Stock Analysis on Net
Stock Analysis on Net
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Thermo Fisher Scientific Inc. (NYSE:TMO)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Thermo Fisher Scientific Inc., consolidated cash flow statement

US$ in millions

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income 3,696  2,938  2,225  2,022  1,975 
Loss from discontinued operations —  —  3  4  5 
Income from continuing operations 3,696  2,938  2,228  2,025  1,980 
Depreciation of property, plant and equipment 564  526  439  380  373 
Amortization of acquisition-related intangible assets 1,713  1,741  1,594  1,378  1,315 
Change in deferred income taxes (302) (379) (1,098) (620) (525)
Gain on sales of businesses (482) —  —  —  (8)
Non-cash stock-based compensation 181  181  159  134  125 
Loss on early extinguishment of debt 184  3  4  —  — 
Tax benefits from stock-based compensation awards —  —  —  (54) (64)
Other non-cash expenses, net 84  103  186  142  66 
Accounts receivable (225) (366) (362) (352) (149)
Inventories (458) (324) (81) 98  (141)
Other assets (408) 54  (153) (153) (254)
Accounts payable 266  201  274  56  (3)
Other liabilities 210  (42) 1,016  168  148 
Contributions to retirement plans (50) (93) (200) (43) (38)
Changes in assets and liabilities, excluding the effects of acquisitions and dispositions (665) (570) 494  (227) (437)
Adjustments to reconcile income from continuing operations to net cash provided by operating activities 1,277  1,605  1,778  1,133  845 
Net cash provided by operating activities 4,973  4,543  4,006  3,158  2,826 
Acquisitions, net of cash acquired (1,843) (536) (7,226) (5,188) (695)
Proceeds from sale of businesses, net of cash divested 1,128  —  —  —  — 
Purchase of property, plant and equipment (926) (758) (508) (444) (423)
Proceeds from sale of property, plant and equipment 36  50  7  26  18 
(Increase) decrease in restricted cash —  —  —  (2) 6 
Other investing activities, net 118  (9) (2) 76  6 
Net cash used in investing activities (1,487) (1,253) (7,729) (5,532) (1,087)
Net proceeds from issuance of debt 5,638  690  6,459  7,604  1,798 
Repayment of debt (6,360) (2,052) (3,299) (4,334) (3,780)
Proceeds from issuance of commercial paper 2,781  5,060  8,380  9,182  7,935 
Repayments of commercial paper (3,464) (5,254) (8,514) (8,278) (7,885)
Purchases of company common stock (1,500) (500) (750) (1,250) (500)
Dividends paid (297) (266) (237) (238) (241)
Net proceeds from issuance of company common stock —  —  1,690  —  — 
Net proceeds from issuance of company common stock under employee stock plans 153  136  128  135  124 
Tax benefits from stock-based compensation awards —  —  —  54  64 
Other financing activities, net (69) (51) (3) (14) (6)
Net cash provided by (used in) financing activities (3,118) (2,237) 3,854  2,861  (2,491)
Net cash used in discontinued operating activities —  —  (1) (2) (9)
Net cash used in discontinued operations —  —  (1) (2) (9)
Exchange rate effect on cash (63) (297) 420  (151) (130)
Increase (decrease) in cash, cash equivalents and restricted cash 305  756  550  334  (891)
Cash, cash equivalents and restricted cash at beginning of period 2,117  1,361  811  452  1,344 
Cash, cash equivalents and restricted cash at end of period 2,422  2,117  1,361  786  452 

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Thermo Fisher Scientific Inc.’s net cash provided by operating activities increased from 2017 to 2018 and from 2018 to 2019.
Net cash used in investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Thermo Fisher Scientific Inc.’s net cash used in investing activities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Thermo Fisher Scientific Inc.’s net cash provided by (used in) financing activities decreased from 2017 to 2018 and from 2018 to 2019.