Q2 15 reconciliation of financial information

The World Leader in Serving Science
GAAP/Non-GAAP Reconciliation
and Financial Package
July 22, 2015

Use of Non GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial
measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude restructuring and other costs/income and
amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses, tax provisions/benefits related to the
previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events and discontinued operations. We exclude the above
items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-
GAAP measure, free cash flow, which excludes operating cash flows from discontinued operations and deducts net capital expenditures. We believe that
the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how
management measures and forecasts the company’s performance, especially when comparing such results to previous periods or forecasts.
For example:
We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs
related to these restructuring activities are not indicative of our normal operating costs.
We exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction
costs. We exclude these costs because we do not believe they are indicative of our normal operating costs.
We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the
purchase price for acquisitions may be allocated to intangible assets that have lives of 5 to 20 years. Exclusion of the amortization expense allows
comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-
acquisitive peer companies.
We also exclude certain gains/losses and related tax effects, benefits from tax credit carryforwards and the impact of significant tax audits or events (such
as the one-time effect on deferred tax balances of enacted changes in tax rates), which are either isolated or cannot be expected to occur again with any
regularity or predictability and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from
items such as the sale of a business or real estate, significant litigation-related matters, curtailments of pension plans, the early retirement of debt and
discontinued operations.
We also report free cash flow, which is operating cash flow, net of capital expenditures, and also excludes operating cash flows from discontinued
operations to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities.
Thermo Fisher’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company’s core
operating performance and comparing such performance to that of prior periods and to the performance of our competitors. Such measures are also used
by management in their financial and operating decision-making and for compensation purposes.
The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included herein are not meant to be considered superior to or
a substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the
most directly comparable GAAP financial measures are set forth in the accompanying tables.

Table of Contents
Page
1. Annual Reconciliation of GAAP to Adjusted P&L (2010 - 2014)
3. Quarterly Reconciliation of GAAP to Adjusted P&L (2014 - 2015)
5. Free Cash Flow, Return on Invested Capital and Return on Equity (2010 - 2015)
6. Segment Data (2014 - 2015)
7. Balance Sheet and Leverage Ratios (2012 - 2015)
8. Debt (2012 - 2015)
9. Publicly Announced Acquisitions/Divestitures (2012 - 2015)
10. Capital Deployment (2012 - 2015)
11. Fiscal Calendar (2014 - 2015)

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(Dollars in millions except EPS)
GAAP Consolidated Revenues
Revenue Growth
Acquisitions net of Divestitures
Currency Translation
Organic Revenue Growth
Pro Forma Revenue Growth (a)
Pro Forma Organic Revenue Growth (a)
$ % $ % $ % $ % $ %
GAAP Gross Margin 4,261.5 41.0% 4,794.0 41.5% 5,295.5 42.3% 5,529.1 42.2% 7,492.0 44.4%
Cost of Revenues Charges (b) 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2% 327.6 1.9%
Amortization of Acquisition-related Intangible Assets 129.2 1.3% 175.9 1.5% 221.4 1.8% 222.0 1.8% 427.0 2.5%
Adjusted Gross Margin 4,403.9 42.4% 5,042.5 43.6% 5,572.5 44.5% 5,779.7 44.2% 8,246.6 48.8%
GAAP SG&A Expense 2,728.8 26.3% 3,106.5 26.9% 3,354.9 26.8% 3,446.3 26.3% 4,896.1 29.0%
Selling, General and Administrative Costs (c) (3.0) 0.0% (61.5) -0.5% (12.5) -0.1% (73.5) -0.6% (130.7) -0.8%
Amortization of Acquisition-related Intangible Assets (425.5) -4.2% (472.0) -4.1% (526.2) -4.2% (541.1) -4.1% (904.7) -5.3%
Adjusted SG&A Expense 2,300.3 22.1% 2,573.0 22.3% 2,816.2 22.5% 2,831.7 21.6% 3,860.7 22.9%
GAAP R&D Expense 284.4 2.7% 340.2 2.9% 376.4 3.0% 395.5 3.0% 691.1 4.1%
GAAP Operating Income 1,188.1 11.4% 1,250.8 10.8% 1,482.1 11.8% 1,609.6 12.3% 2,503.0 14.8%
Cost of Revenues Charges (b) 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2% 327.6 1.9%
Selling, General and Administrative Costs (c) 3.0 0.0% 61.5 0.5% 12.5 0.1% 73.5 0.6% 130.7 0.8%
Restructuring and Other Costs (Income), Net (d) 60.2 0.6% 96.5 0.9% 82.1 0.7% 77.7 0.6% (598.2) -3.5%
Amortization of Acquisition-related Intangible Assets 554.7 5.4% 647.9 5.6% 747.6 6.0% 763.1 5.8% 1,331.7 7.9%
Adjusted Operating Income 1,819.2 17.5% 2,129.3 18.4% 2,379.9 19.0% 2,552.5 19.5% 3,694.8 21.9%
Add back Depreciation Expense 185.0 1.8% 211.7 1.9% 236.1 1.9% 236.8 1.8% 353.1 2.1%
Adjusted EBITDA 2,004.2 19.3% 2,341.0 20.3% 2,616.0 20.9% 2,789.3 21.3% 4,047.9 24.0%
Annual Reconciliation of GAAP to Adjusted P&L
(a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition
results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.
(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in
2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2010 and 2012 gains due to settlement of certain
product liability-related matters; in 2011, 2012, 2013 and 2014, charges associated with product liability litigation; and in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(d) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters,
curtailments/settlements of pension plans, and the sale of businesses, product lines and property.
(Annual P&L Reconciliation continued on the next page)
4%
2014
16,889.6
29%
25%
0%
2% -2%
3%
1%
7%
1%
** Results do not sum due to rounding.
13,090.3
5%
11,558.8
0%
11%7%
4%3% **
2013
2%
0%
3%4%
8%
2012
12,509.9
2010
10,393.1
2011
3%

