x
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2010 or
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
04-2209186
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(State of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
81 Wyman Street
|
|
Waltham, Massachusetts
|
02451
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(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on which registered
|
|||
Common Stock, $1.00 par value
|
New York Stock Exchange
|
|||
Preferred Stock Purchase Rights
|
New York Stock Exchange
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Page
|
||
PART I
|
||
Item 1.
|
3
|
|
Item 1A.
|
23
|
|
Item 1B.
|
28
|
|
Item 2.
|
29
|
|
Item 3.
|
30
|
|
Item 4.
|
30
|
|
PART II
|
||
Item 5.
|
31
|
|
Item 6.
|
33
|
|
Item 7.
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34
|
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Item 7A.
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52
|
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Item 8.
|
53
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Item 9.
|
53
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Item 9A.
|
53
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|
Item 9B.
|
54
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|
PART III
|
||
Item 10.
|
55
|
|
Item 11.
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55
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|
Item 12.
|
55
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Item 13.
|
55
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Item 14.
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55
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PART IV
|
||
Item 15.
|
56
|
·
|
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, anatomical pathology, 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 scientific research, healthcare, 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.
|
(In millions)
|
2010
|
2009
|
|||||
Analytical Technologies
|
$ | 925.2 | $ | 857.0 | |||
Laboratory Products and Services
|
488.2 | 480.8 | |||||
$ | 1,413.4 | $ | 1,337.8 |
·
|
technical performance and advances in technology that result in new products and improved price/performance ratios;
|
·
|
product differentiation, availability and reliability;
|
·
|
the depth of our capabilities;
|
·
|
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
|
42
|
President and Chief Executive Officer (2001)
|
|||
Kenneth Berger
|
48
|
Senior Vice President (2010)
|
|||
Gregory J. Herrema
|
45
|
Senior Vice President (2008)
|
|||
Seth H. Hoogasian
|
56
|
Senior Vice President, General Counsel and Secretary (2001)
|
|||
Alan J. Malus
|
51
|
Senior Vice President (2006)
|
|||
Edward A. Pesicka
|
43
|
Senior Vice President (2008)
|
|||
Peter M. Wilver
|
51
|
Senior Vice President and Chief Financial Officer (2003)
|
|||
Peter E. Hornstra
|
51
|
Vice President and Chief Accounting Officer (2001)
|
|
•
|
strengthening our presence in selected geographic markets;
|
|
•
|
allocating research and development funding to products with higher growth prospects;
|
|
•
|
developing new applications for our technologies;
|
|
•
|
expanding our service offerings;
|
|
•
|
continuing key customer initiatives;
|
|
•
|
combining sales and marketing operations in appropriate markets to compete more effectively;
|
|
•
|
finding new markets for our products; 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 depth in product offerings.
|
Item 1A.
|
Risk Factors (continued)
|
|
•
|
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.
|
Item 1A.
|
Risk Factors (continued)
|
Item 1A.
|
Risk Factors (continued)
|
Item 1A.
|
Risk Factors (continued)
|
Item 1A.
|
Risk Factors (continued)
|
2010
|
2009
|
||||||||||||
High
|
Low
|
High
|
Low
|
||||||||||
First Quarter
|
$ | 52.94 | $ | 45.37 | $ | 40.34 | $ | 32.02 | |||||
Second Quarter
|
57.40 | 47.21 | 42.47 | 30.83 | |||||||||
Third Quarter
|
51.36 | 41.74 | 47.74 | 37.50 | |||||||||
Fourth Quarter
|
56.25 | 47.17 | 49.70 | 42.86 |
Item 5.
|
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (continued)
|
Period
|
Total
Number of
Shares
Purchased
|
Average
Price Paid
per Share
|
Total
Number of
Shares
Purchased as
Part of
Publicly
Announced
Plans or
Programs (1)
|
Maximum
Dollar Amount
of Shares That
May Yet Be
Purchased Under
the Plans or
Programs (1)
(in millions)
|
|||||
Fiscal October (Oct. 3 – Nov. 6)
|
3,470,100
|
$
|
49.49
|
3,470,100
|
$ 665.8 | ||||
Fiscal November (Nov. 7 – Dec. 4)
|
2,342,820
|
51.51
|
2,342,820
|
545.1 | |||||
Fiscal December (Dec. 5 – Dec. 31)
|
1,072,135
|
53.70
|
1,072,135
|
487.5 | |||||
Total Fourth Quarter
|
6,885,055
|
$
|
50.83 |
6,885,055
|
$ 487.5 |
(a)
|
Reflects a $79.4 million pre-tax charge for restructuring and other costs; an after-tax gain of $2.5 million related to the company’s discontinued operations; and the
repurchase of $1.01 billion of the company’s common stock.
|
(b)
|
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.
|
(c)
|
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.
|
(d)
|
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.
|
(e)
|
Reflects completion of the merger with Fisher on November 9, 2006. 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.
|
(Dollars in millions)
|
2010
|
2009
|
||||||||
Revenues
|
||||||||||
Analytical Technologies
|
$
|
4,611.8
|
42.7%
|
$
|
4,153.9
|
41.1%
|
||||
Laboratory Products and Services
|
6,693.0
|
62.0%
|
6,426.6
|
63.6%
|
||||||
Eliminations
|
(516.1)
|
(4.7)%
|
(470.8)
|
(4.7)%
|
||||||
$
|
10,788.7
|
100%
|
$
|
10,109.7
|
100%
|
·
|
Fermentas, a manufacturer and global distributor of enzymes, reagents and kits for molecular and cellular biology research, was acquired in July 2010 to expand the company’s ability to provide complete workflows for genomics research.
|
·
|
Finnzymes, a provider of integrated tools for molecular biology analysis, including reagents, instruments, consumables and kits, was acquired in March 2010 to expand the company’s portfolio of reagents and other consumables for the molecular biology research and diagnostics markets.
|
·
|
Ahura Scientific, a provider of handheld spectroscopy instruments that are used worldwide in the identification of chemicals for safety, security and pharmaceutical applications, was acquired in February 2010 to expand the company’s portfolio of portable analytical devices.
|
·
|
B.R.A.H.M.S. AG, a leading provider of specialty diagnostic tests based on patented biomarkers for sepsis, cardiovascular and pulmonary diseases, as well as intensive care treatments and prenatal screening, was acquired in October 2009 to increase the breadth of the company’s specialty diagnostics portfolio and provide a significant reagent manufacturing center in Europe.
|
·
|
Biolab, an Australia-based provider of analytical instruments, life science consumables and laboratory equipment, was acquired in April 2009 to broaden the geographic reach of the company’s customer channels.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Overview of Results of Operations and Liquidity (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Overview of Results of Operations and Liquidity (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Critical Accounting Policies and Estimates (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Critical Accounting Policies and Estimates (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Critical Accounting Policies and Estimates (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Critical Accounting Policies and Estimates (continued)
|
Total
|
Currency
|
Acquisitions/
|
|||||||||||||||||
(In millions)
|
2010
|
2009
|
Change
|
Translation
|
Divestitures
|
Operations
|
|||||||||||||
Revenues
|
|||||||||||||||||||
Analytical Technologies
|
$ | 4,611.8 | $ | 4,153.9 | $ | 457.9 | $ | (21.0 | ) | $ | 232.0 | $ | 246.9 | ||||||
Laboratory Products
and Services
|
6,693.0 | 6,426.6 | 266.4 | — | 34.0 | 232.4 | |||||||||||||
Eliminations
|
(516.1 | ) | (470.8 | ) | (45.3 | ) | 1.0 | — | (46.3 | ) | |||||||||
Consolidated Revenues
|
$ | 10,788.7 | $ | 10,109.7 | $ | 679.0 | $ | (20.0 | ) | $ | 266.0 | $ | 433.0 |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
(Dollars in millions)
|
2010
|
2009
|
Change
|
||||||
Revenues
|
|||||||||
Analytical Technologies
|
$ | 4,611.8 | $ | 4,153.9 | 11% | ||||
Laboratory Products and Services
|
6,693.0 | 6,426.6 | 4% | ||||||
Eliminations
|
(516.1 | ) | (470.8 | ) | 10% | ||||
Consolidated Revenues
|
$ | 10,788.7 | $ | 10,109.7 | 7% | ||||
Segment Income
|
|||||||||
Analytical Technologies
|
$ | 984.2 | $ | 837.3 | 18% | ||||
Laboratory Products and Services
|
931.8 | 877.6 | 6% | ||||||
Subtotal Reportable Segments
|
1,916.0 | 1,714.9 | 12% | ||||||
Cost of Revenues Charges
|
(16.0 | ) | (6.7 | ) | |||||
Selling, General and Administrative Charges, Net
|
(3.0 | ) | (1.5 | ) | |||||
Restructuring and Other Costs, Net
|
(60.4 | ) | (60.8 | ) | |||||
Amortization of Acquisition-related Intangible Assets
|
(571.7 | ) | (597.0 | ) | |||||
Consolidated Operating Income
|
$ | 1,264.9 | $ | 1,048.9 | 21% | ||||
Reportable Segments Operating Income Margin
|
17.8% | 17.0% | |||||||
Consolidated Operating Income Margin
|
11.7% | 10.4% |
(Dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Revenues
|
$ | 4,611.8 | $ | 4,153.9 | 11% | |||||
Operating Income Margin
|
21.3% | 20.2% | 1.1 |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
(Dollars in millions)
|
2010
|
2009
|
Change
|
||||||
Revenues
|
$ | 6,693.0 | $ | 6,426.6 | 4% | ||||
Operating Income Margin
|
13.9% | 13.7% | 0.2 |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
Total
|
Currency
|
Acquisitions/
|
|||||||||||||||||
(In millions)
|
2009
|
2008
|
Change
|
Translation
|
Divestitures
|
Operations
|
|||||||||||||
Revenues
|
|||||||||||||||||||
Analytical Technologies
|
$ | 4,153.9 | $ | 4,468.6 | $ | (314.7 | ) | $ | (92.2 | ) | $ | 43.8 | $ | (266.3 | ) | ||||
Laboratory Products
and Services
|
6,426.6 | 6,455.2 | (28.6 | ) | (127.5 | ) | 121.4 | (22.5 | ) | ||||||||||
Eliminations
|
(470.8 | ) | (425.8 | ) | (45.0 | ) | 8.6 | (0.5 | ) | (53.1 | ) | ||||||||
Consolidated Revenues
|
$ | 10,109.7 | $ | 10,498.0 | $ | (388.3 | ) | $ | (211.1 | ) | $ | 164.7 | $ | (341.9 | ) |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
(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 Costs, 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)% | ||||
Reportable Segments Operating Income Margin
|
17.0% | 17.8% | |||||||
Consolidated Operating Income Margin
|
10.4% | 11.7% |
(Dollars in millions)
|
2009
|
2008
|
Change
|
|||||||
Revenues
|
$ | 4,153.9 | $ | 4,468.6 | (7)% | |||||
Operating Income Margin
|
20.2% | 21.4% | (1.2) |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
(Dollars in millions)
|
2009
|
2008
|
Change
|
|||||||
Revenues
|
$ | 6,426.6 | $ | 6,455.2 | 0% | |||||
Operating Income Margin
|
13.7% | 14.2% | (0.5) |
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Results of Operations (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources (continued)
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources (continued)
|
Payments due by Period or Expiration of Commitment
|
||||||||||||||||
(In millions)
|
2011
|
2012 and
2013
|
2014 and
2015
|
2016 and Thereafter
|
Total
|
|||||||||||
Contractual Obligations and Other
Commercial Commitments
|
||||||||||||||||
Debt principal, including short-
term debt (a)
|
$ | 104.9 | $ | 355.9 | $ | 1,110.4 | $ | 530.9 | $ | 2,102.1 | ||||||
Interest (b)
|
48.6 | 94.5 | 77.1 | 148.4 | 368.6 | |||||||||||
Capital lease obligations
|
0.8 | 0.6 | 0.1 | — | 1.5 | |||||||||||
Operating lease obligations
|
103.9 | 144.1 | 80.9 | 68.6 | 397.5 | |||||||||||
Unconditional purchase
obligations (c)
|
197.9 | 13.1 | — | — | 211.0 | |||||||||||
Letters of credit and bank
guarantees
|
68.4 | 7.7 | 0.1 | 20.2 | 96.4 | |||||||||||
Surety bonds and other
guarantees
|
36.5 | 10.2 | — | — | 46.7 | |||||||||||
Pension obligations on balance
sheet
|
24.0 | 53.2 | 59.7 | 109.6 | 246.5 | |||||||||||
Asset retirement obligations
|
4.0 | 4.9 | 2.3 | 11.4 | 22.6 | |||||||||||
Acquisition-related contingent
consideration accrued on
balance sheet
|
27.5 | 1.2 | — | — | 28.7 | |||||||||||
Other (d)
|
6.2 | — | — | — | 6.2 | |||||||||||
$ | 622.7 | $ | 685.4 | $ | 1,330.6 | $ | 889.1 | $ | 3,527.8 |
(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, 2010, 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 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources (continued)
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk (continued)
|
Item 12.
