x
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Annual
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the fiscal year ended December 31, 2009
or
|
o
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Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
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Delaware
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04-2209186
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(State
of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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81
Wyman Street
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Waltham,
Massachusetts
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02451
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(Address
of principal executive offices)
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(Zip
Code)
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Title
of each class
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Name
of each exchange on which registered
|
|||
Common
Stock, $1.00 par value
|
New
York Stock Exchange
|
|||
Preferred
Stock Purchase Rights
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New
York Stock Exchange
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Page
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PART
I
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||
Item
1.
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3
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Item
1A.
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23
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Item
1B.
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29
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Item
2.
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29
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Item
3.
|
30
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Item
4.
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30
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PART
II
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||
Item
5.
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31
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Item
6.
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32
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Item
7.
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33
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Item
7A.
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51
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Item
8.
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52
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Item
9.
|
53
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Item
9A.
|
53
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Item
9B.
|
53
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PART
III
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||
Item
10.
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54
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Item
11.
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54
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Item
12.
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54
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Item
13.
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54
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Item
14.
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54
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PART
IV
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||
Item
15.
|
55
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·
|
Thermo
Scientific is our
technology
brand,
offering customers a complete range of high-end analytical instruments as
well as laboratory equipment, software, services, consumables and reagents
to enable integrated laboratory workflow solutions. Our portfolio of
products includes innovative technologies for mass spectrometry, elemental
analysis, molecular spectroscopy, sample preparation, informatics, fine-
and high-purity chemistry production, cell culture, protein analysis,
RNA-interference techniques, immunodiagnostic testing, microbiology, as
well as environmental monitoring and process
control.
|
·
|
Our
Fisher Scientific brand offers
choice
and
convenience
, providing
a complete portfolio of laboratory equipment, chemicals, supplies and
services used in healthcare, scientific research, safety and education
markets. These products are offered through an extensive network of direct
sales professionals, industry-specific catalogs, e-commerce capabilities
and supply-chain management services. We also offer a range of biopharma
services for clinical trials management, biospecimen storage and
analytical testing.
|
·
|
Analytical
Instruments include analytical instruments used in the laboratory to
analyze prepared samples, software interpretation tools, laboratory
information management systems, and laboratory automation equipment and
systems; environmental instruments, integrated systems, and services used
in industrial environments, in the lab, and in the field for continuous
environmental monitoring, safety and security applications; and process
instruments, integrated systems and measurement solutions, and services
used in process environments and in the field to enable real-time process
control and optimization and materials
analysis.
|
·
|
Specialty
Diagnostics products and services are used by healthcare and other
laboratories to prepare and analyze patient samples to detect and diagnose
diseases. Microbiology products include high-quality reagents and
diagnostic kits used in the diagnosis of infectious disease or for testing
for bacterial contamination to assure the safety and quality of consumer
products such as food and
pharmaceuticals.
|
·
|
Biosciences
products include leading reagents, tools and services used in life science
research, drug discovery and biopharmaceutical
production.
|
(In
millions)
|
2009
|
2008
|
|||||
Analytical
Technologies
|
$ | 857.0 | $ | 777.3 | |||
Laboratory
Products and Services
|
480.8 | 438.9 | |||||
$ | 1,337.8 | $ | 1,216.2 |
·
|
technical
performance and advances in technology that result in new products and
improved price/performance ratios;
|
·
|
product
differentiation, availability and
reliability;
|
·
|
our
broad product offering;
|
·
|
our
reputation among customers as a quality provider of products and
services;
|
·
|
customer
service and support;
|
·
|
active
research and application-development programs;
and
|
·
|
relative
prices of our products and
services.
|
Name
|
Age
|
Present
Title (Fiscal Year First Became Executive Officer)
|
||
Marc
N. Casper
|
41
|
President
and Chief Executive Officer (2001)
|
||
Gregory
J. Herrema
|
44
|
Senior
Vice President (2008)
|
||
Seth
H. Hoogasian
|
55
|
Senior
Vice President, General Counsel and Secretary (2001)
|
||
Alan
J. Malus
|
50
|
Senior
Vice President (2006)
|
||
Edward
A. Pesicka
|
42
|
Senior
Vice President (2008)
|
||
Stephen
G. Sheehan
|
54
|
Senior
Vice President, Human Resources (2003)
|
||
Yuh-Geng
Tsay
|
61
|
Senior
Vice President (2008)
|
||
Peter
M. Wilver
|
50
|
Senior
Vice President and Chief Financial Officer (2003)
|
||
Peter
E. Hornstra
|
50
|
Vice
President and Chief Accounting Officer
(2001)
|
Item
1A.
|
|
•
|
finding
new markets for our products;
|
|
•
|
developing
new applications for our
technologies;
|
|
•
|
combining
sales and marketing operations in appropriate markets to compete more
effectively;
|
|
•
|
allocating
research and development funding to products with higher growth
prospects;
|
|
•
|
continuing
key customer initiatives;
|
|
•
|
expanding
our service offerings;
|
|
•
|
strengthening
our presence in selected geographic markets;
and
|
|
•
|
continuing
the development of commercial tools and infrastructure to increase and
support cross-selling opportunities of products and services to take
advantage of our breadth in product
offerings.
|
|
•
|
reduced
demand for some of our products;
|
|
•
|
increased
rate of order cancellations or
delays;
|
|
•
|
increased
risk of excess and obsolete
inventories;
|
|
•
|
increased
pressure on the prices for our products and services;
and
|
|
•
|
greater
difficulty in collecting accounts
receivable.
|
2009
|
2008
|
||||||||||||
High
|
Low
|
High
|
Low
|
||||||||||
First
Quarter
|
$ | 40.34 | $ | 32.02 | $ | 58.01 | $ | 46.63 | |||||
Second
Quarter
|
42.47 | 30.83 | 59.87 | 52.73 | |||||||||
Third
Quarter
|
47.74 | 37.50 | 62.77 | 52.67 | |||||||||
Fourth
Quarter
|
49.70 | 42.86 | 56.42 | 26.65 |
Item
6.
|
(a)
|
Reflects
a $69.0 million pre-tax charge for restructuring and other costs; an
after-tax loss of $1.0 million related to the company’s discontinued
operations; and the repurchase of $414.6 million of the company’s common
stock.
|
(b)
|
Reflects
a $36.9 million pre-tax charge for restructuring and other costs; an
after-tax gain of $5.5 million related to the company’s discontinued
operations; and the repurchase of $187.4 million of the company’s common
stock.
|
(c)
|
Reflects
a $91.4 million pre-tax charge for restructuring and other costs; an
after-tax loss of $18.5 million related to the company’s discontinued
operations; and the repurchase of $898.0 million of the company’s common
stock.
|
(d)
|
Reflects
completion of the merger with Fisher on November 9, 2006, including
issuance of common stock. Also reflects a $123.3 million pre-tax charge
for restructuring and other costs; a charge of $36.7 million for
acceleration of vesting of stock-based compensation as a result of the
Fisher merger; and after-tax income of $2.6 million related to the
company’s discontinued operations.
|
(e)
|
Reflects
a $30.3 million pre-tax charge for restructuring and other costs; $27.6
million of pre-tax net gains from the sale of shares of Thoratec
Corporation and Newport Corporation; and after-tax income of $24.9 million
related to the company’s discontinued
operations.
|
(Dollars
in millions)
|
2009
|
2008
|
|||||||||
|
|
|
|
|
|||||||
Revenues
|
|
|
|
|
|||||||
Analytical
Technologies
|
$ | 4,153.9 | 41.1% | $ | 4,468.6 | 42.6% | |||||
Laboratory
Products and Services
|
6,426.6 | 63.6% | 6,455.2 | 61.5% | |||||||
Eliminations
|
(470.8 | ) | (4.7)% | (425.8 | ) | (4.1)% | |||||
|
|||||||||||
|
$ | 10,109.7 | 100% | $ | 10,498.0 | 100% |
(Dollars
in millions)
|
2009
|
2008
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
|
|
|
||||||
Analytical
Technologies
|
$ | 4,153.9 | $ | 4,468.6 | (7)% | ||||
Laboratory
Products and Services
|
6,426.6 | 6,455.2 | 0% | ||||||
Eliminations
|
(470.8 | ) | (425.8 | ) | 11% | ||||
|
|||||||||
Consolidated
Revenues
|
$ | 10,109.7 | $ | 10,498.0 | (4)% | ||||
|
|||||||||
Segment
Income
|
|||||||||
Analytical
Technologies
|
$ | 837.3 | $ | 955.3 | (12)% | ||||
Laboratory
Products and Services
|
877.6 | 913.8 | (4)% | ||||||
|
|||||||||
Subtotal
Reportable Segments
|
1,714.9 | 1,869.1 | (8)% | ||||||
|
|||||||||
Cost
of Revenues Charges
|
(6.7 | ) | (1.5 | ) | |||||
Selling,
General and Administrative Charges, Net
|
(1.5 | ) | — | ||||||
Restructuring
and Other Costs, Net
|
(60.8 | ) | (35.4 | ) | |||||
Amortization
of Acquisition-related Intangible Assets
|
(597.0 | ) | (602.8 | ) | |||||
|
|||||||||
Consolidated
Operating Income
|
$ | 1,048.9 | $ | 1,229.4 | (15)% |
(Dollars
in millions)
|
2009
|
2008
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
$ | 4,153.9 | $ | 4,468.6 | (7)% | ||||
|
|||||||||
Operating
Income Margin
|
20.2% | 21.4% | (1.2) |
(Dollars
in millions)
|
2009
|
2008
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
$ | 6,426.6 | $ | 6,455.2 | 0% | ||||
|
|||||||||
Operating
Income Margin
|
13.7% | 14.2% | (0.5) |
(Dollars
in millions)
|
2008
|
2007
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
|
|
|
||||||
Analytical
Technologies
|
$ | 4,468.6 | $ | 4,179.1 | 7% | ||||
Laboratory
Products and Services
|
6,455.2 | 5,913.1 | 9% | ||||||
Eliminations
|
(425.8 | ) | (345.8 | ) | 23% | ||||
|
|||||||||
Consolidated
Revenues
|
$ | 10,498.0 | $ | 9,746.4 | 8% | ||||
|
|||||||||
Segment
Income
|
|||||||||
Analytical
Technologies
|
$ | 955.3 | $ | 823.6 | 16% | ||||
Laboratory
Products and Services
|
913.8 | 813.3 | 12% | ||||||
|
|||||||||
Subtotal
Reportable Segments
|
1,869.1 | 1,636.9 | 14% | ||||||
|
|||||||||
Cost
of Revenues Charges
|
(1.5 | ) | (49.2 | ) | |||||
Restructuring
and Other Costs, Net
|
(35.4 | ) | (42.2 | ) | |||||
Amortization
of Acquisition-related Intangible Assets
|
(602.8 | ) | (571.1 | ) | |||||
|
|||||||||
Consolidated
Operating Income
|
$ | 1,229.4 | $ | 974.4 | 26% |
(Dollars
in millions)
|
2008
|
2007
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
$ | 4,468.6 | $ | 4,179.1 | 7% | ||||
|
|||||||||
Operating
Income Margin
|
21.4% | 19.7% | 1.7 |
(Dollars
in millions)
|
2008
|
2007
|
Change
|
||||||
|
|
|
|
||||||
Revenues
|
$ | 6,455.2 | $ | 5,913.1 | 9% | ||||
|
|||||||||
Operating
Income Margin
|
14.2% | 13.8% | 0.4 |
|
Payments
due by Period or Expiration of Commitment
|
|||||||||||||||
(In
millions)
|
2010
|
2011
and 2012
|
2013
and 2014
|
2015
and Thereafter
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Contractual
Obligations and Other
Commercial
Commitments
|
|
|
|
|
|
|||||||||||
Debt
principal, including short-
term
debt (a)
|
$ | 117.0 | $ | 354.4 | $ | 411.7 | $ | 1,317.8 | $ | 2,200.9 | ||||||
Interest
(b)
|
62.2 | 122.3 | 116.5 | 119.1 | 420.1 | |||||||||||
Capital
lease obligations
|
0.9 | 0.9 | 0.1 | — | 1.9 | |||||||||||
Operating
lease obligations
|
99.8 | 138.4 | 68.2 | 67.5 | 373.9 | |||||||||||
Unconditional
purchase
obligations
(c)
|
155.7 | 13.7 | 2.8 | — | 172.2 | |||||||||||
Letters
of credit and bank
guarantees
|
76.9 | 11.6 | 0.4 | 11.8 | 100.7 | |||||||||||
Surety
bonds and other
guarantees
|
38.7 | 7.2 | — | — | 45.9 | |||||||||||
Pension
obligations on balance
sheet
|
23.5 | 51.3 | 57.6 | 95.9 | 228.3 | |||||||||||
Asset
retirement obligations
|
5.1 | 3.7 | 2.7 | 11.0 | 22.5 | |||||||||||
Other
(d)
|
7.7 | — | — | — | 7.7 | |||||||||||
|
||||||||||||||||
|
$ | 587.5 | $ | 703.5 | $ | 660.0 | $ | 1,623.1 | $ | 3,574.1 |
(a)
|
Amounts
represent the expected cash payments for debt and do not include any
deferred issuance costs.
|
(b)
|
For
the purpose of this calculation, amounts assume interest rates on floating
rate obligations remain unchanged from levels at December 31, 2009,
throughout the life of the
obligation.
|
(c)
|
Unconditional
purchase obligations include agreements to purchase goods or services that
are enforceable and legally binding and that specify all significant
terms, including: fixed or minimum quantities to be purchased; fixed,
minimum or variable price provisions; and the approximate timing of the
transaction. Purchase obligations exclude agreements that are cancelable
at any time without penalty.
|
(d)
|
Obligation
represents funding commitments pursuant to investments held by the
company.
|
Item
12.
|
|
(1)
|
Consolidated
Financial Statements (see Index on page F-1 of this
report):
|
|
(2)
|
Consolidated
Financial Statement Schedule (see Index on page F-1 of this
report):
|
Date: February
26, 2010
|
THERMO
FISHER SCIENTIFIC INC.
|
By:
/s/ Marc
N.
Casper
|
|
Marc
N. Casper
|
|
President
and Chief Executive Officer
|
Signature
|
Title
|
|
By:
/s/ Marc
N.
Casper
Marc
N. Casper
|
President,
Chief Executive Officer and Director
(Principal
Executive Officer)
|
|
By:
/s/ Jim
P.
Manzi
Jim
P. Manzi
|
Chairman
of the Board and Director
|
|
By:
/s/ Peter
M.
Wilver
Peter
M. Wilver
|
Senior
Vice President and Chief Financial Officer
(Principal
Financial Officer)
|
|
By:
/s/
Peter E.
Hornstra
Peter
E. Hornstra
|
Vice
President and Chief Accounting Officer
(Principal
Accounting Officer)
|
|
By:
/s/
Michael A.
Bell
Michael
A. Bell
|
Director
|
|
By:
/s/ Tyler
E.
Jacks
Tyler
E. Jacks
|
Director
|
|
By:
/s/
Stephen P. Kaufman
Stephen
P. Kaufman
|
Director
|
|
By:
/s/ Judy
C.
Lewent
Judy
C. Lewent
|
Director
|
|
By:
/s/
Thomas J.
Lynch
Thomas
J. Lynch
|
Director
|
|
By:
/s/ Peter
J.
Manning
Peter
J. Manning
|
Director
|
|
By:
/s/
William G.
Parrett
William
G. Parrett
|
Director
|
|
By:
/s/
Michael E.
Porter
Michael
E. Porter
|
Director
|
|
By:
/s/ Scott
M.
Sperling
Scott
M. Sperling
|
Director
|
|
By:
/s/
Elaine S.
Ullian
Elaine
S. Ullian
|
Director
|
Exhibit
Number
|
Description
of Exhibit
|
|
2.1
|
Agreement
and Plan of Merger by and among Thermo Electron Corporation, Trumpet
Merger Corporation and Fisher Scientific International Inc., dated as of
May 7, 2006 (filed as Exhibit 2.1 to the Registrant’s Current Report on
Form 8-K filed May 11, 2006 [File No. 1-8002] and incorporated in this
document by reference).
|
|
3.1
|
Amended
and Restated Certificate of Incorporation of the Registrant (filed as
Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2005 [File No. 1-8002] and incorporated in this
document by reference).
|
|
3.2
|
Amendment
to Thermo Fisher Scientific Inc.’s Third Amended and Restated Certificate
of Incorporation (filed as Exhibit 3.1 to the Registrant’s Current Report
on Form 8-K filed November 14, 2006 [File No. 1-8002] and incorporated in
this document by reference).
|
|
3.3
|
Bylaws
of the Registrant, as amended and effective as of May 15, 2008 (filed as
Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended June 28, 2008 [File No. 1-8002] and incorporated in this
document by reference).
|
|
The Registrant agrees, pursuant to Item
601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission upon
request, a copy of each instrument with respect to long-term debt of the
Registrant or its consolidated subsidiaries.
|
||
4.1
|
Rights
Agreement, dated as of September 15, 2005, by and between Thermo Electron
Corporation and American Stock Transfer & Trust Company, as Rights
Agent, which includes as Exhibit A, the Terms of Series B Junior
Participating Preferred Stock, and as Exhibit B, the Form of Rights
Certificate (filed as Exhibit 4.1 to the Registrant’s Current Report on
Form 8-K filed September 16, 2005 [File No. 1-8002] and incorporated in
this document by reference).
|
|
4.2
|
Amendment
No. 1 to the Rights Agreement, dated as of May 7, 2006, between Thermo
Electron Corporation and American Stock Transfer & Trust Company, as
Rights Agent (filed as Exhibit 1.1 to the Registrant’s Registration
Statement on Form 8-A/A filed May 12, 2006 [File No. 1-8002] and
incorporated in this document by reference).
|
|
10.1
|
Thermo
Fisher Scientific Inc. Deferred Compensation Plan for Directors of the
Registrant, as amended and restated on September 12, 2007 (filed as
Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended September 29, 2007 [File No. 1-8002] and incorporated
in this document by reference).*
|
|
10.2
|
Thermo
Fisher Scientific Inc. Directors Stock Option Plan, as amended and
restated as of November 9, 2006 (filed as Exhibit 10.21 to the
Registrant’s Current Report on Form 8-K filed November 14, 2006 [File No.
1-8002] and incorporated in this document by
reference).*
|
|
10.3
|
Thermo
Fisher Scientific Inc. 2008 Annual Incentive Award Plan (filed as Exhibit
10.2 to the Registrant’s Current Report on Form 8-K filed May 22, 2008
[File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.4
|
Thermo
Fisher Scientific Inc. 2001 Equity Incentive Plan, as amended and restated
as of November 9, 2006 (filed as Exhibit 10.6 to the Registrant’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2006 [File No.
1-8002] and incorporated in this document by
reference).*
|
|
10.5
|
Thermo
Electron Corporation Deferred Compensation Plan, effective November 1,
2001 (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form
10-K for the fiscal year ended December 29, 2001 [File No. 1-8002] and
incorporated in this document by
reference).*
|
Exhibit
Number
|
Description
of Exhibit
|
10.6
|
Form
of Amended and Restated Indemnification Agreement between the Registrant
and its directors and officers (filed as Exhibit 10.2 to the Registrant’s
Registration Statement on Form S-4 [Reg. No. 333-90661] and incorporated
in this document by reference).*
|
|
10.7
|
Amended
and Restated Employment Agreement between the Registrant and Marijn
Dekkers dated April 7, 2008 (filed as Exhibit 10.1 to the Registrant’s
Current Report on Form 8-K filed April 10, 2008 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.8
|
Executive
Registry Program at the Massachusetts General Hospital (filed as Exhibit
10.74 to the Registrant’s Annual Report on Form 10-K for the fiscal year
ended December 28, 2002 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.9
|
Form
of Executive Change in Control Retention Agreement for Officers dated May
15, 2008 (filed as Exhibit 10.1 to the Registrant’s Current Report on Form
8-K filed May 19, 2008 [File No. 1-8002] and incorporated in this document
by reference).*
|
|
10.10
|
Thermo
Fisher Scientific Inc. Executive Severance Policy (filed as Exhibit 10.2
to the Registrant’s Current Report on Form 8-K filed May 19, 2008 [File
No. 1-8002] and incorporated in this document by
reference).*
|
|
10.11
|
Stock
Option Agreement dated December 12, 2003, by and between the Registrant
and Jim Manzi (filed as Exhibit 10.72 to the Registrant’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2003 [File No. 1-8002]
and incorporated in this document by reference).*
|
|
10.12
|
Credit
Agreement dated August 29, 2006, among the Registrant, as borrower, Bank
of America, N.A., as administrative agent and swing line lender, Bank of
America, N.A. and Barclays Bank PLC, as L/C issuers, the several banks and
other financial institutions or entities from time to time parties
thereto, as lenders, Banc of America Securities LLC and Barclays Capital,
as joint lead arrangers and joint book managers, Barclays Bank PLC, as
syndication agent, and ABN AMRO Bank, N.V., Deutsche Bank Securities,
Inc., and JP Morgan Chase Bank, N.A., as documentation agents (filed as
Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed
September 1, 2006 [File No. 1-8002] and incorporated in this document by
reference).
|
|
10.13
|
Form
of Thermo Electron Corporation Stock Option Agreement for use in
connection with the grant of stock options under certain of the
Registrant’s equity incentive plans to officers and directors of the
Registrant (filed as Exhibit 99.1 to the Registrant’s Current Report on
Form 8-K filed March 2, 2005 [File No. 1-8002] and incorporated herein by
reference).*
|
|
10.14
|
Form
of Thermo Electron Corporation Stock Option Agreement for use in
connection with the grant of stock options under the Registrant’s 2005
Stock Incentive Plan to officers and directors (other than Marijn Dekkers)
(filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K
filed May 23, 2005 [File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.15
|
Form
of Thermo Fisher Scientific Inc. Stock Option Agreement for use in
connection with the grant of stock options under the Registrant’s equity
plans, as amended and restated on November 9, 2006 to officers and
directors of the Registrant (other than Marijn Dekkers and Marc Casper)
(filed as Exhibit 10.12 to the Registrant’s Current Report on Form 8-K
filed November 14, 2006 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.16
|
Stock
Option Agreement dated November 9, 2006 with Marc Casper (filed as Exhibit
10.14 to the Registrant’s Current Report on Form 8-K filed November 14,
2006 [File No. 1-8002] and incorporated in this document by
reference).*
|
Exhibit
Number
|
Description
of Exhibit
|
10.17
|
Form
of Thermo Fisher Scientific Inc.’s 2006 Restricted Stock Agreement for use
in connection with the grant of restricted stock under the Registrant’s
2005 Stock Incentive Plan, as amended and restated on November 9, 2006 to
officers of the Registrant (other than Marijn Dekkers and Marc Casper)
(filed as Exhibit 10.16 to the Registrant’s Current Report on Form 8-K
filed November 14, 2006 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.18
|
Form
of Thermo Fisher Scientific Inc.’s 2006 Performance Restricted Stock
Agreement for use in connection with the grant of performance restricted
stock under the Registrant’s 2005 Stock Incentive Plan, as amended and
restated on November 9, 2006 to the officers of the Registrant (filed as
Exhibit 10.20 to the Registrant’s Current Report on Form 8-K filed
November 14, 2006 [File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.19
|
Summary
of Thermo Fisher Scientific Inc. Annual Director
Compensation.*
|
|
10.20
|
Thermo
Fisher Scientific Inc. 2005 Stock Incentive Plan, as amended and restated
on November 9, 2006 (filed as Exhibit 10.9 to the Registrant’s Current
Report on Form 8-K filed November 14, 2006 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.21
|
Fisher
Scientific International Inc. 2005 Equity and Incentive Plan, as amended
for awards granted on or after November 9, 2006 (filed as Exhibit 10.10 to
the Registrant’s Current Report on Form 8-K filed November 14, 2006 [File
No. 1-8002] and incorporated in this document by
reference).*
|
|
10.22
|
Summary
of Annual Incentive Program of Thermo Electron Corporation (filed as
Exhibit 10.66 to the Registrant’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2004 [File No. 1-8002] and incorporated in
this document by reference).*
|
|
10.23
|
Summary
of 2009 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the
Registrant’s Current Report on Form 8-K filed March 27, 2009 [File No.