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Annual Reconciliation of GAAP to Adjusted P&L
2014201320122010 2011
$ % $ % $ % $ % $ %
GAAP Tax Provision 101.6 9.3% 109.4 9.7% 11.0 0.9% 40.4 3.1% 191.7 9.2%
Tax Effect of Adjusted Items (f) 242.6 10.4% 269.1 9.4% 351.7 15.8% 300.7 11.6% 283.3 5.3%
Adjusted Tax Provision 344.2 19.7% 378.5 19.1% 362.7 16.7% 341.1 14.7% 475.0 14.5%
GAAP Net Income 1,035.6 1,329.9 1,177.9 1,273.3 1,894.4
Cost of Revenues Charges (b) 13.2 72.6 55.6 28.6 327.6
Selling, General and Administrative Costs (c) 3.0 61.5 12.5 73.5 130.7
Restructuring and Other Costs (Income), Net (d) 60.2 96.5 82.1 77.7 (598.2)
Amortization of Acquisition-related Intangible Assets 554.7 647.9 747.6 763.1 1,331.7
Other Expense (Income) (e) 28.3 (31.8) 5.3 60.4 (3.1)
Income Tax Benefit (f) (242.6) (269.1) (351.7) (300.7) (283.3)
(Income) Loss from Discontinued Operations, Net of Tax (49.5) (306.5) 80.5 5.8 1.1
Adjusted Net Income 1,402.9 1,601.0 1,809.8 1,981.7 2,800.9
GAAP Diluted EPS 2.53 3.46 3.21 3.48 4.71
GAAP Diluted EPS Growth 26% 37% -7% 8% 35%
Cost of Revenues Charges, Net of Tax (b) 0.02 0.13 0.11 0.05 0.55
Selling, General and Administrative Costs, Net of Tax (c) 0.01 0.13 0.03 0.16 0.24
Restructuring and Other Costs, Net of Tax (d) 0.10 0.16 0.15 0.16 (0.79)
Amortization of Acquisition-related Intangible Assets, Net of Tax 0.89 1.12 1.36 1.45 2.27
Other Expense (Income), Net of Tax (e) 0.04 (0.05) 0.00 0.09 (0.01)
Income Tax (Benefit) Provision (f) (0.04) 0.01 (0.14) 0.01 (0.01)
(Income) Loss from Discontinued Operations, Net of Tax (0.12) (0.80) 0.22 0.02 0.00
Adjusted Diluted EPS 3.43 4.16 4.94 5.42 6.96
Adjusted Diluted EPS Growth 17% 21% 19% 10% 28%
(e) The excluded items from other expense/income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity-method investments; in 2010 and 2012, losses on the extinguishment of debt; in
2014 losses from other-than-temporary declines in fair market value of investments; in 2010, 2011 and 2013, costs to obtain short-term financing commitments related to acquisitions; in 2011, 2013 and 2014, gains on available-for-sale and equity
investments; and in 2013, realized gains on available-for-sale investments irrevocably contributed to the company's U.K. pension plans.
(f) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting
the company's deferred tax balances as a result of tax rate changes.
(a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition
results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.
(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in
2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2010 and 2012 gains due to settlement of certain
product liability-related matters; in 2011, 2012, 2013 and 2014, charges associated with product liability litigation; and in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(d) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters,
curtailments/settlements of pension plans, and the sale of businesses, product lines and property.

