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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2016
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
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59-1995548
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number)
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2200 Pennsylvania Ave. N.W., Suite 800W
Washington, D.C.
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20037-1701
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Name of Each Exchange On Which Registered
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Common Stock $.01 par value
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New York Stock Exchange
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€500,000,000 Floating Rate Senior Notes due 2017
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New York Stock Exchange
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€600,000,000 1.000% Senior Notes due 2019
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New York Stock Exchange
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€800,000,000 1.700% Senior Notes due 2022
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New York Stock Exchange
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€800,000,000 2.500% Senior Notes due 2025
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New York Stock Exchange
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Item 1.
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Item 1A.
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Item 1B.
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Item 5.
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Item 9B.
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Item 10.
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Item 16.
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enhancing its portfolio in attractive science and technology markets through strategic capital allocation;
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strengthening its competitive advantage through consistent application of the DANAHER BUSINESS SYSTEM (“DBS”) tools; and
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consistently attracting and retaining exceptional talent.
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core revenue growth;
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core operating margin expansion;
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free cash flow generation; and
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return-on-invested capital.
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2016
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2015
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2014
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Life Sciences
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32
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%
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23
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%
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19
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%
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Diagnostics
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30
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%
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33
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%
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36
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%
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Dental
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16
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%
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19
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%
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17
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%
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Environmental & Applied Solutions
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22
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%
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25
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%
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28
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%
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•
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laser scanning (confocal) microscopes;
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•
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compound microscopes and related equipment;
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surgical and other stereo microscopes; and
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specimen preparation products for electron microscopy.
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•
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Life Sciences
. Pall’s life sciences technologies facilitate the process of drug discovery, development, regulatory validation and production and are sold to biopharmaceutical, food and beverage and medical customers. In the biopharmaceutical area, the business sells a broad line of filtration and purification technologies, single use bioreactors and associated accessories, hardware and engineered systems primarily to pharmaceutical and biopharmaceutical companies for use in the development and commercialization of chemically synthesized and biologically derived drugs, plasma and vaccines. Biotechnology drugs, plasma and biologically derived vaccines in particular are filtration and purification intensive and represent a significant area of growth for Pall in the biopharmaceutical area. The business also serves the filtration needs of the beer, wine, dairy, alcohol-free beverage, bottled water, and food ingredient markets, helping customers ensure the quality and safety of their products while lowering operating costs and minimizing waste. In the medical area, hospitals use the Company’s breathing circuit and intravenous filters and water filters to help control the spread of infections.
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Industrial
. Virtually all of the raw materials, process fluids and waste streams that course through industry are candidates for multiple stages of filtration, separation and purification. In addition, most of the machines used in complex production processes require filtration to protect sensitive parts from degradation due to contamination. Pall’s industrial technologies enhance the quality and efficiency of manufacturing processes and prolong equipment life in applications such as semiconductor equipment, airplanes, oil refineries, power generation turbines, petrochemical plants, municipal water plants and mobile mining equipment. Within these end-markets, demand is driven by end-users and original equipment manufacturers (“OEM”) seeking to improve product performance, increase production and efficiency, reduce operating costs, extend the life of their equipment, conserve water and meet environmental regulations.
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chemistry systems use electrochemical detection and chemical reactions with patient samples to detect and quantify substances of diagnostic interest in blood, urine and other body fluids. Commonly performed tests include glucose, cholesterol, triglycerides, electrolytes, proteins and enzymes, as well as tests to detect urinary tract infections and kidney and bladder disease.
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immunoassay systems also detect and quantify biochemicals of diagnostic interest (such as proteins and hormones) in body fluids, particularly in circumstances where more specialized diagnosis is required. Commonly performed immunoassay tests assess thyroid function, screen and monitor for cancer and cardiac risk and provide important information in fertility and reproductive testing.
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hematology and flow cytometry products for cellular analysis. The business’ hematology systems use principles of physics, optics, electronics and chemistry to separate cells of diagnostic interest and then quantify and characterize them, allowing clinicians to study formed elements in blood (such as red and white blood cells and platelets). The business’ flow cytometry products rapidly sort, identify, categorize and characterize multiple types of cells in suspension, allowing clinicians to determine cell types and characteristics and analyze specific cell populations based on molecular differences which is critical to HIV and leukemia diagnosis and monitoring.
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microbiology systems are used for the identification of bacteria and antibiotic susceptibility testing (ID/AST) from human clinical samples, to detect and quantify bacteria related to microbial infections in urine, blood, and other body fluids, and to detect infections such as urinary tract infections, pneumonia and wound infections. The business’ technology enables direct testing of clinical isolates to ensure reliable detection of resistance to antibiotics.
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automation systems that reduce manual operation and associated cost and errors from the pre-analytical through post-analytical stages including sample barcoding/information tracking, centrifugation, aliquotting, storage and conveyance. These systems along with the analyzers described above are controlled through laboratory level software that enables laboratory managers to monitor samples, results and lab efficiency.
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implant systems, dental prosthetics and associated treatment planning software;
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orthodontic bracket systems and lab products;
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endodontic systems and related consumables;
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restorative materials and instruments including rotary burrs, impression materials, bonding agents and cements;
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infection prevention products;
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digital imaging systems and software and other visualization and magnification systems;
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air and electric powered handpieces and associated consumables; and
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treatment units.
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a wide range of analytical instruments, software and related consumables and services that detect and measure chemical, physical, and microbiological parameters in ultra-pure, potable, waste, ground, source and ocean water;
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ultraviolet disinfection systems, which disinfect billions of gallons of municipal, industrial and consumer water every day in more than 35 countries; and
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industrial water treatment solutions, including chemical treatment solutions intended to address corrosion, scaling and biological growth problems in boiler, cooling water and industrial wastewater applications as well as associated analytical services.
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the business provides a variety of equipment and solutions used to give products unique identities by printing date, lot and bar codes and other information on primary and secondary packaging. The business’ equipment can apply high-
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the business is a leading global provider of software for packaging, label and display artwork creation, structural design, and pre-press applications workflow automation, digital asset management, quality assurance and online collaboration. The business also provides flexo computer-to-plate imagers and digital finishing systems for packaging, sign and display printers.
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the business provides innovative color solutions through measurement systems, software, color standards and related services. The business’ expertise in inspiring, selecting, measuring, formulating, communicating and matching color helps users improves the quality and effectiveness of their products and reduces costs.
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2016
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2015
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Life Sciences
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$
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981.9
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$
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1,010.3
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Diagnostics
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267.6
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236.6
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Dental
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43.9
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49.8
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Environmental & Applied Solutions
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465.8
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410.2
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Total
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$
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1,759.2
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$
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1,706.9
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2016
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2015
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2014
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||||||
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Life Sciences
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$
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277.2
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$
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201.3
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$
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172.8
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Diagnostics
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367.8
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351.3
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333.8
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|||
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Dental
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142.8
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133.8
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82.4
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|||
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Environmental & Applied Solutions
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187.3
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175.0
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180.4
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|||
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Total
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$
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975.1
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$
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861.4
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$
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769.4
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•
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Establishment Registration
. The Company must register with the FDA each facility where regulated products are developed or manufactured. The FDA periodically inspects these facilities.
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Marketing Authorization
. The Company must obtain FDA clearance or approval to begin marketing a regulated, 510(k)-non-exempted product in the United States. For some of the Company’s products, this clearance is obtained by submitting a 510(k) pre-market notification, which generally provides data on the design and performance of the product to allow the FDA to determine substantial equivalence to a product already in commercial distribution in the United States. Other of the Company’s products must go through a formal pre-market approval process which includes the review of non-clinical laboratory studies, clinical investigations, and information on the design and manufacture of the device as well as the successful completion of a pre-market approval inspection by the FDA.
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Quality Systems
. The Company is required to establish a quality system that includes clearly defined processes and procedures for ensuring regulated products are developed, manufactured and distributed in accordance with specified standards. The Company also must establish procedures for investigating and responding to customer complaints regarding the performance of regulated products.
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Labeling
. The labeling for regulated products must contain specified information and in some cases, the FDA must review and approve the labeling and any quality assurance protocols specified in the labeling. The FDA and other federal, state and non-U.S. regulatory bodies (including the Federal Trade Commission, the Office of the Inspector General of the Department of Health and Human Services, the U. S. Department of Justice, and various state Attorneys General) also monitor the manner in which the Company promotes and advertises its products. Although physicians
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Imports and Exports
. The FDCA establishes requirements for importing products into and exporting products from the United States. In general, any limitations on importing and exporting products apply only to products that have not received U.S. marketing clearance or approval.
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Post-Market Reporting
. After regulated products have been distributed to customers, the Company may receive product complaints requiring the Company to investigate and report to the FDA certain events involving the products. The Company also must notify the FDA when the Company conducts recalls involving its products.
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The Federal Anti-Kickback Statute prohibits persons from knowingly and willfully soliciting, offering, receiving or providing remuneration, directly or indirectly, in exchange for or to induce either the referral of an individual, or the furnishing or arranging for a good or service, for which payment may be made under a federal health care program, such as Medicare or Medicaid.
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The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) prohibits knowingly and willfully (1) executing a scheme to defraud any health care benefit program, including private payors, or (2) falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for health care benefits, items or services. In addition, HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, also restricts the use and disclosure of patient-identifiable health information, mandates the adoption of standards relating to the privacy and security of patient-identifiable health information and requires the Company to report certain security breaches with respect to such information.
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The Stark Law prohibits health care service providers from seeking reimbursement for providing certain services to a patient who was referred by a physician who has certain types of direct or indirect financial relationships with the service provider.
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The False Claims Act imposes liability on any person or entity that, among other things, knowingly presents, or causes to be presented, a false or fraudulent claim for payment by a federal health care program. The qui tam provisions of the False Claims Act allow a private individual to bring actions on behalf of the federal government alleging that the defendant has submitted a false claim to the federal government, and to share in any monetary recovery.
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The Physician Payments Sunshine Act requires manufacturers of medical devices covered under Medicare and Medicaid to record transfers of value to physicians and teaching hospitals and to report this data to the Centers for Medicare and Medicaid Services for subsequent public disclosure. Similar reporting requirements have also been enacted on the state level, and an increasing number of countries worldwide either have adopted or are considering similar laws requiring transparency of interactions with health care professionals.
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certain of the Company’s products utilize radioactive material, and the Company is subject to federal, state, local and non-U.S. regulations governing the management, storage, handling and disposal of these materials; and
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some of the Company’s in vitro diagnostic drugs-of-abuse assays and reagents contain small amounts of controlled substances, and as a result some of the Company’s facilities are inspected periodically by the United States Drug Enforcement Administration to ensure that the Company properly handles, stores, and disposes of controlled substances in the manufacture of those products.
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the International Traffic in Arms Regulations administered by the U.S. Department of State, Directorate of Defense Trade Controls, which, among other things, imposes license requirements on the export from the United States of defense articles and defense services (which are items specifically designed or adapted for a military application and/or listed on the United States Munitions List);
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the Export Administration Regulations administered by the U.S. Department of Commerce, Bureau of Industry and Security, which, among other things, impose licensing requirements on the export or re-export of certain dual-use goods, technology and software (which are items that potentially have both commercial and military applications);
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the regulations administered by the U.S. Department of Treasury, Office of Foreign Assets Control, which implement economic sanctions imposed against designated countries, governments and persons based on United States foreign policy and national security considerations; and
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the import regulatory activities of the U.S. Customs and Border Protection.
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2016
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2015
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2014
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Life Sciences
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68
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%
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64
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%
|
|
67
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%
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Diagnostics
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63
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%
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|
63
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%
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65
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%
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Dental
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54
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%
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54
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%
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54
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%
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Environmental & Applied Solutions
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61
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%
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|
60
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%
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|
62
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%
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Total
|
62
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%
|
|
61
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%
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|
63
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%
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2016
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2015
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2014
|
|||
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Life Sciences
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48
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%
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41
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%
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85
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%
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Diagnostics
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51
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%
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|
54
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%
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50
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%
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Dental
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51
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%
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57
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%
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61
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%
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Environmental & Applied Solutions
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39
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%
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39
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%
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42
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%
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Total
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49
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%
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48
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%
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52
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%
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•
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reducing demand for our products and services (in this Annual Report, references to products and services also includes software), limiting the financing available to our customers and suppliers, increasing order cancellations and resulting in longer sales cycles and slower adoption of new technologies;
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increasing the difficulty in collecting accounts receivable and the risk of excess and obsolete inventories;
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increasing price competition in our served markets;
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supply interruptions, which could disrupt our ability to produce our products;
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increasing the risk of impairment of goodwill and other long-lived assets, and the risk that we may not be able to fully recover the value of other assets such as real estate and tax assets; and
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increasing the risk that counterparties to our contractual arrangements will become insolvent or otherwise unable to fulfill their contractual obligations which, in addition to increasing the risks identified above, could result in preference actions against us.
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correctly identify customer needs and preferences and predict future needs and preferences;
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allocate our research and development funding to products and services with higher growth prospects;
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anticipate and respond to our competitors’ development of new products and services and technological innovations;
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differentiate our offerings from our competitors’ offerings and avoid commoditization;
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innovate and develop new technologies and applications, and acquire or obtain rights to third-party technologies that may have valuable applications in our served markets;
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obtain adequate intellectual property rights with respect to key technologies before our competitors do;
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successfully commercialize new technologies in a timely manner, price them competitively and cost-effectively manufacture and deliver sufficient volumes of new products of appropriate quality on time;
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obtain necessary regulatory approvals of appropriate scope, including with respect to medical device products by demonstrating satisfactory clinical results where applicable; and
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stimulate customer demand for and convince customers to adopt new technologies.
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many of our customers, and the end-users to whom our customers supply products, rely on government funding of and reimbursement for health care products and services and research activities. The U.S. Patient Protection and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act (collectively, the “PPACA”), health care austerity measures in other countries and other potential health care reform changes and government austerity measures may reduce the amount of government funding or reimbursement available to customers or end-users of our products and services and/or the volume of medical procedures using our products and services. Some countries also control the price of health care products, directly or indirectly, through reimbursement, payment, pricing or coverage limitations or through compulsory licensing. Global economic uncertainty or deterioration can also adversely impact government funding and reimbursement.
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the PPACA imposes on medical device manufacturers, such as Danaher, a 2.3% excise tax on U.S. sales of certain medical devices. While the excise tax has been suspended until the end of 2017, it may be reinstated in 2018 or beyond.
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governmental and private health care providers and payors around the world are increasingly utilizing managed care for the delivery of health care services, forming group purchasing organizations to improve their purchasing leverage and using competitive bid processes to procure health care products and services.
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any acquired business, technology, service or product could under-perform relative to our expectations and the price that we paid for it or not perform in accordance with our anticipated timetable, or we could fail to make such business profitable.
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we may incur or assume significant debt in connection with our acquisitions, joint ventures or strategic relationships, which could also cause a deterioration of Danaher’s credit ratings, result in increased borrowing costs and interest expense and diminish our future access to the capital markets.
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acquisitions, joint ventures or strategic relationships could cause our financial results to differ from our own or the investment community’s expectations in any given period, or over the long-term.
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pre-closing and post-closing earnings charges could adversely impact operating results in any given period, and the impact may be substantially different from period-to-period.
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acquisitions, joint ventures or strategic relationships could create demands on our management, operational resources and financial and internal control systems that we are unable to effectively address.
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we could experience difficulty in integrating personnel, operations and financial and other controls and systems and retaining key employees and customers.
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we may be unable to achieve cost savings or other synergies anticipated in connection with an acquisition, joint venture or strategic relationship.
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we may assume by acquisition, joint venture or strategic relationship unknown liabilities, known contingent liabilities that become realized, known liabilities that prove greater than anticipated, internal control deficiencies or exposure to regulatory sanctions resulting from the acquired company’s activities. The realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position or cause us to fail to meet our public financial reporting obligations.
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in connection with acquisitions and joint ventures, we often enter into post-closing financial arrangements such as purchase price adjustments, earn-out obligations and indemnification obligations, which may have unpredictable financial results.
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as a result of our acquisitions, we have recorded significant goodwill and other intangible assets on our balance sheet. If we are not able to realize the value of these assets, we may be required to incur charges relating to the impairment of these assets.
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we may have interests that diverge from those of our joint venture partners or other strategic partners and we may not be able to direct the management and operations of the joint venture or other strategic relationship in the manner we believe is most appropriate, exposing us to additional risk.
