Thermo Fisher Scientific (TMO) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jul. 01, 2023 shares
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	1-8002
Entity Registrant Name	THERMO FISHER SCIENTIFIC INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2209186
Entity Address, Address Line One	168 Third Avenue
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	622-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	385,949,773
Entity Central Index Key	0000097745
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Common Stock, $1.00 par value
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TMO
Security Exchange Name	NYSE
0.750% Notes due 2024
Entity Listings [Line Items]
Title of 12(b) Security	0.750% Notes due 2024
Trading Symbol	TMO 24A
Security Exchange Name	NYSE
0.125% Notes due 2025
Entity Listings [Line Items]
Title of 12(b) Security	0.125% Notes due 2025
Trading Symbol	TMO 25B
Security Exchange Name	NYSE
2.000% Notes due 2025
Entity Listings [Line Items]
Title of 12(b) Security	2.000% Notes due 2025
Trading Symbol	TMO 25
Security Exchange Name	NYSE
3.200% Notes due 2026
Entity Listings [Line Items]
Title of 12(b) Security	3.200% Notes due 2026
Trading Symbol	TMO 26B
Security Exchange Name	NYSE
1.400% Notes due 2026
Entity Listings [Line Items]
Title of 12(b) Security	1.400% Notes due 2026
Trading Symbol	TMO 26A
Security Exchange Name	NYSE
1.450% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	1.450% Notes due 2027
Trading Symbol	TMO 27
Security Exchange Name	NYSE
1.750% Notes due 2027
Entity Listings [Line Items]
Title of 12(b) Security	1.750% Notes due 2027
Trading Symbol	TMO 27B
Security Exchange Name	NYSE
0.500% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	0.500% Notes due 2028
Trading Symbol	TMO 28A
Security Exchange Name	NYSE
1.375% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	1.375% Notes due 2028
Trading Symbol	TMO 28
Security Exchange Name	NYSE
1.950% Notes due 2029
Entity Listings [Line Items]
Title of 12(b) Security	1.950% Notes due 2029
Trading Symbol	TMO 29
Security Exchange Name	NYSE
0.875% Notes due 2031
Entity Listings [Line Items]
Title of 12(b) Security	0.875% Notes due 2031
Trading Symbol	TMO 31
Security Exchange Name	NYSE
2.375% Notes due 2032
Entity Listings [Line Items]
Title of 12(b) Security	2.375% Notes due 2032
Trading Symbol	TMO 32
Security Exchange Name	NYSE
3.650% Notes due 2034
Entity Listings [Line Items]
Title of 12(b) Security	3.650% Notes due 2034
Trading Symbol	TMO 34
Security Exchange Name	NYSE
2.875% Notes due 2037
Entity Listings [Line Items]
Title of 12(b) Security	2.875% Notes due 2037
Trading Symbol	TMO 37
Security Exchange Name	NYSE
1.500% Notes due 2039
Entity Listings [Line Items]
Title of 12(b) Security	1.500% Notes due 2039
Trading Symbol	TMO 39
Security Exchange Name	NYSE
1.875% Notes due 2049
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due 2049
Trading Symbol	TMO 49
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,133	$ 8,524
Accounts receivable, less allowances of $180 and $189	8,019	8,115
Inventories	5,655	5,634
Contract assets, net	1,467	1,312
Other current assets	1,721	1,644
Total current assets	19,995	25,229
Property, plant and equipment, net	9,292	9,280
Acquisition-related intangible assets, net	17,437	17,442
Other assets	4,108	4,007
Goodwill	43,273	41,196
Total assets	94,105	97,154
Current liabilities:
Short-term obligations and current maturities of long-term obligations	4,814	5,579
Accounts payable	2,423	3,381
Accrued payroll and employee benefits	1,310	2,095
Contract liabilities	2,590	2,601
Other accrued expenses	2,975	3,354
Total current liabilities	14,112	17,010
Deferred income taxes	2,842	2,849
Other long-term liabilities	4,042	4,238
Long-term obligations	29,194	28,909
Redeemable noncontrolling interest	113	116
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued	0	0
Common stock, $1 par value, 1,200,000,000 shares authorized; 441,398,059 and 440,668,112 shares issued	441	441
Capital in excess of par value	17,030	16,743
Retained earnings	44,289	41,910
Treasury stock at cost, 55,448,286 and 50,157,275 shares	(15,084)	(12,017)
Accumulated other comprehensive income/(loss)	(2,924)	(3,099)
Total Thermo Fisher Scientific Inc. shareholders’ equity	43,752	43,978
Noncontrolling interests	50	54
Total equity	43,802	44,032
Total liabilities, redeemable noncontrolling interest and equity	$ 94,105	$ 97,154

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance	$ 180	$ 189
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)	441,398,059	440,668,112
Treasury stock at cost (in shares)	55,448,286	50,157,275

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenues
Revenues	$ 10,687	$ 10,970	$ 21,397	$ 22,788
Costs and operating expenses:
Selling, general and administrative expenses	2,145	2,209	4,264	4,486
Research and development expenses	345	365	691	729
Restructuring and other costs	183	24	295	26
Total costs and operating expenses	9,109	8,969	18,256	17,966
Operating income	1,578	2,001	3,141	4,822
Interest income	178	36	324	54
Interest expense	(326)	(148)	(626)	(284)
Other income/(expense)	0	28	(46)	(135)
Income before income taxes	1,430	1,917	2,793	4,457
Provision for income taxes	(52)	(198)	(98)	(499)
Equity in earnings/(losses) of unconsolidated entities	(16)	(51)	(41)	(70)
Net income	1,362	1,668	2,654	3,888
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest	1	4	4	9
Net income attributable to Thermo Fisher Scientific Inc.	$ 1,361	$ 1,664	$ 2,650	$ 3,879
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic (in dollars per share)	$ 3.53	$ 4.25	$ 6.86	$ 9.90
Diluted (in dollars per share)	$ 3.51	$ 4.22	$ 6.83	$ 9.83
Weighted average shares
Basic (in shares)	386	392	386	392
Diluted (in shares)	388	394	388	394
Product revenues
Revenues
Revenues	$ 6,271	$ 7,003	$ 12,675	$ 15,020
Costs and operating expenses:
Cost of revenues	3,278	3,516	6,615	7,071
Service revenues
Revenues
Revenues	4,416	3,967	8,722	7,768
Costs and operating expenses:
Cost of revenues	$ 3,158	$ 2,855	$ 6,391	$ 5,654

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Comprehensive income
Net income	$ 1,362	$ 1,668	$ 2,654	$ 3,888
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $0, $173, $(36) and $262)	125	(386)	169	(416)
Unrealized gains and losses on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax benefit of $0, $1, $1 and $1)	1	0	4	1
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $1, $(2), $0 and $(3))	(1)	6	0	9
Amortization of net loss included in net periodic pension cost (net of tax benefit of $0, $1, $0 and $2)	(2)	2	(2)	4
Total other comprehensive income/(loss)	123	(378)	171	(402)
Comprehensive income	1,485	1,290	2,825	3,486
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest	(6)	7	0	2
Comprehensive income attributable to Thermo Fisher Scientific Inc.	$ 1,491	$ 1,283	$ 2,825	$ 3,484

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Tax provision (benefit) on currency translation adjustment	$ 0	$ 173	$ (36)	$ 262
Tax provision (benefit) on reclassification adjustment for losses on hedging instruments recognized in net income	0	(1)	(1)	(1)
Tax benefit (provision) on pension and other postretirement benefit liability adjustments arising during the period	1	(2)	0	(3)
Tax benefit on amortization of net loss and prior service benefit included in net periodic pension cost	$ 0	$ 1	$ 0	$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Operating activities
Net income	$ 2,654	$ 3,888
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	523	486
Amortization of acquisition-related intangible assets	1,191	1,209
Change in deferred income taxes	(328)	(601)
Loss on early extinguishment of debt	0	26
Stock-based compensation	150	155
Other non-cash expenses, net	330	291
Changes in assets and liabilities, excluding the effects of acquisitions	(2,251)	(1,724)
Net cash provided by operating activities	2,269	3,730
Investing activities
Acquisitions, net of cash acquired	(2,751)	(40)
Purchase of property, plant and equipment	(742)	(1,146)
Proceeds from sale of property, plant and equipment	10	14
Other investing activities, net	(102)	83
Net cash used in investing activities	(3,585)	(1,089)
Financing activities
Repayment of debt	(1,000)	(375)
Proceeds from issuance of commercial paper	1,620	1,032
Repayments of commercial paper	(1,441)	(3,490)
Purchases of company common stock	(3,000)	(2,000)
Dividends paid	(252)	(220)
Other financing activities, net	24	3
Net cash used in financing activities	(4,049)	(5,050)
Exchange rate effect on cash	(19)	(177)
Decrease in cash, cash equivalents and restricted cash	(5,384)	(2,586)
Cash, cash equivalents and restricted cash at beginning of period	8,537	4,491
Cash, cash equivalents and restricted cash at end of period	$ 3,153	$ 1,905

