Thermo Fisher Scientific (TMO) 10-Q 31 Jul 09 2009 Q2 Quarterly report Financial data

0100 - Document and Entity Info

0100 - Document and Entity Information (USD $)
	6 Months Ended Jun. 27, 2009	Jun. 28, 2008
Document and Entity
Entity Registrant Name	Thermo Fisher Scientific Inc.
Entity Central Index Key	0000097745
Document Type	10-Q
Document Period End Date	2009-06-27
Amendment Flag	false
Amendment Description
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$23,145,151,000
Entity Common Stock, Shares Outstanding	408,152,517

0200 - Consolidated Balance She

0200 - Consolidated Balance Sheet (USD $)
In Millions	Jun. 27, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	1417.4	1280.5
Short-term investments, at quoted market value (amortized cost of $10.0 and $8.5)	9.3	7.5
Accounts receivable, less allowances of $46.9 and $43.1	1470.4	1478.1
Inventories:
Raw materials	315.3	310.6
Work in process	127.1	120.3
Finished goods	742.7	740.5
Deferred tax assets	161.3	161.7
Other current assets	223.5	246.7
Total current assets	4,467	4345.9
Property, Plant and Equipment, at Cost	1935.6	1854.8
Less: Accumulated depreciation and amortization	-663.9	-579.5
Property, Plant and Equipment, at Cost, Net	1271.7	1275.3
Acquisition-related Intangible Assets, net of Accumulated Amortization of $1,745.4 and $1,433.2	6,259	6423.2
Other Assets	387.8	367.9
Goodwill	8770.1	8677.7
Total Assets	21155.6	21,090
Current Liabilities:
Short-term obligations and current maturities of long-term obligations	16.3	14.8
Accounts payable	589.1	539.5
Accrued payroll and employee benefits	246.3	296.2
Accrued income taxes	45.5	32.9
Deferred revenue	148.6	135.3
Other accrued expenses	477.8	521.5
Total current liabilities	1523.6	1540.2
Deferred Income Taxes	1921.2	1994.2
Other Long-term Liabilities	606.2	601.7
Long-term Obligations	2,017	2003.2
Incremental Convertible Debt Obligation	11.2	24.2
Shareholders' Equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued	0	0
Common stock, $1 par value, 1,200,000,000 shares authorized; 422,566,405 and 421,791,009 shares issued	422.6	421.8
Capital in excess of par value	11363.8	11301.3
Retained earnings	3856.3	3500.5
Treasury stock at cost, 14,413,888 and 3,825,245 shares	-570.4	-151.3
Accumulated other comprehensive items	4.1	-145.8
Total shareholders' equity	15076.4	14926.5
Total Liabilities & Shareholders' Equity	21155.6	$21,090

0210 - Consolidated Balance She

0210 - Consolidated Balance Sheet (Parenthetical) (USD $)
In Millions, except Share data	Jun. 27, 2009	Dec. 31, 2008
Consolidated Balance Sheet Parenthetical
Amortized Cost of Short-term Investments	$10	8.5
Accounts Receivable Allowances	46.9	43.1
Accumulated Amortization of Acquisition-related Intangible Assets	1745.4	1433.2
Preferred Stock, $100 Par Value - Par Value	100	100
Preferred Stock, $100 Par Value - Shares Authorized	50,000	50,000
Preferred Stock, $100 Par Value - Shares Issued	0	0
Common Stock, $1 Par Value - Par Value	$1	$1
Common Stock, $1 Par Value - Shares Authorized	1,200,000,000	1,200,000,000
Common Stock, $1 Par Value - Shares Issued	422,566,405	421,791,009
Treasury Stock at Cost - Shares	14,413,888	3,825,245

