tmo11k2013.htm
 
 


 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549
____________________________________________________

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(mark one)
[ X ]
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the Fiscal Year Ended December 31, 2013

[     ]
Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

Commission File Number 1-8002

THERMO FISHER SCIENTIFIC INC. 401(k) RETIREMENT PLAN

A.  
Full title of the plan and address of the plan, if different from that of the issuer named below:

Thermo Fisher Scientific Inc. 401(k) Retirement Plan

B.  
Name of issuer of the securities held pursuant to the plan and the address of the principal executive office:

Thermo Fisher Scientific Inc.
81 Wyman Street
Waltham, Massachusetts 02451
 
 


 
 
 

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
December 31, 2013 and 2012
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed by the undersigned hereunto duly authorized.
 
                               THERMO FISHER SCIENTIFIC INC. 401(k) RETIREMENT PLAN
 
                               By:  Thermo Fisher Scientific Inc., Pension Committee
 
 
                              By:  /s/ Peter M. Wilver              
                                     Peter M. Wilver
                                     Senior Vice President, Chief Financial Officer and
                                     Member of the Pension Committee
 
Date:  June 18, 2014
 
 
 
 

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Financial Statements and Supplemental Schedule
December 31, 2013 and 2012
 
 
 
 
 
 
 

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Index
 
 
   
Page
     
Report of Independent Registered Public Accounting Firm
 
1
     
Financial Statements
   
     
Statements of Net Assets Available for Benefits at December 31, 2013 and 2012
 
2
     
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2013
 
3
     
Notes to Financial Statements
 
4
     
Supplemental Schedule*
   
     
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
 
13

*
Other supplemental schedules required by Section 2520.103.10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
 
 
 
 

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
 
 
Report of Independent Registered Public Accounting Firm
 
To the Participants and Administrator of Thermo Fisher Scientific Inc. 401(k) Retirement Plan
and the Pension Committee of Thermo Fisher Scientific Inc.
 
In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of Thermo Fisher Scientific Inc. 401(k) Retirement Plan (the “Plan”) at December 31, 2013 and 2012, and the changes in net assets available for benefits for the year ended December 31, 2013 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Schedule H, Line 4i – Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
 
 
/s/ PricewaterhouseCoopers LLP
 
Boston, Massachusetts
June 18, 2014
 
 
 
 
1

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Statements of Net Assets Available for Benefits
December 31, 2013 and 2012
 
 
(In thousands)
 
2013
   
2012
 
             
Assets
           
Investments, at fair value
  $ 2,107,446     $ 1,704,413  
                 
Receivables
               
Employer contributions
    3,667       8,424  
Participant contributions
    3,331       3,404  
Notes receivable from participants
    34,528       31,321  
                 
      41,526       43,149  
                 
Net assets reflecting investments at fair value
    2,148,972       1,747,562  
                 
Adjustment from fair value to contract value for collective trust
      investments in fully benefit-responsive investment contracts
    (2,295 )     (6,273 )
                 
Net assets available for benefits
  $ 2,146,677     $ 1,741,289  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
 
2

 
 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2013
 
 
(In thousands)
 
2013
 
       
Additions
     
Investment income
     
Dividends and interest income
  $ 9,497  
Net appreciation in fair value of investments
    365,719  
         
Total investment gain, net
    375,216  
         
Interest income on notes receivable from participants
    1,396  
         
Contributions
       
Employer
    66,239  
Participants
    96,216  
Participant rollover
    8,788  
         
Total contributions
    171,243  
         
Total additions, net
    547,855  
         
Deductions
       
Benefits paid to participants
    155,369  
Administrative expenses
    303  
         
Total deductions
    155,672  
         
Transfers
       
Fisher Hamilton LLC Retirement Savings Plan
    13,205  
         
Net increase in net assets available for benefits
    405,388  
         
         
Net Assets Available for Benefits
       
Beginning of year
    1,741,289  
         
End of year
  $ 2,146,677  
 
 
The accompanying notes are an integral part of these financial statements.
 
 
3

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Note 1.            Plan Description
 
The following description of the Thermo Fisher Scientific Inc. 401(k) Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
 
General
 
The Plan is a defined contribution plan for the benefit of certain employees of Thermo Fisher Scientific Inc. (the “Plan Sponsor” or the “Company”). T. Rowe Price Trust Company is the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
 
Transfers
 
In 2013, the Fisher Hamilton L.L.C. Retirement Savings Plan (the “Hamilton Plan”) merged into the Plan. The assets were held by the trustee, T. Rowe Price Trust Company. Assets of $13,205,000 were transferred in February 2013. Participants of the Hamilton Plan were immediately vested in their entire account balance upon the plan merger.
 