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock, $1.00 par value	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Items	Total Thermo Fisher Scientific Inc. Shareholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2021	$ 122
Redeemable Noncontrolling Interest [Roll Forward]
Net income/(loss)	9
Other comprehensive income/(loss)	(7)
Contributions from (distributions to) noncontrolling interests	(7)
Ending Balance at Jul. 02, 2022	117
Balance (in shares) at Dec. 31, 2021		439,000,000
Beginning Balance at Dec. 31, 2021	40,855	$ 439	$ 16,174	$ 35,431	$ (8,922)	$ (2,329)	$ 40,793	$ 62
Treasury stock beginning balance (in shares) at Dec. 31, 2021					45,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)		1,000,000
Issuance of shares under employees' and directors' stock plans	97	$ 1	138		$ (42)		97
Stock-based compensation	155		155				155
Purchases of company common stock (in shares)					3,000,000
Purchases of company common stock	(2,000)				$ (2,000)		(2,000)
Dividends declared	(236)			(236)			(236)
Net income/(loss)	3,879			3,879			3,879
Other comprehensive items	(395)					(395)	(395)
Contributions from (distributions to) noncontrolling interests	(1)							(1)
Balance (in shares) at Jul. 02, 2022		440,000,000
Treasury stock ending balance (in shares) at Jul. 02, 2022					48,000,000
Ending Balance at Jul. 02, 2022	42,354	$ 440	16,467	39,074	$ (10,964)	(2,724)	42,293	61
Beginning Balance at Apr. 02, 2022	113
Redeemable Noncontrolling Interest [Roll Forward]
Net income/(loss)	4
Other comprehensive income/(loss)	4
Contributions from (distributions to) noncontrolling interests	(4)
Ending Balance at Jul. 02, 2022	117
Balance (in shares) at Apr. 02, 2022		440,000,000
Beginning Balance at Apr. 02, 2022	41,018	$ 440	16,292	37,528	$ (10,961)	(2,343)	40,956	62
Treasury stock beginning balance (in shares) at Apr. 02, 2022					48,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans	95		98		$ (3)		95
Stock-based compensation	77		77				77
Dividends declared	(118)			(118)			(118)
Net income/(loss)	1,664			1,664			1,664
Other comprehensive items	(382)					(381)	(381)	(1)
Balance (in shares) at Jul. 02, 2022		440,000,000
Treasury stock ending balance (in shares) at Jul. 02, 2022					48,000,000
Ending Balance at Jul. 02, 2022	42,354	$ 440	16,467	39,074	$ (10,964)	(2,724)	42,293	61
Beginning Balance at Dec. 31, 2022	116
Redeemable Noncontrolling Interest [Roll Forward]
Net income/(loss)	8
Other comprehensive income/(loss)	(4)
Contributions from (distributions to) noncontrolling interests	(7)
Ending Balance at Jul. 01, 2023	113
Balance (in shares) at Dec. 31, 2022		441,000,000
Beginning Balance at Dec. 31, 2022	$ 44,032	$ 441	16,743	41,910	$ (12,017)	(3,099)	43,978	54
Treasury stock beginning balance (in shares) at Dec. 31, 2022	50,157,275				50,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)					0
Issuance of shares under employees' and directors' stock plans	$ 99		137		$ (38)		99
Stock-based compensation	150		150				150
Purchases of company common stock (in shares)					5,000,000
Purchases of company common stock	(3,000)				$ (3,000)		(3,000)
Dividends declared	(271)			(271)			(271)
Net income/(loss)	2,646			2,650			2,650	(4)
Other comprehensive items	175					175	175
Excise tax from stock repurchases	$ (29)				$ (29)		(29)
Balance (in shares) at Jul. 01, 2023		441,000,000
Treasury stock ending balance (in shares) at Jul. 01, 2023	55,448,286				55,000,000
Ending Balance at Jul. 01, 2023	$ 43,802	$ 441	17,030	44,289	$ (15,084)	(2,924)	43,752	50
Beginning Balance at Apr. 01, 2023	123
Redeemable Noncontrolling Interest [Roll Forward]
Net income/(loss)	4
Other comprehensive income/(loss)	(7)
Contributions from (distributions to) noncontrolling interests	(7)
Ending Balance at Jul. 01, 2023	113
Balance (in shares) at Apr. 01, 2023		441,000,000
Beginning Balance at Apr. 01, 2023	42,310	$ 441	16,889	43,064	$ (15,083)	(3,054)	42,257	53
Treasury stock beginning balance (in shares) at Apr. 01, 2023					55,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under employees' and directors' stock plans (in shares)					0
Issuance of shares under employees' and directors' stock plans	65		67		$ (2)		65
Stock-based compensation	74		74				74
Dividends declared	(136)			(136)			(136)
Net income/(loss)	1,358			1,361			1,361	(3)
Other comprehensive items	130					130	130
Excise tax from stock repurchases	$ 1				$ 1		1
Balance (in shares) at Jul. 01, 2023		441,000,000
Treasury stock ending balance (in shares) at Jul. 01, 2023	55,448,286				55,000,000
Ending Balance at Jul. 01, 2023	$ 43,802	$ 441	$ 17,030	$ 44,289	$ (15,084)	$ (2,924)	$ 43,752	$ 50

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Redeemable Noncontrolling Interest and Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.35	$ 0.30	$ 0.70	$ 0.60

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics. Interim Financial Statements The interim condensed consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at July 1, 2023, the results of operations for the three- and six-month periods ended July 1, 2023 and July 2, 2022, and the cash flows for the six-month periods ended July 1, 2023 and July 2, 2022. Interim results are not necessarily indicative of results for a full year. The condensed consolidated balance sheet presented as of December 31, 2022 has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2022 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Certain reclassifications of prior year amounts have been made to conform to the current year presentation. Note 1 to the consolidated financial statements for 2022 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the six months ended July 1, 2023. Inventories The components of inventories are as follows: (In millions) July 1, 2023 December 31, 2022 Raw materials $ 2,368 $ 2,405 Work in process 760 660 Finished goods 2,527 2,569 Inventories $ 5,655 $ 5,634 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates. Recent Accounting Pronouncements In September 2022, the FASB issued new guidance to require entities to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under these programs for each period presented. The company adopted some aspects of this guidance in 2023 using a retrospective method and will adopt other aspects in 2024 using a prospective method. The adoption of this guidance did not have, and is not expected to have, a material impact on the company’s disclosures; however, the impact in future periods will be dependent on the extent of arrangements of this nature entered into by the company. In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company adopted this guidance in the fourth quarter of 2022 using a prospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.

Acquisitions

Acquisitions	6 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. 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 services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services. Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. 2023 On January 3, 2023, the company acquired, within the Specialty Diagnostics segment, The Binding Site Group, a U.K.-based provider of specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma. The goodwill recorded as a result of this business combination is not tax deductible. The components of the purchase price and net assets acquired are as follows: (In millions) The Binding Site Purchase price Cash paid $ 2,412 Debt settled 307 Cash acquired (20) $ 2,699 Net assets acquired Definite-lived intangible assets: Customer relationships $ 868 Product technology 172 Tradenames 42 Goodwill 1,755 Net tangible assets 141 Deferred tax assets (liabilities) (279) $ 2,699 In addition, in 2023, the company acquired, within the Analytical Instruments segment, a U.S.-based developer of Raman-based spectroscopy solutions for in-line measurement. The weighted-average amortization period for definite-lived intangible assets acquired in 2023 are 18 years for customer relationships, 14 years for product technology and 15 years for tradenames. The weighted average amortization period for all definite-lived intangible assets acquired in 2023 is 17 years. Pending Acquisition The company has entered into an agreement to acquire CorEvitas, LLC for approximately $0.91 billion in cash. CorEvitas provides regulatory-grade, real-world evidence for approved medical treatments and therapies. The transaction, which is expected to be completed by the end of 2023, is subject to customary closing conditions, including regulatory approvals. Upon completion, CorEvitas will become part of the Laboratory Products and Biopharma Services segment.