1-8002] under the heading “Annual Cash Incentive Plans – Establishment of
Criteria for 2009 Bonus” and incorporated herein by
reference).*
|
|
10.24
|
Marijn
Dekkers Waiver Letter, dated as of May 7, 2006 (filed as Exhibit 10.1 to
the Registrant’s Current Report on Form 8-K filed May 11, 2006 [File No.
1-8002] and incorporated in this document by
reference).*
|
|
10.25
|
Form
of Noncompetition Agreement between the Registrant and certain key
employees and executive officers.*
|
|
10.26
|
Retirement
Plan for Non-Employee Directors of Fisher Scientific International Inc.
(filed as Exhibit 10.12 to Fisher Scientific International Inc.’s Annual
Report on Form 10-K for the year ended December 31, 1992, filed
March 24, 1993 [File No. 1-10920] and incorporated in this document
by reference).*
|
|
10.27
|
First
Amendment to the Fisher Scientific International Inc. Retirement Plan for
Non-Employee Directors (filed as Exhibit 10.04 to Fisher Scientific
International Inc.’s Quarterly Report on Form 10-Q filed May 10,
2005 [File No. 1-10920] and incorporated in this document by
reference).*
|
|
10.28
|
Amendment
to Retirement Plan for Non-Employee Directors of Fisher Scientific
International Inc. (filed as Exhibit 10.02 to Fisher Scientific
International Inc.’s Current Report on Form 8-K filed March 7, 2006 [File
No. 1-10920] and incorporated in this document by
reference).*
|
|
10.29
|
Fisher
Scientific International Inc. 2001 Equity and Incentive Plan, effective as
of May 16, 2001 (filed as Annex I to Fisher Scientific International
Inc.’s definitive proxy statement filed April 12, 2001 [File No.
1-10920] and incorporated in this document by
reference).*
|
Exhibit
Number
|
Description
of Exhibit
|
10.30
|
Form
of Fisher Scientific International Inc. Non-Qualified Stock Option Award
Agreement (Management Options — Fisher Scientific International Inc.
2001 Equity and Incentive Plan) (filed as Exhibit 10.1 to Fisher
Scientific International Inc.’s Quarterly Report on Form 10-Q filed
November 9, 2004 [File No. 1-10920] and incorporated in this document
by reference).*
|
|
10.31
|
Fisher
Scientific International Inc. 2005 Equity and Incentive Plan, effective as
of May 6, 2005 (filed as Exhibit A to Fisher Scientific International
Inc.’s definitive proxy statement filed April 4, 2005 [File No.
1-10920] and incorporated in this document by
reference).*
|
|
10.32
|
Form
of 2005 Equity and Incentive Plan Non-Qualified Stock Option Award
Agreement (filed as Exhibit 10.01 to Fisher Scientific International
Inc.’s Current Report on Form 8-K filed June 10, 2005 [File No.
1-10920] and incorporated in this document by
reference).*
|
|
10.33
|
Apogent
Technologies Inc. 2001 Equity Incentive Plan (filed as Exhibit 99.5 to
Fisher Scientific International Inc.’s Registration Statement on Form S-8
filed August 13, 2004 [File No. 1-10920] and incorporated in this document
by reference).*
|
|
10.34
|
Thermo
Fisher Scientific Inc. Amended and Restated 2005 Deferred Compensation
Plan, effective January 1, 2009
(filed as Exhibit
10.43 to the Registrant’s Annual Report
on Form 10-K for
the fiscal year ended December 31, 2008 [File No. 1-8002] and incorporated
in this document by reference).*
|
|
10.35
|
Description
of Amendments to certain Stock Option Plans made in February 2008 (filed
as Exhibit 10.75 to the Registrant’s Annual Report on Form 10-K for the
year ended December 31, 2007 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.36
|
Amendment
dated February 27, 2008 to Thermo Fisher Scientific Inc. Directors Stock
Option Plan, as amended and restated as of November 9, 2006 (filed as
Exhibit 10.78 to the Registrant’s Annual Report on Form 10-K for the year
ended December 31, 2007 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.37
|
Amendment
dated February 27, 2008 to Thermo Fisher Scientific Inc. 2005 Stock
Incentive Plan, as amended and restated on November 9, 2006 (filed as
Exhibit 10.79 to the Registrant’s Annual Report on Form 10-K for the year
ended December 31, 2007 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.38
|
Amendment
dated February 27, 2008 to Fisher Scientific International Inc. 2005
Equity and Incentive Plan, as amended and restated on November 9, 2006
(filed as Exhibit 10.80 to the Registrant’s Annual Report on Form 10-K for
the year ended December 31, 2007 [File No. 1-8002] and incorporated in
this document by reference).*
|
|
10.39
|
Amendment
dated February 27, 2008 to Thermo Fisher Scientific Inc. 2001 Equity
Incentive Plan, as amended and restated on November 9, 2006 (filed as
Exhibit 10.81 to the Registrant’s Annual Report on Form 10-K for the year
ended December 31, 2007 [File No. 1-8002] and incorporated in this
document by reference).*
|
|
10.40
|
Form
of Thermo Fisher Scientific Stock Option Agreement for use in connection
with the grant of stock options under the Registrant’s equity plans to
directors of the Registrant (filed as Exhibit 10.1 to the Registrant’s
Quarterly Report on Form 10-Q for the quarter ended June 28, 2008 [File
No. 1-8002] and incorporated in this document by
reference).*
|
Exhibit
Number
|
Description
of Exhibit
|
10.41
|
Thermo
Fisher Scientific Inc. 2008 Stock Incentive Plan (filed as Exhibit 10.1 to
the Registrant’s Current Report on Form 8-K filed May 22, 2008 [File No.
1-8002] and incorporated in this document by
reference).*
|
|
10.42
|
Stock
Option Agreement dated May 15, 2008 between the Registrant and Marc Casper
(filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K
filed May 19, 2008 [File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.43
|
Form
of Thermo Fisher Scientific Inc.’s March 2008 Performance Restricted Stock
Agreement for use in connection with the grant of performance restricted
stock under the Registrant’s 2005 Stock Incentive Plan, as amended and
restated on November 9, 2006 to officers of the Registrant (filed as
Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed March
10, 2008 [File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.44
|
Letter
Agreement dated April 7, 2008, between the Registrant and Marijn Dekkers
(filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K
filed April 10, 2008 [File No. 1-8002] and incorporated in this document
by reference).*
|
|
10.45
|
Letter
Agreement dated April 7, 2008, between the Registrant and Marijn Dekkers
(filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K
filed April 10, 2008 [File No. 1-8002] and incorporated in this document
by reference).*
|
|
10.46
|
Form
of Executive Change in Control Retention Agreement for Officers (for
officers appointed after February 26, 2009) (filed as Exhibit 10.55 to the
Registrant’s Annual Report
on Form 10-K for
the fiscal year ended December 31, 2008 [File No. 1-8002] and incorporated
in this document by reference).*
|
|
10.47
|
Form
of Thermo Fisher Scientific Inc.’s February 2009 Performance Restricted
Stock Unit Agreement (filed as Exhibit 10.2 to the Registrant’s Current
Report on Form 8-K filed February 27, 2009 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.48
|
Form
of Thermo Fisher Scientific Inc.’s February 2009 Restricted Stock Unit
Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on
Form 8-K filed February 27, 2009 [File No. 1-8002] and incorporated in
this document by reference).*
|
|
10.49
|
Letter
Agreement dated March 3, 2009, between the Registrant and Stephen Sheehan
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q
for the quarter ended March 28, 2009 [File No. 1-8002] and incorporated in
this document by reference).*
|
|
10.50
|
Supplemental
Retirement Agreement dated July 8, 2009 by and between Thermo Fisher
Scientific Inc. and Marijn Dekkers
(filed as Exhibit
10.1 to the Registrant’s Current Report on Form 8-K filed July 9, 2009
[File No. 1-8002] and incorporated in this document by
reference).*
|
|
10.51
|
Amendment
No. 1 to Thermo Fisher Scientific Inc. Amended and Restated 2005 Deferred
Compensation Plan (filed as Exhibit 10.1 to the Registrant’s Quarterly
Report on Form 10-Q for the quarter ended June 27, 2009 [File No. 1-8002]
and incorporated in this document by reference).*
|
|
10.52
|
Stock
Option Agreement, between Marc Casper and the Registrant, dated
November 21, 2009 (filed as Exhibit 10.1 to the Registrant’s Current
Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.53
|
Stock
Option Agreement, between Marc Casper and the Registrant, dated
November 21, 2009 (filed as Exhibit 10.2 to the Registrant’s Current
Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and
incorporated in this document by
reference).*
|
Exhibit
Number
|
Description
of Exhibit
|
10.54
|
Time-Based
Restricted Stock Unit Agreement between Marc Casper and the Registrant,
dated November 21, 2009 (filed as Exhibit 10.3 to the Registrant’s
Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.55
|
Performance-Based
Restricted Stock Unit Agreement between Marc Casper and the Registrant,
dated November 21, 2009 (filed as Exhibit 10.4 to the Registrant’s
Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and
incorporated in this document by reference).*
|
|
10.56
|
2009
Restatement of Executive Severance Agreement, between Marc Casper and the
Registrant, dated November 21, 2009 (filed as Exhibit 10.5 to the
Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No.
1-8002] and incorporated in this document by
reference).*
|
10.57
|
Executive
Change In Control Retention Agreement, between Marc Casper and the
Registrant, dated November 21, 2009 (filed as Exhibit 10.6 to the
Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No.
1-8002] and incorporated in this document by
reference).*
|
||
10.58
|
Noncompetition
Agreement, between Marc Casper and the Registrant, dated November 21,
2009 (filed as Exhibit 10.7 to the Registrant’s Current Report on Form 8-K
filed November 25, 2009 [File No. 1-8002] and incorporated in this
document by reference).*
|
||
10.59
|
Amendment
No. 1 to Executive Severance Policy (filed as Exhibit 10.1 to the
Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No.
1-8002] and incorporated in this document by
reference).*
|
||
10.60
|
Amendment
No. 1 to 2009 Restatement of Executive Severance Agreement, dated February
25, 2010, between the Registrant and Marc N. Casper (filed as Exhibit 10.2
to the Registrant’s Current Report on Form 8-K filed February 25, 2010
[File No. 1-8002] and incorporated in this document by
reference).*
|
||
10.61
|
Thermo
Fisher Scientific Inc. Amendment No. 1 to Executive Severance Policy
(filed as Exhibit 10.__ to the Registrant’s Current Report on Form 8-K
filed February 26, 2010 [File No. 1-8002] and incorporated in this
document by reference).*
|
||
10.62
|
Amendment
No. 1 to 2009 Restatement of Executive Severance Agreement, dated February
__, 2010, between the Registrant and Marc N. Casper (filed as Exhibit
10.__ to the Registrant’s Current Report on Form 8-K filed February 26,
2010 [File No. 1-8002] and incorporated in this document by
reference).*
|
||
21
|
Subsidiaries
of the Registrant.
|
||
23.1
|
Consent
of PricewaterhouseCoopers LLP.
|
||
31.1
|
Certification
of Chief Executive Officer required by Exchange Act Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
||
31.2
|
Certification
of Chief Financial Officer required by Exchange Act Rules 13a-14(a) and
15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
||
32.1
|
Certification
of Chief Executive Officer required by Exchange Act Rules 13a-14(b) and
15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.**
|
||
32.2
|
Certification
of Chief Financial Officer required by Exchange Act Rules 13a-14(b) and
15d-14(b), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.**
|
Exhibit
Number
|
Description
of Exhibit
|
101.INS
|
XBRL
Instance Document.
|
|
101.SCH
|
XBRL
Taxonomy Extension Schema Document.
|
|
101.CAL
|
XBRL
Taxonomy Calculation Linkbase Document.
|
|
101.DEF | XBRL Taxonomy Definition Linkbase Document. | |
101.LAB
|
XBRL
Taxonomy Label Linkbase Document.
|
|
101.PRE
|
XBRL
Taxonomy Presentation Linkbase
Document.
|
Page
|
|
Report
of Independent Registered Public Accounting Firm
|
F-2
|
Consolidated
Statement of Income for the years ended December 31, 2009, 2008 and
2007
|
F-3
|
Consolidated
Balance Sheet as of December 31, 2009 and 2008
|
F-4
|
Consolidated
Statement of Cash Flows for the years ended December 31, 2009, 2008 and
2007
|
F-6
|
Consolidated
Statement of Comprehensive Income and Shareholders’ Equity for the years
ended December 31, 2009, 2008 and 2007
|
F-8
|
Notes
to Consolidated Financial Statements
|
F-10
|
Schedule
II – Valuation and Qualifying Accounts
|
F-69
|
Note
:
|
All
other financial statement schedules are omitted because they are not
applicable or not required, or because the required information is
included in the consolidated financial statements or in the notes
thereto.
|
|
Year
Ended December 31,
|
|||||||||
(In
millions except per share amounts)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Revenues
|
|
|
|
|||||||
Product
revenues
|
$ | 8,523.7 | $ | 8,838.8 | $ | 8,300.6 | ||||
Service
revenues
|
1,586.0 | 1,659.2 | 1,445.8 | |||||||
|
||||||||||
|
10,109.7 | 10,498.0 | 9,746.4 | |||||||
|
||||||||||
Costs
and Operating Expenses:
|
||||||||||
Cost
of product revenues
|
5,157.9 | 5,299.6 | 5,079.3 | |||||||
Cost
of service revenues
|
927.1 | 992.2 | 862.7 | |||||||
Selling,
general and administrative expenses
|
2,668.9 | 2,692.3 | 2,549.1 | |||||||
Research
and development expenses
|
246.1 | 249.1 | 238.7 | |||||||
Restructuring
and other costs, net
|
60.8 | 35.4 | 42.2 | |||||||
|
||||||||||
|
9,060.8 | 9,268.6 | 8,772.0 | |||||||
|
||||||||||
Operating
Income
|
1,048.9 | 1,229.4 | 974.4 | |||||||
Other
Expense, Net
|
(121.8 | ) | (101.4 | ) | (113.8 | ) | ||||
|
||||||||||
Income
from Continuing Operations Before Provision for
Income
Taxes
|
927.1 | 1,128.0 | 860.6 | |||||||
Provision
for Income Taxes
|
(75.8 | ) | (152.6 | ) | (93.7 | ) | ||||
|
||||||||||
Income
from Continuing Operations
|
851.3 | 975.4 | 766.9 | |||||||
(Loss)
Gain on Disposal of Discontinued Operations, Net
(net
of income tax benefit of $0.6 in 2009 and income tax
provision
of $3.5 in 2008 and $4.2 in 2007)
|
(1.0 | ) | 5.5 | (18.5 | ) | |||||
|
||||||||||
Net
Income
|
$ | 850.3 | $ | 980.9 | $ | 748.4 | ||||
|
||||||||||
Earnings
per Share from Continuing Operations
|
||||||||||
Basic
|
$ | 2.06 | $ | 2.33 | $ | 1.82 | ||||
Diluted
|
$ | 2.01 | $ | 2.24 | $ | 1.73 | ||||
|
||||||||||
Earnings
per Share
|
||||||||||
Basic
|
$ | 2.06 | $ | 2.34 | $ | 1.77 | ||||
Diluted
|
$ | 2.01 | $ | 2.25 | $ | 1.69 | ||||
|
||||||||||
Weighted
Average Shares
|
||||||||||
Basic
|
412.4 | 418.2 | 421.5 | |||||||
Diluted
|
422.8 | 434.7 | 443.6 |
|
December
31,
|
||||||
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Assets
|
|
|
|||||
Current
Assets:
|
|
|
|||||
Cash
and cash equivalents
|
$ | 1,564.1 | $ | 1,280.5 | |||
Short-term investments, at quoted market value
|
7.1 | 7.5 | |||||
Accounts receivable, less allowances of $47.2 and $43.1
|
1,409.6 | 1,478.1 | |||||
Inventories
|
1,131.4 | 1,171.4 | |||||
Deferred tax assets
|
160.0 | 161.7 | |||||
Other current assets
|
258.7 | 246.7 | |||||
|
|||||||
|
4,530.9 | 4,345.9 | |||||
|
|||||||
Property,
Plant and Equipment, at Cost, Net
|
1,333.4 | 1,275.3 | |||||
|
|||||||
Acquisition-related
Intangible Assets, Net
|
6,337.0 | 6,423.2 | |||||
|
|||||||
Other
Assets
|
440.8 | 367.9 | |||||
|
|||||||
Goodwill
|
8,982.9 | 8,677.7 | |||||
|
|||||||
|
$ | 21,625.0 | $ | 21,090.0 |
|
December
31,
|
||||||
(In
millions except share amounts)
|
2009
|
2008
|
|||||
|
|
|
|||||
Liabilities
and Shareholders' Equity
|
|
|
|||||
Current
Liabilities:
|
|
|
|||||
Short-term obligations and current maturities of long-term
obligations
|
$ | 117.5 | $ | 14.8 | |||
Accounts payable
|
533.6 | 539.5 | |||||
Accrued payroll and employee benefits
|
286.0 | 296.2 | |||||
Accrued income taxes
|
28.4 | 32.9 | |||||
Deferred revenue
|
139.8 | 135.3 | |||||
Other accrued expenses
|
534.0 | 521.5 | |||||
|
|||||||
|
1,639.3 | 1,540.2 | |||||
|
|||||||
Deferred
Income Taxes
|
1,933.8 | 1,994.2 | |||||
|
|||||||
Other
Long-term Liabilities
|
555.1 | 601.7 | |||||
|
|||||||
Long-term
Obligations
|
2,064.0 | 2,003.2 | |||||
|
|||||||
Commitments
and Contingencies (Note 10)
|
|||||||
|
|||||||
Incremental
Convertible Debt Obligation
|
1.9 | 24.2 | |||||
|
|||||||
Shareholders'
Equity:
|
|||||||
Preferred stock, $100 par value, 50,000 shares authorized; none
issued
|
|||||||
Common stock, $1 par value, 1,200,000,000 shares authorized;
423,875,260
and 421,791,009 shares issued
|
423.9 | 421.8 | |||||
Capital in excess of par value
|
11,140.7 | 11,301.3 | |||||
Retained earnings
|
4,350.8 | 3,500.5 | |||||
Treasury stock at cost, 14,564,637 and 3,825,245 shares
|
(576.5 | ) | (151.3 | ) | |||
Accumulated other comprehensive items
|
92.0 | (145.8 | ) | ||||
|
|||||||
|
15,430.9 | 14,926.5 | |||||
|
|||||||
|
$ | 21,625.0 | $ | 21,090.0 |
|
Year
Ended December 31,
|
|||||||||
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Operating
Activities
|
|
|
|
|||||||
Net
Income
|
$ | 850.3 | $ | 980.9 | $ | 748.4 | ||||
Loss
(gain) on disposal of discontinued operations
|
1.0 | (5.5 | ) | 18.5 | ||||||
|
||||||||||
Income
from continuing operations
|
851.3 | 975.4 | 766.9 | |||||||
|
||||||||||
Adjustments
to reconcile income from continuing operations
to
net cash provided by operating activities:
|
||||||||||
Depreciation and amortization
|
787.3 | 792.7 | 756.8 | |||||||
Change in deferred income taxes
|
(248.6 | ) | (131.4 | ) | (98.8 | ) | ||||
Non-cash stock-based compensation
|
68.1 | 57.1 | 51.1 | |||||||
Non-cash interest expense on convertible debt
|
22.5 | 21.6 | 20.7 | |||||||
Non-cash charges for sale of inventories revalued at the
date
of acquisition
|
3.7 | 1.0 | 48.3 | |||||||
Tax benefits from stock-based compensation awards
|
(2.6 | ) | (25.4 | ) | (96.8 | ) | ||||
Other non-cash expenses, net
|
63.8 | 48.5 | 61.4 | |||||||
Changes in assets and liabilities, excluding the effects
of
acquisitions
and dispositions:
|
||||||||||
Accounts receivable
|
127.3 | (50.9 | ) | (10.0 | ) | |||||
Inventories
|
108.2 | (49.6 | ) | (14.0 | ) | |||||
Other assets
|
(18.4 | ) | (40.6 | ) | (13.9 | ) | ||||
Accounts payable
|
(44.9 | ) | (123.9 | ) | 6.9 | |||||
Other liabilities
|
(16.3 | ) | (32.0 | ) | 60.8 | |||||
Contributions to retirement plans
|
(41.1 | ) | (20.7 | ) | (54.2 | ) | ||||
|
||||||||||
Net cash provided by continuing operations
|
1,660.3 | 1,421.8 | 1,485.2 | |||||||
Net cash used in discontinued operations
|
(1.1 | ) | (1.6 | ) | (1.7 | ) | ||||
|
||||||||||
Net cash provided by operating activities
|
1,659.2 | 1,420.2 | 1,483.5 | |||||||
|
||||||||||
Investing
Activities
|
||||||||||
Acquisitions,
net of cash acquired
|
(637.3 | ) | (201.5 | ) | (492.5 | ) | ||||
Purchase
of property, plant and equipment
|
(207.5 | ) | (264.4 | ) | (175.5 | ) | ||||
Proceeds
from sale of property, plant and equipment
|
13.4 | 15.4 | 19.2 | |||||||
Purchase
of available-for-sale investments
|
— | (0.1 | ) | (8.1 | ) | |||||
Proceeds
from sale of available-for-sale investments
|
0.8 | 0.6 | 7.7 | |||||||
Proceeds
from sale of businesses, net of cash divested
|
4.4 | 3.5 | — | |||||||
Distribution
from retirement trust to fund disbursements
|
0.4 | 0.8 | 25.6 | |||||||
Collection
of notes receivable
|
0.3 | — | 48.2 | |||||||
Increase
in other assets
|
(4.0 | ) | (12.2 | ) | (41.9 | ) | ||||
|
||||||||||
Net cash used in continuing operations
|
(829.5 | ) | (457.9 | ) | (617.3 | ) | ||||
Net cash provided by discontinued operations
|
— | 7.9 | 31.3 | |||||||
|
||||||||||
Net cash used in investing activities
|
$ | (829.5 | ) | $ | (450.0 | ) | $ | (586.0 | ) |
|
Year
Ended December 31,
|
|||||||||
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Financing
Activities
|
|
|
|
|||||||
Decrease
in short-term notes payable
|
$ | (21.1 | ) | $ | (15.4 | ) | $ | (463.5 | ) | |
Purchases
of company common stock
|
(414.6 | ) | (187.4 | ) | (898.0 | ) | ||||
Net
proceeds from issuance of company common stock
|
54.4 | 85.1 | 345.4 | |||||||
Tax
benefits from stock-based compensation awards
|
2.6 | 25.4 | 96.8 | |||||||
Net
proceeds from issuance of long-term debt
|
748.2 | — | 0.8 | |||||||
Settlement
of convertible debt
|
(615.5 | ) | (4.7 | ) | (0.1 | ) | ||||
Redemption
and repayment of long-term obligations
|
(311.5 | ) | (131.4 | ) | (10.1 | ) | ||||
|
||||||||||
Net cash used in financing activities
|
(557.5 | ) | (228.4 | ) | (928.7 | ) | ||||
|
||||||||||
Exchange
Rate Effect on Cash of Continuing Operations
|
11.4 | (86.4 | ) | (11.1 | ) | |||||
|
||||||||||
Increase
(Decrease) in Cash and Cash Equivalents
|
283.6 | 655.4 | (42.3 | ) | ||||||
Cash
and Cash Equivalents at Beginning of Year
|
1,280.5 | 625.1 | 667.4 | |||||||
|
||||||||||
Cash
and Cash Equivalents at End of Year
|
$ | 1,564.1 | $ | 1,280.5 | $ | 625.1 | ||||
|
||||||||||
See
Note 13 for supplemental cash flow information.