0300 - Consolidated Statement o

0300 - Consolidated Statement of Income (USD $)
In Millions, except Per Share data	3 Months Ended Jun. 27, 2009	3 Months Ended Jun. 28, 2008	6 Months Ended Jun. 27, 2009	6 Months Ended Jun. 28, 2008
Revenues:
Product revenues	2090.7	2285.3	3989.3	4445.5
Service revenues	393.4	424.3	749.9	818.1
Total revenues	2484.1	2709.6	4739.2	5263.6
Costs and Operating Expenses:
Cost of product revenues	1272.3	1377.1	2,432	2669.3
Cost of service revenues	223.5	244.4	432	487.8
Selling, general and administrative expenses	660.9	698.9	1285.9	1,360
Research and development expenses	58.1	64.4	116.3	126.4
Restructuring and other costs (income), net	10.3	-5.4	23.9	-0.5
Total costs and operating expenses	2225.1	2379.4	4290.1	4,643
Operating Income	259	330.2	449.1	620.6
Other Expense, Net	-26.9	-28.1	-49.8	-46.3
Income from Continuing Operations Before Provision for Income Taxes	232.1	302.1	399.3	574.3
Provision for Income Taxes	-25.2	-59.2	-43.5	-101.3
Income from Continuing Operations	206.9	242.9	355.8	473
Gain on Disposal of Discontinued Operations (net of income tax provision of $1.9 in 2008)	0	3.2	0	2.8
Net Income	206.9	246.1	355.8	475.8
Earnings per Share from Continuing Operations:
Earnings per share from continuing operations - basic	0.5	0.58	0.85	1.13
Earnings per share from continuing operations - diluted	0.49	0.55	0.84	1.08
Earnings per Share:
Earnings per share - basic	0.5	0.59	0.85	1.14
Earnings per share - diluted	0.49	0.56	0.84	1.09
Weighted Average Shares:
Weighted average shares - basic	415.3	418	416.5	417.8
Weighted average shares - diluted	423.7	437.1	424.5	436.6

0310 - Consolidated Statement o

0310 - Consolidated Statement of Income (Parenthetical) (USD $)
In Millions	3 Months Ended Jun. 27, 2009	3 Months Ended Jun. 28, 2008	6 Months Ended Jun. 27, 2009	6 Months Ended Jun. 28, 2008
Consolidated Income Statement Parenthetical
Provision for Income Taxes on Gain on Disposal of Discontinued Operations	$0	1.9	$0	1.9

0400 - Consolidated Statement o

0400 - Consolidated Statement of Cash Flows (USD $)
In Millions	6 Months Ended Jun. 27, 2009	6 Months Ended Jun. 28, 2008
Operating Activities:
Net Income	355.8	475.8
Gain on Disposal of Discontinued Operations	0	-2.8
Income from Continuing Operations	355.8	473
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	384.6	398.6
Change in deferred income taxes	-117.6	-64.2
Non-cash stock-based compensation	35.8	27.7
Non-cash interest expense on convertible debt	11.3	10.8
Non-cash charges for sale of inventories revalued at the date of acquisition	0.4	0.4
Tax benefits from stock-based compensation awards	-1.3	-12.2
Other non-cash expenses, net	27.7	6.4
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions:
Change in accounts receivable	41.4	-101.3
Change in inventories	20.5	-64.1
Change in other assets	34.6	-20.3
Change in accounts payable	34.6	-36.9
Change in other liabilities	(85)	-19.1
Contributions to retirement plans	-8.1	-8.5
Net cash provided by continuing operations	734.7	590.3
Net cash used in discontinued operations	-0.7	-0.8
Net cash provided by operating activities	734	589.5
Investing Activities:
Acquisitions, net of cash acquired	(146)	(43)
Purchases of property, plant and equipment	(83)	-109.3
Proceeds from sale of property, plant and equipment	7.6	5.5
Purchases of available-for-sale investments	0	-0.1
Proceeds from sale of available-for-sale investments	0.4	0.6
Proceeds from sale of businesses, net of cash divested	2.7	3.5
Increase in other assets	-0.3	-5.2
Net cash used in continuing operations	-218.6	(148)
Net cash provided by discontinued operations	0	0.4
Net cash used in investing activities	-218.6	-147.6
Financing Activities:
Increase (decrease) in short-term notes payable	0.4	-13.4
Purchases of company common stock	-414.6	(102)
Net proceeds from issuance of company common stock	11.9	49.1
Tax benefits from stock-based compensation awards	1.3	12.2
Borrowings (redemption and repayment) of long-term obligations	4	-2.2
Net cash used in financing activities	(397)	-56.3
Exchange Rate Effect on Cash of Continuing Operations	18.5	-3.8
Increase in Cash and Cash Equivalents	136.9	381.8
Cash and Cash Equivalents at Beginning of Period	1280.5	625.1
Cash and Cash Equivalents at End of Period	1417.4	1006.9
Supplemental Cash Flow Information
Fair value of assets of acquired businesses	171.4	53.7
Cash paid for acquired businesses	-137.2	-31.5
Liabilities assumed of acquired businesses	34.2	22.2
Issuance of restricted stock	1.1	21.3
Issuance of stock upon vesting of restricted stock units	$7	19.3