|
Date: February 24, 2011
|
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/ Nelson J. Chai
Nelson J. Chai
|
Director
|
|
By:
/s/ Tyler E. Jacks
Tyler E. Jacks
|
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, dated as of December 12, 2010, among Thermo Fisher Scientific Inc., Weston D Merger Co., and Dionex Corporation (filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed December 16, 2010 [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).*
|
||
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).*
|
Exhibit
Number
|
Description of Exhibit
|
10.7
|
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).*
|
||
10.8
|
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).*
|
||
10.9
|
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).*
|
||
10.10
|
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).
|
||
10.11
|
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 in this document by reference).*
|
||
10.12
|
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 (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).*
|
||
10.13
|
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 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).*
|
||
10.14
|
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).*
|
||
10.15
|
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 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).*
|
||
10.16
|
Summary of Thermo Fisher Scientific Inc. Annual Director Compensation (filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 3, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.17
|
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).*
|
Exhibit
Number
|
Description of Exhibit
|
10.18
|
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).*
|
||
10.19
|
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).*
|
||
10.20
|
Summary of 2010 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No. 1-8002] under the heading “Annual Cash Incentive Plans – Establishment of Criteria for 2010 Bonus” and incorporated in this document by reference).*
|
||
10.21
|
Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers (filed as Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.22
|
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).*
|
||
10.23
|
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).*
|
||
10.24
|
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).*
|
||
10.25
|
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).*
|
||
10.26
|
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).*
|
||
10.27
|
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).*
|
||
10.28
|
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).*
|
||
10.29
|
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).*
|
||
10.30
|
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).*
|
Exhibit
Number
|
Description of Exhibit
|
10.31
|
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).*
|
||
10.32
|
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).*
|
||
10.33
|
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).*
|
||
10.34
|
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).*
|
||
10.35
|
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).*
|
||
10.36
|
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).*
|
||
10.37
|
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).*
|
||
10.38
|
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).*
|
||
10.39
|
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).*
|
||
10.40
|
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).*
|
||
10.41
|
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).*
|
||
10.42
|
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).*
|
Exhibit
Number
|
Description of Exhibit
|
10.43
|
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).*
|
||
10.44
|
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).*
|
||
10.45
|
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).*
|
||
10.46
|
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).*
|
||
10.47
|
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).*
|
||
10.48
|
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).*
|
||
10.49
|
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).*
|
||
10.50
|
Amendment No. 1 to Executive Severance Policy, dated February 25, 2010 (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).*
|
||
10.51
|
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).*
|
||
10.52
|
Form of Thermo Fisher Scientific Inc.’s March 2010 Restricted Stock Unit Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 10, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.53
|
Form of Thermo Fisher Scientific Inc.’s March 2010 Performance Restricted Stock Unit Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 10, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.54
|
Amendment No. 2 to Executive Severance Policy, dated November 10, 2010.*
|
||
10.55
|
Amendment No. 2 to 2009 Restatement of Executive Severance Agreement, dated November 10, 2010, between the Registrant and Marc N. Casper.*
|
||
10.56
|
Amendment No. 1 to Executive Change In Control Retention Agreement, dated November 10, 2010, between Marc N. Casper and the Registrant.*
|
Exhibit
Number
|
Description of Exhibit
|
10.57
|
Amendment to 2008 Stock Incentive Plan dated November 10, 2010.*
|
||
10.58
|
Form of Thermo Fisher Scientific Inc.’s February 2011 Restricted Stock Unit Agreement (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 24, 2011 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.59
|
Form of Thermo Fisher Scientific Inc.’s February 2011 Stock Option Agreement (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 24, 2011 [File No. 1-8002] and incorporated in this document by reference).*
|
||
10.60
|
Summary of 2011 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the Registrant’s Current Report on Form 8-K filed February 24, 2011 [File No. 1-8002] under the heading “Annual Cash Incentive Plans – Establishment of Criteria for 2011 Bonus” and incorporated in this document by reference).*
|
||
10.61 | Stock Option Agreement, between Marc Casper and the Registrant, dated February 23, 2011 (filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed February 24, 2011 [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.**
|
||
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, 2010, 2009 and 2008
|
F-3
|
Consolidated Balance Sheet as of December 31, 2010 and 2009
|
F-4
|
Consolidated Statement of Cash Flows for the years ended December 31, 2010, 2009 and 2008
|
F-6
|
Consolidated Statement of Comprehensive Income and Shareholders’ Equity for the years ended December 31, 2010, 2009 and 2008
|
F-8
|
Notes to Consolidated Financial Statements
|
F-10
|
Schedule II – Valuation and Qualifying Accounts
|
F-64
|
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)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Revenues
|
|
|
|
|||||||
Product revenues
|
$ | 9,135.2 | $ | 8,523.7 | $ | 8,838.8 | ||||
Service revenues
|
1,653.5 | 1,586.0 | 1,659.2 | |||||||
|
||||||||||
|
10,788.7 | 10,109.7 | 10,498.0 | |||||||
|
||||||||||
Costs and Operating Expenses:
|
||||||||||
Cost of product revenues
|
5,393.6 | 5,157.9 | 5,299.6 | |||||||
Cost of service revenues
|
956.4 | 927.1 | 992.2 | |||||||
Selling, general and administrative expenses
|
2,826.2 | 2,668.9 | 2,692.3 | |||||||
Research and development expenses
|
287.2 | 246.1 | 249.1 | |||||||
Restructuring and other costs, net
|
60.4 | 60.8 | 35.4 | |||||||
|
||||||||||
|
9,523.8 | 9,060.8 | 9,268.6 | |||||||
|
||||||||||
Operating Income
|
1,264.9 | 1,048.9 | 1,229.4 | |||||||
Other Expense, Net
|
(100.3 | ) | (121.8 | ) | (101.4 | ) | ||||
|
||||||||||
Income from Continuing Operations Before Provision for
Income Taxes
|
1,164.6 | 927.1 | 1,128.0 | |||||||
Provision for Income Taxes
|
(131.5 | ) | (75.8 | ) | (152.6 | ) | ||||
|
||||||||||
Income from Continuing Operations
|
1,033.1 | 851.3 | 975.4 | |||||||
Gain (Loss) on Disposal of Discontinued Operations, Net
(net of income tax provision of $1.5 and $3.5 in 2010
and
2008, respectively, and
income tax benefit of $0.6 in 2009)
|
2.5 | (1.0 | ) | 5.5 | ||||||
|
||||||||||
Net Income
|
$ | 1,035.6 | $ | 850.3 | $ | 980.9 | ||||
|
||||||||||
Earnings per Share from Continuing Operations
|
||||||||||
Basic
|
$ | 2.56 | $ | 2.06 | $ | 2.33 | ||||
Diluted
|
$ | 2.52 | $ | 2.01 | $ | 2.24 | ||||
|
||||||||||
Earnings per Share
|
||||||||||
Basic
|
$ | 2.57 | $ | 2.06 | $ | 2.34 | ||||
Diluted
|
$ | 2.53 | $ | 2.01 | $ | 2.25 | ||||
|
||||||||||
Weighted Average Shares
|
||||||||||
Basic
|
403.3 | 412.4 | 418.2 | |||||||
Diluted
|
409.4 | 422.8 | 434.7 |
|
December 31,
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Assets
|
|
|
|||||
Current Assets:
|
|
|
|||||
Cash and cash equivalents
|
$ | 917.1 | $ | 1,564.1 | |||
Short-term investments, at quoted market value
|
8.9 | 7.1 | |||||
Accounts receivable, less allowances of $39.9 and $47.2
|
1,516.8 | 1,409.6 | |||||
Inventories
|
1,175.1 | 1,131.4 | |||||
Deferred tax assets
|
198.4 | 160.0 | |||||
Other current assets
|
318.7 | 258.7 | |||||
|
|||||||
|
4,135.0 | 4,530.9 | |||||
|
|||||||
Property, Plant and Equipment, at Cost, Net
|
1,408.6 | 1,333.4 | |||||
|
|||||||
Acquisition-related Intangible Assets, Net
|
6,041.1 | 6,337.0 | |||||
|
|||||||
Other Assets
|
494.1 | 440.8 | |||||
|
|||||||
Goodwill
|
9,270.6 | 8,982.9 | |||||
|
|||||||
|
$ | 21,349.4 | $ | 21,625.0 |
|
December 31,
|
||||||
(In millions except share amounts)
|
2010
|
2009
|
|||||
|
|
|
|||||
Liabilities and Shareholders' Equity
|
|
|
|||||
Current Liabilities:
|
|
|
|||||
Short-term obligations and current maturities of long-term obligations
|
$ | 105.8 | $ | 117.5 | |||
Accounts payable
|
551.0 | 533.6 | |||||
Accrued payroll and employee benefits
|
311.1 | 286.0 | |||||
Accrued income taxes
|
59.2 | 28.4 | |||||
Deferred revenue
|
158.3 | 139.8 | |||||
Other accrued expenses
|
524.4 | 534.0 | |||||
|
|||||||
|
1,709.8 | 1,639.3 | |||||
|
|||||||
Deferred Income Taxes
|
1,684.4 | 1,933.8 | |||||
|
|||||||
Other Long-term Liabilities
|
562.9 | 555.1 | |||||
|
|||||||
Long-term Obligations
|
2,031.3 | 2,064.0 | |||||
|
|||||||
Commitments and Contingencies (Note 10)
|
|||||||
|
|||||||
Incremental Convertible Debt Obligation
|
— | 1.9 | |||||
|
|||||||
Shareholders' Equity:
|
|||||||
Preferred stock, $100 par value, 50,000 shares authorized; none issued
|
|||||||
Common stock, $1 par value, 1,200,000,000 shares authorized;
401,779,152 and 423,875,260 shares issued
|
401.8 | 423.9 | |||||
Capital in excess of par value
|
10,019.7 | 11,140.7 | |||||
Retained earnings
|
5,386.4 | 4,350.8 | |||||
Treasury stock at cost, 10,409,268 and 14,564,637 shares
|
(490.5 | ) | (576.5 | ) | |||
Accumulated other comprehensive items
|
43.6 | 92.0 | |||||
|
|||||||
|
15,361.0 | 15,430.9 | |||||
|
|||||||
|
$ | 21,349.4 | $ | 21,625.0 |
|
Year Ended December 31,
|
|||||||||
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Operating Activities
|
|
|
|
|||||||
Net Income
|
$ | 1,035.6 | $ | 850.3 | $ | 980.9 | ||||
Loss (gain) on disposal of discontinued operations
|
(2.5 | ) | 1.0 | (5.5 | ) | |||||
|
||||||||||
Income from continuing operations
|
1,033.1 | 851.3 | 975.4 | |||||||