|
|
Year
Ended December 31,
|
|||||||||
(In
millions except share amounts)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Comprehensive
Income
|
|
|
|
|||||||
Net
Income
|
$ | 850.3 | $ | 980.9 | $ | 748.4 | ||||
|
||||||||||
Other
Comprehensive Items:
|
||||||||||
Currency
translation adjustment
|
198.8 | (431.6 | ) | 200.9 | ||||||
Unrealized
gains (losses) on available-for-sale investments,
net
of tax
|
2.2 | (1.3 | ) | 1.5 | ||||||
Unrealized
gains on hedging instruments, net of tax
|
0.2 | 0.2 | 0.3 | |||||||
Pension
and other postretirement benefit liability
adjustments,
net of tax
|
36.6 | (101.5 | ) | 35.5 | ||||||
|
||||||||||
|
237.8 | (534.2 | ) | 238.2 | ||||||
|
||||||||||
|
$ | 1,088.1 | $ | 446.7 | $ | 986.6 | ||||
|
||||||||||
Shareholders'
Equity
|
||||||||||
Common
Stock, $1 Par Value:
|
||||||||||
Balance
at beginning of year (421,791,009; 439,340,851 and
424,240,292
shares)
|
$ | 421.8 | $ | 439.3 | $ | 424.2 | ||||
Issuance
of shares for conversion of debt (74,089 and 9,536
shares)
|
— | 0.1 | — | |||||||
Retirement
of treasury shares (25,000,000 shares)
|
— | (25.0 | ) | — | ||||||
Issuance
of shares upon exercise of warrants (3,307,170
shares)
|
— | 3.3 | — | |||||||
Issuance
of shares under employees' and directors' stock
plans
(2,084,251; 4,068,899 and 15,091,023 shares)
|
2.1 | 4.1 | 15.1 | |||||||
|
||||||||||
Balance
at end of year (423,875,260; 421,791,009 and
439,340,851
shares)
|
423.9 | 421.8 | 439.3 | |||||||
|
||||||||||
Capital
in Excess of Par Value:
|
||||||||||
Balance
at beginning of year
|
11,301.3 | 12,273.6 | 11,779.9 | |||||||
Settlement
of convertible debt
|
(312.8 | ) | (0.2 | ) | 0.4 | |||||
Retirement
of treasury shares
|
— | (1,193.2 | ) | — | ||||||
Issuance
of shares upon exercise of warrants
|
— | 12.7 | — | |||||||
Activity
under employees' and directors' stock plans
|
63.4 | 88.2 | 316.6 | |||||||
Stock-based
compensation
|
68.1 | 57.1 | 56.9 | |||||||
Tax
benefit related to employees' and directors' stock plans
|
(1.6 | ) | 25.1 | 99.1 | ||||||
Reclassification
from temporary equity
|
22.3 | 38.0 | 20.7 | |||||||
|
||||||||||
Balance
at end of year
|
$ | 11,140.7 | $ | 11,301.3 | $ | 12,273.6 |
|
Year
Ended December 31,
|
|||||||||
(In
millions except share amounts)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Retained
Earnings
|
|
|
|
|||||||
Balance
at beginning of year
|
$ | 3,500.5 | $ | 2,519.6 | $ | 1,771.2 | ||||
Net
Income
|
850.3 | 980.9 | 748.4 | |||||||
|
||||||||||
Balance
at end of year
|
4,350.8 | 3,500.5 | 2,519.6 | |||||||
|
||||||||||
Treasury
Stock:
|
||||||||||
Balance
at beginning of year (3,825,245; 24,102,880 and
7,635,184
shares)
|
(151.3 | ) | (1,157.3 | ) | (246.4 | ) | ||||
Purchases
of company common stock (10,463,757;
4,273,950
and 16,370,945 shares)
|
(414.6 | ) | (187.4 | ) | (898.0 | ) | ||||
Retirement
of treasury shares (25,000,000 shares)
|
— | 1,218.2 | — | |||||||
Shares
received for exercise of warrants (280,540 shares)
|
— | (16.0 | ) | — | ||||||
Activity
under employees' and directors' stock plans
(275,635;
167,875 and 96,751 shares)
|
(10.6 | ) | (8.8 | ) | (12.9 | ) | ||||
|
||||||||||
Balance
at end of year (14,564,637; 3,825,245 and
24,102,880
shares)
|
(576.5 | ) | (151.3 | ) | (1,157.3 | ) | ||||
|
||||||||||
Accumulated
Other Comprehensive Items:
|
||||||||||
Balance
at beginning of year
|
(145.8 | ) | 388.4 | 150.2 | ||||||
Other
comprehensive items
|
237.8 | (534.2 | ) | 238.2 | ||||||
|
||||||||||
Balance
at end of year
|
92.0 | (145.8 | ) | 388.4 | ||||||
|
||||||||||
|
$ | 15,430.9 | $ | 14,926.5 | $ | 14,463.6 |
Note
1.
|
Nature
of Operations and Summary of Significant Accounting
Policies
|
|
December
31,
|
||||||
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Raw
Materials
|
$ | 262.8 | $ | 310.6 | |||
Work
in Process
|
115.5 | 120.3 | |||||
Finished
Goods
|
753.1 | 740.5 | |||||
|
|||||||
|
$ | 1,131.4 | $ | 1,171.4 |
|
December
31,
|
||||||
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Land
|
$ | 146.2 | $ | 143.4 | |||
Buildings
and Improvements
|
674.6 | 593.0 | |||||
Machinery,
Equipment and Leasehold Improvements
|
1,251.0 | 1,118.4 | |||||
|
|||||||
|
2,071.8 | 1,854.8 | |||||
Less:
Accumulated Depreciation and Amortization
|
738.4 | 579.5 | |||||
|
|||||||
|
$ | 1,333.4 | $ | 1,275.3 |
|
|
Accumulated
|
|
|||||||
(Dollars
in millions)
|
Gross
|
Amortization
|
Net
|
|||||||
|
|
|
|
|||||||
2009
|
|
|
|
|||||||
Definite
Lives:
|
|
|
|
|||||||
Customer relationships
|
$ | 5,117.8 | $ | (1,381.6 | ) | $ | 3,736.2 | |||
Product technology
|
1,217.2 | (452.2 | ) | 765.0 | ||||||
Tradenames
|
715.6 | (211.7 | ) | 503.9 | ||||||
Patents
|
20.3 | (17.7 | ) | 2.6 | ||||||
Other
|
13.3 | (10.9 | ) | 2.4 | ||||||
|
||||||||||
|
7,084.2 | (2,074.1 | ) | 5,010.1 | ||||||
Indefinite
Lives:
|
||||||||||
Tradenames
|
1,326.9 | — | 1,326.9 | |||||||
|
||||||||||
|
$ | 8,411.1 | $ | (2,074.1 | ) | $ | 6,337.0 | |||
2008
|
||||||||||
Definite
Lives:
|
||||||||||
Customer relationships
|
$ | 4,751.3 | $ | (946.7 | ) | $ | 3,804.6 | |||
Product technology
|
1,055.0 | (320.2 | ) | 734.8 | ||||||
Tradenames
|
690.9 | (142.7 | ) | 548.2 | ||||||
Patents
|
20.0 | (16.7 | ) | 3.3 | ||||||
Other
|
12.3 | (6.9 | ) | 5.4 | ||||||
|
||||||||||
|
6,529.5 | (1,433.2 | ) | 5,096.3 | ||||||
Indefinite
Lives:
|
||||||||||
Tradenames
|
1,326.9 | — | 1,326.9 | |||||||
|
||||||||||
|
$ | 7,856.4 | $ | (1,433.2 | ) | $ | 6,423.2 |
(In
millions)
|
|
|||
|
|
|||
2010
|
$ | 554.3 | ||
2011
|
527.8 | |||
2012
|
518.5 | |||
2013
|
503.8 | |||
2014
|
473.0 | |||
2015
and thereafter
|
2,432.7 | |||
|
||||
|
$ | 5,010.1 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Total
|
|||||||
|
|
|
|
|||||||
Balance
at December 31, 2007
|
$ | 3,197.9 | $ | 5,515.3 | $ | 8,713.2 | ||||
Acquisitions
|
54.9 | 39.7 | 94.6 | |||||||
Tax
benefits from exercise of stock options
|
(2.9 | ) | (6.1 | ) | (9.0 | ) | ||||
Finalization of purchase price allocations for 2007
acquisitions
|
(0.8 | ) | (2.7 | ) | (3.5 | ) | ||||
Reversal
of tax valuation allowance established at date of
Fisher
merger
|
(13.6 | ) | (28.3 | ) | (41.9 | ) | ||||
Currency
translation
|
(46.3 | ) | (19.1 | ) | (65.4 | ) | ||||
Other
|
(2.8 | ) | (7.5 | ) | (10.3 | ) | ||||
|
||||||||||
Balance
at December 31, 2008
|
3,186.4 | 5,491.3 | 8,677.7 | |||||||
Acquisitions
|
202.7 | 67.0 | 269.7 | |||||||
Tax
benefits from exercise of stock options
|
(0.7 | ) | (1.6 | ) | (2.3 | ) | ||||
Finalization of purchase price allocations for 2008
acquisitions
|
(0.6 | ) | 3.4 | 2.8 | ||||||
Currency
translation
|
19.4 | 21.0 | 40.4 | |||||||
Other
|
(7.4 | ) | 2.0 | (5.4 | ) | |||||
|
||||||||||
Balance
at December 31, 2009
|
$ | 3,399.8 | $ | 5,583.1 | $ | 8,982.9 |
(Dollars
in millions)
|
Before
Adoption
|
Cumulative
Effect of Adoption
|
As
Adjusted
|
|||||||
|
|
|
|
|||||||
Deferred
Income Taxes
|
$ | 1,978.0 | $ | 16.2 | $ | 1,994.2 | ||||
Long-term
Obligations
|
2,043.5 | (40.3 | ) | 2,003.2 | ||||||
Incremental
Convertible Debt Obligation
|
— | 24.2 | 24.2 | |||||||
Capital
in Excess of Par Value
|
11,273.2 | 28.1 | 11,301.3 | |||||||
Retained
Earnings
|
3,528.7 | (28.2 | ) | 3,500.5 |
(Dollars
in millions except per share amounts)
|
Before
Adoption
|
Effect
of Adoption
|
As
Adjusted
|
|||||||
|
|
|
|
|||||||
2008
|
|
|
|
|||||||
Other
Expense, Net
|
$ | 79.8 | $ | 21.6 | $ | 101.4 | ||||
Provision
for Income Taxes
|
160.9 | (8.3 | ) | 152.6 | ||||||
Income
from Continuing Operations
|
988.7 | (13.3 | ) | 975.4 | ||||||
Net
Income
|
994.2 | (13.3 | ) | 980.9 | ||||||
Earnings
per Share from Continuing Operations
|
||||||||||
Basic
|
$ | 2.36 | $ | (.03 | ) | $ | 2.33 | |||
Diluted
|
$ | 2.27 | $ | (.03 | ) | $ | 2.24 | |||
Earnings
per Share
|
||||||||||
Basic
|
$ | 2.38 | $ | (.04 | ) | $ | 2.34 | |||
Diluted
|
$ | 2.29 | $ | (.04 | ) | $ | 2.25 | |||
Diluted
Weighted Average Shares
|
434.8 | (0.1 | ) | 434.7 | ||||||
|
||||||||||
2007
|
||||||||||
Other
Expense, Net
|
$ | 93.1 | $ | 20.7 | $ | 113.8 | ||||
Provision
for Income Taxes
|
101.7 | (8.0 | ) | 93.7 | ||||||
Income
from Continuing Operations
|
779.6 | (12.7 | ) | 766.9 | ||||||
Net
Income
|
761.1 | (12.7 | ) | 748.4 | ||||||
Earnings
per Share from Continuing Operations
|
||||||||||
Basic
|
$ | 1.85 | $ | (.03 | ) | $ | 1.82 | |||
Diluted
|
$ | 1.76 | $ | (.03 | ) | $ | 1.73 | |||
Earnings
per Share
|
||||||||||
Basic
|
$ | 1.81 | $ | (.04 | ) | $ | 1.77 | |||
Diluted
|
$ | 1.72 | $ | (.03 | ) | $ | 1.69 | |||
Diluted
Weighted Average Shares
|
443.7 | (0.1 | ) | 443.6 |
Note
2.
|
Acquisitions
and Dispositions
|
(In
millions)
|
Biolab
|
B.R.A.H.M.S.
|
Other
Analytical Technologies
|
Other
Laboratory Products and Services
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Purchase
Price
|
|
|
|
|
|
|||||||||||
Cash
paid
|
$ | 132.9 | $ | 453.5 | $ | 27.9 | $ | 7.4 | $ | 621.7 | ||||||
Debt
assumed
|
— | 32.3 | 0.4 | 0.5 | 33.2 | |||||||||||
Purchase
price payable
|
— | 0.6 | 1.2 | — | 1.8 | |||||||||||
Cash
acquired
|
(1.3 | ) | (4.8 | ) | (0.2 | ) | — | (6.3 | ) | |||||||
Other
|
— | — | 0.9 | — | 0.9 | |||||||||||
|
||||||||||||||||
|
$ | 131.6 | $ | 481.6 | $ | 30.2 | $ | 7.9 | $ | 651.3 | ||||||
|
||||||||||||||||
Allocation
|
||||||||||||||||
Current
assets
|
$ | 38.2 | $ | 47.4 | $ | 3.7 | $ | 2.8 | $ | 92.1 | ||||||
Property,
plant and equipment
|
3.3 | 32.9 | 0.7 | 0.1 | 37.0 | |||||||||||
Intangible
assets:
|
||||||||||||||||
Customer
relationships
|
51.4 | 203.8 | 4.2 | 2.5 | 261.9 | |||||||||||
Product
technology
|
0.9 | 135.2 | 6.9 | — | 143.0 | |||||||||||
Tradenames
and other
|
1.3 | 9.4 | 0.2 | — | 10.9 | |||||||||||
Goodwill
|
62.3 | 183.4 | 19.3 | 4.7 | 269.7 | |||||||||||
Other
assets
|
— | 3.5 | — | — | 3.5 | |||||||||||
Liabilities
assumed
|
(25.8 | ) | (134.0 | ) | (4.8 | ) | (2.2 | ) | (166.8 | ) | ||||||
|
||||||||||||||||
|
$ | 131.6 | $ | 481.6 | $ | 30.2 | $ | 7.9 | $ | 651.3 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Total
|
|||||||
|
|
|
|
|||||||
Purchase
Price
|
|
|
|
|||||||
Cash
paid including transaction costs
|
$ | 107.0 | $ | 88.8 | $ | 195.8 | ||||
Debt
assumed
|
0.1 | 8.1 | 8.2 | |||||||
Purchase
price payable
|
2.0 | 3.1 | 5.1 | |||||||
Cash
acquired
|
(1.5 | ) | (1.9 | ) | (3.4 | ) | ||||
|
||||||||||
|
$ | 107.6 | $ | 98.1 | $ | 205.7 | ||||
|
||||||||||
Allocation
|
||||||||||
Current
assets
|
$ | 12.7 | $ | 32.8 | $ | 45.5 | ||||
Property,
plant and equipment
|
3.4 | 15.3 | 18.7 | |||||||
Intangible
assets:
|
||||||||||
Customer
relationships
|
23.2 | 25.3 | 48.5 | |||||||
Product
technology
|
25.7 | 6.3 | 32.0 | |||||||
Tradenames
and other
|
5.1 | 2.9 | 8.0 | |||||||
Goodwill
|
54.0 | 42.9 | 96.9 | |||||||
Other
assets
|
0.4 | 0.1 | 0.5 | |||||||
Liabilities
assumed
|
(16.9 | ) | (27.5 | ) | (44.4 | ) | ||||
|
||||||||||
|
$ | 107.6 | $ | 98.1 | $ | 205.7 |
(In
millions)
|
Qualigens
|
Priority
|
NanoDrop
|
La-Pha-Pack
|
Other
|
Total
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Purchase
Price
|
|
|
|
|
|
|
|||||||||||||
Cash
paid (a)
|
$ | 59.0 | $ | 165.6 | $ | 157.1 | $ | 51.0 | $ | 90.2 | $ | 522.9 | |||||||
Cash
acquired
|
— | (1.9 | ) | (1.3 | ) | (1.0 | ) | (2.1 | ) | (6.3 | ) | ||||||||
|
|||||||||||||||||||
|
$ | 59.0 | $ | 163.7 | $ | 155.8 | $ | 50.0 | $ | 88.1 | $ | 516.6 | |||||||
|
|||||||||||||||||||
Allocation
|
|||||||||||||||||||
Current
assets
|
$ | 11.3 | $ | 17.0 | $ | 7.9 | $ | 11.4 | $ | 19.7 | $ | 67.3 | |||||||
Property,
plant
and
equipment
|
0.1 | 4.5 | 0.2 | 4.1 | 6.0 | 14.9 | |||||||||||||
Intangible
assets:
|
|||||||||||||||||||
Customer
relationships
|
24.4 | 44.0 | 33.8 | 33.5 | 26.7 | 162.4 | |||||||||||||
Product
technology
|
— | — | 38.6 | 0.5 | 16.8 | 55.9 | |||||||||||||
Tradenames
and other
|
2.7 | 23.0 | 1.8 | 4.2 | 6.2 | 37.9 | |||||||||||||
Goodwill
|
24.5 | 106.7 | 76.0 | 12.4 | 31.3 | 250.9 | |||||||||||||
Other
long-term assets
|
— | 6.9 | — | 0.1 | — | 7.0 | |||||||||||||
Liabilities
assumed
|
(4.0 | ) | (38.4 | ) | (2.5 | ) | (16.2 | ) | (18.6 | ) | (79.7 | ) | |||||||
|
|||||||||||||||||||
|
$ | 59.0 | $ | 163.7 | $ | 155.8 | $ | 50.0 | $ | 88.1 | $ | 516.6 |
(a)
|
Includes
transaction costs, subsequent payments of contingent consideration and
cash settlements of post-closing
adjustments.