0610 - General

0610 - General
	6 Months Ended Jun. 27, 2009 USD / shares
General [Abstract]
General	1. General The interim consolidated financial statements presented herein have been prepared by Thermo Fisher Scientific Inc. (the company or Thermo Fisher), are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at June 27, 2009, the results of operations for the three- and six-month periods ended June 27, 2009, and June 28, 2008, and the cash flows for the six-month periods ended June 27, 2009, and June 28, 2008. The company has evaluated events and transactions occurring after the balance sheet date through July 31, 2009 for recognition or disclosure in the consolidated financial statements and notes. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 31, 2008, has been derived from the audited consolidated financial statements as of that date, as adjusted for adoption of a new accounting pronouncement, discussed below. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all of the information that is included in the annual financial statements and notes of the company. The consolidated financial statements and notes included in this report should be read in conjunction with the financial statements and notes included in the companys Annual Report on Form 10-K for the fiscal year ended December 31, 2008, filed with the Securities and Exchange Commission (SEC). In May 2008, the FASB issued FSP APB No. 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement). FSP APB No. 14-1 requires the issuers of certain convertible debt instruments that may be settled in cash (or other assets) on conversion to separately account for the liability (debt) and equity (conversion option) components in a manner that reflects the issuer's nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. FSP ABP No. 14-1 was effective for the company beginning January 1, 2009. The rule required adjustment of prior periods to conform to current accounting. The companys cash payments for interest have not been affected, but the adoption of FSP APB No. 14-1 has increased the companys reported interest expense for all periods presented in a manner that reflects interest rates of similar non-convertible debt. The incremental effects of applying FSP APB No. 14-1 on individual line items in the consolidated balance sheet at December 31, 2008, were as follows: (Dollars in millions) Before Adoption of FSP APB No. 14-1 Cumulative Effect of Adopting FSP APB No. 14-1 As Adjusted Deferred Income Taxes $ 1,978.0 $ 16.2 $ 1,994.2 Long-term Obligations 2,043.5 (40.3 ) 2,003.2 Incremental Convertible Debt Obligation 24.2 24.2 Capital in Excess of Par Value 11,273.2 28.1 11,301.3 Retained Earnings 3,528.7 (28.2 ) 3,500.5 When any of the convertible debt instruments are convertible at the balance shee

