Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Thermo Fisher Scientific Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Short-term obligations and current maturities of long-term obligations
Accounts payable
Accrued payroll and employee benefits
Contract liabilities
Other accrued expenses
Current liabilities
Deferred income taxes
Other long-term liabilities
Long-term obligations, excluding current maturities
Long-term liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, $100 par value; none issued
Common stock, $1 par value
Capital in excess of par value
Retained earnings
Treasury stock at cost
Accumulated other comprehensive loss
Total Thermo Fisher Scientific Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interest and equity

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 reviewed financial data reveals several notable trends and movements in the company's liabilities, equity, and overall financial position over the five-year period ending December 31, 2024.

Short-term Obligations and Related Current Liabilities
There is a fluctuating pattern in short-term obligations and current maturities of long-term obligations, peaking significantly in 2022 at 5,579 million USD before declining sharply in the subsequent years to 2,214 million USD by 2024. Accounts payable demonstrated a general upward movement, increasing from 2,175 million USD in 2020 to 3,079 million USD in 2024, with a minor dip in 2023. Accrued payroll and employee benefits rose until 2021, then decreased notably in 2023 before partially recovering in 2024. Contract liabilities increased steadily over the period, suggesting growing deferred revenue or customer prepayments. Other accrued expenses showed a rising trend until 2022, followed by a mild decline afterward. Total current liabilities surged from 10,304 million USD in 2020 to a peak of 17,010 million USD in 2022 before subsiding to 13,332 million USD by 2024, indicating a temporary buildup of short-term obligations.
Long-Term Liabilities
Deferred income taxes exhibited a decrease from a high of 3,837 million USD in 2021 to 1,268 million USD in 2024, implying adjustments or utilization of deferred tax assets or liabilities. Other long-term liabilities rose significantly in 2021, then remained relatively stable with slight fluctuations. Long-term obligations, excluding current maturities, peaked at 32,333 million USD in 2021, followed by a gradual decline to 29,061 million USD in 2024. Consequently, total long-term liabilities increased sharply in 2021 but trended downward in the final years, indicating debt repayments or refinancing activities. Overall, total liabilities reached their highest point in 2021 at 54,146 million USD and steadily declined thereafter to 47,650 million USD by 2024.
Equity and Shareholders' Investments
Common stock experienced minimal incremental growth consistent with new issuances or stock splits. Capital in excess of par value steadily increased each year, reflecting ongoing capital infusions. Retained earnings grew robustly from 28,116 million USD in 2020 to 53,101 million USD in 2024, signifying consistent profitability and reinvestment of earnings. Treasury stock at cost increased in magnitude negatively over time, indicating substantial share repurchase programs culminating in a treasury stock value of -19,226 million USD in 2024. Accumulated other comprehensive loss fluctuated, with a peak negative impact in 2023 but improving somewhat by 2024. The total shareholders’ equity showed a steady increase from 34,507 million USD to 49,584 million USD, underscoring an overall strengthening of the equity base.
Noncontrolling Interests and Total Equity
Noncontrolling interests were relatively minor and fluctuated around zero, becoming slightly negative towards the end of the period. Total equity followed the trajectory of shareholders’ equity closely, reflecting the dominance of majority ownership. It increased from 34,517 million USD in 2020 to 49,551 million USD in 2024, reinforcing the increasing net worth of the enterprise.
Overall Financial Position
The total sum of liabilities, redeemable noncontrolling interest, and equity grew significantly from 69,052 million USD in 2020 to a peak of 98,726 million USD in 2023, before a slight reduction to 97,321 million USD in 2024. This overall growth, predominantly driven by equity appreciation and short-term liabilities in earlier years, reflects expansion and possibly increased operational scale. The downward adjustment in liabilities in the final years may signal a strategic focus on deleveraging or balance sheet optimization.