Revenue and Contract-related Ba

Revenue and Contract-related Balances	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Contract-related Balances	Revenues and Contract-related Balances Disaggregated Revenues Revenues by type are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues Consumables $ 4,433 $ 4,993 $ 8,939 $ 11,103 Instruments 1,838 2,010 3,736 3,917 Services 4,416 3,967 8,722 7,768 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788 Revenues by geographic region based on customer location are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues North America $ 5,714 $ 6,032 $ 11,492 $ 12,355 Europe 2,654 2,551 5,255 5,601 Asia-Pacific 1,902 2,042 3,888 4,106 Other regions 417 345 762 726 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788 Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions. See Note 4 for revenues by reportable segment and other geographic data. Remaining Performance Obligations The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of July 1, 2023 was $25.39 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 56% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three Contract-related Balances Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheet, respectively. Contract asset and liability balances are as follows: (In millions) July 1, 2023 December 31, 2022 Current contract assets, net $ 1,467 $ 1,312 Noncurrent contract assets, net 6 7 Current contract liabilities 2,590 2,601 Noncurrent contract liabilities 1,098 1,179 In the three and six months ended July 1, 2023, the company recognized revenues of $0.68 billion and $1.98 billion, respectively, that were included in the contract liabilities balance at December 31, 2022. In the three and six months ended July 2, 2022, the company recognized revenues of $0.71 billion and $1.99 billion, respectively, that were included in the contract liabilities balance at December 31, 2021.

Business Segment and Geographic

Business Segment and Geographical Information	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Business Segment and Geographical Information	Business Segment and Geographical Information Business Segment Information Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Revenues Life Sciences Solutions $ 2,463 $ 3,292 $ 5,075 $ 7,523 Analytical Instruments 1,749 1,607 3,472 3,125 Specialty Diagnostics 1,109 1,101 2,217 2,583 Laboratory Products and Biopharma Services 5,831 5,537 11,594 10,979 Eliminations (465) (567) (961) (1,422) Consolidated revenues 10,687 10,970 21,397 22,788 Segment Income Life Sciences Solutions 817 1,327 1,653 3,503 Analytical Instruments 432 344 853 645 Specialty Diagnostics 297 243 577 596 Laboratory Products and Biopharma Services 824 691 1,617 1,311 Subtotal reportable segments 2,370 2,605 4,700 6,055 Cost of revenues adjustments (18) (8) (59) (19) Selling, general and administrative expenses adjustments (6) 28 (14) 21 Restructuring and other costs (183) (24) (295) (26) Amortization of acquisition-related intangible assets (585) (600) (1,191) (1,209) Consolidated operating income 1,578 2,001 3,141 4,822 Interest income 178 36 324 54 Interest expense (326) (148) (626) (284) Other income/(expense) — 28 (46) (135) Consolidated income before taxes $ 1,430 $ 1,917 $ 2,793 $ 4,457 Cost of revenues adjustments included in the above table consist of charges for the sale of inventories revalued at the date of acquisition, inventory write-downs associated with large-scale abandonment of product lines, and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Selling, general and administrative expenses adjustments included in the above table consist of third-party transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration. Geographical Information Revenues by country based on customer location are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues United States $ 5,531 $ 5,846 $ 11,118 $ 11,943 China 856 1,001 1,726 1,911 Other 4,300 4,123 8,553 8,934 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following: Six months ended (In millions) July 1, 2023 July 2, 2022 Statutory federal income tax rate 21 % 21 % Provision for income taxes at statutory rate $ 587 $ 936 Increases (decreases) resulting from: Foreign rate differential (125) (138) Income tax credits (136) (117) Global intangible low-taxed income 46 46 Foreign-derived intangible income (55) (71) Excess tax benefits from stock options and restricted stock units (37) (31) Provision for (reversal of) tax reserves, net 8 13 Intra-entity transfers (144) (18) Foreign exchange loss on inter-company debt refinancing (112) — Provision for (reversal of) valuation allowances, net 66 (175) Withholding taxes 12 33 Tax return reassessments and settlements (38) (4) State income taxes, net of federal tax 53 67 Other, net (27) (42) Provision for income taxes $ 98 $ 499 The company has operations and a taxable presence in approximately 70 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate. Unrecognized Tax Benefits As of July 1, 2023 the company had $0.56 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: (In millions) 2023 Balance at beginning of year $ 572 Additions for tax positions of current year 4 Additions for tax positions of prior years 26 Reductions for tax positions of prior years (27) Settlements (18) Balance at end of period $ 557

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions except per share amounts) 2023 2022 2023 2022 Net income attributable to Thermo Fisher Scientific Inc. $ 1,361 $ 1,664 $ 2,650 $ 3,879 Basic weighted average shares 386 392 386 392 Plus effect of: stock options and restricted stock units 2 2 2 2 Diluted weighted average shares 388 394 388 394 Basic earnings per share $ 3.53 $ 4.25 $ 6.86 $ 9.90 Diluted earnings per share $ 3.51 $ 4.22 $ 6.83 $ 9.83 Antidilutive stock options excluded from diluted weighted average shares 2 2 2 2

Debt and Other Financing Arrang

Debt and Other Financing Arrangements	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt and Other Financing Arrangements	Debt and Other Financing Arrangements Effective interest rate at July 1, July 1, December 31, (Dollars in millions) 2023 2023 2022 Commercial Paper 5.59 % $ 500 $ 310 Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023 — 1,000 Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023 500 500 0.797% 2-Year Senior Notes, Due 10/18/2023 1.03 % 1,350 1,350 Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) 3.41 % 1,854 1,819 0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) 0.06 % 600 589 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) 0.93 % 1,091 1,071 Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024 500 500 1.215% 3-Year Senior Notes, Due 10/18/2024 1.42 % 2,500 2,500 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) 0.41 % 873 857 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) 2.10 % 698 686 0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated) 1.05 % 155 170 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) 0.15 % 600 589 3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated) 3.39 % 545 535 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) 1.53 % 764 749 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) 1.65 % 545 535 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) 1.96 % 654 642 1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated) 1.18 % 200 221 4.80% 5-Year Senior Notes, Due 11/21/2027 5.00 % 600 600 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) 0.77 % 873 857 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) 1.46 % 654 642 1.75% 7-Year Senior Notes, Due 10/15/2028 1.89 % 700 700 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) 2.08 % 764 749 2.60% 10-Year Senior Notes, Due 10/1/2029 2.74 % 900 900 1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated) 1.44 % 33 36 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) 0.88 % 1,909 1,873 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) 1.13 % 982 963 2.00% 10-Year Senior Notes, Due 10/15/2031 2.23 % 1,200 1,200 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) 2.55 % 654 642 1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated) 1.60 % 44 48 4.95% 10-Year Senior Notes, Due 11/21/2032 5.09 % 600 600 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) 1.20 % 1,636 1,606 3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated) 3.76 % 818 803 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) 2.94 % 764 749 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) 1.73 % 982 963 2.80% 20-Year Senior Notes, Due 10/15/2041 2.90 % 1,200 1,200 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) 1.77 % 1,364 1,339 2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated) 2.13 % 101 111 5.30% 30-Year Senior Notes, Due 2/1/2044 5.37 % 400 400 4.10% 30-Year Senior Notes, Due 8/15/2047 4.23 % 750 750 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) 1.98 % 1,091 1,071 Effective interest rate at July 1, July 1, December 31, (Dollars in millions) 2023 2023 2022 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) 2.07 % 818 803 2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated) 2.43 % 231 254 Other 76 79 Total borrowings at par value 34,073 34,561 Unamortized discount (112) (112) Unamortized debt issuance costs (155) (171) Total borrowings at carrying value 33,806 34,278 Finance lease liabilities 202 210 Less: Short-term obligations and current maturities 4,814 5,579 Long-term obligations $ 29,194 $ 28,909 SOFR - Secured Overnight Financing Rate EURIBOR - Euro Interbank Offered Rate The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs. See Note 10 for fair value information pertaining to the company’s long-term borrowings. Credit Facilities The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term SOFR, a EURIBOR-based rate (for funds drawn in euro) or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of July 1, 2023, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit. Commercial Paper Programs The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies. Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis. Senior Notes Interest is payable quarterly on the floating rate senior notes, annually on the euro-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. Except for the euro-denominated floating rate senior notes, which may not be redeemed early, the floating rate senior notes may be redeemed in whole or in part on or after their applicable call dates at a redemption price of 100% of the principal amount plus accrued interest. The company is subject to certain affirmative and negative covenants under the indentures governing the senior notes, the most restrictive of which limits the ability of the company to pledge principal properties as security under borrowing arrangements. The company was in compliance with all covenants at July 1, 2023. In the first quarter of 2022, the company redeemed all of its 3.650% Senior Notes due 2025. In connection with the redemption, the company incurred $26 million of losses on the early extinguishment of debt included in other income/(expense) on the accompanying statements of income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Matters The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for 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. At July 1, 2023, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2022 financial statements and notes included in the company’s Annual Report on Form 10-K. 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 and cash flows. Litigation and Related Contingencies The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial issues. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, nor, with respect to certain pending litigation or claims where no liability has been accrued, make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed in the company’s 2022 financial statements and notes included in the company’s Annual Report on Form 10-K, 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 such matters 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

Comprehensive Income_(Loss)

