Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 09, 2016 | Jul. 03, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | dhr | ||
Entity Registrant Name | DANAHER CORP /DE/ | ||
Entity Central Index Key | 313,616 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 53.9 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 687,154,521 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and equivalents | $ 790.8 | $ 3,005.6 |
Trade accounts receivable, less allowance for doubtful accounts of $134.2 and $120.3, respectively | 3,964.1 | 3,445.8 |
Inventories | 2,095.4 | 1,782.8 |
Prepaid expenses and other current assets | 986.4 | 952.7 |
Current assets, discontinued operations | 0 | 244.4 |
Total current assets | 7,836.7 | 9,431.3 |
Property, plant and equipment, net | 2,825.6 | 2,171.9 |
Other assets | 1,219.3 | 1,016.7 |
Goodwill | 25,070.3 | 15,673.2 |
Other intangible assets, net | 11,270.3 | 7,059.5 |
Other assets, discontinued operations | 0 | 1,639.1 |
Total assets | 48,222.2 | 36,991.7 |
Current liabilities: | ||
Notes payable and current portion of long-term debt | 845.2 | 71.9 |
Trade accounts payable | 2,049 | 1,825 |
Accrued expenses and other liabilities | 3,276.2 | 3,191.5 |
Current liabilities, discontinued operations | 0 | 308 |
Total current liabilities | 6,170.4 | 5,396.4 |
Other long-term liabilities | 6,262.6 | 4,584.4 |
Long-term debt | 12,025.2 | 3,401.5 |
Long-term liabilities, discontinued operations | 0 | 159.6 |
Stockholders’ equity: | ||
Common stock - $0.01 par value, 2.0 billion shares authorized; 801.6 and 792.5 issued; 686.8 and 704.3 outstanding, respectively | 8 | 7.9 |
Additional paid-in capital | 4,981.2 | 4,480.9 |
Retained earnings | 21,012.3 | 20,323 |
Accumulated other comprehensive income (loss) | (2,311.2) | (1,433.7) |
Total Danaher stockholders’ equity | 23,690.3 | 23,378.1 |
Noncontrolling interests | 73.7 | 71.7 |
Total stockholders’ equity | 23,764 | 23,449.8 |
Total liabilities and stockholders’ equity | $ 48,222.2 | $ 36,991.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 134.2 | $ 120.3 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 801.6 | 792.5 |
Common stock, shares outstanding | 686.8 | 704.3 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Sales | $ 20,563.1 | $ 19,154 | $ 18,283.1 |
Cost of sales | (9,800.6) | (9,261.4) | (8,941.1) |
Gross profit | 10,762.5 | 9,892.6 | 9,342 |
Operating costs: | |||
Selling, general and administrative expenses | (6,054.3) | (5,389) | (5,117.1) |
Research and development expenses | (1,239.1) | (1,157) | (1,104.4) |
Operating profit | 3,469.1 | 3,346.6 | 3,120.5 |
Nonoperating income (expense): | |||
Other income | 12.4 | 156.5 | 431.3 |
Interest expense | (162.8) | (119.1) | (141.2) |
Interest income | 5.3 | 16.7 | 5.7 |
Earnings from continuing operations before income taxes | 3,324 | 3,400.7 | 3,416.3 |
Income taxes | (725.3) | (857.6) | (825.7) |
Net earnings from continuing operations | 2,598.7 | 2,543.1 | 2,590.6 |
Earnings from discontinued operations, net of income taxes | 758.7 | 55.3 | 104.4 |
Net earnings | $ 3,357.4 | $ 2,598.4 | $ 2,695 |
Net earnings per share from continuing operations: | |||
Basic (in dollars per share) | $ 3.72 | $ 3.62 | $ 3.72 |
Diluted (in dollars per share) | 3.67 | 3.56 | 3.65 |
Net earnings per share from discontinued operations: | |||
Basic (in dollars per share) | 1.09 | 0.08 | 0.15 |
Diluted (in dollars per share) | 1.07 | 0.08 | 0.15 |
Net earnings per share: | |||
Basic (in dollars per share) | 4.81 | 3.70 | 3.87 |
Diluted (in dollars per share) | $ 4.74 | $ 3.63 | $ 3.80 |
Average common stock and common equivalent shares outstanding: | |||
Basic (in shares) | 698.1 | 702.2 | 696 |
Diluted (in shares) | 708.5 | 716.1 | 711 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 3,357.4 | $ 2,598.4 | $ 2,695 |
Other comprehensive income (loss), net of income taxes: | |||
Foreign currency translation adjustments | (975.6) | (1,235) | (62.1) |
Pension and postretirement plan benefit adjustments | 80.5 | (361.1) | 289 |
Unrealized gain (loss) on available-for-sale securities | 17.6 | (52.1) | 46.8 |
Total other comprehensive income (loss), net of income taxes | (877.5) | (1,648.2) | 273.7 |
Comprehensive income | $ 2,479.9 | $ 950.2 | $ 2,968.7 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance, shares at Dec. 31, 2012 | 774.6 | |||||
Balance, value at Dec. 31, 2012 | $ 7.7 | $ 3,688.1 | $ 15,379.9 | $ (59.2) | $ 67.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings for the year | $ 2,695 | 2,695 | ||||
Other comprehensive income (loss) | 273.7 | 273.7 | ||||
Dividends declared | (69.6) | |||||
Common stock-based award activity, shares | 6.5 | |||||
Common stock-based award activity, value | $ 0.1 | 295 | ||||
Common stock issued in connection with LYONs' conversions, shares | 4.6 | |||||
Common stock issued in connection with LYONs' conversions, value | $ 0.1 | 174.5 | ||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | 0 | |||||
Change in noncontrolling interests | (1.3) | |||||
Balance, shares at Dec. 31, 2013 | 785.7 | |||||
Balance, value at Dec. 31, 2013 | $ 7.9 | 4,157.6 | 18,005.3 | 214.5 | 66.1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings for the year | 2,598.4 | 2,598.4 | ||||
Other comprehensive income (loss) | (1,648.2) | (1,648.2) | ||||
Dividends declared | (280.7) | |||||
Common stock-based award activity, shares | 5.2 | |||||
Common stock-based award activity, value | $ 0 | 258.2 | ||||
Common stock issued in connection with LYONs' conversions, shares | 1.6 | |||||
Common stock issued in connection with LYONs' conversions, value | $ 0 | 65.1 | ||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | 0 | |||||
Change in noncontrolling interests | 5.6 | |||||
Balance, shares at Dec. 31, 2014 | 792.5 | |||||
Balance, value at Dec. 31, 2014 | 23,449.8 | $ 7.9 | 4,480.9 | 20,323 | (1,433.7) | 71.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings for the year | 3,357.4 | 3,357.4 | ||||
Other comprehensive income (loss) | (877.5) | (877.5) | ||||
Dividends declared | (376.4) | |||||
Common stock-based award activity, shares | 7.8 | |||||
Common stock-based award activity, value | $ 0.1 | 443.9 | ||||
Common stock issued in connection with LYONs' conversions, shares | 1.3 | |||||
Common stock issued in connection with LYONs' conversions, value | $ 0 | 56.4 | ||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | (2,291.7) | (2,291.7) | ||||
Change in noncontrolling interests | 2 | |||||
Balance, shares at Dec. 31, 2015 | 801.6 | |||||
Balance, value at Dec. 31, 2015 | $ 23,764 | $ 8 | $ 4,981.2 | $ 21,012.3 | $ (2,311.2) | $ 73.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares held as Treasury shares | 26 | 26 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings | $ 3,357.4 | $ 2,598.4 | $ 2,695 |
Less: earnings from discontinued operations, net of income taxes | 758.7 | 55.3 | 104.4 |
Net earnings from continuing operations | 2,598.7 | 2,543.1 | 2,590.6 |
Noncash items: | |||
Depreciation | 573.5 | 537.9 | 511.7 |
Amortization | 477.8 | 351.6 | 338.9 |
Stock-based compensation expense | 139 | 115.5 | 109.6 |
Cash dividends from unconsolidated joint venture | 0 | 0 | 66.6 |
Pre-tax Gain On Sales Of Investments And Product Line | (12.4) | (156.5) | (431.3) |
Change in deferred income taxes | (151.3) | 199.8 | 276.3 |
Change in trade accounts receivable, net | (52.1) | (113.4) | (35.2) |
Change in inventories | 119.7 | 49.9 | 43.5 |
Change in trade accounts payable | 103.9 | 108.5 | 175.3 |
Change in prepaid expenses and other assets | (86.7) | (136.9) | (112.9) |
Change in accrued expenses and other liabilities | 117.9 | 118.5 | (65.7) |
Total operating cash provided by continuing operations | 3,828 | 3,618 | 3,467.4 |
Total operating cash (used in) provided by discontinued operations | (26.2) | 140.4 | 117.9 |
Net cash provided by operating activities | 3,801.8 | 3,758.4 | 3,585.3 |
Cash flows from investing activities: | |||
Cash paid for acquisitions | (14,305) | (3,128.4) | (882.5) |
Payments for additions to property, plant and equipment | (633) | (580.6) | (538.1) |
Payments for purchases of investments | (87.1) | 0 | 0 |
Proceeds from sales of investments and a product line | 43 | 253.8 | 958.6 |
All other investing activities | 69.9 | 30.3 | (2.4) |
Total investing cash used in continuing operations | (14,912.2) | (3,424.9) | (464.4) |
Total investing cash used in discontinued operations | (38.8) | (19.4) | (88.1) |
Net cash used in investing activities | (14,951) | (3,444.3) | (552.5) |
Cash flows from financing activities: | |||
Proceeds from the issuance of common stock | 249 | 132.9 | 177.4 |
Payment of dividends | (354.1) | (227.7) | (52.1) |
Net proceeds from (repayments of) borrowings (maturities of 90 days or less) | 3,511.2 | 312.2 | (763.3) |
Proceeds from borrowings (maturities longer than 90 days) | 5,682.9 | 0 | 0 |
Repayments of borrowings (maturities longer than 90 days) | (35.5) | (414.7) | (967.8) |
All other financing activities | (3.3) | (20.9) | 0 |
Net cash provided by (used in) financing activities | 9,050.2 | (218.2) | (1,605.8) |
Effect of exchange rate changes on cash and equivalents | (115.8) | (205.5) | 9.5 |
Net change in cash and equivalents | (2,214.8) | (109.6) | 1,436.5 |
Beginning balance of cash and equivalents | 3,005.6 | 3,115.2 | 1,678.7 |
Ending balance of cash and equivalents | 790.8 | 3,005.6 | 3,115.2 |
Supplemental disclosure: | |||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | $ 2,291.7 | $ 0 | $ 0 |
Shares held as Treasury shares | 26 |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business And Summary Of Significant Accounting Policies | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business —Danaher Corporation (“Danaher” or the “Company”) designs, manufactures and markets professional, medical, industrial and commercial products and services, which are typically characterized by strong brand names, innovative technology and major market positions. The Company operates in five business segments: Test & Measurement, Environmental, Life Sciences & Diagnostics, Dental and Industrial Technologies. The Company’s Test & Measurement segment offers essential products, software and services used to create actionable intelligence by measuring and monitoring a wide range of physical parameters in industrial applications, including electrical current, radio frequency signals, distance, pressure and temperature. The Company’s instruments products include a variety of compact professional test tools, thermal imaging and calibration equipment for electrical, industrial, electronic and calibration applications. Also included in the Test & Measurement segment are the Company’s professional tools and wheel service equipment businesses. The Company’s Environmental segment products and services help protect the global water supply, facilitate environmental stewardship, enhance the safety of personal data and improve business efficiencies. The Company’s water quality business provides instrumentation and disinfection systems to help analyze, treat and manage the quality of ultra-pure, potable, waste, ground and ocean water in residential, commercial, industrial and natural resource applications. The Company’s retail/commercial petroleum business is a leading worldwide provider of solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, vehicle tracking and fleet management. In the Life Sciences & Diagnostics segment, the Company’s diagnostics business offers analytical instruments, reagents, consumables, software and services that hospitals, physicians’ offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. The Company’s life sciences business offers a broad range of research tools that scientists use to study the basic building blocks of life, including genes, proteins, metabolites and cells in order to understand the causes of disease, identify new therapies and test new drugs and vaccines. The Company through its newly acquired Pall business is also a leading provider of products used to remove solid, liquid and gaseous contaminants from a variety of liquids and gases, consisting primarily of filtration consumables and to a lesser extent systems that incorporate filtration consumables and associated hardware. The Company’s Dental segment provides products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone, as well as to improve the aesthetics of the human smile. The Company is a leading worldwide provider of a broad range of dental consumables, equipment and services. The Company’s Industrial Technologies segment solutions help protect the world’s food supply, improve packaging design and quality, verify pharmaceutical dosages and authenticity and power innovative machines. The Company’s product identification businesses develop and manufacture equipment, consumables and software for various printing, marking, coding, packaging, design and color management applications on consumer and industrial products. The Company’s automation business provides electromechanical and electronic motion control products and mechanical components for the automation market. In addition to the product identification and automation strategic lines of business, the segment also includes the Company’s sensors and controls, energetic materials and engine retarder businesses. Refer to Notes 2 and 3 for a discussion of significant acquisitions, discontinued operations and other dispositions. Accounting Principles —The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The consolidated financial statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore earnings and earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Statements of Earnings. Earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses and were insignificant in all periods presented. Use of Estimates —The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Company bases these estimates on historical experience, the current economic environment and on various other assumptions that are believed to be reasonable under the circumstances. However, uncertainties associated with these estimates exist and actual results may differ from these estimates. Cash and Equivalents —The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Accounts Receivable and Allowances for Doubtful Accounts —All trade accounts, contract and finance receivables are reported on the accompanying Consolidated Balance Sheets adjusted for any write-offs and net of allowances for doubtful accounts. The allowances for doubtful accounts represent management’s best estimate of the credit losses expected from the Company’s trade accounts, contract and finance receivable portfolios. Determination of the allowances requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, therefore, net earnings. The Company regularly performs detailed reviews of its portfolios to determine if an impairment has occurred and evaluates the collectability of receivables based on a combination of various financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, past payment experience and credit bureau information. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances for doubtful accounts are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional reserves would be required. The Company does not believe that accounts receivable represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. The Company recorded $57 million , $43 million and $28 million of expense associated with doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in the Company’s trade accounts receivable and other long-term assets as of December 31, 2015 and 2014 are $315 million and $275 million of net aggregate financing receivables, respectively. All financing receivables are evaluated collectively for impairment due to the homogeneous nature of the portfolio. Inventory Valuation —Inventories include the costs of material, labor and overhead. Domestic inventories are stated at the lower of cost or market primarily using the first-in, first-out (“FIFO”) method with certain businesses applying the last-in, first-out method (“LIFO”) to value inventory. Inventories held outside the United States are stated at the lower of cost or market primarily using the FIFO method. Property, Plant and Equipment —Property, plant and equipment are carried at cost. The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows: 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 Estimated useful lives are periodically reviewed and, when appropriate, changes to estimates are made prospectively. Investments —Investments over which the Company has a significant influence but not a controlling interest, are accounted for using the equity method of accounting. Equity investments are recorded at the amount of the Company’s initial investment and adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. All equity investments are periodically reviewed to determine if declines in fair value below cost basis are other-than-temporary. Significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees are strong indicators of other-than-temporary declines. If the decline in fair value is determined to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. Investments accounted for under the cost method are classified as available-for-sale securities and carried at market value, if readily determinable, or at cost. Gains and losses realized on the sale of these securities are accounted for using average cost. Unrealized gains or losses on securities classified as available-for-sale are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Other Assets —Other assets principally include noncurrent financing receivables, noncurrent deferred tax assets and other investments. Fair Value of Financial Instruments —The Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, available-for-sale securities, obligations under trade accounts payable and short and long-term debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable and trade accounts payable approximate fair value. Refer to Note 7 for the fair values of the Company’s available-for-sale securities and other obligations. Goodwill and Other Intangible Assets —Goodwill and other intangible assets result from the Company’s acquisition of existing businesses. In accordance with accounting standards related to business combinations, goodwill is not amortized, however, certain definite-lived identifiable intangible assets, primarily customer relationships and acquired technology, are amortized over their estimated useful lives. Intangible assets with indefinite lives are not amortized. In-process research and development (“IPR&D”) is initially capitalized at fair value and when the IPR&D project is complete, the asset is considered a finite-lived intangible asset and amortized over its estimated useful life. If an IPR&D project is abandoned, an impairment loss equal to the value of the intangible asset is recorded in the period of abandonment. The Company reviews identified intangible assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company also tests intangible assets with indefinite lives at least annually for impairment. Refer to Notes 2 and 6 for additional information about the Company’s goodwill and other intangible assets. Revenue Recognition —As described above, the Company derives revenues primarily from the sale of Test & Measurement, Environmental, Life Science & Diagnostic, Dental and Industrial Technologies products and services. For revenue related to a product or service to qualify for recognition, there must be persuasive evidence of an arrangement with a customer, delivery must have occurred or the services must have been rendered, the price to the customer must be fixed and determinable and collectability of the associated fee must be reasonably assured. The Company’s principal terms of sale are FOB Shipping Point, or equivalent, and, as such, the Company primarily records revenue for product sales upon shipment. Sales arrangements entered with delivery terms that are not FOB Shipping Point are not recognized upon shipment and the delivery criteria for revenue recognition is evaluated based on the associated shipping terms and customer obligations. If any significant obligation to the customer with respect to a sales transaction remains to be fulfilled following shipment (typically installation or acceptance by the customer), revenue recognition is deferred until such obligations have been fulfilled. Returns for products sold are estimated and recorded as a reduction of revenue at the time of sale. Customer allowances and rebates, consisting primarily of volume discounts and other short-term incentive programs, are recorded as a reduction of revenue at the time of sale because these allowances reflect a reduction in the purchase price. Product returns, customer allowances and rebates are estimated based on historical experience and known trends. Revenue related to separately priced extended warranty and product maintenance agreements is deferred when appropriate and recognized as revenue over the term of the agreement. Certain of the Company’s revenues relate to operating-type lease (“OTL”) arrangements. Instrument lease revenue for OTL agreements is recognized on a straight-line basis over the life of the lease, and the costs of customer-leased instruments are recorded within property, plant and equipment in the accompanying Consolidated Balance Sheets and depreciated over the instrument’s estimated useful life. The depreciation expense is reflected in cost of sales in the accompanying Consolidated Statements of Earnings. The OTLs are generally not cancellable until after the first two years. Certain of the Company’s lease contracts are customized for larger customers and often result in complex terms and conditions that typically require significant judgment in applying the criteria used to evaluate whether the arrangement should be considered an OTL or a “sales-type” lease. A sales-type lease would result in earlier recognition of instrument revenue as compared to an OTL. Revenues for contractual arrangements consisting of multiple elements (i.e., deliverables) are recognized for the separate elements when the product or services that are part of the multiple element arrangement have value on a stand-alone basis and, in arrangements that include a general right of refund relative to the delivered element, performance of the undelivered element is considered probable and substantially in the Company’s control. Certain customer arrangements include multiple elements, typically hardware, installation, training, consulting, services and/or post contract support (“PCS”). Generally, these elements are delivered within the same reporting period, except PCS or other services, for which revenue is recognized over the service period. The Company allocates revenue to each element in the arrangement using the selling price hierarchy and based on each element’s relative selling price. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE or TPE is available. The Company considers relevant internal and external market factors in cases where the Company is required to estimate selling prices. Allocation of the consideration is determined at the arrangements’ inception. Shipping and Handling —Shipping and handling costs are included as a component of cost of sales. Revenue derived from shipping and handling costs billed to customers is included in sales. Advertising —Advertising costs are expensed as incurred. Research and Development —The Company conducts research and development activities for the purpose of developing new products, enhancing the functionality, effectiveness, ease of use and reliability of the Company’s existing products and expanding the applications for which uses of the Company’s products are appropriate. Research and development costs are expensed as incurred. Income Taxes —The Company’s income tax expense represents the tax liability for the current year, the tax benefit or expense for the net change in deferred tax liabilities and assets during the year, as well as reserves for unrecognized tax benefits and return to provision adjustments. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted rates expected to be in effect during the year in which the differences reverse. Deferred tax assets generally represent items that can be used as a tax deduction or credit in the Company’s tax return in future years for which the tax benefit has already been reflected on the Company’s Consolidated Statements of Earnings. The Company establishes valuation allowances for its deferred tax assets if it is more likely than not that some or all of the deferred tax asset will not be realized. Deferred tax liabilities generally represent items that have already been taken as a deduction on the Company’s tax return but have not yet been recognized as an expense in the Company’s Consolidated Statements of Earnings. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income tax expense in the period that includes the enactment date. The Company provides for unrecognized tax benefits when, based upon the technical merits, it is “more likely than not” that an uncertain tax position will not be sustained upon examination. Judgment is required in evaluating tax positions and determining income tax provisions. The Company re-evaluates the technical merits of its tax positions and may recognize an uncertain tax benefit in certain circumstances, including when: (1) a tax audit is completed; (2) applicable tax laws change, including a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions in income tax expense. Refer to Note 12 for additional information. Restructuring —The Company periodically initiates restructuring activities to appropriately position the Company’s cost base relative to prevailing economic conditions and associated customer demand as well as in connection with certain acquisitions. Costs associated with restructuring actions can include onetime termination benefits and related charges in addition to facility closure, contract termination and other related activities. The Company records the cost of the restructuring activities when the associated liability is incurred. Refer to Note 14 for additional information. Foreign Currency Translation —Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates and income statement accounts are translated at weighted average rates. Net foreign currency transaction gains or losses were not material in any of the years presented. Derivative Financial Instruments —The Company is neither a dealer nor a trader in derivative instruments. The Company has generally accepted the exposure to exchange rate movements without using derivative instruments to manage this risk. The Company will periodically enter into foreign currency forward contracts not exceeding 12 months to mitigate a portion of its foreign currency exchange risk and forward starting swaps to mitigate interest rate risk related to the Company’s debt. When utilized, the derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value. To the extent the foreign currency forward contract or forward starting swap qualifies as an effective hedge, changes in fair value are recognized in accumulated other comprehensive income (loss) in stockholders’ equity. The Company’s use of foreign currency forward contracts and forward starting swaps during 2015 and as of the year then ended was not significant. Refer to Note 7 for additional information. Accumulated Other Comprehensive Income (Loss) —Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions): Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Total Balance, January 1, 2013 $ 475.3 $ (655.7 ) $ 121.2 $ (59.2 ) Other comprehensive income (loss) before reclassifications: Increase (decrease) (62.1 ) 424.0 276.3 638.2 Income tax impact — (155.5 ) (104.5 ) (260.0 ) Other comprehensive income (loss) before reclassifications, net of income taxes (62.1 ) 268.5 171.8 378.2 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 32.0 (a) (201.5 ) (b) (169.5 ) Income tax impact — (11.5 ) 76.5 65.0 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 20.5 (125.0 ) (104.5 ) Net current period other comprehensive income (loss), net of income taxes (62.1 ) 289.0 46.8 273.7 Balance, December 31, 2013 413.2 (366.7 ) 168.0 214.5 Other comprehensive income (loss) before reclassifications: Increase (decrease) (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: Increase (decrease) (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 ) (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 Statement of Earnings (refer to Note 13 for additional details). Accounting for Stock-Based Compensation —The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted, including stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”), based on the fair value of the award as of the grant date. Equity-based compensation expense is recognized net of an estimated forfeiture rate on a straight-line basis over the requisite service period of the award, except that in the case of RSUs, compensation expense is recognized using an accelerated attribution method. Refer to Note 17 for additional information on the stock-based compensation plans in which certain employees of the Company participate. Pension and Postretirement Benefit Plans —The Company measures its pension and postretirement plans’ assets and its obligations that determine the respective plan’s funded status as of the end of the Company’s fiscal year, and recognizes an asset for a plan’s overfunded status or a liability for a plan’s underfunded status in its balance sheet. Changes in the funded status of the plans are recognized in the year in which the changes occur and reported in comprehensive income (loss). Refer to Notes 10 and 11 for additional information on the Company’s pension and postretirement plans including a discussion of the actuarial assumptions, the Company’s policy for recognizing the associated gains and losses and the method used to estimate service and interest cost components which was updated to increase the precision with which the Company determines the service and interest cost components of pension and other postretirement benefit expense. New Accounting Standards —In December 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has chosen to early adopt this ASU prospectively, and therefore, the 2015 Consolidated Balance Sheet reflects the new disclosure requirements. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified which eliminates the requirement to restate prior period financial statements. The ASU requires disclosure of the nature and amount of measurement-period adjustments as well as information with respect to the portion of the adjustments recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustments to provisional amounts had been recognized as of the acquisition date. The Company has chosen to early adopt this ASU and therefore, disclosures included within these consolidated financial statements have been updated to reflect the new disclosure requirements. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. Disclosures about investments in certain entities that calculate net asset value per share are limited under the new standard to those investments for which the Plan has elected to estimate the fair value using the net asset value practical expedient. The ASU is effective for entities (other than public business entities) for fiscal years beginning after December 15, 2016, with retrospective application to all periods presented, with early adoption permitted. The Company has chosen to early adopt this ASU and therefore, disclosures included within these consolidated financial statements have been updated to reflect the new disclosure requirements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU is effective for annual and interim periods beginning after December 15, 2015 but the Company has chosen to early adopt the standard and has applied the guidance to all 2015 debt issuances. The Company did not retrospectively apply this guidance to debt offerings prior to 2015 as the impact to the consolidated financial statements was not material. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which impacts virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date of the standard by one year which results in the new standard being effective for the Company at the beginning of its first quarter of fiscal year 2018. The Company is currently assessing the impact that the adoption of the new standard will have on its consolidated financial statements and related disclosures, including possible transition alternatives. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The Company continually evaluates potential acquisitions that either strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into a new and attractive business area. The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Company’s consolidated financial statements. This goodwill arises because the purchase prices for these businesses reflect a number of factors including the future earnings and cash flow potential of these businesses, the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers, the competitive nature of the processes by which the Company acquired the businesses, the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance the Company’s existing product offerings to key target markets and enter into new and profitable businesses, and the complementary strategic fit and resulting synergies these businesses bring to existing operations. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains this information during due diligence and through other sources. In the months after closing, as the Company obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company is continuing to evaluate certain pre-acquisition contingencies associated with certain of its 2015 acquisitions and is also in the process of obtaining valuations of certain property, plant and equipment, acquired intangible assets and certain acquisition related liabilities in connection with these acquisitions. The Company will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. The following briefly describes the Company’s acquisition activity for the three years ended December 31, 2015 . On August 31, 2015, Pentagon Merger Sub, Inc., a New York corporation and an indirect, wholly-owned subsidiary of the Company, acquired all of the outstanding shares of common stock of Pall Corporation (“Pall”), a New York corporation, for $127.20 per share in cash, for a total purchase price of approximately $13.6 billion , net of assumed debt of $417 million and acquired cash of approximately $1.2 billion (the “Pall Acquisition”). Pall is a leading global provider of filtration, separation and purification solutions that remove contaminants or separate substances from a variety of solids, liquids and gases, and is now part of the Company’s Life Sciences & Diagnostics segment. In its fiscal year ended July 31, 2015, Pall generated consolidated revenues of approximately $2.8 billion . Pall serves customers in the biopharmaceutical, food and beverage and medical markets as well as the process technologies, aerospace and microelectronics markets. The Company preliminarily recorded approximately $9.6 billion of goodwill related to the Pall Acquisition. The Company financed the approximately $13.6 billion acquisition price of Pall with approximately $2.5 billion of available cash, approximately $8.1 billion of net proceeds from the issuance and sale of U.S. dollar and Euro-denominated commercial paper and €2.7 billion (approximately $3.0 billion based on currency exchange rates as of the date of issuance) of net proceeds from the issuance and sale of Euro-denominated senior unsecured notes. Subsequent to the Pall Acquisition, the Company used the approximately $2.0 billion of net proceeds from the issuance of U.S. dollar-denominated senior unsecured notes and the approximately CHF 755 million ( $732 million based on currency exchange rates as of date of issuance) of net proceeds, including the related premium, from the issuance and sale of Swiss franc-denominated senior unsecured bonds to repay a portion of the commercial paper issued to finance the Pall Acquisition. In addition to the Pall Acquisition, during 2015 the Company acquired 11 businesses for total consideration of approximately $727 million in cash, net of cash acquired. The businesses acquired complement existing units of each of the Company’s five segments. The aggregate annual sales of these 11 businesses at the time of their respective acquisitions, in each case based on the company’s revenues for its last completed fiscal year prior to the acquisition, were approximately $375 million . The Company preliminarily recorded an aggregate of $306 million of goodwill related to these acquisitions. In December 2014, the Company successfully completed its tender offer for the outstanding shares of common stock of Nobel Biocare Holding AG (“Nobel Biocare”) and acquired substantially all of the Nobel shares, with the remainder of the Nobel shares acquired in 2015 pursuant to a squeeze-out transaction, for an aggregate cash purchase price of approximately CHF 1.9 billion (approximately $1.9 billion based on exchange rates as of the date the shares of common stock were acquired) including debt assumed and net of cash acquired. Headquartered in Zurich, Switzerland, Nobel Biocare is a world leader in the field of innovative implant-based dental restorations with a portfolio of solutions that include dental implant systems, high-precision individualized prosthetics, biomaterials and digital diagnostics, treatment planning and guided surgery. Nobel Biocare had revenues of €567 million in 2013 (approximately $780 million based on exchange rates as of December 31, 2013), and is now part of the Company’s Dental segment. The Company recorded approximately $1.0 billion of goodwill related to the acquisition of Nobel Biocare. The Company financed the acquisition of Nobel Biocare from available cash. In addition to the acquisition of Nobel Biocare, during 2014 the Company acquired 16 businesses for total consideration of approximately $1.3 billion in cash, net of cash acquired. The businesses acquired complement existing units of the Test & Measurement, Environmental, Life Sciences & Diagnostics and Dental segments. The aggregate annual sales of these 16 businesses at the time of their respective acquisitions, in each case based on the company’s revenues for its last completed fiscal year prior to the acquisition, were approximately $420 million . The Company preliminarily recorded an aggregate of $630 million of goodwill related to these acquisitions. During 2013 , the Company acquired 12 businesses for total consideration of $883 million in cash, net of cash acquired. The businesses acquired complement existing units of the Environmental, Life Sciences & Diagnostics and Industrial Technologies segments. The aggregate annual sales of these 12 businesses at the time of their respective acquisitions, in each case based on the company’s revenues for its last completed fiscal year prior to the acquisition, were approximately $300 million . The Company recorded an aggregate of $518 million of goodwill related to these acquisitions. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition ($ in millions): 2015 2014 2013 Trade accounts receivable $ 593.4 $ 196.4 $ 84.8 Inventories 524.9 174.0 10.4 Property, plant and equipment 740.9 91.0 45.7 Goodwill 9,862.2 1,643.6 517.5 Other intangible assets, primarily customer relationships, trade names and technology 5,058.3 1,658.2 334.3 In-process research and development — 56.0 — Trade accounts payable (182.8 ) (54.7 ) (22.5 ) Other assets and liabilities, net (1,827.6 ) (497.6 ) (66.2 ) Assumed debt (417.0 ) (138.5 ) (21.2 ) Attributable to noncontrolling interest — — (0.3 ) Net assets acquired 14,352.3 3,128.4 882.5 Less: noncash consideration (47.3 ) — — Net cash consideration $ 14,305.0 $ 3,128.4 $ 882.5 The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the individually significant acquisition in 2015 discussed above, and all of the other 2015 acquisitions as a group ($ in millions): Pall Others Total Trade accounts receivable $ 509.7 $ 83.7 $ 593.4 Inventories 475.5 49.4 524.9 Property, plant and equipment 713.4 27.5 740.9 Goodwill 9,556.2 306.0 9,862.2 Other intangible assets, primarily customer relationships, trade names and technology 4,798.0 260.3 5,058.3 Trade accounts payable (155.8 ) (27.0 ) (182.8 ) Other assets and liabilities, net (1,855.2 ) 27.6 (1,827.6 ) Assumed debt (416.9 ) (0.1 ) (417.0 ) Net assets acquired 13,624.9 727.4 14,352.3 Less: noncash consideration (47.3 ) — (47.3 ) Net cash consideration $ 13,577.6 $ 727.4 $ 14,305.0 The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the individually significant acquisition in 2014 discussed above, and all of the other 2014 acquisitions as a group ($ in millions): Nobel Biocare Others Total Trade accounts receivable $ 124.9 $ 71.5 $ 196.4 Inventories 69.0 105.0 174.0 Property, plant and equipment 59.4 31.6 91.0 Goodwill 1,013.6 630.0 1,643.6 Other intangible assets, primarily customer relationships, trade names and technology 1,049.3 608.9 1,658.2 In-process research and development — 56.0 56.0 Trade accounts payable (30.8 ) (23.9 ) (54.7 ) Other assets and liabilities, net (291.0 ) (206.6 ) (497.6 ) Assumed debt (132.7 ) (5.8 ) (138.5 ) Net cash consideration $ 1,861.7 $ 1,266.7 $ 3,128.4 During 2015, in connection with the Pall Acquisition, the Company incurred $47 million of pretax transaction-related costs, primarily banking fees, legal fees, amounts paid to other third party advisers and change in control costs. In addition, the Company’s earnings for 2015 reflect the impact of additional pretax charges of $91 million associated with fair value adjustments to acquired inventory and deferred revenue related to the Pall Acquisition and $20 million associated with fair value adjustments to acquired inventory related to the acquisition of Nobel Biocare. During 2014, in connection with the Nobel Biocare acquisition, the Company incurred $12 million of pretax transaction related costs, primarily banking fees, legal fees, amounts paid to other third party advisers and change in control costs. In addition, the Company’s earnings for 2014 reflect the impact of additional pretax charges of $5 million associated with fair value adjustments to acquired inventory related to the Nobel Biocare acquisition. Transaction-related costs and acquisition related fair value adjustments attributable to other acquisitions were not material to 2015 , 2014 , or 2013 earnings. Pro Forma Financial Information (Unaudited) The unaudited pro forma information for the periods set forth below gives effect to the 2015 and 2014 acquisitions as if they had occurred as of January 1, 2014 . The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in millions except per share amounts): 2015 2014 Sales $ 22,491.2 $ 23,310.3 Net earnings from continuing operations 2,741.6 2,571.3 Diluted net earnings per share from continuing operations 3.87 3.60 The 2015 unaudited pro forma revenue and earnings set forth above were adjusted to exclude the impact of nonrecurring acquisition date fair value adjustments to inventory and deferred revenue related to the Pall Acquisition of $91 million pretax and exclude the impact of the Nobel Biocare acquisition date fair value adjustments of $20 million pretax. The 2014 unaudited pro forma earnings set forth above were adjusted to include the impact of these nonrecurring acquisition date fair value adjustments to inventory and deferred revenue related to the Pall and Nobel Biocare acquisitions as noted above. In addition, the acquisition-related transaction costs and change in control payments of approximately $47 million in 2015 associated with the Pall Acquisition and $12 million in 2014 related to the Nobel Biocare acquisition were excluded from pro forma earnings in those periods. |
Discontinued Operations, Danahe
Discontinued Operations, Danaher Separation And Other Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations And Other Dispositions | DISCONTINUED OPERATIONS, DANAHER SEPARATION AND OTHER DISPOSITIONS Discontinued Operations In July 2015, the Company consummated the split-off of the majority of its Test & Measurement segment’s communications business (other than the data communications cable installation business and the communication service provider business of Fluke Networks which are now part of the instruments business of the Company’s Test & Measurement segment) to Danaher shareholders who elected to exchange Danaher shares for ownership interests in the communications business, and the subsequent merger of the communications business with a subsidiary of NetScout Systems, Inc. (“NetScout”). Danaher shareholders who participated in the exchange offer tendered 26 million shares of Danaher common stock (valued at approximately $2.3 billion based on the closing price of Danaher’s common stock on the date of tender) and received 62.5 million shares of NetScout common stock which represented approximately 60% of the shares of NetScout common stock outstanding following the combination. The accounting requirements for reporting the disposition of the communications business as a discontinued operation were met when the separation and merger were completed. Accordingly, the accompanying consolidated financial statements for all periods presented reflect this business as discontinued operations. The Company allocated a portion of the consolidated interest expense to discontinued operations based on the ratio of the discontinued business’ net assets to the Company’s consolidated net assets. The Company recorded an aggregate after-tax gain on the disposition of this business of $767 million , or $1.08 per diluted share, in its 2015 results in connection with the closing of this transaction representing the value of the 26 million shares of Company common stock tendered for the communications business in excess of the carrying value of the business’ net assets. This gain was included in the results of discontinued operations for the year ended December 31, 2015 and included $47 million of charges recorded in the fourth quarter of 2015 resulting from the reconciliation of deferred income tax balances used in calculating the gain recorded in the third quarter of 2015. The communications business had revenues of $346 million in 2015 prior to the disposition and $760 million in 2014. The Company has an ongoing Transition Services Agreement (“TSA”) with NetScout under which the Company will provide NetScout with certain transition services for up to 12 months following the closing date of the disposition. These services include finance and accounting, information technology, payroll processing, and other administrative services as well as certain manufacturing, supply chain, and selling activities for a portion of the transferred businesses. The key components of income from discontinued operations for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 Sales $ 345.7 $ 759.8 $ 834.9 Cost of sales (97.7 ) (209.9 ) (219.3 ) Selling, general and administrative expenses (152.1 ) (308.0 ) (315.7 ) Research and development expenses (79.9 ) (157.2 ) (145.5 ) Interest expense (1.8 ) (3.6 ) (4.7 ) Income from discontinued operations before income taxes 14.2 81.1 149.7 Gain on disposition of discontinued operations before income taxes 760.5 — — Earnings from discontinued operations before income taxes 774.7 81.1 149.7 Income taxes (16.0 ) (25.8 ) (45.3 ) Earnings from discontinued operations, net of income taxes $ 758.7 $ 55.3 $ 104.4 The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s accompanying Consolidated Balance Sheet as of December 31, 2014 ($ in millions): Assets: Trade accounts receivable, net $ 188.0 Inventories 48.7 Property, plant and equipment, net 31.1 Goodwill 1,291.0 Other intangible assets, net 309.7 Other assets 15.0 Total assets, discontinued operations $ 1,883.5 Liabilities: Trade accounts payable $ 50.0 Accrued expenses and other liabilities 258.0 Other long-term liabilities 159.6 Total liabilities, discontinued operations $ 467.6 Danaher