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November 2022
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FOR IMMEDIATE RELEASE | |
Media Contact Information: Karen Kirkwood | Investor Contact Information: Ken Apicerno |
Phone: 781-622-1306 | Phone: 781-622-1294 |
E-mail: karen.kirkwood@thermofisher.com | E-mail: ken.apicerno@thermofisher.com |
Website: www.thermofisher.com |
• | Grew revenue 16% to $5.92 billion. |
• | Increased GAAP diluted earnings per share (EPS) 31% to $1.75. |
• | Increased adjusted EPS 13% to $2.62. |
• | Launched a number of new instruments for life sciences and specialty diagnostics, highlighted by the Invitrogen EVOS M5000 cell imaging system, Thermo Scientific Phenom Pharos benchtop scanning electron microscope, Thermo Scientific ISQ EM mass spectrometer, and the Phadia 200 allergy and autoimmune system in Europe. |
• | Began major expansion of biologics production facility in St. Louis to meet increasing demand for contract development and manufacturing services in North America. |
• | Announced agreement to acquire Advanced Bioprocessing business from Becton Dickinson, which will add complementary cell culture products that expand our bioproduction offering to help customers increase yield during production of biologic drugs. |
Consolidated Statement of Income (unaudited) (a)(b) | ||||||||||||||
Three Months Ended | ||||||||||||||
September 29, | % of | September 30, | % of | |||||||||||
(In millions except per share amounts) | 2018 | Revenues | 2017 | Revenues | ||||||||||
Revenues | $ | 5,920 | $ | 5,116 | ||||||||||
Costs and Operating Expenses: | ||||||||||||||
Cost of revenues (c) | 3,181 | 53.7 | % | 2,685 | 52.5 | % | ||||||||
Selling, general and administrative expenses (d) | 1,183 | 20.0 | % | 1,126 | 22.0 | % | ||||||||
Amortization of acquisition-related intangible assets | 431 | 7.3 | % | 405 | 7.9 | % | ||||||||
Research and development expenses | 240 | 4.1 | % | 217 | 4.2 | % | ||||||||
Restructuring and other (income) costs, net (e) | (27 | ) | -0.5 | % | 49 | 1.0 | % | |||||||
5,008 | 84.6 | % | 4,482 | 87.6 | % | |||||||||
Operating Income | 912 | 15.4 | % | 634 | 12.4 | % | ||||||||
Interest Income | 41 | 25 | ||||||||||||
Interest Expense | (162 | ) | (157 | ) | ||||||||||
Other Income (Expense), Net (f) | 19 | (22 | ) | |||||||||||
Income Before Income Taxes | 810 | 480 | ||||||||||||
(Provision for) Benefit from Income Taxes (g) | (101 | ) | 54 | |||||||||||
Net Income | $ | 709 | 12.0 | % | $ | 534 | 10.4 | % | ||||||
Earnings per Share: | ||||||||||||||
Basic | $ | 1.76 | $ | 1.35 | ||||||||||
Diluted | $ | 1.75 | $ | 1.34 | ||||||||||
Weighted Average Shares: | ||||||||||||||
Basic | 402 | 396 | ||||||||||||
Diluted | 406 | 400 | ||||||||||||
Reconciliation of Adjusted Operating Income and Adjusted Operating Margin | ||||||||||||||
GAAP Operating Income (a) | $ | 912 | 15.4 | % | $ | 634 | 12.4 | % | ||||||
Cost of Revenues (Credits) Charges, Net (c) | (1 | ) | 0.0 | % | 45 | 0.9 | % | |||||||
Selling, General and Administrative (Credits) Charges, Net (d) | (4 | ) | -0.1 | % | 37 | 0.7 | % | |||||||
Restructuring and Other (Income) Costs, Net (e) | (27 | ) | -0.5 | % | 49 | 1.0 | % | |||||||
Amortization of Acquisition-related Intangible Assets | 431 | 7.3 | % | 405 | 7.9 | % | ||||||||
Adjusted Operating Income (b) | $ | 1,311 | 22.1 | % | $ | 1,170 | 22.9 | % | ||||||
Reconciliation of Adjusted Net Income | ||||||||||||||
GAAP Net Income (a) | $ | 709 | $ | 534 | ||||||||||
Cost of Revenues (Credits) Charges, Net (c) | (1 | ) | 45 | |||||||||||
Selling, General and Administrative (Credits) Charges, Net (d) | (4 | ) | 37 | |||||||||||
Restructuring and Other (Income) Costs, Net (e) | (27 | ) | 49 | |||||||||||
Amortization of Acquisition-related Intangible Assets | 431 | 405 | ||||||||||||