Comprehensive Income/(Loss)	6 Months Ended
	Jul. 01, 2023
Stockholders' Equity Note [Abstract]
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows: (In millions) Currency Unrealized Pension and Total Balance at December 31, 2022 $ (2,880) $ (33) $ (186) $ (3,099) Other comprehensive income/(loss) before reclassifications 169 — — 169 Amounts reclassified from accumulated other comprehensive income/(loss) 4 4 (2) 6 Net other comprehensive income/(loss) 173 4 (2) 175 Balance at July 1, 2023 $ (2,707) $ (29) $ (188) $ (2,924)

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value of Financial Instruments	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value of Financial Instruments	Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis: July 1, Quoted Significant Significant (In millions) 2023 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 810 $ 810 $ — $ — Investments 23 23 — — Warrants 11 — 11 — Insurance contracts 192 — 192 — Derivative contracts 7 — 7 — Total assets $ 1,043 $ 833 $ 210 $ — Liabilities Derivative contracts $ 16 $ — $ 16 $ — Contingent consideration 90 — — 90 Total liabilities $ 106 $ — $ 16 $ 90 December 31, Quoted Significant Significant (In millions) 2022 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 5,804 $ 5,804 $ — $ — Investments 25 25 — — Warrants 12 — 12 — Insurance contracts 162 — 162 — Derivative contracts 79 — 79 — Total assets $ 6,082 $ 5,829 $ 253 $ — Liabilities Derivative contracts $ 101 $ — $ 101 $ — Contingent consideration 174 — — 174 Total liabilities $ 275 $ — $ 101 $ 174 The company uses the Black-Scholes model to value its warrants. The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company initially measures the fair value of acquisition-related contingent consideration based on amounts expected to be transferred (probability-weighted) discounted to present value. Changes to the fair value of contingent consideration are recorded in selling, general and administrative expense. In the six months ended July 1, 2023, the company recorded $44 million, of net losses on investments, which are included in other income/(expense) in the accompanying statements of income. In the three and six months ended July 2, 2022, the company recorded $17 million and $(122) million, respectively, of net gains (losses) on investments, which are included in other income/(expense) in the accompanying statements of income. The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration. Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Contingent consideration Beginning balance $ 136 $ 261 $ 174 $ 317 Acquisitions (including assumed balances) 1 — 1 (18) Payments (43) (2) (58) (32) Changes in fair value included in earnings (4) (43) (27) (51) Ending balance $ 90 $ 216 $ 90 $ 216 Derivative Contracts The following table provides the aggregate notional value of outstanding derivative contracts. (In millions) July 1, 2023 December 31, 2022 Notional amount Cross-currency interest rate swaps - designated as net investment hedges $ 2,200 $ 2,100 Currency exchange contracts 1,500 2,434 While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income. Fair value – assets Fair value – liabilities July 1, December 31, July 1, December 31, (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments Cross-currency interest rate swaps (a) $ 6 $ 77 $ 15 $ 85 Derivatives not designated as hedging instruments Currency exchange contracts (b) 1 2 1 16 Total derivatives $ 7 $ 79 $ 16 $ 101 (a) The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities. (b) The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses. Gain (loss) recognized Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Amount reclassified from accumulated other comprehensive items to other income/(expense) $ (1) $ (1) $ (5) $ (2) Financial instruments designated as net investment hedges Foreign currency-denominated debt and other payables Included in currency translation adjustment within other comprehensive items (62) 671 (206) 1,033 Cross-currency interest rate swaps Included in currency translation adjustment within other comprehensive items 59 51 50 74 Included in other income/(expense) 16 4 33 6 Derivatives not designated as hedging instruments Currency exchange contracts Included in cost of product revenues — 21 (3) 12 Included in other income/(expense) (25) 13 (2) 12 Gains and losses recognized on currency exchange contracts are included in the accompanying statements of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions. The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity. See Note 1 to the consolidated financial statements for 2022 included in the company’s Annual Report on Form 10-K for additional information on the company’s risk management objectives and strategies. Fair Value of Other Financial Instruments The carrying value and fair value of the company’s debt instruments are as follows: July 1, 2023 December 31, 2022 Carrying Fair Carrying Fair (In millions) value value value value Senior notes $ 33,230 $ 29,536 $ 33,889 $ 29,901 Commercial paper 500 500 310 310 Other 76 76 79 79 $ 33,806 $ 30,112 $ 34,278 $ 30,290 The fair value of debt instruments was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jul. 01, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Six months ended (In millions) July 1, 2023 July 2, 2022 Non-cash investing and financing activities Acquired but unpaid property, plant and equipment $ 231 $ 234 Declared but unpaid dividends 137 119 Issuance of stock upon vesting of restricted stock units 97 107 Excise tax from stock repurchases 29 — Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows: (In millions) July 1, 2023 December 31, 2022 Cash and cash equivalents $ 3,133 $ 8,524 Restricted cash included in other current assets 13 12 Restricted cash included in other assets 7 1 Cash, cash equivalents and restricted cash $ 3,153 $ 8,537 Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees and incoming cash in China awaiting government administrative clearance.

Restructuring and Other Costs

Restructuring and Other Costs	6 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Other Costs	Restructuring and Other Costs In the first six months of 2023, restructuring and other costs primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2023, severance actions associated with facility consolidations and cost reduction measures affected approximately 3% of the company’s workforce. As of August 4, 2023, the company has identified restructuring actions that will result in additional charges of approximately $85 million, primarily in 2023, and expects to identify additional actions in future periods which will be recorded when specified criteria are met, such as communication of benefit arrangements or when the costs have been incurred. Restructuring and other costs by segment are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 1, 2023 Life Sciences Solutions $ 20 $ 80 Analytical Instruments 23 23 Specialty Diagnostics 2 10 Laboratory Products and Biopharma Services 133 176 Corporate 5 6 $ 183 $ 295 The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheet. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table. (In millions) Total (a) Balance at December 31, 2022 $ 41 Net restructuring charges incurred in 2023 (b) 137 Payments (80) Balance at July 1, 2023 $ 98 (a) The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations. (b) Excludes $158 million of net charges, principally $99 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and, to a lesser extent, $18 million of net charges for pre-acquisition litigation and other matters. The company expects to pay accrued restructuring costs primarily through 2023.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2022, the FASB issued new guidance to require entities to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under these programs for each period presented. The company adopted some aspects of this guidance in 2023 using a retrospective method and will adopt other aspects in 2024 using a prospective method. The adoption of this guidance did not have, and is not expected to have, a material impact on the company’s disclosures; however, the impact in future periods will be dependent on the extent of arrangements of this nature entered into by the company. In November 2021, the FASB issued new guidance to require entities to disclose information about certain types of government assistance they receive, including cash grants and tax credits. Among other things, the new guidance requires expanded disclosure regarding the qualitative and quantitative characteristics of the nature, amount, timing, and significant terms and conditions of transactions with a government arising from a grant or other forms of assistance accounted for under a contribution model. The company adopted this guidance in the fourth quarter of 2022 using a prospective method. The adoption of this guidance did not have a material impact on the company’s disclosures.
Acquisitions	The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. 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 services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services. Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Inventories	Inventories The components of inventories are as follows: (In millions) July 1, 2023 December 31, 2022 Raw materials $ 2,368 $ 2,405 Work in process 760 660 Finished goods 2,527 2,569 Inventories $ 5,655 $ 5,634

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Components of Purchase Price and Net Assets Acquired	The components of the purchase price and net assets acquired are as follows: (In millions) The Binding Site Purchase price Cash paid $ 2,412 Debt settled 307 Cash acquired (20) $ 2,699 Net assets acquired Definite-lived intangible assets: Customer relationships $ 868 Product technology 172 Tradenames 42 Goodwill 1,755 Net tangible assets 141 Deferred tax assets (liabilities) (279) $ 2,699

Revenue and Contract-related _2

Revenue and Contract-related Balances (Tables)	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	Disaggregated Revenues Revenues by type are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues Consumables $ 4,433 $ 4,993 $ 8,939 $ 11,103 Instruments 1,838 2,010 3,736 3,917 Services 4,416 3,967 8,722 7,768 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788 Revenues by geographic region based on customer location are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues North America $ 5,714 $ 6,032 $ 11,492 $ 12,355 Europe 2,654 2,551 5,255 5,601 Asia-Pacific 1,902 2,042 3,888 4,106 Other regions 417 345 762 726 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788
Schedule of Contract Asset and Liability Balances	Noncurrent contract assets and noncurrent contract liabilities are included within other assets and other long-term liabilities in the accompanying balance sheet, respectively. Contract asset and liability balances are as follows: (In millions) July 1, 2023 December 31, 2022 Current contract assets, net $ 1,467 $ 1,312 Noncurrent contract assets, net 6 7 Current contract liabilities 2,590 2,601 Noncurrent contract liabilities 1,098 1,179

