Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 06, 2016 | Jun. 26, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Thermo Fisher Scientific Inc. | ||
Entity Central Index Key | 97,745 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 52,614,285 | ||
Entity Common Stock, Shares Outstanding | 396,261,928 | ||
Entity Stock Trading Symbol | TMO |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 452.1 | $ 1,343.5 |
Accounts receivable, less allowances of $70.1 and $74.1 | 2,544.9 | 2,473.6 |
Inventories | 1,991.7 | 1,859.5 |
Deferred tax assets | 0 | 303.3 |
Other current assets | 752.5 | 559.9 |
Total current assets | 5,741.2 | 6,539.8 |
Property, Plant and Equipment, Net | 2,448.8 | 2,426.5 |
Acquisition-related Intangible Assets, Net | 12,758.3 | 14,110.1 |
Other Assets | 1,113.1 | 933.1 |
Goodwill | 18,827.6 | 18,842.6 |
Total Assets | 40,889 | 42,852.1 |
Current Liabilities: | ||
Short-term obligations and current maturities of long-term obligations | 1,052.8 | 2,212.4 |
Accounts payable | 822.2 | 820.7 |
Accrued payroll and employee benefits | 598.2 | 668.9 |
Accrued income taxes | 212.5 | 165.1 |
Deferred revenue | 317.9 | 311.9 |
Other accrued expenses | 1,143.7 | 1,170.8 |
Total current liabilities | 4,147.3 | 5,349.8 |
Deferred Income Taxes | 2,622.6 | 3,430.7 |
Other Long-term Liabilities | 1,295 | 1,171.9 |
Long-term Obligations | $ 11,473.9 | $ 12,351.6 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Preferred stock, $100 par value, 50,000 shares authorized; none issued | ||
Common stock, $1 par value, 1,200,000,000 shares authorized; 411,944,301 and 408,461,670 shares issued | $ 411.9 | $ 408.5 |
Capital in excess of par value | 11,801.2 | 11,473.6 |
Retained earnings | 12,142.3 | 10,406.9 |
Treasury stock at cost, 12,314,200 and 7,991,782 shares | (1,007.9) | (455.9) |
Accumulated other comprehensive items | (1,997.3) | (1,285) |
Total shareholders' equity | 21,350.2 | 20,548.1 |
Total Liabilities and Shareholders' Equity | $ 40,889 | $ 42,852.1 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable Allowances | $ 70.1 | $ 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, $1 Par Value - Shares Issued (in shares) | 411,944,301 | 408,461,670 |
Treasury Stock at Cost (in shares) | 12,314,200 | 7,991,782 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Product revenues | $ 14,667.8 | $ 14,715.1 | $ 11,215.2 |
Service revenues | 2,297.6 | 2,174.5 | 1,875.1 |
Total revenues | 16,965.4 | 16,889.6 | 13,090.3 |
Costs and Operating Expenses: | |||
Cost of product revenues | 7,583.8 | 7,934.7 | 6,309.6 |
Cost of service revenues | 1,625.7 | 1,462.9 | 1,251.6 |
Selling, general and administrative expenses | 4,612.1 | 4,896.1 | 3,446.3 |
Research and development expenses | 692.3 | 691.1 | 395.5 |
Restructuring and other costs (income), net | 115.3 | (598.2) | 77.7 |
Total costs and operating expenses | 14,629.2 | 14,386.6 | 11,480.7 |
Operating Income | 2,336.2 | 2,503 | 1,609.6 |
Other Expense, Net | (399.8) | (415.8) | (290.1) |
Income from Continuing Operations Before Income Taxes | 1,936.4 | 2,087.2 | 1,319.5 |
Benefit from (Provision for) Income Taxes | 43.9 | (191.7) | (40.4) |
Income from Continuing Operations | 1,980.3 | 1,895.5 | 1,279.1 |
Loss from Discontinued Operations (net of income tax benefit of $2.9, $0.6 and $3.7) | (4.9) | (1.1) | (5.8) |
Net Income | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Earnings per Share from Continuing Operations | |||
Basic (in dollars per share) | $ 4.97 | $ 4.76 | $ 3.55 |
Diluted (in dollars per share) | 4.93 | 4.71 | 3.50 |
Earnings per Share | |||
Basic (in dollars per share) | 4.96 | 4.76 | 3.53 |
Diluted (in dollars per share) | $ 4.92 | $ 4.71 | $ 3.48 |
Weighted Average Shares | |||
Basic (in millions of shares) | 398.7 | 398.2 | 360.3 |
Diluted (in millions of shares) | 401.9 | 402.3 | 365.8 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.60 | $ 0.60 | $ 0.60 |
Consolidated Statement of Inco5
Consolidated Statement of Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Provision for (Benefit from) Income Taxes on Income (Loss) from Discontinued Operations | $ (2.9) | $ (0.6) | $ (3.7) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income | |||
Net Income | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Other Comprehensive Items: | |||
Currency translation adjustment | (706.1) | (1,182.6) | 24.6 |
Unrealized gains on available-for-sale investments: | |||
Unrealized holding gains arising during the period (net of tax provision of $0.0, $0.1 and $0.5) | 0.5 | 1.7 | 1.6 |
Reclassification adjustment for gains included in net income (net of tax provision of $0.2 and $2.5) | 0 | (1.7) | (8) |
Unrealized gains and losses on hedging instruments: | |||
Unrealized (losses) gains on hedging instruments (net of tax (benefit) provision of ($5.5) and $3.6) | (9) | 0 | 5.8 |
Reclassification adjustment for losses included in net income (net of tax benefit of $1.5, $1.8 and $2.2) | 3.3 | 3 | 3.2 |
Pension and other postretirement benefit liability adjustments: | |||
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (benefit) provision of ($5.0), ($26.5) and $20.3) | (9) | (52.2) | 38.2 |
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $2.9, $13.3 and $3.6) | 8 | 24 | 7.8 |
Total other comprehensive items | (712.3) | (1,207.8) | 73.2 |
Comprehensive Income | $ 1,263.1 | $ 686.6 | $ 1,346.5 |
Consolidated Statement of Comp7
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax provision (benefit) on unrealized holding gains and losses on available-for-sale investments arising during the period | $ 0 | $ 0.1 | $ 0.5 |
Tax provision (benefit) on reclassification adjustment for gains on available-for-sale investments recognized in net income | 0.2 | 2.5 | |
Tax provision (benefit) on unrealized holding gains and losses on hedging instruments arising during the period | (5.5) | 3.6 | |
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income | (1.5) | (1.8) | (2.2) |
Tax provision (benefit) on pension and other postretirement benefit liability adjustments arising during the period | (5) | (26.5) | 20.3 |
Tax provision (benefit) on amortization of net loss and prior service benefit included in net periodic pension cost | $ (2.9) | $ (13.3) | $ (3.6) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net Income | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Loss from discontinued operations | 4.9 | 1.1 | 5.8 |
Income from continuing operations | 1,980.3 | 1,895.5 | 1,279.1 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
Depreciation and amortization | 1,688.2 | 1,684.8 | 999.9 |
Change in deferred income taxes | (524.8) | (621.8) | (472.8) |
Net gains on sale of businesses | (7.6) | (895.4) | 0 |
Non-cash stock-based compensation | 125 | 117.1 | 90.9 |
Tax benefits from stock-based compensation awards | (64.1) | (65.6) | (48.8) |
Non-cash charges for sale of inventories revalued at the date of acquisition | 6.9 | 303.4 | 23.9 |
Other non-cash expenses, net | 58.6 | 38 | 22.7 |
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions: | |||
Accounts receivable | (149.4) | (145.4) | (147.9) |
Inventories | (140.7) | (109.8) | (72.2) |
Other assets | (254.3) | 163.1 | 168.7 |
Accounts payable | (2.7) | 1.2 | 47 |
Other liabilities | 147.7 | 308.4 | 163.3 |
Contributions to retirement plans | (37.5) | (49.6) | (38.2) |
Net cash provided by continuing operations | 2,825.6 | 2,623.9 | 2,015.6 |
Net cash used in discontinued operations | (8.7) | (4.3) | (4.9) |
Net cash provided by operating activities | 2,816.9 | 2,619.6 | 2,010.7 |
Investing Activities | |||
Acquisitions, net of cash acquired | (694.6) | (13,060.1) | (11.4) |
Proceeds from sale of businesses, net of cash divested | 0 | 1,521.8 | 0 |
Purchase of property, plant and equipment | (422.9) | (427.6) | (282.4) |
Proceeds from sale of property, plant and equipment | 18.1 | 49.3 | 20.7 |
Proceeds from sale of investments | 12 | 88.6 | 7.6 |
Decrease in restricted cash | 5.8 | 48.6 | 4 |
Other investing activities, net | (5.8) | (3.3) | (1.8) |
Net cash used in investing activities | (1,087.4) | (11,782.7) | (263.3) |
Financing Activities | |||
Net proceeds from issuance of long-term debt | 1,798 | 6,592.3 | 3,167.8 |
Repayment of long-term obligations | (3,780.2) | (4,429.4) | (1) |
Increase (decrease) in commercial paper, net | 49.5 | (249.9) | 199.9 |
Decrease in short-term notes payable | 0 | (36.6) | (12) |
Purchases of company common stock | (500) | 0 | (89.8) |
Dividends paid | (240.6) | (234.8) | (216.2) |
Net proceeds from issuance of company common stock | 0 | 2,942 | 0 |
Net proceeds from issuance of company common stock under employee stock plans | 124 | 155.4 | 230.4 |
Tax benefits from stock-based compensation awards | 64.1 | 65.6 | 48.8 |
Other financing activities, net | (6.1) | (8.5) | (17.9) |
Net cash (used in) provided by financing activities | (2,491.3) | 4,796.1 | 3,310 |
Exchange Rate Effect on Cash | (129.6) | (115.5) | (37) |
(Decrease) Increase in Cash and Cash Equivalents | (891.4) | (4,482.5) | 5,020.4 |
Cash and Cash Equivalents at Beginning of Period | 1,343.5 | 5,826 | 805.6 |
Cash and Cash Equivalents at End of Period | $ 452.1 | $ 1,343.5 | $ 5,826 |
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, 2012 | 413.5 | 56 | ||||
Balance at Dec. 31, 2012 | $ 15,464.7 | $ 413.5 | $ 10,501.1 | $ 7,697.3 | $ (2,996.8) | $ (150.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Retirement of treasury shares (in shares) | (50) | (50) | ||||
Retirement of treasury shares | $ (50) | (2,647.7) | $ 2,697.7 | |||
Issuance of shares under employees' and directors' stock plans (in shares) | 6.1 | 0.3 | ||||
Issuance of shares under employees' and directors' stock plans | 215.7 | $ 6.1 | 232.9 | $ (23.3) | ||
Stock-based compensation | 90.9 | 90.9 | ||||
Tax benefit related to employees' and directors' stock plans | 46.6 | 46.6 | ||||
Purchases of company common stock (in shares) | 1.3 | |||||
Purchases of company common stock | (89.8) | $ (89.8) | ||||
Dividends declared | (217.3) | (217.3) | ||||
Net Income | 1,273.3 | 1,273.3 | ||||
Other comprehensive items | 73.2 | 73.2 | ||||
Other | (1.2) | (1.2) | ||||
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) | 4 | 0.4 | ||||
Issuance of shares under employees' and directors' stock plans | 121.6 | $ 4 | 161.3 | $ (43.7) | ||
Issuance of shares (in shares) | 34.9 | |||||
Issuance of shares | 2,942.3 | $ 34.9 | 2,907.4 | |||
Stock-based compensation | 117.1 | 117.1 | ||||
Tax benefit related to employees' and directors' stock plans | 65.4 | 65.4 | ||||
Dividends declared | (240.8) | (240.8) | ||||
Net Income | 1,894.4 | 1,894.4 | ||||
Other comprehensive items | (1,207.8) | (1,207.8) | ||||
Other | (0.2) | (0.2) | ||||
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) | 3.4 | 0.4 | ||||
Issuance of shares under employees' and directors' stock plans | 90.8 | $ 3.4 | 139.4 | $ (52) | ||
Stock-based compensation | 125 | 125 | ||||
Tax benefit related to employees' and directors' stock plans | 63.2 | 63.2 | ||||
Purchases of company common stock (in shares) | 3.9 | |||||
Purchases of company common stock | (500) | $ (500) | ||||
Dividends declared | (240) | (240) | ||||
Net Income | 1,975.4 | 1,975.4 | ||||
Other comprehensive items | (712.3) | (712.3) | ||||
Balance (in shares) at Dec. 31, 2015 | 411.9 | 12.3 | ||||
Balance at Dec. 31, 2015 | $ 21,350.2 | $ 411.9 | $ 11,801.2 | $ 12,142.3 | $ (1,007.9) | $ (1,997.3) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies [Text Block] | Note 1 . Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by providing analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics. Principles of Consolidation The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. Revenue Recognition and Accounts Receivable Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer’s payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. The changes in the allowance for doubtful accounts are as follows: Year Ended December 31, (In millions) 2015 2014 2013 Beginning Balance $ 74.1 $ 54.1 $ 55.5 Provision charged to expense (a) 5.5 20.4 6.8 Accounts recovered 0.2 1.0 0.2 Accounts written off (4.8 ) (11.2 ) (8.4 ) Other (b) (4.9 ) 9.8 — Ending Balance $ 70.1 $ 74.1 $ 54.1 (a) In 2014, includes $16.2 million of charges to conform the accounting policies of Life Technologies with the company's accounting policies. (b) Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2015 balance sheet will be recognized within one year. Warranty Obligations The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company’s estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. The changes in the carrying amount of standard product warranty obligations are as follows: Year Ended December 31, December 31, (In millions) 2015 2014 Beginning Balance $ 57.5 $ 49.8 Provision charged to income 85.4 80.6 Usage (82.1 ) (78.4 ) Acquisitions 0.5 7.1 Adjustments to previously provided warranties, net (2.6 ) 1.0 Currency translation (2.9 ) (2.6 ) Ending Balance $ 55.8 $ 57.5 Research and Development The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. Income Taxes The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7 ). Earnings per Share Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8 ). Cash and Cash Equivalents Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. Inventories Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company’s businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. The components of inventories are as follows: December 31, December 31, (In millions) 2015 2014 Raw Materials $ 421.1 $ 441.6 Work in Process 236.8 207.6 Finished Goods 1,333.8 1,210.3 Inventories $ 1,991.7 $ 1,859.5 The value of inventories maintained using the LIFO method was $191 million and $203 million at December 31, 2015 and 2014 , respectively, which was below estimated replacement cost by $28 million and $25 million , respectively. Reduction to cost of revenues as a result of the liquidation of LIFO inventories were nominal during the three years ended December 31, 2015 . Property, Plant and Equipment Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years ; machinery and equipment (including software), 3 to 10 years ; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. Property, plant and equipment consists of the following: December 31, December 31, (In millions) 2015 2014 Land $ 276.4 $ 281.8 Buildings and Improvements 1,050.5 955.1 Machinery, Equipment and Leasehold Improvements 2,786.8 2,632.0 Property, Plant and Equipment, at Cost 4,113.7 3,868.9 Less: Accumulated Depreciation and Amortization 1,664.9 1,442.4 Property, Plant and Equipment, Net $ 2,448.8 $ 2,426.5 Depreciation and amortization expense of property, plant and equipment was $373 million , $353 million and $237 million in 2015 , 2014 and 2013 , respectively. Acquisition-related Intangible Assets Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years . In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. Acquisition-related intangible assets are as follows: Balance at December 31, 2015 Balance at December 31, 2014 (In millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Definite Lived: Customer relationships $ 11,844.4 $ (4,086.9 ) $ 7,757.5 $ 11,866.8 $ (3,340.6 ) $ 8,526.2 Product technology 4,799.8 (1,819.0 ) 2,980.8 4,898.1 (1,501.3 ) 3,396.8 Tradenames 1,316.7 (548.2 ) 768.5 1,333.0 (448.7 ) 884.3 Other 33.2 (33.0 ) 0.2 34.2 (33.3 ) 0.9 17,994.1 (6,487.1 ) 11,507.0 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 16.5 — 16.5 67.1 — 67.1 1,251.3 — 1,251.3 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,245.4 $ (6,487.1 ) $ 12,758.3 $ 19,434.0 $ (5,323.9 ) $ 14,110.1 The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows: (In millions) 2016 $ 1,278.5 2017 1,254.1 2018 1,216.9 2019 1,183.9 2020 1,075.8 2021 and Thereafter 5,497.8 Estimated Future Amortization Expense of Definite-lived Intangible Assets $ 11,507.0 Amortization of acquisition-related intangible assets was $1.31 billion , $1.33 billion and $763 million in 2015 , 2014 and 2013 , respectively. Other Assets Other assets in the accompanying balance sheet include deferred tax assets, cash surrender value of life insurance, insurance recovery receivables related to product liability matters, investments in joint ventures, pension assets, deferred debt issuance costs, cost-method and available-for-sale investments, restricted cash, notes receivable and other assets. Investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. At December 31, 2015 and 2014 , the company had cost method investments with carrying amounts of $38.8 million and $38.5 million , respectively, which are included in other assets. Goodwill The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed quantitative annual tests for impairment at October 31, 2015 and November 1, 2014, and determined that goodwill was not impaired. The changes in the carrying amount of goodwill by segment are as follows: (In millions) Life Sciences Solutions Analytical Instruments Specialty Diagnostics Laboratory Products and Services Total Balance at December 31, 2013 $ 292.4 $ 2,761.4 $ 4,258.1 $ 5,191.4 $ 12,503.3 Acquisitions 7,179.5 — — — 7,179.5 Sale of businesses (122.0 ) — (13.6 ) (206.5 ) (342.1 ) Currency translation (105.0 ) (31.0 ) (347.2 ) (13.9 ) (497.1 ) Other 0.4 (0.6 ) 2.3 (3.1 ) (1.0 ) Balance at December 31, 2014 7,245.3 2,729.8 3,899.6 4,967.9 18,842.6 Acquisitions 125.1 1.7 4.7 120.8 252.3 Finalization of purchase price allocations for 2014 acquisitions (3.3 ) — — — (3.3 ) Sale of a product line (5.8 ) — — — (5.8 ) Currency translation (80.4 ) (24.1 ) (132.8 ) (22.4 ) (259.7 ) Other 8.3 (4.9 ) (0.2 ) (1.7 ) 1.5 Balance at December 31, 2015 $ 7,289.2 $ 2,702.5 $ 3,771.3 $ 5,064.6 $ 18,827.6 Loss Contingencies Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at fair value and, as such, were discounted to present value at the dates of acquisition. Currency Translation All assets and liabilities of the company’s non-U.S. subsidiaries are translated at year-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the year. Currency transaction gains and losses are included in the accompanying statement of income and in aggregate were net losses of $11 million and $17 million in 2015 and 2013 , respectively, and a net gain of and $33 million in 2014 . Derivative Contracts The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Swiss franc, Japanese yen, Norwegian kroner, and Swedish kronor. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. Cash flow hedges . For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2013 and 2015 , in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. Net investment hedges. 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 senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets and in determining the fair value of acquired intangible assets (Note 2 ) and the ultimate loss from abandoning leases at facilities being exited (Note 14 ). Actual results could differ from those estimates. Recent Accounting Pronouncements In January 2016, the FASB issued new guidance which affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This guidance retains the current accounting for classifying and measuring investments in debt securities and loans, but requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. The guidance also changes the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient permitted by the guidance to estimate fair value. A policy election can be made for these investments whereby estimated fair value may be measured at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments. The guidance is effective for the company in 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In November 2015, the FASB issued new guidance which requires all deferred income taxes be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify deferred taxes between current and noncurrent. The company early adopted this guidance in the fourth quarter of 2015, as permitted by the new guidance. The company has applied the guidance prospectively and therefore prior periods have not been retrospectively adjusted. At December 31, 2014, the company's net current deferred tax asset was $303 million . In September 2015, the FASB issued new guidance which eliminates the requirement for an acquirer in a business combination to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new guidance also sets forth new disclosure requirements related to the adjustments. The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In July 2015, the FASB issued new guidance which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance does not apply to inventory that is measured using last-in, first-out (LIFO). The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In April 2015, the FASB issued new guidance which 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 the company in 2016. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet. In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions [Text Block] | Note 2 . Acquisitions and Dispositions The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. 2015 On September 30, 2015, the company acquired, within the Laboratory Products and Services segment, Alfa Aesar, a U.K.-based global manufacturer of research chemicals from Johnson Matthey Plc, for £257 million ( $392 million ) in cash. The acquisition expanded the company’s existing portfolio of chemicals, solvents and reagents. Revenues of Alfa Aesar were approximately £78 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $118 million was allocated to goodwill, $41 million of which is tax deductible. In February 2015, the company acquired, within the Life Sciences Solutions segment, Advanced Scientifics, Inc., a North America-based global provider of single-use systems and process equipment for bioprocess production, for approximately $289 million . The acquisition expanded the company’s bioprocessing offerings. Revenues of Advanced Scientifics were approximately $80 million in 2014. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $125 million was allocated to goodwill, all of which is tax deductible. In addition, in 2015, the company acquired, within the Analytical Instruments segment, selected assets of certain existing channel partners for its chromatography and mass spectrometry products and, within the Specialty Diagnostics segment, an existing channel partner for its transplant diagnostics products, for an aggregate purchase price of $19 million . During 2015, the company made contingent purchase price payments totaling $11 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) Alfa Aesar Advanced Scientifics Other Total Purchase Price Cash paid $ 392.3 $ 289.1 $ 18.5 $ 699.9 Purchase price payable 0.5 — 1.3 1.8 Cash acquired (3.7 ) (0.3 ) (1.3 ) (5.3 ) $ 389.1 $ 288.8 $ 18.5 $ 696.4 Net Assets Acquired Current assets $ 102.3 $ 28.0 $ 4.6 $ 134.9 Property, plant and equipment 39.4 10.6 0.1 50.1 Definite-lived intangible assets: Customer relationships 137.1 90.0 7.9 235.0 Product technology — 36.5 — 36.5 Tradenames and other 15.6 2.3 — 17.9 Goodwill 118.3 125.1 8.9 252.3 Other assets 4.3 0.2 — 4.5 Liabilities assumed (27.9 ) (3.9 ) (3.0 ) (34.8 ) $ 389.1 $ 288.8 $ 18.5 $ 696.4 T he weighted-average amortization periods for definite-lived intangible assets acquired in 2015 are 15 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 14 years . 2014 On February 3, 2014, the company completed the acquisition of Life Technologies Corporation, within the Life Sciences Solutions segment, for a total purchase price of $15.30 billion , net of cash acquired, including the assumption of $2.28 billion of debt. The company issued debt and common stock in late 2013 and early 2014 to partially fund the acquisition (Notes 9 and 11 ). Life Technologies provides innovative products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. The acquisition of Life Technologies extends customer reach and broadens the company’s offerings in biosciences; genetic, medical and applied sciences; and bioproduction. Life Technologies’ revenues totaled $3.87 billion in 2013. The purchase price exceeded the fair value of the identifiable net assets and, accordingly, $7.17 billion was allocated to goodwill, substantially none of which is tax deductible. In addition, in 2014, the company acquired an animal health diagnostics company, within the Life Sciences Solutions segment, and a distributor of analytical instruments, within the Analytical Instruments segment, for an aggregate of $36 million , net of cash acquired. During 2014, the company made contingent purchase price payments totaling $13 million for acquisitions completed prior to 2014. 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 2014 acquisitions are as follows: (In millions) Life Technologies Other Total Purchase Price Cash paid $ 13,487.3 $ 47.3 $ 13,534.6 Debt assumed 2,279.5 — 2,279.5 Cash acquired (463.0 ) (11.5 ) (474.5 ) $ 15,303.8 $ 35.8 $ 15,339.6 Net Assets Acquired Current assets $ 1,755.5 $ 18.5 $ 1,774.0 Property, plant and equipment 748.1 1.1 749.2 Definite-lived intangible assets: Customer relationships 5,883.0 7.0 5,890.0 Product technology 2,626.9 5.5 2,632.4 Tradenames and other 619.1 — 619.1 Indefinite-lived intangible assets: In-process research and development 58.4 — 58.4 Goodwill 7,167.0 12.5 7,179.5 Other assets 246.7 0.1 246.8 Liabilities assumed (3,800.9 ) (8.9 ) (3,809.8 ) $ 15,303.8 $ 35.8 $ 15,339.6 The weighted-average amortization periods for intangible assets acquired in 2014 are 16 years for customer relationships, 11 years for product technology and 9 years for definite-lived tradenames and other. The weighted average amortization period for all definite-lived intangible assets acquired in 2014 is 14 years. 2013 During 2013, the company made contingent purchase price and post closing adjustment payments totaling $40 million for acquisitions completed prior to 2013. The contingent purchase price payments were contractually due to the sellers upon achievement of certain performance criteria at the acquired businesses. Unaudited Pro Forma Information Had the acquisition of Life Technologies been completed as of the beginning of 2013, the company’s pro forma results for 2014 and 2013 would have been as follows: (In millions except per share amounts) 2014 2013 Revenues $ 17,169.2 $ 16,831.4 Income from Continuing Operations $ 2,203.2 $ 1,008.4 Net Income $ 2,202.1 $ 1,002.6 Earnings per Share from Continuing Operations: Basic $ 5.52 $ 2.55 Diluted $ 5.46 $ 2.53 Earnings per Share: Basic $ 5.51 $ 2.54 Diluted $ 5.46 $ 2.51 Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination to reflect amounts as if the acquisition had been completed as of the beginning of 2013, as follows: • Pre-tax charge to selling, general and administrative expenses of $231 million in 2013, for acquisition-related transaction costs incurred by the company and Life Technologies; • Pre-tax charge to cost of revenues of $301 million in 2013, for the sale of Life Technologies inventories revalued at the date of acquisition; • Pre-tax charge of $92 million in 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition; • Pre-tax charge of $38 million in 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and • Pre-tax reduction of revenues of $8 million and $24 million in 2014 and 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value. These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. The company’s results would not have been materially different from its pro forma results had the company’s other 2014 or 2015 acquisitions occurred at the beginning of 2013 or 2014, respectively. Dispositions On August 15, 2014, the company sold its Cole-Parmer specialty channel business, part of the Laboratory Products and Services segment, for $480 million in cash, net of cash divested. The sale of this business resulted in a pre-tax gain of approximately $134 million , included in restructuring and other costs (income), net. Due to the low tax basis in the Cole-Parmer business, the tax provision related to the sale slightly exceeded the pre-tax gain, resulting in a $4 million after-tax loss on the sale of the business. Revenues and operating income of the business sold were approximately $232 million and $43 million , respectively, for the year ended December 31, 2013 and $149 million and $28 million , respectively, in 2014 through the date of sale. The assets and liabilities of the Cole-Parmer business were as follows at June 28, 2014: June 28, (In millions) 2014 Current Assets $ 39.5 Long-term Assets 400.3 Current Liabilities 15.5 Long-term Liabilities 84.1 On March 21, 2014, the company sold its legacy sera and media, gene modulation and magnetic beads businesses to GE Healthcare for $1.06 billion , net of cash divested, or $0.8 billion of after-tax proceeds. The businesses were included principally in the Life Sciences Solutions segment. Divestiture of these businesses was a condition to obtaining antitrust approval for the Life Technologies acquisition. Revenues and operating income of the businesses sold were approximately $250 million and $64 million , respectively, for the year ended December 31, 2013 and $61 million and $12 million , respectively, in 2014 through the date of sale. The sale of these businesses resulted in a pre-tax gain of approximately $761 million , included in restructuring and other costs (income), net. The assets and liabilities of the businesses sold in March 2014 were as follows at December 31, 2013: December 31, (In millions) 2013 Current Assets $ 74.3 Long-term Assets 229.3 Current Liabilities 6.4 Long-term Liabilities 22.0 |
Business Segment and Geographic