Other (Income) Expense, Net (f) | (5 | ) | 30 | |||||||||||
Benefit from Income Taxes (g) | (37 | ) | (176 | ) | ||||||||||
Adjusted Net Income (b) | $ | 1,066 | $ | 924 | ||||||||||
Reconciliation of Adjusted Earnings per Share | ||||||||||||||
GAAP EPS (a) | $ | 1.75 | $ | 1.34 | ||||||||||
Cost of Revenues Charges, Net of Tax (c) | — | 0.07 | ||||||||||||
Selling, General and Administrative (Credits) Charges, Net of Tax (d) | (0.01 | ) | 0.07 | |||||||||||
Restructuring and Other (Income) Costs, Net of Tax (e) | (0.06 | ) | 0.07 | |||||||||||
Amortization of Acquisition-related Intangible Assets, Net of Tax | 0.82 | 0.70 | ||||||||||||
Other (Income) Expense, Net of Tax (f) | (0.01 | ) | 0.05 | |||||||||||
Provision for Income Taxes (g) | 0.13 | 0.01 | ||||||||||||
Adjusted EPS (b) | $ | 2.62 | $ | 2.31 | ||||||||||
Reconciliation of Free Cash Flow | ||||||||||||||
GAAP Net Cash Provided by Operating Activities (a) | $ | 1,220 | $ | 929 | ||||||||||
Net Cash Used in Discontinued Operations | — | 1 | ||||||||||||
Purchases of Property, Plant and Equipment | (173 | ) | (112 | ) | ||||||||||
Proceeds from Sale of Property, Plant and Equipment | 3 | 2 | ||||||||||||
Free Cash Flow | $ | 1,050 | $ | 820 |
Segment Data | Three Months Ended | |||||||||||||
September 29, | % of | September 30, | % of | |||||||||||
(In millions) | 2018 | Revenues | 2017 | Revenues | ||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 1,504 | 25.4 | % | $ | 1,382 | 27.0 | % | ||||||
Analytical Instruments | 1,333 | 22.5 | % | 1,189 | 23.2 | % | ||||||||
Specialty Diagnostics | 894 | 15.1 | % | 844 | 16.5 | % | ||||||||
Laboratory Products and Services | 2,470 | 41.7 | % | 1,933 | 37.8 | % | ||||||||
Eliminations | (281 | ) | -4.7 | % | (232 | ) | -4.5 | % | ||||||
Consolidated Revenues | $ | 5,920 | 100.0 | % | $ | 5,116 | 100.0 | % | ||||||
Operating Income and Operating Margin | ||||||||||||||
Life Sciences Solutions | $ | 495 | 32.9 | % | $ | 452 | 32.7 | % | ||||||
Analytical Instruments | 294 | 22.0 | % | 257 | 21.6 | % | ||||||||
Specialty Diagnostics | 223 | 25.0 | % | 218 | 25.9 | % | ||||||||
Laboratory Products and Services | 299 | 12.1 | % | 243 | 12.6 | % | ||||||||
Subtotal Reportable Segments | 1,311 | 22.1 | % | 1,170 | 22.9 | % | ||||||||
Cost of Revenues Credits (Charges), Net (c) | 1 | 0.0 | % | (45 | ) | -0.9 | % | |||||||
Selling, General and Administrative Credits (Charges), Net (d) | 4 | 0.1 | % | (37 | ) | -0.7 | % | |||||||
Restructuring and Other Income (Costs), Net (e) | 27 | 0.5 | % | (49 | ) | -1.0 | % | |||||||
Amortization of Acquisition-related Intangible Assets | (431 | ) | -7.3 | % | (405 | ) | -7.9 | % | ||||||
GAAP Operating Income (a) | $ | 912 | 15.4 | % | $ | 634 | 12.4 | % | ||||||
(a) "GAAP" (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP). The results for 2017 have been restated for the immaterial impacts of adopting new guidance on pension accounting. | ||||||||||||||
(b) Adjusted results are non-GAAP measures and, for income measures, exclude certain charges to cost of revenues (see note (c) for details); certain credits/charges to selling, general and administrative expenses (see note (d) for details); amortization of acquisition-related intangible assets; restructuring and other costs, net (see note (e) for details); certain other gains or losses that are either isolated or cannot be expected to occur again with any predictability (see note (f) for details); and the tax consequences of the preceding items and certain other tax items (see note (g) for details). | ||||||||||||||