|
Note
3.
|
Business
Segment and Geographical
Information
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Revenues
|
|
|
|
|||||||
Analytical
Technologies
|
$ | 4,153.9 | $ | 4,468.6 | $ | 4,179.1 | ||||
Laboratory
Products and Services
|
6,426.6 | 6,455.2 | 5,913.1 | |||||||
Eliminations
|
(470.8 | ) | (425.8 | ) | (345.8 | ) | ||||
|
||||||||||
Consolidated revenues
|
10,109.7 | 10,498.0 | 9,746.4 | |||||||
|
||||||||||
Segment
Income
|
||||||||||
Analytical
Technologies (a)
|
837.3 | 955.3 | 823.6 | |||||||
Laboratory
Products and Services (a)
|
877.6 | 913.8 | 813.3 | |||||||
|
||||||||||
Subtotal reportable segments (a)
|
1,714.9 | 1,869.1 | 1,636.9 | |||||||
|
||||||||||
Cost
of revenues charges
|
(6.7 | ) | (1.5 | ) | (49.2 | ) | ||||
Selling,
general and administrative charges, net
|
(1.5 | ) | — | — | ||||||
Restructuring
and other costs, net
|
(60.8 | ) | (35.4 | ) | (42.2 | ) | ||||
Amortization
of acquisition-related intangible assets
|
(597.0 | ) | (602.8 | ) | (571.1 | ) | ||||
|
||||||||||
Consolidated operating income
|
1,048.9 | 1,229.4 | 974.4 | |||||||
Other expense, net (b)
|
(121.8 | ) | (101.4 | ) | (113.8 | ) | ||||
|
||||||||||
Income from continuing operations before provision for
income
taxes
|
$ | 927.1 | $ | 1,128.0 | $ | 860.6 |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Total
Assets
|
|
|
|
|||||||
Analytical
Technologies
|
$ | 8,313.4 | $ | 7,735.4 | $ | 7,935.4 | ||||
Laboratory
Products and Services
|
13,073.8 | 12,667.9 | 13,125.3 | |||||||
Corporate/Other
(c)
|
237.8 | 686.7 | 146.7 | |||||||
|
||||||||||
Consolidated
total assets
|
$ | 21,625.0 | $ | 21,090.0 | $ | 21,207.4 | ||||
|
||||||||||
Depreciation
|
||||||||||
Analytical
Technologies
|
$ | 86.9 | $ | 87.5 | $ | 82.7 | ||||
Laboratory
Products and Services
|
103.4 | 102.4 | 103.0 | |||||||
|
||||||||||
Consolidated
depreciation
|
$ | 190.3 | $ | 189.9 | $ | 185.7 | ||||
|
||||||||||
Capital
Expenditures
|
||||||||||
Analytical
Technologies
|
$ | 78.2 | $ | 105.2 | $ | 88.7 | ||||
Laboratory
Products and Services
|
97.4 | 147.4 | 78.7 | |||||||
Corporate/Other
|
31.9 | 11.8 | 8.1 | |||||||
|
||||||||||
Consolidated
capital expenditures
|
$ | 207.5 | $ | 264.4 | $ | 175.5 | ||||
|
||||||||||
Geographical
Information
|
||||||||||
|
||||||||||
Revenues
(d)
|
||||||||||
United
States
|
$ | 6,848.6 | $ | 7,165.0 | $ | 6,784.4 | ||||
Germany
|
1,166.2 | 1,134.6 | 974.1 | |||||||
England
|
891.1 | 978.2 | 980.8 | |||||||
Other
|
2,942.5 | 2,934.3 | 2,478.0 | |||||||
Transfers
among geographical areas (e)
|
(1,738.7 | ) | (1,714.1 | ) | (1,470.9 | ) | ||||
|
||||||||||
|
$ | 10,109.7 | $ | 10,498.0 | $ | 9,746.4 | ||||
|
||||||||||
Long-lived
Assets (f)
|
||||||||||
United
States
|
$ | 748.5 | $ | 750.1 | $ | 712.0 | ||||
Germany
|
127.9 | 98.9 | 100.0 | |||||||
England
|
158.2 | 129.3 | 172.7 | |||||||
Other
|
298.8 | 297.0 | 282.7 | |||||||
|
||||||||||
|
$ | 1,333.4 | $ | 1,275.3 | $ | 1,267.4 | ||||
|
||||||||||
Export
Sales Included in United States Revenues Above (g)
|
$ | 508.1 | $ | 611.4 | $ | 477.5 |
(a)
|
Represents
operating income before certain charges to cost of revenues and selling,
general and administrative expenses; restructuring and other costs, net;
and amortization of acquisition-related
intangibles.
|
(b)
|
The
company does not allocate other expense, net to its
segments.
|
(c)
|
Corporate
assets consist primarily of cash and cash equivalents, short-term
investments and property and equipment at the company’s corporate
office.
|
(d)
|
Revenues
are attributed to countries based on selling
location.
|
(e)
|
Transfers
among geographical areas are accounted for at prices that are
representative of transactions with unaffiliated
parties.
|
(f)
|
Includes
property, plant and equipment, net.
|
(g)
|
In
general, export revenues are denominated in U.S.
dollars.
|
Note
4.
|
Other
Expense, Net
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Interest
Income
|
$ | 16.1 | $ | 51.7 | $ | 46.5 | ||||
Interest
Expense
|
(118.1 | ) | (151.5 | ) | (160.5 | ) | ||||
Loss
on Investments, Net
|
(3.1 | ) | (5.6 | ) | (9.0 | ) | ||||
Other
Items, Net
|
(16.7 | ) | 4.0 | 9.2 | ||||||
|
||||||||||
|
$ | (121.8 | ) | $ | (101.4 | ) | $ | (113.8 | ) |
Note
5.
|
Stock-based
Compensation Plans
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Stock
Option Awards
|
$ | 42.4 | $ | 35.9 | $ | 35.2 | ||||
Restricted
share/Unit Awards
|
25.7 | 21.2 | 15.9 | |||||||
|
||||||||||
Total
Stock-based Compensation Expense
|
$ | 68.1 | $ | 57.1 | $ | 51.1 | ||||
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Cost
of Revenues
|
$ | 6.2 | $ | 4.2 | $ | 3.6 | ||||
Selling,
General and Administrative Expenses
|
59.8 | 51.3 | 45.9 | |||||||
Research
and Development Expenses
|
2.1 | 1.6 | 1.6 | |||||||
|
||||||||||
Total
Stock-based Compensation Expense
|
$ | 68.1 | $ | 57.1 | $ | 51.1 |
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Expected
Stock Price Volatility
|
31% | 22% | 22% | |||||||
Risk
Free Interest Rate
|
2.2% | 2.4% | 4.3% | |||||||
Expected
Life of Options (years)
|
3.8 | 4.4 | 4.5 | |||||||
Expected
Annual Dividend per Share
|
$ | — | $ | — | $ | — |
Shares
(in millions)
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (a)
(in millions)
|
|||||||
|
|
|
|
|
|
|
|
|
||
Outstanding
at December 31, 2006
|
30.5
|
|
$
|
28.30
|
|
|
|
|
||
Granted
|
0.7
|
|
|
52.01
|
|
|
|
|
||
Exercised
|
(15.1)
|
|
|
22.90
|
|
|
|
|
||
Canceled / Expired
|
(0.8)
|
|
|
41.49
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Outstanding
at December 31, 2007
|
15.3
|
|
|
33.99
|
|
|
|
|
||
Granted
|
4.4
|
|
|
55.23
|
|
|
|
|
||
Exercised
|
(3.2)
|
|
|
26.95
|
|
|
|
|
||
Canceled / Expired
|
(0.4)
|
|
|
48.47
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Outstanding
at December 31, 2008
|
16.1
|
|
|
40.72
|
|
|
|
|
||
Granted
|
7.3
|
|
|
37.45
|
|
|
|
|
||
Exercised
|
(1.7)
|
|
|
31.77
|
|
|
|
|
||
Canceled / Expired
|
(1.8)
|
|
|
50.43
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Outstanding
at December 31, 2009
|
19.9
|
|
|
39.39
|
|
4.9
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Vested
and Unvested Expected to Vest
at
December 31, 2009
|
19.2
|
|
|
39.36
|
|
4.9
|
$
|
186.2
|
||
|
|
|
|
|
|
|
|
|
||
Exercisable
at December 31, 2009
|
9.7
|
|
|
36.87
|
|
3.7
|
$
|
114.6
|
(a)
|
Market
price per share on December 31, 2009 was $47.69. The intrinsic value is
zero for options with exercise prices below the market
price.
|
|
Shares
(in
thousands)
|
Weighted
Average
Grant-Date
Fair
Value
|
||||
|
|
|
||||
Unvested
at December 31, 2006
|
1,269 | $ | 40.21 | |||
Granted
|
62 | 54.97 | ||||
Vesting
|
(477 | ) | 43.34 | |||
Forfeited
|
(63 | ) | 45.07 | |||
|
||||||
Unvested
at December 31, 2007
|
791 | 46.55 | ||||
Granted
|
397 | 55.09 | ||||
Vesting
|
(374 | ) | 44.68 | |||
Forfeited
|
(19 | ) | 51.87 | |||
|
||||||
Unvested
at December 31, 2008
|
795 | 47.80 | ||||
Granted
|
1,475 | 39.76 | ||||
Vesting
|
(436 | ) | 46.34 | |||
Forfeited
|
(163 | ) | 43.59 | |||
|
||||||
Unvested
at December 31, 2009
|
1,671 | 41.99 |
Note
6.
|
Pension
and Other Postretirement Benefit
Plans
|
|
Domestic
Pension Benefits
|
Non-U.S.
Pension Benefits
|
|||||||||||
(In
millions)
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
|
|
|
|
|||||||||
Change
in Projected Benefit Obligations
|
|
|
|
|
|||||||||
Benefit
Obligation at Beginning of Year
|
$ | 408.5 | $ | 405.5 | $ | 511.7 | $ | 663.3 | |||||
Business combination
|
— | — | 10.4 | — | |||||||||
Service costs
|
0.8 | 2.9 | 9.7 | 10.9 | |||||||||
Interest costs
|
20.6 | 22.0 | 28.6 | 32.8 | |||||||||
Curtailment
|
(3.1 | ) | (19.3 | ) | (2.7 | ) | — | ||||||
Plan participants' contributions
|
— | — | 3.1 | 3.0 | |||||||||
Actuarial (gains) losses
|
(12.1 | ) | 23.3 | 31.1 | (73.3 | ) | |||||||
Benefits paid
|
(19.5 | ) | (25.9 | ) | (21.5 | ) | (21.7 | ) | |||||
Currency translation and other
|
— | — | 37.9 | (103.3 | ) | ||||||||
|
|||||||||||||
Benefit
Obligation at End of Year
|
$ | 395.2 | $ | 408.5 | $ | 608.3 | $ | 511.7 | |||||
|
|||||||||||||
Change
in Fair Value of Plan Assets
|
|||||||||||||
Fair
Value of Plan Assets at Beginning of Year
|
$ | 292.0 | $ | 417.1 | $ | 368.9 | $ | 525.9 | |||||
Business combination
|
— | — | 9.8 | — | |||||||||
Actual return on plan assets
|
63.3 | (99.4 | ) | 60.4 | (64.4 | ) | |||||||
Employer contribution
|
11.3 | 0.2 | 27.3 | 17.5 | |||||||||
Plan participants' contributions
|
— | — | 3.1 | 3.0 | |||||||||
Benefits paid
|
(19.5 | ) | (25.9 | ) | (21.5 | ) | (21.7 | ) | |||||
Currency translation and other
|
— | — | 27.0 | (91.4 | ) | ||||||||
|
|||||||||||||
Fair
Value of Plan Assets at End of Year
|
$ | 347.1 | $ | 292.0 | $ | 475.0 | $ | 368.9 | |||||
|
|||||||||||||
Funded
Status
|
$ | (48.1 | ) | $ | (116.5 | ) | $ | (133.3 | ) | $ | (142.8 | ) | |
|
|||||||||||||
Accumulated
Benefit Obligation
|
$ | 395.2 | $ | 405.5 | $ | 581.8 | $ | 483.4 | |||||
|
|||||||||||||
Amounts
Recognized in Balance Sheet
|
|||||||||||||
Non-current asset
|
$ | — | $ | — | $ | 3.1 | $ | 1.2 | |||||
Current liability
|
— | — | (3.5 | ) | (4.0 | ) | |||||||
Non-current liability
|
(48.1 | ) | (116.5 | ) | (132.9 | ) | (140.0 | ) | |||||
|
|||||||||||||
Net amount recognized
|
$ | (48.1 | ) | $ | (116.5 | ) | $ | (133.3 | ) | $ | (142.8 | ) | |
|
|||||||||||||
Amounts
Recognized in Accumulated Other
Comprehensive
Loss
|
|||||||||||||
Net actuarial loss
|
$ | 98.1 | $ | 146.9 | $ | 24.4 | $ | 31.3 | |||||
Prior service credits
|
— | — | (0.5 | ) | (0.5 | ) | |||||||
|
|||||||||||||
Net amount recognized
|
$ | 98.1 | $ | 146.9 | $ | 23.9 | $ | 30.8 |
|
|
Domestic
Pension Benefits
|
|
Non-U.S.
Pension Benefits
|
||||
(In
millions)
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Weighted
Average Assumptions Used to
Determine
Projected Benefit Obligations
|
|
|
|
|
|
|
|
|
Discount rate
|
|
5.50%
|
|
5.25%
|
|
5.37%
|
|
5.43%
|
Average rate of increase in employee
compensation
|
|
4.00%
|
|
4.00%
|
|
3.24%
|
|
3.29%
|
|
|
Domestic
Pension Benefits
|
|
Non-U.S.
Pension Benefits
|
||||||||
(In
millions)
|
|
2009
|
|
2008
|
|
2007
|
|
2009
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Assumptions
Used
to Determine the Net
Benefit
Cost
(Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
5.25%
|
|
5.75%
|
|
5.77%
|
|
5.43%
|
|
5.20%
|
|
4.65%
|
Average rate of increase in
employee
compensation
|
|
4.00%
|
|
4.04%
|
|
4.04%
|
|
3.29%
|
|
3.60%
|
|
3.44%
|
Expected long-term rate of
return
on assets
|
|
7.75%
|
|
7.75%
|
|
7.78%
|
|
5.67%
|
|
6.08%
|
|
5.60%
|
|
SERP
Benefits
|
Postretirement
Benefits
|
|||||||||||
(In
millions)
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
|
|
|
|
|||||||||
Change
in Projected Benefit Obligations
|
|
|
|
|
|||||||||
Benefit
Obligation at Beginning of Year
|
$ | 12.3 | $ | 11.5 | $ | 31.4 | $ | 32.9 | |||||
Service costs
|
— | — | 0.6 | 0.8 | |||||||||
Interest
costs
|
0.6 | 0.6 | 1.8 | 1.8 | |||||||||
Plan
participants' contributions
|
— | — | 1.4 | 1.4 | |||||||||
Actuarial (gains) losses
|
(0.8 | ) | 1.3 | (0.9 | ) | (0.7 | ) | ||||||
Benefits paid
|
(0.5 | ) | (1.3 | ) | (3.4 | ) | (3.1 | ) | |||||
Currency translation and other
|
— | 0.2 | 1.3 | (1.7 | ) | ||||||||
|
|||||||||||||
Benefit
Obligation at End of Year
|
$ | 11.6 | $ | 12.3 | $ | 32.2 | $ | 31.4 | |||||
|
|||||||||||||
Change
in Fair Value of Plan Assets
|
|||||||||||||
Fair
Value of Plan Assets at Beginning of Year
|
$ | — | $ | — | $ | — | $ | — | |||||
Employer contribution
|
0.5 | 1.3 | 2.0 | 1.7 | |||||||||
Plan participants' contributions
|
— | — | 1.4 | 1.4 | |||||||||
Benefits paid
|
(0.5 | ) | (1.3 | ) | (3.4 | ) | (3.1 | ) | |||||
|
|||||||||||||
Fair
Value of Plan Assets at End of Year
|
$ | — | $ | — | $ | — | $ | — | |||||
|
|||||||||||||
Funded
Status
|
$ | (11.6 | ) | $ | (12.3 | ) | $ | (32.2 | ) | $ | (31.4 | ) | |
|
|||||||||||||
Accumulated
Benefit Obligation
|
$ | 11.6 | $ | 12.3 | |||||||||
|
|||||||||||||
Amounts
Recognized in Balance Sheet
|
|||||||||||||
Current liability
|
$ | (0.5 | ) | $ | (0.5 | ) | $ | (2.3 | ) | $ | (2.3 | ) | |
Non-current liability
|
(11.1 | ) | (11.8 | ) | (29.9 | ) | (29.1 | ) | |||||
|
|||||||||||||
Net amount recognized
|
$ | (11.6 | ) | $ | (12.3 | ) | $ | (32.2 | ) | $ | (31.4 | ) | |
|
|||||||||||||
Amounts
Recognized in Accumulated Other
Comprehensive
(Income) Loss
|
|||||||||||||
Net actuarial (gain) loss
|
$ | (0.2 | ) | $ | 0.6 | $ | (3.1 | ) | $ | (2.0 | ) | ||
Prior service credits
|
— | — | (0.8 | ) | (0.9 | ) | |||||||
|
|||||||||||||
Net
amount recognized
|
$ | (0.2 | ) | $ | 0.6 | $ | (3.9 | ) | $ | (2.9 | ) | ||
|
|||||||||||||
Weighted
Average Assumptions Used to D
etermine
Benefit Obligations
|
|||||||||||||
Discount rate
|
5.50% | 5.25% | 5.94% | 5.73% | |||||||||
Average rate of increase in employee
compensation
|
4.00% | 4.00% | — | — | |||||||||
Initial healthcare cost trend rate
|
8.59% | 9.37% | |||||||||||
Ultimate healthcare cost trend rate
|
5.62% | 5.72% |
|
|
SERP
Benefits
|
|
Postretirement
Benefits
|
||||||||
(In
millions)
|
|
2009
|
|
2008
|
|
2007
|
|
2009
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Assumptions
Used
to Determine the Net
Benefit
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
rate
|
|
5.25%
|
|
5.75%
|
|
5.75%
|
|
5.73%
|
|
5.66%
|
|
5.62%
|
Average
rate of increase in
employee
compensation
|
|
4.00%
|
|
4.00%
|
|
4.00%
|
|
—
|
|
—
|
|
—
|
(In
millions)
|
Domestic
Pension Benefits
|
Non-U.S.
Pension Benefits
|
Post-retirement
Benefits
|
|||||||
|
|
|
|
|||||||
Net
Actuarial Loss (Gain)
|
$ | 0.8 | $ | 1.3 | $ | (0.2 | ) | |||
Net
Prior Service Costs (Credit)
|
— | 0.1 | (0.1 | ) | ||||||
|
||||||||||
|
$ | 0.8 | $ | 1.4 | $ | (0.3 | ) |
|
Pension
Plans
|
||||||
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Pension
Plans with Projected Benefit Obligations in Excess of Plan
Assets
|
|
|
|||||
Projected benefit obligation
|
$ | 889.4 | $ | 930.2 | |||
Fair value of plan assets
|
693.3 | 657.3 | |||||
|
Pension Plans | |||||||
(In millions) | 2009 | 2008 | |||||
|
|
|
|||||
Pension
Plans with Accumulated Benefit Obligations in Excess of Plan
Assets
|
|
|
|||||
Accumulated benefit obligation
|
$ | 835.5 | $ | 890.5 | |||
Fair value of plan assets
|
662.0 | 648.5 |
|
Domestic
Pension Benefits
|
Non-U.S.
Pension Benefits
|
|||||||||||||||||
(In
millions)
|
2009
|
2008
|
2007
|
2009
|
2008
|
2007
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Components
of Net Benefit Cost
(Income)
|
|
|
|
|
|
|
|||||||||||||
Service
cost-benefits earned
|
$ | 0.8 | $ | 2.9 | $ | 6.0 | $ | 9.7 | $ | 10.9 | $ | 9.8 | |||||||
Interest
cost on benefit obligation
|
20.6 | 22.0 | 22.7 | 28.6 | 32.8 | 31.8 | |||||||||||||
Expected
return on plan assets
|
(30.0 | ) | (31.1 | ) | (30.8 | ) | (21.2 | ) | (30.4 | ) | (28.4 | ) | |||||||
Recognized
actuarial net loss
|
— | — | 0.4 | 1.6 | 1.4 | 3.1 | |||||||||||||
Amortization
of prior service benefit
|
— | — | — | — | 0.1 | 0.1 | |||||||||||||
Settlement/curtailment
(gain) loss
|
— | (19.3 | ) | (0.9 | ) | (0.2 | ) | — | 0.1 | ||||||||||
Special
termination benefit
|
0.2 | — | 0.1 | 3.0 | 0.1 | 0.3 | |||||||||||||
|
|||||||||||||||||||
Net
periodic benefit cost (income)
|
$ | (8.4 | ) | $ | (25.5 | ) | $ | (2.5 | ) | $ | 21.5 | $ | 14.9 | $ | 16.8 |
|
SERP
Benefits
|
Postretirement
Benefits
|
|||||||||||||||||
(In
millions)
|
2009
|
2008
|
2007
|
2009
|
2008
|
2007
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Components
of Net Benefit Cost
|
|
|
|
|
|
|
|||||||||||||
Service
cost-benefits earned
|
$ | — | $ | — | $ | 0.1 | $ | 0.6 | $ | 0.8 | $ | 1.0 | |||||||
Interest
cost on benefit obligation
|
0.6 | 0.6 | 1.8 | 1.8 | 1.8 | 1.8 | |||||||||||||
Amortization
of prior service benefit
|
— | — | — | (0.1 | ) | (0.1 | ) | — | |||||||||||
Settlement/curtailment
gain
|
— | — | (0.2 | ) | — | — | — | ||||||||||||
Special
termination benefit
|
— | 0.2 | — | — | — | — | |||||||||||||
|
|||||||||||||||||||
Net
periodic benefit cost
|
$ | 0.6 | $ | 0.8 | $ | 1.7 | $ | 2.3 | $ | 2.5 | $ | 2.8 |
(In
millions)
|
Domestic
Pension Benefits
|
Non-U.S.