Business Segment and Geographical Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment and Geographical Information [Text Block] | Note 3 . Business Segment and Geographical Information The company’s financial performance is reported in four segments. A description of each segment follows. Life Sciences Solutions: provides an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, academic, and government markets. Analytical Instruments: provides a broad offering of instruments, consumables, software and services that are used for a range of applications in the laboratory, on the production line and in the field. These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory. Specialty Diagnostics: provides a wide range of diagnostic test kits, reagents, culture media, instruments and associated products used to increase the speed and accuracy of diagnoses. These products are used by customers in healthcare, clinical, pharmaceutical, industrial and food safety laboratories. Laboratory Products and Services: provides virtually everything needed for the laboratory, including a combination of self-manufactured and sourced products and an extensive service offering. These products and services are used by customers in pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory. The company’s management evaluates segment operating performance based on operating income before certain charges/credits to cost of revenues and selling, general and administrative expenses, principally associated with acquisition accounting; restructuring and other costs/income including costs arising from facility consolidations such as severance and abandoned lease expense and gains and losses from the sale of real estate and product lines; and amortization of acquisition-related intangible assets. The company uses this measure because it helps management understand and evaluate the segments’ core operating results and facilitates comparison of performance for determining compensation. Business Segment Information (In millions) 2015 2014 2013 Revenues Life Sciences Solutions $ 4,439.4 $ 4,195.7 $ 712.5 Analytical Instruments 3,208.2 3,252.2 3,154.2 Specialty Diagnostics 3,243.9 3,343.6 3,191.7 Laboratory Products and Services 6,661.5 6,601.5 6,398.8 Eliminations (587.6 ) (503.4 ) (366.9 ) Consolidated revenues 16,965.4 16,889.6 13,090.3 Segment Income (a) Life Sciences Solutions 1,336.9 1,214.9 169.7 Analytical Instruments 612.8 581.1 558.7 Specialty Diagnostics 872.9 916.0 863.7 Laboratory Products and Services 999.1 982.8 960.4 Subtotal reportable segments (a) 3,821.7 3,694.8 2,552.5 Cost of revenues charges (9.1 ) (327.6 ) (28.6 ) Selling, general and administrative charges, net (46.3 ) (130.7 ) (73.5 ) Restructuring and other (costs) income, net (115.3 ) 598.2 (77.7 ) Amortization of acquisition-related intangible assets (1,314.8 ) (1,331.7 ) (763.1 ) Consolidated operating income 2,336.2 2,503.0 1,609.6 Other expense, net (b) (399.8 ) (415.8 ) (290.1 ) Income from continuing operations before income taxes $ 1,936.4 $ 2,087.2 $ 1,319.5 Depreciation Life Sciences Solutions $ 146.3 $ 131.6 $ 17.1 Analytical Instruments 38.9 39.0 41.2 Specialty Diagnostics 73.7 76.7 73.9 Laboratory Products and Services 114.5 105.8 104.6 Consolidated depreciation $ 373.4 $ 353.1 $ 236.8 (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. (In millions) 2015 2014 2013 Total Assets Life Sciences Solutions $ 17,884.3 $ 19,257.0 $ 1,115.5 Analytical Instruments 4,763.1 4,133.3 4,321.4 Specialty Diagnostics 7,183.2 8,047.7 9,086.0 Laboratory Products and Services 10,266.6 10,875.7 11,523.5 Corporate/Other (c) 791.8 538.4 5,817.0 Consolidated total assets $ 40,889.0 $ 42,852.1 $ 31,863.4 Capital Expenditures Life Sciences Solutions $ 85.1 $ 104.4 $ 19.3 Analytical Instruments 59.5 38.1 33.5 Specialty Diagnostics 75.9 84.7 77.9 Laboratory Products and Services 97.7 102.1 94.7 Corporate/Other 104.7 98.3 57.0 Consolidated capital expenditures $ 422.9 $ 427.6 $ 282.4 (c) Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. Geographical Information (In millions) 2015 2014 2013 Revenues (d) United States $ 8,607.3 $ 8,147.7 $ 6,617.0 China 1,376.4 1,223.1 896.6 Germany 899.7 1,005.9 758.6 United Kingdom 778.1 754.5 532.4 Other 5,303.9 5,758.4 4,285.7 Consolidated revenues $ 16,965.4 $ 16,889.6 $ 13,090.3 Long-lived Assets (e) United States $ 1,532.0 $ 1,501.7 $ 892.9 United Kingdom 261.1 265.5 224.3 Germany 169.4 170.3 165.9 Other 486.3 489.0 484.3 Consolidated long-lived assets $ 2,448.8 $ 2,426.5 $ 1,767.4 (d) Revenues are attributed to countries based on customer location. (e) Includes property, plant and equipment, net. |
Other Expense, Net
Other Expense, Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
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: (In millions) 2015 2014 2013 Interest Income $ 30.6 $ 47.7 $ 28.0 Interest Expense (414.9 ) (479.9 ) (262.1 ) Other Items, Net (15.5 ) 16.4 (56.0 ) Other Expense, Net $ (399.8 ) $ (415.8 ) $ (290.1 ) Other Items, Net I n 2015 , other items, net includes costs of $7.5 million associated with entering into interest rate swap arrangements and losses of $12 million for the early extinguishment of debt. In 2014 , other items, net includes $9 million of net gains from equity and available-for-sale investments. In 2013 , other items, net includes $74 million of charges related to amortization of fees paid to obtain bridge financing commitments related to the Life Technologies acquisition offset in part by $5 million of gains from sales of equity investments. Additionally, the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans, resulting in realization of a previously unrecognized gain of $11 million . |
Stock-based Compensation Expens
Stock-based Compensation Expense | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Expense [Text Block] | Note 5 . Stock-based Compensation Expense The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. The components of stock-based compensation expense are primarily included in selling, general and administrative expenses and are as follows: (In millions) 2015 2014 2013 Stock Option Awards $ 43.7 $ 45.7 $ 41.4 Restricted Unit Awards 81.3 71.4 49.5 Total Stock-based Compensation Expense $ 125.0 $ 117.1 $ 90.9 Certain pre-acquisition equity awards of Life Technologies were converted to rights to receive future cash payments over the remaining vesting period. In addition to stock-based compensation, which is included in the above table, in 2015 and 2014 , the company recorded expense for cash-in-lieu of equity of $22 million and $35 million , respectively related to these arrangements. The company has elected to recognize any excess income tax benefits from stock option exercises and restricted stock unit vestings in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value in the accompanying balance sheet were $63 million , $65 million and $47 million , respectively, in 2015 , 2014 and 2013 . Stock Options The company’s practice is to grant stock options at fair market value. Options vest over 3 - 5 years with terms of 7 - 10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 2015 2014 2013 Expected Stock Price Volatility 24 % 25 % 33 % Risk Free Interest Rate 1.4 % 1.3 % 0.7 % Expected Life of Options (years) 4.3 4.4 4.5 Expected Annual Dividend 0.5 % 0.5 % 0.8 % The weighted average per share grant-date fair values of options granted during 2015 , 2014 and 2013 were $27.04 , $26.89 and $19.84 , respectively. The total intrinsic value of options exercised during the same periods was $181 million , $208 million and $190 million , respectively. The intrinsic value is the difference between the market value of the shares on the exercise date and the exercise price of the option. A summary of the company’s option activity for the year ended December 31, 2015 is presented below: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2014 10.5 $ 71.34 Granted 1.9 130.98 Exercised (2.3 ) 53.79 Canceled/Expired (0.5 ) 107.90 Outstanding at December 31, 2015 9.6 $ 85.30 4.0 Vested and Unvested Expected to Vest at December 31, 2015 9.2 $ 83.81 3.9 $ 534.6 Exercisable at December 31, 2015 5.0 $ 61.28 2.8 $ 400.8 (a) Market price per share on December 31, 2015 was $141.85 . The intrinsic value is zero for options with exercise prices above the market price. As of December 31, 2015 , there was $72 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 2.4 years . Restricted Share/Unit Awards Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3 - 4 years , assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. A summary of the company’s restricted unit activity for the year ended December 31, 2015 is presented below: Units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2014 1,805 $ 87.09 Granted 931 126.51 Vested (1,022 ) 78.36 Forfeited (153 ) 114.46 Unvested at December 31, 2015 1,561 $ 113.64 The total fair value of shares vested during 2015 , 2014 and 2013 was $80 million , $61 million and $47 million , respectively. As of December 31, 2015 , there was $118 million of total unrecognized compensation cost related to unvested restricted stock unit awards. The cost is expected to be recognized through 2019 with a weighted average amortization period of 2.0 years . Employee Stock Purchase Plans Qualifying employees are eligible to participate in an employee stock purchase plan sponsored by the company. Shares may be purchased under the program at 95% of the fair market value at the end of the purchase period and the shares purchased are not subject to a holding period. Shares are purchased through payroll deductions of up to 10% of each participating employee’s gross wages. The company issued 151,000 , 119,000 and 100,000 shares, respectively, of its common stock for the 2015 , 2014 and 2013 plan years, which ended on December 31. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans [Text Block] | Note 6 . Pension and Other Postretirement Benefit Plans 401(k) Savings Plan and Other Defined Contribution Plans The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both the employee and the company. Company contributions are based on the level of employee contributions. Company contributions to these plans are based on formulas determined by the company. In 2015 , 2014 and 2013 , the company charged to expense $131 million , $118 million and $87 million , respectively, related to its defined contribution plans. Defined Benefit Pension Plans Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis. The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. During 2015 , 2014 and 2013 , the company made cash contributions of approximately $38 million , $50 million and $38 million , respectively. Additionally, in 2013 the company irrevocably contributed appreciated available-for-sale investments that had a fair value of $27 million to two of its U.K. defined benefit plans. Contributions to the plans included in the following table are estimated at between $30 and $50 million for 2016 . The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans and postretirement benefit plans: Domestic Pension Benefits Non-U.S. Pension Benefits Postretirement Benefits (In millions) 2015 2014 2015 2014 2015 2014 Change in Projected Benefit Obligations Benefit Obligation at Beginning of Year $ 1,291.1 $ 449.2 $ 1,075.4 $ 857.9 $ 55.3 $ 38.7 Business combinations — 849.0 52.7 135.1 — 14.9 Service costs — 2.0 25.2 20.0 0.6 0.6 Interest costs 50.0 53.1 27.6 36.7 1.9 2.1 Settlements — (58.2 ) (7.4 ) (19.3 ) — — Plan participants' contributions — — 4.6 3.8 1.3 5.3 Actuarial (gains) losses (48.7 ) 76.7 (39.1 ) 170.3 (2.2 ) 4.0 Benefits paid (79.3 ) (80.7 ) (29.6 ) (32.0 ) (5.4 ) (8.4 ) Currency translation and other — — (73.4 ) (97.1 ) (2.7 ) (1.9 ) Benefit Obligation at End of Year $ 1,213.1 $ 1,291.1 $ 1,036.0 $ 1,075.4 $ 48.8 $ 55.3 Change in Fair Value of Plan Assets Fair Value of Plan Assets at Beginning of Year $ 1,047.6 $ 374.4 $ 825.8 $ 670.7 $ 8.6 $ — Business combinations — 687.1 32.1 96.5 — 8.0 Actual return on plan assets (28.3 ) 111.4 12.4 141.0 (1.1 ) 0.6 Employer contribution 5.4 13.6 28.0 32.9 4.1 3.1 Settlements — (58.2 ) (7.4 ) (19.3 ) — — Plan participants' contributions — — 4.6 3.8 1.3 5.3 Benefits paid (79.3 ) (80.7 ) (29.6 ) (32.0 ) (5.4 ) (8.4 ) Currency translation and other — — (48.7 ) (67.8 ) — — Fair Value of Plan Assets at End of Year $ 945.4 $ 1,047.6 $ 817.2 $ 825.8 $ 7.5 $ 8.6 Funded Status $ (267.7 ) $ (243.5 ) $ (218.8 ) $ (249.6 ) $ (41.3 ) $ (46.7 ) Accumulated Benefit Obligation $ 1,213.1 $ 1,258.3 $ 983.4 $ 1,014.5 Amounts Recognized in Balance Sheet Non-current asset $ — $ — $ 72.7 $ 61.8 $ 3.8 $ 4.8 Current liability (2.9 ) (2.8 ) (5.7 ) (5.6 ) (2.6 ) (2.7 ) Non-current liability (264.8 ) (240.7 ) (285.8 ) (305.8 ) (42.5 ) (48.8 ) Net amount recognized $ (267.7 ) $ (243.5 ) $ (218.8 ) $ (249.6 ) $ (41.3 ) $ (46.7 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 163.0 $ 129.7 $ 133.1 $ 161.9 $ 4.7 $ 4.6 Prior service credits — — (1.6 ) — (0.2 ) (0.3 ) Net amount recognized $ 163.0 $ 129.7 $ 131.5 $ 161.9 $ 4.5 $ 4.3 The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2015 and 2014 and are as follows: Domestic Pension Benefits Non-U.S. Pension Benefits Postretirement Benefits 2015 2014 2015 2014 2015 2014 Weighted Average Assumptions Used to Determine Projected Benefit Obligations Discount rate 4.25 % 4.00 % 2.83 % 2.69 % 4.12 % 3.76 % Average rate of increase in employee compensation 4.00 % 4.00 % 3.06 % 3.03 % — — Initial healthcare cost trend rate 6.82 % 7.07 % Ultimate healthcare cost trend rate 5.21 % 5.22 % The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table: Domestic Pension Benefits Non-U.S. Pension Benefits 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions Used to Determine Net Benefit Cost (Income) Discount rate 4.00 % 4.46 % 4.00 % 2.69 % 3.91 % 3.65 % Average rate of increase in employee compensation 4.00 % 4.00 % 4.00 % 3.03 % 3.22 % 2.94 % Expected long-term rate of return on assets 7.00 % 7.00 % 7.00 % 4.21 % 4.88 % 4.96 % The ultimate healthcare cost trend rates for the postretirement benefit plans are expected to be reached between 2016 and 2033 . The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases. The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in 2016 are not material. The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows: Pension Plans (In millions) 2015 2014 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 1,739.2 $ 1,820.2 Fair value of plan assets 1,180.0 1,265.3 The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows: Pension Plans (In millions) 2015 2014 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 1,694.3 $ 1,738.0 Fair value of plan assets 1,179.7 1,265.3 The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations. The net periodic pension benefit cost (income) includes the following components: Domestic Pension Benefits Non-U.S. Pension Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of Net Benefit Cost (Income) Service cost-benefits earned $ — $ 2.0 $ — $ 25.2 $ 20.0 $ 19.5 Interest cost on benefit obligation 50.0 53.1 19.0 27.6 36.7 29.0 Expected return on plan assets (54.3 ) (60.8 ) (24.3 ) (33.6 ) (34.4 ) (29.0 ) Amortization of actuarial net loss 0.6 3.7 5.2 9.3 4.2 6.3 Amortization of prior service benefit — — — (0.2 ) (0.1 ) (0.3 ) Settlement/curtailment loss — 25.5 — 1.0 4.1 0.1 Special termination benefits — — — 1.3 0.3 1.1 Net periodic benefit cost (income) $ (3.7 ) $ 23.5 $ (0.1 ) $ 30.6 $ 30.8 $ 26.7 The net periodic postretirement benefit cost was not material in 2015 , 2014 and 2013 . The company offered to settle pension obligations for former employee participants in certain defined benefit plans in 2014. The company recorded a charge of $30 million associated with those plan participants electing to accept the settlement offer. Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2015 . Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: (In millions) Domestic Pension Benefits Non-U.S. Pension Benefits Post- retirement Benefits Expected Benefit Payments 2016 $ 82.1 $ 30.0 $ 2.9 2017 84.7 28.4 2.9 2018 80.6 29.7 2.9 2019 80.3 32.6 2.9 2020 80.2 34.7 2.8 2021-2025 390.1 198.6 12.9 A change in the assumed healthcare cost trend rate by one percentage point effective January 2015 would not have caused a material change in the accumulated postretirement benefit obligation as of December 31, 2015 and the 2015 aggregate of service and interest costs. Domestic Pension Plan Assets The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 1% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 27% to funds investing in U.S. equities, including a sub-allocation of approximately 2% to real estate-related equities, approximately 24% to funds investing in international equities and approximately 47% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. Non-U.S. Pension Plan Assets The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 35% - 70% for equities and 30% - 65% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 4% - 18% for equities, 45% - 65% for fixed income, 10% - 20% for hedge funds, 4% - 5% for multi-asset funds and 20% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. The fair values of the company’s plan assets at December 31, 2015 and 2014 , by asset category are as follows: December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Domestic Pension Plan Assets U.S. equity funds $ 252.3 $ — $ 252.3 $ — International equity funds 231.5 — 231.5 — Fixed income funds 442.5 — 442.5 — Private equity funds 3.3 — — 3.3 Money market funds 15.8 — 15.8 — Total Domestic Pension Plans $ 945.4 $ — $ 942.1 $ 3.3 Non-U.S. Pension Plan Assets Equity funds $ 122.8 $ 57.3 $ 65.5 $ — Fixed income funds 287.7 20.3 267.4 — Hedge funds 67.5 — 67.5 — Multi-asset funds 17.4 — 17.4 — Derivative funds 135.0 — 135.0 — Insurance contracts 153.6 — 153.6 — Cash / money market funds 33.2 32.8 0.4 — Total Non-U.S. Pension Plans $ 817.2 $ 110.4 $ 706.8 $ — December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2014 (Level 1) (Level 2) (Level 3) Domestic Pension Plan Assets U.S. equity funds $ 290.9 $ — $ 290.9 $ — International equity funds 253.9 — 253.9 — Fixed income funds 462.5 — 462.5 — Private equity funds 4.7 — — 4.7 Money market funds 35.6 — 35.6 — Total Domestic Pension Plans $ 1,047.6 $ — $ 1,042.9 $ 4.7 Non-U.S. Pension Plan Assets Equity funds $ 129.6 $ 55.0 $ 74.6 $ — Fixed income funds 341.1 21.1 320.0 — Hedge funds 69.1 — 69.1 — Multi-asset funds 13.6 — 13.6 — Derivative funds 105.3 — 105.3 — Insurance contracts 136.5 — 136.5 — Cash / money market funds 30.6 30.2 0.4 — Total Non-U.S. Pension Plans $ 825.8 $ 106.3 $ 719.5 $ — The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 12 ). Certain pension plan assets are measured using net asset value per share (or its equivalent) and are reported as a level 2 investment above due to the company’s ability to redeem its investment either at the balance sheet date or within limited time restrictions. The fair value of the company’s private equity investments, which are classified as level 3 investments, are based on valuations provided by the respective funds. There was no significant activity within the level 3 pension plan assets during the years presented. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 7 . Income Taxes The components of income from continuing operations before provision for income taxes are as follows: (In millions) 2015 2014 2013 U.S. $ 851.7 $ 1,153.3 $ 914.9 Non-U.S. 1,084.7 933.9 404.6 Income from Continuing Operations $ 1,936.4 $ 2,087.2 $ 1,319.5 The components of the provision for income taxes of continuing operations are as follows: (In millions) 2015 2014 2013 Current Income Tax Provision Federal $ 184.4 $ 444.5 $ 242.5 Non-U.S. 362.7 404.8 210.1 State 8.5 35.0 13.5 555.6 884.3 466.1 Deferred Income Tax Provision (Benefit) Federal $ (296.4 ) $ (362.4 ) $ (241.3 ) Non-U.S. (288.2 ) (297.3 ) (178.8 ) State (14.9 ) (32.9 ) (5.6 ) (599.5 ) (692.6 ) (425.7 ) Provision for (benefit from) income taxes $ (43.9 ) $ 191.7 $ 40.4 The income tax provision (benefit) included in the accompanying statement of income is as follows: (In millions) 2015 2014 2013 Continuing Operations $ (43.9 ) $ 191.7 $ 40.4 Discontinued Operations (2.9 ) (0.6 ) (3.7 ) $ (46.8 ) $ 191.1 $ 36.7 The company receives a tax deduction upon the exercise of non-qualified stock options by employees, or the vesting of restricted stock units held by employees, for the difference between the exercise price and the market price of the underlying common stock on the date of exercise. The provision for income taxes that is currently payable does not reflect $63 million , $65 million and $47 million of such benefits that have been allocated to capital in excess of par value in 2015 , 2014 and 2013 , respectively. 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: (In millions) 2015 2014 2013 Provision for Income Taxes at Statutory Rate $ 677.7 $ 730.5 $ 461.8 Increases (Decreases) Resulting From: Foreign rate differential (274.5 ) (278.4 ) (180.2 ) Income tax credits (316.4 ) (239.9 ) (227.6 ) Manufacturing deduction (37.9 ) (45.9 ) (33.6 ) Singapore tax holiday (20.8 ) (34.0 ) — Impact of change in tax laws and apportionment on deferred taxes (37.5 ) (21.0 ) 3.3 Nondeductible expenses 9.4 23.4 19.6 Provision (reversal) of tax reserves, net 18.0 28.0 (4.3 ) Basis difference on disposal of businesses — 18.7 — Tax return reassessments and settlements (53.5 ) (3.6 ) 10.5 State income taxes, net of federal tax (7.4 ) 9.3 (3.8 ) Other, net (1.0 ) 4.6 (5.3 ) Provision for (benefit from) income taxes $ (43.9 ) $ 191.7 $ 40.4 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 $111 million , offset in part by additional U.S. income taxes of $46 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2015. The company also implemented foreign tax credit planning in Sweden which resulted in $80 million of foreign tax credits, with no related incremental U.S. income tax expense. Also in 2015, the company recorded benefits totaling $54 million related to additional prior year foreign tax and other credits as well as restructuring and other costs associated with the 2014 acquisition of Life Technologies. In 2014, non-U.S. subsidiaries of the company made cash and deemed distributions to the company’s U.S. operations which resulted in no net tax cost. As a result of these distributions, the company generated U.S. foreign tax credits of $172 million , offset in part by additional U.S. income taxes of $55 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2014. In 2013, non-U.S. subsidiaries of the company made cash and deemed distributions to the company’s U.S. operations which resulted in no net tax cost. As a result of these distributions, the company generated U.S. foreign tax credits of $160 million , offset in part by additional U.S. income taxes of $56 million on the related foreign income which reduced the benefit from the foreign tax rate differential in 2013. In addition, the impact of tax law changes in certain foreign jurisdictions reduced the benefit from the foreign rate differential in 2013. The company has significant activities in Singapore and has received considerable tax incentives. The local taxing authority granted the company pioneer company status which provides an incentive encouraging companies to undertake activities that have the effect of promoting economic or technological development in Singapore. This incentive equates to a tax exemption on earnings associated with most of the company’s manufacturing activities in Singapore and continues through December 31, 2021 . In 2015 and 2014 , the impact of this tax holiday decreased the annual effective tax rates by 1.1% and 1.6% , respectively, and increased diluted earnings per share by approximately $0.05 and $0.08 , respectively. Net deferred tax asset (liability) in the accompanying balance sheet consists of the following: (In millions) 2015 2014 Deferred Tax Asset (Liability) Depreciation and amortization $ (4,024.8 ) $ (4,468.8 ) Net operating loss and credit carryforwards 1,083.3 941.9 Reserves and accruals 185.9 163.1 Accrued compensation 312.9 339.1 Inventory basis difference 83.3 96.6 Other capitalized costs 167.9 116.0 Other, net 85.7 77.0 Deferred tax assets (liabilities), net before valuation allowance (2,105.8 ) (2,735.1 ) Less: Valuation allowance 108.9 116.2 Deferred tax assets (liabilities), net $ (2,214.7 ) $ (2,851.3 ) The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2015 , all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses, for which any subsequently recognized tax benefits will reduce income tax expense. At December 31, 2015 , the company had federal, state and non-U.S. net operating loss carryforwards of $109 million , $1.24 billion and $2.32 billion , respectively. Use of the carryforwards is limited based on the future income of certain subsidiaries. The federal and state net operating loss carryforwards expire in the years 2016 through 2035 . Of the non-U.S. net operating loss carryforwards, $319 million expire in the years 2016 through 2035 , and the remainder do not expire. The company also had $379 million of federal foreign tax credit carryforwards as of December 31, 2015 , which expire in the years 2017 through 2025 . A provision has not been made for U.S. or additional non-U.S. taxes on $8.64 billion of undistributed earnings of international subsidiaries that could be subject to taxation if remitted to the U.S. because the company plans to keep these amounts permanently reinvested overseas except for instances where the company can remit such earnings to the U.S. without an associated net tax cost. It is not practicable to estimate the unrecognized tax liability due to i) the extent of uncertainty as to which remittance structure would be used (among several possibilities) should a decision be made to repatriate; ii) the availability and the complexity of calculating foreign tax credits; and iii) the implications of indirect taxes, including withholding taxes that could potentially be required depending on the repatriation structure. Unrecognized Tax Benefits As of December 31, 2015 , the company had $350 million of unrecognized tax benefits which, if recognized, would reduce the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: (In millions) 2015 2014 2013 Balance at beginning of year $ 214.1 $ 134.2 $ 164.8 Additions due to acquisitions — 54.3 — Additions for tax positions of current year 14.0 35.3 12.6 Additions for tax positions of prior years 121.2 38.3 15.6 Closure of tax years (5.2 ) — (7.2 ) Settlements 5.6 (48.0 ) (51.6 ) Balance at end of year $ 349.7 $ 214.1 $ 134.2 During 2015, the company’s unrecognized tax benefits increased $70 million due to the utilization of deferred tax assets and $28 million relating to foreign net operating losses on which the company has a deferred tax asset established. This increase was offset in part by a reduction of $10 million from a resolution of an IRS audit of Life Technologies for which a reserve had previously been established. Of the total $350 million of liability, $3 million is classified as a current liability and the remainder is long-term. During 2014, the company acquired Life Technologies which resulted in an increase in the company’s liability for unrecognized tax benefits of $54 million . The liability also increased due to the provision of tax reserves, primarily related to the sale of the divested businesses and a tax matter in a foreign jurisdiction. During 2014, the company settled the IRS audit relating to the 2010 and 2011 tax years which resulted in a decrease in the company’s liability for unrecognized tax benefits of $48 million . During 2013, the company settled the IRS audit relating to the 2008 and 2009 tax years which resulted in a decrease in the company’s liability for unrecognized tax benefits of $9 million . The liability was also reduced by $21 million due to the company’s withdrawal of a U.S. court case relating to the 2001 to 2003 tax years. Additionally, in 2013, the company benefited from a favorable resolution of a court case in Sweden which resulted in a decrease in the liability for unrecognized tax benefits of $21 million . Of the total $21 million , $17 million reduced income tax expense. The company classified interest and penalties related to unrecognized tax benefits as income tax expense. The total amount of interest and penalties related to uncertain tax positions and recognized in the balance sheet as of December 31, 2015 and 2014 was $19 million and $16 million , respectively. The company conducts business globally and, as a result, Thermo Fisher or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, the United Kingdom and the United States. With few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S., income tax examinations for years before 2011. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 8 . Earnings per Share (In millions except per share amounts) 2015 2014 2013 Income from Continuing Operations $ 1,980.3 $ 1,895.5 $ 1,279.1 Loss from Discontinued Operations (4.9 ) (1.1 ) (5.8 ) Net Income $ 1,975.4 $ 1,894.4 $ 1,273.3 Basic Weighted Average Shares 398.7 398.2 360.3 Plus Effect of: Equity forward arrangement — 0.2 1.8 Stock options and restricted units 3.2 3.9 3.7 Diluted Weighted Average Shares 401.9 402.3 365.8 Basic Earnings per Share: Continuing operations $ 4.97 $ 4.76 $ 3.55 Discontinued operations (0.01 ) — (0.02 ) Basic Earnings per Share $ 4.96 $ 4.76 $ 3.53 Diluted Earnings per Share: Continuing operations $ 4.93 $ 4.71 $ 3.50 Discontinued operations (0.01 ) — (0.02 ) Diluted Earnings per Share $ 4.92 $ 4.71 $ 3.48 Options to purchase 3.4 million , 2.4 million and 1.0 million shares of common stock were not included in the computation of diluted earnings per share for 2015 , 2014 and 2013 , respectively, because their effect would have been antidilutive. |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements [Text Block] | Note 9 . Debt and Other Financing Arrangements Effective Interest Rate at December 31, December 31, December 31, (Dollars in millions) 2015 2015 2014 Commercial Paper 1.14 % $ 49.6 $ — Term Loan — 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 — 400.0 3.20% 5-Year Senior Notes, Due 3/1/2016 — 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 0.91 % 900.0 900.0 1.85% 5-Year Senior Notes, Due 1/15/2018 1.85 % 500.0 500.0 2.15% 3-Year Senior Notes, Due 12/14/2018 2.15 % 450.0 — 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 3.34 % 300.0 300.0 1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated) 1.51 % 461.6 — 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 3.12 % 1,000.0 1,000.0 3.60% 10-Year Senior Notes, Due 8/15/2021 2.89 % 1,100.0 1,100.0 3.30% 7-Year Senior Notes, Due 2/15/2022 3.30 % 800.0 800.0 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) 2.18 % 543.1 — 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 % 695.2 774.3 3.65% 10-Year Senior Notes, Due 12/15/2025 3.67 % 350.0 — 5.30% 30-Year Senior Notes, Due 2/1/2044 5.30 % 400.0 400.0 Other 16.3 23.2 Total Borrowings at Par Value 12,415.8 14,422.5 Fair Value Hedge Accounting Adjustments 6.2 (0.5 ) Unamortized Premium, Net 104.7 142.0 Total Borrowings at Carrying Value 12,526.7 14,564.0 Less: Short-term Obligations and Current Maturities 1,052.8 2,212.4 Long-term Obligations $ 11,473.9 $ 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. As of December 31, 2015 , the annual repayment requirements for debt obligations are as follows: (In millions) 2016 $ 1,053.0 2017 902.2 2018 952.2 2019 901.9 2020 1,513.6 2021 and Thereafter 7,092.9 $ 12,415.8 As of December 31, 2015 , short-term obligations and current maturities of long-term obligations in the accompanying balance sheet included $50 million of commercial paper, short-term bank borrowings and borrowings under lines of credit of certain of the company’s subsidiaries. The weighted average interest rate for short-term borrowings was 1.14% at December 31, 2015 . The company had no outstanding short-term borrowings at December 31, 2014 . In addition to available borrowings under the company’s revolving credit agreements, discussed below, the company had unused lines of credit of $122 million as of December 31, 2015 . These unused lines of credit generally provide for short-term unsecured borrowings at various interest rates. 