Danaher (DHR) 10-K 2012 FY Annual report

Exhibit 12.1
Danaher Corporation
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratio data)
	Year Ended December 31
	2008		2009		2010		2011		2012
Fixed Charges:
Gross Interest Expense	$	125.2	$	118.7	$	117.1	$	141.6	$	157.5
Interest Element of Rental Expense	10.7		13.1		15.2		19.9		22.3
Interest on Unrecognized Tax Benefits	—		—		—		—		—
Total Fixed Charges	$	135.9	$	131.8	$	132.3	$	161.5	$	179.8
Earnings Available for Fixed Charges:
Earnings from Continuing Operations Before Income Taxes	$	1,642.9	$	1,326.1	$	2,229.6	$	2,447.8	$	3,010.8
Add Fixed Charges	135.9		131.8		132.3		161.5		179.8
Interest on Unrecognized Tax Benefits	—		—		—		—		—
Total Earnings Available for Fixed Charges	$	1,778.8	$	1,457.9	$	2,361.9	$	2,609.3	$	3,190.6
Ratio of Earnings to Fixed Charges	13.1		11.1		17.8		16.2		17.7
NOTE:  These Ratios include Danaher Corporation and its consolidated subsidiaries. The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges for the periods indicated, where “earnings” consist of (1) earnings from continuing operations (excluding earnings from 50% owned affiliates) before income taxes; plus (2) fixed charges, and “fixed charges” consist of (A) interest, whether expensed or capitalized, on all indebtedness, (B) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (C) an interest component representing the estimated portion of rental expense that management believes is attributable to interest. Interest on unrecognized tax benefits is included in the tax provision in the Company's Consolidated Statements of Earnings and is excluded from the computation of fixed charges.