Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Thermo Fisher Scientific Inc. | |
Entity Central Index Key | 97,745 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 27, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 47,112,558 | |
Entity Common Stock, Shares Outstanding | 398,487,656 | |
Entity Stock Trading Symbol | TMO |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 768.4 | $ 1,343.5 |
Short-term investments | 2 | 8.5 |
Accounts receivable, less allowances of $74.7 and $74.1 | 2,631 | 2,473.6 |
Inventories | 1,962.3 | 1,859.5 |
Deferred tax assets | 283.5 | 303.3 |
Other current assets | 589.4 | 551.4 |
Total current assets | 6,236.6 | 6,539.8 |
Property, Plant and Equipment, at Cost, Net | 2,406.9 | 2,426.5 |
Acquisition-related Intangible Assets, Net | 13,383.7 | 14,110.1 |
Other Assets | 940.3 | 933.1 |
Goodwill | 18,806.9 | 18,842.6 |
Total Assets | 41,774.4 | 42,852.1 |
Current Liabilities: | ||
Short-term obligations and current maturities of long-term obligations | 3,359.8 | 2,212.4 |
Accounts payable | 819 | 820.7 |
Accrued payroll and employee benefits | 478.5 | 668.9 |
Accrued income taxes | 41 | 165.1 |
Deferred revenue | 334.3 | 311.9 |
Other accrued expenses | 1,067.8 | 1,170.8 |
Total current liabilities | 6,100.4 | 5,349.8 |
Deferred Income Taxes | 3,134.9 | 3,430.7 |
Other Long-term Liabilities | 1,195.6 | 1,171.9 |
Long-term Obligations | $ 10,663.7 | $ 12,351.6 |
Shareholders' Equity: | ||
Preferred stock, $100 par value, 50,000 shares authorized; none issued | ||
Common stock, $1 par value, 1,200,000,000 shares authorized; 410,647,421 and 408,461,670 shares issued | $ 410.6 | $ 408.5 |
Capital in excess of par value | 11,669.3 | 11,473.6 |
Retained earnings | 11,183.7 | 10,406.9 |
Treasury stock at cost, 12,159,765 and 7,991,782 shares | (988.7) | (455.9) |
Accumulated other comprehensive items | (1,595.1) | (1,285) |
Total shareholders' equity | 20,679.8 | 20,548.1 |
Total Liabilities & Shareholders' Equity | $ 41,774.4 | $ 42,852.1 |
Consolidated Balance Sheet (Un3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable Allowances | $ 74.7 | $ 74.1 |
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $ 100 | $ 100 |
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 |
Preferred Stock, $100 Par Value - Shares Issued (in shares) | 0 | 0 |
Common Stock, $1 Par Value - Par Value (in dollars per share) | $ 1 | $ 1 |
Common Stock, $1 Par Value - Shares Authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common Stock, $1 Par Value - Shares Issued (in shares) | 410,647,421 | 408,461,670 |
Treasury Stock at Cost (in shares) | 12,159,765 | 7,991,782 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Revenues | ||||
Product revenues | $ 3,677.2 | $ 3,778 | $ 7,064.8 | $ 7,153.4 |
Service revenues | 593.7 | 543.9 | 1,124.9 | 1,072 |
Total revenues | 4,270.9 | 4,321.9 | 8,189.7 | 8,225.4 |
Costs and Operating Expenses: | ||||
Cost of product revenues | 1,907 | 2,112.9 | 3,627.8 | 4,046.2 |
Cost of service revenues | 422.1 | 362.5 | 797.6 | 712.7 |
Selling, general and administrative expenses | 1,151 | 1,253.8 | 2,288.4 | 2,430.8 |
Research and development expenses | 174.6 | 183.7 | 340.4 | 333.4 |
Restructuring and other costs (income), net | 20.4 | 60.9 | 52.4 | (521.3) |
Total costs and operating expenses | 3,675.1 | 3,973.8 | 7,106.6 | 7,001.8 |
Operating Income | 595.8 | 348.1 | 1,083.1 | 1,223.6 |
Other Expense, Net | (92.2) | (111.6) | (197.5) | (212.7) |
Income from Continuing Operations Before Income Taxes | 503.6 | 236.5 | 885.6 | 1,010.9 |
Benefit from (Provision for) Income Taxes | 8 | 42 | 11.1 | (189.3) |
Net Income | $ 511.6 | $ 278.5 | $ 896.7 | $ 821.6 |
Earnings per Share | ||||
Basic (in dollars per share) | $ 1.28 | $ 0.7 | $ 2.25 | $ 2.07 |
Diluted (in dollars per share) | $ 1.27 | $ 0.69 | $ 2.23 | $ 2.05 |
Weighted Average Shares | ||||
Basic (in millions of shares) | 398.4 | 399.4 | 398.1 | 396.3 |
Diluted (in millions of shares) | 401.5 | 403.1 | 401.5 | 400.7 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Comprehensive Income | ||||
Net income | $ 511.6 | $ 278.5 | $ 896.7 | $ 821.6 |
Other Comprehensive Items: | ||||
Currency translation adjustment | 220.9 | (50.7) | (342) | (36.4) |
Unrealized gains on available-for-sale investments: | ||||
Unrealized holding gains (losses) arising during the period (net of tax provision of $0.0, $0.1 and $0.1) | (0.1) | 1.8 | 0 | 1.8 |
Reclassification adjustment for gains included in net income (net of tax provision of $0.0 and $0.0) | 0 | (1.4) | 0 | (1.4) |
Unrealized gains and losses on hedging instruments: | ||||
Unrealized gain on hedging instruments (net of tax provision of $19.0 and $14.1) | 31 | 0 | 23 | 0 |
Reclassification adjustment for losses included in net income (net of tax benefit of $0.5, $0.5, $0.6 and $0.9) | 0.8 | 0.8 | 1.9 | 1.5 |
Pension and other postretirement benefit liability adjustment: | ||||
Pension and other postretirement benefit liability adjustments arising during the period (net of tax provision (benefit) of ($1.2), ($0.3), $1.7 and ($0.9)) | (3.2) | (0.7) | 3.4 | (2.6) |
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $0.5, $0.6, $1.2 and $1.2) | 1.9 | 1.3 | 3.6 | 2.6 |
Total other comprehensive items | 251.3 | (48.9) | (310.1) | (34.5) |
Comprehensive Income | $ 762.9 | $ 229.6 | $ 586.6 | $ 787.1 |
Consolidated Statement of Comp6
Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Statement of Income and Comprehensive Income [Abstract] | ||||
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period | $ 0 | $ 0.1 | $ 0.1 | |
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income | 0 | 0 | ||
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period | 19 | $ 14.1 | ||
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income | (0.5) | (0.5) | (0.6) | (0.9) |
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period | (1.2) | (0.3) | 1.7 | (0.9) |
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost | $ (0.5) | $ (0.6) | $ (1.2) | $ (1.2) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Operating Activities | ||
Net income | $ 896.7 | $ 821.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 836 | 800.4 |
Change in deferred income taxes | (218) | (460.4) |
Net gains on sale of businesses | (7.6) | (761.8) |
Non-cash stock-based compensation | 59.3 | 56 |
Tax benefits from stock-based compensation awards | (49) | (55.6) |
Non-cash charges for sale of inventories revalued at the date of acquisition | 0.7 | 302.3 |
Other non-cash expenses, net | 24.1 | 27.1 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions: | ||
Accounts receivable | (201.7) | (153.7) |
Inventories | (122.1) | (53.8) |
Other assets | (14.9) | 258.9 |
Accounts payable | 21.7 | 3.4 |
Other liabilities | (354.8) | 233.1 |
Contributions to retirement plans | (21.2) | (25.7) |
Net cash provided by continuing operations | 849.2 | 991.8 |
Net cash used in discontinued operations | (4.3) | (1.9) |
Net cash provided by operating activities | 844.9 | 989.9 |
Investing Activities | ||
Acquisitions, net of cash acquired | (298.6) | (13,054.5) |
Proceeds from sale of businesses, net of cash divested | 0 | 1,048.7 |
Purchase of property, plant and equipment | (192.5) | (180.2) |
Proceeds from sale of property, plant and equipment | 6.2 | 12.7 |
Proceeds from sale of investments | 9.3 | 65 |
Decrease in restricted cash | 7.6 | 37.9 |
Other investing activities, net | (1.3) | (3.7) |
Net cash used in investing activities | (469.3) | (12,074.1) |
Financing Activities | ||
Net proceeds from issuance of long-term debt | 0 | 4,999.6 |
Repayment of long-term obligations | (1,554.7) | (2,452.3) |
Increase in commercial paper, net | 1,121.5 | 305.6 |
Decrease in short-term notes payable | 0 | (18.6) |
Purchases of company common stock | (500) | 0 |
Dividends paid | (120.5) | (114.7) |
Net proceeds from issuance of company common stock | 0 | 2,942 |
Net proceeds from issuance of company common stock under employee stock plans | 81.7 | 108.6 |
Tax benefits from stock-based compensation awards | 49 | 55.6 |
Other financing activities, net | (6.3) | (4.9) |
Net cash (used in) provided by financing activities | (929.3) | 5,820.9 |
Exchange Rate Effect on Cash | (21.4) | 22.2 |
Decrease in Cash and Cash Equivalents | (575.1) | (5,241.1) |
Cash and Cash Equivalents at Beginning of Period | 1,343.5 | 5,826 |
Cash and Cash Equivalents at End of Period | $ 768.4 | $ 584.9 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Items [Member] |
Balance (in shares) at Dec. 31, 2013 | 369.6 | (7.6) | ||||
Balance at Dec. 31, 2013 | $ 16,856.1 | $ 369.6 | $ 8,222.6 | $ 8,753.3 | $ (412.2) | $ (77.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares under employees' and directors' stock plans (in shares) | 2.7 | (0.3) | ||||
Issuance of shares under employees' and directors' stock plans | 82 | $ 2.7 | 110.2 | $ (30.9) | ||
Issuance of shares (in shares) | 34.9 | |||||
Issuance of shares | 2,942.3 | $ 34.9 | 2,907.4 | |||
Stock-based compensation | 56 | 56 | ||||
Tax benefit related to employees' and directors' stock plans | 55.5 | 55.5 | ||||
Dividends declared | (120.3) | (120.3) | ||||
Net income | 821.6 | 821.6 | ||||
Other comprehensive items | (34.5) | (34.5) | ||||
Other | (0.1) | (0.1) | ||||
Balance (in shares) at Jun. 28, 2014 | 407.2 | (7.9) | ||||
Balance at Jun. 28, 2014 | 20,658.6 | $ 407.2 | 11,351.6 | 9,454.6 | $ (443.1) | (111.7) |
Balance (in shares) at Dec. 31, 2014 | 408.5 | (8) | ||||
Balance at Dec. 31, 2014 | 20,548.1 | $ 408.5 | 11,473.6 | 10,406.9 | $ (455.9) | (1,285) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares under employees' and directors' stock plans (in shares) | 2.1 | (0.3) | ||||
Issuance of shares under employees' and directors' stock plans | 57.1 | $ 2.1 | 87.8 | $ (32.8) | ||
Stock-based compensation | 59.3 | 59.3 | ||||
Tax benefit related to employees' and directors' stock plans | 48.6 | 48.6 | ||||
Purchases of company common stock (in shares) | (3.9) | |||||
Purchases of company common stock | (500) | $ (500) | ||||
Dividends declared | (119.9) | (119.9) | ||||
Net income | 896.7 | 896.7 | ||||
Other comprehensive items | (310.1) | (310.1) | ||||
Balance (in shares) at Jun. 27, 2015 | 410.6 | (12.2) | ||||
Balance at Jun. 27, 2015 | $ 20,679.8 | $ 410.6 | $ 11,669.3 | $ 11,183.7 | $ (988.7) | $ (1,595.1) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 27, 2015 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | Note 1 . Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Thermo Fisher Scientific Inc. (the company or Thermo Fisher ) enables customers to make the world healthier, cleaner and safer by providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, unive rsities, research institutions and government agencies, as well as environmental and industrial process control settings . Interim Financial Statements The interim consolidated financial statements presented herein have been prepared by the company , are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at June 27, 2015 , the results of operations for the three- and six -month periods ended June 27, 2015 , and June 28, 2014 , and the cash flows for the six -month per iods ended June 27, 2015 , and June 28, 2014 . Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 31, 2014 , has been derived from the audited consolidated fin ancial statements as of that date. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The consolid ated financial statements and notes included in this report should be read in conjunction with the 2014 financial statements and notes included in the company’s Annual Report on Form 10 -K filed with the Securities and Exchange Commission (SEC). Note 1 to the consolidated financial statements for 2014 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting polic ies during the six mon ths ended June 27, 2015 . Warranty Obligations Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of standard product warranty obligations are as follows: Six Months Ended June 27, June 28, (In millions) 2015 2014 Beginning Balance $ 57.5 $ 49.8 Provision charged to income 38.3 38.2 Usage (38.2) (39.2) Acquisitions 0.5 7.2 Adjustments to previously provided warranties, net (2.0) 0.9 Currency translation (1.8) — Ending Balance $ 54.3 $ 56.9 Inventories The components of inventories are as follows: June 27, December 31, (In millions) 2015 2014 Raw Materials $ 470.9 $ 441.6 Work in Process 233.4 207.6 Finished Goods 1,258.0 1,210.3 Inventories $ 1,962.3 $ 1,859.5 Property, Plant and Equipment Property, plant and equipment consists of the following: June 27, December 31, (In millions) 2015 2014 Land $ 279.4 $ 281.8 Buildings and Improvements 979.1 955.1 Machinery, Equipment and Leasehold Improvements 2,733.3 2,632.0 Property, Plant and Equipment, at Cost 3,991.8 3,868.9 Less: Accumulated Depreciation and Amortization 1,584.9 1,442.4 Property, Plant and Equipment, at Cost, Net $ 2,406.9 $ 2,426.5 Acquisition-related Intangible Assets Acquisition-related intangible assets are as follows: June 27, 2015 December 31, 2014 Accumulated Accumulated (In millions) Gross Amortization Net Gross Amortization Net Definite Lived: Customer relationships $ 11,826.7 $ (3,745.3) $ 8,081.4 $ 11,866.8 $ (3,340.6) $ 8,526.2 Product technology 4,831.2 (1,630.7) 3,200.5 4,898.1 (1,501.3) 3,396.8 Tradenames 1,320.0 (503.1) 816.9 1,333.0 (448.7) 884.3 Other 33.8 (33.4) 0.4 34.2 (33.3) 0.9 18,011.7 (5,912.5) 12,099.2 18,132.1 (5,323.9) 12,808.2 Indefinite Lived: Tradenames 1,234.8 — 1,234.8 1,234.8 — 1,234.8 In-process research and development 49.7 — 49.7 67.1 — 67.1 1,284.5 — 1,284.5 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,296.2 $ (5,912.5) $ 13,383.7 $ 19,434.0 $ (5,323.9) $ 14,110.1 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impair ment of assets and in determining the fair value of acquired intangible assets (Note 2 ) and the ultimate loss from abandoning leases at facilities being exited (Note 14 ). Actual results could differ from those estimates. Recent Accounting Pronouncements In April 2015, the FASB issued new guidance that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with the current treatment of debt discounts. The guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet . In January 2015, the FASB issued new guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. As a result, items that are both unusual and infrequent will no longer be separately reported net of tax after continuing operations. Th e company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements. In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qu alitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 201 8 . Early adoption is permitted in 2017 . The company is currently evaluating the impact the standard will have on its consolidated financial statement s. In April 2014, the FASB issued new guidance on reporting discontinued operations and disclosures of disposals. Under the new guidance, only dispos als representing a strategic shift that has or will have a major effect on operations will be presented as discontinued operations . The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of the comp any that does not qualify for discontinued operations reporting . The company adopted this guidance effective January 2015. The adoption of this standard in 2015 did not have a material impact on the company’s consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 27, 2015 | |