(c) Reported results in 2018 and 2017 include i) $2 and $16, respectively, of charges for the sale of inventories revalued at the date of acquisition and ii) $(3) and $27, respectively, of (credits)/charges to conform the accounting policies of recently acquired businesses with the company's accounting policies. Reported results in 2017 also include $2 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations. | ||||||||||||||
(d) Reported results in 2018 and 2017 include i) $10 and $38, respectively, of certain third-party expenses, principally transaction/integration costs related to recently completed acquisitions and ii) $11 and $8, respectively, of income associated with product liability litigation. Reported results in 2018 also include $3 of credits from changes in estimates of contingent acquisition consideration. Reported results in 2017 also include $6 of charges to conform the accounting policies of recently acquired businesses with the company's accounting policies and $1 of accelerated depreciation on fixed assets to be abandoned due to integration synergies. | ||||||||||||||
(e) Reported results in 2018 and 2017 include restructuring and other costs, net, consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Reported results in 2018 include $52 of credits from litigation and $1 of hurricane response costs. Reported results in 2017 include $15 of net charges for litigation and $6 of compensation due at an acquired business on the date of acquisition. | ||||||||||||||
(f) Reported results in 2018 include $6 of net gains from investments and $1 of net charges for the settlement/curtailment of pension plans. Reported results in 2017 include a $29 charge related to fees paid to obtain bridge financing commitments for the acquisition of Patheon and $1 of losses on investments. | ||||||||||||||
(g) Reported provision for income taxes includes i) $89 and $179 of incremental tax benefit in 2018 and 2017, respectively, for the pre-tax reconciling items between GAAP and adjusted net income; ii) $5 and $3 in 2018 and 2017, respectively, of incremental tax provision from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes and iii) in 2018, $47 of incremental tax provision to adjust the estimated initial impacts of U.S. tax reform legislation recorded in 2017. | ||||||||||||||
Notes: | ||||||||||||||
Consolidated depreciation expense is $132 and $112 in 2018 and 2017, respectively. | ||||||||||||||
Consolidated Statement of Income (unaudited) (a)(b) | ||||||||||||||
Nine Months Ended | ||||||||||||||
September 29, | % of | September 30, | % of | |||||||||||
(In millions except per share amounts) | 2018 | Revenues | 2017 | Revenues | ||||||||||
Revenues | $ | 17,851 | $ | 14,871 | ||||||||||
Costs and Operating Expenses: | ||||||||||||||
Cost of revenues (c) | 9,536 | 53.4 | % | 7,709 | 51.8 | % | ||||||||
Selling, general and administrative expenses (d) | 3,613 | 20.2 | % | 3,257 | 21.9 | % | ||||||||
Amortization of acquisition-related intangible assets | 1,316 | 7.4 | % | 1,153 | 7.8 | % | ||||||||
Research and development expenses | 716 | 4.0 | % | 654 | 4.4 | % | ||||||||
Restructuring and other costs, net (e) | 35 | 0.2 | % | 95 | 0.6 | % | ||||||||
15,216 | 85.2 | % | 12,868 | 86.5 | % | |||||||||
Operating Income | 2,635 | 14.8 | % | 2,003 | 13.5 | % | ||||||||
Interest Income | 92 | 61 | ||||||||||||
Interest Expense | (495 | ) | (426 | ) | ||||||||||
Other Income (Expense), Net (f) | 18 | (29 | ) | |||||||||||
Income Before Income Taxes | 2,250 | 1,609 | ||||||||||||
(Provision for) Benefit from Income Taxes (g) | (210 | ) | 89 | |||||||||||
Income from Continuing Operations | 2,040 | 1,698 | ||||||||||||
Loss from Discontinued Operations, Net of Tax | — | (1 | ) | |||||||||||
Net Income | $ | 2,040 | 11.4 | % | $ | 1,697 | 11.4 | % | ||||||
Earnings per Share from Continuing Operations: | ||||||||||||||
Basic | $ | 5.07 | $ | 4.33 | ||||||||||
Diluted | $ | 5.03 | $ | 4.29 | ||||||||||
Earnings per Share: | ||||||||||||||