0615 - Acquisitions

0615 - Acquisitions
	6 Months Ended Jun. 27, 2009 USD / shares
Acquisitions [Abstract]
Acquisitions	2. Acquisitions In December 2007, the FASB issued SFAS No. 141R, Business Combinations. SFAS No. 141R does the following: requires the acquiring entity in a business combination to recognize all (and only) the assets acquired and liabilities assumed in the transaction; establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed; and requires the acquirer to disclose certain information to enable users to understand the nature and financial effect of the business combination. The statement requires that cash outflows such as transaction costs and post-acquisition restructuring be charged to expense instead of capitalized as a cost of the acquisition. Contingent purchase price will be recorded at its initial fair value and then re-measured as time passes through adjustments to net income. SFAS No. 141R was effective for the company, on a prospective basis, beginning January 1, 2009. The company applied this standard to the acquisitions discussed below. There was no material impact upon adoption of the standard; however, this statement may materially affect the accounting for any future business combinations. In April 2009, the Laboratory Products and Services segment acquired Biolab, an Australia-based provider of analytical instruments, life science consumables and laboratory equipment, for AUD 180 million (USD $130 million), net of cash acquired. The purchase price was paid in cash except for a post-closing adjustment of $5 million that was accrued at June 27, 2009. The acquisition broadened the geographic reach of the companys customer channels. Revenue of Biolab totaled AUD 178 million in its fiscal year ended May 2009. The purchase price exceeded the fair value of the acquired net assets and, accordingly, $61 million was allocated to goodwill, none of which is tax deductible. In addition, in the first six months of 2009, the Analytical Technologies segment acquired a culture media manufacturer and distributor in Malaysia and Singapore and the Laboratory Products and Services segment acquired a Spain-based distributor of laboratory instrumentation and equipment. The aggregate consideration for these acquisitions was $11 million. The company paid contingent purchase price obligations of $10 million in the first six months of 2009, for several acquisitions completed prior to 2009. The companys acquisitions have historically been made at prices above the fair value of the acquired assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include elimination of redundant facilities, functions and staffing; use of the companys existing commercial infrastructure to expand sales of the acquired businesses products; and use of the commercial infrastructure of the acquired businesses to cost effectively expand sales of company products. Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies results have been included in the accompanying financial statements from their respective dates of acquisition. Allocation of the purchase price for acquisitions was based on es

0620 - Business Segment Informa

0620 - Business Segment Information
	6 Months Ended Jun. 27, 2009 USD / shares
Business Segment Information [Abstract]
Business Segment Information	3. Business Segment Information The companys continuing operations fall into two business segments: Analytical Technologies and Laboratory Products and Services. During the first quarter of 2009, the company transferred management responsibility and the related financial reporting and monitoring for a small product line between segments. The company has historically moved a product line between segments when a shift in strategic focus of either the product line or a segment more closely aligns the product line with a segment different than that in which it had previously been reported. Prior period segment information has been reclassified to reflect these transfers. Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Revenues Analytical Technologies $ 1,003.3 $ 1,159.9 $ 1,942.1 $ 2,246.7 Laboratory Products and Services 1,599.3 1,656.9 3,022.3 3,225.7 Eliminations (118.5 ) (107.2 ) (225.2 ) (208.8 ) Consolidated revenues $ 2,484.1 $ 2,709.6 $ 4,739.2 $ 5,263.6 Operating Income Analytical Technologies (a) $ 201.4 $ 244.6 $ 374.9 $ 472.9 Laboratory Products and Services (a) 217.2 232.0 392.7 450.8 Subtotal reportable segments (a) 418.6 476.6 767.6 923.7 Cost of revenues charges (0.9 ) (0.2 ) (0.9 ) (0.8 ) Acquisition-related transaction costs (1.3 ) (1.3 ) Restructuring and other (costs) income, net (10.3 ) 5.4 (23.9 ) 0.5 Amortization of acquisition-related intangible assets (147.1 ) (151.6 ) (292.4 ) (302.8 ) Consolidated operating income 259.0 330.2 449.1 620.6 Other expense, net (b) (26.9 ) (28.1 ) (49.8 ) (46.3 ) Income from continuing operations before provision for income taxes $ 232.1 $ 302.1 $ 399.3 $ 574.3 Depreciation Analytical Technologies $ 21.4 $ 22.5 $ 41.7 $ 44.3 Laboratory Products and Services 25.8 25.7 50.5 51.5 Consolidated depreciation $ 47.2 $ 48.2 $ 92.2 $ 95.8 (a) Represents operating income before certain charges to cost of revenues; selling, general and administrative expenses; restructuring and other costs, net and amortization of acquisition-related intangibles. (b) The company does not allocate other income and expenses to its segments.