Pension Benefits
|
SERP
Benefits
|
Post-retirement
Benefits
|
|||||||||
|
|
|
|
|
|||||||||
2010
|
$ | 21.2 | $ | 20.7 | $ | 0.5 | $ | 2.3 | |||||
2011
|
21.9 | 21.9 | 0.5 | 2.2 | |||||||||
2012
|
22.6 | 23.9 | 0.5 | 2.3 | |||||||||
2013
|
22.9 | 24.8 | 0.5 | 2.2 | |||||||||
2014
|
23.5 | 26.2 | 1.7 | 2.2 | |||||||||
2015-2019
|
128.2 | 147.3 | 7.3 | 10.8 |
(In
millions)
|
Increase
|
Decrease
|
|||||
|
|
|
|||||
One
Percentage Point
|
|
|
|||||
Effect in total of service and interest cost components
|
$ | 0.4 | $ | (0.3 | ) | ||
Effect on postretirement healthcare benefit obligation
|
3.3 | (2.6 | ) |
(In
millions)
|
December
31,
2009
|
Quoted
Prices
in
Active
Markets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Asset
Category
|
|
|
|
|
|||||||||
U.S.
equity funds
|
$ | 111.1 | $ | — | $ | 111.1 | $ | — | |||||
International
equity funds
|
90.7 | — | 90.7 | — | |||||||||
Fixed
income funds
|
115.4 | — | 115.4 | — | |||||||||
Private
equity funds
|
14.8 | — | — | 14.8 | |||||||||
Cash/money
market funds
|
14.2 | 3.4 | 10.8 | — | |||||||||
Alternative
investments
|
0.9 | — | — | 0.9 | |||||||||
|
|||||||||||||
Total
Assets
|
$ | 347.1 | $ | 3.4 | $ | 328.0 | $ | 15.7 |
(In
millions)
|
Private
Equity
Funds
|
Alternative
Investments
|
Total
|
|||||||
|
|
|
|
|||||||
Balance
at December 31, 2008
|
$ | 15.4 | $ | 14.5 | $ | 29.9 | ||||
Actual
return on plan assets:
|
||||||||||
Relating to assets held at reporting date
|
(1.4 | ) | 0.4 | (1.0 | ) | |||||
Relating to assets sold/distributed during
period
|
0.1 | — | 0.1 | |||||||
Purchases,
capital contributions, sales and settlements
|
0.7 | (14.0 | ) | (13.3 | ) | |||||
|
||||||||||
Balance
at December 31, 2009
|
$ | 14.8 | $ | 0.9 | $ | 15.7 |
(In
millions)
|
Fair
Value
|
Unfunded
Commitments
|
Redemption
Frequency
(if
Currently Eligible)
|
Redemption
Notice
Period
|
||||||
|
|
|
|
|
||||||
Asset
Category
|
|
|
|
|
||||||
U.S.
equity funds
|
$ | 111.1 | $ | — |
At
least monthly
|
No
more than 3 days
|
||||
International
equity funds
|
90.7 | — |
At
least monthly
|
No
more than 3 days
|
||||||
Fixed
income funds
|
115.4 | — |
At
least monthly
|
No
more than 3 days
|
||||||
Private
equity funds
|
14.8 | 2.1 |
Restricted
|
Restricted
|
||||||
Money
market funds
|
10.8 | — |
Daily
|
Daily
|
||||||
Alternative
investments
|
0.9 | — |
Restricted
|
Restricted
|
||||||
|
|
|
||||||||
|
$ | 343.7 | $ | 2.1 |
|
|
(In
millions)
|
December
31,
2009
|
Quoted
Prices
in
Active
Markets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Asset
Category
|
|
|
|
|
|||||||||
Equity
funds
|
$ | 222.5 | $ | 39.1 | $ | 183.4 | $ | — | |||||
Fixed
income funds
|
166.0 | 18.8 | 147.2 | — | |||||||||
Insurance
contracts
|
79.3 | — | 79.3 | — | |||||||||
Cash
/ money market funds
|
7.2 | 7.0 | 0.2 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 475.0 | $ | 64.9 | $ | 410.1 | $ | — |
(In
millions)
|
Fair
Value
|
Unfunded
Commitments
|
Redemption
Frequency
(if
Currently Eligible)
|
Redemption
Notice
Period
|
||||||
|
|
|
|
|
||||||
Asset
Category
|
|
|
|
|
||||||
Equity
funds
|
$ | 183.4 | $ | — |
At
least monthly
|
No
more than 1 month
|
||||
Fixed
income funds
|
147.2 | — |
At
least weekly
|
No
more than 5 days
|
||||||
Insurance
contracts
|
79.3 | — |
Not
applicable
|
Not
applicable
|
||||||
Money
market funds
|
0.2 | — |
Daily
|
Daily
|
||||||
|
|
|
||||||||
|
$ | 410.1 | $ | — |
|
|
Note
7.
|
Income
Taxes
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
U.S.
|
$ | 579.3 | $ | 704.7 | $ | 639.8 | ||||
Non-U.S.
|
347.8 | 423.3 | 220.8 | |||||||
|
||||||||||
|
$ | 927.1 | $ | 1,128.0 | $ | 860.6 |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Income
Tax Provision
|
|
|
|
|||||||
Federal
|
$ | 192.3 | $ | 185.0 | $ | 57.0 | ||||
Non-U.S.
|
104.4 | 81.7 | 90.9 | |||||||
State
|
24.7 | 36.7 | 24.5 | |||||||
|
||||||||||
|
321.4 | 303.4 | 172.4 | |||||||
|
||||||||||
Deferred
Income Tax Provision (Benefit)
|
||||||||||
Federal
|
$ | (147.8 | ) | $ | (59.8 | ) | $ | 68.2 | ||
Non-U.S.
|
(83.4 | ) | (63.1 | ) | (134.0 | ) | ||||
State
|
(14.4 | ) | (27.9 | ) | (12.9 | ) | ||||
|
||||||||||
|
(245.6 | ) | (150.8 | ) | (78.7 | ) | ||||
|
||||||||||
|
$ | 75.8 | $ | 152.6 | $ | 93.7 |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Continuing
Operations
|
$ | 75.8 | $ | 152.6 | $ | 93.7 | ||||
Discontinued
Operations
|
(0.6 | ) | 3.5 | 4.2 | ||||||
|
||||||||||
|
$ | 75.2 | $ | 156.1 | $ | 97.9 |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Provision
for Income Taxes at Statutory Rate
|
$ | 324.5 | $ | 394.8 | $ | 301.2 | ||||
|
||||||||||
Increases
(Decreases) Resulting From:
|
||||||||||
Foreign rate differential
|
(147.0 | ) | (165.6 | ) | (148.6 | ) | ||||
Change in tax laws and apportionment
|
(2.5 | ) | (27.9 | ) | (31.6 | ) | ||||
Income tax credits
|
(100.3 | ) | (54.2 | ) | (33.2 | ) | ||||
Manufacturing deduction
|
(15.8 | ) | (17.5 | ) | (15.3 | ) | ||||
State income taxes, net of federal tax
|
(0.4 | ) | 11.1 | 9.3 | ||||||
Nondeductible expenses
|
4.6 | 6.1 | 6.4 | |||||||
Unrecognized tax benefit reserves, net
|
7.4 | 6.5 | 3.2 | |||||||
Tax return reassessments and settlements
|
(0.4 | ) | (1.2 | ) | — | |||||
Other, net
|
5.7 | 0.5 | 2.3 | |||||||
|
||||||||||
|
$ | 75.8 | $ | 152.6 | $ | 93.7 |
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Deferred
Tax Asset (Liability)
|
|
|
|||||
Depreciation and amortization
|
$ | (2,274.1 | ) | $ | (2,293.3 | ) | |
Net operating loss and credit carryforwards
|
443.9 | 380.7 | |||||
Reserves and accruals
|
139.7 | 128.0 | |||||
Accrued compensation
|
149.4 | 158.1 | |||||
Inventory basis difference
|
31.9 | 29.6 | |||||
Available-for-sale investments
|
5.6 | 5.6 | |||||
Non U.S. earnings expected to be repatriated
|
6.4 | — | |||||
Other, net
|
11.5 | (2.6 | ) | ||||
|
|||||||
|
(1,485.7 | ) | (1,593.9 | ) | |||
Less:
Valuation allowance
|
164.8 | 161.4 | |||||
|
|||||||
|
$ | (1,650.5 | ) | $ | (1,755.3 | ) |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Balance
at beginning of year
|
$ | 70.4 | $ | 73.9 | $ | 82.4 | ||||
Additions
for tax positions of current year
|
11.3 | 6.5 | 3.5 | |||||||
Closure
of tax years
|
(4.6 | ) | (3.0 | ) | (12.0 | ) | ||||
Settlements
|
(0.9 | ) | (7.0 | ) | — | |||||
|
||||||||||
|
$ | 76.2 | $ | 70.4 | $ | 73.9 |
(In
millions except per share amounts)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Income
from Continuing Operations
|
$ | 851.3 | $ | 975.4 | $ | 766.9 | ||||
(Loss)
Gain on Disposal of Discontinued Operations, Net
|
(1.0 | ) | 5.5 | (18.5 | ) | |||||
|
||||||||||
Net
Income
|
850.3 | 980.9 | 748.4 | |||||||
|
||||||||||
Income
Allocable to Participating Securities
|
(0.6 | ) | (1.5 | ) | (0.5 | ) | ||||
|
||||||||||
Net
Income for Earnings per Share
|
$ | 849.7 | $ | 979.4 | $ | 747.9 | ||||
|
||||||||||
Basic
Weighted Average Shares
|
412.4 | 418.2 | 421.5 | |||||||
Effect
of:
|
||||||||||
Convertible
debentures
|
8.5 | 13.3 | 13.8 | |||||||
Stock
options, restricted stock/units and warrants
|
1.9 | 3.2 | 8.3 | |||||||
|
||||||||||
Diluted
Weighted Average Shares
|
422.8 | 434.7 | 443.6 | |||||||
|
||||||||||
Basic
Earnings per Share:
|
||||||||||
Continuing
operations
|
$ | 2.06 | $ | 2.33 | $ | 1.82 | ||||
Discontinued
operations
|
— | .01 | (.04 | ) | ||||||
|
||||||||||
|
$ | 2.06 | $ | 2.34 | $ | 1.77 | ||||
|
||||||||||
Diluted
Earnings per Share:
|
||||||||||
Continuing
operations
|
$ | 2.01 | $ | 2.24 | $ | 1.73 | ||||
Discontinued
operations
|
— | .01 | (.04 | ) | ||||||
|
||||||||||
|
$ | 2.01 | $ | 2.25 | $ | 1.69 |
|
2.50%
Senior Convertible Notes
|
Floating
Rate Senior Convertible Debentures
|
3.25%
Senior Convertible Notes
|
Potential
Share Increase
|
|||||||
|
|
|
|
|
|||||||
Principal
Outstanding (In millions)
|
$ | 13.0 | $ | 326.5 | $ | 329.3 |
|
||||
Conversion
Price per Share
|
23.73 | 29.55 | 40.20 |
|
|||||||
Trigger
Price
|
28.48 | 38.41 | 48.24 |
|
|||||||
|
|
Future
Common Stock Price
|
|
Total
Potential Shares (In millions)
|
|||||||
$23.73
|
|
—
|
—
|
—
|
—
|
||||
$24.73
|
|
—
|
—
|
—
|
—
|
||||
$29.55
|
|
0.1
|
—
|
—
|
0.1
|
||||
$30.55
|
|
0.1
|
0.4
|
—
|
0.5
|
||||
$40.20
|
|
0.2
|
2.9
|
—
|
3.1
|
||||
$41.20
|
|
0.2
|
3.1
|
0.2
|
3.5
|
||||
$45.00
|
|
0.3
|
3.8
|
0.9
|
5.0
|
||||
$50.00
|
|
0.3
|
4.5
|
1.6
|
6.4
|
||||
$55.00
|
|
0.3
|
5.1
|
2.2
|
7.6
|
||||
$60.00
|
|
0.3
|
5.6
|
2.7
|
8.6
|
||||
$65.00
|
|
0.3
|
6.0
|
3.1
|
9.4
|
||||
$70.00
|
|
0.4
|
6.4
|
3.5
|
10.3
|
(In
millions except per share amounts)
|
2009
|
2008
|
|||||
|
|
|
|||||
2.50%
Senior Convertible Notes, Due 2023 Convertible at $23.73 per
Share
(net
of unamortized discount of $0.4 and $15.5, respectively)
|
$ | 12.6 | $ | 279.9 | |||
Floating
Rate Senior Convertible Debentures, Due 2033 Convertible at $29.55
per
Share
(net of unamortized discount of $1.5 and $8.7,
respectively)
|
325.0 | 335.8 | |||||
3.25%
Senior Subordinated Convertible Notes, Due 2024 Convertible at
$40.20
per
Share (net of unamortized discount of $9.0 and $16.1,
respectively)
|
320.3 | 313.1 | |||||
2.15%
Senior Notes, Due 2012 (net of unamortized discount of $0.5 and
interest
rate
hedge of $2.9)
|
346.6 | — | |||||
3.25%
Senior Notes, Due 2014 (net of unamortized discount of $0.4 and
interest
rate
hedge of $6.6)
|
393.0 | — | |||||
5%
Senior Notes, Due 2015
|
250.0 | 250.0 | |||||
6
3/4% Senior Subordinated Notes, Due 2014
|
— | 306.3 | |||||
6
1/8% Senior Subordinated Notes, Due 2015
|
500.0 | 500.0 | |||||
Other
|
34.0 | 32.9 | |||||
|
|||||||
|
2,181.5 | 2,018.0 | |||||
Less:
Short-term Obligations and Current Maturities
|
117.5 | 14.8 | |||||
|
|||||||
|
$ | 2,064.0 | $ | 2,003.2 |
(In
millions)
|
|
|||
|
|
|||
2010
|
$ | 117.9 | ||
2011
|
3.2 | |||
2012
|
352.1 | |||
2013
|
4.6 | |||
2014
|
407.2 | |||
2015
and thereafter
|
1,317.8 | |||
|
||||
|
2,202.8 | |||
Less:
Unamortized discount
|
11.8 | |||
Fair
value of interest rate hedge
|
9.5 | |||
|
||||
|
$ | 2,181.5 |
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Principal
Amount of Convertible Debt
|
$ | 668.8 | $ | 969.1 | |||
Unamortized
Discount
|
10.9 | 40.3 | |||||
Net
Carrying Amount
|
657.9 | 928.8 | |||||
Incremental
Convertible Debt Obligation (Temporary Equity)
|
1.9 | 24.2 | |||||
Capital
in Excess of Par Value
|
30.7 | 28.1 |
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Contractual
Coupon Interest
|
$ | 18.4 | $ | 25.0 | $ | 32.9 | ||||
Amortization
of Discount on Convertible Debt
|
22.5 | 21.6 | 20.7 | |||||||
|
||||||||||
Interest
Expense
|
$ | 40.9 | $ | 46.6 | $ | 53.6 | ||||
|
||||||||||
Effective
Interest Rate
|
4.3% | 5.1% | 5.9% |
(In
millions)
|
|
|||
|
|
|||
2010
|
$ | 99.8 | ||
2011
|
78.4 | |||
2012
|
60.0 | |||
2013
|
40.3 | |||
2014
|
27.9 | |||
Thereafter
|
67.5 | |||
|
||||
|
$ | 373.9 |
(In
millions except per share amounts)
|
2009
|
2008
|
|||||
|
|
|
|||||
Cumulative
Translation Adjustment
|
$ | 161.7 | $ | (37.1 | ) | ||
Net
Unrealized Gain on Available-for-sale Investments (net of tax
provision
of
$1.3 and $0.4)
|
2.4 | 0.2 | |||||
Net
Unrealized Losses on Hedging Instruments (net of tax benefit of
$0.6
and
$0.7)
|
(1.0 | ) | (1.2 | ) | |||
Pension
and Other Postretirement Benefit Liability Adjustments (net of
tax
benefit
of $46.8 and $67.7)
|
(71.1 | ) | (107.7 | ) | |||
|
|||||||
|
$ | 92.0 | $ | (145.8 | ) |
Note
12.
|
Fair
Value Measurements and Fair Value of Financial
Instruments
|
(In
millions)
|
December
31,
2009
|
Quoted
Prices
in
Active
Markets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|||||||||
Cash
equivalents
|
$ | 1,081.7 | $ | 1,081.7 | $ | — | $ | — | |||||
Investments
in mutual funds, unit trusts
and
other similar instruments
|
32.9 | 32.9 | — | — | |||||||||
Insurance
contracts
|
31.9 | — | 31.9 | — | |||||||||
Auction
rate securities
|
5.4 | — | — | 5.4 | |||||||||
Derivative
contracts
|
4.5 | — | 4.5 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 1,156.4 | $ | 1,114.6 | $ | 36.4 | $ | 5.4 | |||||
|
|||||||||||||
Liabilities
|
|||||||||||||
Derivative
contracts
|
$ | 10.3 | $ | — | $ | 10.3 | $ | — | |||||
|
|||||||||||||
Total Liabilities
|
$ | 10.3 | $ | — | $ | 10.3 | $ | — |
(In
millions)
|
December
31,
2008
|
Quoted
Prices
in
Active
Markets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|||||||||
Cash
equivalents
|
$ | 560.8 | $ | 560.8 | $ | — | $ | — | |||||
Investments
in mutual funds, unit trusts
and
other similar instruments
|
24.0 | 24.0 | — | — | |||||||||
Insurance
contracts
|
21.3 | — | 21.3 | — | |||||||||
Auction
rate securities
|
5.7 | — | — | 5.7 | |||||||||
Marketable
equity securities
|
1.0 | 1.0 | — | — | |||||||||
Derivative
contracts
|
3.3 | — | 3.3 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 616.1 | $ | 585.8 | $ | 24.6 | $ | 5.7 | |||||
|
|||||||||||||
Liabilities
|
|||||||||||||
Derivative
contracts
|
$ | 4.0 | $ | — | $ | 4.0 | $ | — | |||||
|
|||||||||||||
Total Liabilities
|
$ | 4.0 | $ | — | $ | 4.0 | $ | — |
(In
millions)
|
Market
Value
|
Cost
Basis
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value of Investments
with
Unrealized Losses
|
|||||||||||
|
|
|
|
|
|
|||||||||||
2009
|
|
|
|
|
|
|||||||||||
Mutual
Fund and Unit Trust
Investments
|
$ | 31.2 | $ | 26.9 | $ | 4.3 | $ | — | $ | — | ||||||
Auction
Rate Securities
|
5.4 | 6.0 | — | 0.6 | 5.4 | |||||||||||
|
||||||||||||||||
|
$ | 36.6 | $ | 32.9 | $ | 4.3 | $ | 0.6 | $ | 5.4 | ||||||
|
||||||||||||||||
2008
|
||||||||||||||||
Marketable
Equity Securities
|
$ | 1.0 | $ | 1.0 | $ | — | $ | — | $ | — | ||||||
Mutual
Fund and Unit Trust
Investments
|
23.2 | 21.4 | 1.8 | — | — | |||||||||||
Auction
Rate Securities
|
5.7 | 6.6 | — | 0.9 | 5.4 | |||||||||||
|
||||||||||||||||
|
$ | 29.9 | $ | 29.0 | $ | 1.8 | $ | 0.9 | $ | 5.4 |
(In
millions)
|
2009
|
2008
|
|||||
|
|
|
|||||
Beginning
Balance
|
$ | 5.7 | $ | 8.9 | |||
Total
impairment losses included in earnings
|
(0.3 | ) | (2.3 | ) | |||
Sale
of securities
|
(0.4 | ) | — | ||||
Total
unrealized gains (losses) included in other comprehensive
income
|
0.4 | (0.9 | ) | ||||
|
|||||||
Ending
Balance
|
$ | 5.4 | $ | 5.7 |
|
Fair
Value – Assets
|
Fair
Value – Liabilities
|
|||||||||||
(In
millions)
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
|
|
|
|
|||||||||
Derivatives
Designated as Hedging
Instruments
|
|
|
|
|
|||||||||
Interest
rate swaps (a)
|
$ | — | $ | — | $ | 9.5 | $ | — | |||||
Derivatives
Not Designated as Hedging
Instruments
|
|||||||||||||
Foreign
currency exchange contracts (b)
|
4.5 | 3.3 | 0.8 | 4.0 | |||||||||
|
|||||||||||||
Total derivatives
|
$ | 4.5 | $ | 3.3 | $ | 10.3 | $ | 4.0 |
(a)
|
The
fair value of the interest rate swaps are included in the consolidated
balance sheet under the caption other long-term
liabilities.