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Revenue
Life Sciences Solutions Segment
Analytical Instruments Segment
Specialty Diagnostics Segment
Laboratory Products and Services Segment
Eliminations
Total Revenue
Reported Revenue Growth
Organic Revenue Growth
$ % $ % $ % $ % $ % $ %
GAAP Cost of Goods Sold 2,283.5 58.5% 2,475.4 57.3% 2,237.8 53.6% 2,400.9 53.4% 2,096.3 53.5% 2,329.1 54.5%
Cost of Revenues Charges (a) (168.5) -4.3% (156.1) -3.6% (2.1) -0.1% (0.9) 0.0% (0.6) 0.0% (1.1) 0.0%
Amortization of Acquisition-related Intangible Assets (91.7) -2.4% (114.4) -2.7% (110.8) -2.6% (110.1) -2.4% (107.7) -2.8% (107.1) -2.5%
Adjusted Cost of Goods Sold 2,023.3 51.8% 2,204.9 51.0% 2,124.9 50.9% 2,289.9 51.0% 1,988.0 50.7% 2,220.9 52.0%
GAAP Gross Margin 1,620.0 41.5% 1,846.5 42.7% 1,933.6 46.4% 2,091.9 46.6% 1,822.5 46.5% 1,941.8 45.5%
Cost of Revenues Charges (a) 168.5 4.3% 156.1 3.6% 2.1 0.1% 0.9 0.0% 0.6 0.0% 1.1 0.0%
Amortization of Acquisition-related Intangible Assets 91.7 2.4% 114.4 2.7% 110.8 2.6% 110.1 2.4% 107.7 2.8% 107.1 2.5%
Adjusted Gross Margin 1,880.2 48.2% 2,117.0 49.0% 2,046.5 49.1% 2,202.9 49.0% 1,930.8 49.3% 2,050.0 48.0%
GAAP SG&A Expense 1,177.0 30.2% 1,253.8 29.0% 1,228.7 29.5% 1,236.6 27.5% 1,137.4 29.0% 1,151.0 26.9%
Selling, General and Administrative Costs, Net (b) (82.8) -2.1% (14.9) -0.3% (20.3) -0.5% (12.7) -0.3% (7.6) -0.2% (3.2) -0.1%
Amortization of Acquisition-related Intangible Assets (194.2) -5.0% (229.2) -5.3% (252.1) -6.1% (229.2) -5.1% (221.4) -5.6% (222.7) -5.1%
Adjusted SG&A Expense 900.0 23.1% 1,009.7 23.4% 956.3 22.9% 994.7 22.1% 908.4 23.2% 925.1 21.7%
GAAP R&D Expense 149.7 3.8% 183.7 4.3% 175.2 4.2% 182.5 4.1% 165.8 4.2% 174.6 4.1%
GAAP Operating Income 875.5 22.4% 348.1 8.1% 640.3 15.3% 639.1 14.2% 487.3 12.4% 595.8 14.0%
Cost of Revenues Charges (a) 168.5 4.3% 156.1 3.6% 2.1 0.1% 0.9 0.0% 0.6 0.0% 1.1 0.0%
Selling, General and Administrative Costs (b) 82.8 2.1% 14.9 0.3% 20.3 0.5% 12.7 0.3% 7.6 0.2% 3.2 0.1%
Restructuring and Other Costs (Income), Net (c) (582.2) -14.9% 60.9 1.4% (110.6) -2.7% 33.7 0.7% 32.0 0.9% 20.4 0.5%
Amortization of Acquisition-related Intangible Assets 285.9 7.4% 343.6 8.0% 362.9 8.7% 339.3 7.6% 329.1 8.4% 329.8 7.7%
Adjusted Operating Income 830.5 21.3% 923.6 21.4% 915.0 21.9% 1,025.7 22.8% 856.6 21.9% 950.3 22.3%
Add back Depreciation Expense 79.7 2.0% 91.2 2.1% 92.8 2.3% 89.4 2.0% 87.2 2.2% 89.9 2.1%
Adjusted EBITDA 910.2 23.3% 1,014.8 23.5% 1,007.8 24.2% 1,115.1 24.8% 943.8 24.1% 1,040.2 24.4%
(129.1)
33%
4,321.9
(c) Restructuring and other costs (income) consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters, curtailments/settlements of pension plans; and
the sale of businesses, product lines and property.
(Quarterly P&L Reconciliation continued on the next page)
-6%
27%
1%
6% ** 6%
Quarterly Reconciliation of GAAP to Adjusted P&L
Q2-15
1,129.3
777.0
817.1
1,693.31,682.9
1,185.2
Q3-14
2% **
1,019.9
727.4
(145.8)
4,270.9
-1%
5%
-6%
27%
811.8
902.4786.5
Q1-15
3,918.8
0%
(127.1)
1,628.7
863.0
(140.7)(127.5)
30%
4,492.84,171.4
785.2
1,513.4
20%
0%
26%
-3%
4%5%2%
0%
** Results do not sum due to rounding.
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition, and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in Q1 2014, charges to conform the
accounting policies of Life Technologies with the company's accounting policies.
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q3 2014, charges associated with product liability litigation; in Q1 2014, charges to conform the
accounting policies of Life Technologies with the company's accounting policies; and in 2015, accelerated depreciation on information systems to be abandoned due to integration synergies.
-1%
Q1-14
22% 31%
Q2-14 Q4-14
835.5
813.7
(106.1)
1,590.5
1,071.9
855.1
1,699.4
1,103.1
769.9
3,903.5
793.4