Business Segment and Geograph_2

Business Segment and Geographical Information (Tables)	6 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Schedule of Business Segment Information	Business Segment Information Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Revenues Life Sciences Solutions $ 2,463 $ 3,292 $ 5,075 $ 7,523 Analytical Instruments 1,749 1,607 3,472 3,125 Specialty Diagnostics 1,109 1,101 2,217 2,583 Laboratory Products and Biopharma Services 5,831 5,537 11,594 10,979 Eliminations (465) (567) (961) (1,422) Consolidated revenues 10,687 10,970 21,397 22,788 Segment Income Life Sciences Solutions 817 1,327 1,653 3,503 Analytical Instruments 432 344 853 645 Specialty Diagnostics 297 243 577 596 Laboratory Products and Biopharma Services 824 691 1,617 1,311 Subtotal reportable segments 2,370 2,605 4,700 6,055 Cost of revenues adjustments (18) (8) (59) (19) Selling, general and administrative expenses adjustments (6) 28 (14) 21 Restructuring and other costs (183) (24) (295) (26) Amortization of acquisition-related intangible assets (585) (600) (1,191) (1,209) Consolidated operating income 1,578 2,001 3,141 4,822 Interest income 178 36 324 54 Interest expense (326) (148) (626) (284) Other income/(expense) — 28 (46) (135) Consolidated income before taxes $ 1,430 $ 1,917 $ 2,793 $ 4,457
Schedule of Revenue by Country Based on Customer Location	Three months ended Six months ended (In millions) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Revenues United States $ 5,531 $ 5,846 $ 11,118 $ 11,943 China 856 1,001 1,726 1,911 Other 4,300 4,123 8,553 8,934 Consolidated revenues $ 10,687 $ 10,970 $ 21,397 $ 22,788

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Schedule of the Provision for Income Taxes	The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following: Six months ended (In millions) July 1, 2023 July 2, 2022 Statutory federal income tax rate 21 % 21 % Provision for income taxes at statutory rate $ 587 $ 936 Increases (decreases) resulting from: Foreign rate differential (125) (138) Income tax credits (136) (117) Global intangible low-taxed income 46 46 Foreign-derived intangible income (55) (71) Excess tax benefits from stock options and restricted stock units (37) (31) Provision for (reversal of) tax reserves, net 8 13 Intra-entity transfers (144) (18) Foreign exchange loss on inter-company debt refinancing (112) — Provision for (reversal of) valuation allowances, net 66 (175) Withholding taxes 12 33 Tax return reassessments and settlements (38) (4) State income taxes, net of federal tax 53 67 Other, net (27) (42) Provision for income taxes $ 98 $ 499
Schedule of Unrecognized Tax Benefits	(In millions) 2023 Balance at beginning of year $ 572 Additions for tax positions of current year 4 Additions for tax positions of prior years 26 Reductions for tax positions of prior years (27) Settlements (18) Balance at end of period $ 557

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions except per share amounts) 2023 2022 2023 2022 Net income attributable to Thermo Fisher Scientific Inc. $ 1,361 $ 1,664 $ 2,650 $ 3,879 Basic weighted average shares 386 392 386 392 Plus effect of: stock options and restricted stock units 2 2 2 2 Diluted weighted average shares 388 394 388 394 Basic earnings per share $ 3.53 $ 4.25 $ 6.86 $ 9.90 Diluted earnings per share $ 3.51 $ 4.22 $ 6.83 $ 9.83 Antidilutive stock options excluded from diluted weighted average shares 2 2 2 2

Debt and Other Financing Arra_2

Debt and Other Financing Arrangements (Tables)	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	Effective interest rate at July 1, July 1, December 31, (Dollars in millions) 2023 2023 2022 Commercial Paper 5.59 % $ 500 $ 310 Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023 — 1,000 Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023 500 500 0.797% 2-Year Senior Notes, Due 10/18/2023 1.03 % 1,350 1,350 Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) 3.41 % 1,854 1,819 0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) 0.06 % 600 589 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated) 0.93 % 1,091 1,071 Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024 500 500 1.215% 3-Year Senior Notes, Due 10/18/2024 1.42 % 2,500 2,500 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated) 0.41 % 873 857 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated) 2.10 % 698 686 0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated) 1.05 % 155 170 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) 0.15 % 600 589 3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated) 3.39 % 545 535 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated) 1.53 % 764 749 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated) 1.65 % 545 535 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated) 1.96 % 654 642 1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated) 1.18 % 200 221 4.80% 5-Year Senior Notes, Due 11/21/2027 5.00 % 600 600 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated) 0.77 % 873 857 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated) 1.46 % 654 642 1.75% 7-Year Senior Notes, Due 10/15/2028 1.89 % 700 700 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated) 2.08 % 764 749 2.60% 10-Year Senior Notes, Due 10/1/2029 2.74 % 900 900 1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated) 1.44 % 33 36 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) 0.88 % 1,909 1,873 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated) 1.13 % 982 963 2.00% 10-Year Senior Notes, Due 10/15/2031 2.23 % 1,200 1,200 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated) 2.55 % 654 642 1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated) 1.60 % 44 48 4.95% 10-Year Senior Notes, Due 11/21/2032 5.09 % 600 600 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) 1.20 % 1,636 1,606 3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated) 3.76 % 818 803 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated) 2.94 % 764 749 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated) 1.73 % 982 963 2.80% 20-Year Senior Notes, Due 10/15/2041 2.90 % 1,200 1,200 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) 1.77 % 1,364 1,339 2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated) 2.13 % 101 111 5.30% 30-Year Senior Notes, Due 2/1/2044 5.37 % 400 400 4.10% 30-Year Senior Notes, Due 8/15/2047 4.23 % 750 750 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated) 1.98 % 1,091 1,071 Effective interest rate at July 1, July 1, December 31, (Dollars in millions) 2023 2023 2022 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) 2.07 % 818 803 2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated) 2.43 % 231 254 Other 76 79 Total borrowings at par value 34,073 34,561 Unamortized discount (112) (112) Unamortized debt issuance costs (155) (171) Total borrowings at carrying value 33,806 34,278 Finance lease liabilities 202 210 Less: Short-term obligations and current maturities 4,814 5,579 Long-term obligations $ 29,194 $ 28,909 SOFR - Secured Overnight Financing Rate EURIBOR - Euro Interbank Offered Rate

Comprehensive Income_(Loss) (Ta

Comprehensive Income/(Loss) (Tables)	6 Months Ended
	Jul. 01, 2023
Stockholders' Equity Note [Abstract]
Schedule of Changes in Each Component of Accumulated Other Comprehensive Items	Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows: (In millions) Currency Unrealized Pension and Total Balance at December 31, 2022 $ (2,880) $ (33) $ (186) $ (3,099) Other comprehensive income/(loss) before reclassifications 169 — — 169 Amounts reclassified from accumulated other comprehensive income/(loss) 4 4 (2) 6 Net other comprehensive income/(loss) 173 4 (2) 175 Balance at July 1, 2023 $ (2,707) $ (29) $ (188) $ (2,924)