0625 - Other Expense, Net

0625 - Other Expense, Net
	6 Months Ended Jun. 27, 2009 USD / shares
Other Expense, Net [Abstract]
Other Expense, Net	4. Other Expense, Net As discussed in Note 1, although the companys cash interest payments have not been affected, the adoption of FSP APB No. 14-1 has increased the companys reported interest expense in a manner that reflects interest rates of similar non-convertible debt. The rule required adjustment of prior periods to conform to current accounting. The components of other expense, net, in the accompanying statement of income are as follows: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Interest Income $ 4.7 $ 15.1 $ 10.0 $ 25.2 Interest Expense (29.6 ) (42.0 ) (59.8 ) (77.8 ) Other Items, Net (2.0 ) (1.2 ) 6.3 $ (26.9 ) $ (28.1 ) $ (49.8 ) $ (46.3 )

0630 - Earnings Per Share

0630 - Earnings Per Share
	6 Months Ended Jun. 27, 2009 USD / shares
Earnings Per Share [Abstract]
Earnings per Share	5. Earnings per Share Basic and diluted earnings per share were calculated as follows: Three Months Ended Six Months Ended (In millions except per share amounts) June 27, 2009 June 28, 2008 June 27, 2009 June 28, 2008 Income from Continuing Operations $ 206.9 $ 242.9 $ 355.8 $ 473.0 Gain on Disposal of Discontinued Operations 3.2 2.8 Net Income 206.9 246.1 355.8 475.8 Income Allocable to Participating Securities (0.2 ) (0.4 ) (0.3 ) (0.7 ) Net Income for Earnings per Share $ 206.7 $ 245.7 $ 355.5 $ 475.1 Basic Weighted Average Shares 415.3 418.0 416.5 417.8 Effect of: Convertible debentures 7.0 15.5 6.7 15.1 Stock options, restricted stock awards and warrants 1.4 3.6 1.3 3.7 Diluted Weighted Average Shares 423.7 437.1 424.5 436.6 Basic Earnings per Share: Continuing operations $ .50 $ .58 $ .85 $ 1.13 Discontinued operations .01 .01 $ .50 $ .59 $ .85 $ 1.14 Diluted Earnings per Share: Continuing operations $ .49 $ .55 $ .84 $ 1.08 Discontinued operations .01 .01 $ .49 $ .56 $ .84 $ 1.09 Options to purchase 15.7 million, 0.8 million, 16.2 million and 2.3 million shares of common stock were not included in the computation of diluted earnings per share for the second quarter of 2009 and 2008 and the first six months of 2009 and 2008, respectively, because their effect would have been antidilutive.

0631 - Comprehensive Income and

0631 - Comprehensive Income and Shareholders' Equity
	6 Months Ended Jun. 27, 2009 USD / shares
Comprehensive Income and Shareholders' Equity [Abstract]
Comprehensive Income and Shareholders' Equity	6. Comprehensive Income and Shareholders Equity 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, including currency translation adjustments; unrealized gains and losses, net of tax, on available-for-sale investments and hedging instruments; and pension and other postretirement benefit liability adjustments. During the second quarter of 2009 and 2008, the company had comprehensive income of $469 million and $239 million, respectively. During the first six months of 2009 and 2008, the company had comprehensive income of $506 million and $591 million, respectively. The second quarter and first six months of 2009 were favorably affected by an increase in the cumulative translation adjustment of $264 million and $151 million, respectively, due to movements in currency exchange rates, the effects of which are recorded in shareholders equity.