Eligibility
 
U.S. employees (as defined by the Plan) of the Company and its participating subsidiaries are generally eligible to participate in the Plan and receive Company matching contributions upon their date of hire (or rehire). Participants of certain unions may be eligible to participate in the Plan upon their date of hire (or rehire) but are not eligible for an allocation of Company contributions until the completion of one year of service.
 
Contributions
 
Each year participants may contribute on a pre-tax basis up to 50% of their eligible compensation, not to exceed the limits of the Internal Revenue Code. Participants may also contribute amounts representing distributions from other qualified plans (“Participant Rollovers”). The Company’s non-discretionary matching contribution is equal to 100% of the first 6% of eligible compensation that a participant contributes to the Plan. Participants direct the investment of their contributions and the Company match into various investment options including investment funds and the Company’s common stock. Contributions are subject to certain limitations. Employee contributions and Company match are recorded on a bi-weekly basis or weekly for those employees on a weekly payroll.
 
The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 6% of eligible compensation and their contributions invested in a designated asset allocation trust fund until changed by the participant.
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contributions, the Company matching contributions, income or losses on those balances, as well as withdrawals, loan fees and loan repayments, as applicable.
 
 
 
 
4

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Administrative Expenses
 
The Company pays certain administrative expenses associated with the management of and professional services provided to the Plan. Administrative fees for loan transactions are paid by the participants, and are included in the Statement of Changes in Net Assets Available for Benefits.
 
Vesting
 
Participants are immediately vested in both their voluntary contributions and the Company contributions plus actual income or losses on those balances.
 
Notes Receivable from Participants
 
Participants may borrow from their account balance. Loans must be for a minimum of $1,000 and have a maximum equal to $50,000 or 50% of the account balance, whichever is less. The term of the loan is generally five years except when use of the proceeds is for the purchase of a primary residence, for which the term can be up to 30 years. The loans are secured by the balance in the participant’s account and bear interest set at the prime rate as established in the Wall Street Journal, plus 1%. The prime rate and rate of interest on new Plan loans are determined as of the beginning of each calendar month. The interest rates on existing loans range from 3.75% to 9.75% at December 31, 2013 and 2012. Principal and interest are repaid through payroll deductions for current employees.
 
Benefit Payments and Plan Withdrawals
 
Upon termination of service, a participant (or beneficiary) may elect to receive the participant’s account balance in either a lump-sum payment or periodic installments. Withdrawals may be made under certain other circumstances in accordance with the Plan document.
 
Forfeitures
 
Forfeitures that exist in the Plan were either introduced into the Plan as a result of plan mergers or were created in previous years before vesting in Company contributions was immediate. All participant accounts in the Plan were 100% vested as of January 1, 2008.
 
Forfeitures can be used to reduce future employer contributions or pay Plan expenses. In 2013, $40,000 was paid from the Plan’s forfeiture accounts to fund company matching contributions. Changes in accumulated forfeitures include amounts transferred into the Plan with plan mergers and investment gains and losses on the forfeiture accounts. At December 31, 2013 and 2012, there was $147,000 and $13,000, respectively, in accumulated forfeitures available to reduce future employer contributions or pay Plan expenses.
 
Administrative Budget Account
 
    T. Rowe Price earns a set fee for recordkeeping services. Prior to January 2013, if the Plan’s share of investment expenses incurred by the mutual plan funds and other investments held by the Plan exceeded this fee amount, the excess was deposited by T. Rowe Price into a separate account which could be used to pay other Plan expenses, such as audit and investment consultation fees. In January 2013, the Plan's share of investment expenses was reduced to match the fee for recordkeeping services. The remaining balance of the account is held in the T. Rowe Price Summit Cash Reserves Fund. Plan expenses of $211,000 were paid from this account during 2013. At December 31, 2013 and 2012, there was $1,296,000 and $1,507,000, respectively, in this account available to pay Plan expenses.
 
 
 
 
5

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Note 2.            Summary of Significant Accounting Policies
 
Basis of Accounting
 
The financial statements of the Plan are prepared on the accrual basis of accounting.
 
Use of Estimates
 
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and the disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
 
Investment Valuation and Income Recognition
 
Investments are stated at fair value. Shares of mutual funds are valued at quoted market prices, which represent the net asset value at year-end. The Plan’s interests in collective trusts are valued based on the fair value and contract value of the underlying investments of those funds or trusts. The Company’s common stock is valued based on quoted market prices. Refer to Note 5 for more information on valuation of the Plan’s investments.
 
Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
 
In the Statement of Changes in Net Assets Available for Benefits, the Plan presents the net appreciation in the fair value of its investments, which consists of realized gains or losses and unrealized appreciation or depreciation on investments. The cost of investments is determined using the average-cost basis for calculating realized gains or losses.
 
Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in investment contracts through certain collective trusts. The Statements of Net Assets Available for Benefits presents the fair value of the investments in the collective trusts as well as the adjustments of the investments in certain collective trusts from fair value to contract value relating to the investment contracts. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
 
Payment of Benefits
 
Benefits are recorded when paid.
 
Notes Receivable from Participants
 
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent loans are reclassified as distributions based on the terms of the Plan document. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses when they are incurred. No allowance for credit losses has been recorded as of December 31, 2013 or 2012. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.
 
 
 
 
6

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Risks and Uncertainties
 
The Plan invests in various investment securities, including mutual funds and common collective trusts, which are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in values of investment securities will occur in the near term and that such changes could materially affect the participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.
 
Subsequent Events
 
The Plan has evaluated events and transactions occurring after the Statements of Net Assets Available for Benefits date through the date of issuance for recognition or disclosure in the financial statements and notes.
 
Effective January 1, 2014, the Plan was amended to implement a two-year cliff vesting schedule applicable to the Company matching contribution. Participants hired or rehired (with more than a one-year break in service) on or after January 1, 2014, are subject to the new vesting schedule. Participants rehired after January 1, 2014, with less than a one-year break in service remain vested in Company contributions deposited prior to the break in service, but are subject to the new vesting schedule for all Company contributions deposited after their rehire date.
 
Effective January 1, 2014, participants who are auto-enrolled in the Plan will have their deferral rate set at 3% of eligible compensation until changed by the participant.
 
Note 3.            Tax Status
 
The Plan has received a favorable determination letter dated July 6, 2012, from the Internal Revenue Service. The Plan has been amended since receiving the determination letter; however, the Plan administrator, management and the Plan’s tax counsel believe that the Plan has been designed and operated in compliance with the applicable requirements of the Internal Revenue Code.
 
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2010.
 
 
 
 
7

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Note 4.            Investments            
                     
    Investments of the Plan's net assets are as follows:
 
   
December 31,
 
(In thousands, except shares)
 
2013
   
2012
 
             
Cash
  $ 58     $ 57  
                 
Mutual Funds - Equity
               
Dodge & Cox Stock Fund
    105,596       72,172  
Dodge & Cox International Stock Fund
    98,338       77,730  
Vanguard Mid Capitalization Index Fund, Instl.
    88,848       58,644  
                 
Mutual Funds - Fixed Income
               
PIMCO Total Return Fund
    54,602       65,139  
T. Rowe Price Summit Cash Reserves Fund
    1,296       1,507  
                 
Common Collective Trusts - Asset Allocation
               
Retirement 2020 Active Trust B (1)(2)
    264,903       228,006  
Retirement 2025 Active Trust B (1)(2)
    263,356       214,783  
Retirement 2030 Active Trust B (1)(2)
    227,843       180,283  
Retirement 2035 Active Trust B (1)(2)
    156,716       120,722  
Retirement 2015 Active Trust B (1)(2)
    144,954       137,509  
Retirement 2040 Active Trust B (1)(2)
    119,366       88,432  
Retirement 2045 Active Trust B
    64,003       45,125  
Retirement 2010 Active Trust B
    57,867       57,347  
Retirement 2050 Active Trust B
    29,744       19,239  
Retirement Income Active Trust B
    16,917       16,813  
Retirement 2005 Active Trust B
    15,116       15,687  
Retirement 2055 Active Trust B
    9,050       5,431  
                 
Common Collective Trusts - Guaranteed Investment Contract
               
T. Rowe Price Stable Value Fund (1)(2)
    164,273       152,183  
                 
Common Collective Trusts - Equity
               
SSGA S&P 500 Index Fund Class C
    64,448       43,855  
Jennison Institutional U.S. Small-Cap Equity Fund
    51,897       34,031  
T. Rowe Price Growth Stock Trust Class A
    46,701       33,915  
                 
Common Stock
               
Thermo Fisher Scientific Inc., 552,799 and 561,357 shares, respectively
    61,554       35,803  
                 
Total Investments, at Fair Value
  $ 2,107,446     $ 1,704,413  
                 
(1) Investment represents five percent or more of the Plan's net assets at December 31, 2013.
 
(2) Investment represents five percent or more of the Plan's net assets at December 31, 2012.
 