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we are required to comply with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers, business partners and other persons and dealings between our employees and between our subsidiaries. In certain circumstances, export control and economic sanctions regulations
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•
|
we also have agreements to sell products and services to government entities and are subject to various statutes and regulations that apply to companies doing business with government entities. The laws governing government contracts differ from the laws governing private contracts. For example, many government contracts contain pricing and other terms and conditions that are not applicable to private contracts. Our agreements with government entities may be subject to termination, reduction or modification at the convenience of the government or in the event of changes in government requirements, reductions in federal spending and other factors, and we may underestimate our costs of performing under the contract. In certain cases, a governmental entity may require us to pay back amounts it has paid to us. Government contracts that have been awarded to us following a bid process could become the subject of a bid protest by a losing bidder, which could result in loss of the contract. We are also subject to investigation and audit for compliance with the requirements governing government contracts.
|
|
•
|
interruption in the transportation of materials to us and finished goods to our customers;
|
|
•
|
differences in terms of sale, including payment terms;
|
|
•
|
local product preferences and product requirements;
|
|
•
|
changes in a country’s or region’s political or economic conditions, such as the devaluation of particular currencies;
|
|
•
|
trade protection measures, embargoes and import or export restrictions and requirements;
|
|
•
|
unexpected changes in laws or regulatory requirements, including changes in tax laws;
|
|
•
|
limitations on ownership and on repatriation of earnings and cash;
|
|
•
|
the potential for nationalization of enterprises;
|
|
•
|
changes in medical reimbursement policies and programs;
|
|
•
|
limitations on legal rights and our ability to enforce such rights;
|
|
•
|
difficulty in staffing and managing widespread operations;
|
|
•
|
differing labor regulations;
|
|
•
|
difficulties in implementing restructuring actions on a timely or comprehensive basis; and
|
|
•
|
differing protection of intellectual property.
|
|
•
|
Life Sciences,
72
;
|
|
•
|
Diagnostics,
77
;
|
|
•
|
Dental,
46
; and
|
|
•
|
Environmental & Applied Solutions,
47
.
|
|
Name
|
|
Age
|
|
Position
|
|
Officer Since
|
|
Steven M. Rales
|
|
65
|
|
Chairman of the Board
|
|
1984
|
|
Mitchell P. Rales
|
|
60
|
|
Chairman of the Executive Committee
|
|
1984
|
|
Thomas P. Joyce, Jr.
|
|
56
|
|
Chief Executive Officer and President
|
|
2002
|
|
Daniel L. Comas
|
|
53
|
|
Executive Vice President and Chief Financial Officer
|
|
1996
|
|
Rainer M. Blair
|
|
52
|
|
Executive Vice President
|
|
2014
|
|
William K. Daniel II
|
|
52
|
|
Executive Vice President
|
|
2006
|
|
Brian W. Ellis
|
|
50
|
|
Senior Vice President – General Counsel
|
|
2016
|
|
William H. King
|
|
49
|
|
Senior Vice President – Strategic Development
|
|
2005
|
|
Angela S. Lalor
|
|
51
|
|
Senior Vice President – Human Resources
|
|
2012
|
|
Robert S. Lutz
|
|
59
|
|
Senior Vice President – Chief Accounting Officer
|
|
2002
|
|
Daniel A. Raskas
|
|
50
|
|
Senior Vice President – Corporate Development
|
|
2004
|
|
|
2016
(d)
|
|
2015
(d)
|
|
||||||||||||||||||||
|
|
High
|
|
Low
|
|
Dividends Per Share
|
|
High
|
|
Low
|
|
Dividends Per Share
|
|
||||||||||||
|
First quarter
|
$
|
95.89
|
|
|
$
|
81.25
|
|
|
$
|
0.16
|
|
(a)
|
$
|
88.10
|
|
|
$
|
81.25
|
|
|
$
|
0.135
|
|
(c)
|
|
Second quarter
|
102.79
|
|
|
92.45
|
|
|
0.16
|
|
|
90.25
|
|
|
81.59
|
|
|
0.135
|
|
|
||||||
|
Third quarter
|
82.64
|
|
|
76.15
|
|
|
0.125
|
|
(b)
|
92.92
|
|
|
82.30
|
|
|
0.135
|
|
|
||||||
|
Fourth quarter
|
81.30
|
|
|
75.71
|
|
|
0.125
|
|
|
97.62
|
|
|
86.52
|
|
|
0.135
|
|
|
||||||
|
(a)
|
The Company increased its quarterly dividend rate in the first quarter of 2016 to $0.16 per share.
|
|
(b)
|
Subsequent to the Separation of Fortive, the Company reduced its quarterly dividend rate to $0.125 per share.
|
|
(c)
|
The Company increased its quarterly dividend rate in the first quarter of 2015 to $0.135 per share.
|
|
(d)
|
The stock prices in the above table on or prior to July 2, 2016, the date of the Fortive Separation, have not been adjusted for the Separation.
|
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
||||||||||
|
Sales
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
$
|
12,360.9
|
|
|
$
|
11,720.8
|
|
|
|
Operating profit
|
2,750.9
|
|
|
2,162.2
|
|
|
2,045.0
|
|
|
1,929.9
|
|
|
1,812.9
|
|
|
|||||
|
Net earnings from continuing operations
|
2,153.4
|
|
(a)(b)
|
1,746.7
|
|
(d)
|
1,638.7
|
|
(f)
|
1,742.9
|
|
(g)
|
1,404.3
|
|
|
|||||
|
Earnings from discontinued operations, net of income taxes
|
400.3
|
|
|
1,610.7
|
|
(c)
|
959.7
|
|
(e)
|
952.1
|
|
|
987.9
|
|
(h)
|
|||||
|
Net earnings
|
$
|
2,553.7
|
|
(a)(b)
|
$
|
3,357.4
|
|
(c)(d)
|
$
|
2,598.4
|
|
(e)(f)
|
$
|
2,695.0
|
|
(g)
|
$
|
2,392.2
|
|
(h)
|
|
Net earnings per share from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic
|
$
|
3.12
|
|
(a)(b)
|
$
|
2.50
|
|
(d)
|
$
|
2.33
|
|
(f)
|
$
|
2.50
|
|
(g)
|
$
|
2.03
|
|
|
|
Diluted
|
$
|
3.08
|
|
(a)(b)
|
$
|
2.47
|
|
(d)
|
$
|
2.29
|
|
(f)
|
$
|
2.46
|
|
(g)
|
$
|
1.98
|
|
|
|
Net earnings per share from discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic
|
$
|
0.58
|
|
|
$
|
2.31
|
|
(c)
|
$
|
1.37
|
|
(e)
|
$
|
1.37
|
|
|
$
|
1.42
|
|
(h)
|
|
Diluted
|
$
|
0.57
|
|
|
$
|
2.27
|
|
(c)
|
$
|
1.34
|
|
(e)
|
$
|
1.34
|
|
|
$
|
1.39
|
|
(h)
|
|
Net earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic
|
$
|
3.69
|
|
(a)(b) *
|
$
|
4.81
|
|
(c)(d)
|
$
|
3.70
|
|
(e)(f)
|
$
|
3.87
|
|
(g)
|
$
|
3.45
|
|
(h)
|
|
Diluted
|
$
|
3.65
|
|
(a)(b)
|
$
|
4.74
|
|
(c)(d)
|
$
|
3.63
|
|
(e)(f)
|
$
|
3.80
|
|
(g)
|
$
|
3.36
|
|
(h) *
|
|
Dividends declared per share
|
$
|
0.57
|
|
(i)
|
$
|
0.54
|
|
(j)
|
$
|
0.40
|
|
(k)
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
|
Total assets
|
$
|
45,295.3
|
|
|
$
|
48,222.2
|
|
|
$
|
36,991.7
|
|
|
$
|
34,672.2
|
|
|
$
|
32,941.0
|
|
|
|
Total debt
|
$
|
12,269.0
|
|
|
$
|
12,870.4
|
|
|
$
|
3,473.4
|
|
|
$
|
3,499.0
|
|
|
$
|
5,343.1
|
|
|
|
(a)
|
Includes $223 million ($140 million after-tax or $0.20 per diluted share) gain on sale of certain marketable equity securities. Refer to Note 13 to the Consolidated Financial Statements included in this Annual Report for additional information.
|
|
(b)
|
Includes $179 million ($112 million after-tax or $0.16 per diluted share) loss on extinguishment of borrowings, net of certain deferred gains. Refer to Note 13 to the Consolidated Financial Statements included in this Annual Report for additional information.
|
|
(c)
|
Includes $767 million after-tax gain ($1.08 per diluted share) on disposition of the Company’s communications business. Refer to Note 3 to the Consolidated Financial Statements included in this Annual Report for additional information.
|
|
(d)
|
Includes $12 million ($8 million after-tax or $0.01 per diluted share) gain on sale of certain marketable equity securities. Refer to Note 13 to the Consolidated Financial Statements included in this Annual Report for additional information.
|
|
(e)
|
Includes $34 million ($26 million after-tax or $0.04 per diluted share) gain on sale of the Company’s electric vehicle systems (“EVS”)/hybrid product line.
|
|
(f)
|
Includes $123 million ($77 million after-tax or $0.11 per diluted share) gain on sale of certain marketable equity securities. Refer to Note 13 to the Consolidated Financial Statements included in this Annual Report for additional information.
|
|
(g)
|
Includes $230 million ($144 million after-tax or $0.20 per diluted share) gain on sale of the Company’s investment in the Apex Tool Group, LLC (“Apex”) joint venture and $202 million ($125 million after-tax or $0.18 per diluted share) gain on sale of certain marketable equity securities.
|
|
(h)
|
Includes $149 million ($94 million after-tax or $0.13 per diluted share) gain on sale of the Company’s Accu-Sort and Kollmorgen Electro-Optical businesses.
|
|
(i)
|
The Company increased its quarterly dividend rate in 2016 to $0.16 per share and subsequently reduced its quarterly dividend rate to $0.125 per share as a result of the Separation of Fortive in the third quarter of 2016.
|
|
(j)
|
The Company increased its quarterly dividend rate in 2015 to $0.135 per share.
|
|
(k)
|
The Company increased its quarterly dividend rate in 2014 to $0.10 per share.
|
|
*
|
Net earnings per share amounts do not add due to rounding.
|
|
•
|
Overview
|
|
•
|
Results of Operations
|
|
•
|
Liquidity and Capital Resources
|
|
•
|
Critical Accounting Estimates
|
|
•
|
New Accounting Standards
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Total sales growth
|
17.0
|
%
|
|
12.0
|
%
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Existing businesses
|
3.0
|
%
|
|
3.5
|
%
|
|
Acquisitions
|
15.0
|
%
|
|
15.5
|
%
|
|
Currency exchange rates
|
(1.0
|
)%
|
|
(7.0
|
)%
|
|
Total
|
17.0
|
%
|
|
12.0
|
%
|
|
•
|
Higher
2016
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2016
and
2015
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2016
-
115
basis points
|
|
•
|
Acquisition-related charges in 2015 associated with the acquisition of Pall, including transaction costs deemed significant, change in control payments, and fair value adjustments to acquired inventory and deferred revenue, net of the positive impact of freezing pension benefits
-
90
basis points
|
|
•
|
Acquisition-related charges in the first quarter of 2015 associated with the acquisition of Nobel Biocare, primarily related to fair value adjustments to acquired inventory
-
15
basis points
|
|
•
|
The 2016 gains on resolution of acquisition-related matters -
10
basis points
|
|
•
|
Acquisition-related charges in 2016 associated primarily with the acquisition of Cepheid,
including transaction costs deemed significant, change in control and restructuring payments, and fair value adjustments to acquired inventory and deferred revenue
-
50
basis points
|
|
•
|
The incremental net dilutive effect in
2016
of acquired businesses -
50
basis points
|
|
•
|
Higher
2015
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2015
and
2014
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2015
-
85
basis points
|
|
•
|
Lower year-over-year costs associated with restructuring actions and continuing productivity improvement initiatives -
30
basis points
|
|
•
|
Acquisition-related charges in 2015 associated with the acquisition of Pall, including transaction costs deemed significant, change in control payments, and fair value adjustments to acquired inventory and deferred revenue, net of the positive impact of freezing pension benefits
-
90
basis points
|
|
•
|
The incremental net dilutive effect in
2015
of acquired businesses, including Pall, net of the positive effect of the product line disposition in the third quarter of 2014 -
115
basis points
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Life Sciences
|
$
|
5,365.9
|
|
|
$
|
3,314.6
|
|
|
$
|
2,511.5
|
|
|
Diagnostics
|
5,038.3
|
|
|
4,832.5
|
|
|
4,618.8
|
|
|||
|
Dental
|
2,785.4
|
|
|
2,736.8
|
|
|
2,193.1
|
|
|||
|
Environmental & Applied Solutions
|
3,692.8
|
|
|
3,549.8
|
|
|
3,543.5
|
|
|||
|
Total
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
5,365.9
|
|
|
$
|
3,314.6
|
|
|
$
|
2,511.5
|
|
|
Operating profit
|
818.9
|
|
|
329.2
|
|
|
368.5
|
|
|||
|
Depreciation
|
126.8
|
|
|
77.3
|
|
|
51.9
|
|
|||
|
Amortization
|
299.4
|
|
|
132.8
|
|
|
49.2
|
|
|||
|
Operating profit as a % of sales
|
15.3
|
%
|
|
9.9
|
%
|
|
14.7
|
%
|
|||
|
Depreciation as a % of sales
|
2.4
|
%
|
|
2.3
|
%
|
|
2.1
|
%
|
|||
|
Amortization as a % of sales
|
5.6
|
%
|
|
4.0
|
%
|
|
2.0
|
%
|
|||
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Total sales growth
|
62.0
|
%
|
|
32.0
|
%
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Existing businesses
|
3.5
|
%
|
|
3.0
|
%
|
|
Acquisitions
|
59.0
|
%
|
|
35.5
|
%
|
|
Currency exchange rates
|
(0.5
|
)%
|
|
(6.5
|
)%
|
|
Total
|
62.0
|
%
|
|
32.0
|
%
|
|
•
|
Higher
2016
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2016
and
2015
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2016
-
175
basis points
|
|
•
|
Acquisition-related charges in 2015 associated with the acquisition of Pall, including transaction costs deemed significant, change in control payments, and fair value adjustments to acquired inventory and deferred revenue, net of the positive impact of freezing pension benefits
-
390
basis points
|
|
•
|
Acquisition-related charges in 2016,
including transaction costs deemed significant, change in control and restructuring payments, and fair value adjustments to acquired inventory and deferred revenue
-
10
basis points
|
|
•
|
The incremental net dilutive effect in
2016
of acquired businesses -
15
basis points
|
|
•
|
Higher 2015 sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2015
and
2014
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in 2015 -
30
basis points
|
|
•
|
Lower year-over-year costs associated with restructuring actions and continuing productivity improvement initiatives -
25
basis points
|
|
•
|
Acquisition-related charges in 2015 associated with the acquisition of Pall, including transaction costs deemed significant, change in control payments, and fair value adjustments to acquired inventory and deferred revenue, net of the positive impact of freezing pension benefits
-
390
basis points
|
|
•
|
The incremental net dilutive effect in
2015
of acquired businesses (including Pall) -
145
basis points
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
5,038.3
|
|
|
$
|
4,832.5
|
|
|
$
|
4,618.8
|
|
|
Operating profit
|
786.4
|
|
|
746.2
|
|
|
725.0
|
|
|||
|
Depreciation
|
332.1
|
|
|
314.9
|
|
|
319.9
|
|
|||
|
Amortization
|
149.4
|
|
|
134.8
|
|
|
117.9
|
|
|||
|
Operating profit as a % of sales
|
15.6
|
%
|
|
15.4
|
%
|
|
15.7
|
%
|
|||
|
Depreciation as a % of sales
|
6.6
|
%
|
|
6.5
|
%
|
|
6.9
|
%
|
|||
|
Amortization as a % of sales
|
3.0
|
%
|
|
2.8
|
%
|
|
2.6
|
%
|
|||
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Total sales growth
|
4.5
|
%
|
|
4.5
|
%
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Existing businesses
|
2.5
|
%
|
|
4.0
|
%
|
|
Acquisitions
|
3.0
|
%
|
|
7.0
|
%
|
|
Currency exchange rates
|
(1.0
|
)%
|
|
(6.5
|
)%
|
|
Total
|
4.5
|
%
|
|
4.5
|
%
|
|
•
|
Higher
2016
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2016
and
2015
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2016
-
200
basis points
|
|
•
|
Acquisition-related charges in 2016 associated with the acquisition of Cepheid,
including transaction costs deemed significant, change in control and restructuring payments, and fair value adjustments to acquired inventory and deferred revenue
-
150
basis points
|
|
•
|
The incremental net dilutive effect in
2016
of acquired businesses -
30
basis points
|
|
•
|
Higher
2015
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2015
and
2014
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2015
-
40
basis points
|
|
•
|
Lower year-over-year costs associated with restructuring actions and continuing productivity improvement initiatives -
30
basis points
|
|
•
|
The incremental net dilutive effect in
2015
of acquired businesses -
100
basis points
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
2,785.4
|
|
|
$
|
2,736.8
|
|
|
$
|
2,193.1
|
|
|
Operating profit
|
419.4
|
|
|
370.4
|
|
|
304.4
|
|
|||
|
Depreciation
|
43.8
|
|
|
50.0
|
|
|
35.9
|
|
|||
|
Amortization
|
83.4
|
|
|
82.0
|
|
|
49.1
|
|
|||
|
Operating profit as a % of sales
|
15.1
|
%
|
|
13.5
|
%
|
|
13.9
|
%
|
|||
|
Depreciation as a % of sales
|
1.6
|
%
|
|
1.8
|
%
|
|
1.6
|
%
|
|||
|
Amortization as a % of sales
|
3.0
|
%
|
|
3.0
|
%
|
|
2.2
|
%
|
|||
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Total sales growth
|
2.0
|
%
|
|
25.0
|
%
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Existing businesses
|
2.0
|
%
|
|
—
|
%
|
|
Acquisitions
|
0.5
|
%
|
|
32.5
|
%
|
|
Currency exchange rates
|
(0.5
|
)%
|
|
(7.5
|
)%
|
|
Total
|
2.0
|
%
|
|
25.0
|
%
|
|
•
|
Higher 2016 sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2016
and
2015
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2016
-
90
basis points
|
|
•
|
Acquisition-related charges in the first quarter of 2015 associated with the acquisition of Nobel Biocare, primarily related to fair value adjustments to acquired inventory
-
80
basis points
|
|
•
|
The incremental net dilutive effect in
2016
of acquired businesses -
10
basis points
|
|
•
|
Incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2015
and
2014
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2015
-
45
basis points
|
|
•
|
Lower year-over-year costs associated with restructuring actions and continuing productivity improvement initiatives -
10
basis points
|
|
•
|
The incremental net dilutive effect in
2015
of acquired businesses -
95
basis points
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
3,692.8
|
|
|
$
|
3,549.8
|
|
|
$
|
3,543.5
|
|
|
Operating profit
|
870.0
|
|
|
866.6
|
|
|
781.8
|
|
|||
|
Depreciation
|
35.8
|
|
|
35.0
|
|
|
35.6
|
|
|||
|
Amortization
|
50.9
|
|
|
47.2
|
|
|
53.0
|
|
|||
|
Operating profit as a % of sales
|
23.6
|
%
|
|
24.4
|
%
|
|
22.1
|
%
|
|||
|
Depreciation as a % of sales
|
1.0
|
%
|
|
1.0
|
%
|
|
1.0
|
%
|
|||
|
Amortization as a % of sales
|
1.4
|
%
|
|
1.3
|
%
|
|
1.5
|
%
|
|||
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Total sales growth
|
4.0
|
%
|
|
—
|
%
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
|
Existing businesses
|
3.0
|
%
|
|
4.5
|
%
|
|
Acquisitions
|
2.5
|
%
|
|
2.0
|
%
|
|
Currency exchange rates
|
(1.5
|
)%
|
|
(6.5
|
)%
|
|
Total
|
4.0
|
%
|
|
—
|
%
|
|
•
|
The incremental net dilutive effect in
2016
of acquired businesses -
75
basis points
|
|
•
|
Incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2016
, net of higher
2016
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2016
and
2015
-
5
basis points
|
|
•
|
Higher
2015
sales volumes from existing businesses and incremental year-over-year cost savings associated with the restructuring actions and continuing productivity improvement initiatives taken in
2015
and
2014
, net of incremental year-over-year costs associated with various product development, sales and marketing growth investments and the effect of a stronger U.S. dollar in
2015
-
225
basis points
|
|
•
|
Lower year-over-year costs associated with restructuring actions and continuing productivity improvement initiatives -
50
basis points
|
|
•
|
The incremental net dilutive effect in
2015
of acquired businesses -
45
basis points
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
Cost of sales
|
(7,547.8
|
)
|
|
(6,662.6
|
)
|
|
(6,017.4
|
)
|
|||
|
Gross profit
|
$
|
9,334.6
|
|
|
$
|
7,771.1
|
|
|
$
|
6,849.5
|
|
|
Gross profit margin
|
55.3
|
%
|
|
53.8
|
%
|
|
53.2
|
%
|
|||
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
Selling, general and administrative (“SG&A”) expenses
|
(5,608.6
|
)
|
|
(4,747.5
|
)
|
|
(4,035.1
|
)
|
|||
|
Research and development (“R&D”) expenses
|
(975.1
|
)
|
|
(861.4
|
)
|
|
(769.4
|
)
|
|||
|
SG&A as a % of sales
|
33.2
|
%
|
|
32.9
|
%
|
|
31.4
|
%
|
|||
|
R&D as a % of sales
|
5.8
|
%
|
|
6.0
|
%
|
|
6.0
|
%
|
|||
|
•
|
The effective tax rate of
17.5%
in
2016
includes
350
basis points of net tax benefits from permanent foreign exchange losses and the release of reserves upon the expiration of statutes of limitation and audit settlements, partially offset by income tax expense related to repatriation of earnings and legal entity realignments associated with the Separation and changes in estimates associated with prior period uncertain tax positions.