|
||||||||||
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
|
||||||||||
Depreciation and amortization
|
770.0 | 787.3 | 792.7 | |||||||
Change in deferred income taxes
|
(272.4 | ) | (248.6 | ) | (131.4 | ) | ||||
Non-cash stock-based compensation
|
83.1 | 68.1 | 57.1 | |||||||
Non-cash interest expense on convertible debt
|
9.1 | 22.5 | 21.6 | |||||||
Non-cash charges for sale of inventories revalued at the
date of acquisition
|
11.4 | 3.7 | 1.0 | |||||||
Tax benefits from stock-based compensation awards
|
(12.8 | ) | (2.6 | ) | (25.4 | ) | ||||
Other non-cash expenses, net
|
63.9 | 63.8 | 48.5 | |||||||
Changes in assets and liabilities, excluding the effects of
acquisitions and dispositions:
|
||||||||||
Accounts receivable
|
(89.5 | ) | 127.3 | (50.9 | ) | |||||
Inventories
|
(27.9 | ) | 108.2 | (49.6 | ) | |||||
Other assets
|
(81.3 | ) | (18.4 | ) | (40.6 | ) | ||||
Accounts payable
|
2.5 | (44.9 | ) | (123.9 | ) | |||||
Other liabilities
|
33.7 | (16.3 | ) | (32.0 | ) | |||||
Contributions to retirement plans
|
(24.4 | ) | (41.1 | ) | (20.7 | ) | ||||
|
||||||||||
Net cash provided by continuing operations
|
1,498.5 | 1,660.3 | 1,421.8 | |||||||
Net cash used in discontinued operations
|
(0.7 | ) | (1.1 | ) | (1.6 | ) | ||||
|
||||||||||
Net cash provided by operating activities
|
1,497.8 | 1,659.2 | 1,420.2 | |||||||
|
||||||||||
Investing Activities
|
||||||||||
Acquisitions, net of cash acquired
|
(606.2 | ) | (637.3 | ) | (201.5 | ) | ||||
Purchase of property, plant and equipment
|
(265.5 | ) | (207.5 | ) | (264.4 | ) | ||||
Proceeds from sale of property, plant and equipment
|
10.2 | 13.4 | 15.4 | |||||||
Proceeds from sale of businesses, net of cash divested
|
— | 4.4 | 3.5 | |||||||
Other investing activities, net
|
(1.5 | ) | (2.5 | ) | (10.9 | ) | ||||
|
||||||||||
Net cash used in continuing operations
|
(863.0 | ) | (829.5 | ) | (457.9 | ) | ||||
Net cash provided by discontinued operations
|
4.1 | — | 7.9 | |||||||
|
||||||||||
Net cash used in investing activities
|
$ | (858.9 | ) | $ | (829.5 | ) | $ | (450.0 | ) |
|
Year Ended December 31,
|
|||||||||
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Financing Activities
|
|
|
|
|||||||
Net proceeds from issuance of long-term debt
|
$ | 741.4 | $ | 748.2 | $ | — | ||||
Settlement of convertible debt
|
(600.8 | ) | (615.5 | ) | (4.7 | ) | ||||
Redemption and repayment of long-term obligations
|
(505.4 | ) | (311.5 | ) | (131.4 | ) | ||||
Purchases of company common stock
|
(1,012.5 | ) | (414.6 | ) | (187.4 | ) | ||||
Net proceeds from issuance of company common stock
|
77.3 | 54.4 | 85.1 | |||||||
Tax benefits from stock-based compensation awards
|
12.8 | 2.6 | 25.4 | |||||||
Decrease in short-term notes payable
|
(7.9 | ) | (21.1 | ) | (15.4 | ) | ||||
|
||||||||||
Net cash used in financing activities
|
(1,295.1 | ) | (557.5 | ) | (228.4 | ) | ||||
|
||||||||||
Exchange Rate Effect on Cash of Continuing Operations
|
9.2 | 11.4 | (86.4 | ) | ||||||
|
||||||||||
Increase (Decrease) in Cash and Cash Equivalents
|
(647.0 | ) | 283.6 | 655.4 | ||||||
Cash and Cash Equivalents at Beginning of Year
|
1,564.1 | 1,280.5 | 625.1 | |||||||
|
||||||||||
Cash and Cash Equivalents at End of Year
|
$ | 917.1 | $ | 1,564.1 | $ | 1,280.5 |
|
Year Ended December 31,
|
|||||||||
(In millions except share amounts)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Comprehensive Income
|
|
|
|
|||||||
Net Income
|
$ | 1,035.6 | $ | 850.3 | $ | 980.9 | ||||
|
||||||||||
Other Comprehensive Items:
|
||||||||||
Currency translation adjustment
|
(27.2 | ) | 198.8 | (431.6 | ) | |||||
Unrealized gains (losses) on available-for-sale investments
(net of tax provision of $0.5, $0.9 and $0.3)
|
1.0 | 2.2 | (1.3 | ) | ||||||
Unrealized gains on hedging instruments (net of tax
provision of $0.1, $0.1 and $0.2)
|
0.2 | 0.2 | 0.2 | |||||||
Pension and other postretirement benefit liability
adjustments (net of tax benefit of $9.7 and $63.6 in 2010
and 2008, respectively, and tax
provision of $20.9 in 2009)
|
(22.4 | ) | 36.6 | (101.5 | ) | |||||
|
||||||||||
|
(48.4 | ) | 237.8 | (534.2 | ) | |||||
|
||||||||||
|
$ | 987.2 | $ | 1,088.1 | $ | 446.7 | ||||
|
||||||||||
Shareholders' Equity
|
||||||||||
Common Stock, $1 Par Value:
|
||||||||||
Balance at beginning of year (423,875,260; 421,791,009 and
439,340,851 shares)
|
$ | 423.9 | $ | 421.8 | $ | 439.3 | ||||
Issuance of shares for conversion of debt (74,089 shares)
|
— | — | 0.1 | |||||||
Retirement of treasury shares (25,000,000 and 25,000,000
shares)
|
(25.0 | ) | — | (25.0 | ) | |||||
Issuance of shares upon exercise of warrants (3,307,170
shares)
|
— | — | 3.3 | |||||||
Issuance of shares under employees' and directors' stock
plans (2,903,892; 2,084,251 and 4,068,899 shares)
|
2.9 | 2.1 | 4.1 | |||||||
|
||||||||||
Balance at end of year (401,779,152; 423,875,260 and
421,791,009 shares)
|
401.8 | 423.9 | 421.8 | |||||||
|
||||||||||
Capital in Excess of Par Value:
|
||||||||||
Balance at beginning of year
|
11,140.7 | 11,301.3 | 12,273.6 | |||||||
Settlement of convertible debt
|
(216.1 | ) | (312.8 | ) | (0.2 | ) | ||||
Retirement of treasury shares
|
(1,081.3 | ) | — | (1,193.2 | ) | |||||
Issuance of shares upon exercise of warrants
|
— | — | 12.7 | |||||||
Activity under employees' and directors' stock plans
|
80.5 | 63.4 | 88.2 | |||||||
Stock-based compensation
|
83.1 | 68.1 | 57.1 | |||||||
Tax benefit related to employees' and directors' stock plans
|
10.9 | (1.6 | ) | 25.1 | ||||||
Reclassification from temporary equity
|
1.9 | 22.3 | 38.0 | |||||||
|
||||||||||
Balance at end of year
|
$ | 10,019.7 | $ | 11,140.7 | $ | 11,301.3 |
|
Year Ended December 31,
|
|||||||||
(In millions except share amounts)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Retained Earnings
|
|
|
|
|||||||
Balance at beginning of year
|
$ | 4,350.8 | $ | 3,500.5 | $ | 2,519.6 | ||||
Net Income
|
1,035.6 | 850.3 | 980.9 | |||||||
|
||||||||||
Balance at end of year
|
5,386.4 | 4,350.8 | 3,500.5 | |||||||
|
||||||||||
Treasury Stock:
|
||||||||||
Balance at beginning of year (14,564,637; 3,825,245 and
24,102,880 shares)
|
(576.5 | ) | (151.3 | ) | (1,157.3 | ) | ||||
Purchases of company common stock (20,687,916;
10,463,757 and 4,273,950 shares)
|
(1,012.5 | ) | (414.6 | ) | (187.4 | ) | ||||
Retirement of treasury shares (25,000,000 and 25,000,000
shares)
|
1,106.3 | — | 1,218.2 | |||||||
Shares received for exercise of warrants (280,540 shares)
|
— | — | (16.0 | ) | ||||||
Activity under employees' and directors' stock plans
(156,715; 275,635 and 167,875 shares)
|
(7.8 | ) | (10.6 | ) | (8.8 | ) | ||||
|
||||||||||
Balance at end of year (10,409,268; 14,564,637 and
3,825,245 shares)
|
(490.5 | ) | (576.5 | ) | (151.3 | ) | ||||
|
||||||||||
Accumulated Other Comprehensive Items:
|
||||||||||
Balance at beginning of year
|
92.0 | (145.8 | ) | 388.4 | ||||||
Other comprehensive items
|
(48.4 | ) | 237.8 | (534.2 | ) | |||||
|
||||||||||
Balance at end of year
|
43.6 | 92.0 | (145.8 | ) | ||||||
|
||||||||||
|
$ | 15,361.0 | $ | 15,430.9 | $ | 14,926.5 |
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies
|
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
|
December 31,
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Raw Materials
|
$ | 283.5 | $ | 262.8 | |||
Work in Process
|
108.7 | 115.5 | |||||
Finished Goods
|
782.9 | 753.1 | |||||
|
|||||||
|
$ | 1,175.1 | $ | 1,131.4 |
|
December 31,
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Land
|
$ | 144.3 | $ | 146.2 | |||
Buildings and Improvements
|
695.1 | 674.6 | |||||
Machinery, Equipment and Leasehold Improvements
|
1,436.5 | 1,251.0 | |||||
|
|||||||
|
2,275.9 | 2,071.8 | |||||
Less: Accumulated Depreciation and Amortization
|
867.3 | 738.4 | |||||
|
|||||||
|
$ | 1,408.6 | $ | 1,333.4 |
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
|
|
Accumulated
|
|
|||||||
(In millions)
|
Gross
|
Amortization
|
Net
|
|||||||
|
|
|
|
|||||||
2010
|
|
|
|
|||||||
Definite Lives:
|
|
|
|
|||||||
Customer relationships
|
$ | 5,286.5 | $ | (1,766.7 | ) | $ | 3,519.8 | |||
Product technology
|
1,322.6 | (570.2 | ) | 752.4 | ||||||
Tradenames
|
676.2 | (242.2 | ) | 434.0 | ||||||
Patents
|
19.7 | (17.9 | ) | 1.8 | ||||||
Other
|
14.0 | (12.2 | ) | 1.8 | ||||||
|
||||||||||
|
7,319.0 | (2,609.2 | ) | 4,709.8 | ||||||
Indefinite Lives:
|
||||||||||
Tradenames
|
1,326.9 | — | 1,326.9 | |||||||
In-process research and development
|
4.4 | — | 4.4 | |||||||
|
||||||||||
|
$ | 8,650.3 | $ | (2,609.2 | ) | $ | 6,041.1 | |||
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 |
(In millions)
|
|
|||
|
|
|||
2011
|
$ | 549.9 | ||
2012
|
540.4 | |||
2013
|
533.4 | |||
2014
|
501.0 | |||
2015
|
484.6 | |||
2016 and thereafter
|
2,100.5 | |||
|
||||
|
$ | 4,709.8 |
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
(In millions)
|
Analytical Technologies
|
Laboratory Products and Services
|
Total
|
|||||||
|
|
|
|
|||||||
Balance at December 31, 2008
|
$ | 3,186.4 | $ | 5,491.3 | $ | 8,677.7 | ||||
Acquisitions
|
202.7 | 67.0 | 269.7 | |||||||
Finalization of purchase price allocations for 2008 acquisitions
|
(0.6 | ) | 3.4 | 2.8 | ||||||
Tax benefit from Fisher equity awards
|
(0.7 | ) | (1.6 | ) | (2.3 | ) | ||||
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 | |||||||
Acquisitions
|
308.8 | 5.0 | 313.8 | |||||||
Tax benefit from Fisher equity awards
|
(7.2 | ) | (14.7 | ) | (21.9 | ) | ||||
Currency translation
|
(11.9 | ) | 6.8 | (5.1 | ) | |||||
Other
|
(7.4 | ) | 8.3 | 0.9 | ||||||
|
||||||||||
Balance at December 31, 2010
|
$ | 3,682.1 | $ | 5,588.5 | $ | 9,270.6 |
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
Note 1.
|
Nature of Operations and Summary of Significant Accounting Policies (continued)
|
Note 2.
|
Acquisitions and Dispositions
|
Note 2.
|
Acquisitions and Dispositions (continued)
|
Note 2.
|
Acquisitions and Dispositions (continued)
|
(In millions)
|
Ahura
Scientific
|
Finnzymes
|
Fermentas
|
Other
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Purchase Price
|
|
|
|
|
|
|||||||||||
Cash paid
|
$ | 164.0 | $ | 59.0 | $ | 278.7 | $ | 145.5 | $ | 647.2 | ||||||
Debt assumed
|
0.6 | — | 3.6 | 1.1 | 5.3 | |||||||||||
Fair value of contingent
consideration
|
19.6 | — | — | 3.9 | 23.5 | |||||||||||
Cash acquired
|
(17.8 | ) | (0.7 | ) | (21.9 | ) | (5.3 | ) | (45.7 | ) | ||||||
|
||||||||||||||||
|
$ | 166.4 | $ | 58.3 | $ | 260.4 | $ | 145.2 | $ | 630.3 | ||||||
|
||||||||||||||||
Allocation
|
||||||||||||||||
Current assets
|
$ | 22.3 | $ | 6.1 | $ | 19.9 | $ | 29.2 | $ | 77.5 | ||||||
Property, plant and equipment
|
3.3 | 3.4 | 9.6 | 4.1 | 20.4 | |||||||||||
Intangible assets:
|
||||||||||||||||
Customer relationships
|
46.1 | 16.1 | 67.9 | 40.1 | 170.2 | |||||||||||
Product technology
|
30.4 | 18.6 | 73.5 | 24.7 | 147.2 | |||||||||||
In-process research and
development
|
— | — | — | 4.4 | 4.4 | |||||||||||
Tradenames and other
|
0.4 | 0.1 | 5.3 | 4.4 | 10.2 | |||||||||||
Goodwill
|
109.9 | 24.8 | 119.9 | 59.2 | 313.8 | |||||||||||
Other assets
|
0.1 | 2.0 | 3.0 | 7.4 | 12.5 | |||||||||||
Liabilities assumed
|
(46.1 | ) | (12.8 | ) | (38.7 | ) | (28.3 | ) | (125.9 | ) | ||||||
|
||||||||||||||||
|
$ | 166.4 | $ | 58.3 | $ | 260.4 | $ | 145.2 | $ | 630.3 |
Note 2.