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Quarterly Reconciliation of GAAP to Adjusted P&L
Q2-15Q3-14 Q1-15Q1-14 Q2-14 Q4-14
$ % $ % $ % $ % $ % $ %
GAAP Tax Provision 231.3 29.9% (42.0) -17.8% 69.3 12.9% (66.9) -12.5% (3.1) -0.8% (8.0) -1.6%
Tax Effect of Adjusted Items (e) (115.0) -13.9% 158.0 32.1% 50.7 1.9% 189.6 25.7% 109.8 14.8% 128.2 15.6%
Adjusted Tax Provision 116.3 16.0% 116.0 14.3% 120.0 14.8% 122.7 13.2% 106.7 14.0% 120.2 14.0%
GAAP Net Income 543.1 278.5 471.6 601.2 385.1 511.6
Cost of Revenues Charges (a) 168.5 156.1 2.1 0.9 0.6 1.1
Selling, General and Administrative Costs (b) 82.8 14.9 20.3 12.7 7.6 3.2
Restructuring and Other Costs (Income), Net (c) (582.2) 60.9 (110.6) 33.7 32.0 20.4
Amortization of Acquisition-related Intangible Assets, Net of Tax 285.9 343.6 362.9 339.3 329.1 329.8
Other (Income) Expense, Net (d) (2.3) (0.9) (3.6) 3.7 11.0 0.6
Income Tax (Benefit) Provision (e) 115.0 (158.0) (50.7) (189.6) (109.8) (128.2)
Loss from Discontinued Operations, Net of Tax 0.0 0.0 (1.7) 2.8 0.0 0.0
Adjusted Net Income 610.8 695.1 690.3 804.7 655.6 738.5
GAAP Diluted EPS 1.36 0.69 1.17 1.49 0.96 1.27
GAAP Diluted EPS Growth 46% -9% 36% 62% -29% 84%
Cost of Revenues Charges, Net of Tax (a) 0.34 0.29 (0.04) (0.03) 0.00 0.00
Selling, General and Administrative Costs, Net of Tax (b) 0.17 0.02 0.02 0.02 0.01 0.01
Restructuring and Other Costs (Income), Net of Tax (c) (0.92) 0.09 0.00 0.02 0.05 0.03
Amortization of Acquisition-related Intangible Assets, Net of Tax 0.59 0.64 0.57 0.47 0.59 0.57
Other (Income) Expense, Net of Tax (d) 0.00 0.00 (0.01) 0.00 0.02 0.00
Income Tax (Benefit) Provision (e) (0.01) (0.01) 0.00 0.01 0.00 (0.04)
Loss from Discontinued Operations, Net of Tax 0.00 0.00 0.00 0.01 0.00 0.00
Adjusted Diluted EPS 1.53 1.72 1.71 1.99 1.63 1.84
Adjusted Diluted EPS Growth 12% 30% 32% 39% 7% 7%
Reconciliation of Free Cash Flow
GAAP Net Cash Provided by Operating Activities 101.2 888.7 676.0 953.7 80.0 764.9
Net Cash Used in Discontinued Operations 1.0 0.9 1.6 0.8 2.1 2.2
Purchases of Property, Plant, and Equipment (104.7) (75.5) (90.7) (156.7) (97.2) (95.3)
Proceeds from Sale of Property, Plant and Equipment 3.4 9.3 7.0 29.6 0.6 5.6
Free Cash Flow 0.9 823.4 593.9 827.4 (14.5) 677.4
Book to Bill Ratio 1.02 1.01 1.00 1.02 1.01 1.00
(d) The excluded items from other (income) expense, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity-method investments; gains and losses on equity and available-for-sale investments; in Q1 2014, charges related to
amortization of fees paid to obtain bridge financing commitments related to the Life Technologies acquisition; and in Q1 2015, costs associated with entering interest rate swap arrangements and a loss on the early extinguishment of debt.
(e) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances
as a result of tax rate changes.
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition, and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in Q1 2014, charges to conform the
accounting policies of Life Technologies with the company's accounting policies.
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q3 2014, charges associated with product liability litigation; in Q1 2014, charges to conform the
accounting policies of Life Technologies with the company's accounting policies; and in 2015, accelerated depreciation on information systems to be abandoned due to integration synergies.
(c) Restructuring and other costs (income) consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters, curtailments/settlements of pension plans; and
the sale of businesses, product lines and property.