Basic | $ | 5.07 | $ | 4.32 | ||||||||||
Diluted | $ | 5.03 | $ | 4.29 | ||||||||||
Weighted Average Shares: | ||||||||||||||
Basic | 402 | 392 | ||||||||||||
Diluted | 406 | 396 | ||||||||||||
Reconciliation of Adjusted Operating Income and Adjusted Operating Margin | ||||||||||||||
GAAP Operating Income (a) | $ | 2,635 | 14.8 | % | $ | 2,003 | 13.5 | % | ||||||
Cost of Revenues Charges (c) | 7 | 0.0 | % | 77 | 0.5 | % | ||||||||
Selling, General and Administrative Charges, Net (d) | 7 | 0.0 | % | 75 | 0.5 | % | ||||||||
Restructuring and Other Costs, Net (e) | 35 | 0.2 | % | 95 | 0.6 | % | ||||||||
Amortization of Acquisition-related Intangible Assets | 1,316 | 7.4 | % | 1,153 | 7.8 | % | ||||||||
Adjusted Operating Income (b) | $ | 4,000 | 22.4 | % | $ | 3,403 | 22.9 | % | ||||||
Reconciliation of Adjusted Net Income | ||||||||||||||
GAAP Net Income (a) | $ | 2,040 | $ | 1,697 | ||||||||||
Cost of Revenues Charges (c) | 7 | 77 | ||||||||||||
Selling, General and Administrative Charges, Net (d) | 7 | 75 | ||||||||||||
Restructuring and Other Costs, Net (e) | 35 | 95 | ||||||||||||
Amortization of Acquisition-related Intangible Assets | 1,316 | 1,153 | ||||||||||||
Other Expense, Net (f) | 4 | 30 | ||||||||||||
Benefit from Income Taxes (g) | (215 | ) | (481 | ) | ||||||||||
Discontinued Operations, Net of Tax | — | 1 | ||||||||||||
Adjusted Net Income (b) | $ | 3,194 | $ | 2,647 | ||||||||||
Reconciliation of Adjusted Earnings per Share | ||||||||||||||
GAAP EPS (a) | $ | 5.03 | $ | 4.29 | ||||||||||
Cost of Revenues Charges, Net of Tax (c) | 0.01 | 0.13 | ||||||||||||
Selling, General and Administrative Charges, Net of Tax (d) | 0.01 | 0.13 | ||||||||||||
Restructuring and Other Costs, Net of Tax (e) | 0.07 | 0.16 | ||||||||||||
Amortization of Acquisition-related Intangible Assets, Net of Tax | 2.54 | 2.08 | ||||||||||||
Other Expense, Net of Tax (f) | 0.01 | 0.05 | ||||||||||||
Provision for (Benefit from) Income Taxes (g) | 0.20 | (0.15 | ) | |||||||||||
Discontinued Operations, Net of Tax | — | — | ||||||||||||
Adjusted EPS (b) | $ | 7.87 | $ | 6.69 | ||||||||||
Reconciliation of Free Cash Flow | ||||||||||||||
GAAP Net Cash Provided by Operating Activities (a) | $ | 2,742 | $ | 2,139 | ||||||||||
Net Cash Used in Discontinued Operations | — | 2 | ||||||||||||
Purchases of Property, Plant and Equipment | (474 | ) | (293 | ) | ||||||||||
Proceeds from Sale of Property, Plant and Equipment | 6 | 4 | ||||||||||||
Free Cash Flow | $ | 2,274 | $ | 1,852 |
Segment Data | Nine Months Ended | |||||||||||||
September 29, | % of | September 30, | % of | |||||||||||
(In millions) | 2018 | Revenues | 2017 | Revenues | ||||||||||
Revenues | ||||||||||||||
Life Sciences Solutions | $ | 4,572 | 25.6 | % | $ | 4,150 | 27.9 | % | ||||||
Analytical Instruments | 3,901 | 21.9 | % | 3,407 | 22.9 | % | ||||||||
Specialty Diagnostics | 2,773 | 15.5 | % | 2,572 | 17.3 | % | ||||||||
Laboratory Products and Services | 7,433 | 41.6 | % | 5,424 | 36.5 | % | ||||||||
Eliminations | (828 | ) | -4.6 | % | (682 | ) | -4.6 | % | ||||||
Consolidated Revenues | $ | 17,851 | 100.0 | % | $ | 14,871 | 100.0 | % | ||||||
Operating Income and Operating Margin | ||||||||||||||
Life Sciences Solutions | $ | 1,534 | 33.5 | % | $ | 1,333 | 32.1 | % | ||||||
Analytical Instruments | 831 | 21.3 | % | 681 | 20.0 | % | ||||||||
Specialty Diagnostics | 719 | 25.9 | % | 685 | 26.7 | % | ||||||||
Laboratory Products and Services | 916 | 12.3 | % | 704 | 13.0 | % | ||||||||
Subtotal Reportable Segments | 4,000 | 22.4 | % | 3,403 | 22.9 | % | ||||||||
Cost of Revenues Charges (c) | (7 | ) | 0.0 | % | (77 | ) | -0.5 | % | ||||||
Selling, General and Administrative Charges, Net (d) | (7 | ) | 0.0 | % | (75 | ) | -0.5 | % | ||||||