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 3.5 to 1.0 and an Interest Coverage Ratio of EBITDA (as defined in the agreement) to interest expense of 3.0 to 1.0. The credit agreement permits the company to use the facility for working capital; acquisitions; repurchases of common stock, debentures and other securities; the refinancing of debt; and general corporate purposes. The credit agreement allows for the issuance of letters of credit, which reduces the amount available for borrowing. If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of December 31, 2015 , no borrowings were outstanding under the facility, although available capacity was reduced by approximately $65 million as a result of outstanding letters of credit. Commercial Paper Program The company has a U.S. commercial paper program pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Maturities may not exceed 397 days from the date of issue and the CP Notes rank pari passu with all of the company’s other unsecured and unsubordinated indebtedness. CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. CP Notes are issued at a discount from par, or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. As of December 31, 2015 , outstanding borrowings under this program were $50 million , with a weighted average remaining period to maturity of 47 days and are classified as short-term obligations in the accompanying balance sheet. Term Loan In connection with the acquisition of Life Technologies, the company entered into an unsecured term loan agreement. The term loan agreement called 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. As of December 31, 2015 , all borrowings under the term loan agreement had been repaid. The company recorded a charge of $3 million for the early extinguishment of this debt in 2015. Senior Notes Interest on the euro-denominated senior notes is payable annually. Interest on each of the other senior notes is payable semi-annually. Each of the notes may be redeemed at any time at a redemption price of 100% of the principal amount plus a specified make-whole premium plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. In 2015, the company redeemed its 5% Senior Notes due June 1, 2015, 3.50% Senior Notes due January 1, 2016 and 3.20% Senior Notes due March 1, 2016 and recorded charges totaling $9 million for the early extinguishment of this debt. The 4.40% Senior Notes due 2015, 3.50% Senior Notes due 2016, 6.00% Senior Notes due 2020 and 5.00% Senior Notes due 2021 were assumed by the company in connection with the Life Technologies acquisition. The fair value of these senior notes on the date of acquisition exceeded the par value by $207 million which was recorded as part of the carrying value of the underlying debt and will be amortized as a reduction of interest expense over the remaining terms of the respective debt instruments. This adjustment does not affect cash interest payments. Interest Rate Swap Arrangements The company has entered into LIBOR-based interest rate swap arrangements with various banks on several of its outstanding senior notes. 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 and receive a fixed rate. The variable interest rates reset monthly. The swaps have been accounted for as fair value hedges of the notes. See Note 12 for additional information. The following table summarizes the outstanding interest rate swap arrangements on the company's senior notes at December 31, 2015 : Aggregate Notional Amount Pay Rate as of (Dollars in millions) Pay Rate December 31, Receive Rate 1.30% Senior Notes due 2017 $ 900.0 1-month LIBOR + 0.6616% 0.9054 % 1.30 % 4.70% Senior Notes due 2020 300.0 1-month LIBOR + 3.1560% 3.3998 % 4.70 % 4.50% Senior Notes due 2021 1,000.0 1-month LIBOR + 2.8680% 3.1118 % 4.50 % 3.60% Senior Notes due 2021 1,100.0 1-month LIBOR + 1.9370% 2.2675 % 3.60 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Note 10 . Commitments and Contingencies Operating Leases The company leases certain logistics, office, and manufacturing facilities. Income from continuing operations includes expense from operating leases of $181 million , $181 million and $128 million in 2015 , 2014 and 2013 , respectively. The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2015 : (In millions) 2016 $ 144.0 2017 119.3 2018 93.5 2019 71.7 2020 50.7 2021 and Thereafter 148.8 $ 628.0 Purchase Obligations The company has entered into unconditional purchase obligations, in the ordinary course of business, that include agreements to purchase goods, services or fixed assets and to pay royalties that are enforceable and legally binding and that specify all significant terms including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable at any time without penalty. The aggregate amount of the company’s unconditional purchase obligations totaled $361 million at December 31, 2015 and the majority of these obligations are expected to be settled during 2016 . Letters of Credit, Guarantees and Other Commitments Outstanding letters of credit and bank guarantees totaled $148 million at December 31, 2015 . Substantially all of these letters of credit and guarantees expire before 2021. Outstanding surety bonds and other guarantees totaled $36 million at December 31, 2015 . The expiration of these bonds and guarantees ranges through 2017. The letters of credit, bank guarantees and surety bonds principally secure performance obligations, and allow the holder to draw funds up to the face amount of the letter of credit, bank guarantee or surety bond if the applicable business unit does not perform as contractually required. The outstanding letters of credit, bank guarantees and surety bonds disclosed above include $18 million for businesses that have been sold. The company is a guarantor of pension plan obligations of a divested business. The purchaser of the divested business has agreed to pay for the pension benefits, however the company was required to guarantee payment of these pension benefits should the purchaser fail to do so. The amount of the guarantee at December 31, 2015 was $41 million . In connection with the sale of businesses of the company, the buyers have assumed certain contractual obligations of such businesses and have agreed to indemnify the company with respect to those assumed liabilities. In the event a third-party to a transferred contract does not recognize the transfer of obligations or a buyer defaults on its obligations under the transferred contract, the company could be liable to the third-party for such obligations. However, in such event, the company would be entitled to seek indemnification from the buyer. The company has funding commitments totaling $2 million at December 31, 2015 , related to investments it owns. In 2012, the company entered into an off-balance sheet build-to-suit financing arrangement with a financial institution to fund construction of an operating facility in the U.S. Upon completion of construction in 2014, a five-year lease commenced with options to purchase the facility or renew the lease for up to three 5-year terms. The company has agreed with the lessor to comply with certain financial covenants consistent with its other debt arrangements (Note 9 ), and has guaranteed the facility’s residual value at the end of the lease, up to a maximum of $58 million . In 2015, a leased operating facility was purchased by a financial institution and the company entered into a revised lease. The new lease has a term of 5 years with options to purchase the facility or renew the lease for up to three 5-year terms. The company has guaranteed the facility's residual value at the end of the lease, up to a maximum of $53 million . Indemnifications In conjunction with certain transactions, primarily divestitures, the company has agreed to indemnify the other parties with respect to certain liabilities related to the businesses that were sold or leased properties that were abandoned (e.g., retention of certain environmental, tax, employee and product liabilities). The scope and duration of such indemnity obligations vary from transaction to transaction. Where appropriate, an obligation for such indemnifications is recorded as a liability. Generally, a maximum obligation cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, historically the company has not made significant payments for these indemnifications. In connection with the company’s efforts to reduce the number of facilities that it occupies, the company has vacated some of its leased facilities or sublet them to third parties. When the company sublets a facility to a third-party, it remains the primary obligor under the master lease agreement with the owner of the facility. As a result, if a third-party vacates the sublet facility, the company would be obligated to make lease or other payments under the master lease agreement. The company believes that the financial risk of default by sublessors is individually and in the aggregate not material to the company’s financial position or results of operations. In connection with the sale of products in the ordinary course of business, the company often makes representations affirming, among other things, that its products do not infringe on the intellectual property rights of others and agrees to indemnify customers against third-party claims for such infringement. The company has not been required to make material payments under such provisions. Environmental Matters The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. The company records accruals for environmental remediation liabilities, based on current interpretations of environmental laws and regulations, when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated. The company calculates estimates based upon several factors, including reports prepared by environmental specialists and management’s knowledge of and experience with these environmental matters. The company includes in these estimates potential costs for investigation, remediation and operation and maintenance of cleanup sites. At December 31, 2015 and 2014 , the company’s total environmental liability was approximately $35 million and $32 million , respectively. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations or cash flows. Litigation and Related Contingencies There are various lawsuits and claims pending against the company involving product liability, intellectual property, employment, and contractual issues. The company determines the probability and range of possible loss based on the current status of each of these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The company establishes a liability that is an estimate of amounts expected to be paid in the future for events that have already occurred. The company accrues the most likely amount or at least the minimum of the range of probable loss when a range of probable loss can be estimated. The accrued liabilities are based on management’s judgment as to the probability of losses for asserted and unasserted claims and, where applicable, actuarially determined estimates. Accrual estimates are adjusted as additional information becomes known or payments are made. The amount of ultimate loss may differ from these estimates. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, and, with respect to certain pending litigation or claims where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed below, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more of the matters described below could have a material adverse effect on the company’s results of operations, financial position and cash flows. Product Liability, Workers Compensation and Other Personal Injury Matters The range of probable loss for product liability, workers compensation and other personal injury matters of the company’s continuing operations at December 31, 2015 , was approximately $246 million to $397 million on an undiscounted basis. The portion of these liabilities assumed in the 2006 merger with Fisher was recorded at its fair (present) value at the date of merger. The company’s accrual for all such matters in total, including the discounted liabilities, was $217 million at December 31, 2015 (or $252 million undiscounted). The accrual includes estimated defense costs and is gross of estimated amounts due from insurers of $100 million at December 31, 2015 (or $123 million undiscounted) that are included in other assets in the accompanying balance sheet. The portion of these insurance assets assumed in the merger with Fisher was also recorded at its fair value at the date of merger. In addition to the above accrual, as of December 31, 2015 , the company had a product liability accrual of $9 million (undiscounted) relating to divested businesses. The assets and liabilities assumed at the merger date were ascribed a fair value based on the present value of expected future cash flows, using a discount rate equivalent to the risk free rate of interest for monetary assets with comparable maturities (weighted average discount rate of 4.67% ). The discount on the liabilities of approximately $36 million and the discount on the assets of approximately $23 million (net discount $13 million ) are being accreted to interest expense over the expected settlement period. Although the company believes that the amounts accrued and estimated recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary materially. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis. Intellectual Property Matters On July 13 and 15, 2015, 454 Life Sciences (a member of the Roche Group) filed complaints against Ion Torrent, Inc., Life Technologies Corp., and Thermo Fisher Scientific, Inc. in the United States District Court for the District of Delaware and in Germany. Plaintiff alleges infringement of patents relating to methods of analyzing nucleic acid sequences using emulsion amplification, which plaintiff alleges are impermissibly used in Ion Torrent sequencing workflows. Plaintiff seeks damages for alleged willful infringement and breach of contract, attorneys’ fees and costs, and injunctive relief. On June 6, 2004, Enzo Biochem, Enzo Life Sciences and Yale University filed a complaint against Life Technologies in United States District Court for the District of Connecticut. The plaintiffs allege patent infringement by Applera’s labeled DNA terminator products used in DNA sequencing and fragment analysis. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. In November 2012, the jury awarded damages of $49 million . Prejudgment interest of $12 million was also granted. The $61 million judgment and interest was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. In March 2015 the United States Court of Appeals for the Federal Circuit vacated the judgment and returned the case to the District Court for further proceedings. The company has maintained the $61 million accrual, pending appeals. On January 30, 2012, Enzo Life Sciences filed a complaint against Life Technologies in United States District Court for the District of Delaware. The plaintiff alleges patent infringement by Life Technologies’ Taqman probes and assays, Dynabead oligo-dT beads, NCode oligonucleotide array products, Ion Torrent beads and chips and SOLiD beads and chips. The plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest and injunctive relief. On May 26, 2010, Promega Corp. & Max-Planck-Gesellschaft Zur Forderung Der Wissenschaften EV filed a complaint against Life Technologies in the United States District Court for the Western District of Wisconsin. The plaintiffs allege patent infringement by sales and uses of Applied Biosystems’ short tandem repeat DNA identification products outside the scope of a 2006 license agreement. The plaintiff sought damages for alleged willful infringement, attorneys’ fees, costs, prejudgment interest, and injunctive relief. Although a jury initially found willful infringement and assessed damages at $52 million , the District Court subsequently overturned the verdict on the grounds that the plaintiff had failed to prove infringement. The District Court entered judgment in favor of Life Technologies; and plaintiffs and Life Technologies filed cross-appeals with the United States Court of Appeals for the Federal Circuit. The $52 million award was accrued by Life Technologies and the liability was assumed by the company as of the date of the acquisition. On December 15, 2014, the Court of Appeals issued a decision invalidating four of the plaintiffs’ patents, but finding infringement by Life Technologies of the remaining fifth patent. The Court of Appeals also ordered a new trial on damages in the District Court. On December 27, 2011, Illumina Inc. filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging infringement of a patent relating to methods for making bead arrays by Ion Torrent’s semiconductor sequencing systems. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, pre- and post-judgment interest, and injunctive relief. On June 3, 2013, Unisone Strategic IP filed a complaint against Life Technologies in the United States District Court for the Southern District of California alleging patent infringement by Life Technologies’ supply chain management system software, which operates with product “supply centers” installed at customer sites. Plaintiff seeks damages for alleged willful infringement, attorneys’ fees, costs, and injunctive relief. |
Comprehensive Income and Shareh
Comprehensive Income and Shareholders Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [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 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 (706.1 ) 0.5 (9.0 ) (9.0 ) (723.6 ) Amounts reclassified from accumulated other comprehensive items — — 3.3 8.0 11.3 Net other comprehensive items (706.1 ) 0.5 (5.7 ) (1.0 ) (712.3 ) Balance at December 31, 2015 $ (1,776.7 ) $ 1.8 $ (26.6 ) $ (195.8 ) $ (1,997.3 ) Shareholders’ Equity At December 31, 2015 , the company had reserved 36.1 million unissued shares of its common stock for possible issuance under stock-based compensation plans. The company has 50,000 shares of authorized but unissued $100 par value preferred stock. Equity Forward Agreements In June 2013, in anticipation of the acquisition of Life Technologies, the company entered into equity forward agreements. The use of the equity forward agreements substantially eliminated future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating share dilution from the offering by postponing the actual issuance of common stock until the funds were needed for the Life Technologies acquisition. Upon settlement of the agreements, in January 2014, the company issued and delivered 29.6 million shares of its common stock at the then applicable forward sale price of $82.5342 per share. On February 3, 2014, the company issued 5.3 million shares of its common stock at a price of $94.85 per share to settle a private placement subscription agreement that was contingent on the closing of the Life Technologies acquisition. The equity forward and subscription agreements had no initial fair value as they were entered into at the then market price of the common stock. The company did not receive any proceeds from the sale of common stock until the agreements were settled. Upon settlement, the proceeds were recorded in equity. Prior to their settlement, to the extent that the equity forward agreements were dilutive, they have been reflected in the company’s diluted earnings per share calculations using the treasury stock method. Prior to closing, the subscription agreement was not potentially dilutive to the company’s diluted earnings per share calculations due to its contingent nature. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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 insurance contracts, investments in money market funds, derivative contracts, mutual funds holding publicly traded securities and other investments in unit trusts held as assets to satisfy outstanding deferred compensation and retirement liabilities; and acquisition-related contingent consideration. The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves. Level 3: Inputs are unobservable data points that are not corroborated by market data. The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 54.6 $ 54.6 $ — $ — Bank time deposits 2.0 2.0 — — Investments in mutual funds, unit trusts and other similar instruments 7.6 7.6 — — Warrants 3.4 — 3.4 — Insurance contracts 108.1 — 108.1 — Derivative contracts 13.8 — 13.8 — Total Assets $ 189.5 $ 64.2 $ 125.3 $ — Liabilities Derivative contracts $ 41.8 $ — $ 41.8 $ — Contingent consideration 1.9 — — 1.9 Total Liabilities $ 43.7 $ — $ 41.8 $ 1.9 The following table presents information about the company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 : December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2014 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 617.3 $ 617.3 $ — $ — Bank time deposits 8.5 8.5 — — Investments in mutual funds, unit trusts and other similar instruments 8.7 8.7 — — Insurance contracts 102.5 — 102.5 — Derivative contracts 20.2 — 20.2 — Total Assets $ 757.2 $ 634.5 $ 122.7 $ — Liabilities Derivative contracts $ 10.4 $ — $ 10.4 $ — Contingent consideration 29.6 — — 29.6 Total Liabilities $ 40.0 $ — $ 10.4 $ 29.6 The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company determines the fair value of acquisition-related contingent consideration based on assessment of the probability that the company would be required to make such future payment. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense. The following table provides a rollforward of the fair value, as determined by level 3 inputs, of the contingent consideration. (In millions) 2015 2014 Contingent Consideration Beginning Balance $ 29.6 $ 5.1 Acquisition — 29.9 Payments (11.2 ) (13.4 ) Change in fair value included in earnings (2.9 ) 8.2 Sale of a product line (13.4 ) — Currency translation (0.2 ) (0.2 ) Ending Balance $ 1.9 $ 29.6 The notional amounts of derivative contracts outstanding, consisting of interest rate swaps and currency exchange contracts, totaled $6.63 billion and $3.74 billion at December 31, 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 December 31, December 31, December 31, December 31, (In millions) 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Interest rate swaps (a) $ 0.2 $ — $ 16.4 $ 3.7 Derivatives Not Designated as Hedging Instruments Currency exchange contracts (b) 13.6 20.2 25.4 6.7 (a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other accrued expenses. (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 (In millions) 2015 2014 Derivatives Designated as Fair Value Hedges Interest rate swaps - effective portion $ 34.0 $ 4.2 Interest rate swaps - ineffective portion (a) (7.4 ) 0.9 Derivatives Not Designated as Fair Value Hedges Currency exchange contracts Included in cost of revenues $ 12.4 $ 14.7 Included in other expense, net 126.8 129.9 (a) The ineffective portion of the loss recognized on interest rate swaps during 2015 includes $7.5 million of costs associated with entering into the swap arrangements. Gains and losses recognized on currency exchange contracts and the effective portion of interest rate swaps are included in the consolidated statement of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions. Gains and losses recognized on the ineffective portion of interest rate swaps are included in other expense, net in the accompanying statement of income. The company also uses foreign currency-denominated debt to partially hedge its net investments in foreign operations against adverse movements in exchange rates. The company’s euro-denominated senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. In 2015 and 2014 , pre-tax net gains of $77 million and $21 million , respectively, from the euro-denominated notes were included in currency translation adjustment. Cash Flow Hedge Arrangements In February 2015, the company entered into interest rate swap arrangements to mitigate the risk of interest rates rising prior to completion of a debt offering in 2016. Based on the company’s conclusion that a debt offering is probable as a result of debt maturing in 2016 and that such debt would carry semi-annual interest payments over a 10 -year term, the swaps hedge the cash flow risk for each of the semi-annual fixed-rate interest payments on $1.00 billion of principal amount of the planned 10 -year fixed-rate debt issue. The hedge will be terminated upon completion of a debt offering in 2016. The fair value of the hedge at that time will be recorded to accumulated other comprehensive items within shareholders’ equity and will be amortized to interest expense over the term of the debt. The change in the fair value of the hedge, $9 million , net of tax, as of December 31, 2015 , was classified as a decrease to accumulated other comprehensive items. In 2013, prior to issuing the 4.15% Senior Notes due 2024, the company entered into interest rate swap agreements to mitigate the risk of interest rates rising prior to completion of a debt offering. Based on the company’s conclusion that a debt offering was probable as a result of near-term debt maturities and that such debt would carry semi-annual interest payments over a 10 -year term, the swaps hedged the cash flow risk for each of the semi-annual fixed-rate interest payments on $700 million of principal amount of the planned 10 -year fixed-rate debt issue. In December 2013, the company issued senior notes and terminated the swap arrangements. The company received $11 million at the termination of these agreements and recorded a gain of $1 million on the ineffective portion in other expense, net in the accompanying statement of income. The remaining favorable change in the fair value of the hedge upon termination (the effective portion) was $6 million , net of tax, and was classified as an increase to accumulated other comprehensive items within shareholder’s equity and is being amortized to interest expense over the term of the debt through 2024. Fair Value of Other Financial Instruments The carrying value and fair value of the company’s notes receivable and debt obligations are as follows: December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 12.1 $ 14.9 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 12,460.8 $ 12,618.8 $ 13,265.8 $ 13,590.6 Term loan — — 1,275.0 1,275.0 Commercial paper 49.6 49.6 — — Other 16.3 16.3 23.2 23.2 $ 12,526.7 $ 12,684.7 $ 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 | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | Note 13 . Supplemental Cash Flow Information (In millions) 2015 2014 2013 Cash Paid For: Interest $ 437.6 $ 435.9 $ 215.1 Income Taxes $ 476.6 $ 585.7 $ 226.3 Non-cash Activities Fair value of assets of acquired businesses $ 736.5 $ 19,623.9 $ — Cash paid for acquired businesses (699.9 ) (13,534.6 ) — Liabilities assumed of acquired businesses $ 36.6 $ 6,089.3 $ — Fair value of available-for-sale investments contributed to defined benefit plans $ — $ — $ 27.1 Declared but unpaid dividends $ 61.3 $ 61.9 $ 55.8 Issuance of stock upon vesting of restricted stock units $ 131.0 $ 110.0 $ 64.2 |
Restructuring and Other Costs (