|
Acquisitions and Dispositions (continued)
|
(In millions)
|
Biolab
|
B.R.A.H.M.S.
|
Other
Analytical Technologies
|
Other Laboratory Products and Services
|
Total
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Purchase Price
|
|
|
|
|
|
|||||||||||
Cash paid
|
$ | 132.9 | $ | 454.1 | $ | 28.5 | $ | 7.4 | $ | 622.9 | ||||||
Debt assumed
|
— | 32.3 | 0.4 | 0.5 | 33.2 | |||||||||||
Fair value of contingent
consideration
|
— | — | 0.6 | — | 0.6 | |||||||||||
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 |
Note 2.
|
Acquisitions and Dispositions (continued)
|
(In millions)
|
Analytical Technologies
|
Laboratory Products and Services
|
Total
|
|||||||
|
|
|
|
|||||||
Purchase Price
|
|
|
|
|||||||
Cash paid including transaction costs
|
$ | 107.0 | $ | 91.9 | $ | 198.9 | ||||
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 | $ | 101.2 | $ | 208.8 | ||||
|
||||||||||
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 | 46.0 | 100.0 | |||||||
Other assets
|
0.4 | 0.1 | 0.5 | |||||||
Liabilities assumed
|
(16.9 | ) | (27.5 | ) | (44.4 | ) | ||||
|
||||||||||
|
$ | 107.6 | $ | 101.2 | $ | 208.8 |
Note 3.
|
Business Segment and Geographical Information
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Revenues
|
|
|
|
|||||||
Analytical Technologies
|
$ | 4,611.8 | $ | 4,153.9 | $ | 4,468.6 | ||||
Laboratory Products and Services
|
6,693.0 | 6,426.6 | 6,455.2 | |||||||
Eliminations
|
(516.1 | ) | (470.8 | ) | (425.8 | ) | ||||
|
||||||||||
Consolidated revenues
|
10,788.7 | 10,109.7 | 10,498.0 | |||||||
|
||||||||||
Segment Income
|
||||||||||
Analytical Technologies (a)
|
984.2 | 837.3 | 955.3 | |||||||
Laboratory Products and Services (a)
|
931.8 | 877.6 | 913.8 | |||||||
|
||||||||||
Subtotal reportable segments (a)
|
1,916.0 | 1,714.9 | 1,869.1 | |||||||
|
||||||||||
Cost of revenues charges
|
(16.0 | ) | (6.7 | ) | (1.5 | ) | ||||
Selling, general and administrative charges, net
|
(3.0 | ) | (1.5 | ) | — | |||||
Restructuring and other costs, net
|
(60.4 | ) | (60.8 | ) | (35.4 | ) | ||||
Amortization of acquisition-related intangible assets
|
(571.7 | ) | (597.0 | ) | (602.8 | ) | ||||
|
||||||||||
Consolidated operating income
|
1,264.9 | 1,048.9 | 1,229.4 | |||||||
Other expense, net (b)
|
(100.3 | ) | (121.8 | ) | (101.4 | ) | ||||
|
||||||||||
Income from continuing operations before provision for
income taxes
|
$ | 1,164.6 | $ | 927.1 | $ | 1,128.0 |
Note 3.
|
Business Segment and Geographical Information (continued)
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Total Assets
|
|
|
|
|||||||
Analytical Technologies
|
$ | 7,921.4 | $ | 7,590.7 | $ | 7,357.3 | ||||
Laboratory Products and Services
|
12,308.2 | 12,381.9 | 12,522.8 | |||||||
Corporate/Other (c)
|
1,119.8 | 1,652.4 | 1,209.9 | |||||||
|
||||||||||
Consolidated total assets
|
$ | 21,349.4 | $ | 21,625.0 | $ | 21,090.0 | ||||
|
||||||||||
Depreciation
|
||||||||||
Analytical Technologies
|
$ | 91.0 | $ | 86.9 | $ | 87.5 | ||||
Laboratory Products and Services
|
107.3 | 103.4 | 102.4 | |||||||
|
||||||||||
Consolidated depreciation
|
$ | 198.3 | $ | 190.3 | $ | 189.9 | ||||
|
||||||||||
Capital Expenditures
|
||||||||||
Analytical Technologies
|
$ | 85.4 | $ | 78.2 | $ | 105.2 | ||||
Laboratory Products and Services
|
154.5 | 97.4 | 147.4 | |||||||
Corporate/Other
|
25.6 | 31.9 | 11.8 | |||||||
|
||||||||||
Consolidated capital expenditures
|
$ | 265.5 | $ | 207.5 | $ | 264.4 |
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Revenues (d)
|
|
|
|
|||||||
United States
|
$ | 7,281.4 | $ | 6,848.6 | $ | 7,165.0 | ||||
Germany
|
1,360.5 | 1,166.2 | 1,134.6 | |||||||
United Kingdom
|
869.3 | 891.1 | 978.2 | |||||||
Other
|
3,265.3 | 2,942.5 | 2,934.3 | |||||||
Transfers among geographical areas (e)
|
(1,987.8 | ) | (1,738.7 | ) | (1,714.1 | ) | ||||
|
||||||||||
|
$ | 10,788.7 | $ | 10,109.7 | $ | 10,498.0 | ||||
|
||||||||||
Long-lived Assets (f)
|
||||||||||
United States
|
$ | 791.7 | $ | 748.5 | $ | 750.1 | ||||
Germany
|
121.7 | 127.9 | 98.9 | |||||||
United Kingdom
|
170.4 | 158.2 | 129.3 | |||||||
Other
|
324.8 | 298.8 | 297.0 | |||||||
|
||||||||||
|
$ | 1,408.6 | $ | 1,333.4 | $ | 1,275.3 |
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 offices.
|
(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.
|
Note 4.
|
Other Expense, Net
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Interest Income
|
$ | 12.5 | $ | 16.1 | $ | 51.7 | ||||
Interest Expense
|
(84.7 | ) | (118.1 | ) | (151.5 | ) | ||||
Gain (Loss) on Investments, Net
|
1.2 | (3.1 | ) | (5.6 | ) | |||||
Other Items, Net
|
(29.3 | ) | (16.7 | ) | 4.0 | |||||
|
||||||||||
|
$ | (100.3 | ) | $ | (121.8 | ) | $ | (101.4 | ) |
Note 5.
|
Stock-based Compensation Plans
|
Note 5.
|
Stock-based Compensation Plans (continued)
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Stock Option Awards
|
$ | 49.8 | $ | 42.4 | $ | 35.9 | ||||
Restricted share/Unit Awards
|
33.3 | 25.7 | 21.2 | |||||||
|
||||||||||
Total Stock-based Compensation Expense
|
$ | 83.1 | $ | 68.1 | $ | 57.1 |
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Cost of Revenues
|
$ | 6.0 | $ | 6.2 | $ | 4.2 | ||||
Selling, General and Administrative Expenses
|
75.2 | 59.8 | 51.3 | |||||||
Research and Development Expenses
|
1.9 | 2.1 | 1.6 | |||||||
|
||||||||||
Total Stock-based Compensation Expense
|
$ | 83.1 | $ | 68.1 | $ | 57.1 |
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Expected Stock Price Volatility
|
32% | 31% | 22% | |||||||
Risk Free Interest Rate
|
2.0% | 2.2% | 2.4% | |||||||
Expected Life of Options (years)
|
4.1 | 3.8 | 4.4 | |||||||
Expected Annual Dividend per Share
|
$ | — | $ | — | $ | — |
Note 5.
|
Stock-based Compensation Plans (continued)
|
|
Shares
(in millions)
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(in years)
|
Aggregate Intrinsic
Value (a)
(in millions)
|
|||||
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
Granted
|
4.3
|
|
|
49.61
|
|
|
|
|
|
Exercised
|
(2.4)
|
|
|
31.96
|
|
|
|
|
|
Canceled / Expired
|
(0.8)
|
|
|
44.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2010
|
21.0
|
|
|
42.15
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and Unvested Expected to Vest at
December 31, 2010
|
20.4
|
|
|
42.03
|
|
4.4
|
|
$ 273.6
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2010
|
10.8
|
|
|
39.73
|
|
3.3
|
|
$ 169.8
|
(a)
|
Market price per share on December 31, 2010 was $55.36. The intrinsic value is zero for options with exercise prices above the market price.
|
Note 5.
|
Stock-based Compensation Plans (continued)
|
|
Shares
(in thousands)
|
Weighted
Average
Grant-Date
Fair Value
|
||||
|
|
|
||||
Unvested at December 31, 2007
|
791 | $ | 46.55 | |||
Granted
|
397 | 55.09 | ||||
Vested
|
(374 | ) | 44.68 | |||
Forfeited
|
(19 | ) | 51.87 | |||
|
||||||
Unvested at December 31, 2008
|
795 | 47.80 | ||||
Granted
|
1,475 | 39.76 | ||||
Vested
|
(436 | ) | 46.34 | |||
Forfeited
|
(163 | ) | 43.59 | |||
|
||||||
Unvested at December 31, 2009
|
1,671 | 41.99 | ||||
Granted
|
704 | 49.43 | ||||
Vested
|
(499 | ) | 42.00 | |||
Forfeited
|
(92 | ) | 39.56 | |||
|
||||||
Unvested at December 31, 2010
|
1,784 | 45.05 |
Note 6.