 
 
 
8

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
    During 2013, the Plan's investments (including investments bought, sold and held during the year) appreciated in value as follows:
 
     
Year Ended
 
 
December 31,
 
(In thousands)
2013
 
         
Mutual Funds
    $ 65,402  
Common Collective Trusts
      273,725  
Common Stock
      26,592  
           
Net Increase in Fair Value
    $ 365,719  
 
    Dividends and interest income consisted of the following for the year ended December 31, 2013:
 
 
        Year Ended  
      December 31,  
(In thousands)
    2013  
         
Mutual Funds
  $ 5,709  
Common Collective Trusts
     3,450  
Common Stock
     338  
         
Dividend and Interest Income
  $ 9,497  
 
Note 5.            Fair Value Measurements
 
The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
 
Level 1: Quoted market prices in active markets for identical assets or liabilities that the Company has the ability to access.
 
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves.
 
Level 3: Inputs are unobservable data points that are not corroborated by market data.
 
The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.
 
 
 
9

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
   The following table presents information about the Plan's financial assets measured at fair value on a recurring basis as of December 31, 2013:
 
   
December 31,
   
Quoted
Prices in
Active
 Markets
   
Significant
Other
Observable
Inputs
   
Significant
Unobservable
Inputs
 
(In thousands)
 
2013
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
                         
Assets
                       
      Cash
  $ 58     $ 58     $     $  
      Asset allocation trust funds
    1,369,835             1,369,835        
      Equity funds
    455,828       292,782       163,046        
      Guaranteed investment contract funds
    164,273             164,273        
      Fixed income funds
    55,898       55,898              
      Common Stock
    61,554       61,554              
                                 
      Total assets at fair value
  $ 2,107,446     $ 410,292     $ 1,697,154     $  

    The following table presents information about the Plan's financial assets measured at fair value on a recurring basis as of December 31, 2012:
 
   
December 31,
   
Quoted
Prices in
Active
 Markets
   
Significant
Other
Observable
 Inputs
   
Significant
 Unobservable
 Inputs
 
(In thousands)
 
2012
   
(Level 1)
   
(Level 2)
   
(Level 3)
 
                         
Assets
                       
Cash
  $ 57     $ 57     $     $  
Asset allocation trust funds
    1,129,377             1,129,377        
Equity funds
    320,347       208,546       111,801        
Guaranteed investment contract funds
    152,183             152,183        
Fixed income funds
    66,646       66,646              
Common Stock
    35,803       35,803              
                                 
Total assets at fair value
  $ 1,704,413     $ 311,052     $ 1,393,361     $  
 
 
 
10

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
    The table below presents the fair value measurements of Plan assets that calculate and provide the company with a net asset value per share (or its equivalent). These Plan assets are all classified as Level 2 according to the fair value heirarchy:
 
(In thousands)
   
Fair Value
   
Unfunded
Commitments
 
Redemption
Frequency
(if Currently
Eligible)
 
Redemption Notice Period
 
                       
Asset Category
                     
Asset allocation funds
 
     1,369,835
 
                    —
    Daily  
Daily for participant withdrawals
0-90 days for Plan withdrawals
 
                       
Equity funds
   
 163,046
   
 —
    Daily  
Daily for participant withdrawals
0-90 days for Plan withdrawals
 
                       
Guaranteed investment
      contract funds
   
 164,273
   
 —
    Daily  
Daily for participant withdrawals
12-30 months for Plan withdrawals
 
                       
   
1,697,154
 
         
 
   There were no transfers between Level 1 and Level 2 fair value measurements during 2013 or 2012.  
                             
Note 6.            Related-party Transactions
 
Certain Plan investments are shares of mutual funds or interests in common collective trusts managed by T. Rowe Price Retirement Services, an affiliate of T. Rowe Price Trust Company, the trustee of the Plan. Therefore, transactions in these investments, including dividends and interest earned of $3,450,000, qualify as party-in-interest transactions. Fees borne by the Plan for investment management services were included as a reduction of the return earned on each fund. Notes receivable from participants also qualify as party-in-interest transactions. Interest on notes receivable from participants was $1,396,000 in 2013.
 
The Plan invests in common stock of the Company and transactions in this common stock are related-party transactions. In 2013 and 2012, the Plan purchased shares of Company common stock on the open market having a value of $8,702,000 and $5,753,000, respectively. In 2013 and 2012, the Plan sold shares of Company common stock on the open market having a value of $9,579,000 and $6,733,000, respectively. In 2013 and 2012, the Plan received cash dividends of $338,000 and $224,000, respectively on shares of Company common stock held.
 