Restructuring and Other Costs (Income), Net | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Costs (Income), Net [Text Block] | Note 14 . Restructuring and Other Costs (Income), Net Restructuring and other costs in 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; charges associated with product liability litigation and litigation at acquired businesses; impairment of acquired technology in development; and third-party acquisition transaction and integration costs related to recent acquisitions. These charges were partially offset by gains on the sale of a small product line and real estate, and, to a lesser extent, changes in estimates of contingent consideration. In 2015 , severance actions associated with facility consolidations and cost reduction measures affected approximately 2% of the company’s workforce. Restructuring and other costs (income) in 2014 primarily included the gains on sale of the company’s sera and media, gene modulation and magnetic beads businesses and the sale of the Cole-Parmer business, and to a lesser extent gains on the sale of real estate, offset in part by sales of inventories revalued at the date of acquisition, cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition, third-party acquisition transaction and integration costs, severance obligations payable to former Life Technologies’ executives and employees, charges to conform the accounting policies of Life Technologies with the company’s accounting policies and, to a lesser extent, continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, including the closure and consolidation of operations within several facilities in the U.S., Europe and Asia. In 2014 , severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company’s workforce. The company also incurred charges for pension settlements in 2014 . Restructuring and other costs in 2013 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. The company’s 2013 severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company’s workforce. As of February 25, 2016 , the company has identified restructuring actions that will result in additional charges of approximately $55 million , primarily in 2016 which will be recorded when specified criteria are met, such as abandonment of leased facilities. 2015 During 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 $ 2.0 $ 13.6 $ 64.4 $ 80.0 Analytical Instruments 0.1 (0.3 ) 26.6 26.4 Specialty Diagnostics 0.8 (0.4 ) 9.7 10.1 Laboratory Products and Services 6.2 6.1 12.6 24.9 Corporate — 27.3 2.0 29.3 $ 9.1 $ 46.3 $ 115.3 $ 170.7 The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions In 2015 , the Life Sciences Solutions segment recorded $80.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $2.0 million for accelerated depreciation at facilities closing due to real estate consolidation and sales of inventories revalued at the date of acquisition. The segment also recorded $13.6 million of charges to selling, general and administrative expenses, including $6.2 million of third-party transaction and integration costs related to the acquisitions of Life Technologies and Advanced Scientifics, as well as $9.1 million for accelerated depreciation at facilities closing due to real estate consolidation. These charges were partially offset by $1.7 million of income for changes in estimates of contingent consideration. In addition, the segment recorded $64.4 million of restructuring and other costs, net, $40.4 million of which were cash costs. These costs included $5.0 million of cash compensation contractually due to employees of an acquired business on the date of acquisition; $0.9 million of charges associated with a previous sale of a business; and $34.5 million of costs primarily associated with headcount reductions and facility consolidations in the U.S. and Europe, including $23.7 million for severance, $4.1 million of abandoned facility costs, and $6.7 million of other cash costs, including retention and outplacement costs. The segment also recorded $20.0 million of charges for pre-acquisition litigation related matters and $14.9 million of impairment of acquired technology in development. These costs were partially offset by a $7.6 million gain on the sale of a small product line and a $3.0 million gain on the sale of real estate. Analytical Instruments In 2015 , the Analytical Instruments segment recorded $26.4 million of net restructuring and other charges, $22.1 million of which were cash costs primarily associated with abandoned facilities, including remediation and other closure costs, and, to a lesser extent, headcount reductions. The segment also recorded $4.5 million of non-cash expense primarily for real estate writedowns of abandoned facilities held for sale. Specialty Diagnostics In 2015 , the Specialty Diagnostics segment recorded $10.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.8 million for accelerated depreciation at facilities closing due to real estate consolidation; $0.4 million of income to selling, general and administrative expenses for changes in estimates of contingent consideration; and $9.7 million of restructuring and other costs, net, primarily cash costs for employee severance and other costs associated with headcount reductions, as well as consolidation of facilities in the U.S. and Europe. Laboratory Products and Services In 2015 , the Laboratory Products and Services segment recorded $24.9 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $6.2 million for sales of inventories revalued at the date of acquisition, as well as $6.1 million of charges to selling, general and administrative expenses, primarily associated with third party transaction costs related to the acquisition of Alfa Aesar. In addition, the segment recorded $7.7 million of cash restructuring costs primarily for employee severance and other costs associated with headcount reductions. The segment also recorded $4.7 million of charges primarily associated with a litigation-related matter of a divested business. Corporate In 2015 , the company recorded $29.3 million of restructuring and other costs, principally within selling, general and administrative expenses, including $19.4 million of charges for product liability litigation and $7.9 million of accelerated depreciation on information systems to be abandoned due to integration synergies. The segment also recorded $2.0 million of cash restructuring costs primarily for severance at its corporate operations. 2014 During 2014, the company recorded net restructuring and other costs (income) by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs (Income), Net Total Life Sciences Solutions $ 327.3 $ 122.5 $ (516.4 ) $ (66.6 ) Analytical Instruments (0.8 ) 0.9 2.5 2.6 Specialty Diagnostics 0.9 1.5 17.7 20.1 Laboratory Products and Services 0.2 — (121.0 ) (120.8 ) Corporate — 5.8 19.0 24.8 $ 327.6 $ 130.7 $ (598.2 ) $ (139.9 ) The components of net restructuring and other costs (income) by segment are as follows: Life Sciences Solutions In 2014, the Life Sciences Solutions segment recorded $66.6 million of other income, net of restructuring costs. The segment recorded a net gain of $760.3 million primarily from the divestiture of its sera and media, gene modulation and magnetic beads businesses (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $327.3 million , consisting of $303.4 million of charges for sales of inventories revalued at the date of acquisition, $21.4 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies and $2.3 million of accelerated depreciation for facility consolidations. The segment also recorded charges to selling, general and administrative expenses of $122.5 million , including $100.5 million of third-party transaction and integration costs related to the acquisition of Life Technologies (Note 2), $16.2 million of costs to conform the accounting policies of Life Technologies with the company’s accounting policies, and $5.7 million for changes in estimates of contingent consideration for acquisitions. In addition, the segment recorded $232.0 million of cash restructuring costs, including $91.7 million for cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition with the remainder principally for severance obligations payable to former Life Technologies’ executives and employees as well as $5.5 million of costs related to the consolidation of various facilities primarily in the U.S. The segment also recorded a $9.3 million provision for losses on pre-acquisition litigation-related matters. Analytical Instruments In 2014, the Analytical Instruments segment recorded $2.6 million of net restructuring and other charges. The segment recorded a net reduction in cost of revenues of $0.8 million ; $0.9 million of charges to selling, general and administrative expenses for changes in estimates of contingent consideration; and $2.5 million of other costs, net. These other costs were primarily cash costs including abandoned facility costs and other expenses associated with facility consolidations and employee severance, partially offset by $6.0 million of gains on the sale of real estate. Specialty Diagnostics In 2014, the Specialty Diagnostics segment recorded $20.1 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.9 million ; $1.5 million of charges to selling, general and administrative expenses for changes in estimates of contingent consideration for an acquisition; and $18.7 million of cash costs. The cash costs included $9.5 million for employee severance with the remainder principally for other costs associated with facility consolidations, including the consolidation of a facility in Europe with existing facilities in Europe and China. In addition, the segment recorded $1.0 million of income, net, primarily from a gain on the divestiture of a small business unit. Laboratory Products and Services In 2014, the Laboratory Products and Services segment recorded $120.8 million of other income, net of restructuring costs. The segment recorded a net gain of $133.6 million from the sale of the Cole-Parmer business (see Note 2). The gain was partially offset by restructuring and other charges including charges to cost of revenues of $0.2 million and restructuring charges, of which $7.2 million were cash costs primarily for severance and abandoned facility costs. In addition, the segment also incurred $3.8 million of charges for pension settlements. Corporate In 2014, the company recorded $24.8 million of net restructuring and other charges, including $5.8 million of selling, general and administrative charges associated with product liability litigation and accelerated depreciation on information systems to be abandoned due to integration synergies, and cash costs of $1.7 million for severance at its corporate operations. In addition, the segment recorded $17.3 million of expense, net, primarily from $25.6 million of charges for pension settlements in addition to a writedown to estimated disposal value of a fixed asset held for sale. These costs were partially offset by a $9.6 million gain on the sale of real estate. 2013 During 2013, the company recorded net restructuring and other costs as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ — $ 51.7 $ 4.4 $ 56.1 Analytical Instruments 2.9 0.6 20.9 24.4 Specialty Diagnostics 24.9 12.9 24.2 62.0 Laboratory Products and Services 0.8 — 25.2 26.0 Corporate — 8.3 3.0 11.3 $ 28.6 $ 73.5 $ 77.7 $ 179.8 The components of net restructuring and other costs by segment are as follows: Life Sciences Solutions In 2013, the Life Sciences Solutions segment recorded $56.1 million of net restructuring and other charges. The segment recorded charges to selling, general and administrative expenses of $51.7 million for transaction costs related to the acquisition of Life Technologies (Note 2) and $4.4 million of other restructuring costs, all of which were cash costs. The cash costs included $4.1 million of transaction expenses related to the agreement to sell its sera and media, gene modulation and magnetic beads businesses (see Note 2). Analytical Instruments In 2013, the Analytical Instruments segment recorded $24.4 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $2.9 million for accelerated depreciation at facilities closing due to real estate consolidation; charges to selling, general and administrative expenses of $0.6 million primarily for revisions of estimated contingent consideration; and $20.9 million of other restructuring costs, net, $23.6 million of which were cash costs. The cash costs, which were associated with headcount reductions and facility consolidations including the consolidation and closure of several facilities in the U.S. and Europe, consisted of $18.3 million of severance; $2.8 million of abandoned facility costs; and $2.5 million of other cash costs, including outplacement costs for severed employees as well as retention and moving and other expenses associated with facility consolidations. In addition, the segment realized net gains of $2.7 million primarily on the sale of real estate in the U.S. and Europe. Specialty Diagnostics In 2013, the Specialty Diagnostics segment recorded $62.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $24.9 million primarily for the sale of inventories revalued at the date of acquisition; charges to selling, general and administrative expenses of $12.9 million for revisions of estimated contingent consideration based on actual performance of an acquisition; and $24.2 million of other restructuring costs, net, which were primarily cash costs. The cash costs consisted of $17.8 million of severance; $2.8 million of abandoned facility costs primarily for facilities in Europe and the U.S.; and $3.5 million of other cash costs, primarily outplacement costs for severed employees and moving, travel and other expenses associated with facility consolidations. Laboratory Products and Services In 2013, the Laboratory Products and Services segment recorded $26.0 million of net restructuring and other charges. The segment recorded charges to cost of revenues of $0.8 million for accelerated depreciation at facilities closing due to real estate consolidation and $25.2 million of other restructuring costs, $22.9 million of which were cash costs. The cash costs, which consisted of headcount reductions and facility consolidations to streamline operations, included $16.4 million of severance; $4.1 million of abandoned facility costs; and $2.4 million of other cash costs, primarily retention, moving and other expenses associated with facility consolidations. The segment also recorded $2.3 million of non-cash expense, net, primarily for pension charges related to the headcount reductions and, to a lesser extent, writedowns to estimated disposal value of real estate held for sale. Corporate In 2013, the company recorded a charge to selling, general and administrative expenses of $8.3 million associated with product liability litigation and $3.0 million of restructuring costs primarily for severance at its corporate operations. The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet. (In millions) Severance Abandonment of Excess Facilities Other (a) Total Balance at December 31, 2012 $ 20.0 $ 8.3 $ 2.8 $ 31.1 Costs incurred in 2013 57.7 10.3 13.0 81.0 Reserves reversed (b) (2.6 ) (0.1 ) (0.3 ) (3.0 ) Payments (47.0 ) (9.1 ) (13.0 ) (69.1 ) Currency translation 0.5 — — 0.5 Balance at December 31, 2013 28.6 9.4 2.5 40.5 Costs incurred in 2014 (c) 140.8 10.5 102.4 253.7 Reserves reversed (b) (5.5 ) (0.1 ) (0.2 ) (5.8 ) Payments (124.1 ) (10.4 ) (98.1 ) (232.6 ) Currency translation (2.1 ) 0.4 (0.7 ) (2.4 ) Balance at December 31, 2014 37.7 9.8 5.9 53.4 Costs incurred in 2015 (d) 57.0 19.1 14.6 90.7 Reserves reversed (b) (11.7 ) (0.5 ) (2.2 ) (14.4 ) Payments (66.6 ) (15.0 ) (15.0 ) (96.6 ) Currency translation (1.2 ) (0.3 ) (0.3 ) (1.8 ) Balance at December 31, 2015 $ 15.2 $ 13.1 $ 3.0 $ 31.3 (a) Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. (b) Represents reductions in cost of plans. (c) Excludes a $895.4 million net gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses and the Cole-Parmer business; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; $9.3 million of provision for losses on pre-acquisition litigation-related matters of Life Technologies; and an aggregate of $19.9 million of non-cash charges, net. (d) Excludes $24.7 million of provision for losses on litigation-related matters; $14.9 million of impairment of acquired technology in development; 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; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.1 million of non-cash charges, net. The company expects to pay accrued restructuring costs as follows: severance, employee-retention obligations and other costs, primarily through 2016 ; and abandoned-facility payments, over lease terms expiring through 2020 . |
Unaudited Quarterly Information
Unaudited Quarterly Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Information [Text Block] | Note 15 . Unaudited Quarterly Information 2015 (In millions except per share amounts) First (a) Second (b) Third (c) Fourth (d) Revenues $ 3,918.8 $ 4,270.9 $ 4,123.2 $ 4,652.5 Gross Profit 1,822.5 1,941.8 1,883.3 2,108.3 Income from Continuing Operations 385.1 511.6 477.3 606.3 Net Income 385.1 511.6 476.1 602.6 Earnings per Share from Continuing Operations: Basic 0.97 1.28 1.20 1.52 Diluted 0.96 1.27 1.19 1.51 Earnings per Share: Basic 0.97 1.28 1.19 1.51 Diluted 0.96 1.27 1.18 1.50 Cash Dividend Declared per Common Share 0.15 0.15 0.15 0.15 Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: (a) Costs of $40.2 million . (b) Costs of $24.7 million . (c) Costs of $40.9 million and after-tax loss of $1.2 million related to the company's discontinued operations. (d) Costs of $64.9 million and after-tax loss of $3.7 million related to the company's discontinued operations. 2014 (In millions except per share amounts) First (a) Second (b) Third (c) Fourth (d) Revenues $ 3,903.5 $ 4,321.9 $ 4,171.4 $ 4,492.8 Gross Profit 1,620.0 1,846.5 1,933.6 2,091.9 Income from Continuing Operations 543.1 278.5 469.9 604.0 Net Income 543.1 278.5 471.6 601.2 Earnings per Share from Continuing Operations: Basic 1.38 0.70 1.17 1.51 Diluted 1.36 0.69 1.16 1.49 Earnings per Share: Basic 1.38 0.70 1.18 1.50 Diluted 1.36 0.69 1.17 1.49 Cash Dividend Declared per Common Share 0.15 0.15 0.15 0.15 Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: (a) Income of $330.9 million . (b) Costs of $231.9 million . (c) Income of $88.2 million and after-tax gain of $1.7 million related to the company's discontinued operations. (d) Costs of $47.3 million and after-tax loss of $2.8 million related to the company's discontinued operations. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event [Text Block] | Note 16 . Subsequent Event In January 2016, the company signed an agreement to acquire, within the Life Sciences Solutions segment, Affymetrix, Inc., a North America-based provider of cellular and genetic analysis products, for approximately $1.3 billion in cash. The acquisition will expand the company's existing portfolio of antibodies and assays for high-growth flow cytometry and single-cell biology applications. Revenues of Affymetrix were $360 million in 2015. The transaction, which is expected to close by the end of the second quarter of 2016, is subject to the approval of Affymetrix shareholders and the satisfaction of customary closing conditions, including regulatory approvals. The company expects to issue debt in advance of closing the acquisition of Affymetrix to partially fund the acquisition. |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The accompanying financial statements include the accounts of the company and its wholly and majority-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. |
Revenue Recognition [Policy Text Block] | Revenue is recognized after all significant obligations have been met, collectability is probable and title has passed, which typically occurs upon shipment or delivery or completion of services. If customer-specific acceptance criteria exist, the company recognizes revenue after demonstrating adherence to the acceptance criteria. The company recognizes revenue and related costs for arrangements with multiple deliverables, such as equipment and installation, as each element is delivered or completed based upon its relative fair value. When a portion of the customer’s payment is not due until installation or other deliverable occurs, the company defers that portion of the revenue until completion of installation or transfer of the deliverable. Provisions for discounts, warranties, rebates to customers, returns and other adjustments are provided for in the period the related sales are recorded. Sales taxes, value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenue. Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. |
Revenue Recognition, Royalty Fees [Policy Text Block] | Royalty revenue is recognized when the amounts are earned and determinable during the applicable period based on historical activity. For those arrangements where royalties cannot be reasonably estimated, revenue is recognized upon the receipt of cash or royalty statements from licensees. |
Revenue Recognition, Service Revenue [Policy Text Block] | Service revenues represent the company’s service offerings including clinical trial logistics, asset management, diagnostic testing, training, service contracts, and field service including related time and materials. Service revenues are recognized as the service is performed. Revenues for service contracts are recognized ratably over the contract period. |
Shipping and Handling Charges [Policy Text Block] | The company records shipping and handling charges billed to customers in net sales and records shipping and handling costs in cost of product revenues for all periods presented. |
Accounts Receivable [Policy Text Block] | Accounts receivable are recorded at the invoiced amount and do not bear interest. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay amounts due. The allowance for doubtful accounts is the company’s best estimate of the amount of probable credit losses in existing accounts receivable. The company determines the allowance based on the age of the receivable, the creditworthiness of the customer and any other information that is relevant to the judgment. Account balances are charged off against the allowance when the company believes it is probable the receivable will not be recovered. The company does not have any off-balance-sheet credit exposure related to customers. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred revenue in the accompanying balance sheet consists primarily of unearned revenue on service contracts, which is recognized ratably over the terms of the contracts. Substantially all of the deferred revenue in the accompanying 2015 balance sheet will be recognized within one year. |
Warranty Obligations [Policy Text Block] | Warranty Obligations The company provides for the estimated cost of standard product warranties, primarily from historical information, in cost of product revenues at the time product revenue is recognized. While the company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component supplies, the company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the company. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from the company’s estimates, revisions to the estimated warranty liability would be required. The liability for warranties is included in other accrued expenses in the accompanying balance sheet. Extended warranty agreements are considered service contracts which are discussed above. Costs of service contracts are recognized as incurred. |
Research and Development [Policy Text Block] | Research and Development The company conducts research and development activities to increase its depth of capabilities in technologies, software and services. Research and development costs include employee compensation and benefits, consultants, facilities related costs, material costs, depreciation and travel. Research and development costs are expensed as incurred. |
Income Taxes [Policy Text Block] | Income Taxes The company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The financial statements reflect expected future tax consequences of uncertain tax positions that the company has taken or expects to take on a tax return presuming the taxing authorities’ full knowledge of the positions and all relevant facts, but without discounting for the time value of money (Note 7 ). |
Earnings Per Share [Policy Text Block] | Earnings per Share Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the year. Except where the result would be antidilutive to income from continuing operations, diluted earnings per share has been computed using the treasury stock method for the equity forward agreements and outstanding stock options and restricted units, as well as their related income tax effects (Note 8 ). |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consists principally of money market funds, commercial paper and other marketable securities purchased with an original maturity of three months or less. These investments are carried at cost, which approximates market value. |
Inventories [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company’s businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are recorded at cost. The costs of additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. The company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the property as follows: buildings and improvements, 25 to 40 years ; machinery and equipment (including software), 3 to 10 years ; and leasehold improvements, the shorter of the term of the lease or the life of the asset. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and the resulting gain or loss is reflected in the accompanying statement of income. |
Acquisition-related Intangible Assets [Policy Text Block] | Acquisition-related Intangible Assets Acquisition-related intangible assets include the costs of acquired customer relationships, product technology, tradenames and other specifically identifiable intangible assets, and are being amortized using the straight-line method over their estimated useful lives, which range from 3 to 20 years . In addition, the company has tradenames and in-process research and development that have indefinite lives and which are not amortized. The company reviews intangible assets for impairment when indication of potential impairment exists, such as a significant reduction in cash flows associated with the assets. Intangible assets with indefinite lives are reviewed for impairment annually or whenever events or changes in circumstances indicate they may be impaired. |
Investments [Policy Text Block] | Investments for which there are not readily determinable market values are accounted for under the cost method of accounting. The company periodically evaluates the carrying value of its investments accounted for under the cost method of accounting, which provides that they are recorded at the lower of cost or estimated net realizable value. |
Goodwill [Policy Text Block] | Goodwill The company assesses the realizability of goodwill annually and whenever events or changes in circumstances indicate it may be impaired. Such events or circumstances generally include the occurrence of operating losses or a significant decline in earnings associated with one or more of the company’s reporting units. The company estimates the fair value of its reporting units by using forecasts of discounted future cash flows and peer market multiples. When an impairment is indicated, any excess of carrying value over the implied fair value of goodwill is recorded as an operating loss. The company completed quantitative annual tests for impairment at October 31, 2015 and November 1, 2014, and determined that goodwill was not impaired. |
Loss Contingencies [Policy Text Block] | Loss Contingencies Accruals are recorded for various contingencies, including legal proceedings, environmental, workers’ compensation, product, general and auto liabilities, self-insurance and other claims that arise in the normal course of business. The accruals are based on management’s judgment, historical claims experience, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarial estimates. Additionally, the company records receivables from third-party insurers up to the amount of the loss when recovery has been determined to be probable. Liabilities acquired in acquisitions have been recorded at fair value and, as such, were discounted to present value at the dates of acquisition. |
Currency Translation [Policy Text Block] | Currency Translation All assets and liabilities of the company’s non-U.S. subsidiaries are translated at year-end exchange rates. Resulting translation adjustments are reflected in the “accumulated other comprehensive items” component of shareholders’ equity. Revenues and expenses are translated at average exchange rates for the year. |
Derivatives Contracts [Policy Text Block] | Derivative Contracts The company is exposed to certain risks relating to its ongoing business operations including changes to interest rates and currency exchange rates. The company uses derivative instruments primarily to manage currency exchange and interest rate risks. The company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged item through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Derivatives that are not designated as hedges are recorded at fair value through earnings. The company uses short-term forward and option currency exchange contracts primarily to hedge certain balance sheet and operational exposures resulting from changes in currency exchange rates, predominantly intercompany loans and cash balances that are denominated in currencies other than the functional currencies of the respective operations. The currency-exchange contracts principally hedge transactions denominated in euro, British pounds sterling, Swiss franc, Japanese yen, Norwegian kroner, and Swedish kronor. The company does not hold or engage in transactions involving derivative instruments for purposes other than risk management. Cash flow hedges . For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. During 2013 and 2015 , in connection with new debt issuances, the company entered into interest rate swap arrangements. The company includes the gain or loss on the hedged items (fixed-rate debt) in the same line item (interest expense) as the offsetting effective portion of the loss or gain on the related interest rate swaps. Net investment hedges. 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 senior notes have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments are included in currency translation adjustment within other comprehensive income and shareholders’ equity. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In addition, significant estimates were made in estimating future cash flows to assess potential impairment of assets and in determining the fair value of acquired intangible assets (Note 2 ) and the ultimate loss from abandoning leases at facilities being exited (Note 14 ). Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, the FASB issued new guidance which affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This guidance retains the current accounting for classifying and measuring investments in debt securities and loans, but requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. The guidance also changes the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient permitted by the guidance to estimate fair value. A policy election can be made for these investments whereby estimated fair value may be measured at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments. The guidance is effective for the company in 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In November 2015, the FASB issued new guidance which requires all deferred income taxes be presented on the balance sheet as noncurrent. The new guidance is intended to simplify financial reporting by eliminating the requirement to classify deferred taxes between current and noncurrent. The company early adopted this guidance in the fourth quarter of 2015, as permitted by the new guidance. The company has applied the guidance prospectively and therefore prior periods have not been retrospectively adjusted. At December 31, 2014, the company's net current deferred tax asset was $303 million . In September 2015, the FASB issued new guidance which eliminates the requirement for an acquirer in a business combination to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new guidance also sets forth new disclosure requirements related to the adjustments. The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In July 2015, the FASB issued new guidance which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance does not apply to inventory that is measured using last-in, first-out (LIFO). The guidance is effective for the company in 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the company’s consolidated financial statements. In April 2015, the FASB issued new guidance which 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 the company in 2016. Adoption of this standard will not have a material impact on the company’s consolidated balance sheet. In May 2014, the FASB issued new revenue recognition guidance which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is currently effective for the company in 2018. Early adoption is permitted in 2017. The company is currently evaluating the impact the standard will have on its consolidated financial statements. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations Policy [Policy Text Block] | The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable assets, resulting in goodwill, due to expectations of the synergies that will be realized by combining the businesses. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products. Acquisitions have been accounted for using the purchase method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition transaction costs are recorded in selling, general and administrative expenses as incurred. |