Separation On May 13, 2015, the Company announced its intention to separate into two independent, publicly traded companies (the “Separation”). Completion of the Separation will create: • a multi-industry, science and technology growth company that will retain the Danaher name and consist of Danaher’s existing Life Sciences & Diagnostics (including Pall) and Dental segments as well as the water quality and product identification businesses, which in aggregate generated approximately $16.5 billion of revenue in 2015 (adjusted to include the full annual revenues of Pall for 2015); and • a diversified industrial growth company (Fortive Corporation (“Fortive”)) that will consist of Danaher’s existing Test & Measurement segment, Industrial Technologies segment (excluding the product identification businesses) and retail/commercial petroleum business, which in aggregate generated approximately $6.0 billion of revenue in 2015. The transaction is expected to occur through a tax-free separation. The Company is targeting to complete the Separation in the third quarter of 2016, subject to final approval by Danaher’s Board of Directors and other customary conditions. The Separation will be in the form of a pro rata distribution to Danaher shareholders of 100% of the outstanding shares of Fortive. Other Dispositions In August 2014, the Company completed the divestiture of its electric vehicle systems (“EVS”)/hybrid product line for a sale price of $87 million in cash. This product line, which was part of the Industrial Technologies segment, had revenues of approximately $60 million in 2014 prior to the divestiture and approximately $100 million in 2013. Operating results of the product line were not significant to segment or overall Company reported results. The Company recorded a pretax gain on the sale of the product line of $34 million ( $26 million after-tax or $0.04 per diluted share) in its third quarter 2014 results. Subsequent to the sale, the Company has no continuing involvement in the EVS/hybrid product line. In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which the Company adopted at the beginning of the third quarter of 2014, the divestiture of the EVS/hybrid product line has not been classified as a discontinued operation in this Form 10-K since the disposition does not represent a strategic shift that will have a major effect on the Company’s operations and financial statements. On July 4, 2010, the Company entered into a joint venture with Cooper Industries, plc (“Cooper”), combining certain of the Company’s hand tool businesses with Cooper’s Tools business to form a new entity called Apex Tool Group, LLC (“Apex”). Each of Cooper and the Company had owned a 50% interest in Apex, had an equal number of representatives on Apex’s Board of Directors and neither joint venture partner controlled the significant operating and financing activities of Apex. The Company had accounted for its investment in the joint venture based on the equity method of accounting. In February 2013, the Company and Cooper sold Apex to an unrelated third party for approximately $1.6 billion . The Company received $797 million from the sale, consisting of cash of $759 million (including $67 million of dividends received prior to closing) and a note receivable of $38 million (which has been subsequently collected). The Company recognized a pretax gain of $230 million ( $144 million after-tax or $0.20 per diluted share) in its first quarter 2013 results in connection with this transaction which is included as a component of other income in the accompanying Consolidated Statement of Earnings. The gain is computed as the difference between the book value of the Company’s investment in Apex at the time of sale and the fair value of the consideration received in exchange, as indicated in the table below ($ in millions): Fair value of consideration received: Cash, including $66.6 of dividends received during 2013 prior to closing of sale $ 758.6 Note receivable 38.5 Total fair value of consideration received 797.1 Less: book value of investment in unconsolidated joint venture 545.6 Less: other related costs and expenses 21.7 Pretax gain on sale of unconsolidated joint venture 229.8 Income tax expense 86.2 After-tax gain on sale of unconsolidated joint venture $ 143.6 The Company’s share of the 2013 earnings generated by Apex prior to the closing of the sale was insignificant. Subsequent to the sale of its investment in Apex, the Company has no continuing involvement in Apex’s operations. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES The classes of inventory as of December 31 are summarized as follows ($ in millions): 2015 2014 Finished goods $ 1,038.5 $ 903.7 Work in process 319.8 266.4 Raw materials 737.1 612.7 Total $ 2,095.4 $ 1,782.8 As of December 31, 2015 and 2014 , the difference between inventories valued at LIFO and the value of that same inventory if the FIFO method had been used was not significant. The liquidation of LIFO inventory did not have a significant impact on the Company’s results of operations in any period presented. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions): 2015 2014 Land and improvements $ 187.7 $ 186.5 Buildings 1,234.9 1,037.3 Machinery and equipment 2,787.4 2,249.3 Customer-leased instruments 1,287.7 1,235.8 Gross property, plant and equipment 5,497.7 4,708.9 Less: accumulated depreciation (2,672.1 ) (2,537.0 ) Property, plant and equipment, net $ 2,825.6 $ 2,171.9 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS As discussed in Note 2, goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities and noncontrolling interests. Management assesses the goodwill of each of its reporting units for impairment at least annually at the beginning of the fourth quarter and as “triggering” events occur that indicate that it is more likely than not that an impairment exists. The Company elected to bypass the optional qualitative goodwill assessment allowed by applicable accounting standards and performed a quantitative impairment test for all reporting units as this was determined to be the most effective method to assess for impairment across a large spectrum of reporting units. The Company estimates the fair value of its reporting units primarily using a market approach, based on current trading multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”) for companies operating in businesses similar to each of the Company’s reporting units, in addition to recent available market sale transactions of comparable businesses. In certain circumstances the Company also estimates fair value utilizing a discounted cash flow analysis (i.e., an income approach) in order to validate the results of the market approach. If the estimated fair value of the reporting unit is less than its carrying value, the Company must perform additional analysis to determine if the reporting unit’s goodwill has been impaired. As of December 31, 2015 , the Company had 23 reporting units for goodwill impairment testing. The carrying value of the goodwill included in each individual reporting unit ranges from $7 million to approximately $9.4 billion . No goodwill impairment charges were recorded for the years ended December 31, 2015 , 2014 and 2013 and no “triggering” events have occurred subsequent to the performance of the 2015 annual impairment test. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge would need to be taken against net earnings. The following is a rollforward of the Company’s goodwill by segment ($ in millions): Test & Measurement Environmental Life Sciences & Diagnostics Dental Industrial Technologies Total Balance, January 1, 2014 $ 1,945.9 $ 1,851.4 $ 6,304.8 $ 2,196.6 $ 2,418.5 $ 14,717.2 Attributable to 2014 acquisitions 55.4 163.2 365.9 1,059.1 — 1,643.6 Attributable to 2014 divestitures (see Note 3) — — — — (37.3 ) (37.3 ) Foreign currency translation and other (53.9 ) (77.3 ) (325.5 ) (112.8 ) (80.8 ) (650.3 ) Balance, December 31, 2014 1,947.4 1,937.3 6,345.2 3,142.9 2,300.4 15,673.2 Attributable to 2015 acquisitions 21.3 55.6 9,740.5 7.0 37.8 9,862.2 Adjustments due to finalization of purchase price adjustments 0.5 — (11.5 ) 197.9 — 186.9 Foreign currency translation and other (25.5 ) (83.8 ) (343.8 ) (111.7 ) (87.2 ) (652.0 ) Balance, December 31, 2015 $ 1,943.7 $ 1,909.1 $ 15,730.4 $ 3,236.1 $ 2,251.0 $ 25,070.3 Finite-lived intangible assets are amortized over their legal or estimated useful life. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31 ($ in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 2,212.2 $ (768.8 ) $ 1,560.7 $ (651.0 ) Customer relationships and other intangibles 6,469.5 (1,463.6 ) 4,024.7 (1,183.7 ) Total finite-lived intangibles 8,681.7 (2,232.4 ) 5,585.4 (1,834.7 ) Indefinite-lived intangibles: Trademarks and trade names 4,821.0 — 3,308.8 — Total intangibles $ 13,502.7 $ (2,232.4 ) $ 8,894.2 $ (1,834.7 ) During 2015 , the Company acquired finite-lived intangible assets, consisting primarily of customer relationships, with a weighted average life of 14 years. Refer to Note 2 for additional information on the intangible assets acquired. Total intangible amortization expense in 2015 , 2014 and 2013 was $478 million , $352 million and $339 million , respectively. Based on the intangible assets recorded as of December 31, 2015 , amortization expense is estimated to be $644 million during 2016 , $606 million during 2017 , $600 million during 2018 , $592 million during 2019 and $581 million during 2020 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Company’s assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on the Company’s assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2015: Assets: Available-for-sale securities $ 342.3 $ — $ — $ 342.3 Liabilities: Deferred compensation plans — 77.4 — 77.4 December 31, 2014: Assets: Available-for-sale securities $ 257.5 $ — $ — $ 257.5 Liabilities: Deferred compensation plans — 73.1 — 73.1 Available-for-sale securities are measured at fair value using quoted market prices in an active market and are included in other long-term assets in the accompanying Consolidated Balance Sheets. The Company has established nonqualified deferred compensation programs that permit officers, directors and certain management employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment (or board service, as applicable). All amounts deferred under such plans are unfunded, unsecured obligations of the Company and are presented as a component of the Company’s compensation and benefits accrual included in other long-term liabilities in the accompanying Consolidated Balance Sheets (refer to Note 8). Participants may choose among alternative earnings rates for the amounts they defer, which are primarily based on investment options within the Company’s 401(k) program (except that the earnings rates for amounts deferred by the Company’s directors and amounts contributed unilaterally by the Company are entirely based on changes in the value of the Company’s common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments as of December 31 were as follows ($ in millions): 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale securities $ 342.3 $ 342.3 $ 257.5 $ 257.5 Liabilities: Short-term borrowings 845.2 845.2 71.9 71.9 Long-term borrowings 12,025.2 12,471.4 3,401.5 3,809.1 As of December 31, 2015 and 2014 , available-for-sale securities and short and long-term borrowings were categorized as Level 1. The fair value of long-term borrowings was based on quoted market prices. The difference between the fair value and the carrying amounts of long-term borrowings (other than the Company’s Liquid Yield Option Notes due 2021 (the “LYONs”)) is attributable to changes in market interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing. In the case of the LYONs, differences in the fair value from the carrying value are attributable to changes in the price of the Company’s common stock due to the LYONs’ conversion features. The fair values of short-term borrowings, as well as cash and cash equivalents, trade accounts receivable, net and trade accounts payable approximate their carrying amounts due to the short-term maturities of these instruments. Refer to Note 10 for information related to the fair value of the Company sponsored defined benefit pension plan assets. |
Accrued Expenses And Other Liab
Accrued Expenses And Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities as of December 31 were as follows ($ in millions): 2015 2014 Current Noncurrent Current Noncurrent Compensation and benefits $ 968.7 $ 331.9 $ 879.5 $ 328.3 Restructuring 90.9 — 111.6 — Claims, including self-insurance and litigation 117.9 86.3 127.9 86.3 Pension and postretirement benefits 112.9 1,345.4 100.1 1,303.1 Environmental and regulatory compliance 43.2 82.3 40.7 78.3 Taxes, income and other 422.3 4,191.5 589.7 2,557.1 Deferred revenue 633.7 160.4 573.1 151.8 Sales and product allowances 190.3 2.2 188.2 2.4 Warranty 122.1 13.0 124.7 12.9 Other 574.2 49.6 456.0 64.2 Total $ 3,276.2 $ 6,262.6 $ 3,191.5 $ 4,584.4 |
Financing
Financing | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing | FINANCING The components of the Company’s debt as of December 31 were as follows ($ in millions): 2015 2014 U.S. dollar-denominated commercial paper $ 920.0 $ 450.0 Euro-denominated commercial paper (€2.8 billion and €260.0 million, respectively) 3,096.9 314.6 2.3% senior unsecured notes due 2016 500.0 500.0 4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount) 122.6 129.9 Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) 544.8 — 0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) 99.7 — 1.65% senior unsecured notes due 2018 497.1 — 5.625% senior unsecured notes due 2018 500.0 500.0 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) 651.0 — 5.4% senior unsecured notes due 2019 750.0 750.0 2.4% senior unsecured notes due 2020 495.9 — 5.0% senior unsecured notes due 2020 410.7 — Zero-coupon LYONs due 2021 72.6 110.6 3.9% senior unsecured notes due 2021 600.0 600.0 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) 866.8 — 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) 541.6 — 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) 867.9 — 3.35% senior unsecured notes due 2025 495.3 — 1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount) 110.7 — 4.375% senior unsecured notes due 2045 499.3 — Other 227.5 118.3 Subtotal 12,870.4 3,473.4 Less: currently payable 845.2 71.9 Long-term debt $ 12,025.2 $ 3,401.5 Financing for the Pall Acquisition The Company financed the approximately $13.6 billion acquisition price of Pall with approximately $2.5 billion of available cash, approximately $8.1 billion of net proceeds from the issuance and sale of U.S. dollar and Euro-denominated commercial paper and €2.7 billion (approximately $3.0 billion based on currency exchange rates as of the date of issuance) of net proceeds from the issuance and sale of Euro-denominated senior unsecured notes. Subsequent to the Pall Acquisition, the Company used the approximately $2.0 billion of net proceeds from the issuance of U.S. dollar-denominated senior unsecured notes and the approximately CHF 755 million ( $732 million based on currency exchange rates as of date of issuance) of net proceeds, including the related premium, from the issuance and sale of Swiss franc-denominated senior unsecured bonds to repay a portion of the commercial paper issued to finance the Pall Acquisition. Further details regarding the Pall Acquisition financing are set forth below. Commercial Paper Programs and Credit Facilities On July 10, 2015, the Company expanded the aggregate capacity of its U.S. and Euro commercial paper programs to $11.0 billion and expanded its credit facility borrowing capacity to $11.0 billion to provide liquidity support for issuances under such programs. The Company replaced its existing $2.5 billion unsecured multi-year revolving credit facility (the “Superseded Credit Facility”) with an amended and restated $4.0 billion unsecured multi-year revolving credit facility with a syndicate of banks that expires on July 10, 