|
|
•
|
The effective tax rate of
14.4%
in
2015
includes
290
basis points of net tax benefits from permanent foreign exchange losses, releases of valuation allowances related to foreign operating losses and the release of reserves upon the expiration of statutes of limitation, partially offset by changes in estimates associated with prior period uncertain tax positions.
|
|
•
|
The effective tax rate of
21.5%
in
2014
includes
250
basis points of tax expense for audit settlements in various jurisdictions, partially offset by the release of valuation allowances and the release of reserves upon the expiration of statutes of limitation.
|
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Total operating cash flows provided by continuing operations
|
$
|
3,087.5
|
|
|
$
|
2,832.2
|
|
|
$
|
2,671.2
|
|
|
|
|
|
|
|
|
||||||
|
Cash paid for acquisitions
|
$
|
(4,880.1
|
)
|
|
$
|
(14,247.8
|
)
|
|
$
|
(2,839.4
|
)
|
|
Payments for additions to property, plant and equipment
|
(589.6
|
)
|
|
(512.9
|
)
|
|
(465.4
|
)
|
|||
|
Payments for purchases of investments
|
—
|
|
|
(87.1
|
)
|
|
—
|
|
|||
|
Proceeds from sales of investments
|
264.8
|
|
|
43.0
|
|
|
167.1
|
|
|||
|
All other investing activities
|
31.7
|
|
|
66.3
|
|
|
16.5
|
|
|||
|
Total investing cash used in discontinued operations
|
(69.8
|
)
|
|
(212.5
|
)
|
|
(323.1
|
)
|
|||
|
Net cash used in investing activities
|
$
|
(5,243.0
|
)
|
|
$
|
(14,951.0
|
)
|
|
$
|
(3,444.3
|
)
|
|
|
|
|
|
|
|
||||||
|
Proceeds from the issuance of common stock
|
$
|
164.5
|
|
|
$
|
249.0
|
|
|
$
|
132.9
|
|
|
Payment of dividends
|
(399.8
|
)
|
|
(354.1
|
)
|
|
(227.7
|
)
|
|||
|
Make-whole premiums to redeem borrowings prior to maturity
|
(188.1
|
)
|
|
—
|
|
|
—
|
|
|||
|
Net proceeds from borrowings (maturities of 90 days or less)
|
2,218.1
|
|
|
3,511.2
|
|
|
312.2
|
|
|||
|
Proceeds from borrowings (maturities longer than 90 days)
|
3,240.9
|
|
|
5,682.9
|
|
|
—
|
|
|||
|
Repayments of borrowings (maturities longer than 90 days)
|
(2,480.6
|
)
|
|
(35.5
|
)
|
|
(414.7
|
)
|
|||
|
All other financing activities
|
(27.0
|
)
|
|
(3.3
|
)
|
|
(20.9
|
)
|
|||
|
Cash distributions to Fortive Corporation, net
|
(485.3
|
)
|
|
—
|
|
|
—
|
|
|||
|
Net cash provided by (used in) financing activities
|
$
|
2,042.7
|
|
|
$
|
9,050.2
|
|
|
$
|
(218.2
|
)
|
|
•
|
Operating cash flows from continuing operations
increased
$255 million
, or approximately
9%
, during
2016
as compared to
2015
, due primarily to higher net earnings which also included higher noncash charges for depreciation, amortization and stock compensation. Higher levels of investment in working capital during
2016
compared with
2015
partially offset the increase in operating cash flows for the year.
|
|
•
|
Cash paid for acquisitions constituted the most significant use of cash during
2016
. The Company acquired
eight
businesses during
2016
, including the acquisition of Cepheid, for total consideration (including assumed debt and net of cash acquired) of approximately
$4.9 billion
.
|
|
•
|
On July 2, 2016 Danaher completed the Fortive Separation. Prior to the Separation, Fortive provided approximately
$3.0 billion
of net cash distributions to Danaher.
|
|
•
|
The Company used a portion of the Fortive Distribution proceeds to repay the
$500 million
aggregate principal amount of
2.3%
senior unsecured notes that matured in June 2016 and to redeem approximately
$1.9 billion
in aggregate principal amount of outstanding indebtedness in August 2016 (consisting of the
Redeemed Notes)
. Danaher also paid an aggregate of
$188 million
in make-whole premiums in connection with the August 2016 redemptions, plus accrued and unpaid interest.
|
|
•
|
The Company also generated
$2.2 billion
of net proceeds from the issuances of commercial paper borrowings, which were primarily used to fund the Cepheid Acquisition.
|
|
•
|
The Company distributed cash of
$485 million
, in addition to approximately
$2.0 billion
of noncash net assets, to Fortive in connection with the Separation.
|
|
•
|
As of
December 31, 2016
, the Company held
$964 million
of cash and cash equivalents.
|
|
•
|
2016
operating cash flows benefited from higher net earnings as compared to
2015
(excluding the 2016 impact of the gain from the sale of certain marketable equity securities and the loss on early extinguishment of borrowings which are included in nonoperating income (expense)). The cash flow impact of the nonoperating gain from the sale of certain marketable equity securities is reflected in investing activities while the cash flow impact of the nonoperating loss on the early extinguishment of borrowings is reflected in financing activities, and therefore, these do not contribute to operating cash flows.
|
|
•
|
The aggregate of trade accounts receivable, inventories and trade accounts payable
used
$96 million
in operating cash flows during
2016
, compared to
providing
operating cash flows of
$198 million
in
2015
. The amount of cash flow generated from or used by the aggregate of trade accounts receivable, inventories and trade accounts payable depends upon how effectively the Company manages the cash conversion cycle, which effectively represents the number of days that elapse from the day it pays for the purchase of raw materials and components to the collection of cash from its customers and can be significantly impacted by the timing of collections and payments in a period.
|
|
•
|
The aggregate of prepaid expenses and other assets, deferred income taxes and accrued expenses and other liabilities
used
$184 million
in operating cash flows during
2016
, compared to
$84 million
used
in
2015
. The timing of cash payments for income taxes and various employee related liabilities, including with respect to recently acquired companies, drove the majority of this change.
|
|
•
|
Net earnings from continuing operations for
2016
reflected
an increase
of
$247 million
of depreciation and amortization expense as compared to
2015
. Amortization expense primarily relates to the amortization of intangible assets acquired in connection with acquisitions. Depreciation expense relates to both the Company’s manufacturing and operating facilities as well as instrumentation leased to customers under operating-type lease arrangements. Depreciation and amortization are noncash expenses that decrease earnings without a corresponding impact to operating cash flows.
|
|
($ in millions)
|
Total
|
|
Less Than
One Year
|
|
1-3 Years
|
|
4-5 Years
|
|
More Than
5 Years
|
||||||||||
|
Debt and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Debt obligations
(a)(b)
|
$
|
12,250.5
|
|
|
$
|
2,591.5
|
|
|
$
|
1,120.3
|
|
|
$
|
5,221.3
|
|
|
$
|
3,317.4
|
|
|
Capital lease obligations
(b)
|
18.5
|
|
|
3.3
|
|
|
3.3
|
|
|
0.9
|
|
|
11.0
|
|
|||||
|
Total debt
|
12,269.0
|
|
|
2,594.8
|
|
|
1,123.6
|
|
|
5,222.2
|
|
|
3,328.4
|
|
|||||
|
Interest payments on debt and capital lease obligations
(c)
|
1,237.6
|
|
|
143.8
|
|
|
241.2
|
|
|
183.5
|
|
|
669.1
|
|
|||||
|
Operating lease obligations
(d)
|
741.0
|
|
|
187.0
|
|
|
267.1
|
|
|
149.0
|
|
|
137.9
|
|
|||||
|
Other:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchase obligations
(e)
|
543.5
|
|
|
492.3
|
|
|
40.3
|
|
|
6.6
|
|
|
4.3
|
|
|||||
|
Other long-term liabilities reflected on the Company’s balance sheet under GAAP
(f)
|
5,670.3
|
|
|
—
|
|
|
729.6
|
|
|
660.8
|
|
|
4,279.9
|
|
|||||
|
Total
|
$
|
20,461.4
|
|
|
$
|
3,417.9
|
|
|
$
|
2,401.8
|
|
|
$
|
6,222.1
|
|
|
$
|
8,419.6
|
|
|
(a)
|
As described in Note 9 to the Consolidated Financial Statements.
|
|
(b)
|
Amounts do not include interest payments. Interest on debt and capital lease obligations is reflected in a separate line in the table.
|
|
(c)
|
Interest payments on debt are projected for future periods using the interest rates in effect as of December 31, 2016. Certain of these projected interest payments may differ in the future based on changes in market interest rates.
|
|
(d)
|
As described in Note 15 to the Consolidated Financial Statements, certain leases require the Company to pay real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises. These future costs are not included in the schedule above.
|
|
(e)
|
Consist of agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.
|
|
(f)
|
Primarily consist of obligations under product service and warranty policies and allowances, performance and operating cost guarantees, estimated environmental remediation costs, self-insurance and litigation claims, postretirement benefits, pension obligations, deferred tax liabilities and deferred compensation obligations. The timing of cash flows associated with these obligations is based upon management’s estimates over the terms of these arrangements and is largely based upon historical experience.
|
|
|
Amount of Commitment Expiration per Period
|
||||||||||||||||||
|
($ in millions)
|
Total
|
|
Less Than
One Year |
|
1-3 Years
|
|
4-5 Years
|
|
More Than
5 Years |
||||||||||
|
Guarantees
|
$
|
799.0
|
|
|
$
|
707.2
|
|
|
$
|
52.8
|
|
|
$
|
16.9
|
|
|
$
|
22.1
|
|
|
|
As of December 31
|
||||||
|
|
2016
|
|
2015
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and equivalents
|
$
|
963.7
|
|
|
$
|
790.8
|
|
|
Trade accounts receivable, less allowance for doubtful accounts of $102.4 and $88.3, respectively
|
3,186.1
|
|
|
2,985.1
|
|
||
|
Inventories
|
1,709.4
|
|
|
1,573.1
|
|
||
|
Prepaid expenses and other current assets
|
805.9
|
|
|
889.5
|
|
||
|
Current assets, discontinued operations
|
—
|
|
|
1,598.2
|
|
||
|
Total current assets
|
6,665.1
|
|
|
7,836.7
|
|
||
|
Property, plant and equipment, net
|
2,354.0
|
|
|
2,302.7
|
|
||
|
Other assets
|
631.3
|
|
|
845.3
|
|
||
|
Goodwill
|
23,826.9
|
|
|
21,014.9
|
|
||
|
Other intangible assets, net
|
11,818.0
|
|
|
10,545.3
|
|
||
|
Other assets, discontinued operations
|
—
|
|
|
5,677.3
|
|
||
|
Total assets
|
$
|
45,295.3
|
|
|
$
|
48,222.2
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
||||
|
Notes payable and current portion of long-term debt
|
$
|
2,594.8
|
|
|
$
|
845.2
|
|
|
Trade accounts payable
|
1,485.0
|
|
|
1,391.9
|
|
||
|
Accrued expenses and other liabilities
|
2,794.2
|
|
|
2,609.4
|
|
||
|
Current liabilities, discontinued operations
|
—
|
|
|
1,323.9
|
|
||
|
Total current liabilities
|
6,874.0
|
|
|
6,170.4
|
|
||
|
Other long-term liabilities
|
5,670.3
|
|
|
5,750.0
|
|
||
|
Long-term debt
|
9,674.2
|
|
|
12,025.2
|
|
||
|
Long-term liabilities, discontinued operations
|
—
|
|
|
512.6
|
|
||
|
Stockholders’ equity:
|
|
|
|
||||
|
Common stock - $0.01 par value, 2.0 billion shares authorized; 807.7 and 801.6 issued; 692.2 and 686.8 outstanding, respectively
|
8.1
|
|
|
8.0
|
|
||
|
Additional paid-in capital
|
5,312.9
|
|
|
4,981.2
|
|
||
|
Retained earnings
|
20,703.5
|
|
|
21,012.3
|
|
||
|
Accumulated other comprehensive income (loss)
|
(3,021.7
|
)
|
|
(2,311.2
|
)
|
||
|
Total Danaher stockholders’ equity
|
23,002.8
|
|
|
23,690.3
|
|
||
|
Noncontrolling interests
|
74.0
|
|
|
73.7
|
|
||
|
Total stockholders’ equity
|
23,076.8
|
|
|
23,764.0
|
|
||
|
Total liabilities and stockholders’ equity
|
$
|
45,295.3
|
|
|
$
|
48,222.2
|
|
|
|
Year Ended December 31
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
Cost of sales
|
(7,547.8
|
)
|
|
(6,662.6
|
)
|
|
(6,017.4
|
)
|
|||
|
Gross profit
|
9,334.6
|
|
|
7,771.1
|
|
|
6,849.5
|
|
|||
|
Operating costs:
|
|
|
|
|
|
||||||
|
Selling, general and administrative expenses
|
(5,608.6
|
)
|
|
(4,747.5
|
)
|
|
(4,035.1
|
)
|
|||
|
Research and development expenses
|
(975.1
|
)
|
|
(861.4
|
)
|
|
(769.4
|
)
|
|||
|
Operating profit
|
2,750.9
|
|
|
2,162.2
|
|
|
2,045.0
|
|
|||
|
Nonoperating income (expense):
|
|
|
|
|
|
||||||
|
Other income
|
223.4
|
|
|
12.4
|
|
|
122.6
|
|
|||
|
Loss on early extinguishment of borrowings
|
(178.8
|
)
|
|
—
|
|
|
—
|
|
|||
|
Interest expense
|
(184.4
|
)
|
|
(139.8
|
)
|
|
(94.7
|
)
|
|||
|
Interest income
|
0.2
|
|
|
4.6
|
|
|
13.3
|
|
|||
|
Earnings from continuing operations before income taxes
|
2,611.3
|
|
|
2,039.4
|
|
|
2,086.2
|
|
|||
|
Income taxes
|
(457.9
|
)
|
|
(292.7
|
)
|
|
(447.5
|
)
|
|||
|
Net earnings from continuing operations
|
2,153.4
|
|
|
1,746.7
|
|
|
1,638.7
|
|
|||
|
Earnings from discontinued operations, net of income taxes
|
400.3
|
|
|
1,610.7
|
|
|
959.7
|
|
|||
|
Net earnings
|
$
|
2,553.7
|
|
|
$
|
3,357.4
|
|
|
$
|
2,598.4
|
|
|
Net earnings per share from continuing operations:
|
|
|
|
|
|
||||||
|
Basic
|
$
|
3.12
|
|
|
$
|
2.50
|
|
|
$
|
2.33
|
|
|
Diluted
|
$
|
3.08
|
|
|
$
|
2.47
|
|
|
$
|
2.29
|
|
|
Net earnings per share from discontinued operations:
|
|
|
|
|
|
||||||
|
Basic
|
$
|
0.58
|
|
|
$
|
2.31
|
|
|
$
|
1.37
|
|
|
Diluted
|
$
|
0.57
|
|
|
$
|
2.27
|
|
|
$
|
1.34
|
|
|
Net earnings per share:
|
|
|
|
|
|
||||||
|
Basic
|
$
|
3.69
|
|
*
|
$
|
4.81
|
|
|
$
|
3.70
|
|
|
Diluted
|
$
|
3.65
|
|
|
$
|
4.74
|
|
|
$
|
3.63
|
|
|
Average common stock and common equivalent shares outstanding:
|
|
|
|
|
|
||||||
|
Basic
|
691.2
|
|
|
698.1
|
|
|
702.2
|
|
|||
|
Diluted
|
699.8
|
|
|
708.5
|
|
|
716.1
|
|
|||
|
*
|
Net earnings per share amount does not add due to rounding.