Restructuring and Other Costs, Net (e) | (35 | ) | -0.2 | % | (95 | ) | -0.6 | % | ||||||
Amortization of Acquisition-related Intangible Assets | (1,316 | ) | -7.4 | % | (1,153 | ) | -7.8 | % | ||||||
GAAP Operating Income (a) | $ | 2,635 | 14.8 | % | $ | 2,003 | 13.5 | % | ||||||
(a) "GAAP" (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP). The results for 2017 have been restated for the immaterial impacts of adopting new guidance on pension accounting. | ||||||||||||||
(b) Adjusted results are non-GAAP measures and, for income measures, exclude certain charges to cost of revenues (see note (c) for details); certain credits/charges to selling, general and administrative expenses (see note (d) for details); amortization of acquisition-related intangible assets; restructuring and other costs, net (see note (e) for details); certain other gains or losses that are either isolated or cannot be expected to occur again with any predictability (see note (f) for details); and the tax consequences of the preceding items and certain other tax items (see note (g) for details). | ||||||||||||||
(c) Reported results in 2018 and 2017 include i) $10 and $47, respectively, of charges for the sale of inventories revalued at the date of acquisition and ii) $(3) and $27, respectively, of (credits)/charges to conform the accounting policies of recently acquired businesses with the company's accounting policies. Reported results in 2017 also include $3 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. | ||||||||||||||
(d) Reported results in 2018 and 2017 include i) $22 and $50, respectively, of certain third-party expenses, principally transaction/integration costs related to recently completed acquisitions; ii) $11 and $8, respectively, of income associated with product liability litigation and iii) $(4) and $25, respectively, of (credits)/charges from changes in estimates of contingent acquisition consideration. Reported results in 2017 also include $6 of charges to conform the accounting policies of recently acquired businesses with the company's accounting policies and $2 of accelerated depreciation on fixed assets to be abandoned due to integration synergies. | ||||||||||||||
(e) Reported results in 2018 and 2017 include restructuring and other costs, net, consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations. Reported results in 2018 include $46 of net credits from litigation and $5 of hurricane response costs. Reported results in 2017 include $18 of net charges for litigation, $6 of compensation due at an acquired business on the date of acquisition and $2 of charges for the settlement of retirement plans. | ||||||||||||||
(f) Reported results in 2018 include $2 of net gains from investments, $3 of losses on the early extinguishment of debt and $3 of net charges for the settlement/curtailment of pension plans. Reported results in 2017 include $4 of losses on the early extinguishment of debt and a $32 charge related to fees paid to obtain bridge financing commitments for the acquisition of Patheon, offset in part by $6 of net gains from investments. | ||||||||||||||
(g) Reported provision for income taxes includes i) $297 and $422 of incremental tax benefit in 2018 and 2017, respectively, for the pre-tax reconciling items between GAAP and adjusted net income; ii) $(14) and $60 of incremental tax (provision) benefit in 2018 and 2017, respectively, from adjusting the company's non-U.S. deferred tax balances as a result of tax rate changes, iii) in 2018, $68 of incremental tax provision to adjust the estimated initial impacts of U.S. tax reform legislation recorded in 2017 and iv) in 2017, $1 of incremental tax provision in 2017 due to audit settlements. | ||||||||||||||
Notes: | ||||||||||||||
Consolidated depreciation expense is $393 and $306 in 2018 and 2017, respectively. | ||||||||||||||