2020, subject to a one -year extension option at the request of the Company with the consent of the lenders (the “5-Year Credit Facility”), and entered into a new $7.0 billion 364-day unsecured revolving credit facility with a syndicate of banks that expires on July 8, 2016, subject to the Company’s option to convert any then-outstanding borrowings into term loans that are due and payable one year following such expiration date (the “364-Day Facility” and together with the 5-Year Credit Facility, the “Credit Facilities”). The Company reduced the commitment amount under the 364-Day Facility from $7.0 billion to $4.0 billion effective as of October 15, 2015 and from $4.0 billion to $2.0 billion effective as of December 28, 2015, as permitted by the 364-Day Facility, and the capacity under the Company’s U.S. and Euro commercial paper programs effectively decreased by the same amount. The increase in the size of the Company’s commercial paper programs provided necessary capacity for the Company to use proceeds from the issuance of commercial paper to fund a portion of the purchase price for the Pall Acquisition. Under the Company’s U.S. and Euro commercial paper programs, the Company or a subsidiary of the Company, as applicable, may issue and sell unsecured, short-term promissory notes. Interest expense on the notes is paid at maturity and is generally based on the ratings assigned to the Company by credit rating agencies at the time of the issuance and prevailing market rates measured by reference to LIBOR. The Credit Facilities provide liquidity support for issuances under the Company’s commercial paper programs, and can also be used for working capital and other general corporate purposes. The availability of the Credit Facilities as standby liquidity facilities to repay maturing commercial paper is an important factor in maintaining the existing credit ratings of the Company’s commercial paper programs. The Company expects to limit any borrowings under the Credit Facilities to amounts that would leave sufficient available borrowing capacity under such facilities to allow the Company to borrow, if needed, to repay all of the outstanding commercial paper as it matures. As commercial paper obligations mature, the Company may issue additional short-term commercial paper obligations to refinance all or part of these borrowings. As of December 31, 2015 , borrowings outstanding under the Company’s U.S. and Euro commercial paper programs had a weighted average annual interest rate of 0.2% and a weighted average remaining maturity of approximately 38 days . The Company has classified $4.0 billion of its borrowings outstanding under the commercial paper programs as of December 31, 2015 as long-term debt in the accompanying Consolidated Balance Sheet as the Company had the intent and ability, as supported by availability under the 5-Year Credit Facility referenced above, to refinance these borrowings for at least one year from the balance sheet date. Under the Credit Facilities, borrowings (other than bid loans under the 5-Year Credit Facility) bear interest at a rate equal to (at the Company’s option) either (1) a LIBOR-based rate (the “LIBOR-Based Rate”), or (2) the highest of (a) the Federal funds rate plus 1/2 of 1%, (b) the prime rate and (c) the LIBOR-Based Rate plus 1% , plus in each case a margin that, in the case of the 5-Year Credit Facility, varies according to the Company’s long-term debt credit rating. In addition to certain initial fees the Company paid with respect to the 5-Year Credit Facility at inception of the facility, the Company is obligated to pay an annual commitment or facility fee under each Credit Facility that, in the case of the 5-Year Credit Facility, varies according to the Company’s long-term debt credit rating. Each of the Credit Facilities requires the Company to maintain a consolidated leverage ratio (as defined in the respective facility) of 0.65 to 1.00 or less, and also contains customary representations, warranties, conditions precedent, events of default, indemnities and affirmative and negative covenants. As of December 31, 2015 , no borrowings were outstanding under either of the Credit Facilities and the Company was in compliance with all covenants under each facility. The non-performance by any member of either Credit Facility syndicate would reduce the maximum capacity of such Credit Facility by such member's commitment amount. The Company’s ability to access the commercial paper market, and the related costs of these borrowings, is affected by the strength of the Company’s credit rating and market conditions. Any downgrade in the Company’s credit rating would increase the cost of borrowings under the Company’s commercial paper program and the Credit Facilities, and could limit or preclude the Company’s ability to issue commercial paper. If the Company’s access to the commercial paper market is adversely affected due to a downgrade, change in market conditions or otherwise, the Company expects it would rely on a combination of available cash, operating cash flow and the Credit Facilities to provide short-term funding. In such event, the cost of borrowings under the Credit Facilities could be higher than the cost of commercial paper borrowings. In addition to the Credit Facilities, the Company has also entered into reimbursement agreements with various commercial banks to support the issuance of letters of credit. Long-Term Indebtedness Long-Term Indebtedness Related to Pall Acquisition On July 8, 2015, DH Europe Finance S.A., a wholly-owned finance subsidiary of the Company, completed the underwritten public offering of each of the following series of Euro-denominated senior unsecured notes (collectively, the “Pall Financing Euronotes”): • €500 million aggregate principal amount of floating rate senior notes due 2017 (the “2017 Euronotes”). The 2017 Euronotes were issued at 100% of their principal amount, will mature on June 30, 2017 and bear interest at a floating rate equal to three-month EURIBOR plus 0.45% per year. • €600 million aggregate principal amount of 1.0% senior notes due 2019 (the “2019 Euronotes”). The 2019 Euronotes were issued at 99.696% of their principal amount, will mature on July 8, 2019 and bear interest at the rate of 1.0% per year. • €800 million aggregate principal amount of 1.7% senior notes due 2022 (the “2022 Euronotes”). The 2022 Euronotes were issued at 99.651% of their principal amount, will mature on January 4, 2022 and bear interest at the rate of 1.7% per year. • €800 million aggregate principal amount of 2.5% senior notes due 2025 (the “2025 Euronotes”). The 2025 Euronotes were issued at 99.878% of their principal amount, will mature on July 8, 2025 and bear interest at the rate of 2.5% per year. The Pall Financing Euronotes are fully and unconditionally guaranteed by the Company. The Company received 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) and used the net proceeds from the offering to pay a portion of the purchase price for the Pall Acquisition. Interest on the Pall Financing Euronotes is payable: on the 2017 Euronotes quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2015; on the 2019 Euronotes and 2025 Euronotes annually in arrears on July 8 of each year, commencing on July 8, 2016; and on the 2022 Euronotes annually in arrears on January 4 of each year, commencing on January 4, 2016. On September 15, 2015, the Company completed the underwritten public offering of each of the following series of U.S. dollar-denominated senior unsecured notes (collectively, the “Pall Financing U.S. Notes”): • $500 million aggregate principal amount of 1.65% senior notes due 2018. These notes were issued at 99.866% of their principal amount, will mature on September 15, 2018 and bear interest at the rate of 1.65% per year. • $500 million aggregate principal amount of 2.4% senior notes due 2020. These notes were issued at 99.757% of their principal amount, will mature on September 15, 2020 and bear interest at the rate of 2.4% per year. • $500 million aggregate principal amount of 3.35% senior notes due 2025. These notes were issued at 99.857% of their principal amount, will mature on September 15, 2025 and bear interest at the rate of 3.35% per year. • $500 million aggregate principal amount of 4.375% senior notes due 2045. These notes were issued at 99.784% of their principal amount, will mature on September 15, 2045 and bear interest at the rate of 4.375% per year. The Company received net proceeds, after underwriting discounts and commissions and offering expenses, of approximately $2.0 billion and used the net proceeds from the offering to repay a portion of the commercial paper issued to pay a portion of the purchase price for the Pall Acquisition. Interest on the Pall Financing U.S. Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2016. On December 8, 2015, DH Switzerland Finance S.A., a wholly-owned finance subsidiary of the Company, completed the underwritten public offering and sale of each of the following series of Swiss franc-denominated senior unsecured bonds (collectively, the “Pall Financing Swiss Bonds” and together with the Pall Financing Euronotes and Pall Financing U.S. Notes, the “Pall Financing Debt”): • CHF 100 million aggregate principal amount of 0.0% senior bonds due 2017. The bonds were issued at 100.14% of their principal amount and will mature on December 8, 2017. • CHF 540 million aggregate principal amount of 0.5% senior notes due 2023. The bonds were issued at 100.924% of their principal amount, will mature on December 8, 2023 and bear interest at the rate of 0.5% per year. • CHF 110 million aggregate principal amount of 1.125% senior notes due 2028. The bonds were issued at 101.303% of their principal amount, will mature on December 8, 2028 and bear interest at the rate of 1.125% per year. The Pall Financing Swiss Bonds are fully and unconditionally guaranteed by the Company. The Company received 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) and used the net proceeds from the offering to repay a portion of the commercial paper issued to finance the Pall Acquisition. Interest on the Pall Financing Swiss Bonds that mature in 2023 and 2028 is payable annually in arrears on December 8, commencing on December 8, 2016. In addition, in connection with the Pall Acquisition, the Company acquired senior unsecured notes previously issued by Pall (the “Assumed Pall Notes”) with an aggregate principal amount of $375 million and a stated interest rate of 5.0% per year. 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. The Company pays interest on the Assumed Pall Notes semi-annually in arrears on June 15 and December 15 of each year (based on the stated 5.0% interest rate). The Assumed Pall Notes mature on June 15, 2020. The Company has fully and unconditionally guaranteed the Assumed Pall Notes. Other Long-Term Indebtedness 2016 Notes —In June 2011, the Company completed the underwritten public offering of the 2.3% senior unsecured notes due 2016 (the “2016 Notes”). The 2016 Notes were issued at 99.84% of their principal amount, will mature on June 23, 2016 and accrue interest at the rate of 2.3% per year. The net proceeds, after expenses and the underwriters’ discount, from these notes were used to fund a portion of the purchase price for the acquisition of Beckman Coulter. The Company pays interest on these notes semi-annually in arrears, on June 23 and December 23 of each year. 2016 Bonds —In connection with the acquisition of Nobel Biocare in December 2014, the Company acquired senior unsecured bonds with an aggregate principal amount of CHF 120 million and a stated interest rate of 4.0% per year (the “2016” Bonds”). In accordance with accounting for business combinations, the bonds were recorded at their fair value of CHF 127 million ( $133 million based on exchange rates in effect at the time of the acquisition), as such, for accounting purposes interest charges recorded in the Company’s Consolidated Statement of Earnings reflect an effective interest rate of approximately 0.2% per year. The Company pays interest on the 2016 Bonds annually in arrears on October 10 of each year (based on the stated 4.0% interest rate). The 2016 Bonds mature on October 10, 2016. 2018 Notes —In December 2007, the Company completed an underwritten public offering of the 5.625% senior unsecured notes due 2018 (the “2018 Notes”), which were issued at 99.39% of their principal amount, will mature on January 15, 2018 and accrue interest at the rate of 5.625% per year. The net proceeds, after expenses and the underwriters’ discount, were approximately $493 million , which were used to repay a portion of the commercial paper issued to finance the acquisition of the Tektronix business. The Company pays interest on the 2018 Notes semi-annually in arrears, on January 15 and July 15 of each year. 2019 Notes —In March 2009, the Company completed an underwritten public offering of the 5.4% senior unsecured notes due 2019 (the “2019 Notes”), which were issued at 99.93% of their principal amount, will mature on March 1, 2019 and accrue interest at the rate of 5.4% per year. The net proceeds, after expenses and the underwriters’ discount, were approximately $745 million . A portion of the net proceeds were used to repay a portion of the Company’s outstanding commercial paper and the balance was used for general corporate purposes, including acquisitions. The Company pays interest on the 2019 Notes semi-annually in arrears, on March 1 and September 1 of each year. 2021 Notes —In June 2011, the Company completed the underwritten public offering of the 3.9% senior unsecured notes due 2021 (the “2021 Notes”). The 2021 Notes were issued at 99.975% of their principal amount, will mature on June 23, 2021 and accrue interest at the rate of 3.9% per year. The net proceeds, after expenses and the underwriters’ discount, from these notes were used to fund a portion of the purchase price for the acquisition of Beckman Coulter. The Company pays interest on these notes semi-annually in arrears, on June 23 and December 23 of each year. LYONs —In 2001, the Company issued $830 million (value at maturity) in LYONs. The net proceeds to the Company were $505 million , of which approximately $100 million was used to pay down debt and the balance was used for general corporate purposes, including acquisitions. The LYONs carry a yield to maturity of 2.375% (with contingent interest payable as described below). Holders of the LYONs may convert each $1,000 of principal amount at maturity into 29.0704 shares of the Company’s common stock (in the aggregate for all LYONs that were originally issued, approximately 24 million shares of the Company’s common stock) at any time on or before the maturity date of January 22, 2021. As of December 31, 2015 , an aggregate of approximately 21 million shares of the Company’s common stock had been issued upon conversion of LYONs. As of December 31, 2015 , the accreted value of the outstanding LYONs was lower than the traded market value of the underlying common stock issuable upon conversion. The Company may redeem all or a portion of the LYONs for cash at any time at scheduled redemption prices. Under the terms of the LYONs, the Company pays contingent interest to the holders of LYONs during any six month period from January 23 to July 22 and from July 23 to January 22 if the average market price of a LYON for a specified measurement period equals 120% or more of the sum of the issue price and accrued original issue discount for such LYON. The amount of contingent interest to be paid with respect to any quarterly period is equal to the higher of either 0.0315% of the bonds’ average market price during the specified measurement period or the amount of the common stock dividend paid during such quarterly period multiplied by the number of shares issuable upon conversion of a LYON. The Company paid $1 million , $2 million and $1 million of contingent interest on the LYONs for each of the years ended December 31, 2015 , 2014 and 2013 , respectively. Except for the contingent interest described