)
Ending balance	$	317	$	70

Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

	December 31,		December 31,
(In millions)	2021		2020
Notional amount
Interest rate swaps - fair value hedges	$	—	$	1,000
Cross-currency interest rate swaps - designated as net investment hedges	900		900
Currency exchange contracts	2,149		5,206

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

	Fair value – assets				Fair value – liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	—	$	25	$	—	$	—
Cross-currency interest rate swaps (a)	25		—		—		46
Derivatives not designated as hedging instruments
Currency exchange contracts (b)	11		3		1		86
Total derivatives	$	36	$	28	$	1	$	132

(a)The fair values of the interest rate swaps and cross-currency interest rate swaps are included in the accompanying balance sheet under the caption other assets or other long-term liabilities.

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

The following amounts related to cumulative basis adjustments for fair value hedges were included in the accompanying balance sheet under the caption long-term obligations:

	Carrying amount of the hedged liability				Cumulative amount of fair value hedging adjustment - increase (decrease) included in carrying amount of liability
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Long-term obligations	$	—	$	1,020	$	—	$	25

	Gain (loss) recognized
(In millions)	2021		2020
Fair value hedging relationships
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)	$	25	$	(38)
Derivatives designated as hedging instruments - included in other income/(expense)	(3)		38
Derivatives designated as cash flow hedges
Interest rate swaps
Included in unrealized losses on hedging instruments within other comprehensive items	—		(85)
Amount reclassified from accumulated other comprehensive items to other income/(expense)	(73)		(59)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt
Included in currency translation adjustment within other comprehensive items	922		(873)
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items	71		(79)
Included in other income/(expense)	8		11
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues	12		(17)
Included in other income/(expense)	162		(81)
Cross-currency interest rate swaps
Included in other income/(expense)	—		(9)

Gains and losses recognized on currency exchange contracts and the interest rate swaps designated as fair value hedges are included in the accompanying statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions.

The company uses foreign currency-denominated debt and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes and its cross-currency interest rate swaps 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 and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

See Note 1 and Note 10 for additional information on the company's risk management objectives and strategies.

Cash Flow Hedge Arrangements

In 2020 and 2019, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of debt offerings. Based on the company's conclusion that the debt offerings were probable, the swaps hedged the cash flow risk for each of the interest payments on the planned fixed-rate debt issues. The aggregate fair value of the terminated hedges, net of tax, has been classified as a reduction to accumulated other comprehensive items and will be amortized to interest expense over the term of the related debt issuances. The company had cash outlays aggregating $85 million and $50 million in 2020 and 2019, respectively, associated with termination of the arrangements, included in other financing activities, net, in the accompanying statement of cash flows.

In late 2020, the company determined that the previously anticipated debt offerings were probable of not occurring and reclassified $42 million from accumulated other comprehensive items to other income/(expense). During 2021, in connection with the extinguishment of debt (Note 10), the company reclassified $65 million from accumulated other comprehensive items to other income/(expense).

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s debt instruments are as follows:

	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(In millions)	value		value		value		value
Senior notes	$	32,072	$	33,449	$	21,723	$	24,653
Commercial paper	2,522		2,522		—		—
Other	76		76		5		5
	$	34,670	$	36,047	$	21,728	$	24,658

The fair value of debt instruments 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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Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information [Text Block]

Note 15.    Supplemental Cash Flow Information

(In millions)	2021		2020		2019
Cash paid for:
Interest	$	555	$	471	$	790
Income taxes	2,182		1,324		896
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment	379		347		150
Fair value of equity awards exchanged	43		—		—
Fair value of acquisition contingent consideration	183		—		—
Finance lease ROU assets obtained in exchange for new finance lease liabilities	15		5		1
Declared but unpaid dividends	104		89		77
Issuance of stock upon vesting of restricted stock units	265		217		182

Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:

	December 31,		December 31,
(In millions)	2021		2020
Cash and cash equivalents	$	4,477	$	10,325
Restricted cash included in other current assets	13		10
Restricted cash included in other assets	1		1
Cash, cash equivalents and restricted cash	$	4,491	$	10,336

Amounts included in restricted cash represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.

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Restructuring and Other Costs, Net

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Other Costs, Net [Text Block]

Note 16.    Restructuring and Other Costs (Income)

Restructuring and other costs in 2021 primarily included charges for impairments of an acquired technology asset and a tradename asset, and, to a lesser extent, compensation due to employees at acquired businesses on the date of acquisition. In 2021, severance actions associated with facility consolidations and cost reduction measures affected less than 1% of the company’s workforce.

Restructuring and other costs in 2020 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. and Europe, and charges for the write-off of acquired technology. In 2020, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

Restructuring and other costs (income) in 2019 primarily included the gain on the sale of the company’s Anatomical Pathology business, and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S. and Europe. In 2019, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

As of February 24, 2022, the company has identified restructuring actions that will result in additional charges of approximately $20 million, primarily in 2022, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred.

Restructuring and other costs (income) by segment are as follows:

(In millions)	2021		2020		2019
Life Sciences Solutions	$	129	$	34	$	24
Analytical Instruments	6		26		14
Specialty Diagnostics	18		9		(471)
Laboratory Products and Biopharma Services	35		23		17
Corporate	9		7		3
	$	197	$	99	$	(413)

The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

(In millions)	Total (a)
Balance at December 31, 2018	$	80
Cumulative effect of accounting change (b)	(28)
Net restructuring charges incurred in 2019 (c)	52
Payments	(69)
Currency translation	(1)
Balance at December 31, 2019	34
Net restructuring charges incurred in 2020 (d)	51
Payments	(57)
Currency translation	(7)
Balance at December 31, 2020	21
Net restructuring charges incurred in 2021 (e)	37
Payments	(40)
Currency translation	(1)
Balance at December 31, 2021	$	17

(a)The movements in the restructuring liability principally consist of severance and other costs such as 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)Impact of adopting new lease accounting guidance on January 1, 2019.

(c)Excludes $465 million of net charges, principally $482 million of net gain on the sale of businesses recorded in the Specialty Diagnostics segment, partially offset by $17 million of other restructuring charges, net, across the company’s segments primarily for the write-off of acquired technology, pre-acquisition litigation-related matters, and compensation due to employees at businesses at the date of acquisition.

(d)Excludes $48 million of charges, principally $32 million for impairment of acquired technology in the Life Sciences Solutions segment resulting from a reduction in expected cash flows and, to a lesser extent, charges across the company’s segments for fixed asset writedowns and costs associated with environmental remediation at abandoned/previously owned facilities.

(e)Excludes $160 million of charges, principally $122 million for impairments of an acquired technology asset and a tradename asset in the Life Sciences Solutions and Laboratory Products and Biopharma Services segment, principally resulting from a reduction in expected cash flows, and $35 million of charges for compensation contractually due to employees of acquired businesses at the date of acquisition in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.

The company expects to pay accrued restructuring costs primarily through 2022.

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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation [Policy Text Block]

Principles of Consolidation

The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has the ability to exercise significant influence but not control (generally between 20% and 50% ownership), is not the primary beneficiary and has not elected the fair value option. At December 31, 2021 and 2020, the company had such investments with carrying amounts of $576 million and $32 million, respectively. The company has elected the fair value option of accounting for certain of its investments with readily determinable fair values that would otherwise be accounted for under the equity method. At December 31, 2021, the fair value of such investments was $217 million.

Redeemable Noncontrolling Interest

The company owns 60% of its consolidated subsidiary PPD-SNBL K.K. The 40% ownership interest held by a third party is classified as a redeemable noncontrolling interest on the consolidated balance sheet due to certain put options under which the third party may require the company to purchase the remaining ownership interest at its pre-acquisition fair value.

Reclassification, Policy [Policy Text Block]

Presentation

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

Revenue Recognition [Policy Text Block]

Revenue Recognition

Consumables revenues consist of single-use products and are recognized at a point in time following the transfer of control of such products to the customer, which generally occurs upon shipment. Instruments revenues typically consist of longer-lived assets that, for the substantial majority of sales, are recognized at a point in time in a manner similar to consumables. Service revenues (primarily clinical research, pharmaceutical, and instrument and enterprise services) are recognized over time as customers receive and consume the benefits of such services. For revenues recognized over time, the company generally uses costs accumulated relative to total estimated costs to measure progress as this method approximates satisfaction of the performance obligation. For contracts that contain multiple performance obligations, the company allocates the consideration to which it expects to be entitled (i.e., the transaction price) to each performance obligation based on relative standalone selling prices and recognizes the related revenues when or as control of each individual performance obligation is transferred to customers. The company exercises judgment in determining the timing of revenue by analyzing the point in time or the period over which the customer has the ability to direct the use of and obtain substantially all of the remaining benefits of the asset. The company immediately expenses contract costs that would otherwise be capitalized and amortized over a period of less than one year.

Changes to the scope of services contracts generally also include changes in the transaction price. Typically, these contract modifications are not distinct from existing services provided under the contract, and result in cumulative adjustments to revenue on the modification date.

Payments from customers for most instruments and consumables are typically due in a fixed number of days after shipment or delivery of the product. Service arrangements commonly call for payments in advance of performing the work (e.g., extended service contracts), upon completion of the service (e.g., pharmaceutical services) or a mix of both. Some arrangements include variable amounts of consideration that arise from discounts, rebates, and other programs and practices. In such arrangements, the company estimates the amount by which to reduce the stated contract amount to reflect the transaction price. The company records reimbursement for third-party pass-through and out-of-pocket costs as revenues and the related expenses as costs of revenues.

Contract assets include revenues recognized in advance of billings where the company’s right to bill includes something other than the passage of time. Such amounts are recorded net of estimated losses resulting from the inability to invoice customers, which is primarily due to risk associated with the company’s performance. Contract assets are classified as current or noncurrent based on the amount of time expected to lapse until the company's right to consideration becomes unconditional.

Contract liabilities include billings in excess of revenues recognized, such as those resulting from customer advances and deposits and unearned revenues on service contracts. Contract liabilities are classified as current or noncurrent based on the periods over which remaining performance obligations are expected to be transferred to customers. Contract assets and liabilities are presented on a net basis in the consolidated balance sheet if they arise from different performance obligations in the same contract.

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Accounts receivable include unconditional rights to consideration from customers, which generally represent billings that do not bear interest. The company maintains allowances for doubtful accounts for estimates of expected losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on history of similarly aged receivables, the creditworthiness of the customer, reasons for delinquency, current economic conditions, expectations associated with future events and circumstances where reasonable and supportable forecasts are available and any other information that is relevant to the judgment. Receivables from academic and government customers as well as large, well-capitalized commercial customers have historically experienced less collectability risk. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers.

Warranty Obligations [Policy Text Block]

Warranty ObligationsThe company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenues are recognized. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts, which are discussed above. Costs of service contracts are recognized as incurred.

Leases [Policy Text Block]

Leases

Operating leases that have commenced are included in other assets, other accrued expenses and other long-term liabilities in the consolidated balance sheet. Finance leases that have commenced are included in property, plant and equipment, net, current maturities of long-term obligations and long-term obligations in the consolidated balance sheet. Classification of lease liabilities as either current or noncurrent is based on the expected timing of payments due under the company’s obligations.

Right-of-use (ROU) assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company recognizes operating lease expense on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and an immaterial amount of interest expense.

Because most of the company’s leases do not provide an implicit interest rate, the company estimates incremental borrowing rates based on the information available at the commencement date in determining the present value of lease payments. The company uses the implicit rate when readily determinable. Lease terms include the effect of options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term.

As a lessee, the company accounts for the lease and non-lease components as a single lease component.

Research and Development [Policy Text Block]

Research and Development

The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred.

Restructuring [Policy Text Block]

Restructuring Costs

Accounting for the timing and amount of termination benefits provided by the company to employees is determined based on whether: (a) the company has a substantive plan to provide such benefits, (b) the company has a written employment contract with the affected employees that includes a provision for such benefits, (c) the termination benefits are due to the occurrence of an event specified in an existing plan or agreement, or (d) the termination benefits are a one-time benefit. In certain circumstances, employee termination benefits may meet more than one of the characteristics listed above and therefore, may have individual elements that are subject to different accounting models.

From time to time when executing a restructuring or exit plan, the company also incurs costs other than termination benefits, such as lease termination costs, that are not associated with or will not be incurred to generate revenues. These include costs that represent amounts under contractual obligations that exist prior to the restructuring plan communication date and will either continue after the restructuring plan is completed with no economic benefit or result in a penalty to cancel a contractual obligation. Such costs are recognized when incurred, which generally occurs at the contract termination or over the period from when a plan to abandon a leased facility is approved through the cease-use date but charges may continue over the remainder of the original contractual period.

Income Taxes [Policy Text Block]

Income Taxes

The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. A valuation allowance is provided for tax assets that will more likely than not go unused.

The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money.

Earnings Per Share [Policy Text Block]

Earnings per Share

Basic earnings per share has been computed by dividing net income attributable to Thermo Fisher Scientific Inc. by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to net income attributable to Thermo Fisher Scientific Inc., diluted earnings per share has been computed using the treasury stock method for outstanding stock options and restricted units.