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis: July 1, Quoted Significant Significant (In millions) 2023 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 810 $ 810 $ — $ — Investments 23 23 — — Warrants 11 — 11 — Insurance contracts 192 — 192 — Derivative contracts 7 — 7 — Total assets $ 1,043 $ 833 $ 210 $ — Liabilities Derivative contracts $ 16 $ — $ 16 $ — Contingent consideration 90 — — 90 Total liabilities $ 106 $ — $ 16 $ 90 December 31, Quoted Significant Significant (In millions) 2022 (Level 1) (Level 2) (Level 3) Assets Cash equivalents $ 5,804 $ 5,804 $ — $ — Investments 25 25 — — Warrants 12 — 12 — Insurance contracts 162 — 162 — Derivative contracts 79 — 79 — Total assets $ 6,082 $ 5,829 $ 253 $ — Liabilities Derivative contracts $ 101 $ — $ 101 $ — Contingent consideration 174 — — 174 Total liabilities $ 275 $ — $ 101 $ 174
Rollforward of the Fair Value of Investments	The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration. Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Contingent consideration Beginning balance $ 136 $ 261 $ 174 $ 317 Acquisitions (including assumed balances) 1 — 1 (18) Payments (43) (2) (58) (32) Changes in fair value included in earnings (4) (43) (27) (51) Ending balance $ 90 $ 216 $ 90 $ 216
Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts	The following table provides the aggregate notional value of outstanding derivative contracts. (In millions) July 1, 2023 December 31, 2022 Notional amount Cross-currency interest rate swaps - designated as net investment hedges $ 2,200 $ 2,100 Currency exchange contracts 1,500 2,434
Schedule of the Fair Value of Derivative Instruments	While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income. Fair value – assets Fair value – liabilities July 1, December 31, July 1, December 31, (In millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments Cross-currency interest rate swaps (a) $ 6 $ 77 $ 15 $ 85 Derivatives not designated as hedging instruments Currency exchange contracts (b) 1 2 1 16 Total derivatives $ 7 $ 79 $ 16 $ 101 (a) The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheet under the caption other assets or other long-term liabilities. (b) The fair value of the currency exchange contracts is included in the accompanying balance sheet under the captions other current assets or other accrued expenses.
Schedule of Derivative Instruments Gains and Losses	Gain (loss) recognized Three months ended Six months ended July 1, July 2, July 1, July 2, (In millions) 2023 2022 2023 2022 Derivatives designated as cash flow hedges Interest rate swaps Amount reclassified from accumulated other comprehensive items to other income/(expense) $ (1) $ (1) $ (5) $ (2) Financial instruments designated as net investment hedges Foreign currency-denominated debt and other payables Included in currency translation adjustment within other comprehensive items (62) 671 (206) 1,033 Cross-currency interest rate swaps Included in currency translation adjustment within other comprehensive items 59 51 50 74 Included in other income/(expense) 16 4 33 6 Derivatives not designated as hedging instruments Currency exchange contracts Included in cost of product revenues — 21 (3) 12 Included in other income/(expense) (25) 13 (2) 12
Schedule of the Fair Value of the Company's Debt Instruments	The carrying value and fair value of the company’s debt instruments are as follows: July 1, 2023 December 31, 2022 Carrying Fair Carrying Fair (In millions) value value value value Senior notes $ 33,230 $ 29,536 $ 33,889 $ 29,901 Commercial paper 500 500 310 310 Other 76 76 79 79 $ 33,806 $ 30,112 $ 34,278 $ 30,290 The fair value of debt instruments was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.
Schedule of the Carrying Value of the Company's Debt Instruments	The carrying value and fair value of the company’s debt instruments are as follows: July 1, 2023 December 31, 2022 Carrying Fair Carrying Fair (In millions) value value value value Senior notes $ 33,230 $ 29,536 $ 33,889 $ 29,901 Commercial paper 500 500 310 310 Other 76 76 79 79 $ 33,806 $ 30,112 $ 34,278 $ 30,290 The fair value of debt instruments was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jul. 01, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Six months ended (In millions) July 1, 2023 July 2, 2022 Non-cash investing and financing activities Acquired but unpaid property, plant and equipment $ 231 $ 234 Declared but unpaid dividends 137 119 Issuance of stock upon vesting of restricted stock units 97 107 Excise tax from stock repurchases 29 —
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows: (In millions) July 1, 2023 December 31, 2022 Cash and cash equivalents $ 3,133 $ 8,524 Restricted cash included in other current assets 13 12 Restricted cash included in other assets 7 1 Cash, cash equivalents and restricted cash $ 3,153 $ 8,537

Restructuring and Other Costs (

Restructuring and Other Costs (Tables)	6 Months Ended
	Jul. 01, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Costs by Segment	Restructuring and other costs by segment are as follows: Three months ended Six months ended (In millions) July 1, 2023 July 1, 2023 Life Sciences Solutions $ 20 $ 80 Analytical Instruments 23 23 Specialty Diagnostics 2 10 Laboratory Products and Biopharma Services 133 176 Corporate 5 6 $ 183 $ 295
Summary of Changes in the Company's Accrued Restructuring Balance	The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheet. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table. (In millions) Total (a) Balance at December 31, 2022 $ 41 Net restructuring charges incurred in 2023 (b) 137 Payments (80) Balance at July 1, 2023 $ 98 (a) The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations. (b) Excludes $158 million of net charges, principally $99 million of charges for impairment of long-lived assets in the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, $26 million of contract termination costs associated with facility closures in the Laboratory Products and Biopharma Services segment, and, to a lesser extent, $18 million of net charges for pre-acquisition litigation and other matters.

Nature of Operations and Summ_4

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Components of Inventories (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 2,368	$ 2,405
Work in process	760	660
Finished goods	2,527	2,569
Inventories	$ 5,655	$ 5,634

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 03, 2023	Jul. 01, 2023
The Binding Site Group
Business Acquisition [Line Items]
Cash paid	$ 2,412
Debt settled	307
Cash acquired	(20)
Purchase price	2,699
Goodwill	1,755
Net tangible assets	141
Deferred tax assets (liabilities)	(279)
Net assets acquired	2,699
Weighted-average amortization period		17 years
The Binding Site Group | Customer relationships
Business Acquisition [Line Items]
Definite-lived intangible assets:	868
Weighted-average amortization period		18 years
The Binding Site Group | Product technology
Business Acquisition [Line Items]
Definite-lived intangible assets:	172
Weighted-average amortization period		14 years
The Binding Site Group | Tradenames
Business Acquisition [Line Items]
Definite-lived intangible assets:	$ 42
Weighted-average amortization period		15 years
CorEvitas, LLC
Business Acquisition [Line Items]
Expected purchase price of acquisition		$ 910

Revenue and Contract-related _3

Revenue and Contract-related Balances - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 10,687	$ 10,970	$ 21,397	$ 22,788
North America
Disaggregation of Revenue [Line Items]
Revenues	5,714	6,032	11,492	12,355
Europe
Disaggregation of Revenue [Line Items]
Revenues	2,654	2,551	5,255	5,601
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenues	1,902	2,042	3,888	4,106
Other regions
Disaggregation of Revenue [Line Items]
Revenues	417	345	762	726
Consumables
Disaggregation of Revenue [Line Items]
Revenues	4,433	4,993	8,939	11,103
Instruments
Disaggregation of Revenue [Line Items]
Revenues	1,838	2,010	3,736	3,917
Service revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 4,416	$ 3,967	$ 8,722	$ 7,768

Revenue and Contract-related _4

Revenue and Contract-related Balances - Revenue Performance Obligations (Details) $ in Millions	Jul. 01, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation amount	$ 25,390
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Warranty agreement	3 years
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Warranty agreement	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	56%
Remaining performance obligation, expected timing	12 months

Revenue and Contract-related _5

Revenue and Contract-related Balances - Schedule of Contract Asset and Liability Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current contract assets, net	$ 1,467		$ 1,467		$ 1,312
Noncurrent contract assets, net	6		6		7
Current contract liabilities	2,590		2,590		2,601
Noncurrent contract liabilities	1,098		1,098		$ 1,179
Revenue recognized that was included in the current contract liability balance at the beginning of the period	$ 680	$ 710	$ 1,980	$ 1,990

Business Segment and Geograph_3

Business Segment and Geographical Information - Schedule of Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Revenues	$ 10,687	$ 10,970	$ 21,397	$ 22,788
Segment Income	1,578	2,001	3,141	4,822
Restructuring and other costs	(183)	(24)	(295)	(26)
Amortization of acquisition-related intangible assets			(1,191)	(1,209)
Interest income	178	36	324	54
Interest expense	(326)	(148)	(626)	(284)
Other income/(expense)	0	28	(46)	(135)
Income before income taxes	1,430	1,917	2,793	4,457
Total Reportable Segments
Segment Reporting Information [Line Items]
Segment Income	2,370	2,605	4,700	6,055
Total Reportable Segments | Life Sciences Solutions
Segment Reporting Information [Line Items]
Revenues	2,463	3,292	5,075	7,523
Segment Income	817	1,327	1,653	3,503
Restructuring and other costs	(20)		(80)
Total Reportable Segments | Analytical Instruments
Segment Reporting Information [Line Items]
Revenues	1,749	1,607	3,472	3,125
Segment Income	432	344	853	645
Restructuring and other costs	(23)		(23)
Total Reportable Segments | Specialty Diagnostics
Segment Reporting Information [Line Items]
Revenues	1,109	1,101	2,217	2,583
Segment Income	297	243	577	596
Restructuring and other costs	(2)		(10)
Total Reportable Segments | Laboratory Products and Biopharma Services
Segment Reporting Information [Line Items]
Revenues	5,831	5,537	11,594	10,979
Segment Income	824	691	1,617	1,311
Restructuring and other costs	(133)		(176)
Eliminations
Segment Reporting Information [Line Items]
Revenues	(465)	(567)	(961)	(1,422)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Cost of revenues adjustments	(18)	(8)	(59)	(19)
Selling, general and administrative expenses adjustments	(6)	28	(14)	21
Restructuring and other costs	(183)	(24)	(295)	(26)
Amortization of acquisition-related intangible assets	$ (585)	$ (600)	$ (1,191)	$ (1,209)

Business Segment and Geograph_4

Business Segment and Geographical Information - Schedule of Revenue by Country Based on Customer Location (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 10,687	$ 10,970	$ 21,397	$ 22,788
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5,531	5,846	11,118	11,943
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	856	1,001	1,726	1,911
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,300	$ 4,123	$ 8,553	$ 8,934