|
|
|
Year Ended December 31
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Net earnings
|
$
|
2,553.7
|
|
|
$
|
3,357.4
|
|
|
$
|
2,598.4
|
|
|
Other comprehensive income (loss), net of income taxes:
|
|
|
|
|
|
||||||
|
Foreign currency translation adjustments
|
(517.3
|
)
|
|
(975.6
|
)
|
|
(1,235.0
|
)
|
|||
|
Pension and postretirement plan benefit adjustments
|
(58.2
|
)
|
|
80.5
|
|
|
(361.1
|
)
|
|||
|
Unrealized gain (loss) on available-for-sale securities
|
(114.8
|
)
|
|
17.6
|
|
|
(52.1
|
)
|
|||
|
Total other comprehensive income (loss), net of income taxes
|
(690.3
|
)
|
|
(877.5
|
)
|
|
(1,648.2
|
)
|
|||
|
Comprehensive income
|
$
|
1,863.4
|
|
|
$
|
2,479.9
|
|
|
$
|
950.2
|
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|||||||||||||||||||
|
Balance, January 1, 2014
|
785.7
|
|
|
$
|
7.9
|
|
|
$
|
4,157.6
|
|
|
$
|
18,005.3
|
|
|
$
|
214.5
|
|
|
$
|
66.1
|
|
|
Net earnings for the year
|
—
|
|
|
—
|
|
|
—
|
|
|
2,598.4
|
|
|
—
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,648.2
|
)
|
|
—
|
|
|||||
|
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(280.7
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Common stock-based award activity
|
5.2
|
|
|
—
|
|
|
258.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Common stock issued in connection with LYONs’ conversions
|
1.6
|
|
|
—
|
|
|
65.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Change in noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|||||
|
Balance, December 31, 2014
|
792.5
|
|
|
7.9
|
|
|
4,480.9
|
|
|
20,323.0
|
|
|
(1,433.7
|
)
|
|
71.7
|
|
|||||
|
Net earnings for the year
|
—
|
|
|
—
|
|
|
—
|
|
|
3,357.4
|
|
|
—
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(877.5
|
)
|
|
—
|
|
|||||
|
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(376.4
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Common stock-based award activity
|
7.8
|
|
|
0.1
|
|
|
443.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Common stock issued in connection with LYONs’ conversions
|
1.3
|
|
|
—
|
|
|
56.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,291.7
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Change in noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|||||
|
Balance, December 31, 2015
|
801.6
|
|
|
8.0
|
|
|
4,981.2
|
|
|
21,012.3
|
|
|
(2,311.2
|
)
|
|
73.7
|
|
|||||
|
Net earnings for the year
|
—
|
|
|
—
|
|
|
—
|
|
|
2,553.7
|
|
|
—
|
|
|
—
|
|
|||||
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(690.3
|
)
|
|
—
|
|
|||||
|
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(393.6
|
)
|
|
—
|
|
|
—
|
|
|||||
|
Common stock-based award activity
|
5.8
|
|
|
0.1
|
|
|
322.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Common stock issued in connection with LYONs’ conversions
|
0.3
|
|
|
—
|
|
|
9.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Distribution of Fortive Corporation
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,468.9
|
)
|
|
(20.2
|
)
|
|
—
|
|
|||||
|
Change in noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
|
Balance, December 31, 2016
|
807.7
|
|
|
$
|
8.1
|
|
|
$
|
5,312.9
|
|
|
$
|
20,703.5
|
|
|
$
|
(3,021.7
|
)
|
|
$
|
74.0
|
|
|
|
Year Ended December 31
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||||||
|
Net earnings
|
$
|
2,553.7
|
|
|
$
|
3,357.4
|
|
|
$
|
2,598.4
|
|
|
Less: earnings from discontinued operations, net of income taxes
|
400.3
|
|
|
1,610.7
|
|
|
959.7
|
|
|||
|
Net earnings from continuing operations
|
2,153.4
|
|
|
1,746.7
|
|
|
1,638.7
|
|
|||
|
Noncash items:
|
|
|
|
|
|
||||||
|
Depreciation
|
545.0
|
|
|
484.0
|
|
|
448.9
|
|
|||
|
Amortization
|
583.1
|
|
|
396.8
|
|
|
269.2
|
|
|||
|
Stock-based compensation expense
|
129.8
|
|
|
103.8
|
|
|
84.7
|
|
|||
|
Pretax loss on early extinguishment of borrowings
|
178.8
|
|
|
—
|
|
|
—
|
|
|||
|
Pretax gain on sales of investments
|
(223.4
|
)
|
|
(12.4
|
)
|
|
(122.6
|
)
|
|||
|
Change in deferred income taxes
|
(383.9
|
)
|
|
(184.2
|
)
|
|
201.9
|
|
|||
|
Change in trade accounts receivable, net
|
(183.1
|
)
|
|
0.8
|
|
|
(42.7
|
)
|
|||
|
Change in inventories
|
9.4
|
|
|
146.5
|
|
|
68.8
|
|
|||
|
Change in trade accounts payable
|
78.1
|
|
|
50.3
|
|
|
79.7
|
|
|||
|
Change in prepaid expenses and other assets
|
(62.4
|
)
|
|
(68.9
|
)
|
|
(144.8
|
)
|
|||
|
Change in accrued expenses and other liabilities
|
262.7
|
|
|
168.8
|
|
|
189.4
|
|
|||
|
Total operating cash provided by continuing operations
|
3,087.5
|
|
|
2,832.2
|
|
|
2,671.2
|
|
|||
|
Total operating cash provided by discontinued operations
|
434.3
|
|
|
969.6
|
|
|
1,087.2
|
|
|||
|
Net cash provided by operating activities
|
3,521.8
|
|
|
3,801.8
|
|
|
3,758.4
|
|
|||
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||
|
Cash paid for acquisitions
|
(4,880.1
|
)
|
|
(14,247.8
|
)
|
|
(2,839.4
|
)
|
|||
|
Payments for additions to property, plant and equipment
|
(589.6
|
)
|
|
(512.9
|
)
|
|
(465.4
|
)
|
|||
|
Payments for purchases of investments
|
—
|
|
|
(87.1
|
)
|
|
—
|
|
|||
|
Proceeds from sales of investments
|
264.8
|
|
|
43.0
|
|
|
167.1
|
|
|||
|
All other investing activities
|
31.7
|
|
|
66.3
|
|
|
16.5
|
|
|||
|
Total investing cash used in continuing operations
|
(5,173.2
|
)
|
|
(14,738.5
|
)
|
|
(3,121.2
|
)
|
|||
|
Total investing cash used in discontinued operations
|
(69.8
|
)
|
|
(212.5
|
)
|
|
(323.1
|
)
|
|||
|
Net cash used in investing activities
|
(5,243.0
|
)
|
|
(14,951.0
|
)
|
|
(3,444.3
|
)
|
|||
|
Cash flows from financing activities:
|
|
|
|
|
|
||||||
|
Proceeds from the issuance of common stock
|
164.5
|
|
|
249.0
|
|
|
132.9
|
|
|||
|
Payment of dividends
|
(399.8
|
)
|
|
(354.1
|
)
|
|
(227.7
|
)
|
|||
|
Make-whole premiums to redeem borrowings prior to maturity
|
(188.1
|
)
|
|
—
|
|
|
—
|
|
|||
|
Net proceeds from borrowings (maturities of 90 days or less)
|
2,218.1
|
|
|
3,511.2
|
|
|
312.2
|
|
|||
|
Proceeds from borrowings (maturities longer than 90 days)
|
3,240.9
|
|
|
5,682.9
|
|
|
—
|
|
|||
|
Repayments of borrowings (maturities longer than 90 days)
|
(2,480.6
|
)
|
|
(35.5
|
)
|
|
(414.7
|
)
|
|||
|
All other financing activities
|
(27.0
|
)
|
|
(3.3
|
)
|
|
(20.9
|
)
|
|||
|
Total financing cash provided by (used in) continuing operations
|
2,528.0
|
|
|
9,050.2
|
|
|
(218.2
|
)
|
|||
|
Cash distributions to Fortive Corporation, net
|
(485.3
|
)
|
|
—
|
|
|
—
|
|
|||
|
Net cash provided by (used in) financing activities
|
2,042.7
|
|
|
9,050.2
|
|
|
(218.2
|
)
|
|||
|
Effect of exchange rate changes on cash and equivalents
|
(148.6
|
)
|
|
(115.8
|
)
|
|
(205.5
|
)
|
|||
|
Net change in cash and equivalents
|
172.9
|
|
|
(2,214.8
|
)
|
|
(109.6
|
)
|
|||
|
Beginning balance of cash and equivalents
|
790.8
|
|
|
3,005.6
|
|
|
3,115.2
|
|
|||
|
Ending balance of cash and equivalents
|
$
|
963.7
|
|
|
$
|
790.8
|
|
|
$
|
3,005.6
|
|
|
|
|
|
|
|
|
||||||
|
Supplemental disclosure:
|
|
|
|
|
|
||||||
|
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares)
|
$
|
—
|
|
|
$
|
2,291.7
|
|
|
$
|
—
|
|
|
Distribution of noncash net assets to Fortive Corporation
|
(1,983.6
|
)
|
|
—
|
|
|
—
|
|
|||
|
Category
|
|
Useful Life
|
|
Buildings
|
|
30 years
|
|
Leased assets and leasehold improvements
|
|
Amortized over the lesser of the economic life of the asset or the term of the lease
|
|
Machinery and equipment
|
|
3 – 10 years
|
|
Customer-leased instruments
|
|
5 – 7 years
|
|
|
Foreign Currency Translation Adjustments
|
|
Pension & Postretirement Plan Benefit Adjustments
|
|
Unrealized Gain (Loss) on Available-For-Sale Securities
|
|
Total
|
||||||||
|
Balance, January 1, 2014
|
$
|
413.2
|
|
|
$
|
(366.7
|
)
|
|
$
|
168.0
|
|
|
$
|
214.5
|
|
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
||||||||
|
(Decrease) increase
|
(1,235.0
|
)
|
|
(552.0
|
)
|
|
39.3
|
|
|
(1,747.7
|
)
|
||||
|
Income tax impact
|
—
|
|
|
175.1
|
|
|
(14.8
|
)
|
|
160.3
|
|
||||
|
Other comprehensive income (loss) before reclassifications, net of income taxes
|
(1,235.0
|
)
|
|
(376.9
|
)
|
|
24.5
|
|
|
(1,587.4
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
|
Increase (decrease)
|
—
|
|
|
23.5
|
|
(a)
|
(122.6
|
)
|
(b)
|
(99.1
|
)
|
||||
|
Income tax impact
|
—
|
|
|
(7.7
|
)
|
|
46.0
|
|
|
38.3
|
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes
|
—
|
|
|
15.8
|
|
|
(76.6
|
)
|
|
(60.8
|
)
|
||||
|
Net current period other comprehensive income (loss), net of income taxes
|
(1,235.0
|
)
|
|
(361.1
|
)
|
|
(52.1
|
)
|
|
(1,648.2
|
)
|
||||
|
Balance, December 31, 2014
|
(821.8
|
)
|
|
(727.8
|
)
|
|
115.9
|
|
|
(1,433.7
|
)
|
||||
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
||||||||
|
(Decrease) increase
|
(975.6
|
)
|
|
69.8
|
|
|
40.7
|
|
|
(865.1
|
)
|
||||
|
Income tax impact
|
—
|
|
|
(12.3
|
)
|
|
(15.3
|
)
|
|
(27.6
|
)
|
||||
|
Other comprehensive income (loss) before reclassifications, net of income taxes
|
(975.6
|
)
|
|
57.5
|
|
|
25.4
|
|
|
(892.7
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
|
Increase (decrease)
|
—
|
|
|
33.5
|
|
(a)
|
(12.4
|
)
|
(b)
|
21.1
|
|
||||
|
Income tax impact
|
—
|
|
|
(10.5
|
)
|
|
4.6
|
|
|
(5.9
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes
|
—
|
|
|
23.0
|
|
|
(7.8
|
)
|
|
15.2
|
|
||||
|
Net current period other comprehensive income (loss), net of income taxes
|
(975.6
|
)
|
|
80.5
|
|
|
17.6
|
|
|
(877.5
|
)
|
||||
|
Balance, December 31, 2015
|
(1,797.4
|
)
|
|
(647.3
|
)
|
|
133.5
|
|
|
(2,311.2
|
)
|
||||
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
||||||||
|
(Decrease) increase
|
(517.3
|
)
|
|
(115.4
|
)
|
|
39.6
|
|
|
(593.1
|
)
|
||||
|
Income tax impact
|
—
|
|
|
38.9
|
|
|
(14.8
|
)
|
|
24.1
|
|
||||
|
Other comprehensive income (loss) before reclassifications, net of income taxes
|
(517.3
|
)
|
|
(76.5
|
)
|
|
24.8
|
|
|
(569.0
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
|
Increase (decrease)
|
—
|
|
|
28.0
|
|
(a)
|
(223.4
|
)
|
(b)
|
(195.4
|
)
|
||||
|
Income tax impact
|
—
|
|
|
(9.7
|
)
|
|
83.8
|
|
|
74.1
|
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes
|
—
|
|
|
18.3
|
|
|
(139.6
|
)
|
|
(121.3
|
)
|
||||
|
Net current period other comprehensive income (loss), net of income taxes
|
(517.3
|
)
|
|
(58.2
|
)
|
|
(114.8
|
)
|
|
(690.3
|
)
|
||||
|
Distribution of Fortive Corporation
|
(83.5
|
)
|
|
63.3
|
|
(c)
|
—
|
|
|
(20.2
|
)
|
||||
|
Balance, December 31, 2016
|
$
|
(2,398.2
|
)
|
|
$
|
(642.2
|
)
|
|
$
|
18.7
|
|
|
$
|
(3,021.7
|
)
|
|
(a)
|
This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension and postretirement cost (refer to Notes 10 and 11 for additional details).
|
|
(b)
|
Included in other income in the accompanying Consolidated Statements of Earnings (refer to Note 13 for additional details).
|
|
(c)
|
This accumulated other comprehensive income (loss) component included an income tax impact of
$21 million
.
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Trade accounts receivable
|
$
|
97.8
|
|
|
$
|
590.4
|
|
|
$
|
175.4
|
|
|
Inventories
|
204.8
|
|
|
521.9
|
|
|
143.5
|
|
|||
|
Property, plant and equipment
|
161.8
|
|
|
740.0
|
|
|
82.5
|
|
|||
|
Goodwill
|
3,061.8
|
|
|
9,841.0
|
|
|
1,492.4
|
|
|||
|
Other intangible assets, primarily customer relationships, trade names and technology
|
1,867.0
|
|
|
5,045.3
|
|
|
1,544.4
|
|
|||
|
In-process research and development
|
65.0
|
|
|
—
|
|
|
56.0
|
|
|||
|
Trade accounts payable
|
(50.7
|
)
|
|
(182.0
|
)
|
|
(46.7
|
)
|
|||
|
Other assets and liabilities, net
|
(518.0
|
)
|
|
(1,844.5
|
)
|
|
(472.6
|
)
|
|||
|
Assumed debt
|
(1.0
|
)
|
|
(417.0
|
)
|
|
(135.5
|
)
|
|||
|
Net assets acquired
|
4,888.5
|
|
|
14,295.1
|
|
|
2,839.4
|
|
|||
|
Less: noncash consideration
|
(8.4
|
)
|
|
(47.3
|
)
|
|
—
|
|
|||
|
Net cash consideration
|
$
|
4,880.1
|
|
|
$
|
14,247.8
|
|
|
$
|
2,839.4
|
|
|
|
Cepheid
|
|
Others
|
|
Total
|
||||||
|
Trade accounts receivable
|
$
|
61.4
|
|
|
$
|
36.4
|
|
|
$
|
97.8
|
|
|
Inventories
|
165.8
|
|
|
39.0
|
|
|
204.8
|
|
|||
|
Property, plant and equipment
|
144.5
|
|
|
17.3
|
|
|
161.8
|
|
|||
|
Goodwill
|
2,584.0
|
|
|
477.8
|
|
|
3,061.8
|
|
|||
|
Other intangible assets, primarily customer relationships, trade names and technology
|
1,480.0
|
|
|
387.0
|
|
|
1,867.0
|
|
|||
|
In-process research and development
|
65.0
|
|
|
—
|
|
|
65.0
|
|
|||
|
Trade accounts payable
|
(41.2
|
)
|
|
(9.5
|
)
|
|
(50.7
|
)
|
|||
|
Other assets and liabilities, net
|
(452.4
|
)
|
|
(65.6
|
)
|
|
(518.0
|
)
|
|||
|
Assumed debt
|
(1.0
|
)
|
|
—
|
|
|
(1.0
|
)
|
|||
|
Net assets acquired
|
4,006.1
|
|
|
882.4
|
|
|
4,888.5
|
|
|||
|
Less: noncash consideration
|
(8.4
|
)
|
|
—
|
|
|
(8.4
|
)
|
|||
|
Net cash consideration
|
$
|
3,997.7
|
|
|
$
|
882.4
|
|
|
$
|
4,880.1
|
|
|
|
Pall
|
|
Others
|
|
Total
|
||||||
|
Trade accounts receivable
|
$
|
509.7
|
|
|
$
|
80.7
|
|
|
$
|
590.4
|
|
|
Inventories
|
475.5
|
|
|
46.4
|
|
|
521.9
|
|
|||
|
Property, plant and equipment
|
713.4
|
|
|
26.6
|
|
|
740.0
|
|
|||
|
Goodwill
|
9,556.2
|
|
|
284.8
|
|
|
9,841.0
|
|
|||
|
Other intangible assets, primarily customer relationships, trade names and technology
|
4,798.0
|
|
|
247.3
|
|
|
5,045.3
|
|
|||
|
Trade accounts payable
|
(155.8
|
)
|
|
(26.2
|
)
|
|
(182.0
|
)
|
|||
|
Other assets and liabilities, net
|
(1,855.2
|
)
|
|
10.7
|
|
|
(1,844.5
|
)
|
|||
|
Assumed debt
|
(416.9
|
)
|
|
(0.1
|
)
|
|
(417.0
|
)
|
|||
|
Net assets acquired
|
13,624.9
|
|
|
670.2
|
|
|
14,295.1
|
|
|||
|
Less: noncash consideration
|
(47.3
|
)
|
|
—
|
|
|
(47.3
|
)
|
|||
|
Net cash consideration
|
$
|
13,577.6
|
|
|
$
|
670.2
|
|
|
$
|
14,247.8
|
|
|
|
Nobel Biocare
|
|
Others
|
|
Total
|
||||||
|
Trade accounts receivable
|
$
|
124.9
|
|
|
$
|
50.5
|
|
|
$
|
175.4
|
|
|
Inventories
|
69.0
|
|
|
74.5
|
|
|
143.5
|
|
|||
|
Property, plant and equipment
|
59.4
|
|
|
23.1
|
|
|
82.5
|
|
|||
|
Goodwill
|
1,013.6
|
|
|
478.8
|
|
|
1,492.4
|
|
|||
|
Other intangible assets, primarily customer relationships, trade names and technology
|
1,049.3
|
|
|
495.1
|
|
|
1,544.4
|
|
|||
|
In-process research and development
|
—
|
|
|
56.0
|
|
|
56.0
|
|
|||
|
Trade accounts payable
|
(30.8
|
)
|
|
(15.9
|
)
|
|
(46.7
|
)
|
|||
|
Other assets and liabilities, net
|
(291.0
|
)
|
|
(181.6
|
)
|
|
(472.6
|
)
|
|||
|
Assumed debt
|
(132.7
|
)
|
|
(2.8
|
)
|
|
(135.5
|
)
|
|||
|
Net cash consideration
|
$
|
1,861.7
|
|
|
$
|
977.7
|
|
|
$
|
2,839.4
|
|
|
|
2016
|
|
2015
|
||||
|
Sales
|
$
|
17,501.9
|
|
|
$
|
17,107.3
|
|
|
Net earnings from continuing operations
|
2,088.5
|
|
|
1,666.3
|
|
||
|
Diluted net earnings per share from continuing operations
|
2.99
|
|
|
2.35
|
|
||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales
|
$
|
3,029.8
|
|
|
$
|
6,524.5
|
|
|
$
|
7,097.0
|
|
|
Cost of sales
|
(1,566.4
|
)
|
|
(3,285.1
|
)
|
|
(3,504.0
|
)
|
|||
|
Selling, general and administrative expenses
|
(696.0
|
)
|
|
(1,458.9
|
)
|
|
(1,661.9
|
)
|
|||
|
Research and development expenses
|
(190.4
|
)
|
|
(457.6
|
)
|
|
(544.8
|
)
|
|||
|
Other income
|
—
|
|
|
—
|
|
|
33.9
|
|
|||
|
Interest expense
|
(19.7
|
)
|
|
(24.8
|
)
|
|
(28.0
|
)
|
|||
|
Interest income
|
—
|
|
|
0.7
|
|
|
3.4
|
|
|||
|
Income from discontinued operations before income taxes
|
557.3
|
|
|
1,298.8
|
|
|
1,395.6
|
|
|||
|
Gain on disposition of discontinued operations before income taxes
|
—
|
|
|
760.5
|
|
|
—
|
|
|||
|
Earnings from discontinued operations before income taxes
|
557.3
|
|
|
2,059.3
|
|
|
1,395.6
|
|
|||
|
Income taxes
|
(157.0
|
)
|
|
(448.6
|
)
|
|
(435.9
|
)
|
|||
|
Earnings from discontinued operations, net of income taxes
|
$
|
400.3
|
|
|
$
|
1,610.7
|
|
|
$
|
959.7
|
|
|
Assets:
|
|
||
|
Trade accounts receivable, net
|
$
|
979.0
|
|
|
Inventories
|
522.3
|
|
|
|
Property, plant and equipment, net
|
522.9
|
|
|
|
Goodwill
|
4,055.4
|
|
|
|
Other intangible assets, net
|
725.0
|
|
|
|
Other assets
|
470.9
|
|
|
|
Total assets, discontinued operations
|
$
|
7,275.5
|
|
|
Liabilities:
|
|
||
|
Trade accounts payable
|
$
|
657.1
|
|
|
Accrued expenses and other liabilities
|
666.8
|
|
|
|
Other long-term liabilities
|
512.6
|
|
|
|
Total liabilities, discontinued operations
|
$
|
1,836.5
|
|
|
|
2016
|
|
2015
|
||||
|
Finished goods
|
$
|
884.4
|
|
|
$
|
854.6
|
|
|
Work in process
|
299.4
|
|
|
242.8
|
|
||
|
Raw materials
|
525.6
|
|
|
475.7
|
|
||
|
Total
|
$
|
1,709.4
|
|
|
$
|
1,573.1
|
|
|
|
2016
|
|
2015
|
||||
|
Land and improvements
|
$
|
150.5
|
|
|
$
|
121.7
|
|
|
Buildings
|
880.9
|
|
|
890.1
|
|
||
|
Machinery and equipment
|
1,953.9
|
|
|
1,690.2
|
|
||
|
Customer-leased instruments
|
1,332.0
|
|
|
1,287.7
|
|
||
|
Gross property, plant and equipment
|
4,317.3
|
|
|
3,989.7
|
|
||
|
Less: accumulated depreciation
|
(1,963.3
|
)
|
|
(1,687.0
|
)
|
||
|
Property, plant and equipment, net
|
$
|
2,354.0
|
|
|
$
|
2,302.7
|
|
|
|
Life
Sciences
|
|
Diagnostics
|
|
Dental
|
|
Environmental & Applied Solutions
|
|
Total
|
||||||||||
|
Balance, January 1, 2015
|
$
|
1,933.2
|
|
|
$
|
4,412.1
|
|
|
$
|
3,142.9
|
|
|
$
|
2,086.9
|
|
|
$
|
11,575.1
|
|
|
Attributable to 2015 acquisitions
|
9,560.2
|
|
|
180.3
|
|
|
7.0
|
|
|
93.5
|
|
|
9,841.0
|
|
|||||
|
Adjustments due to finalization of purchase price adjustments
|
(4.6
|
)
|
|
(6.9
|
)
|
|
197.9
|
|
(a)
|
—
|
|
|
186.4
|
|
|||||
|
Foreign currency translation and other
|
(180.3
|
)
|
|
(198.1
|
)
|
|
(111.7
|
)
|
|
(97.5
|
)
|
|
(587.6
|
)
|
|||||
|
Balance, December 31, 2015
|
11,308.5
|
|
|
4,387.4
|
|
|
3,236.1
|
|
|
2,082.9
|
|
|
21,014.9
|
|
|||||
|
Attributable to 2016 acquisitions
|
438.6
|
|
|
2,590.5
|
|
|
4.2
|
|
|
28.5
|
|
|
3,061.8
|
|
|||||
|
Adjustments due to finalization of purchase price adjustments
|
89.7
|
|
(b)
|
(2.2
|
)
|
|
—
|
|
|
5.1
|
|
|
92.6
|
|
|||||
|
Foreign currency translation and other
|
(226.5
|
)
|
|
(72.7
|
)
|
|
(24.7
|
)
|
|
(18.5
|
)
|
|
(342.4
|
)
|
|||||
|
Balance, December 31, 2016
|
$
|
11,610.3
|
|
|
$
|
6,903.0
|
|
|
$
|
3,215.6
|
|
|
$
|
2,098.0
|
|
|
$
|
23,826.9
|
|
|
(a)
|
This adjustment is primarily related to finalization of the Nobel Biocare purchase price adjustments.