Stockbased Compensation Expense
Stockbased Compensation Expense (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation Expense Policies [Policy Text Block] | Restricted Share/Unit Awards Awards of restricted units convert into an equivalent number of shares of common stock. The awards generally vest over 3 - 4 years , assuming continued employment, with some exceptions. Vesting of the awards is contingent upon meeting certain service conditions and may also be contingent upon meeting certain performance and/or market conditions. The fair market value of the award at the time of the grant is amortized to expense over the requisite service period of the award, which is generally the vesting period. Recipients of restricted units have no voting rights but are entitled to accrue dividend equivalents. The fair value of service- and performance-based restricted unit awards is determined based on the number of units granted and the market value of the company’s shares on the grant date. For awards with market-based vesting conditions, the company uses a lattice model to estimate the grant-date fair value of the award. The company has stock-based compensation plans for its key employees, directors and others. These plans permit the grant of a variety of stock and stock-based awards, including restricted stock units, stock options or performance-based shares, as determined by the compensation committee of the company’s Board of Directors or, for certain non-officer grants, by the company’s employee equity committee, which consists of its chief executive officer. The company generally issues new shares of its common stock to satisfy option exercises and restricted unit vestings. Grants of stock options and restricted units generally provide that in the event of both a change in control of the company and a qualifying termination of an option or unit holder’s employment, all options and service-based restricted unit awards held by the recipient become immediately vested (unless an employment or other agreement with the employee provides for different treatment). Compensation cost is based on the grant-date fair value and is recognized ratably over the requisite vesting period or to the date based on qualifying retirement eligibility, if earlier. The company has elected to recognize any excess income tax benefits from stock option exercises and restricted stock unit vestings in capital in excess of par value only if an incremental income tax benefit would be realized after considering all other tax attributes presently available to the company. The company measures the tax benefit associated with excess tax deductions related to stock-based compensation expense by multiplying the excess tax deductions by the statutory tax rates. The company uses the incremental tax benefit approach for utilization of tax attributes. Tax benefits recognized in capital in excess of par value in the accompanying balance sheet were $63 million , $65 million and $47 million , respectively, in 2015 , 2014 and 2013 . Stock Options The company’s practice is to grant stock options at fair market value. Options vest over 3 - 5 years with terms of 7 - 10 years, assuming continued employment with certain exceptions. Vesting of the option awards is contingent upon meeting certain service conditions. The fair value of most option grants is estimated using the Black-Scholes option pricing model. For option grants that require the achievement of both service and market conditions, a lattice model is used to estimate fair value. The fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the historical volatility of the company’s stock. Historical data on exercise patterns is the basis for estimating the expected life of an option. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant. The expected annual dividend rate was calculated by dividing the company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. The compensation expense recognized for all stock-based awards is net of estimated forfeitures. Forfeitures are estimated based on an analysis of actual option forfeitures. |
Pension and Other Postretirem29
Pension and Other Postretirement Benefit Plans (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans, Policies [Policy Text Block] | The discount rate reflects the rate the company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. The discount rate is determined based on a range of factors, including the rates of return on high-quality, fixed-income corporate bonds and the related expected duration of the obligations or, in certain instances, the company has used a hypothetical portfolio of high quality instruments with maturities that mirror the benefit obligation in order to accurately estimate the discount rate relevant to a particular plan. The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the funds invested, or to be invested, to provide for the benefits included in the projected benefit obligations. In determining the expected long-term rate of return on plan assets, the company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The expected rate of compensation increase reflects the long-term average rate of salary increases and is based on historic salary increase experience and management’s expectations of future salary increases. Domestic Pension Plan Assets The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The company also has a small portfolio (comprising less than 1% of invested assets) of private equity investments. The target allocations for the remaining investments are approximately 27% to funds investing in U.S. equities, including a sub-allocation of approximately 2% to real estate-related equities, approximately 24% to funds investing in international equities and approximately 47% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments. Non-U.S. Pension Plan Assets The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. For plans not currently managing the assets in a liability framework, the investments are substantially limited to funds investing in global equities and fixed income securities with the target asset allocations ranging from approximately 35% - 70% for equities and 30% - 65% for fixed income securities. For plans managing the assets in a liability framework, the investments also include hedge funds, multi-asset funds and derivative funds with the target asset allocations ranging from approximately 4% - 18% for equities, 45% - 65% for fixed income, 10% - 20% for hedge funds, 4% - 5% for multi-asset funds and 20% - 30% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities as well as equity futures in a synthetic equity fund which provide targeted exposure to equity markets without the fund holding individual equity positions. Each plan maintains enough liquidity at all times to meet the near-term benefit payments. Defined Benefit Pension Plans Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis. The company recognizes the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability. This amount is defined as the difference between the fair value of plan assets and the benefit obligation. The company is required to recognize as a component of other comprehensive income, net of tax, the actuarial gains/losses and prior service costs/credits that arise but were not previously required to be recognized as components of net periodic benefit cost. Other comprehensive income is adjusted as these amounts are later recognized in income as components of net periodic benefit cost. When a company with a pension plan is acquired, any excess of projected benefit obligation over the plan assets is recognized as a liability and any excess of plan assets over the projected benefit obligation is recognized as an asset. The recognition of a new liability or a new asset results in the elimination of (a) previously existing unrecognized net gain or loss and (b) unrecognized prior service cost or credits. The company funds annually, at a minimum, the statutorily required minimum amount as actuarially determined. |
Nature of Operations and Summ30
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for Doubtful Accounts [Table Text Block] | The changes in the allowance for doubtful accounts are as follows: Year Ended December 31, (In millions) 2015 2014 2013 Beginning Balance $ 74.1 $ 54.1 $ 55.5 Provision charged to expense (a) 5.5 20.4 6.8 Accounts recovered 0.2 1.0 0.2 Accounts written off (4.8 ) (11.2 ) (8.4 ) Other (b) (4.9 ) 9.8 — Ending Balance $ 70.1 $ 74.1 $ 54.1 (a) In 2014, includes $16.2 million of charges to conform the accounting policies of Life Technologies with the company's accounting policies. (b) Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. |
Warranty Obligations [Table Text Block] | The changes in the carrying amount of standard product warranty obligations are as follows: Year Ended December 31, December 31, (In millions) 2015 2014 Beginning Balance $ 57.5 $ 49.8 Provision charged to income 85.4 80.6 Usage (82.1 ) (78.4 ) Acquisitions 0.5 7.1 Adjustments to previously provided warranties, net (2.6 ) 1.0 Currency translation (2.9 ) (2.6 ) Ending Balance $ 55.8 $ 57.5 |
Inventories [Table Text Block] | The components of inventories are as follows: December 31, December 31, (In millions) 2015 2014 Raw Materials $ 421.1 $ 441.6 Work in Process 236.8 207.6 Finished Goods 1,333.8 1,210.3 Inventories $ 1,991.7 $ 1,859.5 |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following: December 31, December 31, (In millions) 2015 2014 Land $ 276.4 $ 281.8 Buildings and Improvements 1,050.5 955.1 Machinery, Equipment and Leasehold Improvements 2,786.8 2,632.0 Property, Plant and Equipment, at Cost 4,113.7 3,868.9 Less: Accumulated Depreciation and Amortization 1,664.9 1,442.4 Property, Plant and Equipment, Net $ 2,448.8 $ 2,426.5 |
Finite-Lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related intangible assets are as follows: Balance at December 31, 2015 Balance at December 31, 2014 (In millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Definite Lived: Customer relationships $ 11,844.4 $ (4,086.9 ) $ 7,757.5 $ 11,866.8 $ (3,340.6 ) $ 8,526.2 Product technology 4,799.8 (1,819.0 ) 2,980.8 4,898.1 (1,501.3 ) 3,396.8 Tradenames 1,316.7 (548.2 ) 768.5 1,333.0 (448.7 ) 884.3 Other 33.2 (33.0 ) 0.2 34.2 (33.3 ) 0.9 17,994.1 (6,487.1 ) 11,507.0 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 16.5 — 16.5 67.1 — 67.1 1,251.3 — 1,251.3 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,245.4 $ (6,487.1 ) $ 12,758.3 $ 19,434.0 $ (5,323.9 ) $ 14,110.1 |
Indefinite-Lived Acquisition-related Intangible Assets [Table Text Block] | Acquisition-related intangible assets are as follows: Balance at December 31, 2015 Balance at December 31, 2014 (In millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Definite Lived: Customer relationships $ 11,844.4 $ (4,086.9 ) $ 7,757.5 $ 11,866.8 $ (3,340.6 ) $ 8,526.2 Product technology 4,799.8 (1,819.0 ) 2,980.8 4,898.1 (1,501.3 ) 3,396.8 Tradenames 1,316.7 (548.2 ) 768.5 1,333.0 (448.7 ) 884.3 Other 33.2 (33.0 ) 0.2 34.2 (33.3 ) 0.9 17,994.1 (6,487.1 ) 11,507.0 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 16.5 — 16.5 67.1 — 67.1 1,251.3 — 1,251.3 1,301.9 — 1,301.9 Acquisition-related Intangible Assets $ 19,245.4 $ (6,487.1 ) $ 12,758.3 $ 19,434.0 $ (5,323.9 ) $ 14,110.1 |
Finite-Lived Acquisition-related Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense of acquisition-related intangible assets with definite lives is as follows: (In millions) 2016 $ 1,278.5 2017 1,254.1 2018 1,216.9 2019 1,183.9 2020 1,075.8 2021 and Thereafter 5,497.8 Estimated Future Amortization Expense of Definite-lived Intangible Assets $ 11,507.0 |
Goodwill [Table Text Block] | The changes in the carrying amount of goodwill by segment are as follows: (In millions) Life Sciences Solutions Analytical Instruments Specialty Diagnostics Laboratory Products and Services Total Balance at December 31, 2013 $ 292.4 $ 2,761.4 $ 4,258.1 $ 5,191.4 $ 12,503.3 Acquisitions 7,179.5 — — — 7,179.5 Sale of businesses (122.0 ) — (13.6 ) (206.5 ) (342.1 ) Currency translation (105.0 ) (31.0 ) (347.2 ) (13.9 ) (497.1 ) Other 0.4 (0.6 ) 2.3 (3.1 ) (1.0 ) Balance at December 31, 2014 7,245.3 2,729.8 3,899.6 4,967.9 18,842.6 Acquisitions 125.1 1.7 4.7 120.8 252.3 Finalization of purchase price allocations for 2014 acquisitions (3.3 ) — — — (3.3 ) Sale of a product line (5.8 ) — — — (5.8 ) Currency translation (80.4 ) (24.1 ) (132.8 ) (22.4 ) (259.7 ) Other 8.3 (4.9 ) (0.2 ) (1.7 ) 1.5 Balance at December 31, 2015 $ 7,289.2 $ 2,702.5 $ 3,771.3 $ 5,064.6 $ 18,827.6 |
Acquisitions and Dispositions31
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The components of the purchase price and net assets acquired for 2014 acquisitions are as follows: (In millions) Life Technologies Other Total Purchase Price Cash paid $ 13,487.3 $ 47.3 $ 13,534.6 Debt assumed 2,279.5 — 2,279.5 Cash acquired (463.0 ) (11.5 ) (474.5 ) $ 15,303.8 $ 35.8 $ 15,339.6 Net Assets Acquired Current assets $ 1,755.5 $ 18.5 $ 1,774.0 Property, plant and equipment 748.1 1.1 749.2 Definite-lived intangible assets: Customer relationships 5,883.0 7.0 5,890.0 Product technology 2,626.9 5.5 2,632.4 Tradenames and other 619.1 — 619.1 Indefinite-lived intangible assets: In-process research and development 58.4 — 58.4 Goodwill 7,167.0 12.5 7,179.5 Other assets 246.7 0.1 246.8 Liabilities assumed (3,800.9 ) (8.9 ) (3,809.8 ) $ 15,303.8 $ 35.8 $ 15,339.6 The components of the purchase price and net assets acquired for 2015 acquisitions are as follows: (In millions) Alfa Aesar Advanced Scientifics Other Total Purchase Price Cash paid $ 392.3 $ 289.1 $ 18.5 $ 699.9 Purchase price payable 0.5 — 1.3 1.8 Cash acquired (3.7 ) (0.3 ) (1.3 ) (5.3 ) $ 389.1 $ 288.8 $ 18.5 $ 696.4 Net Assets Acquired Current assets $ 102.3 $ 28.0 $ 4.6 $ 134.9 Property, plant and equipment 39.4 10.6 0.1 50.1 Definite-lived intangible assets: Customer relationships 137.1 90.0 7.9 235.0 Product technology — 36.5 — 36.5 Tradenames and other 15.6 2.3 — 17.9 Goodwill 118.3 125.1 8.9 252.3 Other assets 4.3 0.2 — 4.5 Liabilities assumed (27.9 ) (3.9 ) (3.0 ) (34.8 ) $ 389.1 $ 288.8 $ 18.5 $ 696.4 |
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 2014 and 2013 would have been as follows: (In millions except per share amounts) 2014 2013 Revenues $ 17,169.2 $ 16,831.4 Income from Continuing Operations $ 2,203.2 $ 1,008.4 Net Income $ 2,202.1 $ 1,002.6 Earnings per Share from Continuing Operations: Basic $ 5.52 $ 2.55 Diluted $ 5.46 $ 2.53 Earnings per Share: Basic $ 5.51 $ 2.54 Diluted $ 5.46 $ 2.51 Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination to reflect amounts as if the acquisition had been completed as of the beginning of 2013, as follows: • Pre-tax charge to selling, general and administrative expenses of $231 million in 2013, for acquisition-related transaction costs incurred by the company and Life Technologies; • Pre-tax charge to cost of revenues of $301 million in 2013, for the sale of Life Technologies inventories revalued at the date of acquisition; • Pre-tax charge of $92 million in 2013, for monetizing equity awards held by Life Technologies’ employees at the date of acquisition; • Pre-tax charge of $38 million in 2013, to conform the accounting policies of Life Technologies with the company's accounting policies; and • Pre-tax reduction of revenues of $8 million and $24 million in 2014 and 2013, respectively, for revaluing Life Technologies’ deferred revenue obligations to fair value. |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The assets and liabilities of the Cole-Parmer business were as follows at June 28, 2014: June 28, (In millions) 2014 Current Assets $ 39.5 Long-term Assets 400.3 Current Liabilities 15.5 Long-term Liabilities 84.1 The assets and liabilities of the businesses sold in March 2014 were as follows at December 31, 2013: December 31, (In millions) 2013 Current Assets $ 74.3 Long-term Assets 229.3 Current Liabilities 6.4 Long-term Liabilities 22.0 |
Business Segment and Geograph32
Business Segment and Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business Segment Information (In millions) 2015 2014 2013 Revenues Life Sciences Solutions $ 4,439.4 $ 4,195.7 $ 712.5 Analytical Instruments 3,208.2 3,252.2 3,154.2 Specialty Diagnostics 3,243.9 3,343.6 3,191.7 Laboratory Products and Services 6,661.5 6,601.5 6,398.8 Eliminations (587.6 ) (503.4 ) (366.9 ) Consolidated revenues 16,965.4 16,889.6 13,090.3 Segment Income (a) Life Sciences Solutions 1,336.9 1,214.9 169.7 Analytical Instruments 612.8 581.1 558.7 Specialty Diagnostics 872.9 916.0 863.7 Laboratory Products and Services 999.1 982.8 960.4 Subtotal reportable segments (a) 3,821.7 3,694.8 2,552.5 Cost of revenues charges (9.1 ) (327.6 ) (28.6 ) Selling, general and administrative charges, net (46.3 ) (130.7 ) (73.5 ) Restructuring and other (costs) income, net (115.3 ) 598.2 (77.7 ) Amortization of acquisition-related intangible assets (1,314.8 ) (1,331.7 ) (763.1 ) Consolidated operating income 2,336.2 2,503.0 1,609.6 Other expense, net (b) (399.8 ) (415.8 ) (290.1 ) Income from continuing operations before income taxes $ 1,936.4 $ 2,087.2 $ 1,319.5 Depreciation Life Sciences Solutions $ 146.3 $ 131.6 $ 17.1 Analytical Instruments 38.9 39.0 41.2 Specialty Diagnostics 73.7 76.7 73.9 Laboratory Products and Services 114.5 105.8 104.6 Consolidated depreciation $ 373.4 $ 353.1 $ 236.8 (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. (In millions) 2015 2014 2013 Total Assets Life Sciences Solutions $ 17,884.3 $ 19,257.0 $ 1,115.5 Analytical Instruments 4,763.1 4,133.3 4,321.4 Specialty Diagnostics 7,183.2 8,047.7 9,086.0 Laboratory Products and Services 10,266.6 10,875.7 11,523.5 Corporate/Other (c) 791.8 538.4 5,817.0 Consolidated total assets $ 40,889.0 $ 42,852.1 $ 31,863.4 Capital Expenditures Life Sciences Solutions $ 85.1 $ 104.4 $ 19.3 Analytical Instruments 59.5 38.1 33.5 Specialty Diagnostics 75.9 84.7 77.9 Laboratory Products and Services 97.7 102.1 94.7 Corporate/Other 104.7 98.3 57.0 Consolidated capital expenditures $ 422.9 $ 427.6 $ 282.4 (c) Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Business Segment Information (In millions) 2015 2014 2013 Revenues Life Sciences Solutions $ 4,439.4 $ 4,195.7 $ 712.5 Analytical Instruments 3,208.2 3,252.2 3,154.2 Specialty Diagnostics 3,243.9 3,343.6 3,191.7 Laboratory Products and Services 6,661.5 6,601.5 6,398.8 Eliminations (587.6 ) (503.4 ) (366.9 ) Consolidated revenues 16,965.4 16,889.6 13,090.3 Segment Income (a) Life Sciences Solutions 1,336.9 1,214.9 169.7 Analytical Instruments 612.8 581.1 558.7 Specialty Diagnostics 872.9 916.0 863.7 Laboratory Products and Services 999.1 982.8 960.4 Subtotal reportable segments (a) 3,821.7 3,694.8 2,552.5 Cost of revenues charges (9.1 ) (327.6 ) (28.6 ) Selling, general and administrative charges, net (46.3 ) (130.7 ) (73.5 ) Restructuring and other (costs) income, net (115.3 ) 598.2 (77.7 ) Amortization of acquisition-related intangible assets (1,314.8 ) (1,331.7 ) (763.1 ) Consolidated operating income 2,336.2 2,503.0 1,609.6 Other expense, net (b) (399.8 ) (415.8 ) (290.1 ) Income from continuing operations before income taxes $ 1,936.4 $ 2,087.2 $ 1,319.5 Depreciation Life Sciences Solutions $ 146.3 $ 131.6 $ 17.1 Analytical Instruments 38.9 39.0 41.2 Specialty Diagnostics 73.7 76.7 73.9 Laboratory Products and Services 114.5 105.8 104.6 Consolidated depreciation $ 373.4 $ 353.1 $ 236.8 (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. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | (In millions) 2015 2014 2013 Revenues (d) United States $ 8,607.3 $ 8,147.7 $ 6,617.0 China 1,376.4 1,223.1 896.6 Germany 899.7 1,005.9 758.6 United Kingdom 778.1 754.5 532.4 Other 5,303.9 5,758.4 4,285.7 Consolidated revenues $ 16,965.4 $ 16,889.6 $ 13,090.3 Long-lived Assets (e) United States $ 1,532.0 $ 1,501.7 $ 892.9 United Kingdom 261.1 265.5 224.3 Germany 169.4 170.3 165.9 Other 486.3 489.0 484.3 Consolidated long-lived assets $ 2,448.8 $ 2,426.5 $ 1,767.4 (d) Revenues are attributed to countries based on customer location. (e) Includes property, plant and equipment, net |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The components of other expense, net, in the accompanying statement of income are as follows: (In millions) 2015 2014 2013 Interest Income $ 30.6 $ 47.7 $ 28.0 Interest Expense (414.9 ) (479.9 ) (262.1 ) Other Items, Net (15.5 ) 16.4 (56.0 ) Other Expense, Net $ (399.8 ) $ (415.8 ) $ (290.1 ) |
Stockbased Compensation Expen34
Stockbased Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 are as follows: (In millions) 2015 2014 2013 Stock Option Awards $ 43.7 $ 45.7 $ 41.4 Restricted Unit Awards 81.3 71.4 49.5 Total Stock-based Compensation Expense $ 125.0 $ 117.1 $ 90.9 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions used in the Black-Scholes option pricing model are as follows: 2015 2014 2013 Expected Stock Price Volatility 24 % 25 % 33 % Risk Free Interest Rate 1.4 % 1.3 % 0.7 % Expected Life of Options (years) 4.3 4.4 4.5 Expected Annual Dividend 0.5 % 0.5 % 0.8 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the company’s option activity for the year ended December 31, 2015 is presented below: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2014 10.5 $ 71.34 Granted 1.9 130.98 Exercised (2.3 ) 53.79 Canceled/Expired (0.5 ) 107.90 Outstanding at December 31, 2015 9.6 $ 85.30 4.0 Vested and Unvested Expected to Vest at December 31, 2015 9.2 $ 83.81 3.9 $ 534.6 Exercisable at December 31, 2015 5.0 $ 61.28 2.8 $ 400.8 (a) Market price per share on December 31, 2015 was $141.85 . The intrinsic value is zero for options with exercise prices above the market price. |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | A summary of the company’s option activity for the year ended December 31, 2015 is presented below: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2014 10.5 $ 71.34 Granted 1.9 130.98 Exercised (2.3 ) 53.79 Canceled/Expired (0.5 ) 107.90 Outstanding at December 31, 2015 9.6 $ 85.30 4.0 Vested and Unvested Expected to Vest at December 31, 2015 9.2 $ 83.81 3.9 $ 534.6 Exercisable at December 31, 2015 5.0 $ 61.28 2.8 $ 400.8 (a) Market price per share on December 31, 2015 was $141.85 . The intrinsic value is zero for options with exercise prices above the market price. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of the company’s restricted unit activity for the year ended December 31, 2015 is presented below: Units (in thousands) Weighted Average Grant-Date Fair Value Unvested at December 31, 2014 1,805 $ 87.09 Granted 931 126.51 Vested (1,022 ) 78.36 Forfeited (153 ) 114.46 Unvested at December 31, 2015 1,561 $ 113.64 |
Pension and Other Postretirem35
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans and postretirement benefit plans: Domestic Pension Benefits Non-U.S. Pension Benefits Postretirement Benefits (In millions) 2015 2014 2015 2014 2015 2014 Change in Projected Benefit Obligations Benefit Obligation at Beginning of Year $ 1,291.1 $ 449.2 $ 1,075.4 $ 857.9 $ 55.3 $ 38.7 Business combinations — 849.0 52.7 135.1 — 14.9 Service costs — 2.0 25.2 20.0 0.6 0.6 Interest costs 50.0 53.1 27.6 36.7 1.9 2.1 Settlements — (58.2 ) (7.4 ) (19.3 ) — — Plan participants' contributions — — 4.6 3.8 1.3 5.3 Actuarial (gains) losses (48.7 ) 76.7 (39.1 ) 170.3 (2.2 ) 4.0 Benefits paid (79.3 ) (80.7 ) (29.6 ) (32.0 ) (5.4 ) (8.4 ) Currency translation and other — — (73.4 ) (97.1 ) (2.7 ) (1.9 ) Benefit Obligation at End of Year $ 1,213.1 $ 1,291.1 $ 1,036.0 $ 1,075.4 $ 48.8 $ 55.3 Change in Fair Value of Plan Assets Fair Value of Plan Assets at Beginning of Year $ 1,047.6 $ 374.4 $ 825.8 $ 670.7 $ 8.6 $ — Business combinations — 687.1 32.1 96.5 — 8.0 Actual return on plan assets (28.3 ) 111.4 12.4 141.0 (1.1 ) 0.6 Employer contribution 5.4 13.6 28.0 32.9 4.1 3.1 Settlements — (58.2 ) (7.4 ) (19.3 ) — — Plan participants' contributions — — 4.6 3.8 1.3 5.3 Benefits paid (79.3 ) (80.7 ) (29.6 ) (32.0 ) (5.4 ) (8.4 ) Currency translation and other — — (48.7 ) (67.8 ) — — Fair Value of Plan Assets at End of Year $ 945.4 $ 1,047.6 $ 817.2 $ 825.8 $ 7.5 $ 8.6 Funded Status $ (267.7 ) $ (243.5 ) $ (218.8 ) $ (249.6 ) $ (41.3 ) $ (46.7 ) Accumulated Benefit Obligation $ 1,213.1 $ 1,258.3 $ 983.4 $ 1,014.5 Amounts Recognized in Balance Sheet Non-current asset $ — $ — $ 72.7 $ 61.8 $ 3.8 $ 4.8 Current liability (2.9 ) (2.8 ) (5.7 ) (5.6 ) (2.6 ) (2.7 ) Non-current liability (264.8 ) (240.7 ) (285.8 ) (305.8 ) (42.5 ) (48.8 ) Net amount recognized $ (267.7 ) $ (243.5 ) $ (218.8 ) $ (249.6 ) $ (41.3 ) $ (46.7 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 163.0 $ 129.7 $ 133.1 $ 161.9 $ 4.7 $ 4.6 Prior service credits — — (1.6 ) — (0.2 ) (0.3 ) Net amount recognized $ 163.0 $ 129.7 $ 131.5 $ 161.9 $ 4.5 $ 4.3 |
Schedule of Assumptions Used [Table Text Block] | The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2015 and 2014 and are as follows: Domestic Pension Benefits Non-U.S. Pension Benefits Postretirement Benefits 2015 2014 2015 2014 2015 2014 Weighted Average Assumptions Used to Determine Projected Benefit Obligations Discount rate 4.25 % 4.00 % 2.83 % 2.69 % 4.12 % 3.76 % Average rate of increase in employee compensation 4.00 % 4.00 % 3.06 % 3.03 % — — Initial healthcare cost trend rate 6.82 % 7.07 % Ultimate healthcare cost trend rate 5.21 % 5.22 % The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table: Domestic Pension Benefits Non-U.S. Pension Benefits 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions Used to Determine Net Benefit Cost (Income) Discount rate 4.00 % 4.46 % 4.00 % 2.69 % 3.91 % 3.65 % Average rate of increase in employee compensation 4.00 % 4.00 % 4.00 % 3.03 % 3.22 % 2.94 % Expected long-term rate of return on assets 7.00 % 7.00 % 7.00 % 4.21 % 4.88 % 4.96 % |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows: Pension Plans (In millions) 2015 2014 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 1,739.2 $ 1,820.2 Fair value of plan assets 1,180.0 1,265.3 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows: Pension Plans (In millions) 2015 2014 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 1,694.3 $ 1,738.0 Fair value of plan assets 1,179.7 1,265.3 |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension benefit cost (income) includes the following components: Domestic Pension Benefits Non-U.S. Pension Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of Net Benefit Cost (Income) Service cost-benefits earned $ — $ 2.0 $ — $ 25.2 $ 20.0 $ 19.5 Interest cost on benefit obligation 50.0 53.1 19.0 27.6 36.7 29.0 Expected return on plan assets (54.3 ) (60.8 ) (24.3 ) (33.6 ) (34.4 ) (29.0 ) Amortization of actuarial net loss 0.6 3.7 5.2 9.3 4.2 6.3 Amortization of prior service benefit — — — (0.2 ) (0.1 ) (0.3 ) Settlement/curtailment loss — 25.5 — 1.0 4.1 0.1 Special termination benefits — — — 1.3 0.3 1.1 Net periodic benefit cost (income) $ (3.7 ) $ 23.5 $ (0.1 ) $ 30.6 $ 30.8 $ 26.7 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows: (In millions) Domestic Pension Benefits Non-U.S. Pension Benefits Post- retirement Benefits Expected Benefit Payments 2016 $ 82.1 $ 30.0 $ 2.9 2017 84.7 28.4 2.9 2018 80.6 29.7 2.9 2019 80.3 32.6 2.9 2020 80.2 34.7 2.8 2021-2025 390.1 198.6 12.9 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the company’s plan assets at December 31, 2015 and 2014 , by asset category are as follows: December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Domestic Pension Plan Assets U.S. equity funds $ 252.3 $ — $ 252.3 $ — International equity funds 231.5 — 231.5 — Fixed income funds 442.5 — 442.5 — Private equity funds 3.3 — — 3.3 Money market funds 15.8 — 15.8 — Total Domestic Pension Plans $ 945.4 $ — $ 942.1 $ 3.3 Non-U.S. Pension Plan Assets Equity funds $ 122.8 $ 57.3 $ 65.5 $ — Fixed income funds 287.7 20.3 267.4 — Hedge funds 67.5 — 67.5 — Multi-asset funds 17.4 — 17.4 — Derivative funds 135.0 — 135.0 — Insurance contracts 153.6 — 153.6 — Cash / money market funds 33.2 32.8 0.4 — Total Non-U.S. Pension Plans $ 817.2 $ 110.4 $ 706.8 $ — December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2014 (Level 1) (Level 2) (Level 3) Domestic Pension Plan Assets U.S. equity funds $ 290.9 $ — $ 290.9 $ — International equity funds 253.9 — 253.9 — Fixed income funds 462.5 — 462.5 — Private equity funds 4.7 — — 4.7 Money market funds 35.6 — 35.6 — Total Domestic Pension Plans $ 1,047.6 $ — $ 1,042.9 $ 4.7 Non-U.S. Pension Plan Assets Equity funds $ 129.6 $ 55.0 $ 74.6 $ — Fixed income funds 341.1 21.1 320.0 — Hedge funds 69.1 — 69.1 — Multi-asset funds 13.6 — 13.6 — Derivative funds 105.3 — 105.3 — Insurance contracts 136.5 — 136.5 — Cash / money market funds 30.6 30.2 0.4 — Total Non-U.S. Pension Plans $ 825.8 $ 106.3 $ 719.5 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income from continuing operations before provision for income taxes are as follows: (In millions) 2015 2014 2013 U.S. $ 851.7 $ 1,153.3 $ 914.9 Non-U.S. 1,084.7 933.9 404.6 Income from Continuing Operations $ 1,936.4 $ 2,087.2 $ 1,319.5 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes of continuing operations are as follows: (In millions) 2015 2014 2013 Current Income Tax Provision Federal $ 184.4 $ 444.5 $ 242.5 Non-U.S. 362.7 404.8 210.1 State 8.5 35.0 13.5 555.6 884.3 466.1 Deferred Income Tax Provision (Benefit) Federal $ (296.4 ) $ (362.4 ) $ (241.3 ) Non-U.S. (288.2 ) (297.3 ) (178.8 ) State (14.9 ) (32.9 ) (5.6 ) (599.5 ) (692.6 ) (425.7 ) Provision for (benefit from) income taxes $ (43.9 ) $ 191.7 $ 40.4 |
Schedule of Continuing and Discontinued Operations Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) included in the accompanying statement of income is as follows: (In millions) 2015 2014 2013 Continuing Operations $ (43.9 ) $ 191.7 $ 40.4 Discontinued Operations (2.9 ) (0.6 ) (3.7 ) $ (46.8 ) $ 191.1 $ 36.7 |