Cash and Cash Equivalents [Policy Text Block]

Cash and Cash Equivalents

Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value.

Inventories [Policy Text Block]

InventoriesInventories are valued at the lower of cost or net realizable value, cost being determined by the first-in, first-out (FIFO) method. As discussed below, prior to the third quarter of 2021 certain of the company's businesses utilized the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income.

Property, Plant and Equipment [Policy Text Block]

Property, Plant and EquipmentProperty, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company generally provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years; machinery and equipment (including software), 3 to 10 years; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income.

Acquisition-related Intangible Assets [Policy Text Block]

Acquisition-related Intangible Assets

Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames, backlog and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years. The company reviews these intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. When impairment indicators exist, the company determines whether the carrying value of its intangible assets exceeds the related undiscounted cash flows. In these situations, the carrying value is written down to fair value.

Investments [Policy Text Block]

Equity investments that do not have readily determinable fair values and are not eligible for the net asset value (NAV) practical expedient are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. The company performs qualitative assessments to identify impairments of these investments.

Goodwill [Policy Text Block]

Goodwill

The company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company is permitted to first assess qualitative factors to determine whether the quantitative goodwill impairment test is necessary. If the qualitative assessment results in a determination that the fair value of a reporting unit is more likely than not less than its carrying amount, the company performs a quantitative goodwill impairment test. The company may bypass the qualitative assessment for the reporting unit in any period and proceed directly to the goodwill impairment test. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). The company determined that no impairments existed in 2021, 2020 or 2019.

Loss Contingencies [Policy Text Block]

Loss Contingencies

Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Certain liabilities acquired in acquisitions have been recorded at readily determinable fair values and, as such, were discounted to present value at the dates of acquisition.

Currency Translation [Policy Text Block]

Currency TranslationAll assets and liabilities of the company’s subsidiaries operating in non-U.S. dollar currencies are translated at period-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the period.

Derivatives Contracts [Policy Text Block]

Derivative Contracts

The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive items until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings.

The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, Swiss franc, British pounds sterling, Canadian dollars, Czech koruna, Japanese yen and Hong Kong dollars. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management.

Cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive items and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.

Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings.

Net investment hedges. The company uses foreign currency-denominated debt and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes and its cross-currency interest rate swaps 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 and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

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.

The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Risks and uncertainties associated with the ongoing COVID-19 global pandemic materially adversely affected certain of the company’s businesses in 2020, particularly in the Analytical Instruments segment and, to a lesser extent, some businesses within the other three segments. The negative impacts significantly lessened in 2021. The extent and duration of negative impacts in the future, which

may include inflationary pressures and supply chain disruptions, are uncertain and may require changes to estimates. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company will adopt this guidance in 2022 using a prospective method. The adoption of this guidance is not expected to have a material impact on the company’s disclosures; however, the impact will be dependent on the extent of transactions of this nature entered into by the company in periods subsequent to the date of adoption.

In October 2021, the FASB amended guidance to recognize and measure contract assets and contract liabilities acquired in a business combination. Generally, this new guidance will result in the company recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The company adopted this guidance in the fourth quarter of 2021 retrospectively to all business combinations completed in the first three quarters of 2021 and prospectively to all future business combinations. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements for acquisitions that closed in 2021; however, the impact in future periods will be dependent on the contract assets and contract liabilities acquired in future business combinations.

In July 2021, the FASB amended guidance to require lessors to classify leases as operating leases if they have certain variable lease payment structures and would have selling losses if they were classified as sales-type or direct financing leases. The company adopted the guidance in the third quarter of 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In January 2020, the FASB issued new guidance to clarify the interaction of the accounting for certain equity securities, equity method investments, and certain forward contracts and purchased options. Among other things, the new guidance clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying measurement principles for certain equity securities immediately before applying or discontinuing the equity method. The company adopted this guidance in 2020 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements.

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. Among other things, the new guidance requires the effects of enacted changes in tax laws or rates to be reflected in the annual effective tax rate computation in the interim period that includes the enactment date. The company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events or conditions that would be affected such as enacted changes in tax laws or rates.

In August 2018, the FASB issued new guidance to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The company adopted the guidance in 2020 using a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In August 2018, the FASB issued new guidance to modify the disclosure requirements on fair value measurements. The company adopted the guidance in 2020 with some items requiring a prospective method and others requiring a retrospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

In June 2016, the FASB issued new guidance to require a financial asset measured at amortized cost basis, such as accounts receivable, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. During 2018 and 2019, the FASB issued additional guidance and clarification. The company adopted the guidance in 2020 using a modified retrospective method. The adoption of this guidance reduced accounts receivable and retained earnings by $1 million on January 1, 2020.

In February 2016, the FASB issued new guidance which requires lessees to record most leases on their balance sheets as lease liabilities, initially measured at the present value of the future lease payments, with corresponding right-of-use assets. The new guidance also sets forth new disclosure requirements related to leases. During 2017 - 2019, the FASB issued additional guidance and clarification. The company adopted this guidance in January 2019. The company elected to adopt the guidance using a modified retrospective method, by applying the transition approach as of the beginning of the period of adoption. Comparative periods have not been restated. As permitted upon transition, the company did not reassess whether any expired or

existing contracts were or contained embedded leases, the lease classification for any expired or existing leases, initial direct costs for any leases, or whether land easements met the definition of a lease if they were not accounted for as leases under the prior guidance. The adoption of this guidance increased retained earnings by $4 million on January 1, 2019.

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 net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforce. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.

Stock-based Compensation Expense Policies [Policy Text Block]

Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.

Stock Options

The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.

Restricted Share/Unit Awards

Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.

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

Defined Benefit Pension 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 liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.

The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.

When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.

The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined.

The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.

The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.

Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.

The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.

Domestic Pension Plan Assets

The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.

Non-U.S. Pension Plan Assets

The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of

diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 40% - 90% for fixed income funds, 0% - 35% for multi-asset funds, and 0% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.

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Acquisitions and Dispositions (Policies)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

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 net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforce. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred.

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Stockbased Compensation Expense (Policies)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Expense Policies [Policy Text Block]

Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier, and is primarily included in selling, general and administrative expenses.

Stock Options

The company’s practice is to grant stock options at fair market value. Options vest over 3-5 years with terms of 7-10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures.

Restricted Share/Unit Awards

Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3-4 years, assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award.

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Pension and Other Postretirement Benefit Plans (Policies)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

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

Defined Benefit Pension 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 liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.

The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive items, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive items is adjusted as these amounts are later recognized in income as components of net periodic benefit cost.

When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits.

The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined.

The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan.

The company utilizes a full yield curve approach in the estimation of these components by applying the specific spot-rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks.

Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.

The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases.

Domestic Pension Plan Assets

The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.

Non-U.S. Pension Plan Assets

The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of

diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 40% - 90% for fixed income funds, 0% - 35% for multi-asset funds, and 0% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.

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

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories [Table Text Block]

The components of inventories are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Raw materials	$	1,922	$	1,305
Work in process	676		540
Finished goods	2,453		2,184
Inventories	$	5,051	$	4,029

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment consists of the following:

	December 31,		December 31,
(In millions)	2021		2020
Land	$	431	$	410
Buildings and improvements	2,575		2,192
Machinery, equipment and leasehold improvements	9,587		6,975
Property, plant and equipment, at cost	12,593		9,577
Less: Accumulated depreciation and amortization	4,260		3,665
Property, plant and equipment, net	$	8,333	$	5,912

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

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2021						Balance at December 31, 2020
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite lived:
Customer relationships	$	22,802	$	(7,792)	$	15,010	$	16,593	$	(7,450)	$	9,143
Product technology	6,041		(3,977)		2,064		5,523		(3,532)		1,991
Tradenames	1,722		(919)		803		1,213		(897)		316
Backlog	1,060		(59)		1,001		—		—		—
	31,625		(12,747)		18,878		23,329		(11,879)		11,450
Indefinite lived:
Tradenames	1,235		N/A		1,235		1,235		N/A		1,235
Acquisition-related intangible assets	$	32,860	$	(12,747)	$	20,113	$	24,564	$	(11,879)	$	12,685

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

Acquisition-related intangible assets are as follows:

	Balance at December 31, 2021						Balance at December 31, 2020
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite lived:
Customer relationships	$	22,802	$	(7,792)	$	15,010	$	16,593	$	(7,450)	$	9,143
Product technology	6,041		(3,977)		2,064		5,523		(3,532)		1,991
Tradenames	1,722		(919)		803		1,213		(897)		316
Backlog	1,060		(59)		1,001		—		—		—
	31,625		(12,747)		18,878		23,329		(11,879)		11,450
Indefinite lived:
Tradenames	1,235		N/A		1,235		1,235		N/A		1,235
Acquisition-related intangible assets	$	32,860	$	(12,747)	$	20,113	$	24,564	$	(11,879)	$	12,685

Finite-Lived Acquisition-related Intangible Assets, Future Amortization Expense [Table Text Block]

The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows:

(In millions)
2022	$	2,489
2023	2,358
2024	1,992
2025	1,669
2026	1,392
2027 and thereafter	8,978
Estimated future amortization expense of definite-lived intangible assets	$	18,878

Goodwill [Table Text Block]

The changes in the carrying amount of goodwill by segment are as follows:

(In millions)	Life Sciences Solutions		Analytical Instruments		Specialty Diagnostics		Laboratory Products and Biopharma Services		Total
Balance at December 31, 2019	$	8,544	$	4,928	$	3,184	$	9,058	$	25,714
Acquisition	35		—		—		—		35
Currency translation	11		151		186		(56)		292
Balance at December 31, 2020	8,590		5,079		3,370		9,002		26,041
Acquisitions	1,560		56		8		14,400		16,024
Currency translation	(7)		(92)		(101)		59		(141)
Balance at December 31, 2021	$	10,143	$	5,043	$	3,277	$	23,461	$	41,924

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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

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

The components of the purchase price and net assets acquired for 2021 acquisitions are as follows:

(In millions)	PPD		PeproTech		European Viral Vector Business		Mesa Biotech		Lengnau biologics manufacturing facility		Other
Purchase price
Cash paid	$	17,237	$	1,947	$	848	$	421	$	17	$	298
Fair value of equity awards exchanged	43		—		—		—		—		—
Fair value of contingent consideration	—		—		—		65		1		117
Cash acquired	(1,244)		(83)		(18)		(14)		—		(13)
	$	16,036	$	1,864	$	830	$	472	$	18	$	402
Net assets acquired
Current assets	$	2,510	$	63	$	39	$	54	$	—	$	12
Property, plant and equipment	562		18		59		2		92		2
Definite-lived intangible assets:
Customer relationships	6,264		514		302		—		—		2
Product technology	—		282		25		279		—		224
Tradenames	603		—		—		2		—		2
Backlog	1,060		—		—		—		—		—
Goodwill	13,781		1,190		600		237		18		198
Other assets	1,108		11		3		3		376		2
Contract liabilities	(1,570)		—		(59)		—		—		(1)
Deferred tax assets (liabilities)	(1,803)		(193)		(80)		(72)		—		(28)
Finance lease liabilities	(86)		—		(24)		—		(82)		—
Debt assumed	(4,299)		—		—		—		—		—
Other liabilities assumed	(1,972)		(21)		(35)		(33)		(386)		(11)
Redeemable noncontrolling interest	(122)		—		—		—		—		—
	$	16,036	$	1,864	$	830	$	472	$	18	$	402

The components of the purchase price and net assets acquired for 2019 acquisitions are as follows:

(In millions)	Brammer Bio		Other
Purchase price
Cash paid	$	1,710	$	169
Cash acquired	(36)		—
	$	1,674	$	169
Net assets acquired
Current assets	$	52	$	58
Property, plant and equipment	147		102
Definite-lived intangible assets:
Customer relationships	744		—
Product technology	65		7
Tradenames	7		—
Goodwill	938		9
Other assets	49		—
Contract liabilities	(110)		—
Deferred tax liabilities	(110)		(6)
Other liabilities assumed	(108)		(1)
	$	1,674	$	169

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information provides the effect of the company's 2021 acquisition of PPD as if the acquisition had occurred on January 1, 2020:

	Year Ended
	December 31,		December 31,
(In millions)	2021		2020
Revenues	$	44,886	$	36,887
Net income attributable to Thermo Fisher Scientific Inc.	$	7,369	$	5,361

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Revenue and Contract-related Balances (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregated Revenues

Revenues by type are as follows:

(In millions)	2021		2020		2019
Revenues
Consumables	$	22,608	$	18,527	$	13,109
Instruments	7,753		6,779		6,387
Services	8,850		6,912		6,046
Consolidated revenues	$	39,211	$	32,218	$	25,542

Revenues by geographic region based on customer location are as follows:

(In millions)	2021		2020		2019
Revenues
North America	$	19,659	$	17,081	$	12,896
Europe	11,134		8,284		6,358
Asia-Pacific	7,218		5,822		5,524
Other regions	1,200		1,031		764
Consolidated revenues	$	39,211	$	32,218	$	25,542

Contract with Customer, Asset and Liability [Table Text Block]

Noncurrent contract assets are included within other assets in the accompanying balance sheet. Noncurrent contract liabilities are included within other long-term liabilities in the accompanying balance sheet. Contract asset and liability balances are as follows:

	December 31,		December 31,
(In millions)	2021		2020
Current contract assets, net	$	968	$	731
Noncurrent contract assets, net	9		11
Current contract liabilities	2,655		1,271
Noncurrent contract liabilities	1,238		763

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Business Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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

Business Segment Information

(In millions)	2021		2020		2019
Revenues
Life Sciences Solutions	$	15,631	$	12,168	$	6,856
Analytical Instruments	6,069		5,124		5,522
Specialty Diagnostics	5,659		5,343		3,718
Laboratory Products and Biopharma Services	14,862		12,245		10,599
Eliminations	(3,010)		(2,662)		(1,153)
Consolidated revenues	39,211		32,218		25,542
Segment Income
Life Sciences Solutions	7,817		6,109		2,446
Analytical Instruments	1,197		808		1,273
Specialty Diagnostics	1,280		1,368		930
Laboratory Products and Biopharma Services	1,844		1,271		1,324
Subtotal reportable segments	12,138		9,556		5,973
Cost of revenues charges	(8)		(6)		(17)
Selling, general and administrative (charges) credits	(144)		10		(62)
Restructuring and other (costs) income	(197)		(99)		413
Amortization of acquisition-related intangible assets	(1,761)		(1,667)		(1,713)
Consolidated operating income	10,028		7,794		4,594
Interest income	43		65		224
Interest expense	(536)		(553)		(676)
Other income/(expense)	(694)		(76)		(70)
Income before income taxes	$	8,841	$	7,230	$	4,072
Depreciation
Life Sciences Solutions	$	197	$	140	$	130
Analytical Instruments	83		76		75
Specialty Diagnostics	128		100		67
Laboratory Products and Biopharma Services	423		342		292
Consolidated depreciation	$	831	$	658	$	564

Cost of revenues charges included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and accelerated depreciation on fixed assets to estimated disposal value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of third-party transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges/credits related to product liability litigation.

(In millions)	2021		2020		2019
Total assets
Life Sciences Solutions	$	22,751	$	20,209	$	18,306
Analytical Instruments	9,692		9,773		9,896
Specialty Diagnostics	6,010		6,534		5,867
Laboratory Products and Biopharma Services	52,639		22,711		21,761
Corporate/other (a)	4,031		9,825		2,551
Consolidated total assets	$	95,123	$	69,052	$	58,381
Capital expenditures
Life Sciences Solutions	$	810	$	392	$	151
Analytical Instruments	79		74		64
Specialty Diagnostics	167		175		83
Laboratory Products and Biopharma Services	1,327		772		554
Corporate/other	140		61		74
Consolidated capital expenditures	$	2,523	$	1,474	$	926

(a)Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.

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

Business Segment Information

(In millions)	2021		2020		2019
Revenues
Life Sciences Solutions	$	15,631	$	12,168	$	6,856
Analytical Instruments	6,069		5,124		5,522
Specialty Diagnostics	5,659		5,343		3,718
Laboratory Products and Biopharma Services	14,862		12,245		10,599
Eliminations	(3,010)		(2,662)		(1,153)
Consolidated revenues	39,211		32,218		25,542
Segment Income
Life Sciences Solutions	7,817		6,109		2,446
Analytical Instruments	1,197		808		1,273
Specialty Diagnostics	1,280		1,368		930
Laboratory Products and Biopharma Services	1,844		1,271		1,324
Subtotal reportable segments	12,138		9,556		5,973
Cost of revenues charges	(8)		(6)		(17)
Selling, general and administrative (charges) credits	(144)		10		(62)
Restructuring and other (costs) income	(197)		(99)		413
Amortization of acquisition-related intangible assets	(1,761)		(1,667)		(1,713)
Consolidated operating income	10,028		7,794		4,594
Interest income	43		65		224
Interest expense	(536)		(553)		(676)
Other income/(expense)	(694)		(76)		(70)
Income before income taxes	$	8,841	$	7,230	$	4,072
Depreciation
Life Sciences Solutions	$	197	$	140	$	130
Analytical Instruments	83		76		75
Specialty Diagnostics	128		100		67
Laboratory Products and Biopharma Services	423		342		292
Consolidated depreciation	$	831	$	658	$	564

Cost of revenues charges included in the above table consist of charges for the sale of inventories revalued at the date of acquisition and accelerated depreciation on fixed assets to estimated disposal value in connection with the consolidation of operations. Selling, general and administrative charges/credits included in the above table consist of third-party transaction/integration costs (including reimbursement thereof) related to recent/terminated acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges/credits related to product liability litigation.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

Geographical Information

(In millions)	2021		2020		2019
Revenues (b)
United States	$	18,907	$	16,435	$	12,366
China	3,444		2,797		2,752
Other	16,860		12,986		10,424
Consolidated revenues	$	39,211	$	32,218	$	25,542
Long-lived Assets (c)
United States	$	5,578	$	3,686	$	3,099
Other	4,286		3,001		2,349
Consolidated long-lived assets	$	9,864	$	6,687	$	5,448

(b)Revenues are attributed to countries based on customer location.

(c)Includes property, plant and equipment, net, and operating lease ROU assets.

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Stockbased Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 

	2021		2020		2019
Expected stock price volatility	26	%	22	%	21	%
Risk free interest rate	0.8	%	1.1	%	2.4	%
Expected life of options (years)	4.3		4.3		4.3
Expected annual dividend	0.2	%	0.3	%	0.3	%

Share-based Payment Arrangement, Option, Activity [Table Text Block]

A summary of the company’s option activity for the year ended December 31, 2021 is presented below:

	Shares (in millions)	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2020	5.9	$	221.22
Granted	1.5	552.26
Issued in connection with an acquisition	0.2	492.35
Exercised	(1.4)	183.63
Canceled/expired	(0.2)	341.83
Outstanding at December 31, 2021	6.0	$	319.95	4.5	$	2,094
Vested and unvested expected to vest at December 31, 2021	5.7	$	306.64	4.3	$	2,035
Exercisable at December 31, 2021	2.8	$	193.39	2.9	$	1,307

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

A summary of the company’s option activity for the year ended December 31, 2021 is presented below:

	Shares (in millions)	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2020	5.9	$	221.22
Granted	1.5	552.26
Issued in connection with an acquisition	0.2	492.35
Exercised	(1.4)	183.63
Canceled/expired	(0.2)	341.83
Outstanding at December 31, 2021	6.0	$	319.95	4.5	$	2,094
Vested and unvested expected to vest at December 31, 2021	5.7	$	306.64	4.3	$	2,035
Exercisable at December 31, 2021	2.8	$	193.39	2.9	$	1,307

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

A summary of the company’s restricted unit activity for the year ended December 31, 2021 is presented below:

	Units (in millions)	Weighted average grant-date fair value
Unvested at December 31, 2020	0.8	$	276.74
Granted	0.4	444.61
Issued in connection with an acquisition	0.2	628.71
Vested	(0.5)	295.70
Forfeited	(0.1)	326.90
Unvested at December 31, 2021	0.8	$	425.39

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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:

	Domestic pension  benefits				Non-U.S. pension  benefits
(In millions)	2021		2020		2021		2020
Change in projected benefit obligations
Benefit obligation at beginning of year	$	1,302	$	1,302	$	1,486	$	1,303
Acquisitions	—		—		170		—
Service costs	—		—		27		24
Interest costs	23		35		11		18
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Actuarial (gains) losses	20		44		(57)		119
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(54)		81
Benefit obligation at end of year	$	1,260	$	1,302	$	1,552	$	1,486
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	1,267	$	1,201	$	1,160	$	986
Acquisitions	—		—		158		—
Actual return on plan assets	37		138		14		92
Employer contribution	7		7		27		87
Settlements	—		—		(7)		(38)
Plan participants' contributions	—		—		6		5
Benefits paid	(85)		(79)		(30)		(26)
Currency translation and other	—		—		(26)		54
Fair value of plan assets at end of year	$	1,226	$	1,267	$	1,302	$	1,160
Funded status	$	(34)	$	(35)	$	(250)	$	(326)
Accumulated benefit obligation	$	1,260	$	1,302	$	1,475	$	1,417
Amounts recognized in balance sheet
Noncurrent assets	$	32	$	38	$	205	$	157
Current liability	(7)		(8)		(10)		(9)
Noncurrent liabilities	(59)		(65)		(445)		(474)
Net amount recognized	$	(34)	$	(35)	$	(250)	$	(326)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss	$	157	$	142	$	167	$	242
Prior service credits	—		—		(3)		(2)
Net amount recognized	$	157	$	142	$	164	$	240

Defined Benefit Plan, Assumptions [Table Text Block]

The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2021 and 2020 and are as follows:

	Domestic pension  benefits				Non-U.S. pension  benefits
	2021		2020		2021		2020
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation	2.70	%	2.33	%	1.45	%	0.95	%
Interest crediting rate for cash balance plans	2.58	%	2.16	%	1.25	%	1.25	%
Average rate of increase in employee compensation	N/A		N/A		2.73	%	2.30	%

The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:

	Domestic pension benefits						Non-U.S. pension benefits
	2021		2020		2019		2021		2020		2019
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost	N/A		N/A		N/A		0.65	%	1.21	%	1.97	%
Discount rate - interest cost	2.33	%	3.13	%	4.22	%	0.80	%	1.44	%	2.06	%
Average rate of increase in employee compensation	N/A		N/A		N/A		2.30	%	2.27	%	2.47	%
Expected long-term rate of return on assets	4.25	%	5.00	%	5.76	%	2.02	%	2.33	%	3.25	%

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	2,010	$	2,047
Fair value of plan assets	1,521		1,529

Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:

	Pension plans
(In millions)	2021		2020
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	1,937	$	1,976
Fair value of plan assets	1,521		1,526

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension benefit cost (income) includes the following components:

	Domestic pension benefits						Non-U.S. pension benefits
(In millions)	2021		2020		2019		2021		2020		2019
Components of net benefit cost (income)
Service cost	$	—	$	—	$	—	$	27	$	24	$	23
Interest cost on benefit obligation	23		35		45		11		18		24
Expected return on plan assets	(40)		(47)		(55)		(19)		(19)		(30)
Amortization of actuarial net loss	7		6		2		12		10		6
Amortization of prior service benefit	—		—		—		—		(1)		(1)
Settlement/curtailment loss	—		—		—		—		8		4
Net periodic benefit cost (income)	$	(10)	$	(6)	$	(8)	$	31	$	40	$	26

Schedule of Expected Benefit Payments [Table Text Block]

Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:

(In millions)	Domestic pension benefits		Non-U.S. pension benefits
Expected benefit payments
2022	$	93	$	45
2023	89		45
2024	88		49
2025	86		52
2026	84		56
2027-2031	368		307

Schedule of Allocation of Plan Assets [Table Text Block]

The fair values of the company’s plan assets at December 31, 2021 and 2020, by asset category are as follows:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	124	$	—	$	—	$	—	$	124
International equity funds	117		—		—		—		117
Fixed income funds	966		—		—		—		966
Money market funds	19		—		—		—		19
Total domestic pension plans	$	1,226	$	—	$	—	$	—	$	1,226
Non-U.S. pension plan assets
Equity funds	$	17	$	—	$	—	$	—	$	17
Fixed income funds	651		—		—		—		651
Hedge funds	3		—		—		—		3
Multi-asset funds	73		—		—		—		73
Derivative funds	253		—		—		—		253
Alternative investments	1		—		—		—		1
Insurance contracts	295		—		295		—		—
Cash / money market funds	9		5		—		—		4
Total non-U.S. pension plans	$	1,302	$	5	$	295	$	—	$	1,002
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs		Not subject to leveling (a)
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Domestic pension plan assets
U.S. equity funds	$	125	$	—	$	—	$	—	$	125
International equity funds	126		—		—		—		126
Fixed income funds	1,001		—		—		—		1,001
Money market funds	15		—		—		—		15
Total domestic pension plans	$	1,267	$	—	$	—	$	—	$	1,267
Non-U.S. pension plan assets
Equity funds	$	74	$	—	$	—	$	—	$	74
Fixed income funds	510		—		—		—		510
Hedge funds	59		—		—		—		59
Multi-asset funds	45		—		—		—		45
Derivative funds	149		—		—		—		149
Alternative investments	6		—		—		—		6
Insurance contracts	262		—		262		—		—
Cash / money market funds	55		7		—		—		48
Total non-U.S. pension plans	$	1,160	$	7	$	262	$	—	$	891
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income before provision for income taxes are as follows:

(In millions)	2021		2020		2019
U.S.	$	3,340	$	4,762	$	2,280
Non-U.S.	5,501		2,468		1,792
Income before income taxes	$	8,841	$	7,230	$	4,072