|
|||||||||||||
(b)
|
The
fair value of the foreign currency exchange contracts are included in the
consolidated balance sheet under the captions other current assets or
other accrued expenses.
|
Gain (Loss) Recognized | |||||||
(In millions) | 2009 | 2008 | |||||
|
|
|
|||||
Derivatives
Designated as Fair Value Hedges
|
|
|
|||||
Interest rate contracts
|
$ | 1.4 | $ | — | |||
Derivatives
Not Designated as Fair Value Hedges
|
|||||||
Foreign currency exchange contracts
|
(6.9 | ) | 50.9 |
|
2009
|
2008
|
|||||||||||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||
(In
millions)
|
Value
|
Value
|
Value
|
Value
|
|||||||||
|
|
|
|
|
|||||||||
Notes
Receivable
|
$ | 6.8 | $ | 6.8 | $ | 2.7 | $ | 2.7 | |||||
|
|||||||||||||
Debt
Obligations:
|
|||||||||||||
Convertible
obligations
|
657.9 | 992.0 | 928.8 | 1,227.7 | |||||||||
Senior
notes
|
989.6 | 1,016.1 | 250.0 | 209.3 | |||||||||
Senior
subordinated notes
|
500.0 | 520.1 | 806.3 | 675.9 | |||||||||
Other
|
34.0 | 34.0 | 32.9 | 32.9 | |||||||||
|
|||||||||||||
|
$ | 2,181.5 | $ | 2,562.2 | $ | 2,018.0 | $ | 2,145.8 |
Note
13.
|
Supplemental
Cash Flow Information
|
(In
millions)
|
2009
|
2008
|
2007
|
|||||||
|
|
|
|
|||||||
Cash
Paid For:
|
|
|
|
|||||||
Interest
|
$ | 82.5 | $ | 129.5 | $ | 135.9 | ||||
|
||||||||||
Income
Taxes
|
$ | 329.8 | $ | 292.1 | $ | 124.7 | ||||
|
||||||||||
Non-cash
Activities
|
||||||||||
Fair
value of assets of acquired businesses and product lines
|
$ | 825.3 | $ | 265.7 | $ | 543.9 | ||||
Cash
paid for acquired businesses and product lines
|
(623.7 | ) | (204.9 | ) | (498.7 | ) | ||||
|
||||||||||
Liabilities
assumed of acquired businesses and product lines
|
$ | 201.6 | $ | 60.8 | $ | 45.2 | ||||
|
||||||||||
Conversion
of convertible debt
|
$ | — | $ | 2.8 | $ | 0.4 | ||||
|
||||||||||
Issuance
of restricted stock
|
$ | 1.1 | $ | 21.9 | $ | 3.4 | ||||
|
||||||||||
Issuance
of stock upon vesting of restricted stock units
|
$ | 7.0 | $ | 20.1 | $ | 22.0 |
Note
14.
|
Restructuring
and Other Costs, Net
|
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 4.7 | $ | 2.0 | $ | — | $ | 6.7 | |||||
Selling,
General and Administrative Expenses
|
2.1 | (0.6 | ) | — | 1.5 | ||||||||
Restructuring
and Other Costs, Net
|
37.2 | 21.7 | 1.9 | 60.8 | |||||||||
|
|||||||||||||
|
$ | 44.0 | $ | 23.1 | $ | 1.9 | $ | 69.0 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 0.7 | $ | 0.8 | $ | — | $ | 1.5 | |||||
Restructuring
and Other Costs, Net
|
41.6 | 8.9 | (15.1 | ) | 35.4 | ||||||||
|
|||||||||||||
|
$ | 42.3 | $ | 9.7 | $ | (15.1 | ) | $ | 36.9 |
(In
millions)
|
Analytical
Technologies
|
Laboratory
Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost
of Revenues
|
$ | 41.0 | $ | 8.2 | $ | — | $ | 49.2 | |||||
Restructuring
and Other Costs, Net
|
19.7 | 15.2 | 7.3 | 42.2 | |||||||||
|
|||||||||||||
|
$ | 60.7 | $ | 23.4 | $ | 7.3 | $ | 91.4 |
(In
millions)
|
Severance
|
Employee
Retention
(a)
|
Abandonment
of
Excess
Facilities
|
Other
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Pre-2008
Restructuring Plans
|
|
|
|
|
|
|||||||||||
Balance At December 31, 2006
|
$ | 5.8 | $ | 1.1 | $ | 12.1 | $ | 0.6 | $ | 19.6 | ||||||
Costs incurred in 2007 (c)
|
19.8 | 5.5 | 3.7 | 12.7 | 41.7 | |||||||||||
Reserves reversed (b)
|
(1.9 | ) | — | (0.2 | ) | — | (2.1 | ) | ||||||||
Payments
|
(13.0 | ) | (5.1 | ) | (11.1 | ) | (11.2 | ) | (40.4 | ) | ||||||
Currency translation
|
0.3 | — | 0.2 | 0.1 | 0.6 | |||||||||||
|
||||||||||||||||
Balance At December 31, 2007
|
11.0 | 1.5 | 4.7 | 2.2 | 19.4 | |||||||||||
Costs incurred in 2008 (d)
|
4.5 | 1.5 | 5.7 | 1.8 | 13.5 | |||||||||||
Reserves reversed (b)
|
(0.6 | ) | (0.6 | ) | (0.9 | ) | (0.5 | ) | (2.6 | ) | ||||||
Payments
|
(9.4 | ) | (1.6 | ) | (5.1 | ) | (2.8 | ) | (18.9 | ) | ||||||
Currency translation
|
(0.1 | ) | — | — | — | (0.1 | ) | |||||||||
|
||||||||||||||||
Balance At December 31, 2008
|
5.4 | 0.8 | 4.4 | 0.7 | 11.3 | |||||||||||
Costs incurred in 2009 (e)
|
1.9 | 0.2 | 2.4 | 0.8 | 5.3 | |||||||||||
Reserves reversed (b)
|
— | (0.1 | ) | (0.1 | ) | — | (0.2 | ) | ||||||||
Payments
|
(6.4 | ) | (0.9 | ) | (3.9 | ) | (1.3 | ) | (12.5 | ) | ||||||
Currency translation
|
(0.1 | ) | — | — | — | (0.1 | ) | |||||||||
|
||||||||||||||||
Balance At December 31, 2009
|
$ | 0.8 | $ | — | $ | 2.8 | $ | 0.2 | $ | 3.8 |
(In
millions)
|
Severance
|
Employee
Retention
(a)
|
Abandonment
of
Excess
Facilities
|
Other
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
2008
Restructuring Plans
|
|
|
|
|
|
|||||||||||
Costs
incurred in 2008 (d)
|
$ | 20.9 | $ | 0.6 | $ | 3.2 | $ | 1.9 | $ | 26.6 | ||||||
Payments
|
(13.8 | ) | (0.2 | ) | (1.2 | ) | (1.5 | ) | (16.7 | ) | ||||||
Currency
translation
|
(0.1 | ) | — | (0.2 | ) | (0.1 | ) | (0.4 | ) | |||||||
|
||||||||||||||||
Balance
At December 31, 2008
|
7.0 | 0.4 | 1.8 | 0.3 | 9.5 | |||||||||||
Costs
incurred in 2009 (e)
|
2.1 | 0.2 | 1.0 | 0.9 | 4.2 | |||||||||||
Reserves
reversed (b)
|
(0.5 | ) | — | (0.2 | ) | (0.1 | ) | (0.8 | ) | |||||||
Payments
|
(7.0 | ) | (0.6 | ) | (1.2 | ) | (0.9 | ) | (9.7 | ) | ||||||
Currency
translation
|
0.1 | — | 0.1 | (0.1 | ) | 0.1 | ||||||||||
|
||||||||||||||||
Balance
At December 31, 2009
|
$ | 1.7 | $ | — | $ | 1.5 | $ | 0.1 | $ | 3.3 | ||||||
|
||||||||||||||||
2009
Restructuring Plans
|
||||||||||||||||
Costs
incurred in 2009 (e)
|
$ | 45.3 | $ | 2.2 | $ | 6.3 | $ | 3.8 | $ | 57.6 | ||||||
Reserves
reversed (b)
|
(2.7 | ) | — | (1.5 | ) | (0.1 | ) | (4.3 | ) | |||||||
Payments
|
(21.5 | ) | (0.7 | ) | (2.8 | ) | (3.6 | ) | (28.6 | ) | ||||||
Currency
translation
|
(0.1 | ) | 0.1 | 0.3 | 0.1 | 0.4 | ||||||||||
|
||||||||||||||||
Balance
At December 31, 2009
|
$ | 21.0 | $ | 1.6 | $ | 2.3 | $ | 0.2 | $ | 25.1 |
(a)
|
Employee
retention costs are accrued ratably over the period through which
employees must work to qualify for a
payment.
|
(b)
|
Represents
reductions in cost of plans.
|
(c)
|
Excludes
non-cash charges, net, of $1.9 million and a loss of $1.7 million from the
sale of a business. Also excludes a net gain of $1.0 million from pension
plan curtailments.
|
(d)
|
Excludes
non-cash items, including a $19.2 million gain on the curtailment of part
of a pension plan in the U.S., a $7.0 million charge for the impairment of
intangible assets, a $5.0 million loss from a litigation-related matter, a
$2.7 million net loss on the sale of businesses, a $2.6 million charge for
in-process research and development at an acquired business, and other
items as described in the discussion of restructuring actions by
segment.
|
(e)
|
Excludes
non-cash items including principally a $7.4 million gain on settlement of
a litigation-related matter, $4.9 million in asset writedowns primarily at
sites undertaking facility consolidations, a $2.5 million charge for
pension termination benefits; and a $0.6 million net gain on the sale of
several small businesses.
|
Note
16.
|
Unaudited
Quarterly Information
|
|
2009
|
||||||||||||
(In
millions except per share amounts)
|
First
(a)
|
Second
(b)
|
Third
(c)
|
Fourth
(d)
|
|||||||||
|
|
|
|
|
|||||||||
Revenues
|
$ | 2,255.1 | $ | 2,484.1 | $ | 2,531.1 | $ | 2,839.4 | |||||
Gross
Profit
|
886.9 | 988.3 | 1,011.2 | 1,138.3 | |||||||||
Income
from Continuing Operations
|
148.9 | 206.9 | 221.2 | 274.3 | |||||||||
Net
Income
|
148.9 | 206.9 | 221.2 | 273.3 | |||||||||
Earnings
per Share from Continuing Operations:
|
|||||||||||||
Basic
|
.36 | .50 | .54 | .67 | |||||||||
Diluted
|
.35 | .49 | .53 | .65 | |||||||||
Earnings
per Share:
|
|||||||||||||
Basic
|
.36 | .50 | .54 | .67 | |||||||||
Diluted
|
.35 | .49 | .53 | .65 |
(a)
|
Costs
of $13.6 million.
|
(b)
|
Costs
of $12.5 million.
|
(c)
|
Costs
of $13.8 million.
|
(d)
|
Costs
of $29.1 million and after-tax loss of $1.0 million related to the
company’s discontinued operations.
|
|
2008
|
||||||||||||
(In
millions except per share amounts)
|
First
(a)
|
Second
(b)
|
Third
(c)
|
Fourth
(d)
|
|||||||||
|
|
|
|
|
|||||||||
Revenues
|
$ | 2,554.0 | $ | 2,709.6 | $ | 2,588.1 | $ | 2,646.3 | |||||
Gross
Profit
|
1,018.4 | 1,088.1 | 1,032.8 | 1,066.9 | |||||||||
Income
from Continuing Operations
|
230.1 | 242.9 | 214.9 | 287.5 | |||||||||
Net
Income
|
229.7 | 246.1 | 218.1 | 287.0 | |||||||||
Earnings
per Share from Continuing Operations:
|
|||||||||||||
Basic
|
.55 | .58 | .51 | .69 | |||||||||
Diluted
|
.53 | .55 | .49 | .67 | |||||||||
Earnings
per Share:
|
|||||||||||||
Basic
|
.55 | .59 | .52 | .68 | |||||||||
Diluted
|
.53 | .56 | .50 | .67 |
(a)
|
Costs
of $5.5 million and after-tax loss of $0.4 million related to the
company’s discontinued operations.
|
(b)
|
Income
of $5.2 million and after-tax income of $3.2 million related to the
company’s discontinued operations.
|
(c)
|
Costs
of $15.4 million and after-tax income of $3.2 million related to the
company’s discontinued operations.
|
(d)
|
Costs
of $21.2 million and after-tax loss of $0.5 million related to the
company’s discontinued operations.
|
Note
17.
|
Subsequent
Events
|
(In
millions)
|
Balance
at
Beginning
of
Year
|
Provision
Charged
to
Expense
|
Accounts
Recovered
|
Accounts
Written
Off
|
Other
(a)
|
Balance
at
End
of Year
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Allowance
for Doubtful Accounts
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Year
Ended December 31, 2009
|
$ | 43.1 | $ | 7.3 | $ | 1.0 | $ | (6.7 | ) | $ | 2.5 | $ | 47.2 | ||||||
|
|||||||||||||||||||
Year
Ended December 31, 2008
|
$ | 49.5 | $ | 5.5 | $ | 0.2 | $ | (11.9 | ) | $ | (0.2 | ) | $ | 43.1 | |||||
|
|||||||||||||||||||
Year
Ended December 31, 2007
|
$ | 45.0 | $ | 7.6 | $ | 0.5 | $ | (11.1 | ) | $ | 7.5 | $ | 49.5 | ||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
(In
millions)
|
Balance
at
Beginning
of
Year
|
Established
As
Cost of Acquisitions
|
Activity
Charged
to
Reserve
|
Other
(b)
|
Balance
at
End
of Year
|
||||||||||||||
|
|||||||||||||||||||
Accrued
Acquisition Expenses
|
|||||||||||||||||||
|
|||||||||||||||||||
Year
Ended December 31, 2009
|
$ | 1.8 | $ | — | $ | (0.6 | ) | $ | (0.9 | ) | $ | 0.3 | |||||||
|
|||||||||||||||||||
Year
Ended December 31, 2008
|
$ | 9.5 | $ | 0.7 | $ | (3.8 | ) | $ | (4.6 | ) | $ | 1.8 | |||||||
|
|||||||||||||||||||
Year
Ended December 31, 2007
|
$ | 35.4 | $ | 14.3 | $ | (37.5 | ) | $ | (2.7 | ) | $ | 9.5 | |||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
(In
millions)
|
Balance
at
Beginning
of
Year
|
Provision
Charged
to
Expense
(d)
|
Activity
Charged
to
Reserve
|
Other
(e)
|
Balance
at
End
of Year
|
||||||||||||||
|
|||||||||||||||||||
Accrued
Restructuring Costs (c)
|
|||||||||||||||||||
|
|||||||||||||||||||
Year
Ended December 31, 2009
|
$ | 20.8 | $ | 61.8 | $ | (50.8 | ) | $ | 0.4 | $ | 32.2 | ||||||||
|
|||||||||||||||||||
Year
Ended December 31, 2008
|
$ | 19.4 | $ | 37.5 | $ | (35.6 | ) | $ | (0.5 | ) | $ | 20.8 | |||||||
|
|||||||||||||||||||
Year
Ended December 31, 2007
|
$ | 19.6 | $ | 39.6 | $ | (40.4 | ) | $ | 0.6 | $ | 19.4 |
(a)
|
Includes
allowance of businesses acquired and sold during the year as described in
Note 2 and the effect of currency
translation.
|
(b)
|
Represents
reversal of accrued acquisition expenses and corresponding reduction of
goodwill or other intangible assets resulting from finalization of
restructuring plans and the effect of currency
translation.
|
(c)
|
The
nature of activity in this account is described in Note
14.
|
(d)
|
In
2009, excludes $4.5 million of non-cash costs and $5.5 million of other
income, net. In 2008, excludes $11.0 million of non-cash costs and $13.1
million of other income, net. In 2007, excludes $1.9 million of non-cash
costs, net and $0.7 million of other expenses,
net.
|
(e)
|
Represents
the effects of currency
translation.
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Thermo
Electron Australia Pty Limited
[31.56%
by Thermo BioAnalysis LLC]
|
Australia
|
68.44
|
Thermo
Informatics Asia Pacific Pty Ltd.
|
Australia
|
100
|
Thermo
Optek (Australia) Pty Ltd.
|
Australia
|
100
|
Thermo
Finnigan Australia Pty. Ltd.
|
Australia
|
100
|
Thermo
Trace Ltd.
|
Australia
|
100
|
Thermo
Fisher Scientific New Zealand Holdings
|
New
Zealand
|
100
|
Thermo
Fisher Scientific New Zealand Limited
|
New
Zealand
|
100
|
Bearcat
Acquisition Company LLC
|
Delaware
|
100
|
Thermo
Fisher Scientific Australia Pty Ltd
|
Australia
|
100
|
Promedica
Pty Limited
|
Australia
|
100
|
Technology
Design Solutions Pty Ltd
|
Australia
|
100
|
App-Tek
International Pty Ltd
|
Australia
|
100
|
EnviroEquip
Pty Ltd
|
Australia
|
100
|
Thermo
Gamma-Metrics Holdings Pty Ltd.
|
Australia
|
100
|
Thermo
Gamma-Metrics Pty Ltd
|
Australia
|
100
|
Thermo
Electron (Chile) S.A.
|
Chile
|
100
|
Thermo
Electron A/S
|
Denmark
|
100
|
Thermo
Electron Holdings SAS
[28.77% by
Thermo Electron Scientific Instruments LLC and 21.73 % by Thermo
BioAnalysis LLC]
|
France
|
49.50
|
Thermo
Electron SAS
|
France
|
100
|
Thermo
Electron LED S.A.S.
|
France
|
100
|
Jouan
Limited
|
England
|
100
|
Thermo
Electron Industries
|
France
|
100
|
SCI
du 10 rue Dugay Trouin
(2%
owned by Thermo Electron Industries)
|
France
|
98
|
Thermo
Fisher Scientific Milano Srl
(.05%
owned by Thermo Electron Industries)
|
Italy
|
99.95
|
Jouan
Robotics SAS
|
France
|
100
|
Thermo
Electron CZ a.s.
|
Czech
Republic
|
100
|
Laboratory
Management Systems, Inc.
|
Delaware
|
100
|
Fisher
Clinical Logistics LLC
|
Delaware
|
100
|
Fisher
Clinical Services Japan K.K.
|
Japan
|
100
|
Thermo
Fisher Scientific Aquasensors LLC
|
Delaware
|
100
|
Thermo
Fisher Scientific Mexico City, S. de R.L. de C.V.
(1%
by Thermo Fisher Scientific (Mexico City) LLC)
|
Mexico
|
99
|
Open
BioSystems, Inc.
|
Delaware
|
100
|
TFLP
LLC
|
Delaware
|
100
|
Cohesive
Technologies Inc.
|
Delaware
|
100
|
Cohesive
Technologies (UK) Limited
|
England
|
100
|
Thermo
Hypersil-Keystone LLC
|
Delaware
|
100
|
Thermo
Fisher Scientific Senior Financing LLC
|
Delaware
|
100
|
Thermo
Fisher GP LLC
|
Delaware
|
100
|
Thermo
Fisher Scientific C.V.
[1%
owned by TFLP LLC]
|
Netherlands
|
99
|
Oxoid
Australia Pty Ltd
[35.5%
by Oxoid International Limited]
|
Australia
|
64.5
|
TFS
Breda BV
|
Netherlands
|
100
|
Thermo
Dutch Holdings Limited Partnership
[1%
owned by Thermo Finland Holdings LLC]
|
England
|
99
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Thermo
Cayman Holdings Ltd.
[33.33%
owned by Thermo Cambridge Limited]
|
Cayman
Islands
|
66.67
|
Thermo
Fisher Investments (Cayman) Ltd.
|
Cayman
Islands
|
100
|
Thermo
Suomi Holding B.V.
[33.33
owned by Life Sciences International Holdings BV]
|
Netherlands
|
66.67
|
Thermo
Fisher (Finland Holdings 2) LLC
|
Delaware
|
100
|
Thermo
Fisher (Finland Holdings) Limited Partnership
(.5%
owned by Thermo Fisher (Finland Holdings 2) LLC)
|
England
|
99.5
|
Thermo
Fisher Scientific Oy
|
Finland
|
100
|
Thermo
Fisher India Holding B.V.
[6.13%
by Thermo Fisher Scientific Inc., .68% by Thermo Gamma-Metrics LLC and
30.74% by Thermo Fisher Scientific (Ashville) LLC ]
|
Netherlands
|
62.45
|
Thermo
Fisher Scientific India Pvt Ltd
|
India
|
100
|
Thermo
Electron India Private Limited
|
India
|
100
|
Kendro
Laboratory Products India Pvt. Ltd.
|
India
|
100
|
Thermo
Shandon Limited
|
England
|
100
|
LambTrack
Limited
[40%
by Raymond A Lamb Limited]
|
England
|
60
|
Raymond
A Lamb Limited
|
England
|
100
|
Thermo
Electron Manufacturing Limited
|
England
|
100
|
Thermo
Nicolet Limited
|
England
|
100
|
Thermo
Elemental Limited
|
England
|
100
|
Thermo
Finnigan Limited
|
England
|
100
|
Thermo
Hypersil Ltd
|
England
|
100
|
GV
Instruments Limited
|
England
|
100
|
HTX
Limited
|
England
|
100
|
Analytical
Precision Products Limited
|
England
|
100
|
GV
Instruments Inc
|
Delaware
|
100
|
GV
Instruments Canada Ltd.
|
Canada
|
100
|
JSC
“Thermo Fisher Scientific”
|
Russia
|
100
|
Labinstruments
Oy
|
Finland
|
100
|
Fisher Clinical Services Mexico,
S. de R.L. de C.V
.