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(Dollars in millions) 2010 2011 2012 2013 2014 Q2 2015
Reconciliation of Free Cash Flow
GAAP Net Cash Provided by Operating Activities 1,497.8 1,691.0 2,039.5 2,010.7 2,619.6 764.9
Net Cash (Provided by) Used in Discontinued Operations (47.7) (14.4) 28.4 4.9 4.3 2.2
Purchases of Property, Plant, and Equipment (245.4) (260.9) (315.1) (282.4) (427.6) (95.3)
Proceeds from Sale of Property, Plant and Equipment 10.2 8.2 12.8 20.7 49.3 5.6
Free Cash Flow 1,214.9 1,423.9 1,765.6 1,753.9 2,245.6 677.4
GAAP Return on Invested Capital (ROIC) 6.5% 7.1% 5.5% 5.9% 5.9% 5.7%
Cost of Revenues Charges (a) 0.1% 0.4% 0.3% 0.1% 1.0% 0.0%
Selling, General and Administrative Costs (b) 0.0% 0.3% 0.1% 0.3% 0.4% 0.1%
Restructuring and Other Costs (Income), Net (c) 0.4% 0.5% 0.4% 0.4% -1.8% -0.1%
Amortization of Acquisition-related Intangible Assets 3.5% 3.5% 3.5% 3.5% 4.1% 4.0%
Net Interest Expense 0.4% 0.7% 0.8% 1.0% 0.8% 0.8%
Other Expense (Income) (d) 0.2% -0.2% 0.0% 0.3% 0.0% 0.0%
Income Tax Benefit (e) -1.6% -1.4% -1.7% -1.4% -0.9% -1.4%
(Income) Loss from Discontinued Operations, Net of Tax -0.2% -1.7% 0.4% 0.0% 0.0% 0.0%
Adjusted ROIC 9.3% 9.2% 9.3% 10.1% 9.5% 9.1%
GAAP Return on Equity (ROE) 6.7% 8.7% 7.7% 7.9% 9.5% 9.6%
Cost of Revenues Charges (a) 0.1% 0.5% 0.4% 0.2% 1.7% 0.0%
Selling, General and Administrative Costs (b) 0.0% 0.4% 0.1% 0.5% 0.7% 0.2%
Restructuring and Other Costs (Income), Net (c) 0.4% 0.7% 0.6% 0.5% -3.0% -0.1%
Amortization of Acquisition-related Intangible Assets 3.6% 4.2% 4.9% 4.8% 6.7% 6.7%
Net Interest Expense 0.5% 0.7% 1.2% 1.2% 1.3% 1.2%
Other Expense (Income) (d) 0.2% -0.2% 0.0% 0.4% 0.0% 0.1%
Income Tax Benefit (e) -1.6% -1.8% -2.3% -1.9% -1.4% -2.3%
(Income) Loss from Discontinued Operations, Net of Tax -0.3% -2.0% 0.5% 0.0% 0.0% 0.0%
Adjusted ROE 9.6% 11.2% 13.1% 13.6% 15.5% 15.4%
Definitions:
(c) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on
litigation-related matters, curtailments/settlements of pension plans, and the sale of businesses, product lines and property.
(d) The excluded items from other expense/income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity-method investments; in 2010, 2012 and 2015,
losses on the extinguishment of debt; in 2014 losses from other-than-temporary declines in fair market value of investments; in 2010, 2011 and 2013, costs to obtain short-term financing commitments related to acquisitions;
in 2011, 2013 and 2014, gains on available-for-sale and equity investments; in 2013, realized gains on available-for-sale investments irrevocably contributed to the company's U.K. pension plans; and in 2015, costs
associated with entering interest rate swap arrangements.
(e) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax
benefit from adjusting the company's deferred tax balances as a result of tax rate changes.
Free Cash Flow, Return on Invested Capital
and Return on Equity
Invested capital is equity plus short-term and long-term debt and net liabilities of discontinued operations less cash and short-term investments.
Adjusted return on invested capital is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average invested capital.
Adjusted return on equity is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average shareholders equity.
(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real
estate consolidation; and in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies.
(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2010 and 2012 gains due
to settlement of certain product liability-related matters; in 2011, 2012, 2013 and 2014, charges associated with product liability litigation; in 2014, charges to conform the accounting policies of Life Technologies with the
company's accounting policies; and in 2015, accelerated depreciation on information systems to be abandoned due to integration synergies.