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the provision for income taxes are as follows:

(In millions)	2021		2020		2019
Current income tax provision
Federal	$	446	$	521	$	267
Non-U.S.	1,148		423		544
State	160		175		62
	1,754		1,119		873
Deferred income tax provision (benefit)
Federal	$	(227)	$	(237)	$	(222)
Non-U.S.	(399)		(18)		(252)
State	(19)		(14)		(25)
	(645)		(269)		(499)
Provision for income taxes	$	1,109	$	850	$	374

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 to income before income taxes due to the following:

(In millions)	2021			2020			2019
Statutory federal income tax rate	21		%	21		%	21		%
Provision for income taxes at statutory rate	$	1,857		$	1,518		$	855
Increases (decreases) resulting from:
Foreign rate differential	(255)			(223)			(204)
Income tax credits	(315)			(335)			(213)
Global intangible low-taxed income	76			86			92
Foreign-derived intangible income	(119)			(156)			(111)
Excess tax benefits from stock options and restricted stock units	(124)			(114)			(80)
Provision for (reversal of) tax reserves, net	(17)			(26)			62
Intra-entity transfers	(284)			—			(79)
Foreign exchange loss on inter-company debt refinancing	—			(47)			(62)
Domestication transaction	—			(263)			—
Valuation allowance	36			379			(4)
Withholding taxes	164			115			38
Basis difference on disposal of business	—			—			73
Tax return reassessments and settlements	1			(196)			(6)
State income taxes, net of federal tax	82			147			22
Other, net	7			(35)			(9)
Provision for income taxes	$	1,109		$	850		$	374

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2021		2020
Deferred tax asset (liability)
Depreciation and amortization	$	(4,687)	$	(2,962)
Net operating loss and credit carryforwards	1,652		1,668
Reserves and accruals	162		164
Accrued compensation	318		253
Inventory basis difference	181		112
Deferred interest	295		227
Unrealized (gains) losses on hedging instruments	(33)		242
Other, net	251		124
Deferred tax liabilities, net before valuation allowance	(1,861)		(172)
Less: Valuation allowance	968		933
Deferred tax liabilities, net	$	(2,829)	$	(1,105)

The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2021, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.

The changes in the valuation allowance are as follows:

	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance	$	933	$	408	$	471
Additions (reductions) charged to income tax provision, net	24		514		(27)
Additions due to acquisitions	30		—		—
Reduction due to a divestiture	—		—		(33)
Currency translation and other	(19)		11		(3)
Ending balance	$	968	$	933	$	408

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2021		2020		2019
Beginning balance	$	1,091	$	1,552	$	1,442
Additions due to acquisitions	26		—		—
Additions for tax positions of current year	32		8		53
Additions for tax positions of prior years	60		—		69
Reductions for tax positions of prior years	(5)		(296)		(7)
Closure of tax years	(27)		—		—
Settlements	(53)		(173)		(5)
Ending balance	$	1,124	$	1,091	$	1,552

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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

(In millions except per share amounts)	2021		2020		2019
Net income attributable to Thermo Fisher Scientific Inc.	$	7,725	$	6,375	$	3,696
Basic weighted average shares	394		396		400
Plus effect of: stock options and restricted stock units	3		3		3
Diluted weighted average shares	397		399		403
Basic earnings per share	$	19.62	$	16.09	$	9.24
Diluted earnings per share	$	19.46	$	15.96	$	9.17
Antidilutive stock options excluded from diluted weighted average shares	1		1		1

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Debt and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
Commercial Paper	0.01	%	$	2,522	$	—
2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated)			—		611
3.00% 7-Year Senior Notes, Due 4/15/2023			—		1,000
Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023			1,000		—
Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023			500		—
0.797% 2-Year Senior Notes, Due 10/18/2023	1.03	%	1,350		—
Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.00	%	1,933		—
0.000% 2-Year Senior Notes Due 11/18/2023 (euro-denominated)	0.06	%	625		—
4.15% 10-Year Senior Notes, Due 2/1/2024			—		1,000
0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)	0.94	%	1,137		1,222
1.215% 3-Year Senior Notes, Due 10/18/2024	1.42	%	2,500		—
Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024			500		—
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)	0.41	%	910		977
4.133% 5-Year Senior Notes, Due 3/25/2025			—		1,100
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)	2.10	%	728		782
0.000% 4-Year Senior Notes Due 11/18/2025 (euro-denominated)	0.16	%	625		—
3.65% 10-Year Senior Notes, Due 12/15/2025	3.77	%	350		350
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)	1.53	%	796		855
2.95% 10-Year Senior Notes, Due 9/19/2026			—		1,200

	Effective interest rate at December 31,		December 31,		December 31,
(Dollars in millions)	2021		2021		2020
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)	1.66	%	568		611
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)	1.97	%	682		733
3.20% 10-Year Senior Notes, Due 8/15/2027			—		750
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)	0.77	%	910		977
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)	1.46	%	682		733
1.750% 7-Year Senior Notes, Due 10/15/2028	1.89	%	700		—
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)	2.08	%	796		855
2.60% 10-Year Senior Notes, Due 10/1/2029	2.74	%	900		900
4.497% 10-Year Senior Notes, Due 3/25/2030			—		1,100
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)	0.89	%	1,990		—
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)	1.13	%	1,023		1,099
2.00% 10-Year Senior Notes, Due 10/15/2031	2.23	%	1,200		—
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)	2.55	%	682		733
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)	1.21	%	1,706		—
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)	2.94	%	796		855
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)	1.73	%	1,023		1,099
2.80% 20-Year Senior Notes, Due 10/15/2041	2.90	%	1,200		—
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)	1.78	%	1,421		—
5.30% 30-Year Senior Notes, Due 2/1/2044	5.37	%	400		400
4.10% 30-Year Senior Notes, Due 8/15/2047	4.23	%	750		750
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)	1.98	%	1,137		1,222
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)	2.07	%	853		—
Other			76		5
Total borrowings at par value			34,971		21,919
Fair value hedge accounting adjustments			—		25
Unamortized discount			(117)		(102)
Unamortized debt issuance costs			(184)		(114)
Total borrowings at carrying value			34,670		21,728
Finance lease liabilities			200		7
Less: Short-term obligations and current maturities			2,537		2,628
Long-term obligations			$	32,333	$	19,107

SOFR - Secured Overnight Financing Rate

EURIBOR - Euro Interbank Offered Rate

Schedule of Maturities of Long-term Debt [Table Text Block]

As of December 31, 2021, the annual repayment requirements for debt obligations are as follows:

(In millions)	Borrowings		Finance Lease Liabilities
2022	$	2,522	$	15
2023	5,396		12
2024	4,138		12
2025	2,610		12
2026	797		12
2027 and thereafter	19,508		137
	$	34,971	$	200

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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

As a lessee, the consolidated financial statements include the following relating to operating leases:

(In millions)	2021			2020			2019
Balance sheet
ROU assets	$	1,531		$	775
Operating lease liabilities - current	266			184
Operating lease liabilities - noncurrent	1,203			626
Statement of income
Operating lease costs	$	254		$	224		$	208
Variable lease costs	66			49			41
Statement of cash flows
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities	$	288		$	222		$	208
Operating lease ROU assets obtained in exchange for new operating lease liabilities	293			202			205
Weighted average at end of year
Remaining operating lease term	9.9 years			6.3 years			6.2 years
Discount rate	2.6		%	3.4		%	4.0		%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

As of December 31, 2021, future payments of operating lease liabilities are as follows:

(In millions)
2022	$	303
2023	248
2024	193
2025	144
2026	120
2027 and thereafter	650
Total lease payments	1,658
Less: imputed interest	189
Total operating lease liability	$	1,469

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Comprehensive Income and Shareholders Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [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 losses on hedging instruments		Pension and other postretirement benefit liability adjustment		Total
Balance at December 31, 2020	$	(2,438)	$	(91)	$	(278)	$	(2,807)
Other comprehensive items before reclassifications	373		—		36		409
Amounts reclassified from accumulated other comprehensive items	—		56		13		69
Net other comprehensive items	373		56		49		478
Balance at December 31, 2021	$	(2,065)	$	(35)	$	(229)	$	(2,329)

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

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020:

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2021		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	2,210	$	2,210	$	—	$	—
Investments	298		298		—		—
Warrants	15		—		15		—
Insurance contracts	181		—		181		—
Derivative contracts	36		—		36		—
Total assets	$	2,740	$	2,508	$	232	$	—
Liabilities
Derivative contracts	$	1	$	—	$	1	$	—
Contingent consideration	317		—		—		317
Total liabilities	$	318	$	—	$	1	$	317

	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2020		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	8,971	$	8,971	$	—	$	—
Investments	21		21		—		—
Warrants	7		—		7		—
Insurance contracts	157		—		157		—
Derivative contracts	28		—		28		—
Total assets	$	9,184	$	8,992	$	192	$	—
Liabilities
Derivative contracts	$	132	$	—	$	132	$	—
Contingent consideration	70		—		—		70
Total liabilities	$	202	$	—	$	132	$	70

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 (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.

(In millions)	2021		2020
Contingent consideration
Beginning balance	$	70	$	55
Acquisitions (including assumed balances)	403		28
Payments	(109)		(4)
Changes in fair value included in earnings	(47)		(9)
Ending balance	$	317	$	70

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table provides the aggregate notional value of outstanding derivative contracts.

	December 31,		December 31,
(In millions)	2021		2020
Notional amount
Interest rate swaps - fair value hedges	$	—	$	1,000
Cross-currency interest rate swaps - designated as net investment hedges	900		900
Currency exchange contracts	2,149		5,206

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

	Fair value – assets				Fair value – liabilities
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	—	$	25	$	—	$	—
Cross-currency interest rate swaps (a)	25		—		—		46
Derivatives not designated as hedging instruments
Currency exchange contracts (b)	11		3		1		86
Total derivatives	$	36	$	28	$	1	$	132

(a)The fair values of the interest rate swaps and cross-currency interest rate swaps are included in the accompanying balance sheet under the caption other assets or other long-term liabilities.

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

The following amounts related to cumulative basis adjustments for fair value hedges were included in the accompanying balance sheet under the caption long-term obligations:

	Carrying amount of the hedged liability				Cumulative amount of fair value hedging adjustment - increase (decrease) included in carrying amount of liability
	December 31,		December 31,		December 31,		December 31,
(In millions)	2021		2020		2021		2020
Long-term obligations	$	—	$	1,020	$	—	$	25

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

	Gain (loss) recognized
(In millions)	2021		2020
Fair value hedging relationships
Interest rate swaps
Hedged long-term obligations - included in other income/(expense)	$	25	$	(38)
Derivatives designated as hedging instruments - included in other income/(expense)	(3)		38
Derivatives designated as cash flow hedges
Interest rate swaps
Included in unrealized losses on hedging instruments within other comprehensive items	—		(85)
Amount reclassified from accumulated other comprehensive items to other income/(expense)	(73)		(59)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt
Included in currency translation adjustment within other comprehensive items	922		(873)
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive items	71		(79)
Included in other income/(expense)	8		11
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues	12		(17)
Included in other income/(expense)	162		(81)
Cross-currency interest rate swaps
Included in other income/(expense)	—		(9)

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

The carrying value and fair value of the company’s debt instruments are as follows:

	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(In millions)	value		value		value		value
Senior notes	$	32,072	$	33,449	$	21,723	$	24,653
Commercial paper	2,522		2,522		—		—
Other	76		76		5		5
	$	34,670	$	36,047	$	21,728	$	24,658

The fair value of debt instruments 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 debt instruments are as follows:

	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(In millions)	value		value		value		value
Senior notes	$	32,072	$	33,449	$	21,723	$	24,653
Commercial paper	2,522		2,522		—		—
Other	76		76		5		5
	$	34,670	$	36,047	$	21,728	$	24,658

The fair value of debt instruments 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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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

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

(In millions)	2021		2020		2019
Cash paid for:
Interest	$	555	$	471	$	790
Income taxes	2,182		1,324		896
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment	379		347		150
Fair value of equity awards exchanged	43		—		—
Fair value of acquisition contingent consideration	183		—		—
Finance lease ROU assets obtained in exchange for new finance lease liabilities	15		5		1
Declared but unpaid dividends	104		89		77
Issuance of stock upon vesting of restricted stock units	265		217		182

Restrictions on Cash and Cash Equivalents [Table Text Block]

Cash, cash equivalents and restricted cash is included in the consolidated balance sheet as follows:

	December 31,		December 31,
(In millions)	2021		2020
Cash and cash equivalents	$	4,477	$	10,325
Restricted cash included in other current assets	13		10
Restricted cash included in other assets	1		1
Cash, cash equivalents and restricted cash	$	4,491	$	10,336

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Restructuring and Other Costs, Net (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs [Table Text Block]

Restructuring and other costs (income) by segment are as follows:

(In millions)	2021		2020		2019
Life Sciences Solutions	$	129	$	34	$	24
Analytical Instruments	6		26		14
Specialty Diagnostics	18		9		(471)
Laboratory Products and Biopharma Services	35		23		17
Corporate	9		7		3
	$	197	$	99	$	(413)

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

The following table summarizes the changes in the company’s accrued restructuring balance. Other amounts reported as restructuring and other costs in the accompanying statement of income have been summarized in the notes to the table. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet.