|
|
(b)
|
This adjustment is primarily related to finalization of the Pall purchase price adjustments.
|
|
|
2016
|
|
2015
|
||||||||||||
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
|
Finite-lived intangibles:
|
|
|
|
|
|
|
|
||||||||
|
Patents and technology
|
$
|
2,211.3
|
|
|
$
|
(618.5
|
)
|
|
$
|
1,857.2
|
|
|
$
|
(488.7
|
)
|
|
Customer relationships and other intangibles
|
6,990.9
|
|
|
(1,627.1
|
)
|
|
5,994.1
|
|
|
(1,199.9
|
)
|
||||
|
Total finite-lived intangibles
|
9,202.2
|
|
|
(2,245.6
|
)
|
|
7,851.3
|
|
|
(1,688.6
|
)
|
||||
|
Indefinite-lived intangibles:
|
|
|
|
|
|
|
|
||||||||
|
Trademarks and trade names
|
4,861.4
|
|
|
—
|
|
|
4,382.6
|
|
|
—
|
|
||||
|
Total intangibles
|
$
|
14,063.6
|
|
|
$
|
(2,245.6
|
)
|
|
$
|
12,233.9
|
|
|
$
|
(1,688.6
|
)
|
|
|
Quoted Prices in
Active Market
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs (Level 3)
|
|
Total
|
||||||||
|
December 31, 2016:
|
|
|
|
|
|
|
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
$
|
117.8
|
|
|
$
|
52.3
|
|
|
$
|
—
|
|
|
$
|
170.1
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Deferred compensation plans
|
—
|
|
|
52.2
|
|
|
—
|
|
|
52.2
|
|
||||
|
December 31, 2015:
|
|
|
|
|
|
|
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
$
|
342.3
|
|
|
$
|
59.1
|
|
|
$
|
—
|
|
|
$
|
401.4
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Deferred compensation plans
|
—
|
|
|
55.5
|
|
|
—
|
|
|
55.5
|
|
||||
|
|
2016
|
|
2015
|
||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
|
Assets:
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
$
|
170.1
|
|
|
$
|
170.1
|
|
|
$
|
401.4
|
|
|
$
|
401.4
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
|
Short-term borrowings
|
2,594.8
|
|
|
2,594.8
|
|
|
845.2
|
|
|
845.2
|
|
||||
|
Long-term borrowings
|
9,674.2
|
|
|
10,095.1
|
|
|
12,025.2
|
|
|
12,471.4
|
|
||||
|
|
2016
|
|
2015
|
||||||||||||
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||
|
Compensation and benefits
|
$
|
914.1
|
|
|
$
|
247.1
|
|
|
$
|
775.3
|
|
|
$
|
261.8
|
|
|
Pension and postretirement benefits
|
91.7
|
|
|
1,222.9
|
|
|
101.9
|
|
|
1,226.2
|
|
||||
|
Taxes, income and other
|
293.9
|
|
|
3,894.1
|
|
|
381.2
|
|
|
4,031.1
|
|
||||
|
Deferred revenue
|
539.8
|
|
|
92.7
|
|
|
457.0
|
|
|
76.5
|
|
||||
|
Sales and product allowances
|
144.1
|
|
|
2.0
|
|
|
135.2
|
|
|
2.2
|
|
||||
|
Other
|
810.6
|
|
|
211.5
|
|
|
758.8
|
|
|
152.2
|
|
||||
|
Total
|
$
|
2,794.2
|
|
|
$
|
5,670.3
|
|
|
$
|
2,609.4
|
|
|
$
|
5,750.0
|
|
|
|
2016
|
|
2015
|
||||
|
U.S. dollar-denominated commercial paper
|
$
|
2,733.5
|
|
|
$
|
920.0
|
|
|
Euro-denominated commercial paper (€3.0 billion and €2.8 billion, respectively)
|
3,127.6
|
|
|
3,096.9
|
|
||
|
2.3% senior unsecured notes due 2016 (the “2016 Notes”)
|
—
|
|
|
500.0
|
|
||
|
4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount) (“the 2016 Bonds”)
|
—
|
|
|
122.6
|
|
||
|
Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) (the “2017 Euronotes”)
|
526.0
|
|
|
544.8
|
|
||
|
0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) (the “2017 CHF Bonds”)
|
98.0
|
|
|
99.7
|
|
||
|
5.625% senior unsecured notes due 2018 (the “2018 Notes”)
|
—
|
|
|
500.0
|
|
||
|
1.65% senior unsecured notes due 2018 (the “2018 U.S. Notes”)
|
498.1
|
|
|
497.1
|
|
||
|
5.4% senior unsecured notes due 2019 (the “2019 Notes”)
|
—
|
|
|
750.0
|
|
||
|
1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) (the “2019 Euronotes”)
|
628.6
|
|
|
651.0
|
|
||
|
2.4% senior unsecured notes due 2020 (the “2020 U.S. Notes”)
|
496.8
|
|
|
495.9
|
|
||
|
5.0% senior unsecured notes due 2020 (the “2020 Assumed Pall Notes”)
|
402.6
|
|
|
410.7
|
|
||
|
Zero-coupon LYONs due 2021
|
68.1
|
|
|
72.6
|
|
||
|
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”)
|
255.6
|
|
|
—
|
|
||
|
3.9% senior unsecured notes due 2021 (the “2021 Notes”)
|
—
|
|
|
600.0
|
|
||
|
1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) (the “2022 Euronotes”)
|
836.5
|
|
|
866.8
|
|
||
|
0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) (the “2023 CHF Bonds”)
|
532.3
|
|
|
541.6
|
|
||
|
2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) (the “2025 Euronotes”)
|
836.8
|
|
|
867.9
|
|
||
|
3.35% senior unsecured notes due 2025 (the “2025 U.S. Notes”)
|
495.8
|
|
|
495.3
|
|
||
|
1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount) (the “2028 CHF Bonds”)
|
108.8
|
|
|
110.7
|
|
||
|
4.375% senior unsecured notes due 2045 (the “2045 U.S. Notes”)
|
499.3
|
|
|
499.3
|
|
||
|
Other
|
124.6
|
|
|
227.5
|
|
||
|
Total debt
|
12,269.0
|
|
|
12,870.4
|
|
||
|
Less: currently payable
|
2,594.8
|
|
|
845.2
|
|
||
|
Long-term debt
|
$
|
9,674.2
|
|
|
$
|
12,025.2
|
|
|
|
Outstanding Balance as of December 31, 2016
|
|
Stated Annual Interest Rate
|
|
Issue Price
|
|
Issue Date
|
|
Maturity Date
|
|
Interest Payment Dates (in arrears)
|
||||
|
2017 Euronotes
(1)
|
$
|
526.0
|
|
|
three-month EURIBOR + 0.45%
|
|
|
100
|
%
|
|
July 8, 2015
|
|
June 30, 2017
|
|
March 30, June 30, September 30 and December 30
|
|
2017 CHF Bonds
(2)
|
98.0
|
|
|
0.0
|
%
|
|
100.14
|
%
|
|
December 8, 2015
|
|
December 8, 2017
|
|
December 8
|
|
|
2018 U.S. Notes
(3)
|
498.1
|
|
|
1.65
|
%
|
|
99.866
|
%
|
|
September 15, 2015
|
|
September 15, 2018
|
|
March 15 and September 15
|
|
|
2019 Euronotes
(1)
|
628.6
|
|
|
1.0
|
%
|
|
99.696
|
%
|
|
July 8, 2015
|
|
July 8, 2019
|
|
July 8
|
|
|
2020 U.S. Notes
(3)
|
496.8
|
|
|
2.4
|
%
|
|
99.757
|
%
|
|
September 15, 2015
|
|
September 15, 2020
|
|
March 15 and September 15
|
|
|
2020 Assumed Pall Notes
(5)
|
402.6
|
|
|
5.0
|
%
|
|
not applicable
|
|
|
not applicable
|
|
June 15, 2020
|
|
June 15 and December 15
|
|
|
2021 LYONs
|
68.1
|
|
|
see below
|
|
|
not applicable
|
|
|
January 22, 2001
|
|
January 22, 2021
|
|
January 22 and July 22
|
|
|
2021 Yen Notes
(4)
|
255.6
|
|
|
0.352
|
%
|
|
100
|
%
|
|
February 28, 2016
|
|
March 16, 2021
|
|
September 16
|
|
|
2022 Euronotes
(1)
|
836.5
|
|
|
1.7
|
%
|
|
99.651
|
%
|
|
July 8, 2015
|
|
January 4, 2022
|
|
January 4
|
|
|
2023 CHF Bonds
(2)
|
532.3
|
|
|
0.5
|
%
|
|
100.924
|
%
|
|
December 8, 2015
|
|
December 8, 2023
|
|
December 8
|
|
|
2025 Euronotes
(1)
|
836.8
|
|
|
2.5
|
%
|
|
99.878
|
%
|
|
July 8, 2015
|
|
July 8, 2025
|
|
July 8
|
|
|
2025 U.S. Notes
(3)
|
495.8
|
|
|
3.35
|
%
|
|
99.857
|
%
|
|
September 15, 2015
|
|
September 15, 2025
|
|
March 15 and September 15
|
|
|
2028 CHF Bonds
(2)
|
108.8
|
|
|
1.125
|
%
|
|
101.303
|
%
|
|
December 8, 2015
|
|
December 8, 2028
|
|
December 8
|
|
|
2045 U.S. Notes
(3)
|
499.3
|
|
|
4.375
|
%
|
|
99.784
|
%
|
|
September 15, 2015
|
|
September 15, 2045
|
|
March 15 and September 15
|
|
|
U.S. dollar and euro-denominated commercial paper
|
5,861.1
|
|
|
various
|
|
|
various
|
|
|
various
|
|
various
|
|
various
|
|
|
Other
|
124.6
|
|
|
various
|
|
|
various
|
|
|
various
|
|
various
|
|
various
|
|
|
Total debt
|
$
|
12,269.0
|
|
|
|
|
|
|
|
|
|
|
|
||
|
(1)
|
The net proceeds, after underwriting discounts and commissions and offering expenses, of approximately
€2.7 billion
(approximately
$3.0 billion
based on currency exchange rates as of the date of issuance) from these notes were used to pay a portion of the purchase price for the Pall Acquisition.
|
|
(2)
|
The net proceeds, including the related premium, and after underwriting discounts and commissions and offering expenses, of approximately
CHF 755 million
(
$732 million
based on currency exchange rates as of date of issuance) from these bonds were used to repay a portion of the commercial paper issued to finance the Pall Acquisition.
|
|
(3)
|
The net proceeds, after underwriting discounts and commissions and offering expenses, of approximately
$2.0 billion
from these notes were used to repay a portion of the commercial paper issued to finance the Pall Acquisition.
|
|
(4)
|
The net proceeds, after offering expenses, of approximately
¥29.9 billion
(approximately
$262 million
based on currency exchange rates as of the date of issuance) from these notes were used to repay a portion of the commercial paper borrowings issued to finance the Pall Acquisition.
|
|
(5)
|
In connection with the Pall Acquisition, the Company acquired senior unsecured notes previously issued by Pall with an aggregate principal amount of
$375 million
. In accordance with accounting for business combinations, the Assumed Pall Notes were recorded at their fair value of
$417 million
on the date of acquisition and for accounting purposes, interest charges on these notes recorded in the Company’s Consolidated Statement of Earnings reflect an effective interest rate of approximately
2.9%
per year.