Acquisitions and Dispositions Disclosure | |
Acquisitions and Dispositions [Text Block] | Note 2 . Acquisitions The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infra structure 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 s tatements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. 2015 In June 2015, the company signed an agreement to acquire, within the Laboratory Products and Services segment, Alfa Aesar , a U.K.-based global manufacturer of research chemicals from Johnson Matthey Plc, for £ 256 million (or approximately $ 400 million) in cash. The acquisition will enhance the company’s existing portfolio of chemicals, solvents and reagents. Revenues of Alfa Aesar were approximately £ 78 million (or $ 125 million) in 2014. The transaction, which is expected to close by the end of 2015, is subject to customary closing conditions, including regulatory approvals. In February 2015, the company acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc., a North America-based global provider of single-use syste ms and process equipment for bioprocess production, for approximately $289 million. The acquisition expanded the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014. The purch ase price exceeded the fair value of the identifiable net assets and, accordingly, $125 million was allocated to goodwill, all of which is tax deductible. In addition, in 2015, the company acquired, within the Analytical Instruments segment, s elected assets of certain existing channel partners for its chromatography and mass spectrometry products , for an aggregate purchase price of $11 million . During the first six months of 2015 , the company made contingent purchase price payments tot aling $8 million for acquisitions completed prior to 2015 . The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. The components of the purchase price and net assets acquired for 2015 acquisitions are as follows: (In millions) Advanced Scientifics Other Total Purchase Price Cash paid $ 289.1 $ 9.6 $ 298.7 Purchase price payable — 1.3 1.3 Cash acquired (0.1) — (0.1) $ 289.0 $ 10.9 $ 299.9 Net Assets Acquired Current assets $ 27.8 $ 3.8 $ 31.6 Property, plant and equipment 10.6 — 10.6 Definite-lived intangible assets: Customer relationships 90.0 4.3 94.3 Product technology 36.5 — 36.5 Tradenames and other 2.3 — 2.3 Goodwill 125.2 4.3 129.5 Other assets 0.2 — 0.2 Liabilities assumed (3.6) (1.5) (5.1) $ 289.0 $ 10.9 $ 299.9 The weighted-average amortization periods for definite-lived intangible assets acquired in 2015 are 16 years for customer relationships, 10 years for product technology and 10 years for tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2015 is 15 years . Unaudited Pro Forma Information The company acquired Life Technologies in February 201 4 . Had the acquisition of Life Technologies been completed as of the beginning of 2013 , the company’s pro forma results for the first six months of 2014 would have been as follows: Six Months Ended June 28, (In millions except per share amounts) 2014 Revenues $ 8,501.5 Net Income $ 1,113.0 Earnings per Share: Basic $ 2.79 Diluted $ 2.76 These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. The company’s results would not have been materially different from its pro forma resul ts had the company’s other 2014 or 2015 acquisition s occurred at the beginning of 2013 or 2014 , respectively . |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 27, 2015 | |
Business Segments | |
Business Segment Information [Text Block] | Note 3 . Business Segment Information T he company’s financial performance is reported in four segments. A description of each segment follows. Life Sciences Solutions: provides a n extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnol ogy, 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 laboratorie s. Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmac eutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory. The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost o f 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 gai ns and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation. Business Segment Information Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Revenues Life Sciences Solutions $ 1,129.3 $ 1,103.1 $ 2,149.2 $ 1,938.6 Analytical Instruments 777.0 793.4 1,504.4 1,563.3 Specialty Diagnostics 817.1 855.1 1,602.3 1,668.8 Laboratory Products and Services 1,693.3 1,699.4 3,206.7 3,289.9 Eliminations (145.8) (129.1) (272.9) (235.2) Consolidated revenues 4,270.9 4,321.9 8,189.7 8,225.4 Segment Income (a) Life Sciences Solutions 323.5 299.1 622.2 543.7 Analytical Instruments 139.6 130.4 261.3 261.3 Specialty Diagnostics 227.2 236.4 441.3 457.4 Laboratory Products and Services 260.0 257.7 482.1 491.7 Subtotal reportable segments (a) 950.3 923.6 1,806.9 1,754.1 Cost of revenues charges (1.1) (156.1) (1.7) (324.6) Selling, general and administrative charges, net (3.2) (14.9) (10.8) (97.7) Restructuring and other (costs) income, net (20.4) (60.9) (52.4) 521.3 Amortization of acquisition-related intangible assets (329.8) (343.6) (658.9) (629.5) Consolidated operating income 595.8 348.1 1,083.1 1,223.6 Other expense, net (b) (92.2) (111.6) (197.5) (212.7) Income from continuing operations before income taxes $ 503.6 $ 236.5 $ 885.6 $ 1,010.9 Depreciation Life Sciences Solutions $ 34.8 $ 36.3 $ 68.3 $ 60.3 Analytical Instruments 9.4 9.2 18.7 19.6 Specialty Diagnostics 18.0 19.2 35.8 38.0 Laboratory Products and Services 27.7 26.5 54.3 53.0 Consolidated depreciation $ 89.9 $ 91.2 $ 177.1 $ 170.9 (a) Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. (b) The company does not allocate other expense, net to its segments. |
Other Expense, Net
Other Expense, Net | 6 Months Ended |
Jun. 27, 2015 | |
Other Expense, Net Disclosure | |
Other Expense, Net [Text Block] | Note 4. Other Expense, Net The components of other expense, net, in the accompanying statement of income are as follows: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Interest Income $ 7.7 $ 16.0 $ 14.7 $ 27.9 Interest Expense (102.9) (129.1) (211.3) (246.9) Other Items, Net 3.0 1.5 (0.9) 6.3 Other Expense, Net $ (92.2) $ (111.6) $ (197.5) $ (212.7) Other Items, Net In the first six months of 2015, other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and a $3 million loss on the early extinguishment of debt. In the first six months of 2014, other items, net includes a $5 million gain from an equity investment . |
Stockbased Compensation Expense
Stockbased Compensation Expense | 6 Months Ended |
Jun. 27, 2015 | |
Stock-based Compensation Expense Disclosure [Abstract] | |
Stock-based Compensation Expense [Text Block] | Note 5. Stock-based Compensation Expense The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and include the following: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Stock Option Awards $ 10.9 $ 11.7 $ 21.3 $ 22.4 Restricted Unit Awards 20.2 19.1 38.0 33.6 Total Stock-based Compensation Expense $ 31.1 $ 30.8 $ 59.3 $ 56.0 As of June 27, 2015 , there was $97 million of total unrecognized compensation cost related to unvested stock options granted. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.6 years. As of June 27, 2015 , there was $163 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2018 with a weighted average amortization period of 2.4 years. During the first six months of 2015 , the company made equity compensation grants to employees consisting of 0.9 million service- and performance-based restricted stock units and options to purchase 1.8 million shares . Certain pre-acquisition equity awards of Life Technologies were converted to rights to receive future cash payments over the remaining vesting period. In addition to stock-based compensation, which is included in the abo ve table, in the second quarter of 2015 and 2014 and first six months of 2015 and 2014 , the company recorded expense for cash-in-lieu of equity of $5.5 million, $10.0 million, $13.9 million and $17.1 million, respectively, related to these arrangements . |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 27, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 6. Pension and Other Postretirement Benefit Plans Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement hea lthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis. Net periodic benefit costs for the company’s defined benefit pension plans include the following components: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Service Cost-Benefits Earned $ 6.1 $ 5.0 $ 12.3 $ 9.6 Interest Cost on Benefit Obligation 19.3 23.5 38.7 43.6 Expected Return on Plan Assets (23.3) (25.1) (46.6) (46.2) Amortization of Actuarial Net Loss 2.4 2.1 4.7 4.0 Amortization of Prior Service Benefit (0.1) (0.1) (0.1) (0.1) Settlement/Curtailment Loss 0.1 — 0.1 — Net Periodic Benefit Cost $ 4.5 $ 5.4 $ 9.1 $ 10.9 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 27, 2015 | |
Income Taxes Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 7. Income Taxes The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for income taxes due to the following: Six Months Ended June 27, June 28, (In millions) 2015 2014 Provision for Income Taxes at Statutory Rate $ 310.0 $ 353.8 Increases (Decreases) Resulting From: Foreign rate differential (72.6) (60.8) Income tax credits (204.1) (59.4) Manufacturing deduction (17.6) (8.9) Singapore tax holiday (7.5) — Impact of change in tax laws and apportionment on deferred taxes (14.4) (25.9) Nondeductible expenses 4.4 3.3 Provision (reversal) of tax reserves, net — 25.3 Basis difference on disposal of businesses — (61.9) Tax return reassessments and settlements (7.0) — State income taxes, net of federal tax (3.0) 23.1 Other, net 0.7 0.7 Provision for (benefit from) income taxes $ (11.1) $ 189.3 In 2015, the company implemented tax planning initiatives related to non- U.S. subsidiaries . As a result of these initiatives, the company generated U.S. foreign tax credits of $123 million, offset in part by additional U.S. income taxes of $43 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2015. The company has significant activities in Singapore and has received considerable tax incentives. The local taxing authority granted the company pioneer company status which provides an incentive encouraging companies to undertake activities that have the effect of promoting economic or technological development in Singapore. This incentive equates to a tax exe mption on earnings associated with most of the company’s manufacturing activities in Singapore and continues through December 31, 2021. The impact of this tax holiday decreased the annual effective tax rate by 0.8% and increased dilu ted earnings per share by approximately $0.02 in the first six months of 2015 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 27, 2015 | |
Earnings per Share | |
Earnings per Share [Text Block] | Note 8. Earnings per Share Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions except per share amounts) 2015 2014 2015 2014 Net Income $ 511.6 $ 278.5 $ 896.7 $ 821.6 Basic Weighted Average Shares 398.4 399.4 398.1 396.3 Plus Effect of: Equity forward arrangement — — — 0.3 Stock options and restricted units 3.1 3.7 3.4 4.1 Diluted Weighted Average Shares 401.5 403.1 401.5 400.7 Basic Earnings per Share $ 1.28 $ .70 $ 2.25 $ 2.07 Diluted Earnings per Share $ 1.27 $ .69 $ 2.23 $ 2.05 Options to purchase 3.6 million, 2.5 million , 3.8 million and 2.4 million shares of common stock were not included in the computation of diluted earnings per share for the second quarter of 2015 and 2014 and first six months of 2015 and 2014 , respectively, because their effect would have been antidilutive. |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 6 Months Ended |
Jun. 27, 2015 | |
Debt And Other Financing Arrangements Disclosure [Abstract] | |
Debt and Other Financing Arrangements [Text Block] | Note 9. Debt and Other Financing Arrangements Effective Interest Rate at June 27, June 27, December 31, (Dollars in millions) 2015 2015 2014 Commercial Paper 1.03% $ 1,125.0 $ — Term Loan 1.65% 925.0 1,275.0 4.40% 5-Year Senior Notes, Due 3/1/2015 — 500.0 3.20% 5-Year Senior Notes, Due 5/1/2015 — 450.0 5.00% 10-Year Senior Notes, Due 6/1/2015 — 250.0 3.50% 5-Year Senior Notes, Due 1/15/2016 1.06% 400.0 400.0 3.20% 5-Year Senior Notes, Due 3/1/2016 3.21% 900.0 900.0 2.25% 5-Year Senior Notes, Due 8/15/2016 2.29% 1,000.0 1,000.0 1.30% 3-Year Senior Notes, Due 2/1/2017 0.82% 900.0 900.0 1.85% 5-Year Senior Notes, Due 1/15/2018 1.85% 500.0 500.0 2.40% 5-Year Senior Notes, Due 2/1/2019 2.44% 900.0 900.0 6.00% 10-Year Senior Notes, Due 3/1/2020 2.98% 750.0 750.0 4.70% 10-Year Senior Notes, Due 5/1/2020 3.58% 300.0 300.0 5.00% 10-Year Senior Notes, Due 1/15/2021 3.25% 400.0 400.0 4.50% 10-Year Senior Notes, Due 3/1/2021 3.38% 1,000.0 1,000.0 3.60% 10-Year Senior Notes, Due 8/15/2021 3.08% 1,100.0 1,100.0 3.30% 7-Year Senior Notes, Due 2/15/2022 3.30% 800.0 800.0 3.15% 10-Year Senior Notes, Due 1/15/2023 3.21% 800.0 800.0 4.15% 10-Year Senior Notes, Due 2/1/2024 4.07% 1,000.0 1,000.0 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) 2.03% 714.7 774.3 5.30% 30-Year Senior Notes, Due 2/1/2044 5.30% 400.0 400.0 Other 18.8 23.2 Total Borrowings at Par Value 13,933.5 14,422.5 Fair Value Hedge Accounting Adjustments (32.9) (0.5) Unamortized Premium, Net 122.9 142.0 Total Borrowings at Carrying Value 14,023.5 14,564.0 Less: Short-term Obligations and Current Maturities 3,359.8 2,212.4 Long-term Obligations $ 10,663.7 $ 12,351.6 The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discount or amortization of any premium and, if applicable, adjustments related to hedging. See Note 12 for fair value information pertaining to the company’s long-term obligations. Credit Facilities The company has a revolving credit facility with a bank group that provides for up to $2.00 billion of unsecured multi-currency revolving credit. The facility expires in July 2018. The agreement calls for interest at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this type. The financial covenant requires the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreement) below 4.0 to 1.0, decreasing to 3.5 to 1.0 by August 2015, and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest ex pense of 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in th e event that commercial paper markets are not available. As of June 27, 2015 , no borrowings were outstanding under the facility, although available capacity was reduced by approximately $59 million as a result of outstanding lett ers of credit. Commercial Paper Program The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company’s other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to volunta ry prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of June 27, 2015 , outstanding borrowings under this program were $1.13 bill ion, with a weighted average remaining period to maturity of 62 days . Term Loan In connection with the acquisition of Life Technologies, the company entered into a n unsecured term loan agreement. The term loan agreement calls for intere st at either a LIBOR-based rate or a rate based on the prime lending rate of the agent bank, at the company’s option. The term loan agreement contains affirmative, negative and financial covenants, and events of default customary for financings of this typ e. The financial covenants require the company to maintain a Consolidated Leverage Ratio of debt to EBITDA (as defined in the agreements) below 4. 