(In millions)	Total (a)
Balance at December 31, 2018	$	80
Cumulative effect of accounting change (b)	(28)
Net restructuring charges incurred in 2019 (c)	52
Payments	(69)
Currency translation	(1)
Balance at December 31, 2019	34
Net restructuring charges incurred in 2020 (d)	51
Payments	(57)
Currency translation	(7)
Balance at December 31, 2020	21
Net restructuring charges incurred in 2021 (e)	37
Payments	(40)
Currency translation	(1)
Balance at December 31, 2021	$	17

(a)The movements in the restructuring liability principally consist of severance and other costs such as 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)Impact of adopting new lease accounting guidance on January 1, 2019.

(c)Excludes $465 million of net charges, principally $482 million of net gain on the sale of businesses recorded in the Specialty Diagnostics segment, partially offset by $17 million of other restructuring charges, net, across the company’s segments primarily for the write-off of acquired technology, pre-acquisition litigation-related matters, and compensation due to employees at businesses at the date of acquisition.

(d)Excludes $48 million of charges, principally $32 million for impairment of acquired technology in the Life Sciences Solutions segment resulting from a reduction in expected cash flows and, to a lesser extent, charges across the company’s segments for fixed asset writedowns and costs associated with environmental remediation at abandoned/previously owned facilities.

(e)Excludes $160 million of charges, principally $122 million for impairments of an acquired technology asset and a tradename asset in the Life Sciences Solutions and Laboratory Products and Biopharma Services segment, principally resulting from a reduction in expected cash flows, and $35 million of charges for compensation contractually due to employees of acquired businesses at the date of acquisition in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.

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Inventories (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Oct. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials		$ 1,922	$ 1,305
Work in process		676	540
Finished goods		2,453	2,184
Inventories		5,051	4,029
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories		5,051	4,029
Value of inventories maintained using the LIFO method			274
Excess of estimated replacement cost over stated LIFO value			49
Product [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods and Services Sold		$ (13,594)	$ (11,407)	$ (10,037)
Change in Accounting Principle, Other
Inventory Disclosure [Abstract]
Inventories	$ 33
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of LIFO Inventory	5.00%
Inventories	$ 33
Change in Accounting Principle, Other | Product [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods and Services Sold	33
Change in Accounting Principle, Other | Laboratory Products and Biopharma Services [Member]
Inventory Disclosure [Abstract]
Inventories	20
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories	20
Change in Accounting Principle, Other | Laboratory Products and Biopharma Services [Member] | Product [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods and Services Sold	20
Change in Accounting Principle, Other | Specialty Diagnostics [Member]
Inventory Disclosure [Abstract]
Inventories	13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Inventories	13
Change in Accounting Principle, Other | Specialty Diagnostics [Member] | Product [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of Goods and Services Sold	$ 13

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Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 12,593	$ 9,577
Less: Accumulated depreciation and amortization	4,260	3,665
Property, plant and equipment, net	8,333	5,912
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	431	410
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 2,575	2,192
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	25 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Machinery, Equipment and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 9,587	$ 6,975
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

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Acquisition-related Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	$ 31,625	$ 23,329
Accumulated Amortization	(12,747)	(11,879)
Definite-Lived Intangible Assets, Net	18,878	11,450
Acquisition-related Intangible Assets, Gross	32,860	24,564
Acquisition-related Intangible Assets, net of Accumulated Amortization	20,113	12,685
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
2022	2,489
2023	2,358
2024	1,992
2025	1,669
2026	1,392
2027 and thereafter	8,978
Definite-Lived Intangible Assets, Net	18,878	11,450
Other Intangible Assets, Net	$ 33	43
Maximum [Member]
Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years
Tradenames [Member]
Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	$ 1,235	1,235
Customer Relationships [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	22,802	16,593
Accumulated Amortization	(7,792)	(7,450)
Definite-Lived Intangible Assets, Net	15,010	9,143
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	15,010	9,143
Product Technology [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	6,041	5,523
Accumulated Amortization	(3,977)	(3,532)
Definite-Lived Intangible Assets, Net	2,064	1,991
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	2,064	1,991
Tradenames [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	1,722	1,213
Accumulated Amortization	(919)	(897)
Definite-Lived Intangible Assets, Net	803	316
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	803	$ 316
Backlog [Member]
Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross	1,060
Accumulated Amortization	(59)
Definite-Lived Intangible Assets, Net	1,001
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract]
Definite-Lived Intangible Assets, Net	$ 1,001

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Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 26,041	$ 25,714
Acquisitions	16,024	35
Currency translation	(141)	292
Ending balance	41,924	26,041
Life Sciences Solutions [Member]
Goodwill [Roll Forward]
Beginning balance	8,590	8,544
Acquisitions	1,560	35
Currency translation	(7)	11
Ending balance	10,143	8,590
Analytical Instruments [Member]
Goodwill [Roll Forward]
Beginning balance	5,079	4,928
Acquisitions	56
Currency translation	(92)	151
Ending balance	5,043	5,079
Specialty Diagnostics [Member]
Goodwill [Roll Forward]
Beginning balance	3,370	3,184
Acquisitions	8
Currency translation	(101)	186
Ending balance	3,277	3,370
Laboratory Products and Biopharma Services [Member]
Goodwill [Roll Forward]
Beginning balance	9,002	9,058
Acquisitions	14,400
Currency translation	59	(56)
Ending balance	$ 23,461	$ 9,002

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Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Equity Method Investments	$ 576	$ 32
Equity Securities, FV-NI, Noncurrent	217
Cost Method Investments	22	28
Alternative Investment	16	0
Foreign Currency Transaction Gain (Loss), before Tax	$ 25	$ 24	$ 52
PPD-SNBL K.K.
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	60.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	40.00%

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Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, less Allowances	$ 7,977	$ 5,741
Retained earnings	$ 35,431	$ 28,116
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				$ 4
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, less Allowances			$ (1)
Retained earnings			$ (1)

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Acquisitions Purchase Price (Details) - USD ($) $ in Millions							12 Months Ended
	Dec. 30, 2021	Dec. 08, 2021	Sep. 30, 2021	Feb. 25, 2021	Jan. 15, 2021	Apr. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Purchase Price
Fair value of equity awards exchanged							$ 43
Fair value of contingent consideration							$ 183
Net Assets Acquired [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							14 years		14 years
Payments to Acquire Businesses, Net of Cash Acquired							$ 19,395	$ 38	$ 1,843
Customer Relationships [Member]
Net Assets Acquired [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							17 years		14 years
Product Technology [Member]
Net Assets Acquired [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							11 years		13 years
Tradenames [Member]
Net Assets Acquired [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							7 years		2 years
Backlog [Member]
Net Assets Acquired [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years)							3 years
PPD, Inc. [Member]
Purchase Price
Cash paid		$ 17,237
Fair value of equity awards exchanged		43
Cash acquired		(1,244)
Total purchase price		16,036
Net Assets Acquired [Abstract]
Current assets		2,510
Property, plant and equipment		562
Goodwill		13,781
Other assets		1,108
Contract liabilities		(1,570)
Deferred tax liabilities		(1,803)
Finance lease liabilities		(86)
Debt assumed		(4,299)
Other liabilities assumed		(1,972)
Redeemable noncontrolling interest		(122)
Total net assets acquired		16,036
Payments to Acquire Businesses, Net of Cash Acquired		15,990
PPD, Inc. [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		6,264
PPD, Inc. [Member] | Tradenames [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		603
PPD, Inc. [Member] | Backlog [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets		$ 1,060
PeproTech, Inc. [Member]
Purchase Price
Cash paid	$ 1,947
Cash acquired	(83)
Total purchase price	1,864
Net Assets Acquired [Abstract]
Current assets	63
Property, plant and equipment	18
Goodwill	1,190
Other assets	11
Deferred tax liabilities	(193)
Other liabilities assumed	(21)
Total net assets acquired	1,864
Payments to Acquire Businesses, Net of Cash Acquired	1,860
PeproTech, Inc. [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets	514
PeproTech, Inc. [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets	$ 282
European Viral Vector Manufacturing Business [Member]
Purchase Price
Cash paid					$ 848
Cash acquired					(18)
Total purchase price					830
Net Assets Acquired [Abstract]
Current assets					39
Property, plant and equipment					59
Goodwill					600
Other assets					3
Contract liabilities					(59)
Deferred tax liabilities					(80)
Finance lease liabilities					(24)
Other liabilities assumed					(35)
Total net assets acquired					830
Payments to Acquire Businesses, Net of Cash Acquired					830
European Viral Vector Manufacturing Business [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets					302
European Viral Vector Manufacturing Business [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets					$ 25
Mesa Biotech [Member]
Purchase Price
Cash paid				$ 421
Fair value of contingent consideration				65
Cash acquired				(14)
Total purchase price				472
Net Assets Acquired [Abstract]
Current assets				54
Property, plant and equipment				2
Goodwill				237
Other assets				3
Deferred tax liabilities				(72)
Other liabilities assumed				(33)
Total net assets acquired				472
Payments to Acquire Businesses, Net of Cash Acquired				407
Mesa Biotech [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets				279
Mesa Biotech [Member] | Tradenames [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets				$ 2
Lengnau biologics manufacturing facility [Member]
Purchase Price
Cash paid			$ 17
Fair value of contingent consideration			1
Total purchase price			18
Net Assets Acquired [Abstract]
Property, plant and equipment			92
Goodwill			18
Other assets			376
Finance lease liabilities			(82)
Other liabilities assumed			(386)
Total net assets acquired			18
Lessee, Lease Liability Payments Due			$ 555
Brammer Bio [Member]
Purchase Price
Cash paid						$ 1,710
Cash acquired						(36)
Total purchase price						1,674
Net Assets Acquired [Abstract]
Current assets						52
Property, plant and equipment						147
Goodwill						938
Other assets						49
Contract liabilities						(110)
Deferred tax liabilities						(110)
Other liabilities assumed						(108)
Total net assets acquired						1,674
Goodwill, Expected Tax Deductible Amount						405
Brammer Bio [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						744
Brammer Bio [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						65
Brammer Bio [Member] | Tradenames [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets						$ 7
Other [Member]
Purchase Price
Cash paid							$ 298		$ 169
Fair value of contingent consideration							117
Cash acquired							(13)
Total purchase price							402	$ 63	169
Net Assets Acquired [Abstract]
Current assets							12		58
Property, plant and equipment							2		102
Goodwill							198		9
Other assets							2
Contract liabilities							(1)
Deferred tax liabilities							(28)		(6)
Other liabilities assumed							(11)		(1)
Total net assets acquired							402		169
Other [Member] | Customer Relationships [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							2
Other [Member] | Product Technology [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							224		$ 7
Other [Member] | Tradenames [Member]
Net Assets Acquired [Abstract]
Definite-lived intangible assets							$ 2

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Acquisition Pro Forma Results (Details) - PPD, Inc. [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Pro Forma Information [Abstract]
Revenues		$ 44,886	$ 36,887
Net income attributable to Thermo Fisher Scientific Inc.		7,369	5,361
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 378
Business Combination, Pro Forma Information, Operating Income (Loss) of Acquiree since Acquisition Date, Actual	$ (60)
Non-recurring Pro Forma Adjustments, Transaction Costs [Member]
Business Acquisition, Pro Forma Information [Abstract]
Net income attributable to Thermo Fisher Scientific Inc.		$ 312	$ (197)

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Disposition (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ 0	$ 0	$ 482
Revenues		$ 39,211	$ 32,218	25,542
Anatomical Pathology business [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 1,130
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal				$ 478
Revenues	$ 115

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Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 39,211	$ 32,218	$ 25,542
North America [Member]
Disaggregation of Revenue [Line Items]
Revenues	19,659	17,081	12,896
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,134	8,284	6,358
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenues	7,218	5,822	5,524
Other Regions [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,200	1,031	764
Consumables [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,608	18,527	13,109
Instruments [Member]
Disaggregation of Revenue [Line Items]
Revenues	7,753	6,779	6,387
Service [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 8,850	$ 6,912	$ 6,046

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Revenue Performance Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 28,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage	59.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

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Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets, net	$ 968	$ 731
Noncurrent contract assets, net	9	11
Contract liabilities	2,655	1,271
Noncurrent contract liabilities	$ 1,238	$ 763