|
|
2017
|
$
|
2,594.8
|
|
|
2018
|
496.4
|
|
|
|
2019
|
627.2
|
|
|
|
2020
|
4,899.2
|
|
|
|
2021
|
323.0
|
|
|
|
Thereafter
|
3,328.4
|
|
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Change in pension benefit obligation:
|
|
|
|
|
|
|
|
||||||||
|
Benefit obligation at beginning of year
|
$
|
2,603.9
|
|
|
$
|
2,484.7
|
|
|
$
|
1,449.3
|
|
|
$
|
1,171.7
|
|
|
Service cost
|
9.0
|
|
|
9.6
|
|
|
36.4
|
|
|
42.0
|
|
||||
|
Interest cost
|
89.7
|
|
|
101.1
|
|
|
32.8
|
|
|
29.4
|
|
||||
|
Employee contributions
|
—
|
|
|
—
|
|
|
8.6
|
|
|
8.2
|
|
||||
|
Benefits and other expenses paid
|
(204.8
|
)
|
|
(192.9
|
)
|
|
(48.4
|
)
|
|
(36.7
|
)
|
||||
|
Acquisitions and other
|
(7.4
|
)
|
|
324.9
|
|
|
—
|
|
|
431.4
|
|
||||
|
Actuarial loss (gain)
|
67.7
|
|
|
(112.5
|
)
|
|
174.1
|
|
|
(42.3
|
)
|
||||
|
Amendments, settlements and curtailments
|
—
|
|
|
(11.0
|
)
|
|
(25.9
|
)
|
|
(79.6
|
)
|
||||
|
Foreign exchange rate impact
|
—
|
|
|
—
|
|
|
(133.9
|
)
|
|
(74.8
|
)
|
||||
|
Benefit obligation at end of year
|
2,558.1
|
|
|
2,603.9
|
|
|
1,493.0
|
|
|
1,449.3
|
|
||||
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
|
Fair value of plan assets at beginning of year
|
1,892.6
|
|
|
1,886.3
|
|
|
1,025.9
|
|
|
747.6
|
|
||||
|
Actual return on plan assets
|
122.7
|
|
|
(21.3
|
)
|
|
134.3
|
|
|
11.1
|
|
||||
|
Employer contributions
|
57.7
|
|
|
49.4
|
|
|
43.5
|
|
|
42.2
|
|
||||
|
Employee contributions
|
—
|
|
|
—
|
|
|
8.6
|
|
|
8.2
|
|
||||
|
Amendments and settlements
|
—
|
|
|
—
|
|
|
(7.3
|
)
|
|
(57.0
|
)
|
||||
|
Benefits and other expenses paid
|
(204.8
|
)
|
|
(192.9
|
)
|
|
(48.4
|
)
|
|
(36.7
|
)
|
||||
|
Acquisitions
|
—
|
|
|
171.1
|
|
|
—
|
|
|
355.8
|
|
||||
|
Foreign exchange rate impact
|
—
|
|
|
—
|
|
|
(113.7
|
)
|
|
(45.3
|
)
|
||||
|
Fair value of plan assets at end of year
|
1,868.2
|
|
|
1,892.6
|
|
|
1,042.9
|
|
|
1,025.9
|
|
||||
|
Funded status
|
$
|
(689.9
|
)
|
|
$
|
(711.3
|
)
|
|
$
|
(450.1
|
)
|
|
$
|
(423.4
|
)
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
Discount rate
|
4.1
|
%
|
|
4.4
|
%
|
|
1.8
|
%
|
|
2.6
|
%
|
|
Rate of compensation increase
|
4.0
|
%
|
|
4.0
|
%
|
|
2.9
|
%
|
|
2.9
|
%
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
||||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
Service cost
|
$
|
9.0
|
|
|
$
|
9.6
|
|
|
$
|
36.4
|
|
|
$
|
42.0
|
|
|
Interest cost
|
89.7
|
|
|
101.1
|
|
|
32.8
|
|
|
29.4
|
|
||||
|
Expected return on plan assets
|
(132.6
|
)
|
|
(136.0
|
)
|
|
(40.2
|
)
|
|
(34.2
|
)
|
||||
|
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.1
|
)
|
||||
|
Amortization of net loss
|
24.6
|
|
|
28.9
|
|
|
7.8
|
|
|
9.9
|
|
||||
|
Curtailment and settlement gains recognized
|
(0.7
|
)
|
|
(9.3
|
)
|
|
(0.3
|
)
|
|
(0.8
|
)
|
||||
|
Net periodic pension (benefit) cost
|
$
|
(10.0
|
)
|
|
$
|
(5.7
|
)
|
|
$
|
36.2
|
|
|
$
|
46.2
|
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
Discount rate
|
4.4
|
%
|
|
4.0
|
%
|
|
2.6
|
%
|
|
2.3
|
%
|
|
Expected long-term return on plan assets
|
7.0
|
%
|
|
7.5
|
%
|
|
4.1
|
%
|
|
3.9
|
%
|
|
Rate of compensation increase
|
N/A
|
|
|
N/A
|
|
|
2.9
|
%
|
|
3.0
|
%
|
|
|
Quoted Prices in Active Market (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
|
Total
|
||||||||
|
Cash and equivalents
|
$
|
23.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23.7
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
||||||||
|
Common stock
|
347.5
|
|
|
23.4
|
|
|
—
|
|
|
370.9
|
|
||||
|
Preferred stock
|
4.3
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
||||
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
|
62.9
|
|
|
—
|
|
|
62.9
|
|
||||
|
Government issued
|
—
|
|
|
82.9
|
|
|
—
|
|
|
82.9
|
|
||||
|
Mutual funds
|
315.1
|
|
|
162.6
|
|
|
—
|
|
|
477.7
|
|
||||
|
Insurance contracts
|
—
|
|
|
260.3
|
|
|
—
|
|
|
260.3
|
|
||||
|
Total
|
$
|
690.6
|
|
|
$
|
592.1
|
|
|
$
|
—
|
|
|
1,282.7
|
|
|
|
Investments measured at NAV
(a)
:
|
|
|
|
|
|
|
|
||||||||
|
Mutual funds
|
|
|
|
|
|
|
289.1
|
|
|||||||
|
Insurance contracts
|
|
|
|
|
|
|
70.2
|
|
|||||||
|
Common collective trusts
|
|
|
|
|
|
|
697.8
|
|
|||||||
|
Venture capital, partnerships and other private investments
|
|
|
|
|
|
|
571.3
|
|
|||||||
|
Total assets at fair value
|
|
|
|
|
|
|
$
|
2,911.1
|
|
||||||
|
(a)
|
The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
|
|
|
Quoted Prices in Active Market (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
|
Total
|
||||||||
|
Cash and equivalents
|
$
|
20.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20.1
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
||||||||
|
Common stock
|
249.4
|
|
|
24.5
|
|
|
—
|
|
|
273.9
|
|
||||
|
Preferred stock
|
2.6
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
||||
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
|
Corporate bonds
|
—
|
|
|
98.8
|
|
|
—
|
|
|
98.8
|
|
||||
|
Government issued
|
—
|
|
|
80.5
|
|
|
—
|
|
|
80.5
|
|
||||
|
Mutual funds
|
357.4
|
|
|
188.8
|
|
|
—
|
|
|
546.2
|
|
||||
|
Insurance contracts
|
—
|
|
|
232.8
|
|
|
—
|
|
|
232.8
|
|
||||
|
Total
|
$
|
629.5
|
|
|
$
|
625.4
|
|
|
$
|
—
|
|
|
1,254.9
|
|
|
|
Investments measured at NAV
(a)
:
|
|
|
|
|
|
|
|
||||||||
|
Mutual funds
|
|
|
|
|
|
|
257.6
|
|
|||||||
|
Insurance contracts
|
|
|
|
|
|
|
70.9
|
|
|||||||
|
Common collective trusts
|
|
|
|
|
|
|
742.5
|
|
|||||||
|
Venture capital, partnerships and other private investments
|
|
|
|
|
|
|
592.6
|
|
|||||||
|
Total assets at fair value
|
|
|
|
|
|
|
$
|
2,918.5
|
|
||||||
|
(a)
|
The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
|
|
|
U.S. Pension Plans
|
|
Non-U.S. Pension Plans
|
|
All Pension Plans
|
||||||
|
2017
|
$
|
177.1
|
|
|
$
|
43.1
|
|
|
$
|
220.2
|
|
|
2018
|
177.3
|
|
|
49.5
|
|
|
226.8
|
|
|||
|
2019
|
177.2
|
|
|
46.7
|
|
|
223.9
|
|
|||
|
2020
|
179.2
|
|
|
46.4
|
|
|
225.6
|
|
|||
|
2021
|
179.8
|
|
|
51.9
|
|
|
231.7
|
|
|||
|
2022 – 2026
|
860.7
|
|
|
279.9
|
|
|
1,140.6
|
|
|||
|
|
2016
|
|
2015
|
||||
|
Change in benefit obligation:
|
|
|
|
||||
|
Benefit obligation at beginning of year
|
$
|
193.4
|
|
|
$
|
221.4
|
|
|
Service cost
|
0.7
|
|
|
1.1
|
|
||
|
Interest cost
|
6.6
|
|
|
8.4
|
|
||
|
Amendments, curtailments and other
|
(6.5
|
)
|
|
(3.6
|
)
|
||
|
Actuarial gain
|
(5.0
|
)
|
|
(22.7
|
)
|
||
|
Acquisitions
|
—
|
|
|
5.0
|
|
||
|
Retiree contributions
|
3.2
|
|
|
3.6
|
|
||
|
Benefits paid
|
(17.8
|
)
|
|
(19.8
|
)
|
||
|
Benefit obligation at end of year
|
174.6
|
|
|
193.4
|
|
||
|
Change in plan assets:
|
|
|
|
||||
|
Fair value of plan assets
|
—
|
|
|
—
|
|
||
|
Funded status
|
$
|
(174.6
|
)
|
|
$
|
(193.4
|
)
|
|
|
2016
|
|
2015
|
||
|
Discount rate
|
3.9
|
%
|
|
4.2
|
%
|
|
Medical trend rate – initial
|
6.5
|
%
|
|
6.8
|
%
|
|
Medical trend rate – grading period
|
21 years
|
|
|
22 years
|
|
|
Medical trend rate – ultimate
|
4.5
|
%
|
|
4.5
|
%
|
|
($ in millions)
|
1% Increase
|
|
1% Decrease
|
||||
|
Effect on the total of service and interest cost components
|
$
|
0.3
|
|
|
$
|
(0.3
|
)
|
|
Effect on postretirement medical benefit obligation
|
5.3
|
|
|
(4.7
|
)
|
||
|
($ in millions)
|
2016
|
|
2015
|
||||
|
Service cost
|
$
|
0.7
|
|
|
$
|
1.1
|
|
|
Interest cost
|
6.6
|
|
|
8.4
|
|
||
|
Amortization of net loss
|
—
|
|
|
1.0
|
|
||
|
Amortization of prior service credit
|
(3.1
|
)
|
|
(3.1
|
)
|
||
|
Net periodic benefit cost
|
$
|
4.2
|
|
|
$
|
7.4
|
|
|
2017
|
$
|
16.7
|
|
|
2018
|
16.3
|
|
|
|
2019
|
15.8
|
|
|
|
2020
|
15.1
|
|
|
|
2021
|
14.4
|
|
|
|
2022 – 2026
|
61.4
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
United States
|
$
|
647.7
|
|
|
$
|
505.5
|
|
|
$
|
455.7
|
|
|
International
|
1,963.6
|
|
|
1,533.9
|
|
|
1,630.5
|
|
|||
|
Total
|
$
|
2,611.3
|
|
|
$
|
2,039.4
|
|
|
$
|
2,086.2
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Current:
|
|
|
|
|
|
||||||
|
Federal U.S.
|
$
|
237.2
|
|
|
$
|
213.4
|
|
|
$
|
23.6
|
|
|
Non-U.S.
|
542.9
|
|
|
273.0
|
|
|
241.2
|
|
|||
|
State and local
|
61.7
|
|
|
(9.5
|
)
|
|
(19.2
|
)
|
|||
|
Deferred:
|
|
|
|
|
|
||||||
|
Federal U.S.
|
(237.5
|
)
|
|
(83.8
|
)
|
|
206.9
|
|
|||
|
Non-U.S.
|
(104.2
|
)
|
|
(121.5
|
)
|
|
(43.9
|
)
|
|||
|
State and local
|
(42.2
|
)
|
|
21.1
|
|
|
38.9
|
|
|||
|
Income tax provision
|
$
|
457.9
|
|
|
$
|
292.7
|
|
|
$
|
447.5
|
|
|
|
2016
|
|
2015
|
||||
|
Deferred tax assets:
|
|
|
|
||||
|
Allowance for doubtful accounts
|
$
|
22.4
|
|
|
$
|
27.7
|
|
|
Inventories
|
102.8
|
|
|
107.1
|
|
||
|
Pension and postretirement benefits
|
392.4
|
|
|
415.7
|
|
||
|
Environmental and regulatory compliance
|
29.9
|
|
|
31.7
|
|
||
|
Other accruals and prepayments
|
211.1
|
|
|
405.2
|
|
||
|
Stock-based compensation expense
|
89.3
|
|
|
128.8
|
|
||
|
Tax credit and loss carryforwards
|
1,095.9
|
|
|
1,075.4
|
|
||
|
Valuation allowances
|
(306.5
|
)
|
|
(215.0
|
)
|
||
|
Total deferred tax asset
|
1,637.3
|
|
|
1,976.6
|
|
||
|
Deferred tax liabilities:
|
|
|
|
||||
|
Property, plant and equipment
|
(41.4
|
)
|
|
(194.1
|
)
|
||
|
Insurance, including self-insurance
|
(786.4
|
)
|
|
(1,107.3
|
)
|
||
|
Basis difference in LYONs
|
(13.1
|
)
|
|
(9.1
|
)
|
||
|
Goodwill and other intangibles
|
(3,645.3
|
)
|
|
(3,704.8
|
)
|
||
|
Unrealized gains on marketable securities
|
(2.9
|
)
|
|
(68.0
|
)
|
||
|
Total deferred tax liability
|
(4,489.1
|
)
|
|
(5,083.3
|
)
|
||
|
Net deferred tax liability
|
$
|
(2,851.8
|
)
|
|
$
|
(3,106.7
|
)
|
|
|
Percentage of Pretax Earnings
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||
|
Statutory federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
Increase (decrease) in tax rate resulting from:
|
|
|
|
|
|
|||
|
State income taxes (net of federal income tax benefit)
|
0.6
|
%
|
|
0.7
|
%
|
|
0.5
|
%
|
|
Foreign income taxed at lower rate than U.S. statutory rate
|
(10.2
|
)%
|
|
(17.1
|
)%
|
|
(18.4
|
)%
|
|
Resolution and expiration of statutes of limitation of uncertain tax positions
|
(3.1
|
)%
|
|
(0.7
|
)%
|
|
2.9
|
%
|
|
Permanent foreign exchange losses
|
(8.2
|
)%
|
|
(4.6
|
)%
|
|
—
|
%
|
|
Research credits, uncertain tax positions and other
|
3.4
|
%
|
|
1.1
|
%
|
|
1.5
|
%
|
|
Effective income tax rate
|
17.5
|
%
|
|
14.4
|
%
|
|
21.5
|
%
|
|
•
|
The effective tax rate of
17.5%
in
2016
includes
350
basis points of net tax benefits from permanent foreign exchange losses and the release of reserves upon the expiration of statutes of limitation and audit settlements, partially offset by income tax expense related to repatriation of earnings and legal entity realignments associated with the Separation and changes in estimates associated with prior period uncertain tax positions.
|
|
•
|
The effective tax rate of
14.4%
in
2015
includes
290
basis points of net tax benefits from permanent foreign exchange losses, releases of valuation allowances related to foreign operating losses and the release of reserves upon the expiration of statutes of limitation, partially offset by changes in estimates associated with prior period uncertain tax positions.
|
|
•
|
The effective tax rate of
21.5%
in
2014
includes
250
basis points of tax expense for audit settlements in various jurisdictions, partially offset by the release of valuation allowances and the release of reserves upon the expiration of statutes of limitation.
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Unrecognized tax benefits, beginning of year
|
$
|
990.2
|
|
|
$
|
728.5
|
|
|
$
|
689.0
|
|
|
Additions based on tax positions related to the current year
|
80.0
|
|
|
73.3
|
|
|
91.5
|
|
|||
|
Additions for tax positions of prior years
|
154.3
|
|
|
135.3
|
|
|
172.5
|
|
|||
|
Reductions for tax positions of prior years
|
(7.0
|
)
|
|
(10.0
|
)
|
|
(43.7
|
)
|
|||
|
Acquisitions, divestitures and other
|
(41.5
|
)
|
|
140.6
|
|
|
36.6
|
|
|||
|
Lapse of statute of limitations
|
(124.0
|
)
|
|
(26.3
|
)
|
|
(36.3
|
)
|
|||
|
Settlements
|
(45.3
|
)
|
|
(18.9
|
)
|
|
(149.7
|
)
|
|||
|
Effect of foreign currency translation
|
(14.5
|
)
|
|
(32.3
|
)
|
|
(31.4
|
)
|
|||
|
Unrecognized tax benefits, end of year
|
$
|
992.2
|
|
|
$
|
990.2
|
|
|
$
|
728.5
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Life Sciences
|
$
|
40.5
|
|
|
$
|
27.5
|
|
|
$
|
17.5
|
|
|
Diagnostics
|
62.2
|
|
|
33.6
|
|
|
32.6
|
|
|||
|
Dental
|
34.3
|
|
|
25.3
|
|
|
21.4
|
|
|||
|
Environmental & Applied Solutions
|
15.4
|
|
|
11.1
|
|
|
30.8
|
|
|||
|
Total
|
$
|
152.4
|
|
|
$
|
97.5
|
|
|
$
|
102.3
|
|
|
|
Employee Severance and Related
|
|
Facility Exit and Related
|
|
Total
|
||||||
|
Balance, January 1, 2015
|
$
|
73.9
|
|
|
$
|
13.0
|
|
|
$
|
86.9
|
|
|
Costs incurred
|
80.3
|
|
|
17.2
|
|
|
97.5
|
|
|||
|
Paid/settled
|
(88.6
|
)
|
|
(16.3
|
)
|
|
(104.9
|
)
|
|||
|
Balance, December 31, 2015
|
65.6
|
|
|
13.9
|
|
|
79.5
|
|
|||
|
Costs incurred
|
111.0
|
|
|
41.4
|
|
|
152.4
|
|
|||
|
Paid/settled
|
(131.3
|
)
|
|
(43.5
|
)
|
|
(174.8
|
)
|
|||
|
Balance, December 31, 2016
|
$
|
45.3
|
|
|
$
|
11.8
|
|
|
$
|
57.1
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Cost of sales
|
$
|
25.4
|
|
|
$
|
31.9
|
|
|
$
|
32.1
|
|
|
Selling, general and administrative expenses
|
127.0
|
|
|
65.6
|
|
|
70.2
|
|
|||
|
Total
|
$
|
152.4
|
|
|
$
|
97.5
|
|
|
$
|
102.3
|
|
|
2017
|
$
|
187.0
|
|
|
2018
|
148.6
|
|
|
|
2019
|
118.5
|
|
|
|
2020
|
88.4
|
|
|
|
2021
|
60.6
|
|
|
|
Thereafter
|
137.9
|
|
|
|
|
2016
|
|
2015
|
||||
|
Balance, January 1
|
$
|
73.8
|
|
|
$
|
73.0
|
|
|
Accruals for warranties issued during the year
|
62.3
|
|
|
58.9
|
|
||
|
Settlements made
|
(61.2
|
)
|
|
(62.7
|
)
|
||
|
Additions due to acquisitions
|
1.4
|
|
|
7.8
|
|
||
|
Effect of foreign currency translation
|
(0.5
|
)
|
|
(3.2
|
)
|
||
|
Balance, December 31
|
$
|
75.8
|
|
|
$
|
73.8
|
|
|
|
2016
|
|
2015
|
|
2014
|
|||
|
Risk-free interest rate
|
1.2 – 1.8%
|
|
|
1.6 – 2.2%
|
|
|
1.7 – 2.4%
|
|
|
Weighted average volatility
|
24.3
|
%
|
|
24.3
|
%
|
|
22.4
|
%
|
|
Dividend yield
|
0.6
|
%
|
|
0.6
|
%
|
|
0.5
|
%
|
|
Expected years until exercise
|
5.5 – 8.0
|
|
|
5.5 – 8.0
|
|
|
5.5 – 8.0
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
RSUs/PSUs:
|
|
|
|
|
|
||||||
|
Pretax compensation expense
|
$
|
85.9
|
|
|
$
|
69.7
|
|
|
$
|
52.1
|
|
|
Income tax benefit
|
(25.3
|
)
|
|
(22.1
|
)
|
|
(14.7
|
)
|
|||
|
RSU/PSU expense, net of income taxes
|
60.6
|
|
|
47.6
|
|
|
37.4
|
|
|||
|
Stock options:
|
|
|
|
|
|
||||||
|
Pretax compensation expense
|
43.9
|
|
|
34.1
|
|
|
32.6
|
|
|||
|
Income tax benefit
|
(13.6
|
)
|
|
(10.7
|
)
|
|
(9.4
|
)
|
|||
|
Stock option expense, net of income taxes
|
30.3
|
|
|
23.4
|
|
|
23.2
|
|
|||
|
Total stock-based compensation:
|
|
|
|
|
|
||||||
|
Pretax compensation expense
|
129.8
|
|
|
103.8
|
|
|
84.7
|
|
|||
|
Income tax benefit
|
(38.9
|
)
|
|
(32.8
|
)
|
|
(24.1
|
)
|
|||
|
Total stock-based compensation expense, net of income taxes
|
$
|
90.9
|
|
|
$
|
71.0
|
|
|
$
|
60.6
|
|
|
|
Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value
|
|||||
|
Outstanding as of January 1, 2014
(a)
|
30.7
|
|
|
$
|
32.48
|
|
|
|
|
|
||
|
Granted
(a)
|
4.8
|
|
|
58.50
|
|
|
|
|
|
|||
|
Exercised
(a)
|
(4.5
|
)
|
|
27.38
|
|
|
|
|
|
|||
|
Cancelled/forfeited
(a)
|
(1.0
|
)
|
|
44.92
|
|
|
|
|
|
|||
|
Outstanding as of December 31, 2014
(a)
|
30.0
|
|
|
37.01
|
|
|
|
|
|
|||
|
Granted
(a)
|
4.1
|
|
|
66.64
|
|
|
|
|
|
|||
|
Exercised
(a)
|
(7.8
|
)
|
|
28.40
|
|
|
|
|
|
|||
|
Cancelled/forfeited
(a)
|
(1.4
|
)
|
|
51.55
|
|
|
|
|
|
|||
|
Outstanding as of December 31, 2015
(a)
|
24.9
|
|
|
43.75
|
|
|
|
|
|
|||
|
Granted
|
5.7
|
|
|
67.52
|
|
|
|
|
|
|||
|
Exercised
|
(5.3
|
)
|
|
33.45
|
|
|
|
|
|
|||
|
Cancelled/forfeited
|
(1.2
|
)
|
|
73.21
|
|
|
|
|
|
|||
|
Adjustment due to Fortive Separation
(b)
|
(5.2
|
)
|
|
50.44
|
|
|
|
|
|
|||
|
Outstanding as of December 31, 2016
|
18.9
|
|
|
50.07
|
|
|
6
|
|
$
|
522.4
|
|
|
|
Vested and expected to vest as of December 31, 2016
(c)
|
18.2
|
|
|
$
|
49.62
|
|
|
6
|
|
$
|
515.4
|
|
|
Vested as of December 31, 2016
|
8.8
|
|
|
$
|
37.00
|
|
|
4
|
|
$
|
358.6
|
|
|
(a)
|
The outstanding options as of December 31, 2015 and the option activity prior to December 31, 2015 (except those options canceled as part of the Separation as noted below) have been adjusted by a factor of
1.32
, as noted above, due to the Separation.