0 to 1.0, decreasing to 3.5 to 1.0 by August 2015, and a minimum interest coverage ratio of 3.0 to 1.0. As of June 27, 2015 , outstanding borrowings under the term loan agreement were $0.93 billion all of which were repaid during July 2015 . Senior Notes Interest on the euro-denominated 2.00% Senior Notes due 2025 is payable annually. Interest on each of the other senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest . The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties a s security under borrowing arrangements. In March 2015, the company redeemed its 5% Senior Notes due June 1, 2015, and recorded a charge of $3 million for the early extinguishment of this debt. Interest Rate Swap Arrangements In February 2015, the company entered into LIBOR-based interest rate swap arrangements with various banks on its outstanding 4.70% S enior N otes due May 1, 2020, 4.50% Senior N otes due March 1, 2021 and 3.60% S enior N otes due August 15, 2021. The aggregate amounts of the swaps are equal to the principal amounts of the notes and the payment dates of the swaps coincide with the interest payment dates of the notes. The swap contracts provide for the company to pay a variable interest rate of one-month LIBOR plu s a spread of 3.156 % ( 3.3 400 % at June 27, 2015 ) and receive a fixed rate of 4.70 % on the 4.70% Notes; to pay a variable interest rate of one-month LIBOR plus a spread of 2.868 % ( 3.0 520 % at June 27, 2015 ) and receive a fixed rate of 4.50 % on the 4.50% Notes; and to pay a variable interest rate of one-month LIBOR plus a spread of 1.937 % ( 2.1225 % at June 27, 2015 ) and receive a fixed rate of 3.60 % on the 3.60% Notes. The variable interest rates reset monthly. The swaps have been account ed for as fair value hedges of the notes. See Note 12 for additional information . In 2013, upon the issuance of $ 900 million principal amount of 1.30% Senior Notes due 2017, the company entered into LIBOR-based interest rate swap arrangements wit h various banks. The aggregate amount of the swaps is equal to the principal amount of the 1.30% Notes and the payment dates of the swaps coincide with the payment dates of the 1.30% Notes. The swap contracts provide for the company to pay a variable inter est rate of one-month LIBOR plus a spread of 0.6616 % ( 0. 8456 % at June 27, 2015 ) and to receive a fixed rate of 1.30 %. The variable interest rate resets monthly. The swaps have been accounted for as a fair value hedge of the 1.30% Notes. See Note 12 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. Commitments and Contingencies Environmental Matters The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for enviro nmental 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 w ere not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge of and experience with these environmental matters. The company i ncludes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. At June 27, 2015 and December 31, 2014 , the company’s total environmental liability was approximately $41 million and $32 million, respectively. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future ev ents 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 co mpany’s financial position, results of operations or cash flows. Litigation and Related Contingencies There are various lawsuits and claims pending against the company involving product liability, intellectual property, employment, and contractual issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimate d. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, and, with respect to certain pending litigation or c laims where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amou nts are not disclosed, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below cou ld have a material adverse effect on the company’s results of operations, financial position and cash flows . Product Liability, Workers Compensation and Other Personal Injury Matters For product liability, workers compensation and other personal injury matters, the company accrues the most likely amount or at least the minimum of the range of possible loss when a range of possible loss can be estimated. The company records estimated amounts due from insurers related to certain product liabilities as an asset. Although the company believes that the amounts accrued and estimated recoveries are probable and appropriate based on available information, includi ng actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis . Intellectual Property Matters On February 3, 2014, the company acquired Life Technologies. Life Technologies and its subsidiaries are party to several lawsuits in which plaintiffs claim infringement of their intellectual property , including the following : On July 13, 2015, 454 Life Sciences (a member of the Roche Group) filed complaint s against Ion Torrent, Inc., Life Technologies Corp., and Thermo Fisher Scientific, Inc. in the United States District Court for the District of Delaware and in G ermany. Plaintiff alleges ( i ) infringement of patents relating to methods of analyzing nucleic acid sequences using emulsion amplification, which p laintiff alleges are impermissibly used in Ion Torrent sequencing workflows and (ii) breach of contract. Plai ntiff seeks damages for alleged willful infringement and breach of contract, attorneys’ fees and costs, and injunctive relief. On June 6, 2004, Enzo Biochem , Enzo Life Sciences and Yale University filed a complaint against Life Technologies in United Stat es District Court for the District of Connecticut . The plaintiffs allege patent infringement by Applera’s labeled DNA terminator products used in DNA seq uencing and fragment analysis. The plaintiff sought damages for alleged willful infringement, attorneys ’ fees, costs, prejudgment interest, and injunctive relief. In November 2012, the jury awarded damages of $ 48.5 million. Prejudgment interest of $ 12.4 million was also granted. The $ 60.9 million judgment and interest was accrued by Life Technologies and th e liability was assumed by the company as of the date of the acquisition . In March 2015 the United States Court of Appeal s for the Federal Circuit vacated the judgment and returned the case to the District Court for further proceedings. The company has mai ntained the $ 60.9 million accrual, pending appeals . On January 30, 2012, Enzo Life Sciences filed a complaint against Life Technologies in United States District Court for the District of Delaware . The plaintiff alleges patent infringement by Life Technol ogies’ Taqman probes and assays, Dynabead oligo-dT beads, NCode oligonucleotide array products , Ion Torrent beads and chips and SOLiD beads and chips . The plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interes t and injunctive relief. On May 26, 2010, Promega Corp. & Max-Planck- Gesellschaft Zur Forderung Der Wissenschaften EV filed a complaint against Life Technologies in the United States District Court for the Western District of Wisconsin . The plaintiffs al lege patent infringement by sale s and uses of Applied Biosystems ’ short tandem repeat DNA identification products outside the scop e of a 2006 license agreement. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgm ent in terest, and injunctive relief. Although a jury initially found willful infringement and assessed damages at $ 52 million, the D istrict C ourt subsequently overturned th e verdict on the grounds that the plaintiff had failed to prove infringement. The Di strict Court entered judgment in favor of Life Technologies; and plaintiffs and Life Technologies filed cross-appeals with the United States Court of Ap peals for the Federal Circuit. The $ 52 million award was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition . On December 15, 2014, the Court of Appeals issued a decision invalidating four of the plaintiffs’ patents, but finding infringement by Life Technologies of the remaining fifth patent. The Court of Appeals also ordered a new trial on damages in the District Court. On December 27, 2011, Illumina Inc. filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging infringement of a pa tent relating to methods for making bead arrays by Ion Torrent’s semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief . On April 26, 2012, Esoterix Genetic Laboratories filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging infringement of patents relating to detection of subpopulations of cells with mutated sequence s and multiplexed DNA amplification by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejud gment interest, and injunctive relief. On October 31, 2012, Esoterix Genetic Laboratories and The Johns Hopkins University filed a complaint against Life Technologies in the United States District Court for the Middle District of North Carolina alleging i nfringement of patents relating to methods of determining a ratio of genetic sequences in a population of genetic sequences and methods of determining allelic imbalances in a biological sample by Life Technologies’ OpenArray systems, next generation SOLiD sequencing system, and Ion Torrent semiconductor sequencing systems. Plaintiffs seek damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief . On June 3, 2013, Unisone Strategic IP filed a complaint aga inst Life Technologies in the United States District Court for the Southern District of California alleging patent infringement by Life Technologies’ supply chain management system software, which operates with product “supply centers ” installed at custome r sites. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, and injunctive relief. |
Comprehensive Income and Shareh
Comprehensive Income and Shareholders Equity | 6 Months Ended |
Jun. 27, 2015 | |
Comprehensive Income and Shareholders Equity Disclosure [Abstract] | |
Comprehensive Income and Shareholders Equity [Text Block] | Note 11 . Comprehensive Income and Shareholders’ Equity Comprehensive Income (Loss) Comprehensive income (loss) combines net income and other comprehensive items. Other comprehensive items represent certain amounts that are reported as components of shareholders’ equity in the accompanying balance sheet. Changes in each component of accumulated other comprehensive items, net of tax are as follows: (In millions) Currency Translation Adjustment Unrealized Gains on Available-for-Sale Investments Unrealized Gains (Losses) on Hedging Instruments Pension and Other Postretirement Benefit Liability Adjustment Total Balance at December 31, 2014 $ (1,070.6) $ 1.3 $ (20.9) $ (194.8) $ (1,285.0) Other comprehensive income (loss) before reclassifications (342.0) — 23.0 3.4 (315.6) Amounts reclassified from accumulated other comprehensive items — — 1.9 3.6 5.5 Net other comprehensive items (342.0) — 24.9 7.0 (310.1) Balance at June 27, 2015 $ (1,412.6) $ 1.3 $ 4.0 $ (187.8) $ (1,595.1) |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 27, 2015 | |
Fair Value Measurements and Fair Value of Financial Instruments Disclosure | |
Fair Value Measurements and Fair Value of Financial Instruments [Text Block] | Note 12 . Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements The company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2015 . The company’s financial assets and liabilities carried at fair value are primarily comprised of investments in money market funds; derivative contracts, insurance contracts, mutual funds holding publicly traded securities and other investments in unit trus ts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration. The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and di sclosed 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 corr oborated by market data such as quoted prices, interest rates and yield curves. Level 3: Inputs are unobservable data points that are not corroborated by market data . The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2015: June 27, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 69.3 $ 69.3 $ — $ — Bank time deposits 2.0 2.0 — — Investments in mutual funds, unit trusts and other similar instruments 7.7 7.7 — — Insurance contracts 103.6 — 103.6 — Derivative contracts 50.3 — 50.3 — Total Assets $ 232.9 $ 79.0 $ 153.9 $ — Liabilities Derivative contracts $ 48.5 $ — $ 48.5 $ — Contingent consideration 7.6 — — 7.6 Total Liabilities $ 56.1 $ — $ 48.5 $ 7.6 The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2014 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 617.3 $ 617.3 $ — $ — Bank time deposits 8.5 8.5 — — Investments in mutual funds, unit trusts and other similar instruments 8.7 8.7 — — Insurance contracts 102.5 — 102.5 — Derivative contracts 20.2 — 20.2 — Total Assets $ 757.2 $ 634.5 $ 122.7 $ — Liabilities Derivative contracts $ 10.4 $ — $ 10.4 $ — Contingent consideration 29.6 — — 29.6 Total Liabilities $ 40.0 $ — $ 10.4 $ 29.6 The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such fut ure payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense. The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration. Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Contingent Consideration Beginning Balance $ 21.0 $ 33.1 $ 29.6 $ 5.1 Acquisition — — — 29.1 Payments — (5.0) (8.0) (6.1) Change in fair value included in earnings — 3.6 (0.5) 3.6 Sale of a product line (13.4) — (13.4) — Currency translation — 0.3 (0.1) 0.3 Ending Balance $ 7.6 $ 32.0 $ 7.6 $ 32.0 The notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts , totaled $6.62 billion and $3.74 b illion at June 27, 2015 and December 31, 2014 , respectively. While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the consolidated balance sheet. The following tables present the fair value of derivative instruments in the consolidated balance sheet and statement of income. Fair Value – Assets Fair Value – Liabilities June 27, December 31, June 27, December 31, (In millions) 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Interest rate swaps (a) $ 37.1 $ — $ 40.7 $ 3.7 Derivatives Not Designated as Hedging Instruments Currency exchange contracts (b) 13.2 20.2 7.8 6.7 (a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or other long-term liabilities. (b) The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses. Gain (Loss) Recognized Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Derivatives Designated as Fair Value Hedges Interest rate swaps - effective portion $ 9.5 $ 1.0 $ 16.2 $ 2.1 Interest rate swaps - ineffective portion (a) (0.2) 1.1 (7.2) 1.8 Derivatives Not Designated as Fair Value Hedges Currency exchange contracts Included in cost of revenues $ 4.1 $ 3.4 $ 17.5 $ 4.2 Included in other expense, net 17.1 (0.5) 137.0 0.2 (a) The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements. Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of income together with the corresponding, offsetting losses and gains on the underl ying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps are included in other expense, net in the accompanying statement of income. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated 2.00% Senior Notes, due 2025 have been designated as, and are effective as, economic hedges of part of the net investment in a foreign ope ration. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. In the first six months of 2015 , the currency translation adjustment component of other comprehensive income includes pre-tax net gains of $59.4 million from the euro-denominated notes. Cash Flow Hedge Arrangements In February 2015, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of a debt offering in 2016. Based on the company’s conclusion that a debt offering is probable as a result of debt maturing in 2016 and that such debt wo uld carry semi-annual interest payments over a 10-year term, the swaps hedge the cash flow risk for each of the semi-annual fixed-rate interest payments on $ 1.00 billion of principal amount of the planned 10 -year fixed-rate debt issue. The hedge will be te rminated upon completion of a debt offering in 2016. The fair value of the hedge at that time will be recorded to accumulated other comprehensive items within shareholders’ equity and will be amortized to interest expense over the term of the debt. The cha nge in the fair value of the hedge, $23 million, net of tax, as of June 27, 2015 , was classified as an increase to accumulated other comprehensive items. Fair Value of Other Financial Instruments The carrying value and fair value of the company’s notes receivable and debt obligations are as follows: June 27, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 10.8 $ 10.8 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 11,954.7 $ 12,072.9 $ 13,265.8 $ 13,590.6 Term loan 925.0 925.0 1,275.0 1,275.0 Commercial paper 1,125.0 1,125.0 — — Other 18.8 18.8 23.2 23.2 $ 14,023.5 $ 14,141.7 $ 14,564.0 $ 14,888.8 The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 27, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | Note 13. Supplemental Cash Flow Information Six Months Ended June 27, June 28, (In millions) 2015 2014 Non-cash Activities Fair value of assets of acquired businesses $ 305.1 $ 19,649.1 Cash paid for acquired businesses (298.7) (13,529.0) Liabilities assumed of acquired businesses $ 6.4 $ 6,120.1 Declared but unpaid dividends $ 61.2 $ 61.4 Issuance of stock upon vesting of restricted stock units $ 79.7 $ 76.8 |
Restructuring and Other Costs,
Restructuring and Other Costs, Net | 6 Months Ended |
Jun. 27, 2015 | |
Restructuring And Other Costs, Net Disclosure | |
Restructuring and Other Costs, Net [Text Block] | Note 14 . Restructuring and Other Costs, Net Restructuring and other costs in the first six months of 2015 primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia, an d, to a lesser extent, third-party acquisition transaction and integration costs related to recent acquisitions and a charge for settlement of litigation at an acquired business, offset in part by gains on the sale of a small product line and real estate. In the first six months of 2015 , severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce . As of July 31, 2015 , the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in the remainder of 2015 and the first half of 2016 , which will be recorded when specified criteria are met, such as abandonment of facilities . Second Quarter of 2015 During the second quarter of 2015 , the company recorded net restru cturing and other costs by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ 0.9 $ 0.1 $ 3.4 $ 4.4 Analytical Instruments — — 12.8 12.8 Specialty Diagnostics 0.2 — 1.9 2.1 Laboratory Products and Services — 1.3 2.0 3.3 Corporate — 1.8 0.3 2.1 $ 1.1 $ 3.2 $ 20.4 $ 24.7 The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions The Life Sciences Solutions segment recorded $4.4 million of net restructuring and other charges in the second quarter of 2015 . The segment recorded charges to cost of revenues of $0.9 million primarily for accelerated depreciation at facilities closing due to real estate consolidation ; charges to selling, general and administrative expenses of $0.1 million for third-party transaction costs related to the acquisition of Advanced Scientifics ; and $3.4 million of restructuring and other costs , net , $9.3 million of which were cash costs , primarily associated with headcount red uctions and facility consolidations in the U.S. and Europe. In addition, the segment recorded a $3.5 million provision for settlement of a pre-acquisition litigation-related matter. These costs were partially offset by a $7.6 million gain on the sale of a small product line and a $1.9 million gain on the sale of real estate. Analytical Instruments The Analytical Instruments segment recorded $12.8 million of net restructuring and other charges in the second quarter of 2015 , $12.7 million of which were cash costs primarily for abandoned facilities costs associated with the remediation and closure of a manufacturing facility in the U.S. Specialty Diagnostics The Specialty Diagnostics segment recorded $2.1 million of net restructuring and other charges in the second quarter of 2015 . The segment recorded charges to cost of revenues of $0.2 million for accelerated depreciation at facilities cl osing due to real estate consolidation, as well as $1.9 million of other restructuring costs, all of which were cash costs primarily associated with headcount reductions as well as consolidation of facilities in the U.S. and Europe . L aboratory Products and Services The Laboratory Products and Services segment recorded $3.3 million of net restructuring and other charges in the second quarter of 2015 . The segment recorded charges to selling, general and adm inistrative expenses of $1.3 million for third-party transaction costs related to the acquisition of Alfa Aesar and $1.2 million of cash restructuring costs , primarily severance costs associated with headcount reductions . The s egment also recorded a $0.8 million of charges associated with a litigation-related matter of a divested business. Corporate During the second quarter of 2015 , t he company recorded $2.1 million of net restructuring and othe r charges . The segment recorded $1.8 million of charges to selling, general and administrative expenses associated with accelerated depreciation on information systems to be abandoned due to integration synergies, as well as $0.3 million of cash costs for severance at its corporate operations . First Six Months of 2015 During the first six months of 2015 , the company recorded net restructuring and other costs by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ 1.4 $ 6.2 $ 26.1 $ 33.7 Analytical Instruments — — 18.4 18.4 Specialty Diagnostics 0.3 — 4.7 5.0 Laboratory Products and Services — 0.8 2.9 3.7 Corporate — 3.8 0.3 4.1 $ 1.7 $ 10.8 $ 52.4 $ 64.9 The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions In the first six months of 2015 , the Life Sciences Solutions segment recorded $33.7 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $1.4 million primarily for sales of inventories revalued at the date of acquisition and accelerated depreciation at facilities closing due to real estate consolidation; $6.2 million of charges to selling, general and administrative expenses for third-party transaction and integration costs related to the acquisitions of Life Technologies and Advanced Scientifics; and $26.1 million of restructuring and othe r costs, net, $ 31.8 million of which were cash costs. These costs included $ 5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $ 0.9 million of charges associated with a previous sale of a bus iness; and $25.9 million of costs primarily associated with headcount reductions and facility consolidations in the U.S. and Europe, including $20.1 million for severance, $1.7 million of abandoned facility costs, and $4.1 million of other cash costs, including retention and outplacement costs. The segment also recorded a $3.5 million provision for a settlement of a pre-acquisition litigation related matter and $ 0.2 million of non-cash charges associated with restructuring actions. Thes e costs were partially offset by a $7.6 million gain on the sale of a small product line, as well as a $1.9 million gain on the sale of real estate. Analytical Instruments In the first six months of 2015 , the Analytical Instruments segment recorded $18.4 million of net restructuring and other charges, $18.3 million of which were cash costs associated with abandoned facilities, including remediation and other closure costs, and, to a lesser extent, headcount reductions. Specialty Dia gnostics In the first six months of 2015 , the Specialty Diagnostics segment recorded $5.0 million of net restructuring and other charges, including charges to cost of revenues of $0.3 million for accelerated depreciation at facil ities closing due to real estate consolidation, and $4.7 million of cash costs for employee severance and other costs associated with headcount reductions. Laboratory Products and Services In the first six months of 2015 , the Laboratory Products a nd Services segment recorded $3.7 million of net restructuring and other charges. The segment recorded $0.8 million of charges to selling, general and administrative expenses, including $ 1.3 million o f third party transaction costs related to the acquisition of Alfa Aesar which was partially offset by $ 0.5 million of income for changes in estimates of contingent consideration. In addition, the segment recorded $2.1 million of cash restru cturing costs primarily for employee severance and other costs associated with headcount reductions. The segment also recorded $ 0.8 million of charges associated with a litigation-related matter of a divested business. Corporate In the first six months of 2015 , t he company recorded $4.1 million of net restructuring and other charges, primarily $3.8 million of selling, general and administrative charges associated with accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $0.3 million of cash restructuring costs for severance at its corporate operations. The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructur ing costs are included in other accrued expenses in the accompanying balance sheet. Abandonment (In millions) Severance of Excess Facilities Other (a) Total Pre-2014 Restructuring Plans Balance At December 31, 2014 $ 6.2 $ 7.5 $ 1.8 $ 15.5 Costs incurred in 2015 (b) 1.3 0.5 0.1 1.9 Reserves reversed (1.8) (0.2) (0.1) (2.1) Payments (2.4) (1.5) (0.8) (4.7) Currency translation (0.3) (0.1) (0.1) (0.5) Balance At June 27, 2015 $ 3.0 $ 6.2 $ 0.9 $ 10.1 2014 Restructuring Plans Balance At December 31, 2014 $ 31.5 $ 2.3 $ 4.1 $ 37.9 Costs incurred in 2015 (b) 8.0 1.2 4.1 13.3 Reserves reversed (7.0) (0.1) (1.4) (8.5) Payments (29.1) (3.0) (4.4) (36.5) Currency translation (0.5) (0.1) (0.1) (0.7) Balance At June 27, 2015 $ 2.9 $ 0.3 $ 2.3 $ 5.5 2015 Restructuring Plans Costs incurred in 2015 (b) $ 29.2 $ 13.1 $ 4.4 $ 46.7 Payments (21.3) (0.5) (3.8) (25.6) Currency translation 0.1 — — 0.1 Balance At June 27, 2015 $ 8.0 $ 12.6 $ 0.6 $ 21.2 Other includes cash charges for relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. Excludes a $7.6 million gain on the sale of a product line, $ 5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $ 4.3 million of provision for losses on litigation-related matters; $ 0.9 million of charge s associated with a previous sale of a business; and an aggregate of $ 1.5 million of non-cash income, net, which are detailed by segment above . The company expects to pay accrued restructuring costs as follows: severance , employee-retention obligations an d other costs primarily through 2015 and abandoned-facility payments, over lease terms expiring through 20 20 . |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 27, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Event [Text Block] | Note 15 . Subsequent Event In July 2015, the company issued € 500 million principal amount of 2.15 % Senior Notes due 2022. The terms of these notes are consistent with the company’s other outstanding senior notes that are described in Note 9 . |
Nature of Operations and Summ24
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 27, 2015 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impair ment of assets and in determining the fair value of acquired intangible assets (Note 2 ) and the ultimate loss from abandoning leases at facilities being exited (Note 14 ). Actual results could differ from those estimates. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Policies) | 6 Months Ended |
Jun. 27, 2015 | |
Acquisitions and Dispositions Disclosure | |
Business Combinations Policy [Policy Text Block] | The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infra structure 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 s tatements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Warranty Obligations [Table Text Block] | Warranty Obligations Product warranties are included in other accrued expenses in the accompanying balance sheet. The changes in the carrying amount of standard product warranty obligations are as follows: Six Months Ended June 27, June 28, (In millions) 2015 2014 Beginning Balance $ 57.5 $ 49.8 Provision charged to income 38.3 38.2 Usage (38.2) (39.2) Acquisitions 0.5 7.2 Adjustments to previously provided warranties, net (2.0) 0.9 Currency translation (1.8) — Ending Balance $ 54.3 $ 56.9 |
Inventories [Table Text Block] | Inventories The components of inventories are as follows: June 27, December 31, (In millions) 2015 2014 Raw Materials $ 470.9 $ 441.6 Work in Process 233.4 207.6 Finished Goods 1,258.0 1,210.3 Inventories $ 1,962.3 $ 1,859.5 |
Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment Property, plant and equipment consists of the following: June 27, December 31, (In millions) 2015 2014 Land $ 279.4 $ 281.8 Buildings and Improvements 979.1 955.1 Machinery, Equipment and Leasehold Improvements 2,733.3 2,632.0 Property, Plant and Equipment, at Cost 3,991.8 3,868.9 Less: Accumulated Depreciation and Amortization 1,584.9 1,442.4 Property, Plant and Equipment, at Cost, Net $ 2,406.9 $ 2,426.5 |
Finite-Lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related Intangible Assets Acquisition-related intangible assets are as follows: June 27, 2015 December 31, 2014 Accumulated Accumulated (In millions) Gross Amortization Net Gross Amortization Net Definite Lived: Customer relationships $ 11,826.7 $ (3,745.3) $ 8,081.4 $ 11,866.8 $ (3,340.6) $ 8,526.2 Product technology 4,831.2 (1,630.7) 3,200.5 4,898.1 (1,501.3) 3,396.8 Tradenames 1,320.0 (503.1) 816.9 1,333.0 (448.7) 884.3 Other 33.8 (33.4) 0.4 34.2 (33.3) 0.9 18,011.7 (5,912.5) 12,099.2 18,132.1 (5,323.9) 12,808.2 Indefinite Lived: Tradenames 1,234.8 — 1,234.8 1,234.8 — 1,234.8 In-process research and development 49.7 — 49.7 67.1 — 67.1 1,284.5 — 1,284.5 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,296.2 $ (5,912.5) $ 13,383.7 $ 19,434.0 $ (5,323.9) $ 14,110.1 |
