Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Thermo Fisher Scientific Inc., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2024		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020
	Cash and cash equivalents
	Short-term investments
	Accounts receivable, less allowances
	Inventories
	Contract assets, net
	Other current assets
	Current assets
	Property, plant and equipment, net
	Acquisition-related intangible assets, net
	Other assets
	Goodwill
	Long-term assets
	Total assets

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).

The data reveals several key trends in the company's asset composition and valuation over the five-year period from 2020 to 2024.

Cash and Cash Equivalents: There is a significant decline in cash and cash equivalents, dropping from $10,325 million in 2020 to $4,009 million in 2024. The lowest point was observed in 2024, indicating reduced liquidity in terms of immediate cash availability.
Short-term Investments: Short-term investments appear starting in 2023, with a negligible amount of $3 million, then sharply increasing to $1,561 million in 2024. This suggests a strategic shift towards investing liquid assets in short-term instruments.
Accounts Receivable, Less Allowances: Accounts receivable steadily increased from $5,741 million in 2020 to a peak of $8,221 million in 2023, slightly decreasing to $8,191 million in 2024. This indicates growing sales on credit, with a minor stabilization in the latest year.
Inventories: Inventories grew from $4,029 million in 2020 to $5,634 million in 2022, followed by a decline to $4,978 million by 2024. This pattern may reflect inventory buildup followed by efforts to optimize or reduce stock levels.
Contract Assets, Net: Contract assets increased steadily from $731 million in 2020 to $1,435 million in 2024, showing gradual growth, which might signify expanding contracted business or improved receivables management related to contracts.
Other Current Assets: There is a consistent increase in other current assets from $1,131 million in 2020 to $1,963 million in 2024, indicating a broader growth in current asset bases apart from core items.
Current Assets: Total current assets peaked at $25,229 million in 2022, then declined to $22,137 million in 2024. This decline is largely driven by the reduction in cash and cash equivalents, partially offset by increases in short-term investments and other current assets.
Property, Plant, and Equipment, Net: These assets have increased markedly from $5,912 million in 2020 to about $9,306 million in 2024, which signals ongoing capital expenditure and investment in physical assets.
Acquisition-Related Intangible Assets, Net: Intangible assets peaked at $20,113 million in 2021, but then declined gradually to $15,533 million in 2024. This downward trend may be related to amortization, impairment, or disposal of acquired intangible assets.
Other Assets: Other assets increased from $2,457 million in 2020 to $4,492 million in 2024, reflecting growth in miscellaneous long-term asset categories.
Goodwill: Goodwill saw a significant rise from $26,041 million in 2020 to $45,853 million in 2024, with some fluctuations in interim years. This reflects substantial acquisition activity and the premium paid above net asset value.
Long-term Assets: Long-term assets grew substantially from $47,095 million in 2020 to $75,184 million in 2024, representing an overall expansion in capital intensity and investment in long-term resources.
Total Assets: Total assets increased markedly from $69,052 million in 2020 to a peak near $98,726 million in 2023, before a slight decline to $97,321 million in 2024. The overall growth reflects the company's asset base expansion, driven primarily by increases in goodwill, property, plant and equipment, and other long-term assets, partially offset by decreases in cash holdings and acquisition-related intangibles.

Assets: Selected Items

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Current Assets: Selected Items