2012 Q1 Form 10-Q Financial Statement

#000009774512000016 Filed on May 04, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q2
Revenue $3.057B $2.683B
YoY Change 3.76%
Cost Of Revenue $265.1M $246.3M
YoY Change 17.06%
Gross Profit $1.290B $1.116B
YoY Change 5.44%
Gross Profit Margin 42.19% 41.61%
Selling, General & Admin $824.3M $708.7M
YoY Change 1.49%
% of Gross Profit 63.91% 63.49%
Research & Development $91.70M $75.00M
YoY Change 13.64%
% of Gross Profit 7.11% 6.72%
Depreciation & Amortization $242.5M $184.3M
YoY Change -4.8%
% of Gross Profit 18.8% 16.51%
Operating Expenses $916.0M $708.7M
YoY Change 1.49%
Operating Profit $361.5M $321.5M
YoY Change 12.97%
Interest Expense $57.70M $27.80M
YoY Change 24.66%
% of Operating Profit 15.96% 8.65%
Other Income/Expense, Net $900.0K $300.0K
YoY Change -106.0%
Pretax Income $311.1M $299.0M
YoY Change 15.13%
Income Tax $30.30M $51.80M
% Of Pretax Income 9.74% 17.32%
Net Earnings $277.3M $252.2M
YoY Change 8.57%
Net Earnings / Revenue 9.07% 9.4%
Basic Earnings Per Share $0.76 $0.65
Diluted Earnings Per Share $0.75 $0.64
COMMON SHARES
Basic Shares Outstanding 367.3M shares 388.6M shares
Diluted Shares Outstanding 370.1M shares 394.6M shares

Balance Sheet

Concept 2012 Q1 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $793.0M $2.794B
YoY Change 94.03%
Cash & Equivalents $788.3M $2.789B
Short-Term Investments $4.000M $5.000M
Other Short-Term Assets $499.7M $382.1M
YoY Change 36.95%
Inventory $1.422B $1.264B
Prepaid Expenses
Receivables $1.895B $1.566B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.770B $6.189B
YoY Change 36.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.665B $1.389B
YoY Change 5.84%
Goodwill $12.08B $9.038B
YoY Change -0.78%
Intangibles $7.739B $5.857B
YoY Change -6.12%
Long-Term Investments
YoY Change
Other Assets $564.3M $957.3M
YoY Change 119.36%
Total Long-Term Assets $22.05B $17.24B
YoY Change 0.85%
TOTAL ASSETS
Total Short-Term Assets $4.770B $6.189B
Total Long-Term Assets $22.05B $17.24B
Total Assets $26.82B $23.43B
YoY Change 8.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $691.4M $616.9M
YoY Change 3.49%
Accrued Expenses $1.002B $804.0M
YoY Change 0.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $924.0M $2.499B
YoY Change 1577.18%
Total Short-Term Liabilities $2.845B $4.146B
YoY Change 133.49%
LONG-TERM LIABILITIES
Long-Term Debt $5.751B $1.801B
YoY Change -6.68%
Other Long-Term Liabilities $718.6M $623.1M
YoY Change 15.18%
Total Long-Term Liabilities $718.6M $623.1M
YoY Change 15.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.845B $4.146B
Total Long-Term Liabilities $718.6M $623.1M
Total Liabilities $3.564B $4.769B
YoY Change 105.86%
SHAREHOLDERS EQUITY
Retained Earnings $6.946B $5.639B
YoY Change 23.03%
Common Stock $10.64B $10.49B
YoY Change -9.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.146B $1.037B
YoY Change 77.79%
Treasury Stock Shares 41.19M shares 20.19M shares
Shareholders Equity $15.29B $15.25B
YoY Change
Total Liabilities & Shareholders Equity $26.82B $23.43B
YoY Change 8.35%