above, the Company will not pay interest on the LYONs prior to maturity. Debt discounts and debt issuance costs totaled $9 million as of December 31, 2015 and have been netted against the aggregate principal amounts of the related debt in the components of debt table above. As discussed in Note 1, the Company did not reclassify debt issuance costs to be netted against the related debt liability for debt offerings prior to 2015 as the impact to the financial statements was not material. Covenants and Redemption Provisions Applicable to Notes With respect to the 2016 Notes, the 2018 Notes, the 2019 Notes, the 2021 Notes, the Assumed Pall Notes, the Pall Financing Euronotes (except the 2017 Euronotes) and the Pall Financing U.S. Notes, at any time prior to the applicable maturity date (or in certain cases three months prior to the maturity date), the Company may redeem the applicable series of notes in whole or in part, by paying the principal amount and the “make-whole” premium specified in the applicable indenture, plus accrued and unpaid interest. With respect to each of the Pall Financing Swiss Bonds and the 2016 Bonds, at any time after 85% or more of the applicable bonds have been redeemed or purchased and canceled, the Company may redeem some or all of the remaining bonds for their principal amount plus accrued and unpaid interest. With respect to the Pall Financing Euronotes and the Pall Financing Swiss Bonds, the Company may redeem such notes and bonds upon the occurrence of specified, adverse changes in tax laws, or interpretations under such laws, at a redemption price equal to the principal amount of the bonds to be redeemed. If a change of control triggering event occurs with respect to any of the 2016 Notes, the 2016 Bonds, the 2018 Notes, the 2019 Notes, the 2021 Notes, the Assumed Pall Notes or the Pall Financing Debt, each holder of such notes may require the Company to repurchase some or all of such notes and bonds at a purchase price equal to 101% (or in the case of the 2016 Bonds, 100% ) of the principal amount of the notes and bonds, plus accrued and unpaid interest. A change of control triggering event means the occurrence of both a change of control and a rating event, each as defined in the applicable indenture. Except in connection with a change of control triggering event, the Company does not have any credit rating downgrade triggers that would accelerate the maturity of a material amount of outstanding debt. The respective indentures under which the above-described notes and bonds were issued contain customary covenants including, for example, limits on the incurrence of secured debt and sale/leaseback transactions. None of these covenants are considered restrictive to the Company’s operations and as of December 31, 2015 , the Company was in compliance with all of its debt covenants. Other The minimum principal payments during the next five years are as follows: 2016 - $845 million , 2017 - $646 million , 2018 - approximately $1.0 billion , 2019 - approximately $1.4 billion , 2020 - approximately $4.9 billion and approximately $4.1 billion thereafter. The Company made interest payments of $126 million , $118 million and $151 million in 2015 , 2014 and 2013 , respectively. |
Pension Benefit Plans
Pension Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pension Benefit Plans | |
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] | |
Pension Benefit Plans | PENSION BENEFIT PLANS The Company has noncontributory defined benefit pension plans which cover certain of its U.S. employees. During 2012, all remaining benefit accruals under the U.S. plans ceased. The Company also has noncontributory defined benefit pension plans which cover certain of its non-U.S. employees, and under certain of these plans, benefit accruals continue. In general, the Company’s policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plan’s funded status, the anticipated deductibility of the contribution, local practices, market conditions, interest rates and other factors. The following sets forth the funded status of the U.S. and non-U.S. plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): U.S. Pension Benefits Non-U.S. Pension Benefits 2015 2014 2015 2014 Change in pension benefit obligation: Benefit obligation at beginning of year $ 2,484.7 $ 2,281.2 $ 1,545.6 $ 1,251.0 Service cost 9.6 6.0 46.8 32.0 Interest cost 101.1 105.9 37.8 44.4 Employee contributions — — 9.3 9.6 Benefits paid and other (192.9 ) (180.7 ) (47.0 ) (48.1 ) Acquisitions 324.9 — 431.4 84.8 Actuarial (gain) loss (112.5 ) 273.8 (59.4 ) 274.4 Amendments, settlements and curtailments (11.0 ) (1.5 ) (86.0 ) 45.3 Foreign exchange rate impact — — (102.3 ) (147.8 ) Benefit obligation at end of year 2,603.9 2,484.7 1,776.2 1,545.6 Change in plan assets: Fair value of plan assets at beginning of year 1,886.3 1,926.3 962.2 834.6 Actual return on plan assets (21.3 ) 90.4 10.6 93.4 Employer contributions 49.4 51.8 53.1 61.6 Employee contributions — — 9.3 9.6 Amendments and settlements — (1.5 ) (61.8 ) 39.1 Benefits paid and other (192.9 ) (180.7 ) (47.0 ) (48.1 ) Acquisitions 171.1 — 355.8 57.0 Foreign exchange rate impact — — (59.6 ) (85.0 ) Fair value of plan assets at end of year 1,892.6 1,886.3 1,222.6 962.2 Funded status $ (711.3 ) $ (598.4 ) $ (553.6 ) $ (583.4 ) Weighted average assumptions used to determine benefit obligations at date of measurement: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Discount rate 4.4 % 4.0 % 2.6 % 2.3 % Rate of compensation increase 4.0 % N/A 2.9 % 3.0 % Components of net periodic pension cost: U.S. Pension Benefits Non-U.S. Pension Benefits ($ in millions) 2015 2014 2015 2014 Service cost $ 9.6 $ 6.0 $ 46.8 $ 32.0 Interest cost 101.1 105.9 37.8 44.4 Expected return on plan assets (136.0 ) (128.8 ) (43.1 ) (41.5 ) Amortization of prior service credit — — (0.2 ) (0.1 ) Amortization of net loss 28.9 18.4 16.6 6.8 Curtailment and settlement (gains) losses recognized (9.3 ) 0.2 (0.4 ) 0.7 Net periodic pension cost $ (5.7 ) $ 1.7 $ 57.5 $ 42.3 Net periodic pension costs are included in cost of sales and selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings. Weighted average assumptions used to determine net periodic pension cost at date of measurement: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Discount rate 4.0 % 4.8 % 2.3 % 3.6 % Expected long-term return on plan assets 7.5 % 7.5 % 4.0 % 4.8 % Rate of compensation increase N/A N/A 3.0 % 3.1 % The discount rate reflects the market rate on December 31 for high-quality fixed-income investments with maturities corresponding to the Company’s benefit obligations and is subject to change each year. For non-U.S. plans, rates appropriate for each plan are determined based on investment-grade instruments with maturities approximately equal to the average expected benefit payout under the plan. During 2014, the Company updated the mortality assumptions used to estimate the projected benefit obligation to reflect updated mortality tables which extend the life expectancy of the participants. Effective December 31, 2015, the Company changed its estimate of the service and interest cost components of net periodic benefit cost for its U.S. and non-U.S. pension and other postretirement benefit plans. Previously, the Company estimated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. The new estimate utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The new estimate provides a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and their corresponding spot rates. The change does not affect the measurement of the Company’s U.S. and non-U.S. pension and other postretirement benefit obligations and it is accounted for as a change in accounting estimate that is inseparable from a change in accounting principle, which is applied prospectively. For fiscal year 2016, the change in estimate is expected to reduce U.S. and non-U.S. pension and other postretirement net periodic benefit plan cost by $25 million when compared to the prior estimate. Following the Pall Acquisition, the Company froze and discontinued all future accruals to the Pall pension plan, which necessitated a remeasurement of the plan obligations and resulted in a curtailment gain of $11 million ( $9 million , net of tax) in 2015. Included in accumulated other comprehensive income (loss) as of December 31, 2015 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service credits of $2 million ( $2 million , net of tax) and unrecognized actuarial losses of approximately $998 million ( $654 million , net of tax). The unrecognized losses and prior service credits, net, is calculated as the difference between the actuarially determined projected benefit obligation and the value of the plan assets less accrued pension costs as of December 31, 2015 . The prior service credits and actuarial losses included in accumulated other comprehensive income (loss) and expected to be recognized in net periodic pension costs during the year ending December 31, 2016 is $0.3 million ( $0.2 million , net of tax) and $37 million ( $25 million , net of tax), respectively. No plan assets are expected to be returned to the Company during the year ending December 31, 2016 . Selection of Expected Rate of Return on Assets For the years ended December 31, 2015 , 2014 and 2013 , the Company used an expected long-term rate of return assumption of 7.5% for its U.S. defined benefit pension plan. The Company intends to use an expected long-term rate of return assumption of 7.0% for 2016 for its U.S. plan. This expected rate of return reflects the asset allocation of the plan, and is based primarily on broad, publicly traded equity and fixed-income indices and forward-looking estimates of active portfolio and investment management. Long-term rate of return on asset assumptions for the non-U.S. plans were determined on a plan-by-plan basis based on the composition of assets and ranged from 1.1% to 6.0% and 1.3% to 7.1% in 2015 and 2014 , respectively, with a weighted average rate of return assumption of 4.0% and 4.8% in 2015 and 2014 , respectively. Plan Assets The U.S. plan’s goal is to maintain between 60% and 70% of its assets in equity portfolios, which are invested in individual equity securities or funds that are expected to mirror broad market returns for equity securities or in assets with characteristics similar to equity investments, such as venture capital funds and partnerships. Asset holdings are periodically rebalanced when equity holdings are outside this range. The balance of the U.S. plan asset portfolio is invested in bond funds, real estate funds, various absolute and real return funds and private equity funds. Non-U.S. plan assets are invested in various insurance contracts, equity and debt securities as determined by the administrator of each plan. The value of the plan assets directly affects the funded status of the Company’s pension plans recorded in the consolidated financial statements. The Company has some investments that are valued using Net Asset Value (“NAV”) as the practical expedient. In addition, some of the investments valued using NAV as the practical expedient have limits on their redemption to monthly, quarterly, semiannually or annually and require up to 90 days prior written notice. These investments valued using NAV consist of mutual funds, common collective trusts, venture capital funds, partnerships, and other private investments, which allow the Company to allocate investments across a broad array of types of funds and diversify the portfolio. The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2015 , by asset category were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and equivalents $ 24.7 $ — $ — $ 24.7 Equity securities: Common stock 263.7 24.5 — 288.2 Preferred stock 2.6 — — 2.6 Fixed income securities: Corporate bonds — 119.6 — 119.6 Government issued — 80.5 — 80.5 Mutual funds 357.4 196.6 — 554.0 Insurance contracts — 119.9 — 119.9 Total $ 648.4 $ 541.1 $ — $ 1,189.5 Investments measured at NAV (a) : Mutual funds 548.4 Common collective trusts 742.5 Venture capital, partnerships and other private investments 634.8 Total assets at fair value $ 3,115.2 (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. The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2014 , by asset category were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and equivalents $ 44.6 $ — $ — $ 44.6 Common stock 174.5 24.8 — 199.3 Fixed income securities: Corporate bonds — 133.5 — 133.5 Government issued — 58.3 — 58.3 Mutual funds 391.0 189.5 — 580.5 Insurance contracts — 109.2 — 109.2 Total $ 610.1 $ 515.3 $ — $ 1,125.4 Investments measured at NAV (a) : Mutual funds 375.1 Common collective trusts 852.9 Venture capital, partnerships and other private investments 495.1 Total assets at fair value $ 2,848.5 (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. Preferred stock and certain common stock as well as mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded. Common stock, corporate bonds, U.S. government securities and mutual funds that are not traded on an active market are valued at quoted prices reported by investment brokers and dealers based on the underlying terms of the security and comparison to similar securities traded on an active market. Common/collective trusts are valued based on the plan’s interest, represented by investment units, in the underlying investments held within the trust that are traded in an active market by the trustee. Venture capital, partnerships and other private investments are valued using the NAV based on the information provided by the asset fund managers, which reflects the plan’s share of the fair value of the net assets of the investment. Depending on the nature of the assets, the underlying investments are valued using a combination of either discounted cash flows, earnings and market multiples, third party appraisals or through reference to the quoted market prices of the underlying investments held by the venture, partnership or private entity where available. Valuation adjustments reflect changes in operating results, financial condition, or prospects of the applicable portfolio company. The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methods are appropriate and consistent with the methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Expected Contributions During 2015 , the Company contributed $49 million to its U.S. defined benefit pension plan and $53 million to its non-U.S. defined benefit pension plans. During 2016 , the Company’s cash contribution requirements for its U.S. and its non-U.S. defined benefit pension plans are expected to be approximately $40 million and $55 million , respectively. The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions): U.S. Pension Plans Non-U.S. Pension Plans All Pension Plans 2016 $ 168.9 $ 53.2 $ 222.1 2017 176.5 57.4 233.9 2018 179.2 60.0 239.2 2019 179.0 59.3 238.3 2020 181.1 60.3 241.4 2021 – 2025 889.8 353.8 1,243.6 Other Matters Substantially all employees not covered by defined benefit plans are covered by defined contribution plans, which generally provide for Company funding based on a percentage of compensation. A limited number of the Company’s subsidiaries participate in multiemployer defined benefit and contribution plans, primarily outside of the United States, that require the Company to periodically contribute funds to the plan. The risks of participating in a multiemployer plan differ from the risks of participating in a single-employer plan in the following respects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be required to be borne by the remaining participating employers and (3) if the Company elects to stop participating in the plan, the Company may be required to pay the plan an amount based on the unfunded status of the plan. None of the multiemployer plans in which the Company’s subsidiaries participate are considered to be quantitatively or qualitatively significant, either individually or in the aggregate. In addition, contributions made to these plans during 2015 , 2014 and 2013 were not considered significant, either individually or in the aggregate. Expense for all defined benefit and defined contribution pension plans amounted to $232 million , $201 million and $185 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Other Postretirement Employee B
Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] | |
Other Postretirement Employee Benefit Plans | OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for some of its retired employees in the United States. Certain employees may become eligible for these benefits as they reach normal retirement age while working for the Company. The following sets forth the funded status of the domestic plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 221.4 $ 194.8 Service cost 1.1 1.1 Interest cost 8.4 10.3 Amendments, curtailments and other (3.6 ) (1.0 ) Actuarial (gain) loss (22.7 ) 33.2 Acquisitions 5.0 — Retiree contributions 3.6 3.7 Benefits paid (19.8 ) (20.7 ) Benefit obligation at end of year 193.4 221.4 Change in plan assets: Fair value of plan assets — — Funded status $ (193.4 ) $ (221.4 ) As of December 31, 2015 and 2014 , $175 million and $202 million , respectively, of the total underfunded status of the plan was recognized as long-term accrued postretirement liability since it was not expected to be funded within one year. Weighted average assumptions used to determine benefit obligations at date of measurement: 2015 2014 Discount rate 4.2 % 4.0 % Medical trend rate – initial 6.8 % 7.1 % Medical trend rate – grading period 22 years 14 years Medical trend rate – ultimate 4.5 % 4.5 % Effect of a one-percentage-point change in assumed health care cost trend rates: ($ in millions) 1% Increase 1% Decrease Effect on the total of service and interest cost components $ 0.5 $ (0.4 ) Effect on postretirement medical benefit obligation 6.6 (5.8 ) The medical trend rate used to determine the postretirement benefit obligation was 6.8% for 2015 . The rate decreases gradually to an ultimate rate of 4.5% in 2037 and remains at that level thereafter. The trend is a significant factor in determining the amounts reported. Components of net periodic benefit cost: ($ in millions) 2015 2014 Service cost $ 1.1 $ 1.1 Interest cost 8.4 10.3 Amortization of net loss 1.0 1.4 Amortization of prior service credit (3.1 ) (4.1 ) Net periodic benefit cost $ 7.4 $ 8.7 Net periodic benefit costs are included in cost of sales and selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings. As discussed in Note 10, at the end of fiscal year 2015, the Company changed the approach used to measure service and interest costs for pension and other postretirement benefits. This change does not affect the measurement of the Company’s pension or postretirement obligations. The Company has accounted for this change as a change in accounting estimate and, accordingly, has accounted for it on a prospective basis. Included in accumulated other comprehensive income (loss) as of December 31, 2015 are the following amounts that have not yet been recognized in net periodic benefit cost: unrecognized prior service credits of $27 million ( $17 million , net of tax) and unrecognized actuarial losses of $19 million ( $12 million , net of tax). The unrecognized losses and prior service credits, net, is calculated as the difference between the actuarially determined projected benefit obligation and the value of the plan assets less accrued benefit costs as of December 31, 2015 . The prior service credits and actuarial losses included in accumulated other comprehensive income (loss) and expected to be recognized in net periodic benefit costs during the year ending December 31, 2016 is $3 million ( $2 million , net of tax) and $0.2 million ( $0.1 million , net of tax), respectively. The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid in the periods indicated ($ in millions): 2016 $ 17.9 2017 17.8 2018 17.6 2019 17.2 2020 16.5 2021 – 2025 71.2 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Earnings from continuing operations before income taxes for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 United States $ 1,419.9 $ 1,346.5 $ 1,565.7 International 1,904.1 2,054.2 1,850.6 Total $ 3,324.0 $ 3,400.7 $ 3,416.3 The provision for income taxes from continuing operations for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 Current: Federal U.S. $ 468.6 $ 253.1 $ 235.4 Non-U.S. 368.3 370.9 246.4 State and local 39.7 33.8 67.6 Deferred: Federal U.S. (70.4 ) 220.0 258.3 Non-U.S. (102.2 ) (59.2 ) 13.8 State and local 21.3 39.0 4.2 Income tax provision $ 725.3 $ 857.6 $ 825.7 The provision for income taxes from discontinued operations for the years ended December 31, 2015, 2014 and 2013 was $16 million , $ 26 million and $45 million , respectively. As disclosed in Note 1, during 2015 the Company early adopted ASU 2015-17 on a prospective basis, therefore all deferred tax assets and liabilities have been classified as noncurrent in the accompanying 2015 Consolidated Balance Sheet. Noncurrent deferred tax assets and noncurrent deferred tax liabilities are included in other assets and other long-term liabilities, respectively, in the accompanying 2015 Consolidated Balance Sheet. Net deferred income tax liabilities for discontinued operations for the year ended December 31, 2014 was $59 million and is reflected in current assets, discontinued operations and other long-term liabilities, discontinued operations in the accompanying Consolidated Balance Sheet. Deferred income tax assets and liabilities, including those related to discontinued operations, as of December 31 were as follows ($ in millions): 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 27.7 $ 37.2 Inventories 107.1 94.4 Pension and postretirement benefits 415.7 363.0 Environmental and regulatory compliance 31.7 27.2 Other accruals and prepayments 405.2 331.0 Stock-based compensation expense 128.8 128.9 Tax credit and loss carryforwards 1,075.4 870.1 Valuation allowances (215.0 ) (330.5 ) Total deferred tax asset 1,976.6 1,521.3 Deferred tax liabilities: Property, plant and equipment (194.1 ) (169.3 ) Insurance, including self-insurance (1,107.3 ) (870.5 ) Basis difference in LYONs (9.1 ) (18.3 ) Goodwill and other intangibles (3,704.8 ) (2,225.4 ) Unrealized gains on marketable securities (68.0 ) (72.9 ) Total deferred tax liability (5,083.3 ) (3,356.4 ) Net deferred tax liability $ (3,106.7 ) $ (1,835.1 ) The Company evaluates the future realizability of tax credits and loss carryforwards considering the anticipated future earnings of the Company’s subsidiaries as well as tax planning strategies in the associated jurisdictions. Deferred taxes related to both continuing and discontinued operations associated with U.S. entities consist of net deferred tax liabilities of approximately $2.7 billion and $1.8 billion as of December 31, 2015 and 2014 , respectively. Deferred taxes related to both continuing and discontinued operations associated with non-U.S. entities consist of net deferred tax liabilities of $367 million and $76 million as of December 31, 2015 and 2014 , respectively. During 2015 , the Company’s valuation allowance related to both continuing and discontinued operations decreased by $115 million primarily due to write-offs of certain foreign net operating losses and corresponding valuation allowances. The Company’s valuation allowances were also reduced to reflect certain releases related to net operating losses in various foreign jurisdictions as they are now more likely than not to be realized. The effective income tax rate from continuing operations for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows: Percentage of Pretax Earnings 2015 2014 2013 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) 1.1 1.4 1.3 Foreign income taxed at lower rate than U.S. statutory rate (11.6 ) (13.8 ) (10.2 ) Resolution and expiration of statutes of limitation of uncertain tax positions (0.8 ) 1.7 (2.5 ) Foreign exchange losses (2.8 ) — — Research credits, uncertain tax positions and other 0.9 0.9 0.6 Effective income tax rate 21.8 % 25.2 % 24.2 % The Company’s effective tax rate for each of 2015 , 2014 and 2013 differs from the U.S. federal statutory rate of 35.0% due principally to the Company’s earnings outside the United States that are indefinitely reinvested and taxed at rates lower than the U.S. federal statutory rate. The effective tax rate of 21.8% in 2015 includes net tax benefits from 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 and other matters. The effective tax rate of 25.2% in 2014 includes 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. The effective tax rate of 24.2% in 2013 includes recognition of tax benefits associated with favorable resolutions of certain international and domestic uncertain tax positions and the lapse of certain statutes of limitations, partially offset by adjustments of reserve estimates related to prior period uncertain tax positions. The matters referenced above have been treated as discrete items in the periods they occurred and in the aggregate reduced the provision for income taxes by approximately 140 and 20 basis points in 2015 and 2013 , respectively, and increased the provision for income taxes by approximately 170 basis points in 2014 . The Company made income tax payments related to both continuing and discontinued operations of $584 million , $569 million and $529 million in 2015 , 2014 and 2013 , respectively. Current income tax payable related to both continuing and discontinued operations has been reduced by $147 million , $82 million , and $80 million in 2015 , 2014 and 2013 , respectively, for tax deductions attributable to stock-based compensation, of which, the excess tax benefit over the amount recorded for financial reporting purposes was $88 million , $50 million and $49 million , respectively, and has been recorded as an increase to additional paid-in capital and is reflected as a financing cash inflow in the accompanying Consolidated Statements of Cash Flows. Included in deferred income taxes related to continuing operations as of December 31, 2015 are tax benefits for U.S. and non-U.S. net operating loss carryforwards totaling $509 million (net of applicable valuation allowances of $172 million ). Certain of the losses can be carried forward indefinitely and others can be carried forward to various dates from 2016 through 2034. In addition, the Company had general business and foreign tax credit carryforwards related to continuing operations of $369 million (net of applicable valuation allowances of $25 million ) as of December 31, 2015 , which can be carried forward to various dates from 2016 to 2025. In addition, as of December 31, 2015 , the Company had $18 million of valuation allowances related to other deferred tax asset balances that are not more likely than not of being realized. As of December 31, 2015 , gross unrecognized tax benefits related to continuing operations totaled $990 million ( $905 million , net of the impact of $233 million of indirect tax benefits offset by $148 million associated with potential interest and penalties). As of December 31, 2014 , gross unrecognized tax benefits related to both continuing and discontinued operations totaled $728 million ( $687 million , net of the impact of $172 million of indirect tax benefits offset by $131 million associated with potential interest and penalties). The Company recognized approximately $39 million , $44 million and $43 million in potential interest and penalties related to both continuing and discontinued operations associated with uncertain tax positions during 2015 , 2014 and 2013 , respectively. To the extent unrecognized tax benefits (including interest and penalties) are not assessed with respect to uncertain tax positions, approximately $900 million would be reduced and reflected as a reduction of the overall income tax provision. Unrecognized tax benefits and associated accrued interest and penalties are included in taxes, income and other in accrued expenses as detailed in Note 8. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties related to both continuing and discontinued operations, is as follows ($ in millions): 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 728.5 $ 689.0 $ 613.2 Additions based on tax positions related to the current year 73.3 91.5 47.8 Additions for tax positions of prior years 135.3 172.5 166.9 Reductions for tax positions of prior years (10.0 ) (43.7 ) (57.4 ) Acquisitions and other 140.6 36.6 18.2 Lapse of statute of limitations (26.3 ) (36.3 ) (96.1 ) Settlements (18.9 ) (149.7 ) (3.8 ) Effect of foreign currency translation (32.3 ) (31.4 ) 0.2 Unrecognized tax benefits, end of year $ 990.2 $ 728.5 $ 689.0 The Company conducts business globally, and files numerous consolidated and separate income tax returns in the United States federal, state and foreign jurisdictions. The countries in which the Company has a significant presence that have significantly lower statutory tax rates than the United States include China, Denmark, Germany, Singapore, Switzerland and the United Kingdom. The Company’s ability to obtain a tax benefit from lower statutory tax rates outside of the United States is dependent on its levels of taxable income in these foreign countries and the amount of foreign earnings which are indefinitely reinvested in those countries. The Company believes that a change in the statutory tax rate of any individual foreign country would not have a material effect on the Company’s consolidated financial statements given the geographic dispersion of the Company’s taxable income. The Company and its subsidiaries are routinely examined by various domestic and international taxing authorities. The Internal Revenue Service (“IRS”) has completed examinations of certain of the Company’s federal income tax returns through 2009 and is currently examining certain of the Company’s federal income tax returns for 2010 through 2013. In addition, the Company has subsidiaries in Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Italy, Japan, Singapore, Sweden, the United Kingdom and various other countries, states and provinces that are currently under audit for years ranging from 2003 through 2014. Tax authorities in Denmark have raised significant issues related to interest accrued by certain of the Company’s subsidiaries. On December 10, 2013, the Company received assessments from the Danish tax authority (“SKAT”) totaling approximately DKK 1.2 billion (approximately $180 million based on exchange rates as of December 31, 2015) including interest through December 31, 2015, imposing withholding tax relating to interest accrued in Denmark on borrowings from certain of the Company’s subsidiaries for the years 2004-2009. If the SKAT claims are successful, it is likely that the Company would be assessed additional amounts for years 2010-2012 totaling approximately DKK 700 million (approximately $102 million based on exchange rates as of December 31, 2015). Management believes the positions the Company has taken in Denmark are in accordance with the relevant tax laws and intends to vigorously defend its positions. The Company appealed these assessments with the National Tax Tribunal in 2014 and intends on pursuing this matter through the European Court of Justice should this appeal be unsuccessful. The ultimate resolution of this matter is uncertain, could take many years, and could result in a material adverse impact to the Company’s financial statements, including its effective tax rate. As previously disclosed, German tax authorities had raised issues related to the deductibility and taxability of interest accrued by certain of the Company’s subsidiaries. In the fourth quarter of 2014, the Company entered into a settlement agreement with the German tax authorities to resolve these open matters through 2014. The Company recorded €49 million (approximately $60 million based on exchange rates as of December 31, 2014) of expense for taxes and interest related to this settlement during the fourth quarter of 2014. Management estimates that it is reasonably possible that the amount of unrecognized tax benefits related