Income Taxes - Schedule of the

Income Taxes - Schedule of the Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax rate			21%	21%
Provision for income taxes at statutory rate			$ 587	$ 936
Foreign rate differential			(125)	(138)
Income tax credits			(136)	(117)
Global intangible low-taxed income			46	46
Foreign-derived intangible income			(55)	(71)
Excess tax benefits from stock options and restricted stock units			(37)	(31)
Provision for (reversal of) tax reserves, net			8	13
Intra-entity transfers			(144)	(18)
Foreign exchange loss on inter-company debt refinancing			(112)	0
Provision for (reversal of) valuation allowances, net			66	(175)
Withholding taxes			12	33
Tax return reassessments and settlements			(38)	(4)
State income taxes, net of federal tax			53	67
Other, net			(27)	(42)
Provision for income taxes	$ 52	$ 198	$ 98	$ 499

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jul. 01, 2023 USD ($) country	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Countries with taxable presence | country	70
Unrecognized tax benefits | $	$ 557	$ 572

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 572
Additions for tax positions of current year	4
Additions for tax positions of prior years	26
Reductions for tax positions of prior years	(27)
Settlements	(18)
Balance at end of period	$ 557

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Net income	$ 1,361	$ 1,664	$ 2,650	$ 3,879
Basic weighted average shares (in shares)	386	392	386	392
Plus effect of: stock options and restricted stock units (in shares)	2	2	2	2
Diluted weighted average shares (in shares)	388	394	388	394
Basic (in dollars per share)	$ 3.53	$ 4.25	$ 6.86	$ 9.90
Diluted (in dollars per share)	$ 3.51	$ 4.22	$ 6.83	$ 9.83
Antidilutive stock options excluded from diluted weighted average shares (in shares)	2	2	2	2

Debt and Other Financing Arra_3

Debt and Other Financing Arrangements - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total borrowings at par value	$ 34,073	$ 34,561
Unamortized discount	(112)	(112)
Unamortized debt issuance costs	(155)	(171)
Total borrowings at carrying value	33,806	34,278
Finance lease liabilities	202	210
Less: Short-term obligations and current maturities	4,814	5,579
Long-term obligations	$ 29,194	28,909
Commercial Paper
Debt Instrument [Line Items]
Effective interest rate	5.59%
Total borrowings at par value	$ 500	310
Total borrowings at carrying value	500	310
Senior Notes
Debt Instrument [Line Items]
Total borrowings at carrying value	$ 33,230	33,889
Senior Notes | Floating Rate (SOFR + 0.35%) 1.5-Year Senior Notes, Due 4/18/2023
Debt Instrument [Line Items]
Variable rate, basis spread	0.35%
Term	1 year 6 months
Total borrowings at par value		1,000
Senior Notes | Floating Rate (SOFR + 0.39%) 2-Year Senior Notes, Due 10/18/2023
Debt Instrument [Line Items]
Variable rate, basis spread	0.39%
Term	2 years
Total borrowings at par value	$ 500	500
Senior Notes | 0.797% 2-Year Senior Notes, Due 10/18/2023
Debt Instrument [Line Items]
Interest rate	0.797%
Term	2 years
Effective interest rate	1.03%
Total borrowings at par value	$ 1,350	1,350
Senior Notes | Floating Rate (EURIBOR + 0.20%) 2-Year Senior Notes, Due 11/18/2023 (euro-denominated)
Debt Instrument [Line Items]
Variable rate, basis spread	0.20%
Term	2 years
Effective interest rate	3.41%
Total borrowings at par value	$ 1,854	1,819
Senior Notes | 0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0%
Term	2 years
Effective interest rate	0.06%
Total borrowings at par value	$ 600	589
Senior Notes | 0.75% 8-Year Senior Notes, Due 9/12/2024 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0.75%
Term	8 years
Effective interest rate	0.93%
Total borrowings at par value	$ 1,091	1,071
Senior Notes | Floating Rate (SOFR + 0.53%) 3-Year Senior Notes, Due 10/18/2024
Debt Instrument [Line Items]
Variable rate, basis spread	0.53%
Term	3 years
Total borrowings at par value	$ 500	500
Senior Notes | 1.215% 3-Year Senior Notes, Due 10/18/2024
Debt Instrument [Line Items]
Interest rate	1.215%
Term	3 years
Effective interest rate	1.42%
Total borrowings at par value	$ 2,500	2,500
Senior Notes | 0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0.125%
Term	5 years 6 months
Effective interest rate	0.41%
Total borrowings at par value	$ 873	857
Senior Notes | 2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	2%
Term	10 years
Effective interest rate	2.10%
Total borrowings at par value	$ 698	686
Senior Notes | 0.853% 3-Year Senior Notes, Due 10/20/2025 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	0.853%
Term	3 years
Effective interest rate	1.05%
Total borrowings at par value	$ 155	170
Senior Notes | 0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0%
Term	4 years
Effective interest rate	0.15%
Total borrowings at par value	$ 600	589
Senior Notes | 3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	3.20%
Term	3 years
Effective interest rate	3.39%
Total borrowings at par value	$ 545	535
Senior Notes | 1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.40%
Term	8 years 6 months
Effective interest rate	1.53%
Total borrowings at par value	$ 764	749
Senior Notes | 1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.45%
Term	10 years
Effective interest rate	1.65%
Total borrowings at par value	$ 545	535
Senior Notes | 1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.75%
Term	7 years
Effective interest rate	1.96%
Total borrowings at par value	$ 654	642
Senior Notes | 1.054% 5-Year Senior Notes, Due 10/20/2027 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	1.054%
Term	5 years
Effective interest rate	1.18%
Total borrowings at par value	$ 200	221
Senior Notes | 4.80% 5-Year Senior Notes, Due 11/21/2027
Debt Instrument [Line Items]
Interest rate	4.80%
Term	5 years
Effective interest rate	5%
Total borrowings at par value	$ 600	600
Senior Notes | 0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0.50%
Term	8 years 6 months
Effective interest rate	0.77%
Total borrowings at par value	$ 873	857
Senior Notes | 1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.375%
Term	12 years
Effective interest rate	1.46%
Total borrowings at par value	$ 654	642
Senior Notes | 1.75% 7-Year Senior Notes, Due 10/15/2028
Debt Instrument [Line Items]
Interest rate	1.75%
Term	7 years
Effective interest rate	1.89%
Total borrowings at par value	$ 700	700
Senior Notes | 1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.95%
Term	12 years
Effective interest rate	2.08%
Total borrowings at par value	$ 764	749
Senior Notes | 2.60% 10-Year Senior Notes, Due 10/1/2029
Debt Instrument [Line Items]
Interest rate	2.60%
Term	10 years
Effective interest rate	2.74%
Total borrowings at par value	$ 900	900
Senior Notes | 1.279% 7-Year Senior Notes, Due 10/19/2029 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	1.279%
Term	7 years
Effective interest rate	1.44%
Total borrowings at par value	$ 33	36
Senior Notes | 0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0.80%
Term	9 years
Effective interest rate	0.88%
Total borrowings at par value	$ 1,909	1,873
Senior Notes | 0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	0.875%
Term	12 years
Effective interest rate	1.13%
Total borrowings at par value	$ 982	963
Senior Notes | 2.00% 10-Year Senior Notes, Due 10/15/2031
Debt Instrument [Line Items]
Interest rate	2%
Term	10 years
Effective interest rate	2.23%
Total borrowings at par value	$ 1,200	1,200
Senior Notes | 2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	2.375%
Term	12 years
Effective interest rate	2.55%
Total borrowings at par value	$ 654	642
Senior Notes | 1.49% 10-Year Senior Notes, Due 10/20/2032 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	1.49%
Term	10 years
Effective interest rate	1.60%
Total borrowings at par value	$ 44	48
Senior Notes | 4.95% 10-Year Senior Notes, Due 11/21/2032
Debt Instrument [Line Items]
Interest rate	4.95%
Term	10 years
Effective interest rate	5.09%
Total borrowings at par value	$ 600	600
Senior Notes | 1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.125%
Term	12 years
Effective interest rate	1.20%
Total borrowings at par value	$ 1,636	1,606
Senior Notes | 3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	3.65%
Term	12 years
Effective interest rate	3.76%
Total borrowings at par value	$ 818	803
Senior Notes | 2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	2.875%
Term	20 years
Effective interest rate	2.94%
Total borrowings at par value	$ 764	749
Senior Notes | 1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.50%
Term	20 years
Effective interest rate	1.73%
Total borrowings at par value	$ 982	963
Senior Notes | 2.80% 20-Year Senior Notes, Due 10/15/2041
Debt Instrument [Line Items]
Interest rate	2.80%
Term	20 years
Effective interest rate	2.90%
Total borrowings at par value	$ 1,200	1,200
Senior Notes | 1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.625%
Term	20 years
Effective interest rate	1.77%
Total borrowings at par value	$ 1,364	1,339
Senior Notes | 2.069% 20-Year Senior Notes, Due 10/20/2042 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	2.069%
Term	20 years
Effective interest rate	2.13%
Total borrowings at par value	$ 101	111
Senior Notes | 5.30% 30-Year Senior Notes, Due 2/1/2044
Debt Instrument [Line Items]
Interest rate	5.30%
Term	30 years
Effective interest rate	5.37%
Total borrowings at par value	$ 400	400
Senior Notes | 4.10% 30-Year Senior Notes, Due 8/15/2047
Debt Instrument [Line Items]
Interest rate	4.10%
Term	30 years
Effective interest rate	4.23%
Total borrowings at par value	$ 750	750
Senior Notes | 1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	1.875%
Term	30 years
Effective interest rate	1.98%
Total borrowings at par value	$ 1,091	1,071
Senior Notes | 2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)
Debt Instrument [Line Items]
Interest rate	2%
Term	30 years
Effective interest rate	2.07%
Total borrowings at par value	$ 818	803
Senior Notes | 2.382% 30-Year Senior Notes, Due 10/18/2052 (yen-denominated)
Debt Instrument [Line Items]
Interest rate	2.382%
Term	30 years
Effective interest rate	2.43%
Total borrowings at par value	$ 231	254
Other
Debt Instrument [Line Items]
Total borrowings at par value	76	79
Total borrowings at carrying value	$ 76	$ 79