0635 - Stockbased Compensation

0635 - Stockbased Compensation Expense
	6 Months Ended Jun. 27, 2009 USD / shares
Stock-based Compensation Expense [Abstract]
Stock-based Compensation Expense	7. Stock-based Compensation Expense The components of pre-tax stock-based compensation are as follows: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Stock Option Awards $ 13.3 $ 9.3 $ 23.4 $ 16.0 Restricted Share/Unit Awards 7.3 7.4 12.4 11.7 Total Stock-based Compensation Expense $ 20.6 $ 16.7 $ 35.8 $ 27.7 Stock-based compensation expense is included in the accompanying statement of income as follows: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Cost of Revenues $ 1.9 $ 0.9 $ 3.4 $ 2.0 Selling, General and Administrative Expenses 18.0 15.3 31.2 24.9 Research and Development Expenses 0.7 0.5 1.2 0.8 Total Stock-based Compensation Expense $ 20.6 $ 16.7 $ 35.8 $ 27.7 No stock-based compensation expense has been capitalized in inventories due to immateriality. Unrecognized compensation cost related to unvested stock options and restricted stock totaled approximately $103.8 million and $39.3 million, respectively, as of June 27, 2009, and is expected to be recognized over weighted average periods of 2.4 years and 2.3 years, respectively. During the first six months of 2009, the company made equity compensation grants to employees consisting of 1.0 million restricted shares/units and options to purchase 6.4 million shares.

0640 - Defined Benefit Pension

0640 - Defined Benefit Pension Plans
	6 Months Ended Jun. 27, 2009 USD / shares
Defined Benefit Pension Plans [Abstract]
Defined Benefit Pension Plans	8. Defined Benefit Pension Plans Employees of a number of the companys 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 has a postretirement healthcare program in which certain employees are eligible to participate. The costs of the healthcare program are funded on a self-insured and insured-premium basis. Net periodic benefit costs for the companys pension plans include the following components: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Service Cost $ 2.5 $ 3.4 $ 5.0 $ 7.7 Interest Cost on Benefit Obligation 12.4 14.3 24.4 28.8 Expected Return on Plan Assets (12.6 ) (15.9 ) (24.9 ) (31.7 ) Amortization of Net Loss 0.5 0.4 0.8 0.8 Amortization of Prior Service Benefit 0.1 Settlement/Curtailment Gain (0.2 ) (18.5 ) (0.2 ) (18.5 ) Special Termination Benefits 0.1 0.2 0.3 0.2 Net Periodic Benefit Cost (Income) $ 2.7 $ (16.1 ) $ 5.5 $ (12.7 ) Net periodic benefit costs for the companys other postretirement benefit plans include the following components: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2009 2008 2009 2008 Service Cost $ 0.1 $ 0.2 $ 0.2 $ 0.4 Interest Cost on Benefit Obligation 0.4 0.5 0.8 1.0 Net Periodic Benefit Cost $ 0.5 $ 0.7 $ 1.0 $ 1.4

0645 - Fair Value Measurements

0645 - Fair Value Measurements
	6 Months Ended Jun. 27, 2009 USD / shares
Fair Value Measurements [Abstract]
Fair Value Measurements	9. Fair Value Measurements The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during the six months ended June 27, 2009. The companys financial assets and liabilities carried at fair value are primarily comprised of investments in money market funds, mutual funds holding publicly traded securities, derivative contracts used to hedge the companys currency risk and other investments in unit trusts and insurance contracts held as assets to satisfy outstanding retirement liabilities. SFAS No. 157 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves. Level 3: Inputs are unobservable data points that are not corroborated by market data. The following table presents information about the companys financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2009: (In millions) June 27, 2009 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 818.5 $ 818.5 $ $ Investments in mutual funds, unit trusts and other similar instruments 29.5 29.5 Cash surrender value of life insurance 22.3 22.3 Auction rate securities 6.0 6.0 Derivative contracts 0.4 0.4 Total Assets $ 876.7 $ 848.0 $ 22.7 $ 6.0 Liabilities Derivative contracts $ 1.9 $ $ 1.9 $ Total Liabilities $ 1.9 $ $ 1.9 $ The following table presents information about the companys financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2008: (In millions) December 31, 2008 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 560.8 $ 560.8 $ $ Investments in mutual funds, unit trusts and other similar instruments 24.0 24.0 Cash surrender value of life insurance 21.3 21.3 Auction rate securities 5.7 5.7 Marketable equity securities 1.0 1.0 Derivative contracts 3.3 3.3 Total Assets $ 616.1 $ 585.8 $ 24.6 $ 5.7 Liabilities Derivative contracts $ 4.0 $ $ 4.0 $ Total Liabilities $ 4.0 $ $ 4.0 $ The following table is a rollforward of the fair value, as determined by Level 3 inputs, of our auction rate securities, which are included in short-term investments on the consolidated bal