Cashflow Statement

Concept 2012 Q1 2011 Q2
OPERATING ACTIVITIES
Net Income $277.3M $252.2M
YoY Change 8.57%
Depreciation, Depletion And Amortization $242.5M $184.3M
YoY Change -4.8%
Cash From Operating Activities $392.0M $338.6M
YoY Change -1.31%
INVESTING ACTIVITIES
Capital Expenditures $69.20M $63.70M
YoY Change 29.74%
Acquisitions $500.0K $23.70M
YoY Change -89.66%
Other Investing Activities $900.0K $400.0K
YoY Change -150.0%
Cash From Investing Activities -$66.20M -$88.90M
YoY Change -68.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $244.9M $493.0M
YoY Change -1939.55%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -585.0M $1.652B
YoY Change -1027.29%
NET CHANGE
Cash From Operating Activities $392.0M $338.6M
Cash From Investing Activities -$66.20M -$88.90M
Cash From Financing Activities -585.0M $1.652B
Net Change In Cash $325.8M $1.901B
YoY Change -1783.97%
FREE CASH FLOW
Cash From Operating Activities $392.0M $338.6M
Capital Expenditures $69.20M $63.70M
Free Cash Flow $322.8M $274.9M
YoY Change -6.5%

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CY2011Q2 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2011Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2012Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2012Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2012Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2011Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2012Q1 us-gaap Property Plant And Equipment Gross
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CY2012Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2011Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2012Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2011Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2012Q1 us-gaap Use Of Estimates
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<p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">Use of Estimates</font></p><p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:11pt;margin-left:0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:11pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to </font><font style="font-family:Times New Roman;font-size:11pt;">assess potential</font><font style="font-family:Times New Roman;font-size:11pt;"> impairment of assets, and in determining the ultimate loss from abandoning leases at facilities being exited (Note </font><font style="font-family:Times New Roman;font-size:11pt;">13</font><font style="font-family:Times New Roman;font-size:11pt;">). Actual results could differ from those estimates</font><font style="font-family:Times New Roman;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:12pt'>&#160;</p>
CY2012Q1 tmo Purchase Price Paid For Acquisitions Completed In Prior Year
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500000 USD
CY2011Q2 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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CY2011Q2 us-gaap Business Acquisitions Pro Forma Revenue
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CY2011Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2011Q2 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Diluted
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareDiluted
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CY2011Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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CY2011Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2011Q2 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Basic
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CY2011Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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304000000 USD
CY2011Q2 tmo Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Diluted Share
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0.79
CY2011Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
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54300000 USD
CY2012Q1 us-gaap Depreciation
Depreciation
59900000 USD
CY2011Q2 us-gaap Depreciation
Depreciation
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CY2012Q1 tmo Number Of Reportable Segments
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CY2011Q2 us-gaap Restricted Stock Expense
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CY2012Q1 us-gaap Investment Income Interest
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CY2012Q1 us-gaap Interest Expense
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CY2012Q1 us-gaap Other Nonoperating Income Expense
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CY2011Q2 us-gaap Investment Income Interest
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CY2011Q2 us-gaap Interest Expense
InterestExpense
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CY2012Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2012Q1 us-gaap Stock Option Plan Expense
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CY2012Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
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StockOptionPlanExpense
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2012Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2011Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2011Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2011Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2011Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2012Q2 tmo Line Of Credit Facility Covenant Maximum Consolidated Total Leverage Ratio Of Debt To Ebitda
LineOfCreditFacilityCovenantMaximumConsolidatedTotalLeverageRatioOfDebtToEbitda
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CY2012Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