|
Pension and Other Postretirement Benefit Plans
|
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
Domestic Pension Benefits
|
Non-U.S. Pension Benefits
|
|||||||||||
(In millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Change in Projected Benefit Obligations
|
|
|
|
|
|||||||||
Benefit Obligation at Beginning of Year
|
$ | 395.2 | $ | 408.5 | $ | 608.3 | $ | 511.7 | |||||
Business combination
|
— | — | 4.3 | 10.4 | |||||||||
Service costs
|
0.3 | 0.8 | 11.4 | 9.7 | |||||||||
Interest costs
|
21.1 | 20.6 | 30.7 | 28.6 | |||||||||
Curtailment
|
— | (3.1 | ) | (5.9 | ) | (2.7 | ) | ||||||
Plan participants' contributions
|
— | — | 3.3 | 3.1 | |||||||||
Actuarial (gains) losses
|
16.7 | (12.1 | ) | 38.8 | 31.1 | ||||||||
Benefits paid
|
(19.7 | ) | (19.5 | ) | (24.1 | ) | (21.5 | ) | |||||
Currency translation and other
|
— | — | (10.5 | ) | 37.9 | ||||||||
|
|||||||||||||
Benefit Obligation at End of Year
|
$ | 413.6 | $ | 395.2 | $ | 656.3 | $ | 608.3 | |||||
|
|||||||||||||
Change in Fair Value of Plan Assets
|
|||||||||||||
Fair Value of Plan Assets at Beginning of Year
|
$ | 347.1 | $ | 292.0 | $ | 475.0 | $ | 368.9 | |||||
Business combination
|
— | — | 1.3 | 9.8 | |||||||||
Actual return on plan assets
|
34.7 | 63.3 | 45.5 | 60.4 | |||||||||
Employer contribution
|
0.4 | 11.3 | 21.5 | 27.3 | |||||||||
Plan participants' contributions
|
— | — | 3.3 | 3.1 | |||||||||
Benefits paid
|
(19.7 | ) | (19.5 | ) | (24.1 | ) | (21.5 | ) | |||||
Currency translation and other
|
— | — | (12.0 | ) | 27.0 | ||||||||
|
|||||||||||||
Fair Value of Plan Assets at End of Year
|
$ | 362.5 | $ | 347.1 | $ | 510.5 | $ | 475.0 | |||||
|
|||||||||||||
Funded Status
|
$ | (51.1 | ) | $ | (48.1 | ) | $ | (145.8 | ) | $ | (133.3 | ) | |
|
|||||||||||||
Accumulated Benefit Obligation
|
$ | 413.6 | $ | 395.2 | $ | 625.4 | $ | 581.8 | |||||
|
|||||||||||||
Amounts Recognized in Balance Sheet
|
|||||||||||||
Non-current asset
|
$ | — | $ | — | $ | 2.3 | $ | 3.1 | |||||
Current liability
|
— | — | (3.6 | ) | (3.5 | ) | |||||||
Non-current liability
|
(51.1 | ) | (48.1 | ) | (144.5 | ) | (132.9 | ) | |||||
|
|||||||||||||
Net amount recognized
|
$ | (51.1 | ) | $ | (48.1 | ) | $ | (145.8 | ) | $ | (133.3 | ) | |
|
|||||||||||||
Amounts Recognized in Accumulated Other
Comprehensive Loss
|
|||||||||||||
Net actuarial loss
|
$ | 109.3 | $ | 98.1 | $ | 42.0 | $ | 24.4 | |||||
Prior service credits
|
— | — | (0.5 | ) | (0.5 | ) | |||||||
|
|||||||||||||
Net amount recognized
|
$ | 109.3 | $ | 98.1 | $ | 41.5 | $ | 23.9 |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
Domestic Pension Benefits
|
Non-U.S. Pension Benefits
|
|||||||
(In millions)
|
2010
|
2009
|
2010
|
2009
|
|||||
|
|
|
|
|
|||||
Weighted Average Assumptions Used to
Determine Projected Benefit Obligations
|
|
|
|
|
|||||
Discount rate
|
5.25% | 5.50% | 4.77% | 5.37% | |||||
Average rate of increase in employee
compensation
|
4.00% | 4.00% | 3.34% | 3.24% |
|
|
Domestic Pension Benefits
|
|
Non-U.S. Pension Benefits
|
||||||||
(In millions)
|
|
2010
|
|
2009
|
|
2008
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Assumptions
Used to Determine the Net
Benefit Cost
(Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
5.50%
|
|
5.25%
|
|
5.75%
|
|
5.37%
|
|
5.43%
|
|
5.20%
|
Average rate of increase in
employee compensation
|
|
4.00%
|
|
4.00%
|
|
4.04%
|
|
3.24%
|
|
3.29%
|
|
3.60%
|
Expected long-term rate of
return on assets
|
|
7.75%
|
|
7.75%
|
|
7.75%
|
|
5.59%
|
|
5.67%
|
|
6.08%
|
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
SERP Benefits
|
Postretirement Benefits
|
|||||||||||
(In millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Change in Projected Benefit Obligations
|
|
|
|
|
|||||||||
Benefit Obligation at Beginning of Year
|
$ | 11.6 | $ | 12.3 | $ | 32.2 | $ | 31.4 | |||||
Service costs
|
— | — | 0.4 | 0.6 | |||||||||
Interest costs
|
0.6 | 0.6 | 1.8 | 1.8 | |||||||||
Plan participants' contributions
|
— | — | 1.4 | 1.4 | |||||||||
Actuarial (gains) losses
|
0.6 | (0.8 | ) | 2.2 | (0.9 | ) | |||||||
Benefits paid
|
(0.4 | ) | (0.5 | ) | (3.5 | ) | (3.4 | ) | |||||
Currency translation and other
|
— | — | 0.4 | 1.3 | |||||||||
|
|||||||||||||
Benefit Obligation at End of Year
|
$ | 12.4 | $ | 11.6 | $ | 34.9 | $ | 32.2 | |||||
|
|||||||||||||
Change in Fair Value of Plan Assets
|
|||||||||||||
Fair Value of Plan Assets at Beginning of Year
|
$ | — | $ | — | $ | — | $ | — | |||||
Employer contribution
|
0.4 | 0.5 | 2.1 | 2.0 | |||||||||
Plan participants' contributions
|
— | — | 1.4 | 1.4 | |||||||||
Benefits paid
|
(0.4 | ) | (0.5 | ) | (3.5 | ) | (3.4 | ) | |||||
|
|||||||||||||
Fair Value of Plan Assets at End of Year
|
$ | — | $ | — | $ | — | $ | — | |||||
|
|||||||||||||
Funded Status
|
$ | (12.4 | ) | $ | (11.6 | ) | $ | (34.9 | ) | $ | (32.2 | ) | |
|
|||||||||||||
Accumulated Benefit Obligation
|
$ | 12.4 | $ | 11.6 | |||||||||
|
|||||||||||||
Amounts Recognized in Balance Sheet
|
|||||||||||||
Current liability
|
$ | (0.5 | ) | $ | (0.5 | ) | $ | (2.1 | ) | $ | (2.3 | ) | |
Non-current liability
|
(11.9 | ) | (11.1 | ) | (32.8 | ) | (29.9 | ) | |||||
|
|||||||||||||
Net amount recognized
|
$ | (12.4 | ) | $ | (11.6 | ) | $ | (34.9 | ) | $ | (32.2 | ) | |
|
|||||||||||||
Amounts Recognized in Accumulated Other
Comprehensive (Income) Loss
|
|||||||||||||
Net actuarial (gain) loss
|
$ | 0.4 | $ | (0.2 | ) | $ | (0.5 | ) | $ | (3.1 | ) | ||
Prior service credits
|
— | — | (0.7 | ) | (0.8 | ) | |||||||
|
|||||||||||||
Net amount recognized
|
$ | 0.4 | $ | (0.2 | ) | $ | (1.2 | ) | $ | (3.9 | ) | ||
|
|||||||||||||
Weighted Average Assumptions Used to
Determine Benefit Obligations
|
|||||||||||||
Discount rate
|
5.25% | 5.50% | 5.44% | 5.94% | |||||||||
Average rate of increase in employee
compensation
|
4.00% | 4.00% | — | — | |||||||||
Initial healthcare cost trend rate
|
7.91% | 8.59% | |||||||||||
Ultimate healthcare cost trend rate
|
5.52% | 5.62% |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
|
SERP Benefits
|
|
Postretirement Benefits
|
||||||||
(In millions)
|
|
2010
|
|
2009
|
|
2008
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Assumptions
Used to Determine the Net
Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
5.50%
|
|
5.25%
|
|
5.75%
|
|
5.94%
|
|
5.73%
|
|
5.66%
|
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)
|
$ | 4.1 | $ | 1.5 | $ | (0.1 | ) | |||
Net Prior Service Costs (Credit)
|
— | — | (0.1 | ) | ||||||
|
||||||||||
|
$ | 4.1 | $ | 1.5 | $ | (0.2 | ) |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
Pension Plans
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
|
|
|
|||||
Projected benefit obligation
|
$ | 945.9 | $ | 889.4 | |||
Fair value of plan assets
|
734.3 | 693.3 |
|
Pension Plans
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
|
|
|
|||||
Accumulated benefit obligation
|
$ | 910.5 | $ | 835.5 | |||
Fair value of plan assets
|
725.6 | 662.0 |
|
Domestic Pension Benefits
|
Non-U.S. Pension Benefits
|
|||||||||||||||||
(In millions)
|
2010
|
2009
|
2008
|
2010
|
2009
|
2008
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Components of Net Benefit Cost
(Income)
|
|
|
|
|
|
|
|||||||||||||
Service cost-benefits earned
|
$ | 0.3 | $ | 0.8 | $ | 2.9 | $ | 11.4 | $ | 9.7 | $ | 10.9 | |||||||
Interest cost on benefit obligation
|
21.1 | 20.6 | 22.0 | 30.7 | 28.6 | 32.8 | |||||||||||||
Expected return on plan assets
|
(29.9 | ) | (30.0 | ) | (31.1 | ) | (24.9 | ) | (21.2 | ) | (30.4 | ) | |||||||
Recognized actuarial net loss
|
0.7 | — | — | 1.3 | 1.6 | 1.4 | |||||||||||||
Amortization of prior service benefit
|
— | — | — | — | — | 0.1 | |||||||||||||
Settlement/curtailment (gain) loss
|
— | — | (19.3 | ) | 0.1 | (0.2 | ) | — | |||||||||||
Special termination benefit
|
— | 0.2 | — | 0.5 | 3.0 | 0.1 | |||||||||||||
|
|||||||||||||||||||
Net periodic benefit cost (income)
|
$ | (7.8 | ) | $ | (8.4 | ) | $ | (25.5 | ) | $ | 19.1 | $ | 21.5 | $ | 14.9 |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
SERP Benefits
|
Postretirement Benefits
|
|||||||||||||||||
(In millions)
|
2010
|
2009
|
2008
|
2010
|
2009
|
2008
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||||
Components of Net Benefit Cost
|
|
|
|
|
|
|
|||||||||||||
Service cost-benefits earned
|
$ | — | $ | — | $ | — | $ | 0.4 | $ | 0.6 | $ | 0.8 | |||||||
Interest cost on benefit obligation
|
0.6 | 0.6 | 0.6 | 1.8 | 1.8 | 1.8 | |||||||||||||
Recognized actuarial net gain
|
— | — | — | (0.2 | ) | — | — | ||||||||||||
Amortization of prior service benefit
|
— | — | — | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||||
Special termination benefit
|
— | — | 0.2 | — | — | — | |||||||||||||
|
|||||||||||||||||||
Net periodic benefit cost
|
$ | 0.6 | $ | 0.6 | $ | 0.8 | $ | 1.9 | $ | 2.3 | $ | 2.5 |
(In millions)
|
Domestic
Pension
Benefits
|
Non-U.S.
Pension
Benefits
|
SERP
Benefits
|
Post-
retirement
Benefits
|
|||||||||
|
|
|
|
|
|||||||||
2011
|
$ | 22.6 | $ | 21.4 | $ | 0.5 | $ | 2.1 | |||||
2012
|
23.2 | 23.5 | 0.5 | 2.2 | |||||||||
2013
|
23.2 | 24.3 | 0.5 | 2.2 | |||||||||
2014
|
23.7 | 25.4 | 1.7 | 2.1 | |||||||||
2015
|
24.5 | 26.8 | 1.5 | 2.2 | |||||||||
2016-2020
|
132.2 | 152.0 | 6.2 | 10.7 |
(In millions)
|
Increase
|
Decrease
|
|||||
|
|
|
|||||
One Percentage Point
|
|
|
|||||
Effect in total of service and interest cost components
|
$ | 0.3 | $ | (0.3 | ) | ||
Effect on postretirement healthcare benefit obligation
|
4.5 | (3.5 | ) |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
December 31,
|
Quoted Prices in Active Markets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||
|
|
|
|
|
|||||||||
Asset Category
|
|
|
|
|
|||||||||
U.S. equity funds
|
$ | 128.1 | $ | — | $ | 128.1 | $ | — | |||||
International equity funds
|
96.1 | — | 96.1 | — | |||||||||
Fixed income funds
|
112.9 | — | 112.9 | — | |||||||||
Private equity funds
|
13.0 | — | — | 13.0 | |||||||||
Money market funds
|
12.3 | — | 12.3 | — | |||||||||
Alternative investments
|
0.1 | — | — | 0.1 | |||||||||
|
|||||||||||||
Total Assets
|
$ | 362.5 | $ | — | $ | 349.4 | $ | 13.1 |
|
December 31,
|
Quoted
Prices
in Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2009
|
(Level 1)
|
(Level 2)
|
(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 | |||||||||
Money market funds
|
14.2 | — | 14.2 | — | |||||||||
Alternative investments
|
0.9 | — | — | 0.9 | |||||||||
|
|||||||||||||
Total Assets
|
$ | 347.1 | $ | — | $ | 331.4 | $ | 15.7 |
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
(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 | ||||
Actual return on plan assets:
|
||||||||||
Relating to assets held at reporting date
|
(2.0 | ) | 0.1 | (1.9 | ) | |||||
Relating to assets sold/distributed during period
|
2.3 | 0.2 | 2.5 | |||||||
Purchases, capital contributions, sales and settlements
|
(2.1 | ) | (1.1 | ) | (3.2 | ) | ||||
|
||||||||||
Balance at December 31, 2010
|
$ | 13.0 | $ | 0.1 | $ | 13.1 |
(In millions)
|
Fair Value
|
Unfunded Commitments
|
Redemption
Frequency
(if Currently Eligible)
|
Redemption
Notice Period
|
||||||
|
|
|
|
|
||||||
Asset Category
|
|
|
|
|
||||||
U.S. equity funds
|
$ | 128.1 | $ | — |
At least monthly
|
No more than 3 days
|
||||
International equity funds
|
96.1 | — |
At least monthly
|
No more than 3 days
|
||||||
Fixed income funds
|
112.9 | — |
At least monthly
|
No more than 3 days
|
||||||
Private equity funds
|
13.0 | 1.0 |
Restricted
|
Restricted
|
||||||
Money market funds
|
12.3 | — |
Daily
|
Daily
|
||||||
Alternative investments
|
0.1 | — |
Restricted
|
Restricted
|
||||||
|
|
|
||||||||
|
$ | 362.5 | $ | 1.0 |
|
|
Note 6.