0650 - Warranty Obligations

0650 - Warranty Obligations
	6 Months Ended Jun. 27, 2009 USD / shares
Warranty Obligations [Abstract]
Warranty Obligations	10. Warranty Obligations Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of warranty obligations are as follows: Six Months Ended June 27, June 28, (In millions) 2009 2008 Beginning Balance $ 44.1 $ 50.6 Provision charged to income 15.9 19.2 Usage (20.9 ) (19.5 ) Acquisitions/divestitures 0.1 Adjustments to previously provided warranties, net 0.9 (0.9 ) Other, net (a) 1.8 Ending Balance $ 40.1 $ 51.2 (a) Primarily represents the effects of currency translation.

0655 - Restructuring and Other

0655 - Restructuring and Other Costs, Net
	6 Months Ended Jun. 27, 2009 USD / shares
Restructuring and Other Costs, Net [Abstract]
Restructuring and Other Costs, Net	11. Restructuring and Other Costs, Net Restructuring costs in the six months of 2009 in both segments primarily included charges for actions in response to the downturn in the economy and reduced revenues in several businesses, as well as abandoned facility costs at businesses that have been or are being consolidated. As of July 31, 2009, the company has identified restructuring actions that will result in additional charges of approximately $34 million, primarily in the remainder of 2009 and early 2010. During the second quarter of 2009, the company recorded net restructuring and other costs by segment as follows: (In millions) Analytical Technologies Laboratory Products and Services Corporate Total Cost of Revenues $ 0.5 $ 0.4 $ $ 0.9 Selling, General and Administrative Expenses 1.3 1.3 Restructuring and Other Costs, Net 4.8 4.6 0.9 10.3 $ 5.3 $ 6.3 $ 0.9 $ 12.5 During the first six months of 2009, the company recorded net restructuring and other costs by segment as follows: (In millions) Analytical Technologies Laboratory Products and Services Corporate Total Cost of Revenues $ 0.5 $ 0.4 $ $ 0.9 Selling, General and Administrative Expenses 1.3 1.3 Restructuring and Other Costs, Net 13.1 9.0 1.8 23.9 $ 13.6 $ 10.7 $ 1.8 $ 26.1 The components of net restructuring and other costs by segment are as follows: Analytical Technologies The Analytical Technologies segment recorded $5.3 million of net restructuring and other charges in the second quarter of 2009. The segment recorded charges to cost of revenues of $0.5 million for accelerated depreciation at facilities closing due to real estate consolidation, and $4.8 million of other costs, net. These other costs consisted of $12.3 million of cash costs, primarily associated with headcount reductions and facility consolidations in an effort to streamline operations, including $8.7 million of severance for approximately 300 employees across all functions; $2.6 million of abandoned facility costs; and $1.0 million of other cash costs, primarily moving expenses associated with facility consolidations as well as other costs associated with restructuring actions. The segment also recorded $7.5 million of income, net, primarily due to a gain on the settlement of a litigation-related matter assumed as part of the merger with Fisher Scientific in 2006. In the first quarter of 2009, this segment recorded $8.3 million of net restructuring and other charges. These costs consisted of $8.4 million of cash costs, principally associated with headcount reductions and facility consolidations in an effort to streamline operations, including $6.3 million of severance for approximately 230 employees primarily in manufacturing and sales and service functions; $1.2 million of abandoned-facility costs; and $0.9 million of other cash costs, primarily relocation and moving expenses associated with facility consolidations as we