[1%
by Fisher Clinical Services (Mexico) LLC]
|
Mexico
|
99
|
Fisher
Clinical Services (Mexico) LLC
|
Delaware
|
100
|
Thermo
Fisher Germany B.V.
|
Netherlands
|
100
|
NovaWave
Acquisition Corporation
|
California
|
100
|
Thermo
Fisher Re Ltd.
[20%
by Thermo Fisher Insurance Holdings Inc.]
|
Bermuda
|
80
|
Thermo
Finland Holdings LLC
|
Delaware
|
100
|
Pelican
Acquisition Corporation
|
Delaware
|
100
|
Priority
Air Holdings Corp
|
Delaware
|
100
|
Priority
Air Express, LLC
|
Delaware
|
100
|
Priority
Air Express Pte. Ltd.
|
Singapore
|
100
|
PAX
– DSI Acquisition LLC
|
Delaware
|
100
|
Distribution
Solutions International, Inc.
|
Michigan
|
100
|
Delivery
Solutions International, Inc.
|
Michigan
|
100
|
Diversified
Services International, L.L.C.
|
Michigan
|
100
|
Diversified
Solutions International, L.L.C.
|
Michigan
|
100
|
Thermo
EGS Gauging, Inc.
|
Delaware
|
100
|
EGS
Gauging Technical Services Company
|
Delaware
|
100
|
EGS
Gauging Ltd.
|
England
|
100
|
EGS
Gauging Pty Ltd
|
Australia
|
100
|
Thermo
Asset Management Services Inc.
|
Delaware
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Kendro
Laboratory Products (H.K.) Limited
|
Hong
Kong
|
100
|
Ahoy
Acquisition Corporation
|
Delaware
|
100
|
Ionalytics
Corporation
|
Canada
|
100
|
Thermo
CRS Holdings Ltd.
|
Canada
|
100
|
Thermo
CRS Ltd.
|
Canada
|
100
|
Robocon
Labor- und Industrieroboter Gesellschaft m.b.H
|
Austria
|
100
|
CRS
Robotics France EURL
|
France
|
100
|
Thermo
Electron North America LLC
|
Delaware
|
100
|
Loftus
Furnace Company
|
Pennsylvania
|
100
|
NAPCO,
Inc.
|
Connecticut
|
100
|
Fisher
Clinical Services (Colombia) LLC
|
Delaware
|
100
|
Fisher
Clinical Services Colombia S.A.S.
|
Colombia
|
100
|
Fisher
Clinical Services (Peru) LLC
|
Delaware
|
100
|
Fisher
Clinical Services Peru S.R.L
[1%
owned by Thermo Fisher Scientific Inc.]
|
Peru
|
99
|
Fisher
Servicios Clinicos (Chile) LLC
|
Delaware
|
100
|
Fisher
Servicios Clinicos Chile Ltda
[1%
owned by Thermo Fisher Scientific Inc.]
|
Chile
|
99
|
Staten
Island Cogeneration Corporation
|
New
York
|
100
|
Thermo
NITON Analyzers LLC
|
Delaware
|
100
|
Niton
Asia Limited
|
Hong
Kong
|
100
|
Thermo
Electron Export Inc.
|
Barbados
|
100
|
Thermo
Fisher Scientific (Mexico City) LLC
|
Delaware
|
100
|
Thermo
Foundation, Inc.
|
Massachusetts
|
100
|
Thermo
Fisher Financial Services Inc.
|
Delaware
|
100
|
Russell
pH Limited
|
Scotland
|
100
|
Thermo
Keytek LLC
|
Delaware
|
100
|
Thermedics
Detection de Argentina S.A.
(10%
by Thermo Ramsey Inc.)
|
Argentina
|
90
|
Fisher
Clinical Services Latin America S.R.L.
(10%
by Thermo Ramsey Inc.)
|
Argentina
|
90
|
Thermo
Detection de Mexico, S.A. de C.V.
[1%
owned by Thermo Environmental Instruments Inc.]
|
Mexico
|
99
|
Thermo
Detection Limited
|
England
|
100
|
Goring
Kerr Detection Limited
|
England
|
100
|
Goring
Kerr (NZ) Limited
|
New
Zealand
|
100
|
Thermo
Sentron Canada Inc.
(additionally,
5% of the shares are owned directly by Thermo Fisher Scientific
Inc.)
|
Canada
|
95
|
Thermo
Ramsey S.A.
|
Spain
|
100
|
Thermo
Ramsey Inc.
|
Massachusetts
|
100
|
Thermo
Fisher Scientific Brasil Instrumentos de Processo
[.01%
owned by Thermo Ramsey Inc.]
|
Brazil
|
99.99
|
Thermo
Re, Ltd.
|
Bermuda
|
100
|
Thermo
Electron (Proprietary) Limited
|
South
Africa
|
100
|
Comtest
Limited
|
England
|
100
|
Thermo
Electron Metallurgical Services, Inc.
|
Texas
|
100
|
ONIX
Systems Inc.
|
Delaware
|
100
|
Thermo
Process Instruments GP, LLC
|
Delaware
|
100
|
Thermo
Process Instruments, L.P.
(an
additional 0.1% owned by Thermo Process Instruments GP,
LLC)
|
Texas
|
99.9
|
Thermo
Measuretech Canada Inc.
|
Canada
|
100
|
Onix
Holdings Limited
|
England
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
CAC
Limited
|
England
|
100
|
Thermo
Measurement Ltd
|
England
|
100
|
H.P.L.C.
Technology Company Limited
|
England
|
100
|
Thermo
Onix Limited
|
England
|
100
|
Thermo
Electron Scientific Instruments LLC
|
Delaware
|
100
|
Thermo
Fisher Eurobonds Ltd.
|
Cayman
Islands
|
100
|
Fuji
Partnership
(19.8342%
by Thermo Fisher Scientific (Asheville) LLC)
|
Japan
|
80.1658
|
Thermo
Fisher Scientific (Mississauga) Inc.
[Thermo
Finnigan LLC owns 100 Series A Preferred shares]
|
Canada
|
100
|
Life
Sciences International Limited
|
England
|
100
|
Hybaid
Limited
|
England
|
100
|
Equibio
Limited
|
England
|
100
|
Thermo
Optek Limited
|
England
|
100
|
Thermo
Cambridge Limited
|
England
|
100
|
VG
Systems Limited
|
England
|
100
|
Thermo
Radiometrie Limited
|
England
|
100
|
Thermo
Electron Limited
|
England
|
100
|
Thermo
Electron Weighing & Inspection Limited
|
England
|
100
|
Thermo
Sentron Limited
|
England
|
100
|
Thermo
Allen Coding Limited
|
England
|
100
|
Thermo
Electron (Management Services) Limited
|
England
|
100
|
Life
Sciences International Holdings BV
|
Netherlands
|
100
|
Bioanalysis
Labsystems, S.A.
(10%
owned by Thermo Fisher Scientific B.V.)
|
Spain
|
90
|
Life
Sciences International (Poland) SP z O.O
|
Poland
|
100
|
Thermo
Fisher Scientific Spa
|
Italy
|
100
|
Thermo
Ramsey Italia S.r.l.
|
Italy
|
100
|
Thermo
Electron Polska Sp. z o.o.
(50%
owned by Thermo Electron Weighing & Inspection
Limited)
|
Poland
|
50
|
Comdata
Services Limited
|
England
|
100
|
Helmet
Securities Limited
(.01% owned
by Comdata Services Limited)
|
England
|
99.99
|
Life
Sciences International LLC
|
Delaware
|
100
|
Thermo
NESLAB Inc.
|
New
Hampshire
|
100
|
Thermo
Fisher Scientific (Asheville) LLC
|
Delaware
|
100
|
Thermo
Scientific Services, Inc.
|
California
|
100
|
Jouan
LLC
|
Delaware
|
100
|
Kendro
Laboratory Products Pty., Ltd.
|
Australia
|
100
|
Omnigene
Limited
(41.53%
owned by Thermo Electron (Management Services) Limited)
|
England
|
58.47
|
Thermo
Kevex X-Ray Inc.
|
Delaware
|
100
|
Thermo
Gamma-Metrics LLC
|
Delaware
|
100
|
ThermoSpectra
Limited
|
England
|
100
|
Thermo
Electron Sweden Forvaltning AB
|
Sweden
|
100
|
Spectra-Physics
AB
|
Sweden
|
100
|
Spectra-Physics
Holdings USA, Inc.
|
Delaware
|
100
|
Thermo
MF Physics LLC
|
Delaware
|
100
|
Spectra-Physics
Holdings Limited
|
England
|
100
|
Saroph
Sweden AB
|
Sweden
|
100
|
Thermo
Electron Sweden AB
|
Sweden
|
100
|
Thermo
Life Sciences AB
|
Sweden
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Laser
Analytical Systems, Inc.
|
California
|
100
|
Thermo
Finnigan LLC
|
Delaware
|
100
|
TMOI
Inc.
|
Delaware
|
100
|
Thermo
Fisher Scientific (China) Holding Limited
|
England
|
100
|
Thermo
Fisher Scientific (China-HK) Holding Limited
|
Hong
Kong
|
100
|
Thermo
Fisher Scientific (Shanghai) Instruments Co., Ltd.
|
China
|
100
|
Thermo
Fisher Scientific (China) Co Ltd.
|
China
|
100
|
Thermo
Fisher Scientific (Shanghai) Management Co., Ltd.
|
China
|
100
|
Thermo
Fisher Scientific (Hong Kong) Limited
|
Hong
Kong
|
100
|
Thermo
Life Science International Trading (Tianjin) Co., Ltd.
|
China
|
100
|
Thermo
Fisher Scientific K.K.
|
Japan
|
100
|
TK
Partnership (aka Silent Partnership)
(49.51%
owned by Fuji Partnership)
|
Japan
|
50.49
|
Thermo
Fisher Scientific SL
|
Spain
|
100
|
Thermo
Fisher (Cayman) Holdings I Ltd.
|
Cayman
Islands
|
100
|
Thermo
Fisher (Gibraltar) Limited
[50%
owned by Thermo Fisher (Cayman) Holdings II Ltd.]
|
Gibraltar
|
50
|
Thermo
Fisher (Gibraltar) II Limited
|
Gibraltar
|
100
|
Navaho
Acquisition Corp.
|
Delaware
|
100
|
NanoDrop
Technologies LLC
|
Delaware
|
100
|
Thermo
Fisher (Cayman) Holdings II Ltd.
|
Cayman
Islands
|
100
|
Thermo
BioAnalysis LLC
(5.1%
owned by Life Sciences International Limited and 9.4% owned by Life
Sciences International LLC)
|
Delaware
|
85.5
|
Thermo
LabSystems S.A.
|
Spain
|
100
|
Thermo
Fisher German Holdings LLC
|
Delaware
|
100
|
Thermo
Holding European Operations LLC
|
Delaware
|
100
|
Thermo
DMA Inc.
|
Texas
|
100
|
Thermo
Electron Singapore Pte Ltd
|
Singapore
|
100
|
Thermo
Shandon Inc.
|
Pennsylvania
|
100
|
Thermo
BioAnalysis Limited
|
England
|
100
|
Thermo
Fast U.K. Limited
|
England
|
100
|
Thermo
Projects Limited
|
England
|
100
|
Toolquip
International Limited
|
England
|
100
|
Labquip
International Limited
|
England
|
100
|
Thermo
LabSystems Inc.
|
Massachusetts
|
100
|
InnaPhase
Limited
|
England
|
100
|
InnaPhase,
Inc.
|
Canada
|
100
|
Thermo
Environmental Instruments Inc.
|
California
|
100
|
27
Forge Parkway LLC
|
Delaware
|
100
|
Thermo
Electron (Calgary) Limited
|
Canada
|
100
|
Thermo
Orion Inc.
|
Massachusetts
|
100
|
Thermo
Electron Puerto Rico, Inc.
|
Puerto
Rico
|
100
|
Thermo
CIDTEC Inc.
|
New
York
|
100
|
Thermo
Power Corporation
|
Massachusetts
|
100
|
ACI
Holdings Inc.
|
New
York
|
100
|
Thermo
Securities Corporation
|
Delaware
|
100
|
Thermo
Instrument Controls de Mexico, S.A. de C.V.
(2%
by Thermo Fisher Scientific Inc.)
|
Mexico
|
98
|
Thermo
Eberline LLC
(49%
owned by Thermo Fisher Scientific Inc.)
|
Delaware
|
51
|
ThermoLase
LLC
|
Delaware
|
100
|
Trex
Medical Corporation
|
Delaware
|
100
|
Thermo
Corporation
|
Delaware
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Fisher
Scientific GmbH
|
Germany
|
100
|
Fisher
Scientific, spol. S.r.o (33% owned by
individuals)
|
Czech
Republic
|
67
|
Fisher
Scientific (Austria) GmbH
|
Austria
|
100
|
Thermo
Fisher Scientific Germany BV & Co. KG
[Thermo
Fisher Germany B.V., sole general partner with 0%
ownership.]
|
Germany
|
100
|
Thermo
Luxembourg Holding S.a.r.l.
|
Luxembourg
|
100
|
Oxoid
Investments GmbH
|
Germany
|
100
|
B.R.A.H.M.S.
Holding GmbH
[5.025%
by Thermo Fisher Scientific Beteiligungsverwaltungs GmbH
|
Germany
|
94.975
|
Haydn
GmbH
|
Germany
|
100
|
Bioassays
GmbH Diagnostica-Entwicklungsgesellschaft
|
Germany
|
100
|
B.R.A.H.M.S.
Aktiengesellschaft
|
Germany
|
100
|
B.R.A.H.M.S.
InVivo Gmbh
[20%
by individuals]
|
Germany
|
80
|
B.R.A.H.M.S.
Biotech GmbH
[6%
by non-Thermo entity InVivo Biotech Services GmbH]
|
Germany
|
94
|
B.R.A.H.M.S.
Life Science GmbH
|
Germany
|
100
|
B.R.A.H.M.S.
Austria GmbH
|
Austria
|
100
|
B.R.A.H.M.S.
Italia s.r.l.
|
Italy
|
100
|
B.R.A.H.M.S.
France S.A.S
|
France
|
100
|
Quatuor
S.A
.
|
France
|
100
|
Cezanne
S.A.S.
(14.75%
by B.R.A.H.M.S. Aktiengesellschaft)
|
France
|
85.25
|
HENO
GmbH i.L.
|
Germany
|
100
|
BRAHMS
USA, Inc.
|
Delaware
|
100
|
B.R.A.H.M.S.
UK Ltd
|
England
|
100
|
B.R.A.H.M.S.
Iberia S.L.
|
Spain
|
100
|
Thermo
TLH (UK) Limited
|
England
|
100
|
Thermo
Fisher Scientific (Breda) Holding BV
|
Netherlands
|
100
|
Concept
to Volume B.V.
|
Netherlands
|
100
|
Concept
to Volume Products B.V.
|
Netherlands
|
100
|
Thermo
Fisher Scientific B.V.
|
Netherlands
|
100
|
Thermo
Optek S.A.
|
Spain
|
100
|
Thermo
Fisher Scientific Finance Company BV
|
Netherlands
|
100
|
Thermo
Fisher Scientific B.V.B.A.
(6.5%
owned by Thermo Fisher Scientific (Breda) Holding BV)
|
Belgium
|
93.5
|
Thermo
Quest S.A.
|
Spain
|
100
|
Thermo
Fisher Scientific (Delft) Holding B.V.
|
Netherlands
|
100
|
Thermo
Fisher Scientific (Delft) B.V.
|
Netherlands
|
100
|
Thermo
Luxembourg S.a.r.l.
|
Luxembourg
|
100
|
Thermo
Electron Deutschland GmbH
|
Germany
|
100
|
Thermo
Electron IT Services GmbH
|
Germany
|
100
|
Thermo
Electron GmbH
|
Germany
|
100
|
Thermo
Fisher Scientific GmbH
|
Germany
|
100
|
Thermo
Fisher Scientific (Bremen) GmbH
(10%
owned by Thermo Fisher Scientific Inc.)
|
Germany
|
90
|
La-Pha-Pack
GmbH
|
Germany
|
100
|
Thermo
Electron LED GmbH (10% owned by Thermo Fisher Scientific
Inc.)
|
Germany
|
90
|
Thermo
Electron LED GmbH
|
Austria
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Thermo
Fisher Scientific Messtechnik GmbH
(additionally
10.04% of the shares are owned directly by Thermo Fisher Scientific
Inc.)
|
Germany
|
89.96
|
Niton
Europe GmbH
|
Germany
|
100
|
Thermo
Electron (Karlsruhe) GmbH
(10%
owned by Thermo Fisher Scientific Inc.)
|
Germany
|
90
|
Thermo
Electron Pension Trust GmbH
|
Germany
|
100
|
Thermo
TLH L.P.
(additionally
0.01% is owned by Thermo TLH (U.K.) Limited
|
Delaware
|
99.99
|
Gerhard
Menzel GmbH
(3.85%
owned by Erie Electroverre S.A.)
|
Germany
|
96.15
|
Microm
International GmbH
|
Germany
|
100
|
Microm
International AG
|
Switzerland
|
100
|
Oxoid
Deutschland GmbH
|
Germany
|
100
|
Lancaster
Laboratories, Inc.
|
Minnesota
|
100
|
Microgenics
GmbH
|
Germany
|
100
|
ILS
Laboratories Scandinavia, AB
|
Sweden
|
100
|
Microgenics
SAS
|
France
|
100
|
Fisher
Scientific International Inc.
|
Delaware
|
100
|
Alchematrix,
Inc.
|
Delaware
|
100
|
Fisher
Internet Minority Holdings L.L.C.
|
Delaware
|
100
|
Alchematrix
LLC
|
Delaware
|
100
|
Apogent
Technologies Inc.
|
Wisconsin
|
100
|
Fisher
Luxembourg Danish Holdings SARL
|
Luxembourg
|
100
|
Fisher
Holdings ApS
|
Denmark
|
100
|
Apogent
Denmark ApS
|
Denmark
|
100
|
Fisher
BioImage ApS
|
Denmark
|
100
|
Nunc
A/S
|
Denmark
|
100
|
Apogent
Holding Company
|
Delaware
|
100
|
Matrix
Technologies LLC
|
Delaware
|
100
|
Molecular
BioProducts Inc.
|
California
|
100
|
Labomex
MBP, S. de R. L. De C.V.
(.033%
owned by Apogent Technologies Inc.)
|
Mexico
|
99.96
|
Quality
Scientific Plastics, Inc.
|
Delaware
|
100
|
National
Scientific Company
|
Wisconsin
|
100
|
Lab-Chrom-Pack
LLC
|
New
York
|
100
|
Robbins
Scientific Corporation
|
California
|
100
|
Apogent
Transition Corp.
|
Delaware
|
100
|
Barnstead
Thermolyne Corporation
|
Delaware
|
100
|
Lab-Line
Instruments, Inc.
|
Delaware
|
100
|
Erie
Scientific LLC
|
Delaware
|
100
|
Thermo
Fisher Scientific Switzerland Holdings C.V.
[.01%
by Apogent Technologies Inc.]
|
Netherlands
|
99.99
|
SwissAnalytic
Group GmbH
|
Switzerland
|
100
|
Thermo
Fisher Scientific (Ecublens) SARL
|
Switzerland
|
100
|
Thermo
Fisher Scientific Europe GmbH
|
Switzerland
|
100
|
Erie
Electroverre S.A.
|
Switzerland
|
100
|
Thermo
Fisher Scientific (Zurich) AG
|
Switzerland
|
100
|
Kendro
Laboratory Products plc
|
England
|
100
|
Kendro
Containment & Services Limited
|
England
|
100
|
Thermo
Fisher Scientific (Johannesburg) (Proprietary) Limited
|
South
Africa
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Flux
Instruments AG
|
Switzerland
|
100
|
Thermo
Fisher Scientific (Schweiz) AG
|
Switzerland
|
100
|
Thermo
Fisher Scientific Wissenschaftliche Geräte GmbH
|
Austria
|
100
|
Thermo
Fisher Scientific (Praha) s.r.o.
|
Czech
Republic
|
100
|
Thermo
Fisher Scientific (Bratislava) s.r.o.
|
Slovak
Republic
|
100
|
Metavac
LLC
|
Delaware
|
100
|
Abgene
Inc.
|
Delaware
|
100
|
Apogent
Finance Company
|
Delaware
|
100
|
Capitol
Vial, Inc.
|
Alabama
|
100
|
Capitol
Scientific Products, Inc.
|
New
York
|
100
|
Chase
Scientific Glass, Inc.
[50%
owned by Apogent Holding Company]
|
Wisconsin
|
50
|
EP
Scientific Products LLC
|
Delaware
|
100
|
Erie
Scientific Company of Puerto Rico
|
Delaware
|
100
|
Erie
Scientific Hungary Kft
|
Hungary
|
100
|
Erie
UK Holding Company
|
Delaware
|
100
|
Erie
LP Holding LLC
|
Delaware
|
100
|
Fisher
Scientific Investments (Cayman), Ltd.
|
Cayman
Islands
|
100
|
Erie
U.K. Limited
|
England
|
100
|
Erie
UK Senior Holding Limited
[1.01%
by Erie LP Holding LLC]
|
England
|
98.99
|
Erie
UK 1
Limited
|
England
|
100
|
Erie
UK 2 Limited
|
England
|
100
|
Thermo
BioSciences Holdings LLC
|
Delaware
|
100
|
Hyclone
Laboratories, Inc.
|
Utah
|
100
|
STC
Biomanufacturing, Inc.
|
Illinois
|
100
|
HyClone
International Trade (Tianjin) Co., Ltd
|
China
|
100
|
National
HyClone (Lanzhou) Bio-engineering Co., Ltd.