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: (In millions) 2015 2014 2013 Provision for Income Taxes at Statutory Rate $ 677.7 $ 730.5 $ 461.8 Increases (Decreases) Resulting From: Foreign rate differential (274.5 ) (278.4 ) (180.2 ) Income tax credits (316.4 ) (239.9 ) (227.6 ) Manufacturing deduction (37.9 ) (45.9 ) (33.6 ) Singapore tax holiday (20.8 ) (34.0 ) — Impact of change in tax laws and apportionment on deferred taxes (37.5 ) (21.0 ) 3.3 Nondeductible expenses 9.4 23.4 19.6 Provision (reversal) of tax reserves, net 18.0 28.0 (4.3 ) Basis difference on disposal of businesses — 18.7 — Tax return reassessments and settlements (53.5 ) (3.6 ) 10.5 State income taxes, net of federal tax (7.4 ) 9.3 (3.8 ) Other, net (1.0 ) 4.6 (5.3 ) Provision for (benefit from) income taxes $ (43.9 ) $ 191.7 $ 40.4 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred tax asset (liability) in the accompanying balance sheet consists of the following: (In millions) 2015 2014 Deferred Tax Asset (Liability) Depreciation and amortization $ (4,024.8 ) $ (4,468.8 ) Net operating loss and credit carryforwards 1,083.3 941.9 Reserves and accruals 185.9 163.1 Accrued compensation 312.9 339.1 Inventory basis difference 83.3 96.6 Other capitalized costs 167.9 116.0 Other, net 85.7 77.0 Deferred tax assets (liabilities), net before valuation allowance (2,105.8 ) (2,735.1 ) Less: Valuation allowance 108.9 116.2 Deferred tax assets (liabilities), net $ (2,214.7 ) $ (2,851.3 ) |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: (In millions) 2015 2014 2013 Balance at beginning of year $ 214.1 $ 134.2 $ 164.8 Additions due to acquisitions — 54.3 — Additions for tax positions of current year 14.0 35.3 12.6 Additions for tax positions of prior years 121.2 38.3 15.6 Closure of tax years (5.2 ) — (7.2 ) Settlements 5.6 (48.0 ) (51.6 ) Balance at end of year $ 349.7 $ 214.1 $ 134.2 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In millions except per share amounts) 2015 2014 2013 Income from Continuing Operations $ 1,980.3 $ 1,895.5 $ 1,279.1 Loss from Discontinued Operations (4.9 ) (1.1 ) (5.8 ) Net Income $ 1,975.4 $ 1,894.4 $ 1,273.3 Basic Weighted Average Shares 398.7 398.2 360.3 Plus Effect of: Equity forward arrangement — 0.2 1.8 Stock options and restricted units 3.2 3.9 3.7 Diluted Weighted Average Shares 401.9 402.3 365.8 Basic Earnings per Share: Continuing operations $ 4.97 $ 4.76 $ 3.55 Discontinued operations (0.01 ) — (0.02 ) Basic Earnings per Share $ 4.96 $ 4.76 $ 3.53 Diluted Earnings per Share: Continuing operations $ 4.93 $ 4.71 $ 3.50 Discontinued operations (0.01 ) — (0.02 ) Diluted Earnings per Share $ 4.92 $ 4.71 $ 3.48 |
Debt and Other Financing Arra38
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Effective Interest Rate at December 31, December 31, December 31, (Dollars in millions) 2015 2015 2014 Commercial Paper 1.14 % $ 49.6 $ — Term Loan — 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 — 400.0 3.20% 5-Year Senior Notes, Due 3/1/2016 — 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 0.91 % 900.0 900.0 1.85% 5-Year Senior Notes, Due 1/15/2018 1.85 % 500.0 500.0 2.15% 3-Year Senior Notes, Due 12/14/2018 2.15 % 450.0 — 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 3.34 % 300.0 300.0 1.50% 5-Year Senior Notes, Due 12/1/2020 (euro-denominated) 1.51 % 461.6 — 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 3.12 % 1,000.0 1,000.0 3.60% 10-Year Senior Notes, Due 8/15/2021 2.89 % 1,100.0 1,100.0 3.30% 7-Year Senior Notes, Due 2/15/2022 3.30 % 800.0 800.0 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) 2.18 % 543.1 — 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 % 695.2 774.3 3.65% 10-Year Senior Notes, Due 12/15/2025 3.67 % 350.0 — 5.30% 30-Year Senior Notes, Due 2/1/2044 5.30 % 400.0 400.0 Other 16.3 23.2 Total Borrowings at Par Value 12,415.8 14,422.5 Fair Value Hedge Accounting Adjustments 6.2 (0.5 ) Unamortized Premium, Net 104.7 142.0 Total Borrowings at Carrying Value 12,526.7 14,564.0 Less: Short-term Obligations and Current Maturities 1,052.8 2,212.4 Long-term Obligations $ 11,473.9 $ 12,351.6 |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2015 , the annual repayment requirements for debt obligations are as follows: (In millions) 2016 $ 1,053.0 2017 902.2 2018 952.2 2019 901.9 2020 1,513.6 2021 and Thereafter 7,092.9 $ 12,415.8 |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the outstanding interest rate swap arrangements on the company's senior notes at December 31, 2015 : Aggregate Notional Amount Pay Rate as of (Dollars in millions) Pay Rate December 31, Receive Rate 1.30% Senior Notes due 2017 $ 900.0 1-month LIBOR + 0.6616% 0.9054 % 1.30 % 4.70% Senior Notes due 2020 300.0 1-month LIBOR + 3.1560% 3.3998 % 4.70 % 4.50% Senior Notes due 2021 1,000.0 1-month LIBOR + 2.8680% 3.1118 % 4.50 % 3.60% Senior Notes due 2021 1,100.0 1-month LIBOR + 1.9370% 2.2675 % 3.60 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a summary of annual future minimum lease and rental commitments under noncancelable operating leases as of December 31, 2015 : (In millions) 2016 $ 144.0 2017 119.3 2018 93.5 2019 71.7 2020 50.7 2021 and Thereafter 148.8 $ 628.0 |
Comprehensive Income and Shar40
Comprehensive Income and Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in each component of accumulated other comprehensive items, net of tax are as follows: (In millions) Currency Translation Adjustment Unrealized Gains on Available-for- Sale Investments Unrealized 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 (706.1 ) 0.5 (9.0 ) (9.0 ) (723.6 ) Amounts reclassified from accumulated other comprehensive items — — 3.3 8.0 11.3 Net other comprehensive items (706.1 ) 0.5 (5.7 ) (1.0 ) (712.3 ) Balance at December 31, 2015 $ (1,776.7 ) $ 1.8 $ (26.6 ) $ (195.8 ) $ (1,997.3 ) |
Fair Value Measurements and F41
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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 December 31, 2015 : December 31, Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) 2015 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 54.6 $ 54.6 $ — $ — Bank time deposits 2.0 2.0 — — Investments in mutual funds, unit trusts and other similar instruments 7.6 7.6 — — Warrants 3.4 — 3.4 — Insurance contracts 108.1 — 108.1 — Derivative contracts 13.8 — 13.8 — Total Assets $ 189.5 $ 64.2 $ 125.3 $ — Liabilities Derivative contracts $ 41.8 $ — $ 41.8 $ — Contingent consideration 1.9 — — 1.9 Total Liabilities $ 43.7 $ — $ 41.8 $ 1.9 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. (In millions) 2015 2014 Contingent Consideration Beginning Balance $ 29.6 $ 5.1 Acquisition — 29.9 Payments (11.2 ) (13.4 ) Change in fair value included in earnings (2.9 ) 8.2 Sale of a product line (13.4 ) — Currency translation (0.2 ) (0.2 ) Ending Balance $ 1.9 $ 29.6 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value – Assets Fair Value – Liabilities December 31, December 31, December 31, December 31, (In millions) 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Interest rate swaps (a) $ 0.2 $ — $ 16.4 $ 3.7 Derivatives Not Designated as Hedging Instruments Currency exchange contracts (b) 13.6 20.2 25.4 6.7 (a) The fair value of the interest rate swaps is included in the consolidated balance sheet under the captions other assets or other accrued expenses. (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 (In millions) 2015 2014 Derivatives Designated as Fair Value Hedges Interest rate swaps - effective portion $ 34.0 $ 4.2 Interest rate swaps - ineffective portion (a) (7.4 ) 0.9 Derivatives Not Designated as Fair Value Hedges Currency exchange contracts Included in cost of revenues $ 12.4 $ 14.7 Included in other expense, net 126.8 129.9 (a) The ineffective portion of the loss recognized on interest rate swaps during 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: December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 12.1 $ 14.9 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 12,460.8 $ 12,618.8 $ 13,265.8 $ 13,590.6 Term loan — — 1,275.0 1,275.0 Commercial paper 49.6 49.6 — — Other 16.3 16.3 23.2 23.2 $ 12,526.7 $ 12,684.7 $ 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: December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair (In millions) Value Value Value Value Notes Receivable $ 12.1 $ 14.9 $ 8.3 $ 8.3 Debt Obligations: Senior notes $ 12,460.8 $ 12,618.8 $ 13,265.8 $ 13,590.6 Term loan — — 1,275.0 1,275.0 Commercial paper 49.6 49.6 — — Other 16.3 16.3 23.2 23.2 $ 12,526.7 $ 12,684.7 $ 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 Inform42
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (In millions) 2015 2014 2013 Cash Paid For: Interest $ 437.6 $ 435.9 $ 215.1 Income Taxes $ 476.6 $ 585.7 $ 226.3 Non-cash Activities Fair value of assets of acquired businesses $ 736.5 $ 19,623.9 $ — Cash paid for acquired businesses (699.9 ) (13,534.6 ) — Liabilities assumed of acquired businesses $ 36.6 $ 6,089.3 $ — Fair value of available-for-sale investments contributed to defined benefit plans $ — $ — $ 27.1 Declared but unpaid dividends $ 61.3 $ 61.9 $ 55.8 Issuance of stock upon vesting of restricted stock units $ 131.0 $ 110.0 $ 64.2 |
Restructuring and Other Costs43
Restructuring and Other Costs (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | During 2014, the company recorded net restructuring and other costs (income) by segment as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs (Income), Net Total Life Sciences Solutions $ 327.3 $ 122.5 $ (516.4 ) $ (66.6 ) Analytical Instruments (0.8 ) 0.9 2.5 2.6 Specialty Diagnostics 0.9 1.5 17.7 20.1 Laboratory Products and Services 0.2 — (121.0 ) (120.8 ) Corporate — 5.8 19.0 24.8 $ 327.6 $ 130.7 $ (598.2 ) $ (139.9 ) During 2013, the company recorded net restructuring and other costs as follows: (In millions) Cost of Revenues Selling, General and Administrative Expenses Restructuring and Other Costs, Net Total Life Sciences Solutions $ — $ 51.7 $ 4.4 $ 56.1 Analytical Instruments 2.9 0.6 20.9 24.4 Specialty Diagnostics 24.9 12.9 24.2 62.0 Laboratory Products and Services 0.8 — 25.2 26.0 Corporate — 8.3 3.0 11.3 $ 28.6 $ 73.5 $ 77.7 $ 179.8 During 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 $ 2.0 $ 13.6 $ 64.4 $ 80.0 Analytical Instruments 0.1 (0.3 ) 26.6 26.4 Specialty Diagnostics 0.8 (0.4 ) 9.7 10.1 Laboratory Products and Services 6.2 6.1 12.6 24.9 Corporate — 27.3 2.0 29.3 $ 9.1 $ 46.3 $ 115.3 $ 170.7 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the cash components of the company’s restructuring plans. The non-cash components and other amounts reported as restructuring and other costs, net, in the accompanying statement of income have been summarized in the notes to the tables. Accrued restructuring costs are included in other accrued expenses in the accompanying balance sheet. (In millions) Severance Abandonment of Excess Facilities Other (a) Total Balance at December 31, 2012 $ 20.0 $ 8.3 $ 2.8 $ 31.1 Costs incurred in 2013 57.7 10.3 13.0 81.0 Reserves reversed (b) (2.6 ) (0.1 ) (0.3 ) (3.0 ) Payments (47.0 ) (9.1 ) (13.0 ) (69.1 ) Currency translation 0.5 — — 0.5 Balance at December 31, 2013 28.6 9.4 2.5 40.5 Costs incurred in 2014 (c) 140.8 10.5 102.4 253.7 Reserves reversed (b) (5.5 ) (0.1 ) (0.2 ) (5.8 ) Payments (124.1 ) (10.4 ) (98.1 ) (232.6 ) Currency translation (2.1 ) 0.4 (0.7 ) (2.4 ) Balance at December 31, 2014 37.7 9.8 5.9 53.4 Costs incurred in 2015 (d) 57.0 19.1 14.6 90.7 Reserves reversed (b) (11.7 ) (0.5 ) (2.2 ) (14.4 ) Payments (66.6 ) (15.0 ) (15.0 ) (96.6 ) Currency translation (1.2 ) (0.3 ) (0.3 ) (1.8 ) Balance at December 31, 2015 $ 15.2 $ 13.1 $ 3.0 $ 31.3 (a) Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. (b) Represents reductions in cost of plans. (c) Excludes a $895.4 million net gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses and the Cole-Parmer business; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; $9.3 million of provision for losses on pre-acquisition litigation-related matters of Life Technologies; and an aggregate of $19.9 million of non-cash charges, net. (d) Excludes $24.7 million of provision for losses on litigation-related matters; $14.9 million of impairment of acquired technology in development; 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; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.1 million of non-cash charges, net. |
Unaudited Quarterly Informati44
Unaudited Quarterly Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 (In millions except per share amounts) First (a) Second (b) Third (c) Fourth (d) Revenues $ 3,918.8 $ 4,270.9 $ 4,123.2 $ 4,652.5 Gross Profit 1,822.5 1,941.8 1,883.3 2,108.3 Income from Continuing Operations 385.1 511.6 477.3 606.3 Net Income 385.1 511.6 476.1 602.6 Earnings per Share from Continuing Operations: Basic 0.97 1.28 1.20 1.52 Diluted 0.96 1.27 1.19 1.51 Earnings per Share: Basic 0.97 1.28 1.19 1.51 Diluted 0.96 1.27 1.18 1.50 Cash Dividend Declared per Common Share 0.15 0.15 0.15 0.15 Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: (a) Costs of $40.2 million . (b) Costs of $24.7 million . (c) Costs of $40.9 million and after-tax loss of $1.2 million related to the company's discontinued operations. (d) Costs of $64.9 million and after-tax loss of $3.7 million related to the company's discontinued operations. 2014 (In millions except per share amounts) First (a) Second (b) Third (c) Fourth (d) Revenues $ 3,903.5 $ 4,321.9 $ 4,171.4 $ 4,492.8 Gross Profit 1,620.0 1,846.5 1,933.6 2,091.9 Income from Continuing Operations 543.1 278.5 469.9 604.0 Net Income 543.1 278.5 471.6 601.2 Earnings per Share from Continuing Operations: Basic 1.38 0.70 1.17 1.51 Diluted 1.36 0.69 1.16 1.49 Earnings per Share: Basic 1.38 0.70 1.18 1.50 Diluted 1.36 0.69 1.17 1.49 Cash Dividend Declared per Common Share 0.15 0.15 0.15 0.15 Amounts reflect aggregate restructuring and other items, net, and non-operating items, net, as follows: (a) Income of $330.9 million . (b) Costs of $231.9 million . (c) Income of $88.2 million and after-tax gain of $1.7 million related to the company's discontinued operations. (d) Costs of $47.3 million and after-tax loss of $2.8 million related to the company's discontinued operations. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | $ 74.1 | $ 54.1 | $ 55.5 | ||
Provision charged to expense | 5.5 | 20.4 | [1] | 6.8 | |
Accounts recovered | 0.2 | 1 | 0.2 | ||
Accounts written off | (4.8) | (11.2) | (8.4) | ||
Other | [2] | (4.9) | 9.8 | ||
Ending Balance | 70.1 | 74.1 | 54.1 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Selling General And Administrative Charges Net | 46.3 | 130.7 | 73.5 | ||
Life Sciences Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Selling General And Administrative Charges Net | $ 13.6 | 122.5 | $ 51.7 | ||
Costs to Conform Accounting Policies [Member] | Life Sciences Solutions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Selling General And Administrative Charges Net | $ 16.2 | ||||
[1] | In 2014, includes $16.2 million of charges to conform the accounting policies of Life Technologies with the company's accounting policies. | ||||
[2] | Includes allowance of businesses acquired and sold during the year as described in Note 2 and the effect of currency translation. |
Warranty Obligations (Details)
Warranty Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Warranty Obligations [Roll Forward] | ||
Beginning Balance | $ 57.5 | $ 49.8 |
Provision charged to income | 85.4 | 80.6 |
Usage | (82.1) | (78.4) |
Acquisitions | 0.5 | 7.1 |
Adjustments to previously provided warranties, net | (2.6) | 1 |
Currency translation | (2.9) | (2.6) |
Ending Balance | $ 55.8 | $ 57.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 421.1 | $ 441.6 |
Work in Process | 236.8 | 207.6 |
Finished Goods | 1,333.8 | 1,210.3 |
Inventories | 1,991.7 | 1,859.5 |
LIFO Method Inventories [Abstract] | ||
Value of inventories maintained using the LIFO method | 191 | 203 |
Excess of estimated replacement cost over stated LIFO value | $ 28 | $ 25 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, at Cost | $ 4,113.7 | $ 3,868.9 | |
Less: Accumulated depreciation and amortization | 1,664.9 | 1,442.4 | |
Property, Plant and Equipment, Net | 2,448.8 | 2,426.5 | $ 1,767.4 |
Depreciation and amortization expense of property, plant and equipment | 373.4 | 353.1 | $ 236.8 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, at Cost | 276.4 | 281.8 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, at Cost | $ 1,050.5 | 955.1 | |
Building and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery, Equipment and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, at Cost | $ 2,786.8 | $ 2,632 | |
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Acquisition-related Intangible
Acquisition-related Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Definite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Assets, Gross | $ 17,994.1 | $ 18,132.1 | |
Accumulated Amortization | (6,487.1) | (5,323.9) | |
Definite-Lived Intangible Assets, Net | 11,507 | 12,808.2 | |
Amortization of Acquisition-related Intangible Assets | 1,314.8 | 1,331.7 | $ 763.1 |
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,251.3 | 1,301.9 | |
Acquisition-related Intangible Assets, Gross | 19,245.4 | 19,434 | |
Acquisition-related Intangible Assets, net of Accumulated Amortization | $ 12,758.3 | 14,110.1 | |
Minimum [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 3 years | ||
Maximum [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 20 years | ||
Tradenames [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | $ 1,234.8 | 1,234.8 | |
In-Process Research and Development [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 16.5 | 67.1 | |
Customer Relationships [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Assets, Gross | 11,844.4 | 11,866.8 | |
Accumulated Amortization | (4,086.9) | (3,340.6) | |
Definite-Lived Intangible Assets, Net | 7,757.5 | 8,526.2 | |
Product Technology [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Assets, Gross | 4,799.8 | 4,898.1 | |
Accumulated Amortization | (1,819) | (1,501.3) | |
Definite-Lived Intangible Assets, Net | 2,980.8 | 3,396.8 | |
Tradenames [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Assets, Gross | 1,316.7 | 1,333 | |
Accumulated Amortization | (548.2) | (448.7) | |
Definite-Lived Intangible Assets, Net | 768.5 | 884.3 | |
Other Intangible Assets [Member] | |||
Definite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Assets, Gross | 33.2 | 34.2 | |
Accumulated Amortization | (33) | (33.3) | |
Definite-Lived Intangible Assets, Net | $ 0.2 | $ 0.9 |
Acquisition-related Intangibl50
Acquisition-related Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net, Future Amortization Expense [Abstract] | ||
2,016 | $ 1,278.5 | |
2,017 | 1,254.1 | |
2,018 | 1,216.9 | |
2,019 | 1,183.9 | |
2,020 | 1,075.8 | |
2021 and Thereafter | 5,497.8 | |
Definite-Lived Intangible Assets, Net | $ 11,507 | $ 12,808.2 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 18,842.6 | $ 12,503.3 |
Acquisitions | 252.3 | 7,179.5 |
Finalization of purchase price allocations for prior year acquisitions | (3.3) | |
Sale of businesses and product lines | (5.8) | (342.1) |
Currency translation | (259.7) | (497.1) |
Other | 1.5 | (1) |
Ending balance | 18,827.6 | 18,842.6 |
Life Sciences Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 7,245.3 | 292.4 |
Acquisitions | 125.1 | 7,179.5 |
Finalization of purchase price allocations for prior year acquisitions | (3.3) | |
Sale of businesses and product lines | (5.8) | (122) |
Currency translation | (80.4) | (105) |
Other | 8.3 | 0.4 |
Ending balance | 7,289.2 | 7,245.3 |
Analytical Instruments [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 2,729.8 | 2,761.4 |
Acquisitions | 1.7 | |
Currency translation | (24.1) | (31) |
Other | (4.9) | (0.6) |
Ending balance | 2,702.5 | 2,729.8 |
Specialty Diagnostics [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 3,899.6 | 4,258.1 |
Acquisitions | 4.7 | |
Sale of businesses and product lines | (13.6) | |
Currency translation | (132.8) | (347.2) |
Other | (0.2) | 2.3 |
Ending balance | 3,771.3 | 3,899.6 |
Laboratory Products and Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 4,967.9 | 5,191.4 |
Acquisitions | 120.8 | |
Sale of businesses and product lines | (206.5) | |
Currency translation | (22.4) | (13.9) |
Other | (1.7) | (3.1) |
Ending balance | $ 5,064.6 | $ 4,967.9 |
Additional Accounting Policy an
Additional Accounting Policy and Balance Sheet Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Cost Method Investments | $ 38.8 | $ 38.5 | |
Foreign Currency Transaction Gain (Loss), before Tax | (11) | 33 | $ (17) |
Deferred tax assets | $ 0 | $ 303.3 |
Acquisitions Purchase Price (De
Acquisitions Purchase Price (Details) £ in Millions, $ in Millions | Sep. 30, 2015USD ($) | Sep. 30, 2015GBP (£) | Feb. 03, 2014USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014GBP (£) | Dec. 31, 2013USD ($) |
Purchase Price | ||||||||
Cash paid | $ 699.9 | $ 13,534.6 | ||||||
Debt Assumed | 2,279.5 | |||||||
Purchase Price Payable | 1.8 | |||||||
Cash acquired | (5.3) | (474.5) | ||||||
Total Purchase Price | 696.4 | 15,339.6 | ||||||
Net Assets Acquired [Abstract] | ||||||||
Current assets | 134.9 | 1,774 | ||||||
Property, plant and equipment | 50.1 | 749.2 | ||||||
Goodwill | 252.3 | 7,179.5 | ||||||
Other assets | 4.5 | 246.8 | ||||||
Liabilities assumed | (34.8) | (3,809.8) | ||||||
Total Purchase Price | $ 696.4 | $ 15,339.6 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) | 14 years | 14 years | 14 years | |||||
Other Information | ||||||||
Purchase Price Paid | $ 694.6 | $ 13,060.1 | $ 11.4 | |||||
Purchase Price Paid For Acquisitions Completed In A Prior Year | 11 | 13 | 40 | |||||
In-Process Research and Development [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Indefinite-lived intangible assets | 58.4 | |||||||
Customer Relationships [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 235 | $ 5,890 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) | 15 years | 16 years | 16 years | |||||
Product Technology [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 36.5 | $ 2,632.4 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) | 10 years | 11 years | 11 years | |||||
Tradenames and other [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 17.9 | $ 619.1 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in years) | 10 years | 9 years | 9 years | |||||
Alfa Aesar [Member] | ||||||||
Purchase Price | ||||||||
Cash paid | $ 392.3 | £ 257 | ||||||
Purchase Price Payable | 0.5 | |||||||
Cash acquired | (3.7) | |||||||
Total Purchase Price | 389.1 | |||||||
Net Assets Acquired [Abstract] | ||||||||
Current assets | 102.3 | |||||||
Property, plant and equipment | 39.4 | |||||||
Goodwill | 118.3 | |||||||
Other assets | 4.3 | |||||||
Liabilities assumed | (27.9) | |||||||
Total Purchase Price | 389.1 | |||||||
Other Information | ||||||||
Revenue Reported by Acquired Entity | £ | £ 78 | |||||||
Goodwill, Expected Tax Deductible Amount | 41 | |||||||
Alfa Aesar [Member] | Customer Relationships [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | 137.1 | |||||||
Alfa Aesar [Member] | Tradenames and other [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 15.6 | |||||||
Advanced Scientifics, Inc. [Member] | ||||||||
Purchase Price | ||||||||
Cash paid | $ 289.1 | |||||||
Cash acquired | (0.3) | |||||||
Total Purchase Price | 288.8 | |||||||
Net Assets Acquired [Abstract] | ||||||||
Current assets | 28 | |||||||
Property, plant and equipment | 10.6 | |||||||
Goodwill | 125.1 | |||||||
Other assets | 0.2 | |||||||
Liabilities assumed | (3.9) | |||||||
Total Purchase Price | 288.8 | |||||||
Other Information | ||||||||
Revenue Reported by Acquired Entity | $ 80 | |||||||
Goodwill, Expected Tax Deductible Amount | 125.1 | |||||||
Advanced Scientifics, Inc. [Member] | Customer Relationships [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | 90 | |||||||
Advanced Scientifics, Inc. [Member] | Product Technology [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | 36.5 | |||||||
Advanced Scientifics, Inc. [Member] | Tradenames and other [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 2.3 | |||||||
Life Technologies Corporation [Member] | ||||||||
Purchase Price | ||||||||
Cash paid | $ 13,487.3 | |||||||
Debt Assumed | 2,279.5 | |||||||
Cash acquired | (463) | |||||||
Total Purchase Price | 15,303.8 | |||||||
Net Assets Acquired [Abstract] | ||||||||
Current assets | 1,755.5 | |||||||
Property, plant and equipment | 748.1 | |||||||
Goodwill | 7,167 | |||||||
Other assets | 246.7 | |||||||
Liabilities assumed | (3,800.9) | |||||||
Total Purchase Price | 15,303.8 | |||||||
Other Information | ||||||||
Revenue Reported by Acquired Entity | $ 3,870 | |||||||
Goodwill, Expected Tax Deductible Amount | 0 | |||||||
Life Technologies Corporation [Member] | In-Process Research and Development [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Indefinite-lived intangible assets | 58.4 | |||||||
Life Technologies Corporation [Member] | Customer Relationships [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | 5,883 | |||||||
Life Technologies Corporation [Member] | Product Technology [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | 2,626.9 | |||||||
Life Technologies Corporation [Member] | Tradenames and other [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 619.1 | |||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Purchase Price | ||||||||
Cash paid | $ 18.5 | 47.3 | ||||||
Purchase Price Payable | 1.3 | |||||||
Cash acquired | (1.3) | (11.5) | ||||||
Total Purchase Price | 18.5 | 35.8 | ||||||
Net Assets Acquired [Abstract] | ||||||||
Current assets | 4.6 | 18.5 | ||||||
Property, plant and equipment | 0.1 | 1.1 | ||||||
Goodwill | 8.9 | 12.5 | ||||||
Other assets | 0.1 | |||||||
Liabilities assumed | (3) | (8.9) | ||||||
Total Purchase Price | 18.5 | 35.8 | ||||||
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 7.9 | 7 | ||||||
Series of Individually Immaterial Business Acquisitions [Member] | Product Technology [Member] | ||||||||
Net Assets Acquired [Abstract] | ||||||||
Definite-lived intangible assets | $ 5.5 |
Acquisition Pro Forma Results (
Acquisition Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenues | $ 17,169.2 | $ 16,831.4 |
Income from Continuing Operations | 2,203.2 | 1,008.4 |
Net Income | $ 2,202.1 | $ 1,002.6 |
Earnings per Share from Continuing Operations: | ||
Basic (in dollars per share) | $ 5.52 | $ 2.55 |
Diluted (in dollars per share) | 5.46 | 2.53 |
Earnings per Share: | ||
Basic (in dollars per share) | 5.51 | 2.54 |
Diluted (in dollars per share) | $ 5.46 | $ 2.51 |
Non-recurring Pro Forma Adjustments, Deferred Revenue [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenues | $ (8) | $ (24) |
Non-recurring Pro Forma Adjustments, Fair Value Adjustment to Inventories [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Income from Continuing Operations | (301) | |
Non-recurring Pro Forma Adjustments, Transaction Costs [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Income from Continuing Operations | (231) | |
Non-recurring Pro Forma Adjustments, Monetized Equity Awards [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Income from Continuing Operations | (92) | |
Non-recurring Pro Forma Adjustments, Conform Accounting Policies [Member] | ||
Business Acquisition, Pro Forma Information [Abstract] | ||
Income from Continuing Operations | $ (38) |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Millions | Aug. 15, 2014 | Mar. 21, 2014 | Mar. 21, 2014 | Aug. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 28, 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 | $ 1,521.8 | $ 0 | |||||
Gain (Loss) on Divestiture of Businesses | 7.6 | 895.4 | 0 | |||||
Current Assets | 5,741.2 | 6,539.8 | ||||||
Current Liabilities | $ 4,147.3 | $ 5,349.8 | ||||||
Sera & Media, Gene Modulation and Magnetic Beads Businesses [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of businesses, net of cash divested | $ 1,060 | |||||||
Proceeds from sale of businesses, net of cash divested and income tax payments | 800 | |||||||
Gain (Loss) on Divestiture of Businesses | $ 761 | |||||||
Revenues | $ 61 | 250 | ||||||
Operating Income | $ 12 | 64 | ||||||
Current Assets | 74.3 | |||||||
Long-term Assets | 229.3 | |||||||
Current Liabilities | 6.4 | |||||||
Long-term Liabilities | 22 | |||||||
Cole-Parmer specialty channel business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of businesses, net of cash divested | $ 480 | |||||||
Gain (Loss) on Divestiture of Businesses | 134 | |||||||
After-tax Gain (Loss) on Divestiture of Businesses | $ (4) | |||||||
Revenues | $ 149 | 232 | ||||||
Operating Income | $ 28 | $ 43 | ||||||
Current Assets | $ 39.5 | |||||||
Long-term Assets | 400.3 | |||||||
Current Liabilities | 15.5 | |||||||
Long-term Liabilities | $ 84.1 |
Business Segment Information (D
Business Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Segment Reporting [Abstract] | ||||||||||||
Number of Reportable Segments | Segment | 4 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 4,652.5 | $ 4,123.2 | $ 4,270.9 | $ 3,918.8 | $ 4,492.8 | $ 4,171.4 | $ 4,321.9 | $ 3,903.5 | $ 16,965.4 | $ 16,889.6 | $ 13,090.3 | |
Cost of revenues charges | (9.1) | (327.6) | (28.6) | |||||||||
Selling, general and administrative charges, net | (46.3) | (130.7) | (73.5) | |||||||||
Restructuring and other (costs) income, net | (115.3) | 598.2 | (77.7) | |||||||||
Amortization of acquisition-related intangible assets | (1,314.8) | (1,331.7) | (763.1) | |||||||||
Operating Income | 2,336.2 | 2,503 | 1,609.6 | |||||||||
Other expense, net | (399.8) | (415.8) | (290.1) | |||||||||
Income from Continuing Operations Before Income Taxes | 1,936.4 | 2,087.2 | 1,319.5 | |||||||||
Depreciation | 373.4 | 353.1 | 236.8 | |||||||||
Total Assets | 40,889 | 42,852.1 | 40,889 | 42,852.1 | 31,863.4 | |||||||
Capital Expenditures | 422.9 | 427.6 | 282.4 | |||||||||
Life Sciences Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost of revenues charges | (2) | (327.3) | ||||||||||
Selling, general and administrative charges, net | (13.6) | (122.5) | (51.7) | |||||||||
Restructuring and other (costs) income, net | (64.4) | 516.4 | (4.4) | |||||||||
Total Assets | 17,884.3 | 19,257 | 17,884.3 | 19,257 | 1,115.5 | |||||||
Capital Expenditures | 85.1 | 104.4 | 19.3 | |||||||||
Analytical Instruments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost of revenues charges | (0.1) | 0.8 | (2.9) | |||||||||
Selling, general and administrative charges, net | 0.3 | (0.9) | (0.6) | |||||||||
Restructuring and other (costs) income, net | (26.6) | (2.5) | (20.9) | |||||||||
Total Assets | 4,763.1 | 4,133.3 | 4,763.1 | 4,133.3 | 4,321.4 | |||||||