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Business Segment Information (Details) $ in Millions		12 Months Ended
		Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment		4
Revenues		$ 39,211	$ 32,218	$ 25,542
Restructuring and other (costs) income		(197)	(99)	413
Amortization of acquisition-related intangible assets		(1,761)	(1,667)	(1,713)
Operating Income		10,028	7,794	4,594
Interest income		43	65	224
Interest expense		(536)	(553)	(676)
Other income/(expense)		(694)	(76)	(70)
Income before income taxes		8,841	7,230	4,072
Depreciation of property, plant and equipment		831	658	564
Total Assets		95,123	69,052	58,381
Capital Expenditures		2,523	1,474	926
Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Restructuring and other (costs) income		(129)	(34)	(24)
Total Assets		22,751	20,209	18,306
Capital Expenditures		810	392	151
Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Restructuring and other (costs) income		(6)	(26)	(14)
Total Assets		9,692	9,773	9,896
Capital Expenditures		79	74	64
Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Restructuring and other (costs) income		(18)	(9)	471
Total Assets		6,010	6,534	5,867
Capital Expenditures		167	175	83
Laboratory Products and Biopharma Services [Member]
Segment Reporting Information [Line Items]
Restructuring and other (costs) income		(35)	(23)	(17)
Total Assets		52,639	22,711	21,761
Capital Expenditures		1,327	772	554
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total Assets	[1]	4,031	9,825	2,551
Capital Expenditures		140	61	74
Total Reportable Segments [Member]
Segment Reporting Information [Line Items]
Operating Income		12,138	9,556	5,973
Total Reportable Segments [Member] | Life Sciences Solutions [Member]
Segment Reporting Information [Line Items]
Revenues		15,631	12,168	6,856
Operating Income		7,817	6,109	2,446
Depreciation of property, plant and equipment		197	140	130
Total Reportable Segments [Member] | Analytical Instruments [Member]
Segment Reporting Information [Line Items]
Revenues		6,069	5,124	5,522
Operating Income		1,197	808	1,273
Depreciation of property, plant and equipment		83	76	75
Total Reportable Segments [Member] | Specialty Diagnostics [Member]
Segment Reporting Information [Line Items]
Revenues		5,659	5,343	3,718
Operating Income		1,280	1,368	930
Depreciation of property, plant and equipment		128	100	67
Total Reportable Segments [Member] | Laboratory Products and Biopharma Services [Member]
Segment Reporting Information [Line Items]
Revenues		14,862	12,245	10,599
Operating Income		1,844	1,271	1,324
Depreciation of property, plant and equipment		423	342	292
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues		(3,010)	(2,662)	(1,153)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Cost of revenues charges		(8)	(6)	(17)
Selling, general and administrative (charges) credits		(144)	10	(62)
Restructuring and other (costs) income		(197)	(99)	413
Amortization of acquisition-related intangible assets		$ (1,761)	$ (1,667)	$ (1,713)

[1] Corporate assets consist primarily of cash and cash equivalents and property and equipment at the company's corporate offices.

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Geographical Information (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues		$ 39,211	$ 32,218	$ 25,542
Long-lived Assets	[1]	9,864	6,687	5,448
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[2]	18,907	16,435	12,366
Long-lived Assets	[1]	5,578	3,686	3,099
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[2]	3,444	2,797	2,752
All Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	[2]	16,860	12,986	10,424
Long-lived Assets	[1]	$ 4,286	$ 3,001	$ 2,349

[1] Includes property, plant and equipment, net, and operating lease ROU assets.

[2] Revenues are attributed to countries based on customer location.

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Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Loss on early extinguishment of debt	$ (767)	$ 0	$ (184)
Fees Associated with Short-term Financing Commitments	36	81
Gain (Loss) on Sale of Investments	66	10	44
Payments of Financing Costs	36	51
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Other Expense [Member]
Schedule of Equity Method Investments [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 65	$ 42
Corporate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Sale of Investments			28
Proceeds from Sale of Equity Method Investments			$ 42

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Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Stock Price Volatility	26.00%	22.00%	21.00%
Risk Free Interest Rate	0.80%	1.10%	2.40%
Expected Life of Options (years)	4 years 3 months 18 days	4 years 3 months 18 days	4 years 3 months 18 days
Expected Annual Dividend	0.20%	0.30%	0.30%
Weighted Average Grant Date Fair Value of Options Granted in Period (in dollars per share)	$ 123.97	$ 61.19	$ 53.37
Total Intrinsic Value of Options Exercised in Period	$ 501	$ 457	$ 320
Options Outstanding [Roll Forward]
Options Outstanding, Beginning Balance	5.9
Granted	1.5
Issued in connection with an acquisition	0.2
Exercised	(1.4)
Canceled / Expired	(0.2)
Options Outstanding, Ending Balance	6.0	5.9
Options, Additional Disclosures [Abstract]
Options Outstanding, Weighted Average Exercise Price, Beginning of Period (in dollars per share)	$ 221.22
Grants in Period, Weighted Average Exercise Price (in dollars per share)	552.26
Issued in Connection with an Acquisition in Period, Weighted Average Exercise Price (in dollars per share)	492.35
Exercises in Period, Weighted Average Exercise Price (in dollars per share)	183.63
Canceled / Expired in Period, Weighted Average Exercise Price (in dollars per share)	341.83
Options Outstanding, Weighted Average Exercise Price, End of Period (in dollars per share)	$ 319.95	$ 221.22
Options Outstanding, Weighted Average Remaining Contractual Term	4 years 6 months
Options Outstanding, Aggregate Intrinsic Value	$ 2,094
Options Vested and Unvested Expected to Vest	5.7
Options Vested and Unvested Expected to Vest, Weighted Average Exercise Price (in dollars per share)	$ 306.64
Options Vested and Unvested Expected to Vest, Weighted Average Remaining Contractual Term	4 years 3 months 18 days
Options Vested and Unvested Expected to Vest, Aggregate Intrinsic Value	$ 2,035
Options Exercisable	2.8
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 193.39
Options Exercisable, Weighted Average Remaining Contractual Term	2 years 10 months 24 days
Options Exercisable, Intrinsic Value	$ 1,307
Share-based Payment Arrangement, Option [Member]
Options, Additional Disclosures [Abstract]
Unrecognized Compensation Costs On Nonvested Awards	$ 243
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	2 years 10 months 24 days
Minimum [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Requisite Service Period	3 years
Option Term	7 years
Maximum [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Requisite Service Period	5 years
Option Term	10 years

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Stockbased Compensation, Restricted Units Disclosures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unvested Restricted Units [Roll Forward]
Unvested Restricted Units, Beginning Balance	0.8
Granted	0.4
Issued in connection with an acquisition	0.2
Vested	(0.5)
Forfeited	(0.1)
Unvested Restricted Units, Ending Balance	0.8	0.8
Restricted Units, Additional Disclosures [Abstract]
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share)	$ 276.74
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	444.61
Issued in Connection with an Acquisition, Weighted Average Grant Date Fair Value (in dollars per share)	628.71
Vested, Weighted Average Grant Date Fair Value (in dollars per share)	295.70
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)	326.90
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)	$ 425.39	$ 276.74
Fair Value of Units Vested	$ 151	$ 126	$ 118
Restricted Stock Units (RSUs) [Member]
Restricted Units, Additional Disclosures [Abstract]
Unrecognized Compensation Costs On Nonvested Awards	$ 250
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition	2 years 1 month 6 days
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Requisite Service Period	3 years
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Requisite Service Period	4 years

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Employee Stock Purchase Plans (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Purchase Price (% of Market Price on Purchase Date)	95.00%
Maximum Employee Subscription Rate (% of Gross Wages)	10.00%
Stock Issued During Period, Employee Stock Purchase Plans (in shares)	0.1	0.1	0.2

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Pensions DC Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Defined Contribution Plan, Cost	$ 299	$ 254	$ 232

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Pensions Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Cash contributions to retirement plans	$ 34	$ 96	$ 50
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Employer Contributions in Next Fiscal Year	40
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Employer Contributions in Next Fiscal Year	60
Pension Plans, Defined Benefit [Member] | United States
Change in Projected Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	1,302	1,302
Interest costs	23	35	45
Actuarial (gains) losses	20	44
Benefits paid	(85)	(79)
Benefit obligation at end of year	1,260	1,302	1,302
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	1,267	1,201
Actual return on plan assets	37	138
Employer contribution	7	7
Benefits paid	(85)	(79)
Fair value of plan assets at end of year	1,226	1,267	1,201
Funded status	(34)	(35)
Accumulated benefit obligation	1,260	1,302
Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	32	38
Current liability	(7)	(8)
Noncurrent liabilities	(59)	(65)
Net amount recognized	(34)	(35)
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss	157	142
Net amount recognized	$ 157	$ 142
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate for determining benefit obligation	2.70%	2.33%
Interest crediting rate for cash balance plans	2.58%	2.16%
Pension Plans, Defined Benefit [Member] | Foreign Plan [Member]
Change in Projected Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 1,486	$ 1,303
Business Combination	170
Service costs	27	24	23
Interest costs	11	18	24
Settlements	(7)	(38)
Plan participants' contributions	6	5
Actuarial (gains) losses	(57)	119
Benefits paid	(30)	(26)
Currency translation and other	(54)	81
Benefit obligation at end of year	1,552	1,486	1,303
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	1,160	986
Business Combination	158
Actual return on plan assets	14	92
Employer contribution	27	87
Settlements	(7)	(38)
Plan participants' contributions	6	5
Benefits paid	(30)	(26)
Currency translation and other	(26)	54
Fair value of plan assets at end of year	1,302	1,160	$ 986
Funded status	(250)	(326)
Accumulated benefit obligation	1,475	1,417
Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	205	157
Current liability	(10)	(9)
Noncurrent liabilities	(445)	(474)
Net amount recognized	(250)	(326)
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract]
Net actuarial loss	167	242
Prior service credits	(3)	(2)
Net amount recognized	$ 164	$ 240
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract]
Discount rate for determining benefit obligation	1.45%	0.95%
Interest crediting rate for cash balance plans	1.25%	1.25%
Average rate of increase in employee compensation	2.73%	2.30%

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Pensions Net Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Net Periodic Benefit Cost (Income) [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible List]	Other income/(expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible List]	Other income/(expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible List]	Other income/(expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible List]	Other income/(expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible List]	Other income/(expense)
Pension Plans, Defined Benefit [Member] | United States
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract]
Discount rate - interest cost	2.33%	3.13%	4.22%
Expected long-term rate of return on assets	4.25%	5.00%	5.76%
Components of Net Periodic Benefit Cost (Income) [Abstract]
Interest cost on benefit obligation	$ 23	$ 35	$ 45
Expected return on plan assets	(40)	(47)	(55)
Amortization of actuarial net loss	7	6	2
Net periodic benefit cost (income)	$ (10)	$ (6)	$ (8)
Pension Plans, Defined Benefit [Member] | Foreign Plan [Member]
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract]
Discount rate - service cost	0.65%	1.21%	1.97%
Discount rate - interest cost	0.80%	1.44%	2.06%
Average rate of increase in employee compensation	2.30%	2.27%	2.47%
Expected long-term rate of return on assets	2.02%	2.33%	3.25%
Components of Net Periodic Benefit Cost (Income) [Abstract]
Service cost	$ 27	$ 24	$ 23
Interest cost on benefit obligation	11	18	24
Expected return on plan assets	(19)	(19)	(30)
Amortization of actuarial net loss	12	10	6
Amortization of prior service benefit		(1)	(1)
Settlement/curtailment loss		8	4
Net periodic benefit cost (income)	$ 31	$ 40	$ 26

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Pensions Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 2,010	$ 2,047
Fair value of plan assets	1,521	1,529
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,937	1,976
Fair value of plan assets	$ 1,521	$ 1,526

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Pension Expected Benefit Payments (Details) - Pension Plans, Defined Benefit [Member] $ in Millions	Dec. 31, 2021 USD ($)
United States
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]
2022	$ 93
2023	89
2024	88
2025	86
2026	84
2027-2031	368
Foreign Plan [Member]
Defined Benefit Plan, Expected Future Benefit Payments [Abstract]
2022	45
2023	45
2024	49
2025	52
2026	56
2027-2031	$ 307

