Analysis of Debt
Total Debt (Carrying Amount)
Thermo Fisher Scientific Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Short-term obligations and current maturities of long-term obligations
- The short-term obligations and current maturities of long-term obligations initially decreased slightly from 2,628 million USD in 2020 to 2,537 million USD in 2021. However, this figure more than doubled in 2022, reaching 5,579 million USD, before declining significantly to 3,609 million USD in 2023 and further reducing to 2,214 million USD in 2024. This pattern indicates considerable fluctuation with a peak in 2022, followed by a steady reduction over the subsequent two years.
- Long-term obligations, excluding current maturities
- Long-term obligations exhibited a notable increase from 19,107 million USD in 2020 to 32,333 million USD in 2021, representing a substantial rise. In 2022, these obligations decreased moderately to 28,909 million USD, then increased again to 31,308 million USD in 2023, before experiencing a decline to 29,061 million USD in 2024. The overall pattern suggests elevated long-term debt levels post-2020 with some volatility in the following years.
- Total debt obligations (carrying amount)
- Total debt obligations, which combine short-term and long-term liabilities, showed a pronounced increase from 21,735 million USD in 2020 to 34,870 million USD in 2021. The total debt remained relatively stable through 2022 and 2023, fluctuating slightly around 34,488 to 34,917 million USD, before declining to 31,275 million USD in 2024. This trend indicates that the company's total debt peaked in 2021 and stabilized in the subsequent years before a modest reduction in 2024.
- Summary of trends
- The company's debt profile reveals a significant increase across all categories in the year 2021, followed by varying degrees of reduction and stabilization through 2024. Short-term obligations peaked sharply in 2022 but declined thereafter, whereas long-term obligations showed an initial rise in 2021, some fluctuations, and a slight downward trend towards 2024. Total debt obligations peaked in 2021, remained relatively constant in the next two years, and saw a decrease in the most recent period. The data reflects an overall strategic shift that may involve refinancing, repayment, or restructuring of debt obligations over the analyzed time frame.
Total Debt (Fair Value)
| Dec 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior notes | 28,454) |
| Commercial paper | —) |
| Finance lease liabilities | 202) |
| Other | 73) |
| Total debt obligations (fair value) | 28,729) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.92 |
Based on: 10-K (reporting date: 2024-12-31).
Weighted-average Interest Rate on Debt
Weighted average effective interest rate on borrowings: 2.64%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 0.40% | 828) | 3) | |
| 2.07% | 663) | 14) | |
| 1.05% | 142) | 1) | |
| 0.14% | 569) | 1) | |
| 3.38% | 518) | 18) | |
| 1.52% | 725) | 11) | |
| 5.18% | 600) | 31) | |
| 5.26% | 1,000) | 53) | |
| 1.64% | 518) | 8) | |
| 1.96% | 621) | 12) | |
| 1.18% | 184) | 2) | |
| 5.00% | 600) | 30) | |
| 0.76% | 828) | 6) | |
| 1.79% | 364) | 7) | |
| 0.90% | 184) | 2) | |
| 1.46% | 621) | 9) | |
| 1.89% | 700) | 13) | |
| 5.24% | 1,000) | 52) | |
| 2.07% | 725) | 15) | |
| 2.74% | 900) | 25) | |
| 1.44% | 30) | —) | |
| 5.12% | 750) | 38) | |
| 0.88% | 1,812) | 16) | |
| 1.13% | 932) | 11) | |
| 2.23% | 1,200) | 27) | |
| 1.92% | 457) | 9) | |
| 2.54% | 621) | 16) | |
| 1.60% | 40) | 1) | |
| 5.09% | 600) | 31) | |
| 5.20% | 1,000) | 52) | |
| 1.20% | 1,553) | 19) | |
| 5.34% | 500) | 27) | |
| 3.76% | 777) | 29) | |
| 1.58% | 137) | 2) | |
| 2.10% | 358) | 8) | |
| 2.94% | 725) | 21) | |
| 1.73% | 932) | 16) | |
| 2.90% | 1,200) | 35) | |
| 1.76% | 1,294) | 23) | |
| 2.13% | 93) | 2) | |
| 5.50% | 600) | 33) | |
| 2.06% | 184) | 4) | |
| 5.37% | 400) | 21) | |
| 4.23% | 750) | 32) | |
| 1.98% | 1,035) | 20) | |
| 2.06% | 777) | 16) | |
| 2.43% | 212) | 5) | |
| Total | 31,259) | 826) | |
| 2.64% | |||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 826 ÷ 31,259 = 2.64%