 
 
 
11

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Notes to Financial Statements
For the Year Ended December 31, 2013
 
 
Note 7.            Plan Termination
 
Although it has not expressed an intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In such event, the assets of the Plan would be distributed to participants in accordance with plan provisions.
 
Note 8.            Reconciliation of Financial Statements to Form 5500            
                 
    The following is a reconciliation of the net assets available for plan benefits per the financial statements to the Form 5500:
 
   
December 31,
 
(In thousands)
 
2013
 
       
Net assets available for plan benefits per the financial statements
  $ 2,146,677  
         
Adjustment from contract value to fair value for collective trust
      investments in fully benefit-responsive investment contracts
    2,295  
         
Net assets available for plan benefits per the Form 5500
  $ 2,148,972  
 
There are no differences between the financial statements and the Form 5500 as of December 31, 2012.
                 
    The following is a reconciliation of the changes in net assets available for plan benefits per the financial statements to the Form 5500:
 
   
Year Ended
 
   
December 31,
 
(In thousands)
 
2013
 
       
Net increase in assets available for plan benefits per the financial statements
  $ 405,388  
         
Adjustment from contract value to fair value for collective trust
      investments in fully benefit-responsive investment contracts - current year
    2,295  
         
Net increase in assets available for plan benefits per the Form 5500
  $ 407,683  
 
 
 
12

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) 
December 31, 2013   Supplemental Schedule
 
 
Identity of Issue/Borrower,
 
Description of investments including maturity date,
     
Current Value
 
   Lessor or Similar Party
 
   rate of interest, collateral, par or maturity value
 
Cost
 
(In thousands)
 
               
Cash
          $ 58  
                 
Mutual Funds
               
Dodge & Cox
 
Dodge & Cox Stock Fund
    (2)     105,596  
Dodge & Cox
 
Dodge & Cox International Stock Fund
    (2)     98,338  
Vanguard
 
Vanguard Mid Capitalization Index Fund, Instl.
    (2)     88,848  
PIMCO
 
PIMCO Total Return Fund
    (2)     54,602  
T. Rowe Price
 
T. Rowe Price Summit Cash Reserves Fund (1)
  $ 1,296     1,296  
Total mutual funds
              348,680  
                   
Common Collective Trusts
                 
T. Rowe Price
 
Retirement 2020 Active Trust B (1)
    (2)     264,903  
T. Rowe Price
 
Retirement 2025 Active Trust B (1)
    (2)     263,356  
T. Rowe Price
 
Retirement 2030 Active Trust B (1)
    (2)     227,843  
T. Rowe Price
 
T. Rowe Price Stable Value Fund (1)
    (2)     164,273  
T. Rowe Price
 
Retirement 2035 Active Trust B (1)
    (2)     156,716  
T. Rowe Price
 
Retirement 2015 Active Trust B (1)
    (2)     144,954  
T. Rowe Price
 
Retirement 2040 Active Trust B (1)
    (2)     119,366  
State Street Global Advisors
 
SSGA S&P 500 Index Fund Class C
    (2)     64,448  
T. Rowe Price
 
Retirement 2045 Active Trust B (1)
    (2)     64,003  
T. Rowe Price
 
Retirement 2010 Active Trust B (1)
    (2)     57,867  
Jennison Associates
 
Jennison Institutional U.S. Small-Cap Equity Fund
    (2)     51,897  
T. Rowe Price
 
T. Rowe Price Growth Stock Trust Class A (1)
    (2)     46,701  
T. Rowe Price
 
Retirement 2050 Active Trust B (1)
    (2)     29,744  
T. Rowe Price
 
Retirement Income Active Trust B (1)
    (2)     16,917  
T. Rowe Price
 
Retirement 2005 Active Trust B (1)
    (2)     15,116  
T. Rowe Price
 
Retirement 2055 Active Trust B (1)
    (2)     9,050  
Total common collective trusts
              1,697,154  
                   
Common Stock
                 
Thermo Fisher Scientific Inc.
 
Common Stock (1)
    (2)     61,554  
                   
Participant Loans
 
Participant Loans (for a term not exceeding 30 years
             
   
at interest rates ranging from 3.75% to 9.75%) (1)
    (2)     34,528  
                   
Total
            $ 2,141,974  
                   
(1) Assets are a party-in-interest to the Plan.
 
(2) Cost information is not required for participant-directed investments and, therefore, is not included.
 
 
 
 
13

 
 
 
Thermo Fisher Scientific Inc. 401(k) Retirement Plan
Exhibit Index
December 31, 2013 and 2012
 
 
 Exhibit
Number        Description of Exhibit
 
   23.1                               Consent of PricewaterhouseCoopers LLP.

 
14