Condensed Consolidated Balance Sheet (unaudited) | ||||||||
September 29, | December 31, | |||||||
(In millions) | 2018 | 2017 | ||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 1,098 | $ | 1,335 | ||||
Accounts receivable, net | 3,852 | 3,879 | ||||||
Inventories | 2,982 | 2,971 | ||||||
Other current assets | 1,634 | 1,236 | ||||||
Total current assets | 9,566 | 9,421 | ||||||
Property, Plant and Equipment, Net | 3,978 | 4,047 | ||||||
Acquisition-related Intangible Assets | 15,219 | 16,684 | ||||||
Other Assets | 1,173 | 1,227 | ||||||
Goodwill | 25,142 | 25,290 | ||||||
Total Assets | $ | 55,078 | $ | 56,669 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current Liabilities: | ||||||||
Short-term obligations and current maturities of long-term obligations | $ | 1,014 | $ | 2,135 | ||||
Other current liabilities | 4,182 | 4,913 | ||||||
Total current liabilities | 5,196 | 7,048 | ||||||
Other Long-term Liabilities | 5,232 | 5,335 | ||||||
Long-term Obligations | 17,760 | 18,873 | ||||||
Total Shareholders' Equity | 26,890 | 25,413 | ||||||
Total Liabilities and Shareholders' Equity | $ | 55,078 | $ | 56,669 |
Condensed Consolidated Statement of Cash Flows (unaudited) | ||||||||
Nine Months Ended | ||||||||
September 29, | September 30, | |||||||
(In millions) | 2018 | 2017 | ||||||
Operating Activities | ||||||||
Net income | $ | 2,040 | $ | 1,697 | ||||
Loss from discontinued operations | — | 1 | ||||||
Income from continuing operations | 2,040 | 1,698 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,709 | 1,459 | ||||||
Change in deferred income taxes | (317 | ) | (484 | ) | ||||
Other non-cash expenses, net | 214 | 230 | ||||||
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions | (904 | ) | (762 | ) | ||||
Net cash provided by continuing operations | 2,742 | 2,141 | ||||||
Net cash used in discontinued operations | — | (2 | ) | |||||
Net cash provided by operating activities | 2,742 | 2,139 | ||||||
Investing Activities | ||||||||
Acquisitions, net of cash acquired | (59 | ) | (7,160 | ) | ||||
Purchases of property, plant and equipment | (474 | ) | (293 | ) | ||||
Proceeds from sale of property, plant and equipment | 6 | 4 | ||||||
Other investing activities, net | (5 | ) | 3 | |||||
Net cash used in investing activities | (532 | ) | (7,446 | ) | ||||
Financing Activities | ||||||||
Net proceeds from issuance of debt | 690 | 6,459 | ||||||
Repayment of debt | (2,048 | ) | (2,552 | ) | ||||
Net proceeds from issuance of commercial paper | 3,378 | 6,030 | ||||||
Repayment of commercial paper | (3,842 | ) | (5,809 | ) | ||||
Purchases of company common stock | (250 | ) | (750 | ) | ||||
Dividends paid | (198 | ) | (177 | ) | ||||
Net proceeds from issuance of company common stock | — | 1,690 | ||||||
Net proceeds from issuance of company common stock under employee stock plans | 97 | 108 | ||||||
Other financing activities, net | (51 | ) | (1 | ) | ||||
Net cash (used in) provided by financing activities | (2,224 | ) | 4,998 | |||||
Exchange Rate Effect on Cash | (236 | ) | 256 | |||||
Decrease in Cash, Cash Equivalents and Restricted Cash | (250 | ) | (53 | ) | ||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,361 | 811 | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 1,111 | $ | 758 | ||||
Free Cash Flow (a) | $ | 2,274 | $ | 1,852 | ||||
(a) Free cash flow is net cash provided by operating activities of continuing operations less net purchases of property, plant and equipment. | ||||||||
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Ticker: TMOEvents:
CIK: 97745
Form Type: 8-K Corporate News
Accession Number: 0000097745-18-000036
Submitted to the SEC: Wed Oct 24 2018 7:30:28 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Measuring And Controlling Devices