|
Pension and Other Postretirement Benefit Plans (continued)
|
|
December 31,
|
Quoted Prices
in Active Markets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||
|
|
|
|
|
|||||||||
Asset Category
|
|
|
|
|
|||||||||
Equity funds
|
$ | 249.0 | $ | 49.0 | $ | 200.0 | $ | — | |||||
Fixed income funds
|
176.1 | 20.4 | 155.7 | — | |||||||||
Insurance contracts
|
82.0 | — | 82.0 | — | |||||||||
Cash / money market funds
|
3.4 | 3.2 | 0.2 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 510.5 | $ | 72.6 | $ | 437.9 | $ | — |
|
December 31,
|
Quoted Prices
in Active Markets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2009
|
(Level 1)
|
(Level 2)
|
(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
|
$ | 200.0 | $ | — |
At least monthly
|
No more than 1 month
|
||||
Fixed income funds
|
155.7 | — |
At least weekly
|
No more than 5 days
|
||||||
Insurance contracts
|
82.0 | — |
Not applicable
|
Not applicable
|
||||||
Money market funds
|
0.2 | — |
Daily
|
Daily
|
||||||
|
|
|
||||||||
|
$ | 437.9 | $ | — |
|
|
Note 7.
|
Income Taxes
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
U.S.
|
$ | 788.6 | $ | 579.3 | $ | 704.7 | ||||
Non-U.S.
|
376.0 | 347.8 | 423.3 | |||||||
|
||||||||||
|
$ | 1,164.6 | $ | 927.1 | $ | 1,128.0 |
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Current Income Tax Provision
|
|
|
|
|||||||
Federal
|
$ | 256.5 | $ | 192.3 | $ | 185.0 | ||||
Non-U.S.
|
104.4 | 104.4 | 81.7 | |||||||
State
|
37.3 | 24.7 | 36.7 | |||||||
|
||||||||||
|
398.2 | 321.4 | 303.4 | |||||||
|
||||||||||
Deferred Income Tax Provision (Benefit)
|
||||||||||
Federal
|
$ | (173.4 | ) | $ | (147.8 | ) | $ | (59.8 | ) | |
Non-U.S.
|
(68.3 | ) | (83.4 | ) | (63.1 | ) | ||||
State
|
(25.0 | ) | (14.4 | ) | (27.9 | ) | ||||
|
||||||||||
|
(266.7 | ) | (245.6 | ) | (150.8 | ) | ||||
|
||||||||||
|
$ | 131.5 | $ | 75.8 | $ | 152.6 |
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Continuing Operations
|
$ | 131.5 | $ | 75.8 | $ | 152.6 | ||||
Discontinued Operations
|
1.5 | (0.6 | ) | 3.5 | ||||||
|
||||||||||
|
$ | 133.0 | $ | 75.2 | $ | 156.1 |
Note 7.
|
Income Taxes (continued)
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Provision for Income Taxes at Statutory Rate
|
$ | 407.6 | $ | 324.5 | $ | 394.8 | ||||
|
||||||||||
Increases (Decreases) Resulting From:
|
||||||||||
Foreign rate differential
|
(155.7 | ) | (147.0 | ) | (165.6 | ) | ||||
Impact of change in tax laws and apportionment on
deferred taxes
|
(11.0 | ) | (2.5 | ) | (27.9 | ) | ||||
Income tax credits
|
(79.5 | ) | (100.3 | ) | (54.2 | ) | ||||
Manufacturing deduction
|
(31.5 | ) | (15.8 | ) | (17.5 | ) | ||||
State income taxes, net of federal tax
|
5.3 | (0.4 | ) | 11.1 | ||||||
Nondeductible expenses
|
6.0 | 4.6 | 6.1 | |||||||
Provision (reversal) of tax reserves, net
|
(6.4 | ) | 7.4 | 6.5 | ||||||
Tax return reassessments and settlements
|
(1.3 | ) | (0.4 | ) | (1.2 | ) | ||||
Other, net
|
(2.0 | ) | 5.7 | 0.5 | ||||||
|
||||||||||
|
$ | 131.5 | $ | 75.8 | $ | 152.6 |
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Deferred Tax Asset (Liability)
|
|
|
|||||
Depreciation and amortization
|
$ | (2,174.5 | ) | $ | (2,274.1 | ) | |
Net operating loss and credit carryforwards
|
487.3 | 443.9 | |||||
Reserves and accruals
|
137.0 | 139.7 | |||||
Accrued compensation
|
169.3 | 149.4 | |||||
Inventory basis difference
|
44.9 | 31.9 | |||||
Available-for-sale investments
|
5.4 | 5.6 | |||||
Non U.S. earnings expected to be repatriated
|
6.4 | 6.4 | |||||
Other capitalized costs
|
62.1 | — | |||||
Other, net
|
55.2 | 11.5 | |||||
|
|||||||
|
(1,206.9 | ) | (1,485.7 | ) | |||
Less: Valuation allowance
|
156.1 | 164.8 | |||||
|
|||||||
|
$ | (1,363.0 | ) | $ | (1,650.5 | ) |
Note 7.
|
Income Taxes (continued)
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Balance at beginning of year
|
$ | 76.2 | $ | 70.4 | $ | 73.9 | ||||
Additions for tax positions of current year
|
1.3 | 11.3 | 6.5 | |||||||
Additions for tax positions of prior years
|
2.9 | — | — | |||||||
Closure of tax years
|
(7.8 | ) | (4.6 | ) | (3.0 | ) | ||||
Settlements
|
(10.5 | ) | (0.9 | ) | (7.0 | ) | ||||
|
||||||||||
|
$ | 62.1 | $ | 76.2 | $ | 70.4 |
Note 7.
|
Income Taxes (continued)
|
Note 8.
|
Earnings per Share
|
(In millions except per share amounts)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Income from Continuing Operations
|
$ | 1,033.1 | $ | 851.3 | $ | 975.4 | ||||
(Loss) Gain on Disposal of Discontinued Operations, Net
|
2.5 | (1.0 | ) | 5.5 | ||||||
|
||||||||||
Net Income
|
1,035.6 | 850.3 | 980.9 | |||||||
|
||||||||||
Income Allocable to Participating Securities
|
(0.2 | ) | (0.6 | ) | (1.5 | ) | ||||
|
||||||||||
Net Income for Earnings per Share
|
$ | 1,035.4 | $ | 849.7 | $ | 979.4 | ||||
|
||||||||||
Basic Weighted Average Shares
|
403.3 | 412.4 | 418.2 | |||||||
Effect of:
|
||||||||||
Convertible debentures
|
2.9 | 8.5 | 13.3 | |||||||
Stock options and restricted stock/units
|
3.2 | 1.9 | 3.2 | |||||||
|
||||||||||
Diluted Weighted Average Shares
|
409.4 | 422.8 | 434.7 | |||||||
|
||||||||||
Basic Earnings per Share:
|
||||||||||
Continuing operations
|
$ | 2.56 | $ | 2.06 | $ | 2.33 | ||||
Discontinued operations
|
.01 | — | .01 | |||||||
|
||||||||||
|
$ | 2.57 | $ | 2.06 | $ | 2.34 | ||||
|
||||||||||
Diluted Earnings per Share:
|
||||||||||
Continuing operations
|
$ | 2.52 | $ | 2.01 | $ | 2.24 | ||||
Discontinued operations
|
.01 | — | .01 | |||||||
|
||||||||||
|
$ | 2.53 | $ | 2.01 | $ | 2.25 |
Note 8.
|
Earnings per Share (continued)
|
3.25% Senior Convertible Notes
|
|
|
|
|
|
|
|
Principal Outstanding (in millions)
|
|
$
|
329.3
|
Conversion Price per Share
|
|
|
40.20
|
Trigger Price
|
|
|
48.24
|
Future Common Stock Price
|
|
Total
Potential
Shares
(in
millions)
|
$40.20
|
|
—
|
$41.20
|
|
0.2
|
$45.00
|
|
0.9
|
$50.00
|
|
1.6
|
$55.00
|
|
2.2
|
$60.00
|
|
2.7
|
$65.00
|
|
3.1
|
$70.00
|
|
3.5
|
Note 9.
|
Debt and Other Financing Arrangements
|
(In millions except per share amounts)
|
2010
|
2009
|
|||||
|
|
|
|||||
2.50% Senior Convertible Notes, Due 2023 Convertible at $23.73 per Share
(net of unamortized discount of $0.4)
|
$ | — | $ | 12.6 | |||
Floating Rate Senior Convertible Debentures, Due 2033 Convertible at $29.55 per
Share (net of unamortized discount of $1.5)
|
— | 325.0 | |||||
3.25% Senior Subordinated Convertible Notes, Due 2024 Convertible at $40.20
per Share (net of unamortized discount of $1.4
and $9.0, respectively)
|
327.9 | 320.3 | |||||
2.15% Senior Notes, Due 2012 (includes interest rate hedge of $6.6 in 2010; net of
interest rate hedge of $2.9 in 2009 and
unamortized discount of $0.4 and $0.5,
respectively)
|
356.2 | 346.6 | |||||
3.25% Senior Notes, Due 2014 (includes interest rate hedge of $13.8 in 2010; net
of interest rate hedge of $6.6 in 2009 and
unamortized discount of $0.3 and
$0.4,
respectively)
|
413.5 | 393.0 | |||||
3.20% Senior Notes, Due 2015 (includes interest rate hedge of $16.9; net of
unamortized discount of $1.6)
|
465.3 | — | |||||
5% Senior Notes, Due 2015
|
250.0 | 250.0 | |||||
4.70% Senior Notes, Due 2020 (net of unamortized discount of $0.1)
|
299.9 | — | |||||
6 1/8% Senior Subordinated Notes, Due 2015
|
— | 500.0 | |||||
Other
|
24.3 | 34.0 | |||||
|
|||||||
|
2,137.1 | 2,181.5 | |||||
Less: Short-term Obligations and Current Maturities
|
105.8 | 117.5 | |||||
|
|||||||
|
$ | 2,031.3 | $ | 2,064.0 |
(In millions)
|
|
|||
|
|
|||
2011
|
$ | 105.7 | ||
2012
|
351.9 | |||
2013
|
4.6 | |||
2014
|
401.7 | |||
2015
|
708.8 | |||
2016 and thereafter
|
530.9 | |||
|
||||
|
2,103.6 | |||
Less: Unamortized discount
|
3.8 | |||
Add: Fair value of interest rate hedge
|
37.3 | |||
|
||||
|
$ | 2,137.1 |
Note 9.
|
Debt and Other Financing Arrangements (continued)
|
Note 9.
|
Debt and Other Financing Arrangements (continued)
|
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Principal Amount of Convertible Debt
|
$ | 329.3 | $ | 668.8 | |||
Unamortized Discount
|
1.4 | 10.9 | |||||
Net Carrying Amount
|
327.9 | 657.9 | |||||
Incremental Convertible Debt Obligation (Temporary Equity)
|
— | 1.9 | |||||
Capital in Excess of Par Value
|
18.1 | 30.7 |
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Contractual Coupon Interest
|
$ | 10.9 | $ | 18.4 | $ | 25.0 | ||||
Amortization of Discount on Convertible Debt
|
9.1 | 22.5 | 21.6 | |||||||
|
||||||||||
Interest Expense
|
$ | 20.0 | $ | 40.9 | $ | 46.6 | ||||
|
||||||||||
Effective Interest Rate
|
4.7% | 4.3% | 5.1% |
Note 9.
|
Debt and Other Financing Arrangements (continued)
|
Note 9.
|
Debt and Other Financing Arrangements (continued)
|
Note 10.
|
Commitments and Contingencies
|
(In millions)
|
|
|||
|
|
|||
2011
|
$ | 103.9 | ||
2012
|
82.2 | |||
2013
|
61.9 | |||
2014
|
45.2 | |||
2015
|
35.7 | |||
Thereafter
|
68.6 | |||
|
||||
|
$ | 397.5 |
Note 10.