[49%
by Northwest Minorities Univ. , a non-Thermo company]
|
China
|
51
|
Pierce
Biotechnology, Inc.
|
Delaware
|
100
|
Perbio
Science, Inc.
|
Delaware
|
100
|
Pierce
Milwaukee, Inc.
|
Delaware
|
100
|
Pierce
Milwaukee Holding Corp.
|
Delaware
|
100
|
Thermo
Fisher Scientific (Milwaukee) LLC
(1%
owned by Pierce Milwaukee, Inc.)
|
Delaware
|
99
|
Advanced
Biotechnologies Limited
|
England
|
100
|
Abgene
Limited
|
England
|
100
|
Apogent
U.K. Limited
|
England
|
100
|
Electrothermal
Engineering Limited
|
England
|
100
|
Matrix
Technologies Corporation Limited
|
England
|
100
|
Nalge
(Europe) Limited
|
England
|
100
|
Chromacol
Limited
|
England
|
100
|
Epsom
Glass Industries Limited
|
England
|
100
|
Peek
Measurement Limited
|
England
|
100
|
Remel
Europe Limited
|
England
|
100
|
Erie-Watala
Glass Company Limited (50% voting; 100% non voting)
|
Hong
Kong
|
100
|
Ever
Ready Thermometer Co., Inc.
|
Wisconsin
|
100
|
Fisher
Asia Manufacturing Ventures Inc.
[20%
owned by non-Thermo entity]
|
British
Virgin Islands
|
80
|
Fisher
Laboratory Products Manufacturing (Shanghai) Co., Ltd
|
China
|
100
|
Microgenics
Corporation
|
Delaware
|
100
|
Consolidated
Technologies, Inc.
|
Wisconsin
|
100
|
Microgenics
Diagnostics Pty Limited
|
Australia
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Remel
Inc.
|
Wisconsin
|
100
|
Separation
Technology, Inc.
|
Delaware
|
100
|
Richard
-Allan Scientific Company
|
Wisconsin
|
100
|
Lab
Vision Corporation
|
California
|
100
|
Lab
Vision (UK) Limited
(0.05%
by Erie U.K. Limited)
|
England
|
99.95
|
Neomarkers,
Inc.
|
California
|
100
|
Microm
Laborgerate SL
|
Spain
|
100
|
Samco
Scientific LLC
|
Delaware
|
100
|
Samco
Scientific (Monterrey) LLC
|
Delaware
|
100
|
Seradyn
Inc.
|
Delaware
|
100
|
Nalge
Nunc International Corporation
|
Delaware
|
100
|
Thermo
Fisher Scientific (Monterrey), S. De R.L. De C.V.
[1%
owned by Nalge Nunc International (Monterrey) LLC]
|
Mexico
|
99
|
236
Perinton Parkway, LLC
|
New
York
|
100
|
ARG
Services LLC
|
Delaware
|
100
|
Owl
Separation Systems LLC
|
Wisconsin
|
100
|
PTCH,
LLC
|
Delaware
|
100
|
Nalge
Nunc International (Monterrey) LLC
|
Delaware
|
100
|
Applied
Scientific Corporation
|
California
|
100
|
ADI
Holding Company, Inc.
|
Delaware
|
100
|
Athena
Diagnostics, Inc.
|
Delaware
|
100
|
NERL
Diagnostics LLC
|
Wisconsin
|
100
|
Cellomics,
Inc.
|
Delaware
|
100
|
Fisher
BioSciences Japan, KK
|
Japan
|
100
|
CTPS
Company
|
Delaware
|
100
|
Clintrak
Pharmaceutical Services, LLC
|
Delaware
|
100
|
Fisher
Clinical Services (Bristol), LLC
|
Delaware
|
100
|
Clintrak
Clinical Labeling Services, LLC
|
Delaware
|
100
|
Fisher
Clinical Services GmbH
|
Germany
|
100
|
Columbia
Diagnostics, Inc.
|
Delaware
|
100
|
Drakeside
Real Estate Holding Company LLC
|
Delaware
|
100
|
Duke
Scientific Corporation
|
California
|
100
|
Fisher
Clinical Services Inc.
|
Pennsylvania
|
100
|
Thermo
Fisher Scientific Brasil Serviços de Logística Ltda
[1%
by Fisher BioServices Inc.]
|
Brazil
|
99
|
Cole-Parmer
Instrument Company
|
Illinois
|
100
|
Cole-Parmer
Instrument Company Limited
|
England
|
100
|
Eutech
Instruments Pte Ltd.
|
Singapore
|
100
|
Eutech
Instruments Europe B.V.
|
Netherlands
|
100
|
Eutech
Instruments Sdn Bhd
|
Malaysia
|
100
|
Dharmacon,
Inc.
|
Delaware
|
100
|
Fisher
BioServices Inc.
|
Virginia
|
100
|
Southern
Trials (Pty) Ltd.
|
South
Africa
|
100
|
Schantz
Road LLC
|
Pennsylvania
|
100
|
Specialty
(SMI) Inc.
|
California
|
100
|
Fisher
Germany Holdings GmbH
|
Germany
|
100
|
Fisher
Hamilton China Inc.
|
Delaware
|
100
|
Fisher
Hamilton L.L.C.
|
Delaware
|
100
|
Epoxyn
Products L.L.C.
|
Delaware
|
100
|
Systems
Manufacturing Corporation
|
Delaware
|
100
|
Fisher
Manufacturing (Malaysia) Sdn Bhd
|
Malaysia
|
100
|
Fisher
Scientific Brazil Inc.
|
Delaware
|
100
|
Fisher
Scientific Central America Inc.
|
Delaware
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Fisher
Scientific Chile Inc.
|
Delaware
|
100
|
Consultores
Fisher Scientific Chile Ltd
(50%
owned by Fisher Scientific Worldwide Inc.)
|
Chile
|
50
|
Fisher
Scientific Colombia Inc.
|
Delaware
|
100
|
Fisher
Scientific Company L.L.C.
|
Delaware
|
100
|
Biochemical
Sciences LLC
|
Delaware
|
100
|
Fisher
Scientific de Mexico S.A.
|
Mexico
|
100
|
Medical
Analysis Systems, Inc.
|
Delaware
|
100
|
Medical
Analysis Systems International, Inc.
|
California
|
100
|
Medical
Diagnostics Systems, Inc.
|
California
|
100
|
United
Diagnostics, Inc.
|
Delaware
|
100
|
Fisher
Scientific Latin America Inc.
|
Delaware
|
100
|
Fisher
Scientific Mexico Inc.
|
Delaware
|
100
|
FHML
S. de R.L. de C.V.
(.01%
Fisher Hamilton Mexico LLC)
|
Mexico
|
99.99
|
FS
Mexicana Holdings LLC
(.01%
owned by Fisher Scientific Mexicana, S. de R.L. de C.V)
|
Delaware
|
99.99
|
Fisher
Alder S. de R.L. de C.V.
(.0020%
owned by Fisher Hamilton L.L.C.)
|
Mexico
|
99.998
|
Fisher
Hamilton S. De R.L. de C.V.
(.01%
owned by Fisher Hamilton Mexico LLC)
|
Mexico
|
99.99
|
Fisher
Hamilton Mexico LLC
|
Delaware
|
100
|
Fisher
Scientific Mexicana, S. de R.L. de C.V.
(.01%
owned by Fisher Scientific Worldwide Inc.)
|
Mexico
|
99.9
|
FS
Casa Rocas Holdings LLC
(.01%
owned by Fisher Mexico, S. de R.L. de C.V)
|
Delaware
|
99.99
|
Fisher
Mexico, S. de R.L. de C.V.
(.0000269%
FS Casa Rocas Holdings LLC
|
Mexico
|
99.9999731
|
Fisher
Scientific Middle East and Africa Inc.
|
Delaware
|
100
|
Fisher
Scientific Operating Company
|
Delaware
|
100
|
Fisher
Scientific Venezuela Inc.
|
Delaware
|
100
|
Fisher
Scientific Worldwide (Shanghai) Co., Ltd.
|
China
|
100
|
Fisher
Worldwide Distribution SPV
|
Cayman
Islands
|
100
|
Fisher
Worldwide Gene Distribution SPV
|
Cayman
Islands
|
100
|
FRC
Holding Inc., V
|
Delaware
|
100
|
FS
(Barbados) Capital Holdings Ltd.
|
Barbados
|
100
|
Golden
West Indemnity Company Limited
|
Bermuda
|
100
|
Liberty
Lane Real Estate Holding Company LLC
|
Delaware
|
100
|
New
FS Holdings Inc.
|
Delaware
|
100
|
Hangar
215, Inc.
|
Delaware
|
100
|
Thermo
Fisher Scientific Pte. Ltd.
|
Singapore
|
100
|
Scientific
Products (Shanghai) Pte. Ltd.
|
China
|
100
|
Scientific
Products (India) Private Limited
(.01%
owned by Fisher Scientific Company L.L.C.)
|
India
|
99.99
|
Union
Lab Supplies Limited
|
Hong
Kong
|
100
|
Fisher
Scientific Worldwide Inc.
|
Delaware
|
100
|
FSIR
Holdings (US) LLC
|
Delaware
|
100
|
FSIR
Holdings (UK) Limited
|
England
|
100
|
FSWH
Company LLC
|
Delaware
|
100
|
FSI
Receivables Company LLC
|
Delaware
|
100
|
Fisher
Bermuda Holdings Limited
|
Bermuda
|
100
|
Fisher
Holdings Luxembourg SARL
|
Luxembourg
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Fisher
Scientific Worldwide Holdings I C.V.
(5%
owned by Fisher Scientific Worldwide Inc.)
|
Netherlands
|
95
|
FSII
Sweden Holdings I AB
|
Sweden
|
100
|
FSII
Sweden Holdings AB
|
Sweden
|
100
|
Perbio
Science AB
|
Sweden
|
100
|
Hyclone
AB
|
Sweden
|
100
|
Perbio
Science (Australia) Pty. Limited
|
Australia
|
100
|
Perbio
Science France SAS
|
France
|
100
|
Perbio
Science Hong Kong Limited
(.01%
owned by Hyclone AB)
|
Hong
Kong
|
99.99
|
Perbio
Science Sweden Holdings AB
|
Sweden
|
100
|
Fisher
Scientific GTF AB
|
Sweden
|
100
|
Fisher
Scientific Biotech Line A/S
|
Denmark
|
100
|
Hyclone
UK Limited
|
England
|
100
|
Perbio
Science UK Limited
|
England
|
100
|
Perbio
Science Invest AB
|
Sweden
|
100
|
Perbio
Science Nederland B.V.
|
Netherlands
|
100
|
Perbio
Science Projekt AB
|
Sweden
|
100
|
Perbio
Science Switzerland SA
(.3%
owned by individuals)
|
Switzerland
|
99.7
|
Fisher
Scientific Holding HK Limited
(.01%
owned by Fisher Scientific Holding Company LLC
|
Hong
Kong
|
99.99
|
Fisher
Scientific (Hong Kong) Limited
|
Hong
Kong
|
100
|
Guangzhou
Fisher Scientific Company Limited
|
China
|
100
|
FSWH
II C.V.
(.03%
owned by Fisher WWD Holding L.L.C., .5% owned by Fisher Clinical Services
Inc.)
|
Netherlands
|
99.47
|
Thermo
Fisher Senior Canada Holdings LLC
|
Delaware
|
100
|
Thermo
Fisher Insurance Holdings Inc.
|
Delaware
|
100
|
Thermo
Fisher Insurance Holdings LLC
|
Delaware
|
100
|
Biomedia
Laboratories Sdn. Bhd.
|
Malaysia
|
100
|
Bloxwich
Pte Ltd
|
Singapore
|
100
|
Perbio
Science BVBA
|
Belgium
|
100
|
Fisher
Canada Holding ULC 1
|
Canada
|
100
|
Fisher
Canada Holding ULC 2
|
Canada
|
100
|
Fisher
CLP Holding Limited Partnership
(1.6%
owned by Fisher Canada Holding ULC 2)
|
Canada
|
98.4
|
Thermo
Fisher Scientific Beteiligungsverwaltungs GmbH
|
Germany
|
100
|
Fiberlite
Centrifuge LLC
|
Delaware
|
100
|
Fisher
Canada Limited Partnership
(1.14%
owned by Fisher Canada Holding ULC 2)
|
Canada
|
98.86
|
Fisher
Scientific Company
|
Canada
|
100
|
Thermo
Fisher International Holdings LLC
|
Delaware
|
100
|
Fisher
(Barbados) Holding SRL
|
Barbados
|
100
|
Cole-Parmer
Canada Company
|
Canada
|
100
|
Diagnostix
Ltd.
|
Canada
|
100
|
Fisher
Scientific Oxoid Holdings Ltd.
|
England
|
100
|
Oxoid
Company
|
Canada
|
100
|
Fisher
Scientific Luxembourg S.a.r.l.
|
Luxembourg
|
100
|
Perbio
Science International Netherlands B.V.
|
Netherlands
|
100
|
Perbio
Science (Canada) Company
|
Canada
|
100
|
Fisher
Scientific UK Holding Company Limited
|
England
|
100
|
Fisher
Scientific Oy
|
Finland
|
100
|
Fisher
Scientific Norway AS
|
Norway
|
100
|
Fisher
Scientific A/S
|
Norway
|
100
|
European
Laboratory Holdings Limited
|
Ireland
|
100
|
Microchem
Laboratories (Ireland) Limited
|
Ireland
|
100
|
Geoghegan
Technologies Limited
|
Ireland
|
100
|
Doublecape
Holding Limited
|
England
|
100
|
I.Q.
(BIO) Limited
|
England
|
100
|
Oxoid
(ELY) Limited
|
England
|
100
|
Doublecape
Limited
|
England
|
100
|
Fisher
Scientific Ireland Limited
|
Ireland
|
100
|
Fisher
Scientific Holding U.K., Limited
|
England
|
100
|
Fisher
Scientific U.K., Limited
|
England
|
100
|
Orme
Scientific Limited
|
England
|
100
|
FSUK
Holdings Limited
|
England
|
100
|
Fisher
Scientific UK Holding Company 2
|
England
|
100
|
Fisher
Clinical Services U.K. Limited
|
England
|
100
|
Fisher
Clinical Services Pte Ltd.
|
Singapore
|
100
|
Fisher
Clinical Services (Beijing) Co., Ltd.
|
China
|
100
|
Fisher
Scientific Europe Holdings B.V.
|
Netherlands
|
100
|
Fisher
Scientific The Hague III B.V.
|
Netherlands
|
100
|
Fisher
Scientific of the Netherlands B.V.
|
Netherlands
|
100
|
Fisher
Emergo B.V.
|
Netherlands
|
100
|
Labo-Tech
B.V.
|
Netherlands
|
100
|
Fisher
Scientific The Hague II B.V.
|
Netherlands
|
100
|
Fisher
Scientific The Hague I B.V.
|
Netherlands
|
100
|
Fisher
Scientific Jersey Island Limited
|
Jersey
|
100
|
Fisher
Maybridge Holdings Limited
|
England
|
100
|
Maybridge
Chemical Holdings Limited
|
England
|
100
|
Maybridge
Limited
|
England
|
100
|
Maybridge
Chemical Company Limited
|
England
|
100
|
Fisher
Scientific The Hague IV B.V.
|
Netherlands
|
100
|
Acros
Organics B.V.B.A.
(.01%
owned by Fisher Scientific The Hague II B.V. .01% owned by Fisher Chimica
BVBA)
|
Belgium
|
99.98
|
Fisher
Scientific AG
(17.55%
owned by Fisher Scientific S.A.S.)
|
Switzerland
|
82.45
|
Ecochem
N.V.
(.01%
owned by Acros Organics BVBA)
|
Belgium
|
99.99
|
Fisher
Chimica BVBA
(.01%
owned by Fisher Scientific The Hague II B.V.)
|
Belgium
|
99.99
|
Fisher
Scientific The Hague V B.V.
|
Netherlands
|
100
|
Fisher
Scientific Ireland Holding
(1%
owned by Fisher Scientific Europe Holdings B.V.)
|
Ireland
|
99
|
Fisher
Clinical Services GmbH
|
Switzerland
|
100
|
Fisher
BioPharma Services (India) Private Limited (1.32% owned by Fisher Clinical
Services U.K. Limited)
|
India
|
98.68
|
Fisher
Scientific Ireland Investments
(1%
owned by Fisher Scientific Europe Holdings B.V.)
|
Ireland
|
99
|
Fisher
Bioblock Holding II SNC
(.01%
owned by Fisher Scientific The Hague II BV)
|
France
|
99.99
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Fisher
Scientific S.A.S.
|
France
|
100
|
Avantec
Sarl (11% owned by individuals)
|
France
|
89
|
Fisher
Bioblock Scientific SPRL
(.1% owned by
Fisher Bioblock Holding
II
SNC)
|
Belgium
|
99.90
|
Novodirect
GmbH
|
Germany
|
100
|
SCI
Inno 92
|
France
|
100
|
Fisher
Scientific, S.L.
|
Spain
|
100
|
FSG-Produção
E Comercialização De Produtos De Biotecnologia, Unipessoal, Lda.
(“FSG”)
|
Portugal
|
100
|
Afora,
S.A.U.
|
Spain
|
100
|
Bonsai
Technologies Group, S.A.
|
Spain
|
100
|
Bonsai
Tecnologies - Sistemas para Biotecnología e Industria, Unipessoal
Lda
|
Portugal
|
100
|
Oxoid
Holding SAS
|
France
|
100
|
Oxoid
SAS
|
France
|
100
|
Oxoid
Senior Holdings Limited
|
England
|
100
|
Oxoid
UKH LLC
|
Delaware
|
100
|
Oxoid
2000 Limited
|
England
|
100
|
Oxoid
Holdings Limited
|
England
|
100
|
Oxoid
International Limited
|
England
|
100
|
Oxoid
CZ s.r.o.
|
Czech
Republic
|
100
|
Oxoid
A/S
|
Denmark
|
100
|
Oxoid
AS
|
Norway
|
100
|
Oxoid
AB
|
Sweden
|
100
|
Oxoid
AG
|
Switzerland
|
100
|
Oxoid
Brazil LTDA
(.01%
owned by Oxoid Limited (UK))
|
Brazil
|
99.99
|
Oxoid
BV
|
Netherlands
|
100
|
Oxoid
Inc.
|
Delaware
|
100
|
Oxoid
New Zealand Limited
|
New
Zealand
|
100
|
Oxoid
N.V.
(.01%
owned by Oxoid Limited (UK))
|
Belgium
|
99.99
|
Oxoid
SA
|
Spain
|
100
|
Oxoid
S.p.A
|
Italy
|
100
|
Oxoid
Limited
|
England
|
100
|
G
& M Procter Limited
|
Scotland
|
100
|
Oxoid
Limited
|
Ireland
|
100
|
Oxoid
Pension Trustees Limited
|
England
|
100
|
Fisher
Scientific Japan, Ltd.
|
Japan
|
100
|
Fisher
Scientific Korea Ltd
|
Korea
|
100
|
Fisher
WWD Holdings L.L.C.
|
Delaware
|
100
|
Kyle
Jordan Investments Inc.
|
Delaware
|
100
|
Pacific
Rim Far East Industries, Inc.
|
Delaware
|
100
|
Pacific
Rim Investment, Inc.
|
Delaware
|
100
|
Liberty
Lane Investment Company
|
Delaware
|
100
|
Fisher
Scientific Holding Company LLC
|
Delaware
|
100
|
Fisher
Scientific Holdings (M) Sdn Bhd
|
Malaysia
|
100
|
NAME
|
STATE
OR JURISDICTION OF INCORPORATION
|
PERCENT
OF OWNERSHIP
|
Bumi-Sans
Sendirian Berhad
|
Malaysia
|
100
|
Fisher
Scientific (M) Sdn Bhd
(10%
owned by General Scientific Company Sdn Bhd (M))
|
Malaysia
|
90
|
General
Scientific Company Sdn Bhd (M)
(14%
owned by Pacific Rim Investment, Inc.)
|
Malaysia
|
86
|
Fisher
CW Medical (M) Sdn Bhd
|
Malaysia
|
100
|
Fisher
Scientific Consultancy Sdn Bhd
|
Malaysia
|
100
|
Fisher
Scientific Holdings (S) Pte Ltd
|
Singapore
|
100
|
Fisher
Scientific Pte. Ltd.
(16.57%
owned by Fisher Scientific International Inc.)
|
Singapore
|
83.43
|
Fisher
Scientific (SEA) Pte. Ltd.
|
Singapore
|
100
|
Fisher
Scientific Austraila Pty Limited
|
Australia
|
100
|
Fisher
Genetics Asia Pte. Ltd.
(10%
owned by Fisher Scientific Pte. Ltd.)
|
Singapore
|
90
|
Marketbase
International Limited
|
Hong
Kong
|
100
|
Thermo-Fisher
Biochemical Product (Beijing) Co.,Ltd.
|
China
|
100
|
1.
|
I
have reviewed this Annual Report on Form 10-K of Thermo Fisher Scientific
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
a)
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
|
b)
|
Designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c)
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d)
|
Disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent
functions):
|
a)
|
All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b)
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
/s/
Marc N. Casper
|
|
Marc
N. Casper
President
and Chief Executive Officer
|
1.
|
I
have reviewed this Annual Report on Form 10-K of Thermo Fisher Scientific
Inc.;
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
a)
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
|
b)
|
Designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting
principles;
|
c)
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation;
and
|
d)
|
Disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial
reporting; and
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent
functions):
|
a)
|
All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information;
and
|
b)
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
/s/
Peter M. Wilver
|
|
Peter
M. Wilver
Senior
Vice President and Chief Financial
Officer
|
/s/
Marc N. Casper
|
|
Marc
N. Casper
President
and Chief Executive Officer
|
/s/
Peter M. Wilver
|
|
Peter
M. Wilver
Senior
Vice President and Chief Financial
Officer
|