|
|
(b)
|
The “Adjustment due to Fortive Separation” reflects the cancellation of options which were outstanding as of July 2, 2016 and held by Fortive employees, which have been converted to Fortive options as part of the Separation.
|
|
(c)
|
The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options.
|
|
|
Outstanding
|
|
Exercisable
|
||||||||||||
|
Exercise Price
|
Shares
|
|
Average Exercise Price
|
|
Average Remaining Life (in years)
|
|
Shares
|
|
Average Exercise Price
|
||||||
|
$19.89 to $31.85
|
4.1
|
|
|
$
|
26.52
|
|
|
2
|
|
4.1
|
|
|
$
|
26.52
|
|
|
$31.86 to $43.95
|
3.4
|
|
|
38.88
|
|
|
5
|
|
2.7
|
|
|
38.59
|
|
||
|
$43.96 to $56.70
|
2.7
|
|
|
50.69
|
|
|
6
|
|
0.9
|
|
|
49.80
|
|
||
|
$56.71 to $65.95
|
6.3
|
|
|
63.79
|
|
|
8
|
|
0.7
|
|
|
60.12
|
|
||
|
$65.96 to $80.92
|
2.4
|
|
|
69.84
|
|
|
9
|
|
0.4
|
|
|
67.99
|
|
||
|
|
Number of RSUs/PSUs
|
|
Weighted Average
Grant-Date Fair Value
|
|||
|
Unvested as of January 1, 2014
(a)
|
6.5
|
|
|
$
|
38.40
|
|
|
Granted
(a)
|
2.0
|
|
|
54.42
|
|
|
|
Vested
(a)
|
(1.9
|
)
|
|
32.15
|
|
|
|
Forfeited
(a)
|
(0.5
|
)
|
|
44.48
|
|
|
|
Unvested as of December 31, 2014
(a)
|
6.1
|
|
|
45.18
|
|
|
|
Granted
(a)
|
2.9
|
|
|
65.66
|
|
|
|
Vested
(a)
|
(2.1
|
)
|
|
45.00
|
|
|
|
Forfeited
(a)
|
(0.8
|
)
|
|
52.56
|
|
|
|
Unvested as of December 31, 2015
(a)
|
6.1
|
|
|
53.93
|
|
|
|
Granted
|
1.9
|
|
|
66.15
|
|
|
|
Vested
|
(1.8
|
)
|
|
50.64
|
|
|
|
Adjustment due to Fortive Separation
(b)
|
(1.2
|
)
|
|
58.24
|
|
|
|
Forfeited
|
(0.5
|
)
|
|
28.79
|
|
|
|
Unvested as of December 31, 2016
|
4.5
|
|
|
62.16
|
|
|
|
(a)
|
The unvested RSUs and PSUs as of December 31, 2015 and the RSU and PSU activity in the periods prior to December 31, 2015 (except those RSUs and PSUs canceled as part of the Separation as noted below) have been adjusted by a factor of
1.32
, as noted above, due to the Separation.
|
|
(b)
|
The “Adjustment due to Fortive Separation” reflects the cancellation of RSUs and PSUs which were outstanding as of July 2, 2016 and held by Fortive employees which have been converted to Fortive RSUs and PSUs as part of the Separation.
|
|
|
Net Earnings from Continuing Operations (Numerator)
|
|
Shares (Denominator)
|
|
Per Share Amount
|
|||||
|
For the year ended December 31, 2016
|
|
|
|
|
|
|||||
|
Basic EPS
|
$
|
2,153.4
|
|
|
691.2
|
|
|
$
|
3.12
|
|
|
Adjustment for interest on convertible debentures
|
1.8
|
|
|
—
|
|
|
|
|||
|
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs
|
—
|
|
|
6.0
|
|
|
|
|||
|
Incremental shares from assumed conversion of the convertible debentures
|
—
|
|
|
2.6
|
|
|
|
|||
|
Diluted EPS
|
$
|
2,155.2
|
|
|
699.8
|
|
|
$
|
3.08
|
|
|
|
|
|
|
|
|
|||||
|
For the year ended December 31, 2015
|
|
|
|
|
|
|||||
|
Basic EPS
|
$
|
1,746.7
|
|
|
698.1
|
|
|
$
|
2.50
|
|
|
Adjustment for interest on convertible debentures
|
2.2
|
|
|
—
|
|
|
|
|||
|
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs
|
—
|
|
|
7.7
|
|
|
|
|||
|
Incremental shares from assumed conversion of the convertible debentures
|
—
|
|
|
2.7
|
|
|
|
|||
|
Diluted EPS
|
$
|
1,748.9
|
|
|
708.5
|
|
|
$
|
2.47
|
|
|
|
|
|
|
|
|
|||||
|
For the year ended December 31, 2014
|
|
|
|
|
|
|||||
|
Basic EPS
|
$
|
1,638.7
|
|
|
702.2
|
|
|
$
|
2.33
|
|
|
Adjustment for interest on convertible debentures
|
3.3
|
|
|
—
|
|
|
|
|||
|
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs
|
—
|
|
|
9.1
|
|
|
|
|||
|
Incremental shares from assumed conversion of the convertible debentures
|
—
|
|
|
4.8
|
|
|
|
|||
|
Diluted EPS
|
$
|
1,642.0
|
|
|
716.1
|
|
|
$
|
2.29
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales:
|
|
|
|
|
|
||||||
|
Life Sciences
|
$
|
5,365.9
|
|
|
$
|
3,314.6
|
|
|
$
|
2,511.5
|
|
|
Diagnostics
|
5,038.3
|
|
|
4,832.5
|
|
|
4,618.8
|
|
|||
|
Dental
|
2,785.4
|
|
|
2,736.8
|
|
|
2,193.1
|
|
|||
|
Environmental & Applied Solutions
|
3,692.8
|
|
|
3,549.8
|
|
|
3,543.5
|
|
|||
|
Total
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
|
|
|
|
|
|
||||||
|
Operating profit:
|
|
|
|
|
|
||||||
|
Life Sciences
|
$
|
818.9
|
|
|
$
|
329.2
|
|
|
$
|
368.5
|
|
|
Diagnostics
|
786.4
|
|
|
746.2
|
|
|
725.0
|
|
|||
|
Dental
|
419.4
|
|
|
370.4
|
|
|
304.4
|
|
|||
|
Environmental & Applied Solutions
|
870.0
|
|
|
866.6
|
|
|
781.8
|
|
|||
|
Other
|
(143.8
|
)
|
|
(150.2
|
)
|
|
(134.7
|
)
|
|||
|
Total
|
$
|
2,750.9
|
|
|
$
|
2,162.2
|
|
|
$
|
2,045.0
|
|
|
|
|
|
|
|
|
||||||
|
Identifiable assets:
|
|
|
|
|
|
||||||
|
Life Sciences
|
$
|
19,875.9
|
|
|
$
|
19,658.4
|
|
|
$
|
3,962.3
|
|
|
Diagnostics
|
14,159.6
|
|
|
9,848.2
|
|
|
9,836.5
|
|
|||
|
Dental
|
5,772.2
|
|
|
5,906.9
|
|
|
6,224.3
|
|
|||
|
Environmental & Applied Solutions
|
4,172.9
|
|
|
4,223.5
|
|
|
4,147.8
|
|
|||
|
Other
|
1,314.7
|
|
|
1,309.7
|
|
|
3,615.2
|
|
|||
|
Discontinued operations
|
—
|
|
|
7,275.5
|
|
|
9,205.6
|
|
|||
|
Total
|
$
|
45,295.3
|
|
|
$
|
48,222.2
|
|
|
$
|
36,991.7
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization:
|
|
|
|
|
|
||||||
|
Life Sciences
|
$
|
426.2
|
|
|
$
|
210.1
|
|
|
$
|
101.1
|
|
|
Diagnostics
|
481.5
|
|
|
449.7
|
|
|
437.8
|
|
|||
|
Dental
|
127.2
|
|
|
132.0
|
|
|
85.0
|
|
|||
|
Environmental & Applied Solutions
|
86.7
|
|
|
82.2
|
|
|
88.6
|
|
|||
|
Other
|
6.5
|
|
|
6.8
|
|
|
5.6
|
|
|||
|
Total
|
$
|
1,128.1
|
|
|
$
|
880.8
|
|
|
$
|
718.1
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Capital expenditures, gross:
|
|
|
|
|
|
||||||
|
Life Sciences
|
$
|
109.7
|
|
|
$
|
62.3
|
|
|
$
|
39.6
|
|
|
Diagnostics
|
374.3
|
|
|
336.8
|
|
|
351.2
|
|
|||
|
Dental
|
49.1
|
|
|
53.3
|
|
|
24.4
|
|
|||
|
Environmental & Applied Solutions
|
51.0
|
|
|
58.4
|
|
|
49.9
|
|
|||
|
Other
|
5.5
|
|
|
2.1
|
|
|
0.3
|
|
|||
|
Total
|
$
|
589.6
|
|
|
$
|
512.9
|
|
|
$
|
465.4
|
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Sales:
|
|
|
|
|
|
||||||
|
United States
|
$
|
6,377.4
|
|
|
$
|
5,678.3
|
|
|
$
|
4,821.6
|
|
|
China
|
1,799.1
|
|
|
1,552.9
|
|
|
1,288.3
|
|
|||
|
Germany
|
1,084.6
|
|
|
858.4
|
|
|
863.5
|
|
|||
|
Japan
|
864.7
|
|
|
668.5
|
|
|
584.8
|
|
|||
|
All other (each country individually less than 5% of total sales)
|
6,756.6
|
|
|
5,675.6
|
|
|
5,308.7
|
|
|||
|
Total
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
|
|
|
|
|
|
||||||
|
Property, plant and equipment, net:
|
|
|
|
|
|
||||||
|
United States
|
$
|
1,198.4
|
|
|
$
|
1,189.6
|
|
|
$
|
791.8
|
|
|
Germany
|
190.8
|
|
|
192.9
|
|
|
159.0
|
|
|||
|
United Kingdom
|
140.6
|
|
|
165.5
|
|
|
57.3
|
|
|||
|
All other (each country individually less than 5% of total property, plant and equipment, net)
|
824.2
|
|
|
754.7
|
|
|
657.7
|
|
|||
|
Total
|
$
|
2,354.0
|
|
|
$
|
2,302.7
|
|
|
$
|
1,665.8
|
|
|
|
For the Year Ended December 31
|
||||||||||
|
($ in millions)
|
2016
|
|
2015
|
|
2014
|
||||||
|
Analytical and physical instrumentation
|
$
|
2,088.9
|
|
|
$
|
2,014.4
|
|
|
$
|
1,967.7
|
|
|
Research and medical products
|
10,366.7
|
|
|
8,110.9
|
|
|
7,094.9
|
|
|||
|
Dental products
|
2,785.4
|
|
|
2,736.8
|
|
|
2,193.1
|
|
|||
|
Product identification
|
1,641.4
|
|
|
1,571.6
|
|
|
1,611.2
|
|
|||
|
Total
|
$
|
16,882.4
|
|
|
$
|
14,433.7
|
|
|
$
|
12,866.9
|
|
|
($ in millions, except per share data)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
|
||||||||
|
2016:
|
|
|
|
|
|
|
|
|
||||||||
|
Sales
|
$
|
3,924.1
|
|
|
$
|
4,241.9
|
|
|
$
|
4,132.1
|
|
|
$
|
4,584.3
|
|
|
|
Gross profit
|
2,167.3
|
|
|
2,381.3
|
|
|
2,286.0
|
|
|
2,500.0
|
|
|
||||
|
Operating profit
|
613.1
|
|
|
710.1
|
|
|
699.1
|
|
|
728.6
|
|
|
||||
|
Net earnings from continuing operations
|
585.8
|
|
|
418.0
|
|
|
402.6
|
|
|
747.0
|
|
|
||||
|
Net earnings (loss) from discontinued operations
|
172.6
|
|
|
238.7
|
|
|
(11.0
|
)
|
|
—
|
|
|
||||
|
Net earnings
|
758.4
|
|
|
656.7
|
|
|
391.6
|
|
|
747.0
|
|
|
||||
|
Net earnings per share from continuing operations:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.85
|
|
|
$
|
0.60
|
|
|
$
|
0.58
|
|
|
$
|
1.08
|
|
**
|
|
Diluted
|
$
|
0.84
|
|
|
$
|
0.60
|
|
|
$
|
0.57
|
|
|
$
|
1.07
|
|
|
|
Net earnings (loss) per share from discontinued operations:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.25
|
|
|
$
|
0.35
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
|
Diluted
|
$
|
0.25
|
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
|
Net earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
1.10
|
|
|
$
|
0.95
|
|
|
$
|
0.57
|
|
*
|
$
|
1.08
|
|
**
|
|
Diluted
|
$
|
1.09
|
|
|
$
|
0.94
|
|
|
$
|
0.56
|
|
*
|
$
|
1.07
|
|
**
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2015:
|
|
|
|
|
|
|
|
|
||||||||
|
Sales
|
$
|
3,192.2
|
|
|
$
|
3,406.3
|
|
|
$
|
3,512.2
|
|
|
$
|
4,323.0
|
|
|
|
Gross profit
|
1,741.6
|
|
|
1,878.9
|
|
|
1,893.4
|
|
|
2,257.2
|
|
|
||||
|
Operating profit
|
447.7
|
|
|
582.9
|
|
|
480.0
|
|
|
651.6
|
|
|
||||
|
Net earnings from continuing operations
|
347.9
|
|
|
497.9
|
|
|
379.9
|
|
|
521.0
|
|
|
||||
|
Net earnings from discontinued operations
|
221.9
|
|
|
197.8
|
|
|
1,023.4
|
|
|
167.6
|
|
|
||||
|
Net earnings
|
569.8
|
|
|
695.7
|
|
|
1,403.3
|
|
|
688.6
|
|
|
||||
|
Net earnings per share from continuing operations:
|
|
|
|
|
|
|
|
|
|
|||||||
|
Basic
|
$
|
0.49
|
|
|
$
|
0.70
|
|
|
$
|
0.55
|
|
|
$
|
0.76
|
|
|
|
Diluted
|
$
|
0.48
|
|
|
$
|
0.69
|
|
|
$
|
0.54
|
|
|
$
|
0.75
|
|
**
|
|
Net earnings per share from discontinued operations:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
$
|
1.49
|
|
|
$
|
0.24
|
|
**
|
|
Diluted
|
$
|
0.31
|
|
|
$
|
0.27
|
|
|
$
|
1.46
|
|
|
$
|
0.24
|
|
**
|
|
Net earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.81
|
|
*
|
$
|
0.98
|
|
|
$
|
2.04
|
|
|
$
|
1.00
|
|
**
|
|
Diluted
|
$
|
0.79
|
|
|
$
|
0.97
|
|
*
|
$
|
2.01
|
|
*
|
$
|
0.99
|
|
**
|
|
*
|
Net earnings per share amount does not add due to rounding.
|
|
**
|
Net earnings per share amounts do not add across to the full year amount due to rounding.
|
|
a)
|
The following documents are filed as part of this report.
|
|
(1)
|
Financial Statements. The financial statements are set forth under “Item 8. Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
|
|
(2)
|
Schedules. An index of Exhibits and Schedules is on page
110
of this report. Schedules other than those listed below have been omitted from this Annual Report on Form 10-K because they are not required, are not applicable or the required information is included in the financial statements or the notes thereto.
|
|
(3)
|
Exhibits. The exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of this Annual Report on Form 10-K.