Indefinite-lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related Intangible Assets Acquisition-related intangible assets are as follows: June 27, 2015 December 31, 2014 Accumulated Accumulated (In millions) Gross Amortization Net Gross Amortization Net Definite Lived: Customer relationships $ 11,826.7 $ (3,745.3) $ 8,081.4 $ 11,866.8 $ (3,340.6) $ 8,526.2 Product technology 4,831.2 (1,630.7) 3,200.5 4,898.1 (1,501.3) 3,396.8 Tradenames 1,320.0 (503.1) 816.9 1,333.0 (448.7) 884.3 Other 33.8 (33.4) 0.4 34.2 (33.3) 0.9 18,011.7 (5,912.5) 12,099.2 18,132.1 (5,323.9) 12,808.2 Indefinite Lived: Tradenames 1,234.8 — 1,234.8 1,234.8 — 1,234.8 In-process research and development 49.7 — 49.7 67.1 — 67.1 1,284.5 — 1,284.5 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,296.2 $ (5,912.5) $ 13,383.7 $ 19,434.0 $ (5,323.9) $ 14,110.1 |
Acquisitions and Dispositions27
Acquisitions and Dispositions (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Acquisitions and Dispositions Disclosure | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The components of the purchase price and net assets acquired for 2015 acquisitions are as follows: (In millions) Advanced Scientifics Other Total Purchase Price Cash paid $ 289.1 $ 9.6 $ 298.7 Purchase price payable — 1.3 1.3 Cash acquired (0.1) — (0.1) $ 289.0 $ 10.9 $ 299.9 Net Assets Acquired Current assets $ 27.8 $ 3.8 $ 31.6 Property, plant and equipment 10.6 — 10.6 Definite-lived intangible assets: Customer relationships 90.0 4.3 94.3 Product technology 36.5 — 36.5 Tradenames and other 2.3 — 2.3 Goodwill 125.2 4.3 129.5 Other assets 0.2 — 0.2 Liabilities assumed (3.6) (1.5) (5.1) $ 289.0 $ 10.9 $ 299.9 |
Business Acquisition, Pro Forma Information [Table Text Block] | Had the acquisition of Life Technologies been completed as of the beginning of 2013 , the company’s pro forma results for the first six months of 2014 would have been as follows: Six Months Ended June 28, (In millions except per share amounts) 2014 Revenues $ 8,501.5 Net Income $ 1,113.0 Earnings per Share: Basic $ 2.79 Diluted $ 2.76 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Business Segments | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business Segment Information Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Revenues Life Sciences Solutions $ 1,129.3 $ 1,103.1 $ 2,149.2 $ 1,938.6 Analytical Instruments 777.0 793.4 1,504.4 1,563.3 Specialty Diagnostics 817.1 855.1 1,602.3 1,668.8 Laboratory Products and Services 1,693.3 1,699.4 3,206.7 3,289.9 Eliminations (145.8) (129.1) (272.9) (235.2) Consolidated revenues 4,270.9 4,321.9 8,189.7 8,225.4 Segment Income (a) Life Sciences Solutions 323.5 299.1 622.2 543.7 Analytical Instruments 139.6 130.4 261.3 261.3 Specialty Diagnostics 227.2 236.4 441.3 457.4 Laboratory Products and Services 260.0 257.7 482.1 491.7 Subtotal reportable segments (a) 950.3 923.6 1,806.9 1,754.1 Cost of revenues charges (1.1) (156.1) (1.7) (324.6) Selling, general and administrative charges, net (3.2) (14.9) (10.8) (97.7) Restructuring and other (costs) income, net (20.4) (60.9) (52.4) 521.3 Amortization of acquisition-related intangible assets (329.8) (343.6) (658.9) (629.5) Consolidated operating income 595.8 348.1 1,083.1 1,223.6 Other expense, net (b) (92.2) (111.6) (197.5) (212.7) Income from continuing operations before income taxes $ 503.6 $ 236.5 $ 885.6 $ 1,010.9 Depreciation Life Sciences Solutions $ 34.8 $ 36.3 $ 68.3 $ 60.3 Analytical Instruments 9.4 9.2 18.7 19.6 Specialty Diagnostics 18.0 19.2 35.8 38.0 Laboratory Products and Services 27.7 26.5 54.3 53.0 Consolidated depreciation $ 89.9 $ 91.2 $ 177.1 $ 170.9 (a) Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. (b) The company does not allocate other expense, net to its segments. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Business Segment Information Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Revenues Life Sciences Solutions $ 1,129.3 $ 1,103.1 $ 2,149.2 $ 1,938.6 Analytical Instruments 777.0 793.4 1,504.4 1,563.3 Specialty Diagnostics 817.1 855.1 1,602.3 1,668.8 Laboratory Products and Services 1,693.3 1,699.4 3,206.7 3,289.9 Eliminations (145.8) (129.1) (272.9) (235.2) Consolidated revenues 4,270.9 4,321.9 8,189.7 8,225.4 Segment Income (a) Life Sciences Solutions 323.5 299.1 622.2 543.7 Analytical Instruments 139.6 130.4 261.3 261.3 Specialty Diagnostics 227.2 236.4 441.3 457.4 Laboratory Products and Services 260.0 257.7 482.1 491.7 Subtotal reportable segments (a) 950.3 923.6 1,806.9 1,754.1 Cost of revenues charges (1.1) (156.1) (1.7) (324.6) Selling, general and administrative charges, net (3.2) (14.9) (10.8) (97.7) Restructuring and other (costs) income, net (20.4) (60.9) (52.4) 521.3 Amortization of acquisition-related intangible assets (329.8) (343.6) (658.9) (629.5) Consolidated operating income 595.8 348.1 1,083.1 1,223.6 Other expense, net (b) (92.2) (111.6) (197.5) (212.7) Income from continuing operations before income taxes $ 503.6 $ 236.5 $ 885.6 $ 1,010.9 Depreciation Life Sciences Solutions $ 34.8 $ 36.3 $ 68.3 $ 60.3 Analytical Instruments 9.4 9.2 18.7 19.6 Specialty Diagnostics 18.0 19.2 35.8 38.0 Laboratory Products and Services 27.7 26.5 54.3 53.0 Consolidated depreciation $ 89.9 $ 91.2 $ 177.1 $ 170.9 (a) Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. (b) The company does not allocate other expense, net to its segments. |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Other Expense, Net Disclosure | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Interest Income $ 7.7 $ 16.0 $ 14.7 $ 27.9 Interest Expense (102.9) (129.1) (211.3) (246.9) Other Items, Net 3.0 1.5 (0.9) 6.3 Other Expense, Net $ (92.2) $ (111.6) $ (197.5) $ (212.7) |
Stockbased Compensation Expen30
Stockbased Compensation Expense (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Stock-based Compensation Expense Disclosure [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and include the following: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Stock Option Awards $ 10.9 $ 11.7 $ 21.3 $ 22.4 Restricted Unit Awards 20.2 19.1 38.0 33.6 Total Stock-based Compensation Expense $ 31.1 $ 30.8 $ 59.3 $ 56.0 |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs for the company’s defined benefit pension plans include the following components: Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Service Cost-Benefits Earned $ 6.1 $ 5.0 $ 12.3 $ 9.6 Interest Cost on Benefit Obligation 19.3 23.5 38.7 43.6 Expected Return on Plan Assets (23.3) (25.1) (46.6) (46.2) Amortization of Actuarial Net Loss 2.4 2.1 4.7 4.0 Amortization of Prior Service Benefit (0.1) (0.1) (0.1) (0.1) Settlement/Curtailment Loss 0.1 — 0.1 — Net Periodic Benefit Cost $ 4.5 $ 5.4 $ 9.1 $ 10.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Income Taxes Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate of 35% to income from continuing operations before provision for income taxes due to the following: Six Months Ended June 27, June 28, (In millions) 2015 2014 Provision for Income Taxes at Statutory Rate $ 310.0 $ 353.8 Increases (Decreases) Resulting From: Foreign rate differential (72.6) (60.8) Income tax credits (204.1) (59.4) Manufacturing deduction (17.6) (8.9) Singapore tax holiday (7.5) — Impact of change in tax laws and apportionment on deferred taxes (14.4) (25.9) Nondeductible expenses 4.4 3.3 Provision (reversal) of tax reserves, net — 25.3 Basis difference on disposal of businesses — (61.9) Tax return reassessments and settlements (7.0) — State income taxes, net of federal tax (3.0) 23.1 Other, net 0.7 0.7 Provision for (benefit from) income taxes $ (11.1) $ 189.3 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Earnings per Share | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions except per share amounts) 2015 2014 2015 2014 Net Income $ 511.6 $ 278.5 $ 896.7 $ 821.6 Basic Weighted Average Shares 398.4 399.4 398.1 396.3 Plus Effect of: Equity forward arrangement — — — 0.3 Stock options and restricted units 3.1 3.7 3.4 4.1 Diluted Weighted Average Shares 401.5 403.1 401.5 400.7 Basic Earnings per Share $ 1.28 $ .70 $ 2.25 $ 2.07 Diluted Earnings per Share $ 1.27 $ .69 $ 2.23 $ 2.05 |
Debt and Other Financing Arra34
Debt and Other Financing Arrangements (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Debt And Other Financing Arrangements Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Effective Interest Rate at June 27, June 27, December 31, (Dollars in millions) 2015 2015 2014 Commercial Paper 1.03% $ 1,125.0 $ — Term Loan 1.65% 925.0 1,275.0 4.40% 5-Year Senior Notes, Due 3/1/2015 — 500.0 3.20% 5-Year Senior Notes, Due 5/1/2015 — 450.0 5.00% 10-Year Senior Notes, Due 6/1/2015 — 250.0 3.50% 5-Year Senior Notes, Due 1/15/2016 1.06% 400.0 400.0 3.20% 5-Year Senior Notes, Due 3/1/2016 3.21% 900.0 900.0 2.25% 5-Year Senior Notes, Due 8/15/2016 2.29% 1,000.0 1,000.0 1.30% 3-Year Senior Notes, Due 2/1/2017 0.82% 900.0 900.0 1.85% 5-Year Senior Notes, Due 1/15/2018 1.85% 500.0 500.0 2.40% 5-Year Senior Notes, Due 2/1/2019 2.44% 900.0 900.0 6.00% 10-Year Senior Notes, Due 3/1/2020 2.98% 750.0 750.0 4.70% 10-Year Senior Notes, Due 5/1/2020 3.58% 300.0 300.0 5.00% 10-Year Senior Notes, Due 1/15/2021 3.25% 400.0 400.0 4.50% 10-Year Senior Notes, Due 3/1/2021 3.38% 1,000.0 1,000.0 3.60% 10-Year Senior Notes, Due 8/15/2021 3.08% 1,100.0 1,100.0 3.30% 7-Year Senior Notes, Due 2/15/2022 3.30% 800.0 800.0 3.15% 10-Year Senior Notes, Due 1/15/2023 3.21% 800.0 800.0 4.15% 10-Year Senior Notes, Due 2/1/2024 4.07% 1,000.0 1,000.0 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) 2.03% 714.7 774.3 5.30% 30-Year Senior Notes, Due 2/1/2044 5.30% 400.0 400.0 Other 18.8 23.2 Total Borrowings at Par Value 13,933.5 14,422.5 Fair Value Hedge Accounting Adjustments (32.9) (0.5) Unamortized Premium, Net 122.9 142.0 Total Borrowings at Carrying Value 14,023.5 14,564.0 Less: Short-term Obligations and Current Maturities 3,359.8 2,212.4 Long-term Obligations $ 10,663.7 $ 12,351.6 |
Comprehensive Income and Shar35
Comprehensive Income and Shareholders Equity (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Comprehensive Income and Shareholders Equity Disclosure [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in each component of accumulated other comprehensive items, net of tax are as follows: (In millions) Currency Translation Adjustment Unrealized Gains on Available-for-Sale Investments Unrealized Gains (Losses) on Hedging Instruments Pension and Other Postretirement Benefit Liability Adjustment Total Balance at December 31, 2014 $ (1,070.6) $ 1.3 $ (20.9) $ (194.8) $ (1,285.0) Other comprehensive income (loss) before reclassifications (342.0) — 23.0 3.4 (315.6) Amounts reclassified from accumulated other comprehensive items — — 1.9 3.6 5.5 Net other comprehensive items (342.0) — 24.9 7.0 (310.1) Balance at June 27, 2015 $ (1,412.6) $ 1.3 $ 4.0 $ (187.8) $ (1,595.1) |
Fair Value Measurements and F36
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Fair Value Measurements and Fair Value of Financial Instruments Disclosure | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2015: June 27, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 69.3 $ 69.3 $ — $ — Bank time deposits 2.0 2.0 — — Investments in mutual funds, unit trusts and other similar instruments 7.7 7.7 — — Insurance contracts 103.6 — 103.6 — Derivative contracts 50.3 — 50.3 — Total Assets $ 232.9 $ 79.0 $ 153.9 $ — Liabilities Derivative contracts $ 48.5 $ — $ 48.5 $ — Contingent consideration 7.6 — — 7.6 Total Liabilities $ 56.1 $ — $ 48.5 $ 7.6 The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2014 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 617.3 $ 617.3 $ — $ — Bank time deposits 8.5 8.5 — — Investments in mutual funds, unit trusts and other similar instruments 8.7 8.7 — — Insurance contracts 102.5 — 102.5 — Derivative contracts 20.2 — 20.2 — Total Assets $ 757.2 $ 634.5 $ 122.7 $ — Liabilities Derivative contracts $ 10.4 $ — $ 10.4 $ — Contingent consideration 29.6 — — 29.6 Total Liabilities $ 40.0 $ — $ 10.4 $ 29.6 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a rollforward of the fair value, as determined by Level 3 inputs, of the contingent consideration. Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Contingent Consideration Beginning Balance $ 21.0 $ 33.1 $ 29.6 $ 5.1 Acquisition — — — 29.1 Payments — (5.0) (8.0) (6.1) Change in fair value included in earnings — 3.6 (0.5) 3.6 Sale of a product line (13.4) — (13.4) — Currency translation — 0.3 (0.1) 0.3 Ending Balance $ 7.6 $ 32.0 $ 7.6 $ 32.0 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value – Assets Fair Value – Liabilities June 27, December 31, June 27, December 31, (In millions) 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Interest rate swaps (a) $ 37.1 $ — $ 40.7 $ 3.7 Derivatives Not Designated as Hedging Instruments Currency exchange contracts (b) 13.2 20.2 7.8 6.7 (a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other current assets or other long-term liabilities. (b) The fair value of the currency exchange contracts is included in the consolidated balance sheet under the captions other current assets or other accrued expenses. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Gain (Loss) Recognized Three Months Ended Six Months Ended June 27, June 28, June 27, June 28, (In millions) 2015 2014 2015 2014 Derivatives Designated as Fair Value Hedges Interest rate swaps - effective portion $ 9.5 $ 1.0 $ 16.2 $ 2.1 Interest rate swaps - ineffective portion (a) (0.2) 1.1 (7.2) 1.8 Derivatives Not Designated as Fair Value Hedges Currency exchange contracts Included in cost of revenues $ 4.1 $ 3.4 $ 17.5 $ 4.2 Included in other expense, net 17.1 (0.5) 137.0 0.2 (a) The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying value and fair value of the company’s notes receivable and debt obligations are as follows: June 27, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 10.8 $ 10.8 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 11,954.7 $ 12,072.9 $ 13,265.8 $ 13,590.6 Term loan 925.0 925.0 1,275.0 1,275.0 Commercial paper 1,125.0 1,125.0 — — Other 18.8 18.8 23.2 23.2 $ 14,023.5 $ 14,141.7 $ 14,564.0 $ 14,888.8 The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value and fair value of the company’s notes receivable and debt obligations are as follows: June 27, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 10.8 $ 10.8 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 11,954.7 $ 12,072.9 $ 13,265.8 $ 13,590.6 Term loan 925.0 925.0 1,275.0 1,275.0 Commercial paper 1,125.0 1,125.0 — — Other 18.8 18.8 23.2 23.2 $ 14,023.5 $ 14,141.7 $ 14,564.0 $ 14,888.8 The fair value of debt obligations was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends which represent level 2 measurements. |
Supplemental Cash Flow Inform37
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 27, June 28, (In millions) 2015 2014 Non-cash Activities Fair value of assets of acquired businesses $ 305.1 $ 19,649.1 Cash paid for acquired businesses (298.7) (13,529.0) Liabilities assumed of acquired businesses $ 6.4 $ 6,120.1 Declared but unpaid dividends $ 61.2 $ 61.4 Issuance of stock upon vesting of restricted stock units $ 79.7 $ 76.8 |