0660 - Litigation and Related C

0660 - Litigation and Related Contingencies
	6 Months Ended Jun. 27, 2009 USD / shares
Litigation and Related Contingencies [Abstract]
Litigation and Related Contingencies	12. Litigation and Related Contingencies On September 3, 2004, Applera Corporation, MDS Inc. and Applied Biosystems/MDS Scientific Instruments filed a lawsuit against the company in U.S. federal court. These plaintiffs allege that the companys mass spectrometer systems, including its triple quadrupole and certain of its ion trap systems, infringe a patent of the plaintiffs. The plaintiffs seek damages, including treble damages for alleged willful infringement, attorneys fees, prejudgment interest and injunctive relief. In the opinion of management, an unfavorable outcome of this matter could have a material adverse effect on the companys financial position as well as its results of operations and cash flows. On December 8, 2004 and February 23, 2005, the company asserted in two lawsuits against a combination of Applera Corporation, MDS Inc. and Applied Biosystems/MDS Scientific Instruments that one or more of these parties infringe two patents of the company. There are various other lawsuits and claims pending against the company involving product liability, contract, commercial and other issues. In view of the companys financial condition and the accruals established for related matters, management does not believe that the ultimate liability, if any, related to these matters will have a material adverse effect on the companys financial condition, results of operations or cash flows. The company establishes a liability that is an estimate of amounts needed to pay damages in the future for events that have already occurred. The accrued liabilities are based on managements judgment as to the probability of losses and, where applicable, actuarially determined estimates. The reserve estimates are adjusted as additional information becomes known or payments are made. For product liability, workers compensation and other personal injury matters, the company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated, including estimated defense costs. The company records estimated amounts due from insurers as an asset. Although the company believes that the amounts reserved and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. For example, there are pending lawsuits with certain of the companys insurers concerning which states laws should apply to the insurance policies and how such laws affect the policies. Should these actions resolve unfavorably, the estimated amount due from insurers of $82 million would require an adjustment that could be material to the companys results of operations. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectibility of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the financial condition a

0665 - Recent Accounting Pronou

0665 - Recent Accounting Pronouncements
	6 Months Ended Jun. 27, 2009 USD / shares
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	13. Recent Accounting Pronouncements In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. SFAS No. 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This statement applies to other accounting pronouncements that require or permit fair value measurements. This statement does not require any new fair value measurements. SFAS No. 157 was effective for the companys monetary assets and liabilities in the first quarter of 2008 and for non-financial assets and liabilities beginning January 1, 2009. There was no material effect from adoption of this standard. In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements. SFAS No. 160 changed the accounting for minority interests, which are reclassified as noncontrolling interests and classified as a component of equity. SFAS No. 160 was effective for the company beginning January 1, 2009, and there was no effect from adoption of this standard. In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. SFAS No. 161 requires disclosures of how and why an entity uses derivative instruments; how derivative instruments and related hedged items are accounted for; and how derivative instruments and related hedged items affect an entitys financial position, financial performance and cash flows. SFAS No. 161 was effective for the company beginning January 1, 2009, and there was no material effect from adoption of this standard. In April 2009, the FASB issued FSP No. FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments. This FSP amends the other-than-temporary impairment guidance for certain debt securities and will require the investor to assess the likelihood of selling the debt security prior to recovery of its cost basis. If an investor is able to meet the criteria to assert that it does not intend to sell the debt security and more likely than not will not be required to sell the debt security before its anticipated recovery, impairment charges related to credit losses would be recognized in earnings whereas impairment charges related to non-credit losses would be reflected in other comprehensive income. The company elected early adoption of this pronouncement in the first quarter of 2009. The rule did not materially affect the companys financial statements. In April 2009, the FASB issued FSP No. FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments. This FSP requires the fair value disclosures required by FAS 107 regarding the fair value of financial instruments to be included in interim financial statements. This FSP was effective for the company in the second quarter of 2009, and the additional disclosures required have been made. In May 2009, the FASB issued SFAS No. 165, Subsequent Events. SFAS No. 165 identifies the following: the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements; th