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(Dollars in millions) Q1-14 Q2-14 Q3-14 Q4-14 2014 Q1-15 Q2-15
Life Sciences Solutions Segment
Revenues 835.5 1,103.1 1,071.9 1,185.2 4,195.7 1,019.9 1,129.3
Pro Forma Revenue Growth* 0% -1% -2% -2% -1% -8%
Total Revenue Growth 2%
Acquisitions net of Divestitures 0% -4% -4% -5% -3% -2% 2%
Currency Translation 0% 1% 0% -4% -1% -7% -7%
Pro Forma Organic Revenue Growth* 1% † 3% † 3% † 7% 4% † 2% † 7%
Operating Income 244.6 299.1 306.3 364.9 1,214.9 298.7 323.5
Operating Income Margin 29.3% 27.1% 28.6% 30.8% 29.0% 29.3% 28.6%
Operating Income Margin Expansion +5.5 pts +3.1 pts +5.3 pts +6.6 pts +5.2 pts +0.0 pts +1.5 pts
Analytical Instruments Segment
Revenues 769.9 793.4 786.5 902.4 3,252.2 727.4 777.0
Total Revenue Growth 4% 4% 3% 2% 3% -6% -2%
Acquisitions net of Divestitures 0% 1% 0% 1% 0% 0% 0%
Currency Translation 0% 1% 0% -4% -1% -6% -6%
Organic Revenue Growth 4% 3% † 3% 5% 4% 1% † 4%
Operating Income 130.9 130.4 137.8 182.0 581.1 121.7 139.6
Operating Income Margin Expansion +0.7 pts -0.1 pts +0.4 pts -0.3 pts +0.2 pts -0.3 pts +1.6 pts
Specialty Diagnostics Segment
Revenues 813.7 855.1 811.8 863.0 3,343.6 785.2 817.1
Total Revenue Growth 1% 8% 7% 4% 5% -4% -4%
Acquisitions net of Divestitures 0% 0% 0% 0% 0% 0% 0%
Currency Translation 0% 1% 0% -3% 0% -6% -7%
Organic Revenue Growth 0% † 6% † 6% † 7% 5% 3% † 2% †
Operating Income Margin Expansion -0.5 pts +0.3 pts +0.7 pts +0.7 pts +0.3 pts +0.1 pts +0.2 pts
Laboratory Products & Services Segment
Revenues 1,590.5 1,699.4 1,628.7 1,682.9 6,601.5 1,513.4 1,693.3
Total Revenue Growth 2% 7% 2% 2% 3% -5% 0%
Acquisitions net of Divestitures 0% 0% -2% -4% -2% -3% -3%
Currency Translation 0% 1% 0% -2% 0% -5% -5%
Organic Revenue Growth 2% 6% 4% 8% 5% 3% 8%
Operating Income Margin Expansion -0.1 pts +0.2 pts -0.3 pts -0.4 pts -0.1 pts -0.0 pts +0.2 pts
† Results do not sum due to rounding.
Segment Data
* Life Technologies was acquired on February 3, 2014. Pro forma results include the pre-acquisition results of Life Technologies from the beginning of the first quarter 2013.

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(Dollars in millions)
12/31/2012 12/31/2013 12/31/2014 3/28/2015 6/27/2015
Assets
Current Assets:
Cash and cash equivalents 805.6 5,826.0 1,343.5 864.6 768.4
Short-term investments 4.3 4.5 8.5 8.4 2.0
Accounts receivable, net 1,804.9 1,942.3 2,473.6 2,538.0 2,631.0
Inventories 1,443.3 1,494.5 1,859.5 1,898.8 1,962.3
Other current assets 776.7 613.4 854.7 870.7 872.9
Total Current Assets 4,834.8 9,880.7 6,539.8 6,180.5 6,236.6
Property, Plant and Equipment, Net 1,726.4 1,767.4 2,426.5 2,384.2 2,406.9
Acquisition-related Intangible Assets 7,804.5 7,071.3 14,110.1 13,622.5 13,383.7
Other Assets 604.4 640.7 933.1 937.2 940.3
Goodwill 12,474.5 12,503.3 18,842.6 18,732.9 18,806.9
27,444.6 31,863.4 42,852.1 41,857.3 41,774.4
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term obligations and current maturities of long-term obligations 93.1 987.7 2,212.4 4,160.6 3,359.8
Accounts payable 641.4 691.5 820.7 827.6 819.0
Other current liabilities 1,358.8 1,446.8 2,316.7 1,872.8 1,921.6
Total Current Liabilities 2,093.3 3,126.0 5,349.8 6,861.0 6,100.4
Other Long-term Liabilities 2,855.4 2,381.7 4,602.6 4,385.3 4,330.5
Long-term Obligations 7,031.2 9,499.6 12,351.6 10,696.2 10,663.7
Total Shareholders' Equity 15,464.7 16,856.1 20,548.1 19,914.8 20,679.8
27,444.6 31,863.4 42,852.1 41,857.3 41,774.4
Leverage Ratios
Total Debt / TTM EBITDA 2.9X 4.0X 3.5X 3.9X 3.4X
Effect of Adjusted Items -0.2X -0.2X 0.1X -0.3X 0.0X
Total Debt / Adjusted TTM EBITDA(a)
2.7X 3.8X 3.6X 3.6X 3.4X
Net Debt
(b)
/ TTM EBITDA 2.6X 1.8X 3.2X 3.6X 3.2X
Effect of Adjusted Items -0.2X -0.1X 0.1X -0.2X 0.0X
Net Debt
(b)
/ Adjusted TTM EBITDA
(a)
2.4X 1.7X 3.3X 3.4X 3.2X
(a)
Adjusted EBITDA equals adjusted operating income excluding depreciation.
(b)
Net debt is short-term and long-term debt less cash and short-term investments.
Balance Sheet and Leverage Ratios