Restructuring and Other Costs38
Restructuring and Other Costs, Net (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Restructuring And Other Costs, Net Disclosure | |
Schedule of Restructuring and Related Costs [Table Text Block] | Second Quarter of 2015 During the second quarter of 2015 , the company recorded net restru cturing and other costs by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ 0.9 $ 0.1 $ 3.4 $ 4.4 Analytical Instruments — — 12.8 12.8 Specialty Diagnostics 0.2 — 1.9 2.1 Laboratory Products and Services — 1.3 2.0 3.3 Corporate — 1.8 0.3 2.1 $ 1.1 $ 3.2 $ 20.4 $ 24.7 First Six Months of 2015 During the first six months of 2015 , the company recorded net restructuring and other costs by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ 1.4 $ 6.2 $ 26.1 $ 33.7 Analytical Instruments — — 18.4 18.4 Specialty Diagnostics 0.3 — 4.7 5.0 Laboratory Products and Services — 0.8 2.9 3.7 Corporate — 3.8 0.3 4.1 $ 1.7 $ 10.8 $ 52.4 $ 64.9 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructur ing costs are included in other accrued expenses in the accompanying balance sheet. Abandonment (In millions) Severance of Excess Facilities Other (a) Total Pre-2014 Restructuring Plans Balance At December 31, 2014 $ 6.2 $ 7.5 $ 1.8 $ 15.5 Costs incurred in 2015 (b) 1.3 0.5 0.1 1.9 Reserves reversed (1.8) (0.2) (0.1) (2.1) Payments (2.4) (1.5) (0.8) (4.7) Currency translation (0.3) (0.1) (0.1) (0.5) Balance At June 27, 2015 $ 3.0 $ 6.2 $ 0.9 $ 10.1 2014 Restructuring Plans Balance At December 31, 2014 $ 31.5 $ 2.3 $ 4.1 $ 37.9 Costs incurred in 2015 (b) 8.0 1.2 4.1 13.3 Reserves reversed (7.0) (0.1) (1.4) (8.5) Payments (29.1) (3.0) (4.4) (36.5) Currency translation (0.5) (0.1) (0.1) (0.7) Balance At June 27, 2015 $ 2.9 $ 0.3 $ 2.3 $ 5.5 2015 Restructuring Plans Costs incurred in 2015 (b) $ 29.2 $ 13.1 $ 4.4 $ 46.7 Payments (21.3) (0.5) (3.8) (25.6) Currency translation 0.1 — — 0.1 Balance At June 27, 2015 $ 8.0 $ 12.6 $ 0.6 $ 21.2 Other includes cash charges for relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. Excludes a $7.6 million gain on the sale of a product line, $ 5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $ 4.3 million of provision for losses on litigation-related matters; $ 0.9 million of charge s associated with a previous sale of a business; and an aggregate of $ 1.5 million of non-cash income, net, which are detailed by segment above . The company expects to pay accrued restructuring costs as follows: severance , employee-retention obligations an d other costs primarily through 2015 and abandoned-facility payments, over lease terms expiring through 20 20 . |
Warranty Obligations (Details)
Warranty Obligations (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Warranty Obligation [Roll Forward] | ||
Beginning Balance | $ 57.5 | $ 49.8 |
Provision charged to income | 38.3 | 38.2 |
Usage | (38.2) | (39.2) |
Acquisitions | 0.5 | 7.2 |
Adjustments to previously provided warranties, net | (2) | 0.9 |
Currency translation | (1.8) | 0 |
Ending Balance | $ 54.3 | $ 56.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw Materials | $ 470.9 | $ 441.6 |
Work in Process | 233.4 | 207.6 |
Finished Goods | 1,258 | 1,210.3 |
Inventories | $ 1,962.3 | $ 1,859.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, at Cost | $ 3,991.8 | $ 3,991.8 | $ 3,868.9 | ||
Less: Accumulated depreciation and amortization | 1,584.9 | 1,584.9 | 1,442.4 | ||
Property, Plant and Equipment, at Cost, Net | 2,406.9 | 2,406.9 | 2,426.5 | ||
Depreciation and amortization expense of property, plant and equipment | 89.9 | $ 91.2 | 177.1 | $ 170.9 | |
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, at Cost | 279.4 | 279.4 | 281.8 | ||
Building and Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, at Cost | 979.1 | 979.1 | 955.1 | ||
Machinery, Equipment and Leasehold Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, at Cost | $ 2,733.3 | $ 2,733.3 | $ 2,632 |
Acquisition-related Intangible
Acquisition-related Intangible Assets (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Definite-Lived Intangible Assets [Line Items] | ||
Definite-Lived Intangible Assets, Gross | $ 18,011.7 | $ 18,132.1 |
Accumulated Amortization | (5,912.5) | (5,323.9) |
Definite-Lived Intangible Assets, Net | 12,099.2 | 12,808.2 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,284.5 | 1,301.9 |
Acquisition-related Intangible Assets, Gross | 19,296.2 | 19,434 |
Acquisition-related Intangible Assets, net of Accumulated Amortization | 13,383.7 | 14,110.1 |
Tradenames [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,234.8 | 1,234.8 |
In-process Research and Development [Member] | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Indefinite-Lived Intangible Assets | 49.7 | 67.1 |
Customer Relationships [Member] | ||
Definite-Lived Intangible Assets [Line Items] | ||
Definite-Lived Intangible Assets, Gross | 11,826.7 | 11,866.8 |
Accumulated Amortization | (3,745.3) | (3,340.6) |
Definite-Lived Intangible Assets, Net | 8,081.4 | 8,526.2 |
Product Technology [Member] | ||
Definite-Lived Intangible Assets [Line Items] | ||
Definite-Lived Intangible Assets, Gross | 4,831.2 | 4,898.1 |
Accumulated Amortization | (1,630.7) | (1,501.3) |
Definite-Lived Intangible Assets, Net | 3,200.5 | 3,396.8 |
Tradenames [Member] | ||
Definite-Lived Intangible Assets [Line Items] | ||
Definite-Lived Intangible Assets, Gross | 1,320 | 1,333 |
Accumulated Amortization | (503.1) | (448.7) |
Definite-Lived Intangible Assets, Net | 816.9 | 884.3 |
Other Intangible Assets [Member] | ||
Definite-Lived Intangible Assets [Line Items] | ||
Definite-Lived Intangible Assets, Gross | 33.8 | 34.2 |
Accumulated Amortization | (33.4) | (33.3) |
Definite-Lived Intangible Assets, Net | $ 0.4 | $ 0.9 |
Acquisitions Purchase Price (De
Acquisitions Purchase Price (Details) £ in Millions, $ in Millions | 1 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2015USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Dec. 31, 2014GBP (£) | Dec. 31, 2014USD ($) | |
Purchase Price | |||||||
Cash Paid | $ 298.7 | $ 13,529 | |||||
Purchase Price Payable | 1.3 | ||||||
Cash acquired | (0.1) | ||||||
Total Purchase Price | 299.9 | ||||||
Net Assets Acquired | |||||||
Current assets | 31.6 | ||||||
Property, plant and equipment | 10.6 | ||||||
Goodwill | 129.5 | ||||||
Other assets | 0.2 | ||||||
Liabilities assumed | (5.1) | ||||||
Total Purchase Price | $ 299.9 | ||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 15 years | ||||||
Other Information | |||||||
Purchase Price Paid | $ 298.6 | $ 13,054.5 | |||||
Purchase Price Paid For Acquisitions Completed In A Prior Year | 8 | ||||||
Customer Relationships [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | $ 94.3 | ||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 16 years | ||||||
Product Technology [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | $ 36.5 | ||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 10 years | ||||||
Tradenames and other [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | $ 2.3 | ||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 10 years | ||||||
Advanced Scientifics, Inc. [Member] | |||||||
Purchase Price | |||||||
Cash Paid | $ 289.1 | ||||||
Cash acquired | (0.1) | ||||||
Total Purchase Price | 289 | ||||||
Net Assets Acquired | |||||||
Current assets | 27.8 | ||||||
Property, plant and equipment | 10.6 | ||||||
Goodwill | 125.2 | ||||||
Other assets | 0.2 | ||||||
Liabilities assumed | (3.6) | ||||||
Total Purchase Price | 289 | ||||||
Other Information | |||||||
Revenue Reported by Acquired Entity | $ 80 | ||||||
Goodwill, Expected Tax Deductible Amount | 125.2 | ||||||
Advanced Scientifics, Inc. [Member] | Customer Relationships [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | 90 | ||||||
Advanced Scientifics, Inc. [Member] | Product Technology [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | 36.5 | ||||||
Advanced Scientifics, Inc. [Member] | Tradenames and other [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | $ 2.3 | ||||||
Other Acquisitions [Member] | |||||||
Purchase Price | |||||||
Cash Paid | $ 9.6 | ||||||
Purchase Price Payable | 1.3 | ||||||
Total Purchase Price | 10.9 | ||||||
Net Assets Acquired | |||||||
Current assets | 3.8 | ||||||
Goodwill | 4.3 | ||||||
Liabilities assumed | (1.5) | ||||||
Total Purchase Price | 10.9 | ||||||
Other Acquisitions [Member] | Customer Relationships [Member] | |||||||
Net Assets Acquired | |||||||
Definite-lived intangible assets | $ 4.3 | ||||||
Pending Acquisition - Alfa Aesar [Member] | |||||||
Other Information | |||||||
Revenue Reported by Acquired Entity | £ 78 | $ 125 | |||||
Pending Acquisition - Alfa Aesar [Member] | Pending Future Acquisition [Member] | |||||||
Purchase Price | |||||||
Cash Paid | £ 256 | $ 400 |
Acquisition Pro Forma Results (
Acquisition Pro Forma Results (Details) - 6 months ended Jun. 28, 2014 - USD ($) $ / shares in Units, $ in Millions | Total |
Business Acquisition, Pro Forma Information [Abstract] | |
Revenues | $ 8,501.5 |
Net Income | $ 1,113 |
Earnings per Share: | |
Basic (in dollars per share) | $ 2.79 |
Diluted (in dollars per share) | $ 2.76 |
Business Segment Information (D
Business Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($)Segment | Jun. 28, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Business Segments | ||||||
Number of Reportable Segments | Segment | 4 | |||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 4,270.9 | $ 4,321.9 | $ 8,189.7 | $ 8,225.4 | ||
Cost of revenues charges | (1.1) | (1.7) | ||||
Selling, general and administrative charges, net | (3.2) | (10.8) | ||||
Restructuring and other income (costs), net | (20.4) | (60.9) | (52.4) | 521.3 | ||
Operating Income | 595.8 | 348.1 | 1,083.1 | 1,223.6 | ||
Other expense, net | (92.2) | (111.6) | (197.5) | (212.7) | ||
Income from Continuing Operations Before Income Taxes | 503.6 | 236.5 | 885.6 | 1,010.9 | ||
Depreciation | 89.9 | 91.2 | 177.1 | 170.9 | ||
Total Assets | 41,774.4 | 41,774.4 | $ 42,852.1 | |||
Capital Expenditures | 192.5 | 180.2 | ||||
Life Sciences Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost of revenues charges | (0.9) | (1.4) | ||||
Selling, general and administrative charges, net | (0.1) | (6.2) | ||||
Restructuring and other income (costs), net | (3.4) | (26.1) | ||||
Analytical Instruments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost of revenues charges | 0 | 0 | ||||
Selling, general and administrative charges, net | 0 | 0 | ||||
Restructuring and other income (costs), net | (12.8) | (18.4) | ||||
Specialty Diagnostics [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost of revenues charges | (0.2) | (0.3) | ||||
Selling, general and administrative charges, net | 0 | 0 | ||||
Restructuring and other income (costs), net | (1.9) | (4.7) | ||||
Laboratory Products and Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost of revenues charges | 0 | 0 | ||||
Selling, general and administrative charges, net | (1.3) | (0.8) | ||||
Restructuring and other income (costs), net | (2) | (2.9) | ||||
Total Reportable Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Income | [1] | 950.3 | 923.6 | 1,806.9 | 1,754.1 | |
Total Reportable Segments [Member] | Life Sciences Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,129.3 | 1,103.1 | 2,149.2 | 1,938.6 | ||
Operating Income | [1] | 323.5 | 299.1 | 622.2 | 543.7 | |
Depreciation | 34.8 | 36.3 | 68.3 | 60.3 | ||
Total Reportable Segments [Member] | Analytical Instruments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 777 | 793.4 | 1,504.4 | 1,563.3 | ||
Operating Income | [1] | 139.6 | 130.4 | 261.3 | 261.3 | |
Depreciation | 9.4 | 9.2 | 18.7 | 19.6 | ||
Total Reportable Segments [Member] | Specialty Diagnostics [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 817.1 | 855.1 | 1,602.3 | 1,668.8 | ||
Operating Income | [1] | 227.2 | 236.4 | 441.3 | 457.4 | |
Depreciation | 18 | 19.2 | 35.8 | 38 | ||
Total Reportable Segments [Member] | Laboratory Products and Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,693.3 | 1,699.4 | 3,206.7 | 3,289.9 | ||
Operating Income | [1] | 260 | 257.7 | 482.1 | 491.7 | |
Depreciation | 27.7 | 26.5 | 54.3 | 53 | ||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (145.8) | (129.1) | (272.9) | (235.2) | ||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Cost of revenues charges | (1.1) | (156.1) | (1.7) | (324.6) | ||
Selling, general and administrative charges, net | (3.2) | (14.9) | (10.8) | (97.7) | ||
Restructuring and other income (costs), net | (20.4) | (60.9) | (52.4) | 521.3 | ||
Amortization of acquisition-related intangible assets | $ (329.8) | $ (343.6) | $ (658.9) | $ (629.5) | ||
[1] | Represents operating income before certain charges to cost of revenues and selling, general and administrative expenses; restructuring and other costs, net; and amortization of acquisition-related intangibles. |
Other Expense, Net (Details)
Other Expense, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Other Expense, Net Disclosure | ||||
Interest Income | $ 7.7 | $ 16 | $ 14.7 | $ 27.9 |
Interest Expense | (102.9) | (129.1) | (211.3) | (246.9) |
Other Items, Net | 3 | 1.5 | (0.9) | 6.3 |
Other Expense, Net | $ (92.2) | $ (111.6) | (197.5) | (212.7) |
Losses on Extinguishment of Debt | 3 | |||
Gain on Sale of Investments | $ 5 | |||
Costs associated with entering into interest rate swap arrangements | $ 7.5 |
Stockbased Compensation Expen47
Stockbased Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock Option Awards | $ 10.9 | $ 11.7 | $ 21.3 | $ 22.4 |
Restricted Unit Awards | 20.2 | 19.1 | 38 | 33.6 |
Stock-based Compensation Expense | 31.1 | 30.8 | 59.3 | 56 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation Expense, Cash-in-Lieu of Pre-acquisition Equity Awards | 5.5 | $ 10 | 13.9 | $ 17.1 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Compensation Costs On Nonvested Awards | 97 | $ 97 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years 7 months | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition | 4 years | |||
Restricted Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Compensation Costs On Nonvested Awards | $ 163 | $ 163 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years 5 months | |||
Restricted Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Compensation Costs On Nonvested Awards, Period Of Recognition | 3 years |
Stockbased Compensation, Stock
Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Stock-based Compensation Expense Disclosure [Abstract] | ||
Tax benefit related to employees' and directors' stock plans | $ 48.6 | $ 55.5 |
Options Outstanding [Roll Forward] | ||
Granted | 1.8 |
Stockbased Compensation, Restri
Stockbased Compensation, Restricted Units Disclosures (Details) shares in Millions | 6 Months Ended |
Jun. 27, 2015shares | |
Unvested Restricted Units [Roll Forward] | |
Granted | 0.9 |
Pensions Net Benefit Cost (Deta
Pensions Net Benefit Cost (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Components of Net Benefit Cost | ||||