Capital Expenditures | 59.5 | 38.1 | 33.5 | |||||||||
Specialty Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost of revenues charges | (0.8) | (0.9) | (24.9) | |||||||||
Selling, general and administrative charges, net | 0.4 | (1.5) | (12.9) | |||||||||
Restructuring and other (costs) income, net | (9.7) | (17.7) | (24.2) | |||||||||
Total Assets | 7,183.2 | 8,047.7 | 7,183.2 | 8,047.7 | 9,086 | |||||||
Capital Expenditures | 75.9 | 84.7 | 77.9 | |||||||||
Laboratory Products and Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost of revenues charges | (6.2) | (0.2) | (0.8) | |||||||||
Selling, general and administrative charges, net | (6.1) | |||||||||||
Restructuring and other (costs) income, net | (12.6) | 121 | (25.2) | |||||||||
Total Assets | 10,266.6 | 10,875.7 | 10,266.6 | 10,875.7 | 11,523.5 | |||||||
Capital Expenditures | 97.7 | 102.1 | 94.7 | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Assets | [1] | $ 791.8 | $ 538.4 | 791.8 | 538.4 | 5,817 | ||||||
Capital Expenditures | 104.7 | 98.3 | 57 | |||||||||
Total Reportable Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Income | [2] | 3,821.7 | 3,694.8 | 2,552.5 | ||||||||
Total Reportable Segments [Member] | Life Sciences Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 4,439.4 | 4,195.7 | 712.5 | |||||||||
Operating Income | [2] | 1,336.9 | 1,214.9 | 169.7 | ||||||||
Depreciation | 146.3 | 131.6 | 17.1 | |||||||||
Total Reportable Segments [Member] | Analytical Instruments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,208.2 | 3,252.2 | 3,154.2 | |||||||||
Operating Income | [2] | 612.8 | 581.1 | 558.7 | ||||||||
Depreciation | 38.9 | 39 | 41.2 | |||||||||
Total Reportable Segments [Member] | Specialty Diagnostics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,243.9 | 3,343.6 | 3,191.7 | |||||||||
Operating Income | [2] | 872.9 | 916 | 863.7 | ||||||||
Depreciation | 73.7 | 76.7 | 73.9 | |||||||||
Total Reportable Segments [Member] | Laboratory Products and Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 6,661.5 | 6,601.5 | 6,398.8 | |||||||||
Operating Income | [2] | 999.1 | 982.8 | 960.4 | ||||||||
Depreciation | 114.5 | 105.8 | 104.6 | |||||||||
Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (587.6) | (503.4) | (366.9) | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost of revenues charges | (9.1) | (327.6) | (28.6) | |||||||||
Selling, general and administrative charges, net | (46.3) | (130.7) | (73.5) | |||||||||
Restructuring and other (costs) income, net | (115.3) | 598.2 | (77.7) | |||||||||
Amortization of acquisition-related intangible assets | $ (1,314.8) | $ (1,331.7) | $ (763.1) | |||||||||
[1] | Corporate assets consist primarily of cash and cash equivalents, short-term investments, property and equipment at the company's corporate offices and assets of the discontinued operations. | |||||||||||
[2] | 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. |
Geographical Information (Detai
Geographical Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | $ 4,652.5 | $ 4,123.2 | $ 4,270.9 | $ 3,918.8 | $ 4,492.8 | $ 4,171.4 | $ 4,321.9 | $ 3,903.5 | $ 16,965.4 | $ 16,889.6 | $ 13,090.3 | |
Long-lived Assets | 2,448.8 | 2,426.5 | 2,448.8 | 2,426.5 | 1,767.4 | |||||||
United States | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | 8,607.3 | 8,147.7 | 6,617 | ||||||||
Long-lived Assets | 1,532 | 1,501.7 | 1,532 | 1,501.7 | 892.9 | |||||||
China | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | 1,376.4 | 1,223.1 | 896.6 | ||||||||
Germany | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | 899.7 | 1,005.9 | 758.6 | ||||||||
Long-lived Assets | 169.4 | 170.3 | 169.4 | 170.3 | 165.9 | |||||||
United Kingdom | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | 778.1 | 754.5 | 532.4 | ||||||||
Long-lived Assets | 261.1 | 265.5 | 261.1 | 265.5 | 224.3 | |||||||
All Other Countries | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | 5,303.9 | 5,758.4 | 4,285.7 | ||||||||
Long-lived Assets | $ 486.3 | $ 489 | $ 486.3 | $ 489 | $ 484.3 | |||||||
[1] | Revenues are attributed to countries based on customer location. |
Other Expense, Net (Details)
Other Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Interest Income | $ 30.6 | $ 47.7 | $ 28 |
Interest Expense | (414.9) | (479.9) | (262.1) |
Other Items, Net | (15.5) | 16.4 | (56) |
Other Expense, Net | (399.8) | (415.8) | (290.1) |
Costs associated with entering into interest rate swap arrangements | 7.5 | ||
Losses on Extinguishment of Debt | $ 12 | ||
Gain on Sale of Investments | $ 9 | 5 | |
Fees Associated with Short-term Financing Commitments | 74 | ||
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Available-for-sale Securities, Gross Realized Gains | $ 11 |
Stockbased Compensation Expen59
Stockbased Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock Option Awards | $ 43.7 | $ 45.7 | $ 41.4 |
Restricted Unit Awards | 81.3 | 71.4 | 49.5 |
Stock-based Compensation Expense | 125 | 117.1 | $ 90.9 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense, Cash-in-Lieu of Pre-acquisition Equity Awards | 22 | $ 35 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs On Nonvested Awards | $ 72 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years 5 months | ||
Employee Stock Option [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 Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Costs On Nonvested Awards | $ 118 | ||
Unrecognized Compensation Costs On Nonvested Awards, Weighted Average Period Of Recognition | 2 years | ||
Restricted Stock Units (RSUs) [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 |
Stockbased Compensation, Stock
Stockbased Compensation, Stock Option Disclosures (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit related to employees' and directors' stock plans | $ 63.2 | $ 65.4 | $ 46.6 | |
Expected Stock Price Volatility | 24.00% | 25.00% | 33.00% | |
Risk Free Interest Rate | 1.40% | 1.30% | 0.70% | |
Expected Life of Options (years) | 4 years 4 months | 4 years 5 months | 4 years 6 months | |
Expected Annual Dividend | 0.50% | 0.50% | 0.80% | |
Weighted Average Grant Date Fair Value of Options Granted in Period (in dollars per share) | $ 27.04 | $ 26.89 | $ 19.84 | |
Total Intrinsic Value of Options Exercised in Period | $ 181 | $ 208 | $ 190 | |
Options Outstanding [Roll Forward] | ||||
Options Outstanding, Beginning Balance | 10.5 | |||
Granted | 1.9 | |||
Exercised | (2.3) | |||
Canceled / Expired | (0.5) | |||
Options Outstanding, Ending Balance | 9.6 | 10.5 | ||
Options, Additional Disclosures [Abstract] | ||||
Options Outstanding, Weighted Average Exercise Price, Beginning of Period (in dollars per share) | $ 71.34 | |||
Grants in Period, Weighted Average Exercise Price (in dollars per share) | 130.98 | |||
Exercises in Period, Weighted Average Exercise Price (in dollars per share) | 53.79 | |||
Canceled / Expired in Period, Weighted Average Exercise Price (in dollars per share) | 107.90 | |||
Options Outstanding, Weighted Average Exercise Price, End of Period (in dollars per share) | $ 85.30 | $ 71.34 | ||
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years | |||
Options Vested and Unvested Expected to Vest | 9.2 | |||
Options Vested and Unvested Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ 83.81 | |||
Options Vested and Unvested Expected to Vest, Weighted Average Remaining Contractual Term | 3 years 11 months | |||
Options Vested and Unvested Expected to Vest, Aggregate Intrinsic Value | [1] | $ 534.6 | ||
Options Exercisable | 5 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 61.28 | |||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 10 months | |||
Options Exercisable, Intrinsic Value | [1] | $ 400.8 | ||
Common Stock, Market Value Per Share | $ 141.85 | |||
Minimum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Requisite Service Period | 3 years | |||
Option Term | 7 years | |||
Maximum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Requisite Service Period | 5 years | |||
Option Term | 10 years | |||
[1] | Market price per share on December 31, 2015 was $141.85. The intrinsic value is zero for options with exercise prices above the market price. |
Stockbased Compensation, Restri
Stockbased Compensation, Restricted Units Disclosures (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested Restricted Units [Roll Forward] | |||
Unvested Restricted Units, Beginning Balance | 1,805 | ||
Granted | 931 | ||
Vested | (1,022) | ||
Forfeited | (153) | ||
Unvested Restricted Units, Ending Balance | 1,561 | 1,805 | |
Restricted Units, Additional Disclosures [Abstract] | |||
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 87.09 | ||
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 126.51 | ||
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 78.36 | ||
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 114.46 | ||
Unvested Restricted Units, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 113.64 | $ 87.09 | |
Fair Value of Units Vested | $ 80 | $ 61 | $ 47 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Requisite Service Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Requisite Service Period | 4 years |
Employee Stock Purchase Plans (
Employee Stock Purchase Plans (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Purchase Price (% of Market Price on Purchase Date) | 95.00% | ||
Maximum Employee Subscription Rate (% of Gross Wages) | 10.00% | ||
Stock Issued During Period, Employee Stock Purchase Plans (in shares) | 151 | 119 | 100 |
Pensions DC Plans (Details)
Pensions DC Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 131 | $ 118 | $ 87 |
Pensions Funded Status (Details
Pensions Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Cash contributions to retirement plans | $ 37.5 | $ 49.6 | $ 38.2 |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Employer Contributions in Next Fiscal Year | 30 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Employer Contributions in Next Fiscal Year | 50 | ||
Domestic Pension Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | 1,291.1 | 449.2 | |
Business combinations | 849 | ||
Service costs | 2 | ||
Interest costs | 50 | 53.1 | 19 |
Settlements | (58.2) | ||
Actuarial (gains) losses | (48.7) | 76.7 | |
Benefits paid | (79.3) | (80.7) | |
Benefit Obligation at End of Year | 1,213.1 | 1,291.1 | 449.2 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,047.6 | 374.4 | |
Business combinations | 687.1 | ||
Actual return on plan assets | (28.3) | 111.4 | |
Employer contribution | 5.4 | 13.6 | |
Settlements | (58.2) | ||
Benefits paid | (79.3) | (80.7) | |
Fair Value of Plan Assets at End of Year | 945.4 | 1,047.6 | 374.4 |
Funded Status | (267.7) | (243.5) | |
Accumulated Benefit Obligation | 1,213.1 | 1,258.3 | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Current liability | (2.9) | (2.8) | |
Non-current liability | (264.8) | (240.7) | |
Net amount recognized | (267.7) | (243.5) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 163 | 129.7 | |
Net amount recognized | $ 163 | $ 129.7 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 4.25% | 4.00% | |
Average rate of increase in employee compensation | 4.00% | 4.00% | |
Non-U.S. Pension Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | $ 1,075.4 | $ 857.9 | |
Business combinations | 52.7 | 135.1 | |
Service costs | 25.2 | 20 | 19.5 |
Interest costs | 27.6 | 36.7 | 29 |
Settlements | (7.4) | (19.3) | |
Plan participants' contributions | 4.6 | 3.8 | |
Actuarial (gains) losses | (39.1) | 170.3 | |
Benefits paid | (29.6) | (32) | |
Currency translation and other | (73.4) | (97.1) | |
Benefit Obligation at End of Year | 1,036 | 1,075.4 | 857.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 825.8 | 670.7 | |
Business combinations | 32.1 | 96.5 | |
Actual return on plan assets | 12.4 | 141 | |
Employer contribution | 28 | 32.9 | |
Settlements | (7.4) | (19.3) | |
Plan participants' contributions | 4.6 | 3.8 | |
Benefits paid | (29.6) | (32) | |
Currency translation and other | (48.7) | (67.8) | |
Fair Value of Plan Assets at End of Year | 817.2 | 825.8 | 670.7 |
Funded Status | (218.8) | (249.6) | |
Accumulated Benefit Obligation | 983.4 | 1,014.5 | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current asset | 72.7 | 61.8 | |
Current liability | (5.7) | (5.6) | |
Non-current liability | (285.8) | (305.8) | |
Net amount recognized | (218.8) | (249.6) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 133.1 | 161.9 | |
Prior service credits | (1.6) | ||
Net amount recognized | $ 131.5 | $ 161.9 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 2.83% | 2.69% | |
Average rate of increase in employee compensation | 3.06% | 3.03% | |
Postretirement Benefits [Member] | |||
Change in Projected Benefit Obligation [Roll Forward] | |||
Benefit Obligation at Beginning of Year | $ 55.3 | $ 38.7 | |
Business combinations | 14.9 | ||
Service costs | 0.6 | 0.6 | |
Interest costs | 1.9 | 2.1 | |
Plan participants' contributions | 1.3 | 5.3 | |
Actuarial (gains) losses | (2.2) | 4 | |
Benefits paid | (5.4) | (8.4) | |
Currency translation and other | (2.7) | (1.9) | |
Benefit Obligation at End of Year | 48.8 | 55.3 | 38.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 8.6 | 0 | |
Business combinations | 8 | ||
Actual return on plan assets | (1.1) | 0.6 | |
Employer contribution | 4.1 | 3.1 | |
Plan participants' contributions | 1.3 | 5.3 | |
Benefits paid | (5.4) | (8.4) | |
Fair Value of Plan Assets at End of Year | 7.5 | 8.6 | $ 0 |
Funded Status | (41.3) | (46.7) | |
Amounts Recognized in Balance Sheet [Abstract] | |||
Non-current asset | 3.8 | 4.8 | |
Current liability | (2.6) | (2.7) | |
Non-current liability | (42.5) | (48.8) | |
Net amount recognized | (41.3) | (46.7) | |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||
Net actuarial loss | 4.7 | 4.6 | |
Prior service credits | (0.2) | (0.3) | |
Net amount recognized | $ 4.5 | $ 4.3 | |
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Discount rate | 4.12% | 3.76% | |
Initial healthcare cost trend rate | 6.82% | 7.07% | |
Ultimate healthcare cost trend rate | 5.21% | 5.22% | |
Postretirement Benefits [Member] | Minimum [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | 2,016 | ||
Postretirement Benefits [Member] | Maximum [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | |||
Year that Healthcare Cost Rate Reaches Ultimate Trend Rate | 2,033 |
Pensions Net Benefit Cost (Deta
Pensions Net Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | |||
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Settlement/curtailment loss | $ 30 | ||
Domestic Pension Benefits [Member] | |||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | |||
Discount rate | 4.00% | 4.46% | 4.00% |
Average rate of increase in employee compensation | 4.00% | 4.00% | 4.00% |
Expected long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | $ 2 | ||
Interest cost on benefit obligation | $ 50 | 53.1 | $ 19 |
Expected return on plan assets | (54.3) | (60.8) | (24.3) |
Amortization of actuarial net loss | 0.6 | 3.7 | 5.2 |
Settlement/curtailment loss | 25.5 | ||
Net periodic benefit cost (income) | $ (3.7) | $ 23.5 | $ (0.1) |
Non-U.S. Pension Benefits [Member] | |||
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Income) [Abstract] | |||
Discount rate | 2.69% | 3.91% | 3.65% |
Average rate of increase in employee compensation | 3.03% | 3.22% | 2.94% |
Expected long-term rate of return on assets | 4.21% | 4.88% | 4.96% |
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | $ 25.2 | $ 20 | $ 19.5 |
Interest cost on benefit obligation | 27.6 | 36.7 | 29 |
Expected return on plan assets | (33.6) | (34.4) | (29) |
Amortization of actuarial net loss | 9.3 | 4.2 | 6.3 |
Amortization of prior service benefit | (0.2) | (0.1) | (0.3) |
Settlement/curtailment loss | 1 | 4.1 | 0.1 |
Special termination benefits | 1.3 | 0.3 | 1.1 |
Net periodic benefit cost (income) | 30.6 | 30.8 | $ 26.7 |
Postretirement Benefits [Member] | |||
Components of Net Periodic Benefit Cost (Income) [Abstract] | |||
Service cost-benefits earned | 0.6 | 0.6 | |
Interest cost on benefit obligation | $ 1.9 | $ 2.1 |
Pensions Benefit Obligation in
Pensions Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 1,739.2 | $ 1,820.2 |
Fair value of plan assets | 1,180 | 1,265.3 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Accumulated benefit obligation | 1,694.3 | 1,738 |
Fair value of plan assets | $ 1,179.7 | $ 1,265.3 |
Defined Benefit Plan, Measurement Date | December 31 |
Pension Expected Benefit Paymen
Pension Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Domestic Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2,016 | $ 82.1 |
2,017 | 84.7 |
2,018 | 80.6 |
2,019 | 80.3 |
2,020 | 80.2 |
2021-2025 | 390.1 |
Non-U.S. Pension Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2,016 | 30 |
2,017 | 28.4 |
2,018 | 29.7 |
2,019 | 32.6 |
2,020 | 34.7 |
2021-2025 | 198.6 |
Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments [Abstract] | |
2,016 | 2.9 |
2,017 | 2.9 |
2,018 | 2.9 |
2,019 | 2.9 |
2,020 | 2.8 |
2021-2025 | $ 12.9 |
Pensions FV Assets (Details)
Pensions FV Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 945.4 | $ 1,047.6 | $ 374.4 |
Domestic Pension Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 942.1 | 1,042.9 | |
Domestic Pension Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | U.S. Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 27.00% | ||
Fair Value of Plan Assets | $ 252.3 | 290.9 | |
Domestic Pension Benefits [Member] | U.S. Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 252.3 | 290.9 | |
Domestic Pension Benefits [Member] | U.S. Real Estate Related Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 2.00% | ||
Domestic Pension Benefits [Member] | International Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 24.00% | ||
Fair Value of Plan Assets | $ 231.5 | 253.9 | |
Domestic Pension Benefits [Member] | International Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 231.5 | 253.9 | |
Domestic Pension Benefits [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 47.00% | ||
Fair Value of Plan Assets | $ 442.5 | 462.5 | |
Domestic Pension Benefits [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 442.5 | 462.5 | |
Domestic Pension Benefits [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3.3 | 4.7 | |
Domestic Pension Benefits [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 15.8 | 35.6 | |
Domestic Pension Benefits [Member] | Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 15.8 | 35.6 | |
Domestic Pension Benefits [Member] | Maximum [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% | ||
Non-U.S. Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 817.2 | 825.8 | $ 670.7 |
Non-U.S. Pension Benefits [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 110.4 | 106.3 | |
Non-U.S. Pension Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 706.8 | 719.5 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 287.7 | 341.1 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 20.3 | 21.1 | |
Non-U.S. Pension Benefits [Member] | Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 267.4 | 320 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 122.8 | 129.6 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57.3 | 55 | |
Non-U.S. Pension Benefits [Member] | Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 65.5 | 74.6 | |
Non-U.S. Pension Benefits [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67.5 | 69.1 | |
Non-U.S. Pension Benefits [Member] | Hedge Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 67.5 | 69.1 | |
Non-U.S. Pension Benefits [Member] | Multi-asset Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17.4 | 13.6 | |
Non-U.S. Pension Benefits [Member] | Multi-asset Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17.4 | 13.6 | |
Non-U.S. Pension Benefits [Member] | Derivative Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 135 | 105.3 | |
Non-U.S. Pension Benefits [Member] | Derivative Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 135 | 105.3 | |
Non-U.S. Pension Benefits [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 153.6 | 136.5 | |
Non-U.S. Pension Benefits [Member] | Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 153.6 | 136.5 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 33.2 | 30.6 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | Quoted Prices in Active Markets (Level I) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 32.8 | 30.2 | |
Non-U.S. Pension Benefits [Member] | Cash / Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0.4 | $ 0.4 | |
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Fixed Income Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Fixed Income Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Equity Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 4.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Equity Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Hedge Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Multi-asset Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 4.00% | ||
Non-U.S. Pension Benefits [Member] | Minimum [Member] | Derivative Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Fixed Income Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Fixed Income Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 65.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Equity Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 18.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Equity Funds [Member] | Plans Not Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 70.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Hedge Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Multi-asset Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | ||
Non-U.S. Pension Benefits [Member] | Maximum [Member] | Derivative Funds [Member] | Plans Managing Assets in a Liability Framework | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% |
Income Taxes Components (Detail
Income Taxes Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income From Continuing Operations Before Income Taxes [Abstract] | |||
U.S. | $ 851.7 | $ 1,153.3 | $ 914.9 |
Non-U.S. | 1,084.7 | 933.9 | 404.6 |
Income from Continuing Operations Before Income Taxes | 1,936.4 | 2,087.2 | 1,319.5 |
Current Income Tax Provision [Abstract] | |||
Federal | 184.4 | 444.5 | 242.5 |
Non-U.S. | 362.7 | 404.8 | 210.1 |
State | 8.5 | 35 | 13.5 |
Total Current Income Tax Provision | 555.6 | 884.3 | 466.1 |
Deferred Income Tax Provision (Benefit) [Abstract] | |||
Federal | (296.4) | (362.4) | (241.3) |
Non-U.S. | (288.2) | (297.3) | (178.8) |
State | (14.9) | (32.9) | (5.6) |
Total Deferred Income Tax Provision (Benefit) | (599.5) | (692.6) | (425.7) |
Provision for (benefit from) income taxes | (43.9) | 191.7 | 40.4 |
Discontinued Operations, Provision for (Benefit from) Income Taxes | (2.9) | (0.6) | (3.7) |
Total Tax Provision in the Statement of Income | (46.8) | 191.1 | 36.7 |
Excess income tax benefits from stock-based compensation plans recognized in equity | $ 63.2 | $ 65.4 | $ 46.6 |
Income Taxes Rate Reconciliatio
Income Taxes Rate Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Provision for Income Taxes at Statutory Rate | $ 677.7 | $ 730.5 | $ 461.8 |
Foreign rate differential | (274.5) | (278.4) | (180.2) |
Income tax credits | (316.4) | (239.9) | (227.6) |
Manufacturing deduction | (37.9) | (45.9) | (33.6) |
Singapore tax holiday | (20.8) | (34) | |
Impact of change in tax laws and apportionment on deferred taxes | (37.5) | (21) | 3.3 |
Nondeductible expenses | 9.4 | 23.4 | 19.6 |
Provision (reversal) of tax reserves, net | 18 | 28 | (4.3) |
Basis difference on disposal of businesses | 18.7 | ||
Tax return reassessments and settlements | (53.5) | (3.6) | 10.5 |
State income taxes, net of federal tax | (7.4) | 9.3 | (3.8) |
Other, net | (1) | 4.6 | (5.3) |
Provision for (benefit from) income taxes | (43.9) | 191.7 | 40.4 |
US foreign tax credits generated by repatriation of foreign earnings | 172 | 160 | |
US Income taxes on repatriated foreign earnings | 46 | $ 55 | $ 56 |
Credits Generated Due To Tax Planning Initiatives, Non-U.S. Subsidiaries [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
US foreign tax credits generated by repatriation of foreign earnings | 111 | ||
Credits Generated Due To Tax Planning Initiatives, Sweden [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
US foreign tax credits generated by repatriation of foreign earnings | $ 80 | ||
Singapore | |||
Income Tax Holiday [Line Items] | |||
Income Tax Holiday, Termination Date | 12/31/2021 | ||
Effective Income Tax Rate Reconciliation, Tax Holiday, Percent | 1.10% | 1.60% | |
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.05 | $ 0.08 |
Income Taxes Deferred Taxes (De
Income Taxes Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets (Liabilities) [Abstract] | ||
Depreciation and amortization | $ (4,024.8) | $ (4,468.8) |
Net operating loss and credit carryforwards | 1,083.3 | 941.9 |
Reserves and accruals | 185.9 | 163.1 |
Accrued compensation | 312.9 | 339.1 |
Inventory basis difference | 83.3 | 96.6 |
Other capitalized costs | 167.9 | 116 |
Other, net | 85.7 | 77 |
Deferred tax assets (liabilities), net before valuation allowance | (2,105.8) | (2,735.1) |
Valuation allowance | 108.9 | 116.2 |
Deferred tax assets (liabilities), net | $ (2,214.7) | $ (2,851.3) |
Income Taxes Loss Carryforwards
Income Taxes Loss Carryforwards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Tax Credit Carryforward [Line Items] | |
Undistributed Earnings of Foreign Subsidiaries | $ 8,640 |
Federal Foreign [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 379 |
Federal Foreign [Member] | Minimum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2017 |
Federal Foreign [Member] | Maximum [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Expiration Date | Dec. 31, 2025 |
Federal and State [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 |
Federal and State [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 109 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 1,240 |
Non- U.S. [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | 2,320 |
Portion of Non- U.S. with expiration dates [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryforwards | $ 319 |
Portion of Non- U.S. with expiration dates [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 |
Portion of Non- U.S. with expiration dates [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 214.1 | $ 134.2 | $ 164.8 |
Additions due to acquisitions | 54.3 | ||
Additions for tax positions of current year | 14 | 35.3 | 12.6 |
Additions for tax positions of prior years | 121.2 | 38.3 | 15.6 |
Closure of tax years | (5.2) | (7.2) | |
Settlements | (5.6) | 48 | 51.6 |
Balance at end of year | 349.7 | 214.1 | 134.2 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 19 | 16 | |
Current Liability [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at end of year | 3 | ||
IRS [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 10 | ||
IRS [Member] | Tax Years 2008 and 2009 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 9 | ||
IRS [Member] | Tax Years 2001 and 2003 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 21 | ||
IRS [Member] | Tax Years 2010 and 2011 [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 48 | ||
Sweden Tax Agency [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 21 | ||
Portion of Settlement that Reduced Income Tax Expense | $ 17 | ||
Utilization of Deferred Tax Assets [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Additions for tax positions of prior years | 70 | ||
Foreign Net Operating Losses [Member] | |||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Additions for tax positions of prior years | $ 28 |
EPS Calculation (Details)
EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 606.3 | $ 477.3 | $ 511.6 | $ 385.1 | $ 604 | $ 469.9 | $ 278.5 | $ 543.1 | $ 1,980.3 | $ 1,895.5 | $ 1,279.1 |
Loss from Discontinued Operations | (3.7) | (1.2) | (2.8) | 1.7 | (4.9) | (1.1) | (5.8) | ||||
Net Income | $ 602.6 | $ 476.1 | $ 511.6 | $ 385.1 | $ 601.2 | $ 471.6 | $ 278.5 | $ 543.1 | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Basic Weighted Average Shares | 398.7 | 398.2 | 360.3 | ||||||||
Effect of Equity Forward Arrangement | 0.2 | 1.8 | |||||||||
Effect of Stock Options and Restricted Units | 3.2 | 3.9 | 3.7 | ||||||||
Diluted Weighted Average Shares | 401.9 | 402.3 | 365.8 | ||||||||
Basic Earnings per Share: | |||||||||||
Continuing operations (in dollars per share) | $ 1.52 | $ 1.20 | $ 1.28 | $ 0.97 | $ 1.51 | $ 1.17 | $ 0.70 | $ 1.38 | $ 4.97 | $ 4.76 | $ 3.55 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.02) | ||||||||
Earnings Per Share, Basic (in dollars per share) | 1.51 | 1.19 | 1.28 | 0.97 | 1.50 | 1.18 | 0.70 | 1.38 | 4.96 | 4.76 | 3.53 |
Diluted Earnings per Share: | |||||||||||
Continuing operations (in dollars per share) | 1.51 | 1.19 | 1.27 | 0.96 | 1.49 | 1.16 | 0.69 | 1.36 | 4.93 | 4.71 | 3.50 |
Discontinued operations (in dollars per share) | (0.01) | 0 | (0.02) | ||||||||
Earnings Per Share, Diluted (in dollars per share) | $ 1.50 | $ 1.18 | $ 1.27 | $ 0.96 | $ 1.49 | $ 1.17 | $ 0.69 | $ 1.36 | $ 4.92 | $ 4.71 | $ 3.48 |
Employee Stock Option [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive Stock Options Excluded From Computation Of Earnings Per Share | 3.4 | 2.4 | 1 |
Debt Outstanding Debt (Details)
Debt Outstanding Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Feb. 03, 2014 | |
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | $ 12,415.8 | $ 14,422.5 | |
Fair Value Hedge Accounting Adjustments | 6.2 | (0.5) | |
Unamortized Premium, Net | 104.7 | 142 | |
Total Borrowings at Carrying Value | 12,526.7 | 14,564 | |
Less: Short-term Obligations and Current Maturities | 1,052.8 | 2,212.4 | |
Long-term Obligations | 11,473.9 | 12,351.6 | |
Losses on Extinguishment of Debt | $ 12 | ||
U.S. Commercial Paper Program [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.14% | ||
Total Borrowings at Par Value | $ 49.6 | ||
Total Borrowings at Carrying Value | 49.6 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | 1,275 | ||
Total Borrowings at Carrying Value | 1,275 | ||
Losses on Extinguishment of Debt | 3 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Carrying Value | $ 12,460.8 | 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. | ||
Business Combination, Fair Value of Long-term Debt in Excess of Par Value | $ 207 | ||
Losses on Extinguishment of Debt | $ 9 | ||
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 | ||
Total Borrowings at Par Value | 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 | ||
Total Borrowings at Par Value | 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 | ||