|
|
|
Page Number in
Form 10-K
|
|
Schedule:
|
|
|
Valuation and Qualifying Accounts
|
|
|
Exhibit Number
|
|
Description
|
||
|
|
|
|
||
|
2.1
|
|
Agreement and Plan of Merger, dated as of May 12, 2015, by and among Danaher Corporation, Pentagon Merger Sub, Inc. and Pall Corporation
+
|
|
Incorporated by reference from Exhibit 2.1 to Danaher Corporation’s Current Report on Form 8-K filed on May 13, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
2.2
|
|
Separation and Distribution Agreement, dated as of July 1, 2016, by and between Danaher Corporation and Fortive Corporation
+
|
|
Incorporated by reference to Exhibit 2.1 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
3.1
|
|
Restated Certificate of Incorporation of Danaher Corporation
|
|
Incorporated by reference from Exhibit 3.1 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2012 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
3.2
|
|
Amended and Restated By-laws of Danaher Corporation
|
|
Incorporated by reference from Exhibit 3.2 to Danaher Corporation’s Current Report on Form 8-K filed December 6, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.1
|
|
Senior Indenture dated as of December 11, 2007 by and between Danaher Corporation and The Bank of New York Trust Company, N.A. as trustee (“Senior Indenture”)
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.2
|
|
Supplemental Indenture to Senior Indenture, dated as of December 11, 2007, by and between Danaher Corporation and The Bank of New York Trust Company, N.A. as trustee relating to the 5.625% Senior Notes Due 2018
|
|
Incorporated by reference from Exhibit 4.2 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.3
|
|
Supplemental Indenture to Senior Indenture, dated as of March 5, 2009, by and between Danaher Corporation and The Bank of New York Mellon Trust Company, N.A. as trustee relating to the 5.4% Senior Notes due 2019
|
|
Incorporated by reference from Exhibit 4.4 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.4
|
|
Supplemental Indenture to Senior Indenture, dated as of June 23, 2011, by and between Danaher Corporation and The Bank of New York Mellon Trust Company, N.A. as trustee relating to the 2.3% Senior Notes due 2016
|
|
Incorporated by reference from Exhibit 4.10 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.5
|
|
Supplemental Indenture to Senior Indenture, dated as of June 23, 2011, by and between Danaher Corporation and The Bank of New York Mellon Trust Company, N.A. as trustee relating to the 3.9% Senior Notes due 2021
|
|
Incorporated by reference from Exhibit 4.12 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.6
|
|
Supplemental Indenture to Senior Indenture, dated as of September 15, 2015, by and between Danaher Corporation and The Bank of New York Mellon Trust Company, N.A. as trustee relating to the 1.650% Senior Notes due 2018, 2.400% Senior Notes due 2020, 3.350% Senior Notes due 2025 and 4.375% Senior Notes due 2045
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Current Report on Form 8-K filed September 15, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.7
|
|
Indenture dated as of July 8, 2015, by and between Danaher Corporation, as guarantor, DH Europe Finance S.A., as issuer, and The Bank of New York Mellon Trust Company, N.A. as trustee (“Danaher International Indenture”)
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Current Report on Form 8-K filed on July 8, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.8
|
|
First Supplemental Indenture to Danaher International Indenture, dated as of July 8, 2015, by and between Danaher Corporation, as guarantor, DH Europe Finance S.A., as issuer, and The Bank of New York Mellon Trust Company, N.A. as trustee relating to the Floating Rate Senior Notes due 2017, the 1.000% Senior Notes due 2019, the 1.700% Senior Notes due 2022 and the 2.500% Senior Notes due 2025
|
|
Incorporated by reference from Exhibit 4.2 to Danaher Corporation’s Current Report on Form 8-K filed on July 8, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.9
|
|
Paying and Calculation Agency Agreement, dated as of July 8, 2015, by and among Danaher International, Danaher Corporation, and The Bank of New York Mellon, London Branch, as paying and calculation agent
|
|
Incorporated by reference from Exhibit 4.3 to Danaher Corporation’s Current Report on Form 8-K filed on July 8, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.10
|
|
Indenture, dated as of June 20, 2016, between Fortive Corporation, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
Incorporated by reference to Exhibit 4.1 to Danaher Corporation’s Current Report on Form 8-K, filed on June 21, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
4.11
|
|
Guarantee, dated as of June 20, 2016, made by Danaher Corporation
|
|
Incorporated by reference to Exhibit 4.2 to Danaher Corporation’s Current Report on Form 8-K, filed on June 21, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.1
|
|
Danaher Corporation 2007 Stock Incentive Plan, as amended*
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Registration Statement on Form S-8 filed on September 14, 2016 (Commission File Number: 333-213631)
|
|
|
|
|
|
|
|
10.2
|
|
Danaher Corporation Non-Employee Directors’ Deferred Compensation Plan, as amended, a sub-plan under the 2007 Stock Incentive Plan*
|
|
Incorporated by reference from Exhibit 10.2 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.3
|
|
Amended Form of Election to Defer under the Danaher Corporation Non-Employee Directors’ Deferred Compensation Plan*
|
|
Incorporated by reference from Exhibit 10.3 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.4
|
|
Form of Danaher Corporation 2007 Stock Incentive Plan Stock Option Agreement for Non-Employee Directors*
|
|
Incorporated by reference from Exhibit 10.2 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.5
|
|
Form of Danaher Corporation 2007 Stock Incentive Plan RSU Agreement for Non-Employee Directors*
|
|
Incorporated by reference from Exhibit 10.3 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.6
|
|
Form of Danaher Corporation 2007 Stock Incentive Plan Stock Option Agreement*
|
|
|
|
|
|
|
|
|
|
10.7
|
|
Form of Danaher Corporation 2007 Stock Incentive Plan RSU Agreement*
|
|
|
|
|
|
|
|
|
|
10.8
|
|
Form of Danaher Corporation 2007 Stock Incentive Plan Performance Stock Unit Agreement*
|
|
Incorporated by reference from Exhibit 10.6 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.9
|
|
Amended and Restated Danaher Corporation 1998 Stock Option Plan*
|
|
Incorporated by reference from Exhibit 10.4 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 26, 2014 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.10
|
|
Form of Grant Acceptance Agreement under Amended and Restated Danaher Corporation 1998 Stock Option Plan*
|
|
Incorporated by reference from Exhibit 10.2 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2004 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.11
|
|
Danaher Corporation & Subsidiaries Amended and Restated Executive Deferred Incentive Program*
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Registration Statement on Form S-8 filed on September 14, 2016 (Commission File Number: 333-213631)
|
|
|
|
|
|
|
|
10.12
|
|
Danaher Corporation 2007 Executive Cash Incentive Compensation Plan, as amended*
|
|
Incorporated by reference from Exhibit 10.1 to Danaher Corporation’s Current Report on Form 8-K filed on May 9, 2012 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.13
|
|
Danaher Corporation Senior Leader Severance Pay Plan*
|
|
Incorporated by reference from Exhibit 10.1 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2013 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.14
|
|
Agreement Regarding Competition and Protection of Proprietary Interests by and between Danaher Corporation and Thomas P. Joyce, Jr., dated March 16, 2009*
(1)
|
|
Incorporated by reference from Exhibit 10.16 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.15
|
|
Amendment to Agreement Regarding Competition and Protection of Proprietary Interests by and between Danaher Corporation and Thomas P. Joyce, Jr., dated September 11, 2014*
|
|
Incorporated by reference from Exhibit 10.1 to Danaher Corporation’s Current Report on Form 8-K filed on September 15, 2014 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.16
|
|
Agreement Regarding Competition and Protection of Proprietary Interests by and between Danaher Corporation and Angela S. Lalor dated March 23, 2012*
|
|
|
|
|
|
|
|
|
|
10.17
|
|
Letter Agreement by and between Danaher Corporation and Angela S. Lalor, dated March 19, 2012*
|
|
Incorporated by reference from Exhibit 10.14 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2012 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.18
|
|
Agreement Regarding Competition and Protection of Proprietary Interests by and between Danaher Corporation and Brian W. Ellis dated December 7, 2015*
|
|
|
|
|
|
|
|
|
|
10.19
|
|
Letter Agreement by and between Danaher Corporation and Brian W. Ellis, dated November 20, 2015*
|
|
|
|
|
|
|
|
|
|
10.20
|
|
Agreement Regarding Competition and Protection of Proprietary Interests by and between Danaher Corporation and Rainer Blair, dated May 2, 2010*
|
|
|
|
|
|
|
|
|
|
10.21
|
|
Description of compensation arrangements for non-management directors*
|
|
|
|
|
|
|
|
|
|
10.22
|
|
Credit Agreement, dated as of July 10, 2015, among Danaher Corporation, Bank of America, N.A., as Administrative Agent and a Swing Line lender, Citibank, N.A. as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., The Bank Of Tokyo - Mitsubishi UFJ, Ltd., BNP Paribas Securities Corp., US Bank National Association, HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers, and the other lenders referred to therein
|
|
Incorporated by reference from Exhibit 4.1 to Danaher Corporation’s Current Report on Form 8-K filed on July 10, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.23
|
|
Credit Agreement, dated as of July 10, 2015, among Danaher Corporation, Citibank, N.A. as Administrative Agent, Bank of America, N.A., as Syndication Agent, Deutsche Bank Securities Corp. and Barclays Bank Plc, as Documentation Agents, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Corp. and Barclays Bank Plc, as Joint Lead Arrangers and Joint Bookrunners and the other lenders referred to therein
|
|
Incorporated by reference from Exhibit 4.2 to Danaher Corporation’s Current Report on Form 8-K filed on July 10, 2015 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.24
|
|
Credit Agreement, dated as of June 16, 2016, among Fortive Corporation and certain of its subsidiaries party thereto, Danaher Corporation, Bank of America, N.A., as Administrative Agent and a Swing Line Lender, and the lenders referred to therein
|
|
Incorporated by reference to Exhibit 10.1 to Danaher Corporation’s Current Report on Form 8-K, filed on June 21, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.25
|
|
Credit Agreement, dated as of October 24, 2016, among Danaher Corporation, Morgan Stanley Senior Funding, Inc. as Administrative Agent, Sole Lead Arranger and Sole Bookrunner, and the other lenders referred to therein
|
|
Incorporated by reference from Exhibit 10.1 to Danaher Corporation’s Current Report on Form 8-K filed on October 24, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.26
|
|
Management Agreement dated February 23, 2012 by and between FJ900, Inc. and Joust Capital III, LLC
(2)
|
|
Incorporated by reference from Exhibit 10.25 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.27
|
|
Interchange Agreement dated July 22, 2011 by and between Danaher Corporation and Joust Capital III, LLC
(3)
|
|
Incorporated by reference from Exhibit 10.10 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2011 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.28
|
|
Aircraft Time Sharing Agreement by and between Danaher Corporation and Thomas P. Joyce, Jr., dated May 7, 2014 *
(4)
|
|
Incorporated by reference from Exhibit 10.2 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2014 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.29
|
|
Amendment No. 1 to Aircraft Time Sharing Agreement by and between Danaher Corporation and Thomas P. Joyce, Jr., dated July 1, 2016
*
(4)
|
|
Incorporated by reference from Exhibit 10.7 to Danaher Corporation’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2016 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.30
|
|
Form of Director and Officer Indemnification Agreement
|
|
Incorporated by reference from Exhibit 10.35 to Danaher Corporation’s Annual Report on Form 10-K for the year ended December 31, 2008 (Commission File Number: 1-8089)
|
|
|
|
|
|
|
|
10.31
|
|
Employee Matters Agreement, dated as of July 1, 2016, by and between Danaher Corporation and Fortive Corporation
|
|
Incorporated by reference to Exhibit 10.2 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654)
|
|
|
|
|
|
|
|
10.32
|
|
Tax Matters Agreement, dated as of July 1, 2016, by and between Danaher Corporation and Fortive Corporation
|
|
Incorporated by reference to Exhibit 10.3 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654)
|
|
|
|
|
|
|
|
10.33
|
|
Transition Services Agreement, dated as of July 1, 2016, by and between Danaher Corporation and Fortive Corporation
|
|
Incorporated by reference to Exhibit 10.1 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654)
|
|
|
|
|
|
|
|
10.34
|
|
Intellectual Property Matters Agreement, dated as of July 1, 2016, by and between Danaher Corporation and Fortive Corporation
|
|
Incorporated by reference to Exhibit 10.4 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654)
|
|
|
|
|
|
|
|
10.35
|
|
DBS License Agreement, dated as of July 1, 2016 by and between Danaher Corporation and Fortive Corporation
|
|
Incorporated by reference to Exhibit 10.5 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654)
|
|
|
|
|
|
|
|
11.1
|
|
Computation of per-share earnings
(5)
|
|
|
|
|
|
|
|
|
|
12.1
|
|
Calculation of Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|
21.1
|
|
Subsidiaries of Registrant
|
|
|
|
|
|
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm
|
|
|
|
|
|
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
(6)
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
(6)
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
(6)
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
(6)
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
(6)
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
(6)
|
|
|
|
|
|
|
|
|
|
|
+
|
The schedules have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. Danaher will furnish copies of such schedules to the Securities and Exchange Commission upon request.
|
|
|
*
|
Indicates management contract or compensatory plan, contract or arrangement.
|
|
|
(1)
|
In accordance with Instruction 2 to Item 601(a)(4) of Regulation S-K, Danaher has entered into agreements with each of Daniel L. Comas and William K. Daniel II that are substantially identical in all material respects to the form of agreement referenced as Exhibit 10.14 except as to the name of the counterparty.
|
|
|
(2)
|
In accordance with Instruction 2 to Item 601(a)(4) of Regulation S-K, FJ900, Inc. (a subsidiary of Danaher) has entered into a management agreement with Joust Capital II, LLC that is substantially identical in all material respects to the form of agreement referenced as Exhibit 10.26, except as to the referenced aircraft and the name of the counterparty.
|
|
|
(3)
|
In accordance with Instruction 2 to Item 601(a)(4) of Regulation S-K, Danaher Corporation or a subsidiary thereof has entered into additional interchange agreements with each of Joust Capital II, LLC and Joust Capital III, LLC that are substantially identical in all material respects to the form of agreement attached as 10.27, except as to the referenced aircraft and, in certain cases, the name of the counterparty.
|
|
|
(4)
|
In accordance with Instruction 2 to Item 601(a)(4) of Regulation S-K, Danaher Corporation has entered into an aircraft time sharing agreement and related amendment with Daniel L. Comas that are substantially identical in all material respects to the forms of agreement referenced as Exhibit 10.28 and Exhibit 10.29, respectively, except as to the name of the counterparty.
|
|
|
(5)
|
Refer to Note 18, “Net Earnings Per Share from Continuing Operations”, to the Consolidated Financial Statements.
|
|
|
(6)
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2016 and 2015, (ii) Consolidated Statements of Earnings for the years ended December 31, 2016, 2015 and 2014, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014, (iv) Consolidated Statements of Stockholders’ Equity for the years December 31, 2016, 2015 and 2014, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014 and (vi) Notes to Consolidated Financial Statements.
|
|
|
|
DANAHER CORPORATION
|
||
|
|
|
|
|
|
|
Date:
|
February 21, 2017
|
By:
|
|
/s/ THOMAS P. JOYCE, JR.
|
|
|
|
|
|
Thomas P. Joyce, Jr.
|
|
|
|
|
|
President and Chief Executive Officer
|
|
Name, Title and Signature
|
|
Date
|
|
|
|
|
|
|
|
/s/ STEVEN M. RALES
|
|
February 21, 2017
|
|
|
Steven M. Rales
|
|
|
|
|
Chairman of the Board
|
|
|
|
|
|
|
|
|
|
/s/ MITCHELL P. RALES
|
|
February 21, 2017
|
|
|
Mitchell P. Rales
|
|
|
|
|
Chairman of the Executive Committee
|
|
|
|
|
|
|
|
|
|
/s/ DONALD J. EHRLICH
|
|
February 21, 2017
|
|
|
Donald J. Ehrlich
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ LINDA HEFNER FILLER
|
|
February 21, 2017
|
|
|
Linda Hefner Filler
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ ROBERT J. HUGIN
|
|
February 21, 2017
|
|
|
Robert J. Hugin
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ THOMAS P. JOYCE, JR.
|
|
February 21, 2017
|
|
|
Thomas P. Joyce, Jr.
|
|
|
|
|
President, Chief Executive Officer and Director
|
|
|
|
|
|
|
|
|
|
/s/ TERI LIST-STOLL
|
|
February 21, 2017
|
|
|
Teri List-Stoll
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ WALTER G. LOHR, JR.
|
|
February 21, 2017
|
|
|
Walter G. Lohr, Jr.
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ JOHN T. SCHWIETERS
|
|
February 21, 2017
|
|
|
John T. Schwieters
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ ALAN G. SPOON
|
|
February 21, 2017
|
|
|
Alan G. Spoon
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ RAYMOND C. STEVENS, Ph.D.
|
|
February 21, 2017
|
|
|
Raymond C. Stevens
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ ELIAS A. ZERHOUNI, M.D.
|
|
February 21, 2017
|
|
|
Elias A. Zerhouni, M.D.
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
|
/s/ DANIEL L. COMAS
|
|
February 21, 2017
|
|
|
Daniel L. Comas
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
/s/ ROBERT S. LUTZ
|
|
February 21, 2017
|
|
|
Robert S. Lutz
|
|
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
||
|
Classification
|
Balance at Beginning of Period
(a)
|
|
Charged to Costs & Expenses
|
|
Impact of Currency
|
|
Charged to Other Accounts
|
|
Write-Offs, Write-Downs & Deductions
|
|
Balance at End of Period
(a)
|
||||||||||||
|
Year ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowances deducted from asset account
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowance for doubtful accounts
|
$
|
89.7
|
|
|
$
|
32.5
|
|
|
$
|
(0.6
|
)
|
|
$
|
2.3
|
|
(b)
|
$
|
(20.4
|
)
|
|
$
|
103.5
|
|
|
Year ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowances deducted from asset account
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowance for doubtful accounts
|
$
|
77.0
|
|
|
$
|
25.2
|
|
|
$
|
(6.3
|
)
|
|
$
|
21.1
|
|
(b)
|
$
|
(27.3
|
)
|
|
$
|
89.7
|
|
|
Year ended December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowances deducted from asset account
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Allowance for doubtful accounts
|
$
|
74.3
|
|
|
$
|
15.4
|
|
|
$
|
(5.1
|
)
|
|
$
|
12.4
|
|
(b)
|
$
|
(20.0
|
)
|
|
$
|
77.0
|
|
|
(a)
|
Amounts include allowance for doubtful accounts classified as current and noncurrent.
|
|
(b)
|
Amounts related to businesses acquired, net of amounts related to businesses disposed not included in discontinued operations.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|