Debt and Other Financing Arra_4

Debt and Other Financing Arrangements (Details)	3 Months Ended	6 Months Ended
	Apr. 02, 2022 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)
Short-term Financing [Line Items]
Loss on early extinguishment of debt	$ 26,000,000	$ 0	$ 26,000,000
Senior Notes
Short-term Financing [Line Items]
Redemption price		100%
Revolving Credit Facility
Short-term Financing [Line Items]
Borrowing capacity		$ 5,000,000,000
Minimum consolidated interest coverage ratio		3.5
Borrowings outstanding		$ 0
Senior Notes 3.65% Due 2025 [Member] | Senior Notes
Short-term Financing [Line Items]
Interest rate	3.65%
0.000% 2-Year Senior Notes, Due 11/18/2023 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		0%
0.000% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		0%
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		0.80%
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		1.125%
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		1.625%
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated) | Senior Notes
Short-term Financing [Line Items]
Interest rate		2%
Commercial Paper | U.S. Commercial Paper Program
Short-term Financing [Line Items]
Maximum maturity period		397 days
Commercial Paper | Euro Commercial Paper Program
Short-term Financing [Line Items]
Maximum maturity period		183 days

Comprehensive Income_(Loss) - S

Comprehensive Income/(Loss) - Schedule of Changes in Each Component of Accumulated Other Comprehensive Items (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 44,032
Ending Balance	43,802
Currency translation adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(2,880)
Other comprehensive income/(loss) before reclassifications	169
Amounts reclassified from accumulated other comprehensive income/(loss)	4
Other Comprehensive Income, Other, Net of Tax	173
Ending Balance	(2,707)
Unrealized losses on hedging instruments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(33)
Other comprehensive income/(loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income/(loss)	4
Other Comprehensive Income, Other, Net of Tax	4
Ending Balance	(29)
Pension and other postretirement benefit liability adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(186)
Other comprehensive income/(loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive income/(loss)	(2)
Other Comprehensive Income, Other, Net of Tax	(2)
Ending Balance	(188)
Accumulated Other Comprehensive Items
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(3,099)
Other comprehensive income/(loss) before reclassifications	169
Amounts reclassified from accumulated other comprehensive income/(loss)	6
Other Comprehensive Income, Other, Net of Tax	175
Ending Balance	$ (2,924)

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Liabilities [Abstract]
Gain (loss) on sale of investments	$ 17	$ (44)	$ (122)
Fair Value, Recurring
Assets [Abstract]
Cash equivalents		810		$ 5,804
Investments		23		25
Warrants		11		12
Insurance contracts		192		162
Derivative contracts		7		79
Total Assets		1,043		6,082
Liabilities [Abstract]
Derivative contracts		16		101
Contingent consideration		90		174
Total Liabilities		106		275
Fair Value, Recurring | Quoted Prices in Active Markets (Level I)
Assets [Abstract]
Cash equivalents		810		5,804
Investments		23		25
Warrants		0		0
Insurance contracts		0		0
Derivative contracts		0		0
Total Assets		833		5,829
Liabilities [Abstract]
Derivative contracts		0		0
Contingent consideration		0		0
Total Liabilities		0		0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Cash equivalents		0		0
Investments		0		0
Warrants		11		12
Insurance contracts		192		162
Derivative contracts		7		79
Total Assets		210		253
Liabilities [Abstract]
Derivative contracts		16		101
Contingent consideration		0		0
Total Liabilities		16		101
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Cash equivalents		0		0
Investments		0		0
Warrants		0		0
Insurance contracts		0		0
Derivative contracts		0		0
Total Assets		0		0
Liabilities [Abstract]
Derivative contracts		0		0
Contingent consideration		90		174
Total Liabilities		$ 90		$ 174

Fair Value Measurements and F_4

Fair Value Measurements and Fair Value of Financial Instruments - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent consideration - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 136	$ 261	$ 174	$ 317
Acquisitions (including assumed balances)	1	0	1	(18)
Payments	(43)	(2)	(58)	(32)
Changes in fair value included in earnings	(4)	(43)	(27)	(51)
Ending balance	$ 90	$ 216	$ 90	$ 216
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Income [Extensible Enumeration]			Selling, general and administrative expenses	Selling, general and administrative expenses

Fair Value Measurements and F_5

Fair Value Measurements and Fair Value of Financial Instruments - Derivative Assets & Liabilities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Cross-currency interest rate swaps | Derivatives Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value – assets	$ 6	$ 77
Fair value – liabilities	15	85
Cross-currency interest rate swaps | Financial instruments designated as net investment hedges
Derivatives, Fair Value [Line Items]
Notional amount	2,200	2,100
Currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional amount	1,500	2,434
Currency exchange contracts | Derivatives Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value – assets	1	2
Fair value – liabilities	1	16
Fair Value, Recurring
Derivatives, Fair Value [Line Items]
Fair value – assets	7	79
Fair value – liabilities	$ 16	$ 101

Fair Value Measurements and F_6

Fair Value Measurements and Fair Value of Financial Instruments - Derivative Instruments, Gains & Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Currency exchange contracts | Included in cost of product revenues | Derivatives Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative	$ 0	$ 21	$ (3)	$ 12
Currency exchange contracts | Included in other income/(expense) | Derivatives Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative	(25)	13	(2)	12
Derivatives designated as cash flow hedges | Interest rate swaps | Included in other income/(expense) | Derivatives Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on cash flow hedge reclassified from AOCI	(1)	(1)	(5)	(2)
Financial instruments designated as net investment hedges | Foreign currency-denominated debt and other payables | Derivatives Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on currency translation adjustment	(62)	671	(206)	1,033
Financial instruments designated as net investment hedges | Cross-currency interest rate swaps | Derivatives Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on currency translation adjustment	59	51	50	74
Gain (loss) on derivative	$ 16	$ 4	$ 33	$ 6

Fair Value Measurements and F_7

Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Other Instruments (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	$ 33,806	$ 34,278
Fair value	30,112	30,290
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	33,230	33,889
Fair value	29,536	29,901
Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	500	310
Fair value	500	310
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value	76	79
Fair value	$ 76	$ 79

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022	Dec. 31, 2021
Non-cash Investing and Financing Activities [Abstract]
Acquired but unpaid property, plant and equipment	$ 231	$ 234
Declared but unpaid dividends	137	119
Issuance of stock upon vesting of restricted stock units	97	107
Excise tax from stock repurchases	29	0
Cash and cash equivalents	3,133		$ 8,524
Restricted cash included in other current assets	13		12
Restricted cash included in other assets	7		1
Cash, cash equivalents and restricted cash	$ 3,153	$ 1,905	$ 8,537	$ 4,491
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets		Other current assets
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets

Restructuring and Other Costs_2

Restructuring and Other Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Aug. 04, 2023
Restructuring Cost and Reserve [Line Items]
Workforce reduction			3%
Restructuring and other costs	$ 183	$ 24	$ 295	$ 26
Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs	5		6
Life Sciences Solutions | Total Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs	20		80
Analytical Instruments | Total Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs	23		23
Specialty Diagnostics | Total Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs	2		10
Laboratory Products and Biopharma Services | Total Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs	$ 133		$ 176
Forecast
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges					$ 85

Restructuring and Other Costs -

Restructuring and Other Costs - Reserves (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 41
Net restructuring charges incurred in 2022	137
Payments	(80)
Ending balance	98
Non-cash charges	158
Impairment charges	99
Contract termination costs	26
Pre-acquisition litigation charges	$ 18