Total Borrowings at Par Value | 250 | ||
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 | ||
Total Borrowings at Par Value | 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 | ||
Total Borrowings at Par Value | 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% | ||
Total Borrowings at Par Value | $ 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 | 0.91% | ||
Total Borrowings at Par Value | $ 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% | ||
Total Borrowings at Par Value | $ 500 | 500 | |
Senior Notes [Member] | 2.15% 3-Year Senior Notes, Due 12/14/2018 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.15% | ||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Maturity Date | Dec. 14, 2018 | ||
Effective Interest Rate | 2.15% | ||
Total Borrowings at Par Value | $ 450 | ||
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% | ||
Total Borrowings at Par Value | $ 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% | ||
Total Borrowings at Par Value | $ 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 | 3.34% | ||
Total Borrowings at Par Value | $ 300 | 300 | |
Senior Notes [Member] | 1.50% 5-Year Senior Notes, Due 12/1/2020 (euro denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 1.50% | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Maturity Date | Dec. 1, 2020 | ||
Effective Interest Rate | 1.51% | ||
Total Borrowings at Par Value | $ 461.6 | ||
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% | ||
Total Borrowings at Par Value | $ 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 | 3.12% | ||
Total Borrowings at Par Value | $ 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 | 2.89% | ||
Total Borrowings at Par Value | $ 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% | ||
Total Borrowings at Par Value | $ 800 | 800 | |
Senior Notes [Member] | 2.15% 7-Year Senior Notes, Due 7/21/2022 (euro-denominated) [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 2.15% | ||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Maturity Date | Jul. 21, 2022 | ||
Effective Interest Rate | 2.18% | ||
Total Borrowings at Par Value | $ 543.1 | ||
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% | ||
Total Borrowings at Par Value | $ 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% | ||
Total Borrowings at Par Value | $ 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% | ||
Total Borrowings at Par Value | $ 695.2 | 774.3 | |
Senior Notes [Member] | 3.65% 10-Year Senior Notes, Due 12/15/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 3.65% | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date | Dec. 15, 2025 | ||
Effective Interest Rate | 3.67% | ||
Total Borrowings at Par Value | $ 350 | ||
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% | ||
Total Borrowings at Par Value | $ 400 | 400 | |
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total Borrowings at Par Value | 16.3 | 23.2 | |
Total Borrowings at Carrying Value | $ 16.3 | $ 23.2 |
Debt Future Repayments (Details
Debt Future Repayments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | ||
2,016 | $ 1,053 | |
2,017 | 902.2 | |
2,018 | 952.2 | |
2,019 | 901.9 | |
2,020 | 1,513.6 | |
2021 and Thereafter | 7,092.9 | |
Total Repayments of Principal | $ 12,415.8 | $ 14,422.5 |
Debt Short-term Financing (Deta
Debt Short-term Financing (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Feb. 26, 2015USD ($) | Dec. 31, 2014USD ($) | |
Short-term Financing [Line Items] | |||
Short-term Borrowings | $ 50,000,000 | $ 0 | |
Short-term Borrowings, Weighted Average Interest Rate | 1.14% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 122,000,000 | ||
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 | 47 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 | 3.5 | ||
Debt, Covenant, Minimum Consolidated Interest Coverage Ratio | 3 | ||
Letters of Credit Outstanding, Amount | $ 65,000,000 | ||
Line of Credit Facility, Amount Outstanding | $ 0 |
Interest Rate Swap Arrangements
Interest Rate Swap Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 6,630 | $ 3,740 |
Senior Notes [Member] | 1.30% Senior Notes Due 2017 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 900 | |
Interest Rate Swap, Spread above One-month LIBOR | 0.6616% | |
Interest Rate Swap, Variable Rate at Period End | 0.9054% | |
Interest Rate Swap, Fixed Rate | 1.30% | |
Senior Notes [Member] | 4.70% Senior Notes Due 2020 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 300 | |
Interest Rate Swap, Spread above One-month LIBOR | 3.156% | |
Interest Rate Swap, Variable Rate at Period End | 3.3998% | |
Interest Rate Swap, Fixed Rate | 4.70% | |
Senior Notes [Member] | 4.50% Senior Notes Due 2021 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 1,000 | |
Interest Rate Swap, Spread above One-month LIBOR | 2.868% | |
Interest Rate Swap, Variable Rate at Period End | 3.1118% | |
Interest Rate Swap, Fixed Rate | 4.50% | |
Senior Notes [Member] | 3.60% Senior Notes Due 2021 [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Notional Amount Of Derivatives | $ 1,100 | |
Interest Rate Swap, Spread above One-month LIBOR | 1.937% | |
Interest Rate Swap, Variable Rate at Period End | 2.2675% | |
Interest Rate Swap, Fixed Rate | 3.60% |
Commitments and Contingencies79
Commitments and Contingencies (Details) - USD ($) $ in Millions | Feb. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Leases [Abstract] | ||||
Operating Leases, Rent Expense, Net | $ 181 | $ 181 | $ 128 | |
Operating Leases, Future Minimum Payments Due [Abstract] | ||||
2,016 | 144 | |||
2,017 | 119.3 | |||
2,018 | 93.5 | |||
2,019 | 71.7 | |||
2,020 | 50.7 | |||
2021 and Thereafter | 148.8 | |||
Operating Leases, Future Minimum Payments Due, Total | 628 | |||
Unconditional Purchase Obligations [Abstract] | ||||
Unrecorded Unconditional Purchase Obligation | $ 361 | |||
Term of Unrecorded Unconditional Purchase Obligation | the majority of these obligations are expected to be settled during 2016 | |||
Guarantor Obligations [Line Items] | ||||
Investment Funding Commitment | $ 2 | |||
Accrual for Environmental Loss Contingencies Disclosure [Abstract] | ||||
Accrual for Environmental Loss Contingencies, Net | 35 | $ 32 | ||
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | ||||
Loss Contingency [Abstract] | ||||
Loss Contingency Accrued | 61 | |||
Enzo Biochem, Enzo Life Sciences and Yale Univ [Member] | Life Technologies Corporation [Member] | ||||
Loss Contingency [Abstract] | ||||
Damages Awarded | $ 49 | |||
Prejudgment Interest Awarded | 12 | |||
Loss Contingency Accrued | 61 | |||
Promega Corp and Max-Plank-Gesellschaft [Member] | Life Technologies Corporation [Member] | ||||
Loss Contingency [Abstract] | ||||
Damages Awarded | 52 | |||
Loss Contingency Accrued | $ 52 | |||
Product Liability, Workers Compensation and Other Personal Injury Matters [Member] | ||||
Loss Contingency [Abstract] | ||||
Loss Contingency, Range of Possible Loss, Minimum | 246 | |||
Loss Contingency, Range Of Possible Loss, Maximum | 397 | |||
Loss Contingency Accrued | 217 | |||
Loss Contingency, Accrual, Gross | 252 | |||
Estimated Amount Due from Insurers, Net | 100 | |||
Estimated Amount Due from Insurers, Undiscounted | $ 123 | |||
Loss Contingency, Accrual, Weighted Average Discount Rate | 4.67% | |||
Loss Contingency, Accrual, Discount Amount | $ 36 | |||
Estimated Amount Due from Insurers, Discount Amount | 23 | |||
Loss Contingency, Net, Discount Amount | 13 | |||
Loss Contingency Accrual, Product Liability, Gross, Divested Business | 9 | |||
Performance Guarantee [Member] | Businesses Sold [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 18 | |||
Letters of Credit / Bank Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 148 | |||
Guarantor Obligations, Term | Substantially all of these letters of credit and guarantees expire before 2021. | |||
Surety Bonds and Other Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 36 | |||
Guarantor Obligations, Term | The expiration of these bonds and guarantees ranges through 2017. | |||
Pension Obligation Guarantee [Member] | Businesses Sold [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 41 | |||
Build to Suit Lease Residual Value Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 58 | |||
Leased Operating Facility Residual Value Guarantee [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 53 |
Comprehensive Income and Shar80
Comprehensive Income and Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 03, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | $ (1,285) | ||||
Other comprehensive income (loss) before reclassifications | (723.6) | ||||
Amounts reclassified from accumulated other comprehensive items | 11.3 | ||||
Total other comprehensive items | (712.3) | $ (1,207.8) | $ 73.2 | ||
Accumulated Other Comprehensive Items, Ending Balance | $ (1,997.3) | $ (1,285) | |||
Class of Stock Disclosures [Abstract] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 36,100,000 | ||||
Preferred Stock, $100 Par Value - Shares Authorized (in shares) | 50,000 | 50,000 | |||
Preferred Stock, $100 Par Value - Par Value (in dollars per share) | $ 100 | $ 100 | |||
Equity Forward Agreements [Member] | |||||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||||
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share | $ 82.5342 | ||||
Issuance of shares (in shares) | 29,600,000 | ||||
Subscription Agreement [Member] | |||||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||||
Forward Contract Indexed to Issuer's Equity, Current Forward Rate Per Share | $ 94.85 | ||||
Issuance of shares (in shares) | 5,300,000 | ||||
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 | (706.1) | ||||
Total other comprehensive items | (706.1) | ||||
Accumulated Other Comprehensive Items, Ending Balance | (1,776.7) | $ (1,070.6) | |||
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 | 0.5 | ||||
Total other comprehensive items | 0.5 | ||||
Accumulated Other Comprehensive Items, Ending Balance | 1.8 | 1.3 | |||
Unrealized Losses Hedging Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Items, Beginning Balance | (20.9) | ||||
Other comprehensive income (loss) before reclassifications | (9) | ||||
Amounts reclassified from accumulated other comprehensive items | 3.3 | ||||
Total other comprehensive items | (5.7) | ||||
Accumulated Other Comprehensive Items, Ending Balance | (26.6) | (20.9) | |||
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 | (9) | ||||
Amounts reclassified from accumulated other comprehensive items | 8 | ||||
Total other comprehensive items | (1) | ||||
Accumulated Other Comprehensive Items, Ending Balance | $ (195.8) | $ (194.8) |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||
Cash equivalents | $ 54.6 | $ 617.3 |
Bank time deposits | 2 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.6 | 8.7 |
Warrants | 3.4 | |
Insurance contracts | 108.1 | 102.5 |
Derivative contracts | 13.8 | 20.2 |
Total Assets | 189.5 | 757.2 |
Liabilities [Abstract] | ||
Derivative contracts | 41.8 | 10.4 |
Contingent consideration | 1.9 | 29.6 |
Total Liabilities | 43.7 | 40 |
Quoted Prices in Active Markets (Level I) [Member] | ||
Assets [Abstract] | ||
Cash equivalents | 54.6 | 617.3 |
Bank time deposits | 2 | 8.5 |
Investments in mutual funds, unit trusts and other similar instruments | 7.6 | 8.7 |
Total Assets | 64.2 | 634.5 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Warrants | 3.4 | |
Insurance contracts | 108.1 | 102.5 |
Derivative contracts | 13.8 | 20.2 |
Total Assets | 125.3 | 122.7 |
Liabilities [Abstract] | ||
Derivative contracts | 41.8 | 10.4 |
Total Liabilities | 41.8 | 10.4 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities [Abstract] | ||
Contingent consideration | 1.9 | 29.6 |
Total Liabilities | $ 1.9 | $ 29.6 |
Fair Value Measurements, Level
Fair Value Measurements, Level 3 Reconciliation (Details) - Contingent Consideration [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 29.6 | $ 5.1 |
Acquisition | 29.9 | |
Payments | (11.2) | (13.4) |
Change in fair value included in earnings | (2.9) | 8.2 |
Sale of a product line | (13.4) | |
Currency translation | (0.2) | (0.2) |
Ending Balance | $ 1.9 | $ 29.6 |
Fair Value Measurements, Deriva
Fair Value Measurements, Derivative Assets & Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value | $ 0.2 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | 16.4 | $ 3.7 |
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value | 13.6 | 20.2 |
Foreign Currency Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value | $ 25.4 | $ 6.7 |
Fair Value Measurements, Deri84
Fair Value Measurements, Derivative Instruments, Gains & Losses (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Costs associated with entering into interest rate swap arrangements | $ 7.5 | ||||
Gain (Loss) in Currency Translation Adjustment on Net Investment Hedge | 77 | $ 21 | |||
Notional Amount Of Derivatives | 6,630 | 3,740 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (9) | 0 | $ 5.8 | ||
Foreign Currency Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Not Designated as Fair Value Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Effective Portion of Gain (Loss) on Derivative, Net | 12.4 | 14.7 | |||
Foreign Currency Exchange Contracts [Member] | Other Expense [Member] | Derivatives Not Designated as Fair Value Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Effective Portion of Gain (Loss) on Derivative, Net | 126.8 | 129.9 | |||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Other Expense [Member] | Derivatives Designated as Fair Value Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Effective Portion of Gain (Loss) on Derivative, Net | 34 | 4.2 | |||
Ineffective Portion of Gain (Loss) on Derivative, Net | $ (7.4) | [1] | $ 0.9 | ||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Debt Instrument, Term | 10 years | ||||
Notional Amount Of Derivatives | $ 1,000 | ||||
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Senior Notes 4.15% Due 2024 [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Ineffective Portion of Gain (Loss) on Derivative, Net | $ 1 | ||||
Debt Instrument, Term | 10 years | ||||
Notional Amount Of Derivatives | 700 | $ 700 | |||
Proceeds from Hedge, Financing Activities | 11 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 6 | ||||
[1] | The ineffective portion of the loss recognized on interest rate swaps during 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Financial Instruments [Abstract] | ||
Notes Receivable - Carrying Value | $ 12.1 | $ 8.3 |
Notes Receivable - Fair Value | 14.9 | 8.3 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 12,526.7 | 14,564 |
Debt Instrument, Fair Value Disclosure | 12,684.7 | 14,888.8 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 12,460.8 | 13,265.8 |
Debt Instrument, Fair Value Disclosure | 12,618.8 | 13,590.6 |
Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 1,275 | |
Debt Instrument, Fair Value Disclosure | 1,275 | |
U.S. Commercial Paper Program [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 49.6 | |
Debt Instrument, Fair Value Disclosure | 49.6 | |
Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Obligations - Carrying Value | 16.3 | 23.2 |
Debt Instrument, Fair Value Disclosure | $ 16.3 | $ 23.2 |
Supplemental Cash Flow Inform86
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash Paid For Interest | $ 437.6 | $ 435.9 | $ 215.1 |
Cash Paid For Income Taxes | 476.6 | 585.7 | 226.3 |
Non-cash Activities [Abstract] | |||
Fair value of assets of acquired businesses | 736.5 | 19,623.9 | |
Cash paid for acquired businesses | (699.9) | (13,534.6) | |
Liabilities assumed of acquired businesses | 36.6 | 6,089.3 | |
Fair value of available-for-sale investments contributed to defined benefit plans | 27.1 | ||
Declared but unpaid dividends | 61.3 | 61.9 | 55.8 |
Issuance of stock upon vesting of restricted stock units | $ 131 | $ 110 | $ 64.2 |
Restructuring and Other Costs87
Restructuring and Other Costs (Income), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 25, 2016 | ||||
Restructuring and Related Activities [Abstract] | |||||||||||||||
Restructuring and Related Cost, Percentage of Total Workforce Eliminated | 2.00% | 3.00% | 3.00% | ||||||||||||
Identified Future Restructuring Costs | $ 55 | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | $ 9.1 | $ 327.6 | $ 28.6 | ||||||||||||
Selling, General and Administrative Expenses | 46.3 | 130.7 | 73.5 | ||||||||||||
Restructuring and Other Costs (Income), Net | 115.3 | (598.2) | 77.7 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | $ 64.9 | $ 40.9 | $ 24.7 | $ 40.2 | $ 47.3 | $ (88.2) | $ 231.9 | $ (330.9) | 170.7 | (139.9) | 179.8 | ||||
Restructuring and Related Costs, Cash Costs | 90.7 | [1] | 253.7 | [2] | 81 | ||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 1.1 | 19.9 | |||||||||||||
Loss (Gain) Related to Litigation-related Matter | 24.7 | ||||||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (895.4) | 0 | ||||||||||||
Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 57 | 140.8 | 57.7 | ||||||||||||
Abandonment of Excess Facilities [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 19.1 | 10.5 | 10.3 | ||||||||||||
Other Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | [3] | 14.6 | 102.4 | 13 | |||||||||||
Monetized Equity Awards [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 19.6 | ||||||||||||||
Life Sciences Solutions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 2 | 327.3 | |||||||||||||
Selling, General and Administrative Expenses | 13.6 | 122.5 | 51.7 | ||||||||||||
Restructuring and Other Costs (Income), Net | 64.4 | (516.4) | 4.4 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | 80 | (66.6) | 56.1 | ||||||||||||
Restructuring and Related Costs, Cash Costs | 40.4 | 232 | 4.4 | ||||||||||||
Loss (Gain) Related to Litigation-related Matter | 20 | 9.3 | |||||||||||||
Impairment of Acquired Technology in Development | 14.9 | ||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (3) | ||||||||||||||
Loss (Gain) on Divestiture of Businesses | (7.6) | (760.3) | |||||||||||||
Life Sciences Solutions [Member] | Costs associated with headcount reductions and facility consolidations [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 34.5 | ||||||||||||||
Life Sciences Solutions [Member] | Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 23.7 | ||||||||||||||
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 4.1 | 5.5 | |||||||||||||
Life Sciences Solutions [Member] | Other Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 6.7 | ||||||||||||||
Life Sciences Solutions [Member] | Monetized Equity Awards [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 91.7 | ||||||||||||||
Life Sciences Solutions [Member] | Transaction Costs Related to Acquisition [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Selling, General and Administrative Expenses | 6.2 | 100.5 | 51.7 | ||||||||||||
Life Sciences Solutions [Member] | Transaction Costs Related to Divestiture [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 0.9 | 4.1 | |||||||||||||
Life Sciences Solutions [Member] | Charges for Changes in Estimates of Contingent Consideration for Acquisitions [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Selling, General and Administrative Expenses | (1.7) | 5.7 | |||||||||||||
Life Sciences Solutions [Member] | Costs to Conform Accounting Policies [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 21.4 | ||||||||||||||
Selling, General and Administrative Expenses | 16.2 | ||||||||||||||
Life Sciences Solutions [Member] | Charges for Sales of Inventories Revalued at Acquisition [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 303.4 | ||||||||||||||
Life Sciences Solutions [Member] | Accelerated Depreciation Related to Facility Consolidations [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 2.3 | ||||||||||||||
Selling, General and Administrative Expenses | 9.1 | ||||||||||||||
Life Sciences Solutions [Member] | Charges For Cash Compensation Contractually Due To Employees Of Acquired Business [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 5 | ||||||||||||||
Analytical Instruments [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 0.1 | (0.8) | 2.9 | ||||||||||||
Selling, General and Administrative Expenses | (0.3) | 0.9 | 0.6 | ||||||||||||
Restructuring and Other Costs (Income), Net | 26.6 | 2.5 | 20.9 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | 26.4 | 2.6 | 24.4 | ||||||||||||
Restructuring and Related Costs, Cash Costs | 22.1 | 23.6 | |||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | (2.7) | ||||||||||||||
Asset Writedowns | 4.5 | ||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (6) | ||||||||||||||
Analytical Instruments [Member] | Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 18.3 | ||||||||||||||
Analytical Instruments [Member] | Abandonment of Excess Facilities [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.8 | ||||||||||||||
Analytical Instruments [Member] | Other Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.5 | ||||||||||||||
Specialty Diagnostics [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 0.8 | 0.9 | 24.9 | ||||||||||||
Selling, General and Administrative Expenses | (0.4) | 1.5 | 12.9 | ||||||||||||
Restructuring and Other Costs (Income), Net | 9.7 | 17.7 | 24.2 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | 10.1 | 20.1 | 62 | ||||||||||||
Restructuring and Related Costs, Cash Costs | 18.7 | ||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | (1) | ||||||||||||||
Specialty Diagnostics [Member] | Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 9.5 | 17.8 | |||||||||||||
Specialty Diagnostics [Member] | Abandonment of Excess Facilities [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.8 | ||||||||||||||
Specialty Diagnostics [Member] | Other Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 3.5 | ||||||||||||||
Laboratory Products and Services [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Cost of Revenues | 6.2 | 0.2 | 0.8 | ||||||||||||
Selling, General and Administrative Expenses | 6.1 | ||||||||||||||
Restructuring and Other Costs (Income), Net | 12.6 | (121) | 25.2 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | 24.9 | (120.8) | 26 | ||||||||||||
Restructuring and Related Costs, Cash Costs | 7.7 | 7.2 | 22.9 | ||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 2.3 | ||||||||||||||
Loss (Gain) due to Pension Plan Settlements and Curtailments | 3.8 | ||||||||||||||
Loss (Gain) Related to Litigation-related Matter | 4.7 | ||||||||||||||
Loss (Gain) on Divestiture of Businesses | (133.6) | ||||||||||||||
Laboratory Products and Services [Member] | Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 16.4 | ||||||||||||||
Laboratory Products and Services [Member] | Abandonment of Excess Facilities [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 4.1 | ||||||||||||||
Laboratory Products and Services [Member] | Other Restructuring [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 2.4 | ||||||||||||||
Corporate [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Selling, General and Administrative Expenses | 27.3 | 5.8 | 8.3 | ||||||||||||
Restructuring and Other Costs (Income), Net | 2 | 19 | 3 | ||||||||||||
Total Restructuring and Other Costs (Income), Net | 29.3 | 24.8 | $ 11.3 | ||||||||||||
Charges for Product Liability Litigation | 19.4 | ||||||||||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 17.3 | ||||||||||||||
Loss (Gain) due to Pension Plan Settlements and Curtailments | 25.6 | ||||||||||||||
Loss (Gain) on Disposition of Property Plant Equipment | (9.6) | ||||||||||||||
Corporate [Member] | Severance [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and Related Costs, Cash Costs | 2 | $ 1.7 | |||||||||||||
Corporate [Member] | Accelerated Depreciation Related to Facility Consolidations [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Selling, General and Administrative Expenses | $ 7.9 | ||||||||||||||
[1] | Excludes $24.7 million of provision for losses on litigation-related matters; $14.9 million of impairment of acquired technology in development; 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; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.1 million of non-cash charges, net. | ||||||||||||||
[2] | Excludes a $895.4 million net gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses and the Cole-Parmer business; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; $9.3 million of provision for losses on pre-acquisition litigation-related matters of Life Technologies; and an aggregate of $19.9 million of non-cash charges, net. | ||||||||||||||
[3] | Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. |
Restructuring Reserves (Details
Restructuring Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 53.4 | $ 40.5 | $ 31.1 | |||
Costs incurred | 90.7 | [1] | 253.7 | [2] | 81 | |
Reserves reversed | [3] | (14.4) | (5.8) | (3) | ||
Payments | (96.6) | (232.6) | (69.1) | |||
Currency translation | (1.8) | (2.4) | 0.5 | |||
Ending balance | 31.3 | 53.4 | 40.5 | |||
Loss (Gain) on Divestiture of Businesses | (7.6) | (895.4) | 0 | |||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 1.1 | 19.9 | ||||
Loss (Gain) Related to Litigation-related Matter | 24.7 | |||||
Severance [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 37.7 | 28.6 | 20 | |||
Costs incurred | 57 | 140.8 | 57.7 | |||
Reserves reversed | [3] | (11.7) | (5.5) | (2.6) | ||
Payments | (66.6) | (124.1) | (47) | |||
Currency translation | (1.2) | (2.1) | 0.5 | |||
Ending balance | $ 15.2 | 37.7 | 28.6 | |||
Restructuring Reserve, Expected Final Year of Payments | 2,016 | |||||
Abandonment of Excess Facilities [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 9.8 | 9.4 | 8.3 | |||
Costs incurred | 19.1 | 10.5 | 10.3 | |||
Reserves reversed | [3] | (0.5) | (0.1) | (0.1) | ||
Payments | (15) | (10.4) | (9.1) | |||
Currency translation | (0.3) | 0.4 | ||||
Ending balance | $ 13.1 | 9.8 | 9.4 | |||
Restructuring Reserve, Expected Final Year of Payments | 2,020 | |||||
Other Restructuring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | [4] | $ 5.9 | 2.5 | 2.8 | ||
Costs incurred | [4] | 14.6 | 102.4 | 13 | ||
Reserves reversed | [3],[4] | (2.2) | (0.2) | (0.3) | ||
Payments | [4] | (15) | (98.1) | (13) | ||
Currency translation | [4] | (0.3) | (0.7) | |||
Ending balance | [4] | $ 3 | 5.9 | 2.5 | ||
Restructuring Reserve, Expected Final Year of Payments | 2,016 | |||||
Monetized Equity Awards [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring and Related Costs, Non-Cash Costs (Income), Net | 19.6 | |||||
Life Sciences Solutions [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Costs incurred | $ 40.4 | 232 | $ 4.4 | |||
Loss (Gain) on Divestiture of Businesses | (7.6) | (760.3) | ||||
Loss (Gain) Related to Litigation-related Matter | 20 | 9.3 | ||||
Impairment of Acquired Technology in Development | 14.9 | |||||
Life Sciences Solutions [Member] | Severance [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Costs incurred | 23.7 | |||||
Life Sciences Solutions [Member] | Abandonment of Excess Facilities [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Costs incurred | 4.1 | 5.5 | ||||
Life Sciences Solutions [Member] | Other Restructuring [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Costs incurred | $ 6.7 | |||||
Life Sciences Solutions [Member] | Monetized Equity Awards [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Costs incurred | $ 91.7 | |||||
[1] | Excludes $24.7 million of provision for losses on litigation-related matters; $14.9 million of impairment of acquired technology in development; 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; $0.9 million of charges associated with a previous sale of a business; and an aggregate of $1.1 million of non-cash charges, net. | |||||
[2] | Excludes a $895.4 million net gain on the sale of businesses, principally the company’s sera and media, gene modulation and magnetic beads businesses and the Cole-Parmer business; $19.6 million of cash compensation to monetize certain equity awards held by Life Technologies’ employees at the date of acquisition that was paid by Life Technologies prior to the acquisition; $9.3 million of provision for losses on pre-acquisition litigation-related matters of Life Technologies; and an aggregate of $19.9 million of non-cash charges, net. | |||||
[3] | Represents reductions in cost of plans. | |||||
[4] | Other includes cash charges to monetize certain equity awards held by employees of Life Technologies at the date of acquisition, relocation and moving expenses associated with facility consolidations, as well as employee retention costs which are accrued ratably over the period through which employees must work to qualify for a payment. |
Unaudited Quarterly Informati89
Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 4,652.5 | $ 4,123.2 | $ 4,270.9 | $ 3,918.8 | $ 4,492.8 | $ 4,171.4 | $ 4,321.9 | $ 3,903.5 | $ 16,965.4 | $ 16,889.6 | $ 13,090.3 |
Gross Profit | 2,108.3 | 1,883.3 | 1,941.8 | 1,822.5 | 2,091.9 | 1,933.6 | 1,846.5 | 1,620 | |||
Income from continuing operations | 606.3 | 477.3 | 511.6 | 385.1 | 604 | 469.9 | 278.5 | 543.1 | 1,980.3 | 1,895.5 | 1,279.1 |
Net Income | $ 602.6 | $ 476.1 | $ 511.6 | $ 385.1 | $ 601.2 | $ 471.6 | $ 278.5 | $ 543.1 | $ 1,975.4 | $ 1,894.4 | $ 1,273.3 |
Earnings per Share from Continuing Operations [Abstract] | |||||||||||
Basic (in dollars per share) | $ 1.52 | $ 1.20 | $ 1.28 | $ 0.97 | $ 1.51 | $ 1.17 | $ 0.70 | $ 1.38 | $ 4.97 | $ 4.76 | $ 3.55 |
Diluted (in dollars per share) | 1.51 | 1.19 | 1.27 | 0.96 | 1.49 | 1.16 | 0.69 | 1.36 | 4.93 | 4.71 | 3.50 |
Earnings per Share | |||||||||||
Basic (in dollars per share) | 1.51 | 1.19 | 1.28 | 0.97 | 1.50 | 1.18 | 0.70 | 1.38 | 4.96 | 4.76 | 3.53 |
Diluted (in dollars per share) | 1.50 | 1.18 | 1.27 | 0.96 | 1.49 | 1.17 | 0.69 | 1.36 | 4.92 | 4.71 | 3.48 |
Cash Dividends Declared per Common Share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.60 | $ 0.60 |
Total Restructuring and Other Costs (Income), Net | $ 64.9 | $ 40.9 | $ 24.7 | $ 40.2 | $ 47.3 | $ (88.2) | $ 231.9 | $ (330.9) | $ 170.7 | $ (139.9) | $ 179.8 |
Gain (Loss) from Discontinued Operations | $ (3.7) | $ (1.2) | $ (2.8) | $ 1.7 | $ (4.9) | $ (1.1) | $ (5.8) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jul. 02, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 699.9 | $ 13,534.6 | |
Affymetrix, Inc. [Member] | |||
Subsequent Event [Line Items] | |||
Revenue Reported by Acquired Entity | $ 360 | ||
Scenario, Forecast [Member] | Affymetrix, Inc. [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 1,300 |