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Pensions FV Assets (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		$ 1,226	$ 1,267	$ 1,201
United States | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 1,226	1,267
United States | U.S. Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		10.00%
Fair Value of Plan Assets		$ 124	125
United States | U.S. Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 124	125
United States | International Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		10.00%
Fair Value of Plan Assets		$ 117	126
United States | International Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 117	126
United States | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		80.00%
Fair Value of Plan Assets		$ 966	1,001
United States | Fixed Income Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	966	1,001
United States | Money Market Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		19	15
United States | Money Market Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	19	15
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		1,302	1,160	$ 986
Foreign Plan [Member] | Quoted Prices in Active Markets (Level I) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		5	7
Foreign Plan [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		295	262
Foreign Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	1,002	891
Foreign Plan [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		651	510
Foreign Plan [Member] | Fixed Income Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	651	510
Foreign Plan [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		17	74
Foreign Plan [Member] | Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	17	74
Foreign Plan [Member] | Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		3	59
Foreign Plan [Member] | Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	3	59
Foreign Plan [Member] | Multi-asset Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		73	45
Foreign Plan [Member] | Multi-asset Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	73	45
Foreign Plan [Member] | Derivative Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		253	149
Foreign Plan [Member] | Derivative Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	253	149
Foreign Plan [Member] | Alternative Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		1	6
Foreign Plan [Member] | Alternative Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	1	6
Foreign Plan [Member] | Insurance Contracts [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		295	262
Foreign Plan [Member] | Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		295	262
Foreign Plan [Member] | Cash / Money Market Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		9	55
Foreign Plan [Member] | Cash / Money Market Funds [Member] | Quoted Prices in Active Markets (Level I) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets		5	7
Foreign Plan [Member] | Cash / Money Market Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Plan Assets	[1]	$ 4	$ 48
Foreign Plan [Member] | Minimum [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		40.00%
Foreign Plan [Member] | Minimum [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		0.00%
Foreign Plan [Member] | Minimum [Member] | Multi-asset Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		0.00%
Foreign Plan [Member] | Minimum [Member] | Derivative Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		0.00%
Foreign Plan [Member] | Maximum [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		90.00%
Foreign Plan [Member] | Maximum [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		25.00%
Foreign Plan [Member] | Maximum [Member] | Multi-asset Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		35.00%
Foreign Plan [Member] | Maximum [Member] | Derivative Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan Assets, Approximate Target Allocation, Percentage		30.00%

[1] Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

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Income Taxes Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income From Continuing Operations Before Income Taxes [Abstract]
U.S.	$ 3,340	$ 4,762	$ 2,280
Non-U.S.	5,501	2,468	1,792
Income before income taxes	8,841	7,230	4,072
Current Income Tax Provision [Abstract]
Federal	446	521	267
Non-U.S.	1,148	423	544
State	160	175	62
Total Current Income Tax Provision	1,754	1,119	873
Deferred Income Tax Provision (Benefit) [Abstract]
Federal	(227)	(237)	(222)
Non-U.S.	(399)	(18)	(252)
State	(19)	(14)	(25)
Total Deferred Income Tax Provision (Benefit)	(645)	(269)	(499)
Provision for income taxes	$ 1,109	$ 850	$ 374

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Income Taxes Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Provision for income taxes at statutory rate	$ 1,857	$ 1,518	$ 855
Foreign rate differential	(255)	(223)	(204)
Income tax credits	(315)	(335)	(213)
Global intangible low-taxed income	76	86	92
Foreign-derived intangible income	(119)	(156)	(111)
Excess tax benefits from stock options and restricted stock units	(124)	(114)	(80)
Provision for (reversal of) tax reserves, net	(17)	(26)	62
Intra-entity transfers	(284)		(79)
Foreign exchange loss on inter-company debt refinancing		(47)	(62)
Domestication transaction		(263)
Valuation allowance	36	379	(4)
Withholding taxes	164	115	38
Basis difference on disposal of business		0	73
Tax return reassessments and settlements	1	(196)	(6)
State income taxes, net of federal tax	82	147	22
Other, net	7	(35)	(9)
Provision for income taxes	1,109	850	374
US foreign tax credits generated by repatriation of foreign earnings		96	75
Deferred Tax Implications
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Intra-entity transfers	188
Capital Loss
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Intra-entity transfers	$ 96
Deferred Tax Asset, Interest Carryforward [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Valuation allowance		212
United States
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for (reversal of) tax reserves, net		(378)
Valuation allowance		156
Tax return reassessments and settlements		(25)
Unrecognized tax benefits reclassed to accrued income taxes in connection with IRS settlement		144
Charge for Expired Tax Credits due to Audit Settlement		$ 53
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Anatomical Pathology business [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income Tax Provision Related to Gain of Sale of Business			$ 191

XML

Income Taxes Deferred Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets (Liabilities) [Abstract]
Depreciation and amortization	$ (4,687)	$ (2,962)
Net operating loss and credit carryforwards	1,652	1,668
Reserves and accruals	162	164
Accrued compensation	318	253
Inventory basis difference	181	112
Deferred interest	295	227
Unrealized (gains) losses on hedging instruments	(33)	242
Other, net	251	124
Deferred tax liabilities, net before valuation allowance	(1,861)	(172)
Valuation Allowance	968	933	$ 408
Deferred tax liabilities, net	(2,829)	(1,105)
Valuation Allowance [Roll Forward]
Beginning Balance	933	408	471
Additions (reductions) charged to income tax provision, net	24	514	(27)
Additions due to acquisitions	30
Reduction due to a divestiture			(33)
Currency translation and other	(19)	11	(3)
Ending Balance	$ 968	$ 933	$ 408

XML

Income Taxes Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Tax Credit Carryforward [Line Items]
Undistributed Earnings of Foreign Subsidiaries	$ 24,000
Foreign Tax Credit Carryforwards [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	610
Deferred Interest Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	295
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	72
State [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	88
Non- U.S. [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	1,180
Portion of Non- U.S. with expiration dates [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 419

XML

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 1,091	$ 1,552	$ 1,442
Additions due to acquisitions	26
Additions for tax positions of current year	32	8	53
Additions for tax positions of prior years	60		69
Reductions for tax positions of prior years	(5)	(296)	(7)
Closure of tax years	(27)
Settlements	(53)	(173)	(5)
Balance at end of year	1,124	1,091	1,552
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	59	78
Federal and State [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized Tax Benefits, Period Increase (Decrease)	(75)	(410)	45
Foreign [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 80	$ (51)	$ 70

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 7,725	$ 6,375	$ 3,696
Basic Weighted Average Shares	394	396	400
Effect of Stock Options and Restricted Stock Units	3	3	3
Diluted Weighted Average Shares	397	399	403
Basic Earnings Per Share (in dollars per share)	$ 19.62	$ 16.09	$ 9.24
Diluted Earnings Per Share (in dollars per share)	$ 19.46	$ 15.96	$ 9.17
Antidilutive stock options excluded from diluted weighted average shares	1	1	1

XML

Debt Outstanding Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total borrowings at par value	$ 34,971	$ 21,919
Fair value hedge accounting adjustments		25
Unamortized discount	(117)	(102)
Unamortized debt issuance costs	(184)	(114)
Total borrowings at carrying value	34,670	21,728
Finance lease liabilities	200	7
Less: Short-term obligations and current maturities	2,537	2,628
Long-term obligations	32,333	19,107
Maturities of Long-term Debt [Abstract]
2022	2,522
2023	5,396
2024	4,138
2025	2,610
2026	797
2027 and thereafter	19,508
Total Repayments of Principal	34,971	21,919
2022	15
2023	12
2024	12
2025	12
2026	12
2027 and thereafter	137
Total Repayments of Finance Lease Liabilities	$ 200	$ 7
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term obligations	Long-term obligations
Commercial Paper Programs [Member]
Debt Instrument [Line Items]
Effective Interest Rate	0.01%
Total borrowings at par value	$ 2,522
Total borrowings at carrying value	2,522
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	2,522
Senior Notes [Member]
Debt Instrument [Line Items]
Total borrowings at carrying value	$ 32,072	$ 21,723
Debt Instrument, Call Feature	Each of the fixed rate senior notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. Except for the euro-denominated floating rate senior notes, which may not be redeemed early, the floating rate senior notes may be redeemed in whole or in part on or after their applicable call dates at a redemption price of 100% of the principal amount plus accrued interest.
Senior Notes [Member] | 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.15%
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Jul. 21, 2022
Total borrowings at par value		611
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		611
Senior Notes [Member] | 3.00% 7-Year Senior Notes, Due 4/15/2023 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.00%
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Apr. 15, 2023
Total borrowings at par value		1,000
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		1,000
Senior Notes [Member] | Floating Rate (SOFR +0.35%) 1.5 Year Senior Notes, Due 4/18/2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.35%
Debt Instrument, Term	1 year 6 months
Debt Instrument, Maturity Date	Apr. 18, 2023
Total borrowings at par value	$ 1,000
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,000
Senior Notes [Member] | Floating Rate (SOFR +0.39%) 2-Year Senior Notes, Due 10/18/2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.39%
Debt Instrument, Term	2 years
Debt Instrument, Maturity Date	Oct. 18, 2023
Total borrowings at par value	$ 500
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 500
Senior Notes [Member] | 0.797% 2-Year Senior Notes, Due 10/18/2023 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.797%
Debt Instrument, Term	2 years
Debt Instrument, Maturity Date	Oct. 18, 2023
Effective Interest Rate	1.03%
Total borrowings at par value	$ 1,350
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,350
Senior Notes [Member] | Floating Rate (EURIBOR +0.20%) 2 Year Senior Notes, Due 11/18/2023 (euro-denominated) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.20%
Debt Instrument, Term	2 years
Debt Instrument, Maturity Date	Nov. 18, 2023
Effective Interest Rate	0.00%
Total borrowings at par value	$ 1,933
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,933
Senior Notes [Member] | 0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.00%
Debt Instrument, Term	2 years
Debt Instrument, Maturity Date	Nov. 18, 2023
Effective Interest Rate	0.06%
Total borrowings at par value	$ 625
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 625
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
Total borrowings at par value		1,000
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		1,000
Senior Notes [Member] | 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.75%
Debt Instrument, Term	8 years
Debt Instrument, Maturity Date	Sep. 12, 2024
Effective Interest Rate	0.94%
Total borrowings at par value	$ 1,137	1,222
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,137	1,222
Senior Notes [Member] | 1.215% 3-Year Senior Notes, Due 10/18/2024 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.215%
Debt Instrument, Term	3 years
Debt Instrument, Maturity Date	Oct. 18, 2024
Effective Interest Rate	1.42%
Total borrowings at par value	$ 2,500
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 2,500
Senior Notes [Member] | Floating Rate (SOFR +0.53%) 3-Year Senior Notes, Due 10/18/2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.53%
Debt Instrument, Term	3 years
Debt Instrument, Maturity Date	Oct. 18, 2024
Total borrowings at par value	$ 500
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 500
Senior Notes [Member] | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.125%
Debt Instrument, Term	5 years 6 months
Debt Instrument, Maturity Date	Mar. 01, 2025
Effective Interest Rate	0.41%
Total borrowings at par value	$ 910	977
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 910	977
Senior Notes [Member] | 4.133% 5-Year Senior Notes, Due 3/25/2025 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.133%
Debt Instrument, Term	5 years
Debt Instrument, Maturity Date	Mar. 25, 2025
Total borrowings at par value		1,100
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		1,100
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	2.10%
Total borrowings at par value	$ 728	782
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 728	782
Senior Notes [Member] | 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.00%
Debt Instrument, Term	4 years
Debt Instrument, Maturity Date	Nov. 18, 2025
Effective Interest Rate	0.16%
Total borrowings at par value	$ 625
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 625
Senior Notes [Member] | 3.65% 10-Year Senior Notes, Due 12/15/2025 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.65%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Dec. 15, 2025
Effective Interest Rate	3.77%
Total borrowings at par value	$ 350	350
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 350	350
Senior Notes [Member] | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.40%
Debt Instrument, Term	8 years 6 months
Debt Instrument, Maturity Date	Jan. 23, 2026
Effective Interest Rate	1.53%
Total borrowings at par value	$ 796	855
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 796	855
Senior Notes [Member] | 2.95% 10-Year Senior Notes, Due 9/19/2026 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.95%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Sep. 19, 2026
Total borrowings at par value		1,200
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		1,200
Senior Notes [Member] | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.45%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Mar. 16, 2027
Effective Interest Rate	1.66%
Total borrowings at par value	$ 568	611
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 568	611
Senior Notes [Member] | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.75%
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Apr. 15, 2027
Effective Interest Rate	1.97%
Total borrowings at par value	$ 682	733
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 682	733
Senior Notes [Member] | 3.20% 10-Year Senior Notes, Due 8/15/2027 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	3.20%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Aug. 15, 2027
Total borrowings at par value		750
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		750
Senior Notes [Member] | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.50%
Debt Instrument, Term	8 years 6 months
Debt Instrument, Maturity Date	Mar. 01, 2028
Effective Interest Rate	0.77%
Total borrowings at par value	$ 910	977
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 910	977
Senior Notes [Member] | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.375%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Sep. 12, 2028
Effective Interest Rate	1.46%
Total borrowings at par value	$ 682	733
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 682	733
Senior Notes [Member] | 1.750% 7-Year Senior Notes, Due 10/15/2028 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.75%
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Oct. 15, 2028
Effective Interest Rate	1.89%
Total borrowings at par value	$ 700
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 700
Senior Notes [Member] | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.95%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Jul. 24, 2029
Effective Interest Rate	2.08%
Total borrowings at par value	$ 796	855
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 796	855
Senior Notes [Member] | 2.60% 10-Year Senior Notes, Due 10/1/2029 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.60%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Oct. 01, 2029
Effective Interest Rate	2.74%
Total borrowings at par value	$ 900	900
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 900	900
Senior Notes [Member] | 4.497% 10-Year Senior Notes, Due 3/25/2030 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.497%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Mar. 25, 2030
Total borrowings at par value		1,100
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal		1,100
Senior Notes [Member] | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.80%
Debt Instrument, Term	9 years
Debt Instrument, Maturity Date	Oct. 18, 2030
Effective Interest Rate	0.89%
Total borrowings at par value	$ 1,990
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,990
Senior Notes [Member] | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	0.875%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Oct. 01, 2031
Effective Interest Rate	1.13%
Total borrowings at par value	$ 1,023	1,099
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,023	1,099
Senior Notes [Member] | 2.00% 10-Year Senior Notes, Due 10/15/2031 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.00%
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Oct. 15, 2031
Effective Interest Rate	2.23%
Total borrowings at par value	$ 1,200
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,200
Senior Notes [Member] | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.375%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Apr. 15, 2032
Effective Interest Rate	2.55%
Total borrowings at par value	$ 682	733
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 682	733
Senior Notes [Member] | 1.125% 12-Year Senior Notes Due 10/18/2033 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.125%
Debt Instrument, Term	12 years
Debt Instrument, Maturity Date	Oct. 18, 2033
Effective Interest Rate	1.21%
Total borrowings at par value	$ 1,706
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,706
Senior Notes [Member] | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.875%
Debt Instrument, Term	20 years
Debt Instrument, Maturity Date	Jul. 24, 2037
Effective Interest Rate	2.94%
Total borrowings at par value	$ 796	855
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 796	855
Senior Notes [Member] | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.50%
Debt Instrument, Term	20 years
Debt Instrument, Maturity Date	Oct. 01, 2039
Effective Interest Rate	1.73%
Total borrowings at par value	$ 1,023	1,099
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,023	1,099
Senior Notes [Member] | 2.80% 20-Year Senior Notes, Due 10/15/2041 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.80%
Debt Instrument, Term	20 years
Debt Instrument, Maturity Date	Oct. 15, 2041
Effective Interest Rate	2.90%
Total borrowings at par value	$ 1,200
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,200
Senior Notes [Member] | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.625%
Debt Instrument, Term	20 years
Debt Instrument, Maturity Date	Oct. 18, 2041
Effective Interest Rate	1.78%
Total borrowings at par value	$ 1,421
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,421
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	5.37%
Total borrowings at par value	$ 400	400
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 400	400
Senior Notes [Member] | 4.10% 30-Year Senior Notes, Due 8/15/2047 [Member]
Debt Instrument [Line Items]
Stated Interest Rate	4.10%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Aug. 15, 2047
Effective Interest Rate	4.23%
Total borrowings at par value	$ 750	750
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 750	750
Senior Notes [Member] | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	1.875%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Oct. 01, 2049
Effective Interest Rate	1.98%
Total borrowings at par value	$ 1,137	1,222
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 1,137	1,222
Senior Notes [Member] | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.00%
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Oct. 18, 2051
Effective Interest Rate	2.07%
Total borrowings at par value	$ 853
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	853
Other Debt [Member]
Debt Instrument [Line Items]
Total borrowings at par value	76	5
Total borrowings at carrying value	76	5
Maturities of Long-term Debt [Abstract]
Total Repayments of Principal	$ 76	$ 5