Service Cost-Benefits Earned | $ 6.1 | $ 5 | $ 12.3 | $ 9.6 |
Interest Cost on Benefit Obligation | 19.3 | 23.5 | 38.7 | 43.6 |
Expected Return on Plan Assets | (23.3) | (25.1) | (46.6) | (46.2) |
Amortization of Actuarial Net Loss | 2.4 | 2.1 | 4.7 | 4 |
Amortization of Prior Service Benefit | (0.1) | (0.1) | (0.1) | (0.1) |
Settlement/Curtailment Loss | 0.1 | 0.1 | ||
Net Periodic Benefit Cost | $ 4.5 | $ 5.4 | $ 9.1 | $ 10.9 |
Income Taxes Rate Reconciliatio
Income Taxes Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||||
Federal Statutory Income Tax Rate | 35.00% | 35.00% | ||
Provision for Income Taxes at Statutory Rate | $ 310 | $ 353.8 | ||
Foreign rate differential | (72.6) | (60.8) | ||
Income tax credits | (204.1) | (59.4) | ||
Manufacturing deduction | (17.6) | (8.9) | ||
Singapore tax holiday | (7.5) | 0 | ||
Impact of change in tax laws and apportionment on deferred taxes | (14.4) | (25.9) | ||
Nondeductible expenses | 4.4 | 3.3 | ||
Provision (reversal) of tax reserves, net | 0 | 25.3 | ||
Basis difference on disposal of businesses | 0 | (61.9) | ||
Tax return reassessments and settlements | (7) | |||
State income taxes, net of federal tax | (3) | 23.1 | ||
Other, net | 0.7 | 0.7 | ||
Provision for (Benefit From) Income Taxes | $ (8) | $ (42) | (11.1) | $ 189.3 |
US foreign tax credits generated by repatriation of foreign earnings | 123 | |||
US Income taxes on repatriated foreign earnings | $ 43 | |||
Income Tax Holiday [Line Items] | ||||
Income Tax Holiday, Termination Date | 12/31/2021 | |||
Effective Income Tax Rate Reconciliation, Tax Holiday, Percent | 0.80% | |||
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.02 |
EPS Calculation (Details)
EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Earnings per Share | ||||
Net Income | $ 511.6 | $ 278.5 | $ 896.7 | $ 821.6 |
Basic Weighted Average Shares | 398.4 | 399.4 | 398.1 | 396.3 |
Effect of Equity Forward Arrangement | 0 | 0 | 0 | 0.3 |
Effect of Stock Options and Restricted Units | 3.1 | 3.7 | 3.4 | 4.1 |
Diluted Weighted Average Shares | 401.5 | 403.1 | 401.5 | 400.7 |
Basic Earnings per Share: | ||||
Earnings Per Share, Basic (in dollars per share) | $ 1.28 | $ 0.7 | $ 2.25 | $ 2.07 |
Diluted Earnings per Share: | ||||
Earnings Per Share, Diluted (in dollars per share) | $ 1.27 | $ 0.69 | $ 2.23 | $ 2.05 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share | 3.6 | 2.5 | 3.8 | 2.4 |
Debt Outstanding Debt (Details)
Debt Outstanding Debt (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2015USD ($) | Jun. 27, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Principal Outstanding | $ 13,933.5 | $ 14,422.5 | |
Fair Value Hedge Accounting Adjustments | (32.9) | (0.5) | |
Unamortized Premium, Net | 122.9 | 142 | |
Debt Obligations - Carrying Value | 14,023.5 | 14,564 | |
Less: Short-term obligations and current maturities of long-term obligations | 3,359.8 | 2,212.4 | |
Long-term Obligations | 10,663.7 | 12,351.6 | |
Losses on Extinguishment of Debt | $ 3 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.03% | ||
Principal Outstanding | $ 1,125 | 0 | |
Debt Obligations - Carrying Value | $ 1,125 | 0 | |
Term Loan | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.65% | ||
Principal Outstanding | $ 925 | 1,275 | |
Debt Obligations - Carrying Value | $ 925 | 1,275 | |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA | 4 | ||
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA by August 2015 | 3.5 | ||
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | 3 | ||
Repayments of Debt | $ 925 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Obligations - Carrying Value | $ 11,954.7 | 13,265.8 | |
Debt Instrument, Call Feature | Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest | ||
Senior Notes [Member] | 4.40% 5-Year Senior Notes, Due 3/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.40% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Mar. 1, 2015 | ||
Principal Outstanding | $ 0 | 500 | |
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 5/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.20% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | May 1, 2015 | ||
Principal Outstanding | $ 0 | 450 | |
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 6/1/2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jun. 1, 2015 | ||
Principal Outstanding | $ 0 | 250 | |
Losses on Extinguishment of Debt | $ 3 | ||
Senior Notes [Member] | 3.50% 5-Year Senior Notes, Due 1/15/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.50% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2016 | ||
Effective Interest Rate | 1.06% | ||
Principal Outstanding | $ 400 | 400 | |
Senior Notes [Member] | 3.20% 5-Year Senior Notes, Due 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.20% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Mar. 1, 2016 | ||
Effective Interest Rate | 3.21% | ||
Principal Outstanding | $ 900 | 900 | |
Senior Notes [Member] | 2.25% 5-Year Senior Notes, Due 8/15/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.25% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Aug. 15, 2016 | ||
Effective Interest Rate | 2.29% | ||
Principal Outstanding | $ 1,000 | 1,000 | |
Senior Notes [Member] | 1.30% 3-Year Senior Notes, Due 2/1/2017 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.30% | ||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Maturity Date | Feb. 1, 2017 | ||
Effective Interest Rate | 0.82% | ||
Principal Outstanding | $ 900 | 900 | |
Senior Notes [Member] | 1.85% 5-Year Senior Notes, Due 1/15/2018 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.85% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2018 | ||
Effective Interest Rate | 1.85% | ||
Principal Outstanding | $ 500 | 500 | |
Senior Notes [Member] | 2.40% 5-Year Senior Notes, Due 2/1/2019 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.40% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Feb. 1, 2019 | ||
Effective Interest Rate | 2.44% | ||
Principal Outstanding | $ 900 | 900 | |
Senior Notes [Member] | 6.00% 10-Year Senior Notes, Due 3/1/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 6.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Mar. 1, 2020 | ||
Effective Interest Rate | 2.98% | ||
Principal Outstanding | $ 750 | 750 | |
Senior Notes [Member] | 4.70% 10-Year Senior Notes, Due 5/1/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.70% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | May 1, 2020 | ||
Effective Interest Rate | 3.58% | ||
Principal Outstanding | $ 300 | 300 | |
Senior Notes [Member] | 5.00% 10-Year Senior Notes, Due 1/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2021 | ||
Effective Interest Rate | 3.25% | ||
Principal Outstanding | $ 400 | 400 | |
Senior Notes [Member] | 4.50% 10-Year Senior Notes, Due 3/1/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.50% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Mar. 1, 2021 | ||
Effective Interest Rate | 3.38% | ||
Principal Outstanding | $ 1,000 | 1,000 | |
Senior Notes [Member] | 3.60% 10-Year Senior Notes, Due 8/15/2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.60% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Aug. 15, 2021 | ||
Effective Interest Rate | 3.08% | ||
Principal Outstanding | $ 1,100 | 1,100 | |
Senior Notes [Member] | 3.30% 7-Year Senior Notes, Due 2/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.30% | ||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Maturity Date | Feb. 15, 2022 | ||
Effective Interest Rate | 3.30% | ||
Principal Outstanding | $ 800 | 800 | |
Senior Notes [Member] | 3.15% 10-Year Senior Notes, Due 1/15/2023 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.15% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Jan. 15, 2023 | ||
Effective Interest Rate | 3.21% | ||
Principal Outstanding | $ 800 | 800 | |
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. 1, 2024 | ||
Effective Interest Rate | 4.07% | ||
Principal Outstanding | $ 1,000 | 1,000 | |
Senior Notes [Member] | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.00% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Apr. 15, 2025 | ||
Effective Interest Rate | 2.03% | ||
Principal Outstanding | $ 714.7 | 774.3 | |
Senior Notes [Member] | 5.30% 30-Year Senior Notes, Due 2/1/2044 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 5.30% | ||
Debt Instrument, Term | 30 years | ||
Debt Instrument, Maturity Date | Feb. 1, 2044 | ||
Effective Interest Rate | 5.30% | ||
Principal Outstanding | $ 400 | 400 | |
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | 18.8 | 23.2 | |
Debt Obligations - Carrying Value | $ 18.8 | $ 23.2 |
Debt Future Repayments (Details
Debt Future Repayments (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | ||
Total Repayments of Principal | $ 13,933.5 | $ 14,422.5 |
Debt Short-term Financing (Deta
Debt Short-term Financing (Details) - Jun. 27, 2015 | USD ($) |
U.S. Commercial Paper Program [Member] | |
Short-term Financing [Line Items] | |
Maximum Period to Maturity Allowed Under Program | 397 days |
Short-term Debt, Period to Maturity | 62 days |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000,000 |
Line of Credit Facility, Expiration Date | Jul. 31, 2018 |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio of Debt to EBITDA | 4 |
Debt, Covenant, Maximum Consolidated Total Leverage Ratio Of Debt To EBITDA by August 2015 | 3.5 |
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | 3 |
Letters of Credit Outstanding, Amount | $ 59,000,000 |
Line of Credit Facility, Amount Outstanding | $ 0 |
Interest Rate Swap Arrangements
Interest Rate Swap Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Notional Amount Of Derivatives | $ 6,620 | $ 6,620 | $ 3,740 | ||
Change in fair value of cash flow hedges, net of tax | 31 | $ 0 | 23 | $ 0 | |
Senior Notes 1.30% Due 2017 [Member] | Interest Rate Swaps [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount Of Derivatives | $ 900 | $ 900 | |||
Interest Rate Swap, Spread above One-month LIBOR | 0.6616% | 0.6616% | |||
Interest Rate Swap, Variable Rate at Period End | 0.8456% | 0.8456% | |||
Fixed Interest Rate | 1.30% | 1.30% | |||
Senior Notes 4.70% Due 2020 [Member] | Interest Rate Swaps [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount Of Derivatives | $ 300 | $ 300 | |||
Interest Rate Swap, Spread above One-month LIBOR | 3.156% | 3.156% | |||
Interest Rate Swap, Variable Rate at Period End | 3.34% | 3.34% | |||
Fixed Interest Rate | 4.70% | 4.70% | |||
Senior Notes 4.50% Due 2021 [Member] | Interest Rate Swaps [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount Of Derivatives | $ 1,000 | $ 1,000 | |||
Interest Rate Swap, Spread above One-month LIBOR | 2.868% | 2.868% | |||
Interest Rate Swap, Variable Rate at Period End | 3.052% | 3.052% | |||
Fixed Interest Rate | 4.50% | 4.50% | |||
Senior Notes 3.60% Due 2021 [Member] | Interest Rate Swaps [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional Amount Of Derivatives | $ 1,100 | $ 1,100 | |||
Interest Rate Swap, Spread above One-month LIBOR | 1.937% | 1.937% | |||
Interest Rate Swap, Variable Rate at Period End | 2.1225% | 2.1225% | |||
Fixed Interest Rate | 3.60% | 3.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Feb. 03, 2014 | Jun. 27, 2015 | Dec. 31, 2014 |
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | |||
Accrual for Environmental Loss Contingencies, Net | $ 41 | $ 32 | |
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | |||
Loss Contingency [Abstract] | |||
Loss Contingency Accrued | $ 60.9 | ||
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | Life Technologies Corporation [Member] | |||
Loss Contingency [Abstract] | |||
Damages Awarded | $ 48.5 | ||
Prejudgment Interest Awarded | 12.4 | ||
Loss Contingency Accrued | 60.9 | ||
Promega Corp and Max-Plank-Gesellschaft [Member] | Life Technologies Corporation [Member] | |||
Loss Contingency [Abstract] | |||
Damages Awarded | 52 | ||
Loss Contingency Accrued | $ 52 |
Comprehensive Income and Shar58
Comprehensive Income and Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | $ (1,285) | ||||
Other comprehensive income (loss) before reclassifications | (315.6) | ||||
Amounts reclassified from accumulated other comprehensive items | 5.5 | ||||
Total other comprehensive items | $ 251.3 | $ (48.9) | (310.1) | $ (34.5) | |
Accumulated Other Comprehensive Items, Ending Balance | (1,595.1) | (1,595.1) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Other Expense, Net | 92.2 | 111.6 | 197.5 | 212.7 | |
Total Before Tax | (503.6) | (236.5) | (885.6) | (1,010.9) | |
Income Tax Provision (Benefit) | (8) | (42) | (11.1) | 189.3 | |
Net of Tax | $ (511.6) | $ (278.5) | $ (896.7) | $ (821.6) | |
Class of Stock Disclosures [Abstract] | |||||
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 | 50,000 | ||
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $ 100 | $ 100 | $ 100 | ||
Currency Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | $ (1,070.6) | ||||
Other comprehensive income (loss) before reclassifications | (342) | ||||
Total other comprehensive items | (342) | ||||
Accumulated Other Comprehensive Items, Ending Balance | $ (1,412.6) | (1,412.6) | |||
Unrealized Gains on Available-for-Sale Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | 1.3 | ||||
Other comprehensive income (loss) before reclassifications | 0 | ||||
Amounts reclassified from accumulated other comprehensive items | 0 | ||||
Total other comprehensive items | 0 | ||||
Accumulated Other Comprehensive Items, Ending Balance | 1.3 | 1.3 | |||
Unrealized Gains (Losses) on Hedging Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | (20.9) | ||||
Other comprehensive income (loss) before reclassifications | 23 | ||||
Amounts reclassified from accumulated other comprehensive items | 1.9 | ||||
Total other comprehensive items | 24.9 | ||||
Accumulated Other Comprehensive Items, Ending Balance | 4 | 4 | |||
Pension and Other Postretirement Benefit Liability Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | (194.8) | ||||
Other comprehensive income (loss) before reclassifications | 3.4 | ||||
Amounts reclassified from accumulated other comprehensive items | 3.6 | ||||
Total other comprehensive items | 7 | ||||
Accumulated Other Comprehensive Items, Ending Balance | $ (187.8) | $ (187.8) |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Assets | ||
Cash equivalents | $ 69.3 | $ 617.3 |
Bank time deposits | 2 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.7 | 8.7 |
Insurance contracts | 103.6 | 102.5 |
Derivative contracts | 50.3 | 20.2 |
Total Assets | 232.9 | 757.2 |
Liabilities | ||
Derivative contracts | 48.5 | 10.4 |
Contingent consideration | 7.6 | 29.6 |
Total Liabilities | 56.1 | 40 |
Quoted Prices in Active Markets (Level I) [Member] | ||
Assets | ||
Cash equivalents | 69.3 | 617.3 |
Bank time deposits | 2 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.7 | 8.7 |
Total Assets | 79 | 634.5 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Insurance contracts | 103.6 | 102.5 |
Derivative contracts | 50.3 | 20.2 |
Total Assets | 153.9 | 122.7 |
Liabilities | ||
Derivative contracts | 48.5 | 10.4 |