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CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
164000000 USD
CY2011Q2 us-gaap Other Comprehensive Income Reclassification Of Defined Benefit Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Net Of Tax
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900000 USD
CY2012Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
42200000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
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CY2012Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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7000000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
7000000 USD
CY2012Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-35400000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
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CY2012Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
164700000 USD
CY2012Q1 us-gaap Other Comprehensive Income Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
800000 USD
CY2012Q1 us-gaap Other Comprehensive Income Reclassification Of Defined Benefit Plans Net Gain Loss Recognized In Net Periodic Benefit Cost Net Of Tax
OtherComprehensiveIncomeReclassificationOfDefinedBenefitPlansNetGainLossRecognizedInNetPeriodicBenefitCostNetOfTax
1100000 USD
CY2012Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2012Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
36300000 USD
CY2012Q1 us-gaap Cash Surrender Value Fair Value Disclosure
CashSurrenderValueFairValueDisclosure
60200000 USD
CY2012Q1 tmo Auction Rate Securities Fair Value Disclosure
AuctionRateSecuritiesFairValueDisclosure
4300000 USD
CY2012Q1 us-gaap Derivative Assets
DerivativeAssets
2000000 USD
CY2012Q1 us-gaap Derivative Financial Instruments Liabilities Fair Value Disclosure
DerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure
1300000 USD
CY2012Q1 tmo Contingent Consideration Liabilities Fair Value Disclosures
ContingentConsiderationLiabilitiesFairValueDisclosures
1400000 USD
CY2012Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
245300000 USD
CY2012Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
2700000 USD
CY2012Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
608000000 USD
CY2011Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
449000000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
377100000 USD
CY2011Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
35600000 USD
CY2011Q4 us-gaap Cash Surrender Value Fair Value Disclosure
CashSurrenderValueFairValueDisclosure
56700000 USD
CY2011Q4 tmo Auction Rate Securities Fair Value Disclosure
AuctionRateSecuritiesFairValueDisclosure
4300000 USD
CY2011Q4 us-gaap Derivative Assets
DerivativeAssets
900000 USD
CY2011Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
474600000 USD
CY2011Q4 us-gaap Derivative Financial Instruments Liabilities Fair Value Disclosure
DerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure
1200000 USD
CY2011Q4 tmo Contingent Consideration Liabilities Fair Value Disclosures
ContingentConsiderationLiabilitiesFairValueDisclosures
1700000 USD
CY2011Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
2900000 USD
CY2012Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
2000000 USD
CY2011Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
900000 USD
CY2011Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1200000 USD
CY2012Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1300000 USD
CY2012Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
6600000 USD
CY2012Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
6600000 USD
CY2012Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
7072400000 USD
CY2011Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
6500000 USD
CY2011Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
6500000 USD
CY2011Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
7389600000 USD
CY2012Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
6675200000 USD
CY2011Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
7028000000 USD
CY2012Q1 tmo Fair Value Of Assets Of Acquired Businesses
FairValueOfAssetsOfAcquiredBusinesses
0 USD
CY2011Q2 tmo Fair Value Of Assets Of Acquired Businesses
FairValueOfAssetsOfAcquiredBusinesses
2100000 USD
CY2012Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2011Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
1100000 USD
CY2012Q1 tmo Liabilities Assumed Of Acquired Businesses
LiabilitiesAssumedOfAcquiredBusinesses
0 USD
CY2011Q2 tmo Liabilities Assumed Of Acquired Businesses
LiabilitiesAssumedOfAcquiredBusinesses
1000000 USD
CY2012Q1 us-gaap Stock Issued1
StockIssued1
26100000 USD
CY2011Q2 us-gaap Stock Issued1
StockIssued1
21600000 USD
CY2011Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 USD
CY2012Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
48000000 USD
CY2012Q1 tmo Total Restructuring And Other Costs Income Net
TotalRestructuringAndOtherCostsIncomeNet
34200000 USD
CY2012Q1 tmo Cost Of Revenues Charges
CostOfRevenuesCharges
26800000 USD
CY2012Q1 tmo Selling General And Administrative Charges Net
SellingGeneralAndAdministrativeChargesNet
-7700000 USD
CY2012Q2 tmo Restructuring And Other Costs Future Expected Costs
RestructuringAndOtherCostsFutureExpectedCosts
70000000 USD
CY2012Q1 tmo Restructuring And Related Costs Non Cash Costs
RestructuringAndRelatedCostsNonCashCosts
1000000 USD
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
Thermo Fisher Scientific Inc.
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000097745
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2011Q3 dei Entity Public Float
EntityPublicFloat
24767287000 USD
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
367303351 shares

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