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(Dollars in millions) Effective
Interest Rate
at 6/27/15
Maturity
Date
12/31/2012 12/31/2013 12/31/2014 3/28/2015 6/27/2015
Short-term
TMO 2.05% Senior Notes
(a)
2/21/2014 0 300 0 0 0
TMO 3.25% Senior Notes (a)
11/20/2014 0 406 0 0 0
Life Technologies 4.40% Senior Notes 3/1/2015 0 0 503 0 0
(a)
5/1/2015 0 0 452 451 0
TMO 5.00% Senior Notes 6/1/2015 0 0 250 0 0
Life Technologies 3.50% Senior Notes 1.06% 1/15/2016 0 0 0 408 405
TMO 3.20% Senior Notes 3.21% 3/1/2016 0 0 0 900 900
Term Loan 1.65% 0 0 1,000 1,175 925
Commercial Paper 1.03% 50 250 0 1,221 1,125
Other 43 32 7 6 5
Total Short-term 93 988 2,212 4,161 3,360
Long-term
(a)
2/21/2014 303 0 0 0 0
(a)
11/20/2014 413 0 0 0 0
(a)
5/1/2015 467 460 0 0 0
TMO 5.00% Senior Notes 6/1/2015 250 250 0 0 0
Life Technologies 3.50% Senior Notes 1/15/2016 0 0 410 0 0
TMO 3.20% Senior Notes 3/1/2016 900 900 900 0 0
TMO 2.25% Senior Notes 2.29% 8/15/2016 999 999 999 999 1,000
TMO 1.30% Senior Notes (c)
0.82% 2/1/2017 0 896 897 900 900
TMO 1.85% Senior Notes 1.85% 1/15/2018 500 500 500 500 500
TMO 2.40% Senior Notes 2.44% 2/1/2019 0 898 898 898 899
(c)
3.58% 5/1/2020 300 300 300 301 297
(c)
3.38% 3/1/2021 994 995 996 1,000 983
(c)
3.08% 8/15/2021 1,098 1,098 1,098 1,103 1,081
TMO 3.30% Senior Notes 3.30% 2/15/2022 0 0 800 800 800
TMO 3.15% Senior Notes 3.21% 1/15/2023 796 796 797 797 797
TMO 4.15% Senior Notes 4.07% 2/1/2024 0 997 998 998 998
TMO 2.00% Senior Notes (euro denominated) 2.03% 4/15/2025 0 0 772 695 712
TMO 5.30% Senior Notes 5.30% 2/1/2044 0 400 400 400 400
Term Loan 0 0 275 0 0
Other 11 11 16 15 14
Total Long-term 7,031 9,500 12,352 10,696 10,664
Total Debt 7,124 10,488 14,564 14,857 14,024
Total Cash and Short-term Investments 810 5,831 1,352 873 770
Net Debt
(b)
6,314 4,657 13,212 13,984 13,254
(a)
Previously, fixed rate interest had been swapped to variable rate. In August 2011, the company terminated its fixed to floating rate swap arrangements.
(b)
Net debt is short-term and long-term debt less cash and short-term investments.
(c)
Fixed rate interest has been swapped to variable rate.
Debt

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Revenue
(a)
($ millions)
2015
February 4 Advanced Scientifics, Inc. Acquisition LSS $80
2014
August 15 Cole-Parmer Divestiture LPS $232
March 21
Select businesses within
Biosciences portfolio
Divestiture LSS $250
February 3 Life Technologies Acquisition LSS $3,872
2013
2012
September 13 One Lambda Acquisition SDS $182
July 24
Princeton Security
Technologies, Inc
Acquisition AIS $5
May 1 Doe & Ingalls Acquisition LPS $110
Transaction
Closing Date
Entity
Acquisition or
Divestiture
Business Description
Principal
Segment
2012 - 2015 Publicly Announced Acquisitions/Divestitures
Provider of customized single-use systems and process
equipment for bioprocess production
(a) Approximate revenue from prior full year reporting period as of the announcement date
Premium provider of specialty production chemicals and
customized supply-chain services
Sera and media, gene modulation and magnetic beads
businesses formerly in the Analytical Technologies Segment
Global leader in life sciences
There were no publicly announced acquisitions or divestitures that closed in 2013.
Global leader in transplant diagnostics
Manufacturer and supplier of radioactive isotope identifiers, x-ray
and gamma-ray detectors and spectroscopy systems
Customer channel business providing fluid handling, test and
measurement, and electrochemistry products and services

