Cash Flow Statement

The cash flow statement provides information about a company 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 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

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,955)	6,960)	7,728)	6,377)	3,698)
Depreciation of property, plant and equipment	1,068)	986)	831)	658)	564)
Amortization of acquisition-related intangible assets	2,338)	2,395)	1,761)	1,667)	1,713)
Change in deferred income taxes	(1,300)	(995)	(647)	(552)	(302)
Gain on sales of businesses	—)	—)	—)	—)	(482)
Stock-based compensation	278)	307)	230)	196)	181)
Loss on early extinguishment of debt	—)	26)	767)	—)	184)
Other non-cash expenses	604)	524)	190)	338)	82)
Accounts receivable	(43)	(430)	(204)	(1,302)	(225)
Inventories	598)	(825)	(1,065)	(508)	(458)
Contract assets/liabilities	252)	(354)	221)	—)	—)
Accounts payable	(500)	648)	479)	59)	266)
Contributions to retirement plans	(42)	(41)	(34)	(96)	(50)
Other	(802)	(47)	(945)	1,452)	(198)
Changes in assets and liabilities, excluding the effects of acquisitions	(537)	(1,049)	(1,548)	(395)	(665)
Adjustments to reconcile net income to net cash provided by operating activities	2,451)	2,194)	1,584)	1,912)	1,275)
Net cash provided by operating activities	8,406)	9,154)	9,312)	8,289)	4,973)
Acquisitions, net of cash acquired	(3,660)	(39)	(19,395)	(38)	(1,843)
Proceeds from sale of business, net of cash divested	—)	—)	—)	—)	1,128)
Purchase of property, plant and equipment	(1,479)	(2,243)	(2,523)	(1,474)	(926)
Proceeds from sale of property, plant and equipment	87)	24)	20)	8)	36)
Proceeds from cross-currency interest rate swap interest settlements	70)	15)	8)	—)	—)
Other investing activities, net	(160)	84)	(42)	(6)	118)
Net cash used in investing activities	(5,142)	(2,159)	(21,932)	(1,510)	(1,487)
Net proceeds from issuance of debt	5,942)	3,193)	18,137)	3,464)	5,638)
Repayment of debt	(5,782)	(375)	(11,738)	(713)	(6,360)
Proceeds from issuance of commercial paper	1,620)	1,526)	2,512)	383)	2,781)
Repayments of commercial paper	(1,935)	(3,690)	—)	(387)	(3,464)
Purchases of company common stock	(3,000)	(3,000)	(2,000)	(1,500)	(1,500)
Dividends paid	(523)	(455)	(395)	(337)	(297)
Other financing activities, net	56)	(9)	65)	49)	84)
Net cash provided by (used in) financing activities	(3,622)	(2,810)	6,581)	959)	(3,118)
Exchange rate effect on cash	(82)	(139)	194)	176)	(63)
Increase (decrease) in cash, cash equivalents and restricted cash	(440)	4,046)	(5,845)	7,914)	305)
Cash, cash equivalents and restricted cash at beginning of year	8,537)	4,491)	10,336)	2,422)	2,117)
Cash, cash equivalents and restricted cash at end of year	8,097)	8,537)	4,491)	10,336)	2,422)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
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. net cash used in investing activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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. net cash provided by (used in) financing activities decreased from 2021 to 2022 and from 2022 to 2023.

Thermo Fisher Scientific Inc. (NYSE:TMO)

Cash Flow Statement