|
Commitments and Contingencies (continued)
|
Note 10.
|
Commitments and Contingencies (continued)
|
Note 10.
|
Commitments and Contingencies (continued)
|
Note 11.
|
Comprehensive Income and Shareholders’ Equity
|
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Cumulative Translation Adjustment
|
$ | 134.5 | $ | 161.7 | |||
Net Unrealized Gain on Available-for-sale Investments, Net of Tax
|
3.4 | 2.4 | |||||
Net Unrealized Losses on Hedging Instruments, Net of Tax
|
(0.8 | ) | (1.0 | ) | |||
Pension and Other Postretirement Benefit Liability Adjustments, Net of Tax
|
(93.5 | ) | (71.1 | ) | |||
|
|||||||
|
$ | 43.6 | $ | 92.0 |
Note 11.
|
Comprehensive Income and Shareholders’ Equity (continued)
|
Note 12.
|
Fair Value Measurements and Fair Value of Financial Instruments
|
Note 12.
|
Fair Value Measurements and Fair Value of Financial Instruments (continued)
|
|
December 31,
|
Quoted Prices
in Active Markets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|||||||||
Cash equivalents
|
$ | 301.6 | $ | 301.6 | $ | — | $ | — | |||||
Investments in mutual funds, unit trusts
and other similar instruments
|
36.3 | 36.3 | — | — | |||||||||
Insurance contracts
|
42.6 | — | 42.6 | — | |||||||||
Auction rate securities
|
4.6 | — | — | 4.6 | |||||||||
Derivative contracts
|
40.1 | — | 40.1 | — | |||||||||
|
|||||||||||||
Total Assets
|
$ | 425.2 | $ | 337.9 | $ | 82.7 | $ | 4.6 | |||||
|
|||||||||||||
Liabilities
|
|||||||||||||
Derivative contracts
|
$ | 3.5 | $ | — | $ | 3.5 | $ | — | |||||
Contingent consideration
|
28.7 | — | — | 28.7 | |||||||||
|
|||||||||||||
Total Liabilities
|
$ | 32.2 | $ | — | $ | 3.5 | $ | 28.7 |
|
December 31,
|
Quoted Prices
in Active Markets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|||||||||
(In millions)
|
2009
|
(Level 1)
|
(Level 2)
|
(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 | $ | — | |||||
Contingent consideration
|
0.6 | — | — | 0.6 | |||||||||
|
|||||||||||||
Total Liabilities
|
$ | 10.9 | $ | — | $ | 10.3 | $ | 0.6 |
Note 12.
|
Fair Value Measurements and Fair Value of Financial Instruments (continued)
|
(In millions)
|
Market
Value
|
Cost Basis
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
|||||||||
|
|
|
|
|
|||||||||
2010
|
|
|
|
|
|||||||||
Mutual Fund and Unit Trust Investments
|
$ | 32.0 | $ | 26.1 | $ | 5.9 | $ | — | |||||
Auction Rate Securities
|
4.6 | 5.3 | — | 0.7 | |||||||||
|
|||||||||||||
|
$ | 36.6 | $ | 31.4 | $ | 5.9 | $ | 0.7 | |||||
|
|||||||||||||
2009
|
|||||||||||||
Mutual Fund and Unit Trust Investments
|
$ | 31.2 | $ | 26.9 | $ | 4.3 | $ | — | |||||
Auction Rate Securities
|
5.4 | 6.0 | — | 0.6 | |||||||||
|
|||||||||||||
|
$ | 36.6 | $ | 32.9 | $ | 4.3 | $ | 0.6 |
|
Auction Rate Securities
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Beginning Balance
|
$ | 5.4 | $ | 5.7 | |||
Total impairment losses included in earnings
|
— | (0.3 | ) | ||||
Sale of securities
|
(0.7 | ) | (0.4 | ) | |||
Total unrealized gains (losses) included in other comprehensive income
|
(0.1 | ) | 0.4 | ||||
|
|||||||
Ending Balance
|
$ | 4.6 | $ | 5.4 |
Note 12.
|
Fair Value Measurements and Fair Value of Financial Instruments (continued)
|
|
Contingent Consideration
|
||||||
(In millions)
|
2010
|
2009
|
|||||
|
|
|
|||||
Beginning Balance
|
$ | 0.6 | $ | — | |||
Additions (See Note 2)
|
23.5 | 0.6 | |||||
Payments
|
(0.7 | ) | — | ||||
Change in fair value included in earnings
|
5.2 | — | |||||
Currency translation
|
0.1 | — | |||||
|
|||||||
Ending Balance
|
$ | 28.7 | $ | 0.6 |
|
Fair Value – Assets
|
Fair Value – Liabilities
|
|||||||||||
(In millions)
|
2010
|
2009
|
2010
|
2009
|
|||||||||
|
|
|
|
|
|||||||||
Derivatives Designated as Hedging
Instruments
|
|
|
|
|
|||||||||
Interest rate swaps (a)
|
$ | 37.3 | $ | — | $ | — | $ | 9.5 | |||||
Derivatives Not Designated as Hedging
Instruments
|
|||||||||||||
Foreign currency exchange contracts (b)
|
2.8 | 4.5 | 3.5 | 0.8 | |||||||||
|
|||||||||||||
Total derivatives
|
$ | 40.1 | $ | 4.5 | $ | 3.5 | $ | 10.3 |
Gain (Loss) Recognized
|
|||||||
(In millions) | 2010 | 2009 | |||||
|
|
|
|||||
Derivatives Designated as Fair Value Hedges
|
|
|
|||||
Interest rate contracts
|
$ | 20.3 | $ | 1.4 | |||
Derivatives Not Designated as Fair Value Hedges
|
|||||||
Foreign currency exchange contracts
|
35.8 | (6.9 | ) |
Note 12.
|
Fair Value Measurements and Fair Value of Financial Instruments (continued)
|
|
2010
|
2009
|
|||||||||||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||
(In millions)
|
Value
|
Value
|
Value
|
Value
|
|||||||||
|
|
|
|
|
|||||||||
Notes Receivable
|
$ | 7.4 | $ | 7.4 | $ | 6.8 | $ | 6.8 | |||||
|
|||||||||||||
Debt Obligations:
|
|||||||||||||
Convertible obligations
|
327.9 | 461.4 | 657.9 | 992.0 | |||||||||
Senior notes
|
1,784.9 | 1,806.3 | 989.6 | 1,016.1 | |||||||||
Senior subordinated notes
|
— | — | 500.0 | 520.1 | |||||||||
Other
|
24.3 | 24.3 | 34.0 | 34.0 | |||||||||
|
|||||||||||||
|
$ | 2,137.1 | $ | 2,292.0 | $ | 2,181.5 | $ | 2,562.2 |
Note 13.
|
Supplemental Cash Flow Information
|
(In millions)
|
2010
|
2009
|
2008
|
|||||||
|
|
|
|
|||||||
Cash Paid For:
|
|
|
|
|||||||
Interest
|
$ | 82.5 | $ | 99.7 | $ | 129.5 | ||||
|
||||||||||
Income Taxes
|
$ | 370.4 | $ | 329.8 | $ | 292.1 | ||||
|
||||||||||
Non-cash Activities
|
||||||||||
Fair value of assets of acquired businesses and product lines
|
$ | 805.0 | $ | 825.3 | $ | 265.7 | ||||
Cash paid for acquired businesses and product lines
|
(651.5 | ) | (623.7 | ) | (204.9 | ) | ||||
|
||||||||||
Liabilities assumed of acquired businesses and product lines
|
$ | 153.5 | $ | 201.6 | $ | 60.8 | ||||
|
||||||||||
Conversion of convertible debt
|
$ | — | $ | — | $ | 2.8 | ||||
|
||||||||||
Issuance of restricted stock
|
$ | 1.4 | $ | 1.1 | $ | 21.9 | ||||
|
||||||||||
Issuance of stock upon vesting of restricted stock units
|
$ | 16.3 | $ | 7.0 | $ | 20.1 |
Note 14.
|
Restructuring and Other Costs, Net
|
Note 14.
|
Restructuring and Other Costs, Net (continued)
|
(In millions)
|
Analytical Technologies
|
Laboratory Products and Services
|
Corporate
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Cost of Revenues
|
$ | 11.2 | $ | 4.8 | $ | — | $ | 16.0 | |||||
Selling, General and Administrative Expenses
|
14.1 | (0.2 | ) | (10.9 | ) | 3.0 | |||||||
Restructuring and Other Costs, Net
|
36.6 | 23.4 | 0.4 | 60.4 | |||||||||
|
|||||||||||||
|
$ | 61.9 | $ | 28.0 | $ | (10.5 | ) | $ | 79.4 |
Note 14.
|
Restructuring and Other Costs, Net (continued)
|
(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 |
Note 14.
|
Restructuring and Other Costs, Net (continued)
|
(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 |
Note 14.
|
Restructuring and Other Costs, Net (continued)
|
|
|
Abandonment
|
|
|
|||||||||
(In millions)
|
Severance
|
of Excess Facilities
|
Other
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
Pre-2009 Restructuring Plans
|
|
|
|
|
|||||||||
Balance At December 31, 2007
|
$ | 11.0 | $ | 4.7 | $ | 3.7 | $ | 19.4 | |||||
Costs incurred in 2008 (c)
|
25.4 | 8.9 | 5.8 | 40.1 | |||||||||
Reserves reversed (b)
|
(0.6 | ) | (0.9 | ) | (1.1 | ) | (2.6 | ) | |||||
Payments
|
(23.2 | ) | (6.3 | ) | (6.1 | ) | (35.6 | ) | |||||
Currency translation
|
(0.2 | ) | (0.2 | ) | (0.1 | ) | (0.5 | ) | |||||
|
|||||||||||||
Balance At December 31, 2008
|
12.4 | 6.2 | 2.2 | 20.8 | |||||||||
Costs incurred in 2009 (d)
|
4.0 | 3.4 | 2.1 | 9.5 | |||||||||
Reserves reversed (b)
|
(0.5 | ) | (0.3 | ) | (0.2 | ) | (1.0 | ) | |||||
Payments
|
(13.4 | ) | (5.1 | ) | (3.7 | ) | (22.2 | ) | |||||
Currency translation
|
— | 0.1 | (0.1 | ) | — | ||||||||
|
|||||||||||||
Balance At December 31, 2009
|
2.5 | 4.3 | 0.3 | 7.1 | |||||||||
Costs incurred in 2010 (e)
|
0.2 | 1.8 | 0.1 | 2.1 | |||||||||
Reserves reversed (b)
|
(0.1 | ) | (0.4 | ) | — | (0.5 | ) | ||||||
Payments
|
(1.7 | ) | (2.9 | ) | (0.4 | ) | (5.0 | ) | |||||
Currency translation
|
(0.3 | ) | — | — | (0.3 | ) | |||||||
|
|||||||||||||
Balance At December 31, 2010
|
$ | 0.6 | $ | 2.8 | $ | — | $ | 3.4 |
Note 14.
|
Restructuring and Other Costs, Net (continued)
|
|
|
Abandonment
|
|
|
|||||||||
(In millions)
|
Severance
|
of Excess Facilities
|
Other (a)
|
Total
|
|||||||||
|
|
|
|
|
|||||||||
2009 Restructuring Plans
|
|
|
|
|
|||||||||
Costs incurred in 2009 (d)
|
$ | 45.3 | $ | 6.3 | $ | 6.0 | $ | 57.6 | |||||
Reserves reversed (b)
|
(2.7 | ) | (1.5 | ) | (0.1 | ) | (4.3 | ) | |||||
Payments
|
(21.5 | ) | (2.8 | ) | (4.3 | ) | (28.6 | ) | |||||
Currency translation
|
(0.1 | ) | 0.3 | 0.2 | 0.4 | ||||||||
|
|||||||||||||
Balance At December 31, 2009
|
21.0 | 2.3 | 1.8 | 25.1 | |||||||||
Costs incurred in 2010 (e)
|
9.6 | 4.0 | 4.9 | 18.5 | |||||||||
Reserves reversed (b)
|
(2.2 | ) | (0.4 | ) | (0.4 | ) | (3.0 | ) | |||||
Payments
|
(19.5 | ) | (3.5 | ) | (6.1 | ) | (29.1 | ) | |||||
Currency translation
|
(0.8 | ) | — | (0.1 | ) | (0.9 | ) | ||||||
|
|||||||||||||
Balance At December 31, 2010
|
$ | 8.1 | $ | 2.4 | $ | 0.1 | $ | 10.6 | |||||
|
|||||||||||||
2010 Restructuring Plans
|
|||||||||||||
Costs incurred in 2010 (e)
|
$ | 11.0 | $ | 1.8 | $ | 3.7 | $ | 16.5 | |||||
Payments
|
(8.9 | ) | (1.4 | ) | (3.5 | ) | (13.8 | ) | |||||
Currency translation
|
0.1 | 0.1 | (0.1 | ) | 0.1 | ||||||||
|
|||||||||||||
Balance At December 31, 2010
|
$ | 2.2 | $ | 0.5 | $ | 0.1 | $ | 2.8 |
Note 15.