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2012 2013 2014 Q1 2015 Q2 2015
20.8 1.3 0.0 3.9 0.0
$55.18 $69.89 $0.00 $127.66 $0.00
$1,150 $90 $0 $500 $0
2012 2013 2014 Q1 2015 Q2 2015
$0.39 $0.60 $0.60 $0.15 $0.15
Capital Deployment
Total Number of Shares Purchased
(millions)
Average Price Paid per Share
Total Spend ($ millions)
Dividends Paid
(1)
On February 29, 2012, the company initiated a quarterly dividend of $0.13 per share. On November 8, 2012, the company increased the dividend to $0.15 per share. Future declarations of
dividends are subject to board approval and may be adjusted as business needs or market conditions change.
Share Buybacks
Amount per Share(1)
Remaining Authorization (in millions) as of 6/27/2015: $410

of 11
Fi
Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week
1 2 3 4 1 29 30 1 2 3 4 5 27 1 2 3 1 28 29 30 1 2 3 4 27
JAN 5 6 7 8 9 10 11 2 JULY 6 7 8 9 10 11 12 28 JAN 4 5 6 7 8 9 10 2 JULY 5 6 7 8 9 10 11 28
5 Weeks 12 13 14 15 16 17 18 3 5 Weeks 13 14 15 16 17 18 19 29 5 Weeks 11 12 13 14 15 16 17 3 5 Weeks 12 13 14 15 16 17 18 29
19 20 21 22 23 24 25 4 20 21 22 23 24 25 26 30 18 19 20 21 22 23 24 4 19 20 21 22 23 24 25 30
26 27 28 29 30 31 1 5 27 28 29 30 31 1 2 31 25 26 27 28 29 30 31 5 26 27 28 29 30 31 1 31
2 3 4 5 6 7 8 6 3 4 5 6 7 8 9 32 1 2 3 4 5 6 7 6 2 3 4 5 6 7 8 32
FEB 9 10 11 12 13 14 15 7 AUG 10 11 12 13 14 15 16 33 FEB 8 9 10 11 12 13 14 7 AUG 9 10 11 12 13 14 15 33
23 24 25 26 27 28 1 9 24 25 26 27 28 29 30 35 22 23 24 25 26 27 28 9 23 24 25 26 27 28 29 35
2 3 4 5 6 7 8 10 31 1 2 3 4 5 6 36 1 2 3 4 5 6 7 10 30 31 1 2 3 4 5 36
MARCH 9 10 11 12 13 14 15 11 SEPT 7 8 9 10 11 12 13 37 MARCH 8 9 10 11 12 13 14 11 SEPT 6 7 8 9 10 11 12 37
23 24 25 26 27 28 29 13 21 22 23 24 25 26 27 39 22 23 24 25 26 27 28 13 20 21 22 23 24 25 26 39
30 31 1 2 3 4 5 14 28 29 30 1 2 3 4 40 29 30 31 1 2 3 4 14 27 28 29 30 1 2 3 40
APRIL 6 7 8 9 10 11 12 15 OCT 5 6 7 8 9 10 11 41 APRIL 5 6 7 8 9 10 11 15 OCT 4 5 6 7 8 9 10 41
20 21 22 23 24 25 26 17 19 20 21 22 23 24 25 43 19 20 21 22 23 24 25 17 18 19 20 21 22 23 24 43
27 28 29 30 1 2 3 18 26 27 28 29 30 31 1 44 26 27 28 29 30 1 2 18 25 26 27 28 29 30 31 44
4 5 6 7 8 9 10 19 2 3 4 5 6 7 8 45 3 4 5 6 7 8 9 19 1 2 3 4 5 6 7 45
MAY 11 12 13 14 15 16 17 20 NOV 9 10 11 12 13 14 15 46 MAY 10 11 12 13 14 15 16 20 NOV 8 9 10 11 12 13 14 46
25 26 27 28 29 30 31 22 23 24 25 26 27 28 29 48 24 25 26 27 28 29 30 22 22 23 24 25 26 27 28 48
1 2 3 4 5 6 7 23 30 1 2 3 4 5 6 49 31 1 2 3 4 5 6 23 29 30 1 2 3 4 5 49
JUNE 8 9 10 11 12 13 14 24 DEC 7 8 9 10 11 12 13 50 JUNE 7 8 9 10 11 12 13 24 DEC 6 7 8 9 10 11 12 50
22 23 24 25 26 27 28 26 21 22 23 24 25 26 27 52 21 22 23 24 25 26 27 26 20 21 22 23 24 25 26 52
28 29 30 31 27 28 29 30 31
SECOND QUARTER FOURTH QUARTER
2015 FISCAL CALENDAR2014 FISCAL CALENDAR
Fiscal Calendar
FIRST QUARTER THIRD QUARTERFIRST QUARTER THIRD QUARTER
SECOND QUARTER FOURTH QUARTER

Q2 15 reconciliation of financial information

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