Total Liabilities | 48.5 | 10.4 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities | ||
Contingent consideration | 7.6 | 29.6 |
Total Liabilities | $ 7.6 | $ 29.6 |
Fair Value Measurements, Level
Fair Value Measurements, Level 3 Reconciliation (Details) - Contingent Consideration [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 21 | $ 33.1 | $ 29.6 | $ 5.1 |
Acquisition | 0 | 0 | 0 | 29.1 |
Payments | 0 | (5) | (8) | (6.1) |
Change in fair value included in earnings | 0 | 3.6 | (0.5) | 3.6 |
Sale of a product line | (13.4) | (13.4) | ||
Currency translation | 0 | 0.3 | (0.1) | 0.3 |
Ending Balance | $ 7.6 | $ 32 | $ 7.6 | $ 32 |
Fair Value Measurements, Deriva
Fair Value Measurements, Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Costs associated with entering into interest rate swap arrangements included in ineffective portion of loss recognized | $ 7.5 | |||||
Cash Flow Hedge Arrangements | ||||||
Notional Amount Of Derivatives | $ 6,620 | 6,620 | $ 3,740 | |||
Change in fair value of cash flow hedges, net of tax | 31 | $ 0 | 23 | $ 0 | ||
Net Investment Hedge | ||||||
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge | $ 59.4 | |||||
Derivatives Designated as Cash Flow Hedges [Member] | ||||||
Cash Flow Hedge Arrangements | ||||||
Debt Instrument, Term | 10 years | |||||
Notional Amount Of Derivatives | 1,000 | $ 1,000 | ||||
Change in fair value of cash flow hedges, net of tax | 23 | |||||
Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Fair Value Hedges [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized | 9.5 | 1 | 16.2 | 2.1 | ||
Ineffective Portion of Gain (Loss) Recognized | (0.2) | 1.1 | (7.2) | [1] | 1.8 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments | Other Current Assets [Member] | ||||||
Fair Value - Assets | ||||||
Derivative Asset, Fair Value | 37.1 | 37.1 | ||||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments | Other Long-term Liabilities [Member] | ||||||
Fair Value - Liabilities | ||||||
Derivative Liability, Fair Value | 40.7 | 40.7 | 3.7 | |||
Foreign Currency Exchange Contracts [Member] | Cost of Revenues [Member] | Derivatives Not Designated as Fair Value Hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized | 4.1 | 3.4 | 17.5 | 4.2 | ||
Foreign Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Fair Value Hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) Recognized | 17.1 | $ (0.5) | 137 | $ 0.2 | ||
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Fair Value Hedges | Other Current Assets [Member] | ||||||
Fair Value - Assets | ||||||
Derivative Asset, Fair Value | 13.2 | 13.2 | 20.2 | |||
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Fair Value Hedges | Accrued Expense [Member] | ||||||
Fair Value - Liabilities | ||||||
Derivative Liability, Fair Value | $ 7.8 | $ 7.8 | $ 6.7 | |||
[1] | The ineffective portion of the loss recognized on interest rate swaps during the six months ended June 27, 2015 includes $7.5 million of costs associated with entering into the swap arrangements. |
Fair Value of Other Instruments
Fair Value of Other Instruments (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Other Financial Instruments [Abstract] | ||
Notes Receivable - Carrying Value | $ 10.8 | $ 8.3 |
Notes Receivable - Fair Value | 10.8 | 8.3 |
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ||
Debt Obligations - Carrying Value | 14,023.5 | 14,564 |
Debt Obligations - Fair Value | 14,141.7 | 14,888.8 |
Senior Notes [Member] | ||
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ||
Debt Obligations - Carrying Value | 11,954.7 | 13,265.8 |
Debt Obligations - Fair Value | 12,072.9 | 13,590.6 |
Term Loan | ||
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ||
Debt Obligations - Carrying Value | 925 | 1,275 |
Debt Obligations - Fair Value | 925 | 1,275 |
U.S. Commercial Paper Program [Member] | ||
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ||
Debt Obligations - Carrying Value | 1,125 | 0 |
Debt Obligations - Fair Value | 1,125 | 0 |
Other Debt [Member] | ||
Carrying Value and Fair Value of Other Financial Instruments [Line Items] | ||
Debt Obligations - Carrying Value | 18.8 | 23.2 |
Debt Obligations - Fair Value | $ 18.8 | $ 23.2 |
Supplemental Cash Flow Inform63
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Non-cash Activities [Abstract] | ||
Fair value of assets of acquired businesses | $ 305.1 | $ 19,649.1 |
Cash paid for acquired businesses | (298.7) | (13,529) |
Liabilities assumed of acquired businesses | 6.4 | 6,120.1 |
Declared but unpaid dividends | 61.2 | 61.4 |
Issuance of stock upon vesting of restricted stock units | $ 79.7 | $ 76.8 |
Restructuring and Other Costs64
Restructuring and Other Costs, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jul. 31, 2015 | |
Restructuring And Other Costs, Net Disclosure | |||||
Restructuring and Related Cost, Percentage of Total Workforce Eliminated | 1.00% | ||||
Identified Future Restructuring Costs | $ 85 | ||||
Restructuring Reserve [Line Items] | |||||
Cost of Revenues | $ 1.1 | $ 1.7 | |||
Selling, General and Administrative Expenses | 3.2 | 10.8 | |||
Restructuring and Other Costs, Net | 20.4 | $ 60.9 | 52.4 | $ (521.3) | |
Total Restructuring and Other Costs, Net | 24.7 | 64.9 | |||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 1.5 | ||||
Gain (Loss) Related To Litigation-related Matter | (4.3) | ||||
Gain (Loss) on Divestiture of Businesses | 7.6 | $ 761.8 | |||
Transaction Costs Related to Divestiture [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 0.9 | ||||
Charges for Cash Compensation Contractually Due to Employees of Acquired Business [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 5 | ||||
Life Sciences Solutions [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Cost of Revenues | 0.9 | 1.4 | |||
Selling, General and Administrative Expenses | 0.1 | 6.2 | |||
Restructuring and Other Costs, Net | 3.4 | 26.1 | |||
Total Restructuring and Other Costs, Net | 4.4 | 33.7 | |||
Restructuring and Related Costs, Cash Costs | 9.3 | 31.8 | |||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 0.2 | ||||
Gain (Loss) Related To Litigation-related Matter | (3.5) | (3.5) | |||
Gain (Loss) on Disposition of Property Plant Equipment | 1.9 | 1.9 | |||
Gain (Loss) on Divestiture of Businesses | 7.6 | 7.6 | |||
Life Sciences Solutions [Member] | Costs associated with headcount reductions and facility consolidations | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 25.9 | ||||
Life Sciences Solutions [Member] | Severance [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 20.1 | ||||
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 1.7 | ||||
Life Sciences Solutions [Member] | Other Restructuring [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 4.1 | ||||
Life Sciences Solutions [Member] | Transaction Costs Related to Acquisition [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Selling, General and Administrative Expenses | 0.1 | ||||
Life Sciences Solutions [Member] | Transaction Costs Related to Divestiture [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 0.9 | ||||
Life Sciences Solutions [Member] | Charges for Cash Compensation Contractually Due to Employees of Acquired Business [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | 5 | ||||
Analytical Instruments [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Cost of Revenues | 0 | 0 | |||
Selling, General and Administrative Expenses | 0 | 0 | |||
Restructuring and Other Costs, Net | 12.8 | 18.4 | |||
Total Restructuring and Other Costs, Net | 12.8 | 18.4 | |||
Restructuring and Related Costs, Cash Costs | 12.7 | 18.3 | |||
Specialty Diagnostics [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Cost of Revenues | 0.2 | 0.3 | |||
Selling, General and Administrative Expenses | 0 | 0 | |||
Restructuring and Other Costs, Net | 1.9 | 4.7 | |||
Total Restructuring and Other Costs, Net | 2.1 | 5 | |||
Restructuring and Related Costs, Cash Costs | 1.9 | 4.7 | |||
Laboratory Products and Services [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Cost of Revenues | 0 | 0 | |||
Selling, General and Administrative Expenses | 1.3 | 0.8 | |||
Restructuring and Other Costs, Net | 2 | 2.9 | |||
Total Restructuring and Other Costs, Net | 3.3 | 3.7 | |||
Restructuring and Related Costs, Cash Costs | 1.2 | 2.1 | |||
Gain (Loss) Related To Litigation-related Matter | (0.8) | (0.8) | |||
Laboratory Products and Services [Member] | Transaction Costs Related to Acquisition [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Selling, General and Administrative Expenses | 1.3 | 1.3 | |||
Laboratory Products and Services [Member] | Charges for Changes in Estimates of Contingent Consideration for Acquisitions [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Selling, General and Administrative Expenses | (0.5) | ||||
Corporate [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Selling, General and Administrative Expenses | 1.8 | 3.8 | |||
Restructuring and Other Costs, Net | 0.3 | 0.3 | |||
Total Restructuring and Other Costs, Net | 2.1 | 4.1 | |||
Corporate [Member] | Severance [Member] | |||||
Restructuring Reserve [Line Items] | |||||
Restructuring and Related Costs, Cash Costs | $ 0.3 | $ 0.3 |
Restructuring Reserves (Details
Restructuring Reserves (Details) - Jun. 27, 2015 - USD ($) $ in Millions | Total |
Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Expected Final Year of Payments | 2,015 |
Abandonment of Excess Facilities [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Expected Final Year of Payments | 2,020 |
Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, Expected Final Year of Payments | 2,015 |
Pre-2014 Restructuring Plans [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 15.5 |
Costs incurred | 1.9 |
Reserves reversed | (2.1) |
Payments | (4.7) |
Currency translation | (0.5) |
Ending balance | 10.1 |
Pre-2014 Restructuring Plans [Member] | Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 6.2 |
Costs incurred | 1.3 |
Reserves reversed | (1.8) |
Payments | (2.4) |
Currency translation | (0.3) |
Ending balance | 3 |
Pre-2014 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 7.5 |
Costs incurred | 0.5 |
Reserves reversed | (0.2) |
Payments | (1.5) |
Currency translation | (0.1) |
Ending balance | 6.2 |
Pre-2014 Restructuring Plans [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 1.8 |
Costs incurred | 0.1 |
Reserves reversed | (0.1) |
Payments | (0.8) |
Currency translation | (0.1) |
Ending balance | 0.9 |
2014 Restructuring Plans [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 37.9 |
Costs incurred | 13.3 |
Reserves reversed | (8.5) |
Payments | (36.5) |
Currency translation | (0.7) |
Ending balance | 5.5 |
2014 Restructuring Plans [Member] | Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 31.5 |
Costs incurred | 8 |
Reserves reversed | (7) |
Payments | (29.1) |
Currency translation | (0.5) |
Ending balance | 2.9 |
2014 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 2.3 |
Costs incurred | 1.2 |
Reserves reversed | (0.1) |
Payments | (3) |
Currency translation | (0.1) |
Ending balance | 0.3 |
2014 Restructuring Plans [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 4.1 |
Costs incurred | 4.1 |
Reserves reversed | (1.4) |
Payments | (4.4) |
Currency translation | (0.1) |
Ending balance | 2.3 |
2015 Restructuring Plans [Member] | |
Restructuring Reserve [Roll Forward] | |
Costs incurred | 46.7 |
Payments | (25.6) |
Currency translation | 0.1 |
Ending balance | 21.2 |
2015 Restructuring Plans [Member] | Severance [Member] | |
Restructuring Reserve [Roll Forward] | |
Costs incurred | 29.2 |
Payments | (21.3) |
Currency translation | 0.1 |
Ending balance | 8 |
2015 Restructuring Plans [Member] | Abandonment of Excess Facilities [Member] | |
Restructuring Reserve [Roll Forward] | |
Costs incurred | 13.1 |
Payments | (0.5) |
Currency translation | 0 |
Ending balance | 12.6 |
2015 Restructuring Plans [Member] | Other Restructuring [Member] | |
Restructuring Reserve [Roll Forward] | |
Costs incurred | 4.4 |
Payments | (3.8) |
Currency translation | 0 |
Ending balance | $ 0.6 |
Subsequent Event (Details)
Subsequent Event (Details) - Jul. 31, 2015 - Subsequent Event [Member] - Senior Notes [Member] - 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro denominated) [Member] - EUR (€) € in Millions | Total |
Subsequent Event [Line Items] | |
Issuance of Senior Notes | € 500 |
Stated Interest Rate | 2.15% |
Debt Instrument, Maturity Date | Jul. 21, 2022 |
Additional Accounting Policy an
Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount Of Derivatives | $ 6,620 | $ 3,740 |
Derivatives Designated as Cash Flow Hedges [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount Of Derivatives | $ 1,000 |
Acquisition-related Intangibl68
Acquisition-related Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions | Jun. 27, 2015 | Dec. 31, 2014 |
Definite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Definite-Lived Intangible Assets, Net | $ 12,099.2 | $ 12,808.2 |
Goodwill (Details)
Goodwill (Details) $ in Millions | Jun. 27, 2015USD ($) |
Goodwill [Roll Forward] | |
Beginning balance | $ 18,842.6 |
Ending balance | $ 18,806.9 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of businesses, net of cash divested | $ 0 | $ 1,048.7 | |
Gain (Loss) on Divestiture of Businesses | 7.6 | $ 761.8 | |
Current Assets | 6,236.6 | $ 6,539.8 | |
Current Liabilities | $ 6,100.4 | $ 5,349.8 |
Geographical Information (Detai
Geographical Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 4,270.9 | $ 4,321.9 | $ 8,189.7 | $ 8,225.4 | |
Long-lived Assets | $ 2,406.9 | $ 2,406.9 | $ 2,426.5 |
Pensions Benefit Obligations (D
Pensions Benefit Obligations (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Change in Projected Benefit Obligation [Roll Forward] | ||||
Service costs | $ 6.1 | $ 5 | $ 12.3 | $ 9.6 |
Interest costs | $ 19.3 | $ 23.5 | $ 38.7 | $ 43.6 |
Pensions Plan Assets Excluding
Pensions Plan Assets Excluding FV Disclosures (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Change in Fair Value of Plan Assets [Roll Forward] | ||
Cash contributions to retirement plans | $ 21.2 | $ 25.7 |
Income Taxes Components (Detail
Income Taxes Components (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Components of Income From Continuing Operations Before Income Taxes [Abstract] | ||||
Income from Continuing Operations Before Income Taxes | $ 503.6 | $ 236.5 | $ 885.6 | $ 1,010.9 |
Deferred Income Tax Provision (Benefit) [Abstract] | ||||
Provision for (Benefit From) Income Taxes | $ (8) | $ (42) | (11.1) | 189.3 |
Excess income tax benefits from stock-based compensation plans recognized in equity | $ 48.6 | $ 55.5 |
Unaudited Quarterly Information
Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Unaudited Quarterly Information [Abstract] | ||||
Revenues | $ 4,270.9 | $ 4,321.9 | $ 8,189.7 | $ 8,225.4 |
Net income | $ 511.6 | $ 278.5 | $ 896.7 | $ 821.6 |
Earnings per Share | ||||
Basic (in dollars per share) | $ 1.28 | $ 0.7 | $ 2.25 | $ 2.07 |
Diluted (in dollars per share) | 1.27 | 0.69 | 2.23 | 2.05 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.3 | $ 0.3 |
Total Restructuring and Other Costs (Income), Net | $ 24.7 | $ 64.9 |