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Debt Short-term Financing (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Jan. 07, 2022 USD ($)
Short-term Financing [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 78,000,000
Revolving Credit Facility [Member]
Short-term Financing [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000,000
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio	3.5
Line of Credit Facility, Amount Outstanding	$ 0
Letters of Credit Outstanding, Amount	4,000,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Short-term Financing [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000,000
Commercial Paper Programs [Member]
Short-term Financing [Line Items]
Short-term Borrowings	$ 2,520,000,000
Commercial Paper Programs [Member] | U.S. Commercial Paper Program [Member]
Short-term Financing [Line Items]
Maximum Period to Maturity Allowed Under Program	397 days
Commercial Paper Programs [Member] | Euro Commercial Paper Program [Member]
Short-term Financing [Line Items]
Maximum Period to Maturity Allowed Under Program	183 days

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Debt Redemption (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 24, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Extinguishment of Debt [Line Items]
Gain (Loss) on Extinguishment of Debt		$ (767)	$ 0	$ (184)
Subsequent Event [Member]
Extinguishment of Debt [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (26)
Cross Currency Interest Rate Contract [Member]
Extinguishment of Debt [Line Items]
Proceeds from Hedge, Investing Activities				44
Interest Rate Swaps [Member]
Extinguishment of Debt [Line Items]
Proceeds from Hedge, Financing Activities		$ 22
Payments for Hedge, Financing Activities				$ 17

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
ROU assets	$ 1,531	$ 775
Operating lease liabilities - current	266	184
Operating lease liabilities - noncurrent	1,203	626
Operating lease costs	254	224	$ 208
Variable lease costs	66	49	41
Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities	288	222	208
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$ 293	$ 202	$ 205
Weighted Average Remaining Lease Term	9 years 10 months 24 days	6 years 3 months 18 days	6 years 2 months 12 days
Weighted Average Discount Rate	2.60%	3.40%	4.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued expenses	Other accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
2022	$ 303
2023	248
2024	193
2025	144
2026	120
2027 and thereafter	650
Total lease payments	1,658
Imputed Interest	189
Total operating lease liability	1,469
Lease Residual Value Guarantee [Member]
Lessee, Lease, Description [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 147
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 month
Lessee, Operating Lease, Renewal Term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	30 years
Lessee, Operating Lease, Renewal Term	10 years
Lessee, Operating Lease, Option to Terminate, Term	1 year

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Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded Unconditional Purchase Obligation	$ 2,510
Accrual for Environmental Loss Contingencies Disclosure [Abstract]
Accrual for Environmental Loss Contingencies, Net	65
Letters of Credit / Bank Guarantees [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 266
Guarantor Obligations, Term	Substantially all of these letters of credit and guarantees expire before 2039.
Surety Bonds and Other Guarantees [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 95
Guarantor Obligations, Term	The expiration of these bonds and guarantees ranges through 2023.
Inventories [Member] | Analytical Instruments [Member] | Cost of Sales [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Inventory, Firm Purchase Commitment, Loss		$ 108
Businesses Sold [Member] | Pension Obligation Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 36
Product Liability, Workers Compensation and Other Personal Injury Matters [Member]
Loss Contingency [Abstract]
Loss Contingency Accrued	216
Loss Contingency, Accrual, Gross	223
Estimated Amount Due from Insurers, Net	100
Estimated Amount Due from Insurers, Undiscounted	106
Loss Contingency Accrual, Product Liability, Gross, Divested Business	11
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | Minimum [Member]
Loss Contingency [Abstract]
Loss Contingency, Estimate of Possible Loss	216
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | Maximum [Member]
Loss Contingency [Abstract]
Loss Contingency, Estimate of Possible Loss	$ 375

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Comprehensive Income and Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 40,855	$ 34,517	$ 29,684	$ 27,594
Other comprehensive items before reclassifications		409
Amounts reclassified from accumulated other comprehensive items		69
Total other comprehensive items		478	(128)	(180)
Balance		40,855	34,517	29,684
Payments for Repurchase of Common Stock		$ 2,000	1,500	1,500
Class of Stock Disclosures [Abstract]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		23.0
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payments for Repurchase of Common Stock	$ 2,000
Purchases of company common stock (in shares)	3.3
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (2,065)	$ (2,438)
Other comprehensive items before reclassifications		373
Total other comprehensive items		373
Balance		(2,065)	(2,438)
Unrealized Losses on Hedging Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(35)	(91)
Amounts reclassified from accumulated other comprehensive items		56
Total other comprehensive items		56
Balance		(35)	(91)
Pension and Other Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(229)	(278)
Other comprehensive items before reclassifications		36
Amounts reclassified from accumulated other comprehensive items		13
Total other comprehensive items		49
Balance		(229)	(278)
Accumulated Other Comprehensive Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (2,329)	(2,807)	(2,679)	(2,498)
Total other comprehensive items		478	(128)	(181)
Balance		$ (2,329)	$ (2,807)	$ (2,679)

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Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Cash equivalents	$ 2,210	$ 8,971
Investments	298	21
Warrants	15	7
Insurance contracts	181	157
Derivative contracts	36	28
Total assets	2,740	9,184
Liabilities [Abstract]
Derivative contracts	1	132
Contingent consideration	317	70
Total liabilities	318	202
Quoted Prices in Active Markets (Level I) [Member]
Assets [Abstract]
Cash equivalents	2,210	8,971
Investments	298	21
Total assets	2,508	8,992
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Warrants	15	7
Insurance contracts	181	157
Derivative contracts	36	28
Total assets	232	192
Liabilities [Abstract]
Derivative contracts	1	132
Total liabilities	1	132
Significant Unobservable Inputs (Level 3) [Member]
Liabilities [Abstract]
Contingent consideration	317	70
Total liabilities	$ 317	$ 70

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Fair Value Measurements and Fair Value of Financial Instruments Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent Consideration [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 70	$ 55
Acquisitions (including assumed balances)	403	28
Payments	(109)	(4)
Changes in fair value included in earnings	(47)	(9)
Ending balance	$ 317	$ 70
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses

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Fair Value Measurements, Derivative Assets & Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Cumulative Amount of Fair Value Hedging Adjustment - Increase (Decrease) Included in Carrying Amount of Liability		$ 25
Long-term Obligations [Member]
Derivatives, Fair Value [Line Items]
Hedged Liability, Fair Value Hedge		1,020
Cumulative Amount of Fair Value Hedging Adjustment - Increase (Decrease) Included in Carrying Amount of Liability		25
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		25
Interest Rate Swaps [Member] | Fair Value Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional Amount Of Derivatives		1,000
Cross Currency Interest Rate Contract [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 25
Cross Currency Interest Rate Contract [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Long-term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities		46
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional Amount Of Derivatives	900	900
Currency Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount Of Derivatives	2,149	5,206
Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	11	3
Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1	86
Fair Value, Recurring [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	36	28
Derivative Liabilities	$ 1	$ 132

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Fair Value Measurements, Derivative Instruments, Gains & Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Payments for Hedge, Financing Activities			$ 17
Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | Derivatives Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative, Net		$ (9)
Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative, Net	$ 162	(81)
Currency Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative, Net	12	(17)
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedged Debt in Fair Value Hedge	25	(38)
Gain (Loss) on Derivative, Net	(3)	38
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax		(85)
Payments for Hedge, Financing Activities		85	$ 50
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Other Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	65	42
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(73)	(59)
Net Investment Hedging [Member] | Foreign currency-denominated debt [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge	922	(873)
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge	71	(79)
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | Derivatives Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative, Net	$ 8	$ 11

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Fair Value of Other Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	$ 34,670	$ 21,728
Debt Instrument, Fair Value Disclosure	36,047	24,658
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	32,072	21,723
Debt Instrument, Fair Value Disclosure	33,449	24,653
Commercial Paper Programs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	2,522
Debt Instrument, Fair Value Disclosure	2,522
Other Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Obligations - Carrying Value	76	5
Debt Instrument, Fair Value Disclosure	$ 76	$ 5

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cash Paid For Interest	$ 555	$ 471	$ 790
Cash Paid For Income Taxes	2,182	1,324	896
Non-cash Investing and Financing Activities [Abstract]
Acquired but unpaid property, plant and equipment	379	347	150
Fair value of equity awards exchanged	43
Fair value of contingent consideration	183
Finance lease ROU assets obtained in exchange for new finance lease liabilities	15	5	1
Declared but unpaid dividends	104	89	77
Issuance of stock upon vesting of restricted stock units	265	217	182
Cash and cash equivalents	4,477	10,325
Restricted cash included in other current assets	13	10
Restricted cash included in other assets	1	1
Cash, cash equivalents and restricted cash	$ 4,491	$ 10,336	$ 2,422	$ 2,117
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List]	Other current assets
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other assets

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Restructuring and Other Costs, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 24, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Percentage of Total Workforce Eliminated, Less Than	1.00%	1.00%	1.00%
Restructuring and other costs (income)	$ 197	$ 99	$ (413)
Life Sciences Solutions [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs (income)	129	34	24
Analytical Instruments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs (income)	6	26	14
Specialty Diagnostics [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs (income)	18	9	(471)
Laboratory Products and Biopharma Services [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs (income)	35	23	17
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs (income)	$ 9	$ 7	$ 3
Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Identified Future Restructuring Costs				$ 20

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Restructuring Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 21	$ 34	$ 80
Net restructuring charges incurred	37	51	52
Payments	(40)	(57)	(69)
Currency translation	(1)	(7)	(1)
Ending balance	17	21	34
Restructuring and Related Costs, Other Costs (Income), Net	160	48	465
Loss (Gain) on Divestiture of Businesses	0	0	$ (482)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income [Extensible List]			Restructuring and other costs (income)
Impairment of Intangible Assets (Excluding Goodwill)	122	$ 32
Charges For Cash Compensation Due To Employees Of Acquired Businesses	$ 35
Other restructuring charges			$ 17
Restructuring Reserve, Expected Final Year of Payments	2022
Specialty Diagnostics [Member]
Restructuring Reserve [Roll Forward]
Loss (Gain) on Divestiture of Businesses			(482)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			$ (28)