|
Discontinued Operations
|
Note 16.
|
Unaudited Quarterly Information
|
|
2010
|
||||||||||||
(In millions except per share amounts)
|
First (a)
|
Second (b)
|
Third (c)
|
Fourth (d)
|
|||||||||
|
|
|
|
|
|||||||||
Revenues
|
$ | 2,675.1 | $ | 2,649.0 | $ | 2,683.5 | $ | 2,781.1 | |||||
Gross Profit
|
1,096.3 | 1,083.0 | 1,097.5 | 1,161.9 | |||||||||
Income from Continuing Operations
|
229.8 | 237.3 | 268.5 | 297.5 | |||||||||
Net Income
|
232.3 | 237.3 | 268.5 | 297.5 | |||||||||
Earnings per Share from Continuing Operations:
|
|||||||||||||
Basic
|
.56 | .58 | .67 | .76 | |||||||||
Diluted
|
.55 | .57 | .66 | .75 | |||||||||
Earnings per Share:
|
|||||||||||||
Basic
|
.57 | .58 | .67 | .76 | |||||||||
Diluted
|
.56 | .57 | .66 | .75 |
(a)
|
Costs of $23.6 million and after-tax gain of $2.5 million related to the company’s discontinued operations.
|
(b)
|
Costs of $11.7 million.
|
(c)
|
Costs of $13.3 million.
|
(d)
|
Costs of $30.8 million.
|
|
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.
|
Note 17.
|
Subsequent Events
|
Note 17.
|
Subsequent Events (continued)
|
(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, 2010
|
$ | 47.2 | $ | 2.2 | $ | 0.4 | $ | (10.6 | ) | $ | 0.7 | $ | 39.9 | ||||||
|
|||||||||||||||||||
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 |
(In millions)
|
Balance at Beginning of Year
|
Provision Charged to Expense (c)
|
Activity Charged to Reserve
|
Other (d)
|
Balance at
End of Year
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Accrued Restructuring Costs (b)
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Year Ended December 31, 2010
|
$ | 32.2 | $ | 33.6 | $ | (47.9 | ) | $ | (1.1 | ) | $ | 16.8 | ||||
|
||||||||||||||||
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 |
(a)
|
(b)
|
The nature of activity in this account is described in Note 14.
|
(c)
|
Excludes $27 million of non-cash expense, net, in 2010 and $1 million and $2 million of non-cash income, net in 2009 and 2008, respectively, as described in Note 14.
|
(d)
|
Represents the effects of currency translation.
|
1.
|
The following new Sections 9.6 and 9.7 are hereby added immediately following Section 9.5:
|
2.
|
Except as expressly modified herein, the Policy shall remain in full force and effect.
|
3.
|
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document.
|
1.
|
Section 8 of the Agreement is hereby amended by inserting the following text at the end thereof:
|
2.
|
Except as expressly modified herein, the Agreement shall remain in full force and effect.
|
3.
|
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document.
|
1.
|
Section 3.2 of the Agreement is hereby amended by inserting the following text at the end thereof:
|
3.
|
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be one and the same document.
|
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 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
|
Lomb Scientific (Aust) Pty Limited
|
Australia
|
100
|
Scot Scientific Pty Limited
|
Australia
|
100
|
Fronine Pty Limited
|
Australia
|
100
|
Ajax Finechem Pty Limited
|
Australia
|
100
|
Ajax Finechem (NZ) Limited
|
New Zealand
|
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
|
Intalysis Pty Ltd
|
Australia
|
100
|
Thermo Electron (Chile) S.A.
|
Chile
|
100
|
Thermo Electron A/S
|
Denmark
|
100
|
Thermo Electron Holdings SAS
[21.46% by Thermo Electron Scientific Instruments LLC and 16.20 % by Thermo BioAnalysis LLC]
|
France
|
62.34
|
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
|
Thermo Scientific Korea Ltd.
|
Korea
|
100
|
Fisher Clinical Logistics LLC
|
Delaware
|
100
|
Fisher Clinical Services Limited Liability Company
[1% by Thermo Fisher Scientific Inc.]
|
Russia
|
99
|
Fisher Clinical Services Japan K.K.
|
Japan
|
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
|
Fisher Worldwide Distribution SPV
|
Cayman Islands
|
100
|
Thermo Fisher Scientific Chromatography Holdings S.à r.l.
|
Luxembourg
|
100
|
Weston D Merger Co.
|
Delaware
|
100
|
Thermo Fisher Scientific Senior Financing LLC
|
Delaware
|
100
|
Thermo Fisher Scientific (DE) Holding S.a.r.l.
|
Luxembourg
|
100
|
TWX, LLC
|
Massachusetts
|
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
|
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
|
Finnzymes Oy
|
Finland
|
100
|
Finnzymes Instruments Oy
|
Finland
|
100
|
Finnzymes Inc.
|
Delaware
|
100
|
Bioinnovations Oy
|
Finland
|
100
|
BioInnvoations, Inc.
|
New Hampshire
|
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
(0.01% by Thermo Fisher Scientific Inc.)
|
India
|
99.99
|
Kendro Laboratory Products India Pvt. Ltd.
|
India
|
100
|
Thermo Shandon Limited
|
England
|
100
|
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
|
D-finitive Technologies, Inc.
|
South Carolina
|
100
|
Ahura Scientific Inc.
|
Delaware
|
100
|
Thermo Fisher Germany B.V.
|
Netherlands
|
100
|
NovaWave Technologies, Inc.
|
California
|
100
|
Thermo Fisher Re Ltd.
[20% by FSWH II C.V.]
|
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
|
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 Ltda.
[.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
|
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 Scientific (NK) 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 Ramsey Italia S.r.l.
|
Italy
|
100
|
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
|
Lab-Line Instruments, Inc.
|
Delaware
|
100
|
Thermo Scientific Services, Inc.
|
California
|
100
|
Thermo Fisher Scientific (Fuji) LLC
|
Delaware
|
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
|
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 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 Fisher Scientific Aquasensors LLC
|
Delaware
|
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
|
Fisher Scientific GmbH
|
Germany
|
100
|
Thermo Electron Polska Sp. z o.o.
|
Poland
|
100
|
Fisher Scientific Germany Beteiligungs GmbH
|
Germany
|
100
|
Fisher Scientific d.o.o
.
|
Slovenia
|
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
|
Microgenics Corporation
|
Delaware
|
100
|
Consolidated Technologies, Inc.
|
Wisconsin
|
100
|
Microgenics Diagnostics Pty Limited
|
Australia
|
100
|
Remel Inc.
|
Wisconsin
|
100
|
Separation Technology, Inc.
|
Delaware
|
100
|
Thermo Luxembourg Holding S.a.r.l.
|
Luxembourg
|
100
|
Oxoid Investments GmbH
|
Germany
|
100
|
Thermo Fisher Scientific Canada Acquisition ULC
|
Canada
|
100
|
Fermentas, S.a.r.l.
|
Luxembourg
|
100
|
Fermentas International Inc.
|
Canada
|
100
|
Fermentas Canada Inc.
[49% by Fermentas UAB]
|
Canada
|
51
|
Fermentas Inc.
|
Maryland
|
100
|
Fermentas UAB
|
Lithuania
|
100
|
Sorpo UAB
|
Lithuania
|
100
|
Fermentas China Co., Ltd
|
China
|
100
|
Fermentas GmbH
[40% by Fermentas UAB]
|
Germany
|
60
|
Fermentas Sweden AB
|
Sweden
|
100
|
Fermentas UK
|
England
|
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. GmbH
|
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. GmbH)
|
France
|
85.25
|
HENO GmbH i.L.
|
Germany
|
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 Messtechnik GmbH
(additionally 10.04% of the shares are owned directly by
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG
)
|
Germany
|
89.96
|
Niton Europe GmbH
|
Germany
|
100
|
Thermo Electron (Karlsruhe) GmbH
(10% owned by
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG
)
|
Germany
|
90
|
Thermo Electron Pension Trust GmbH
|
Germany
|
100
|
Thermo Fisher Scientific (Real Estate 1) S.a.r.l.
|
Luxembourg
|
100
|
Thermo Fisher Scientific (Real Estate 1) GmbH & Co KG
[0% by Fisher Scientific Germany Beteiligungs GmbH
as the Genera partner]
|
Germany | 100 |
Thermo Fisher Scientific (Bremen) GmbH
(10% owned by
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG
)
|
Germany
|
90
|
La-Pha-Pack GmbH
|
Germany
|
100
|
Thermo Electron LED GmbH
(10% owned by
Thermo Fisher Scientific (Real Estate 1) GmbH & Co. KG
)
|
Germany
|
90
|
TKA Wasseraufbereitungssysteme GmbH
|
Germany
|
100
|
TKA Benelux B.V.
[49% of the shares held by Marels Beheer B.V., The Netherlands (third party entity)
|
Netherlands
|
51
|
TKA India Private Limited
[0.001% of the shares held privately]
|
India
|
99.999
|
Thermo Electron LED GmbH
|
Austria
|
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
|
Barnstead Thermolyne LLC
|
Delaware
|
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
|
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
|
National Scientific Company
|
Wisconsin
|
100
|
Lab-Chrom-Pack LLC
|
New York
|
100
|
Robbins Scientific Corporation
|
California
|
100
|
Apogent Transition Corp.
|
Delaware
|
100
|
Erie Scientific LLC
|
Delaware
|
100
|
Thermo Fisher Scientific Switzerland Holdings C.V.
[.01% by Apogent Technologies Inc.]
|
Netherlands
|
99.99
|
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
|
Proxeon A/S
|
Denmark
|
100
|
Proxeon Bioinformatics A/S
|
Denmark
|
100
|
Proxeon Biosystems A/S
|
Denmark
|
100
|
SwissAnalytic Group GmbH
|
Switzerland
|
100
|
Thermo Fisher Scientific (Ecublens) SARL
|
Switzerland
|
100
|
Thermo Fisher Scientific Europe GmbH
|
Switzerland
|
100
|
Thermo Fisher Scientific Holdings Europe Limited
|
England
|
100
|
Thermo Fisher Scientific SpA
|
Italy
|
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
|
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
|
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 S.L.U
|
Spain
|
100
|
Samco Scientific LLC
|
Delaware
|
100
|
Samco Scientific (Monterrey) LLC
|
Delaware
|
100
|
Seradyn Inc.
|
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
|
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
|
Thermo Fisher Scientific Brahms LLC
|
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
|
99.99
|
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 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
|
Cole-Parmer India Pvt. Ltd
(.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
[.01% by Fisher Clinical Services Inc.]
|
Delaware
|
99.99
|
Liberty Lane Investment LLC
|
Delaware
|
100
|
Fisher Scientific Holding Company LLC
|
Delaware
|
100
|
Fisher Scientific Holdings (M) Sdn Bhd
|
Malaysia
|
100
|
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
|
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
|
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 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
[.0022
Fisher Scientific Holding Company LLC]
|
Hong Kong
|
99.978
|
FSWH II C.V.
(.0328% owned by Fisher WWD Holding L.L.C.,1.4695 owned by Fisher Clinical Services Inc.)
|
Netherlands
|
98.4977
|
Thermo Fisher Senior Canada Holdings LLC
|
Delaware
|
100
|
Thermo Fisher Insurance Holdings Inc.
|
Delaware
|
100
|
Thermo Fisher Insurance Holdings LLC
[41% by Thermo Fisher Re Ltd.]
|
Delaware
|
59
|
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.
(.33% owned by Fisher Chimica BVBA)
|
Belgium
|
99.67
|
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
(.9907% owned by Fisher Scientific The Hague II BV)
|
France
|
99.0093
|
Perbio Science France SAS
|
France
|
100
|
Fisher Scientific S.A.S.
|
France
|
100
|
Avantec Sarl (1.6667% owned by individuals)
|
France
|
98.3333
|
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.U.
|
Spain
|
100
|
Fisher Scientific, Unipessoal, Lda.
|
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
|
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
|
I, Peter M. Wilver, certify that:
|
|
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.
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Date: February 24, 2011
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