to continuing operations may be reduced by approximately $125 million within 12 months as a result of resolution of worldwide tax matters, payments of tax audit settlements and/or statute expirations. The Company operates in various non-U.S. jurisdictions where income tax incentives and rulings have been granted for specific periods of time. In Switzerland, the Company has various tax rulings and tax holiday arrangements which reduce the overall effective tax rate of the Company. The tax holidays expire between 2018 and 2020. In Singapore, the Company operates under various tax incentive agreements that provide for reduced tax rates. Subject to the Company satisfying certain requirements, the agreements expire in the years 2019 and 2022. The Company has satisfied the conditions enumerated in these agreements to date. These tax benefits are not material to the Company’s consolidated financial statements in 2015, 2014, or 2013. As of December 31, 2015 , the Company held $755 million of cash and cash equivalents outside of the United States. While repatriation of some cash held outside the United States may be restricted by local laws, most of the Company’s foreign cash balances could be repatriated to the United States but, under current law, could be subject to U.S. federal income taxes, less applicable foreign tax credits. For most of its foreign subsidiaries, the Company makes an election regarding the amount of earnings intended for indefinite reinvestment, with the balance available to be repatriated to the United States. A deferred tax liability has been accrued for the funds that are available to be repatriated to the United States. No provisions for U.S. income taxes have been made with respect to earnings that are planned to be reinvested indefinitely outside the United States, and the amount of U.S. income taxes that may be applicable to such earnings is not readily determinable given the various tax planning alternatives the Company could employ if it repatriated these earnings. The cash that the Company’s foreign subsidiaries hold for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions. As of December 31, 2015 , the total amount of earnings planned to be reinvested indefinitely and the basis difference in investments outside of the United States for which deferred taxes have not been provided was approximately $23.5 billion . |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income | OTHER INCOME Other income for the years ended December 31 consists of the following ($ in millions): 2015 2014 2013 Gain on sale of marketable equity securities $ 12.4 $ 122.6 $ 201.5 Gain on sale of unconsolidated joint venture — — 229.8 Gain on sale of a product line — 33.9 — Total $ 12.4 $ 156.5 $ 431.3 During 2015 , the Company received cash proceeds of $43 million from the sale of certain marketable equity securities and recorded a pretax gain related to these sales of $12 million ( $8 million after-tax or $0.01 per diluted share). During 2014, the Company received cash proceeds of $167 million from the sale of certain marketable equity securities and recorded a pretax gain related to these sales of $123 million ( $77 million after-tax or $0.11 per diluted share). During the fourth quarter of 2013, the Company sold 5 million of the 8 million shares of Align Technology, Inc. (“Align”) common stock that the Company received in 2009 as a result of a settlement between Align and Ormco Corporation, a wholly-owned subsidiary of the Company. The Company received cash proceeds of $251 million from the sale of these marketable equity securities and recorded a pretax gain of $202 million ( $125 million after-tax or $0.18 per diluted share). Refer to Note 3 for information related to the $34 million gain on the Company’s divestiture of its EVS/hybrid product line in 2014 and the $230 million gain on the sale of the Company’s equity interest in Apex in 2013. |
Restructuring And Other Related
Restructuring And Other Related Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring And Other Related Charges | RESTRUCTURING AND OTHER RELATED CHARGES During 2015 , the Company recorded pretax restructuring and other related charges totaling $122 million . Substantially all restructuring activities initiated in 2015 were completed by December 31, 2015 resulting in $92 million of employee severance and related charges, $18 million of facility exit and other related charges and $12 million related to an impairment of a trade name within the Environmental segment. The Company expects substantially all cash payments associated with remaining termination benefits will be paid during 2016 . During 2014 , the Company recorded pretax restructuring and other related charges totaling $130 million . Substantially all planned restructuring activities related to the 2014 plans were completed by December 31, 2014 resulting in approximately $103 million of employee severance and related charges and $27 million of facility exit and other related charges. During 2013 , the Company recorded pretax restructuring and other related charges totaling $101 million . Substantially all planned restructuring activities related to the 2013 plans were completed by December 31, 2013 resulting in approximately $76 million of employee severance and related charges and $25 million of facility exit and other related charges. The nature of the Company’s restructuring and related activities initiated in 2015 , 2014 and 2013 were broadly consistent throughout the Company’s reportable segments and focused on improvements in operational efficiency through targeted workforce reductions and facility consolidations and closures. These costs were incurred to position the Company to provide superior products and services to its customers in a cost efficient manner, and taking into consideration broad economic uncertainties. In conjunction with the closing of facilities, certain inventory was written off as unusable in future operating locations. This inventory consisted primarily of component parts and raw materials, which were either redundant to inventory at the facilities being merged or were not economically feasible to relocate since the inventory was purchased to operate on equipment and tooling which was not being relocated. In addition, asset impairment charges have been recorded to reduce the carrying amounts of the long-lived assets that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets. Restructuring and other related charges recorded for the years ended December 31 by segment were as follows ($ in millions): 2015 2014 2013 Test & Measurement $ 7.4 $ 10.7 $ 8.3 Environmental 13.9 27.9 7.4 Life Sciences & Diagnostics 61.2 50.2 36.1 Dental 25.3 21.4 13.3 Industrial Technologies 14.0 20.2 35.6 Total $ 121.8 $ 130.4 $ 100.7 The table below summarizes the Company’s accrual balance and utilization by type of restructuring cost associated with the 2015 and 2014 actions ($ in millions): Balance as of January 1, 2014 Costs Incurred Paid/ Settled Balance as of December 31, 2014 Costs Incurred Paid/ Settled Balance as of December 31, 2015 Employee severance and related $ 70.7 $ 103.3 $ (77.9 ) $ 96.1 $ 92.3 $ (112.4 ) $ 76.0 Facility exit and related 14.9 27.1 (26.5 ) 15.5 29.5 (30.1 ) 14.9 Total $ 85.6 $ 130.4 $ (104.4 ) $ 111.6 $ 121.8 $ (142.5 ) $ 90.9 The restructuring and other related charges incurred during 2015 include cash charges of $106 million and $16 million of noncash charges. The restructuring and other related charges incurred during 2014 and 2013 include cash charges of $119 million and $95 million and $11 million and $6 million of noncash charges, respectively. These charges are reflected in the following captions in the accompanying Consolidated Statements of Earnings ($ in millions): 2015 2014 2013 Cost of sales $ 37.8 $ 38.1 $ 26.0 Selling, general and administrative expenses 84.0 92.3 74.7 Total $ 121.8 $ 130.4 $ 100.7 |
Leases And Commitments
Leases And Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases And Commitments | LEASES AND COMMITMENTS The Company’s operating leases extend for varying periods of time up to 20 years and, in some cases, contain renewal options that would extend existing terms beyond 20 years. Future minimum rental payments for all operating leases having initial or remaining noncancelable lease terms in excess of one year are $205 million in 2016 , $165 million in 2017 , $125 million in 2018 , $97 million in 2019 , $74 million in 2020 and $112 million thereafter. Total rent expense for all operating leases was $261 million , $226 million and $243 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company generally accrues estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty periods depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, January 1, 2014 $ 140.1 Accruals for warranties issued during the year 136.1 Settlements made (138.1 ) Additions due to acquisitions 4.6 Effect of foreign currency translation (5.1 ) Balance, December 31, 2014 137.6 Accruals for warranties issued during the year 116.9 Settlements made (123.8 ) Additions due to acquisitions 7.6 Effect of foreign currency translation (3.2 ) Balance, December 31, 2015 $ 135.1 |
Litigation And Contingencies
Litigation And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingency [Abstract] | |
Litigation And Contingencies | LITIGATION AND CONTINGENCIES The Company is, from time to time, subject to a variety of litigation and other legal and regulatory proceedings incidental to its business (or the business operations of previously owned entities). These matters primarily involve claims for damages arising out of the use of the Company’s products, software and services and claims relating to intellectual property matters, employment matters, tax matters, commercial disputes, competition and sales and trading practices, environmental matters, personal injury, insurance coverage and acquisition or divestiture related matters, as well as regulatory investigations or enforcement. The Company may also become subject to lawsuits as a result of past or future acquisitions or as a result of liabilities retained from, or representations, warranties or indemnities provided in connection with, divested businesses. Some of these lawsuits may include claims for punitive, consequential and/or compensatory damages, as well as injunctive relief. Based upon the Company’s experience, current information and applicable law, it does not believe it is reasonably possible that any amounts it may be required to pay in connection with litigation and other legal and regulatory proceedings in excess of its reserves as of December 31, 2015 will have a material effect on its consolidated financial statements. While the Company maintains general, products, property, workers’ compensation, automobile, cargo, aviation, crime, fiduciary and directors’ and officers’ liability insurance (and has acquired rights under similar policies in connection with certain acquisitions) up to certain limits that cover certain of these claims, this insurance may be insufficient or unavailable to cover such losses. For general, products and property liability and most other insured risks, the Company purchases outside insurance coverage only for severe losses and must establish and maintain reserves with respect to amounts within the self-insured retention. In addition, while the Company believes it is entitled to indemnification from third parties for some of these claims, these rights may also be insufficient or unavailable to cover such losses. The Company records a liability in the consolidated financial statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed. The Company’s reserves consist of specific reserves for individual claims and additional amounts for anticipated developments of these claims as well as for incurred but not yet reported claims. The specific reserves for individual known claims are quantified with the assistance of legal counsel and outside risk professionals where appropriate. In addition, outside risk professionals assist in the determination of reserves for incurred but not yet reported claims through evaluation of the Company’s specific loss history, actual claims reported and industry trends among statistical and other factors. Reserve estimates may be adjusted as additional information regarding a claim becomes known. Because most contingencies are resolved over long periods of time, liabilities may change in the future due to new developments (including litigation developments, the discovery of new facts, changes in legislation and outcomes of similar cases), changes in assumptions or changes in the Company’s settlement strategy. While the Company actively pursues financial recoveries from insurance providers and indemnifying parties, it does not recognize any recoveries until realized or until such time as a sustained pattern of collections is established related to historical matters of a similar nature and magnitude. If the Company’s self-insurance and litigation reserves prove inadequate, it would be required to incur an expense equal to the amount of the loss incurred in excess of the reserves, which would adversely affect the Company’s financial statements. Refer to Note 8 for information about the amount of the Company’s accruals for self-insurance and litigation liability. In addition, the Company’s operations, products and services are subject to environmental laws and regulations in various jurisdictions, which impose limitations on the discharge of pollutants into the environment and establish standards for the generation, use, treatment, storage and disposal of hazardous and non-hazardous wastes. A number of the Company’s operations involve the handling, manufacturing, use or sale of substances that are or could be classified as hazardous materials within the meaning of applicable laws. The Company must also comply with various health and safety regulations in both the United States and abroad in connection with the Company’s operations. Compliance with these laws and regulations has not had and, based on current information and the applicable laws and regulations currently in effect, is not expected to have a material effect on the Company’s capital expenditures, earnings or competitive position, and the Company does not anticipate material capital expenditures for environmental control facilities. In addition to environmental compliance costs, the Company from time to time incurs costs related to alleged damages associated with past or current waste disposal practices or other hazardous materials handling practices. For example, generators of hazardous substances found in disposal sites at which environmental problems are alleged to exist, as well as the current and former owners of those sites and certain other classes of persons, are subject to claims brought by state and federal regulatory agencies pursuant to statutory authority. The Company has received notification from the U.S. Environmental Protection Agency, and from state and non-U.S. environmental agencies, that conditions at certain sites where the Company and others previously disposed of hazardous wastes and/or are or were property owners require clean-up and other possible remedial action, including sites where the Company has been identified as a potentially responsible party under U.S. federal and state environmental laws. The Company has projects underway at a number of current and former facilities, in both the United States and abroad, to investigate and remediate environmental contamination resulting from past operations. Remediation activities generally relate to soil and/or groundwater contamination and may include pre-remedial activities such as fact-finding and investigation, risk assessment, feasibility study and/or design, as well as remediation actions such as contaminant removal, monitoring and/or installation, operation and maintenance of longer-term remediation systems. The Company is also from time to time party to personal injury or other claims brought by private parties alleging injury due to the presence of, or exposure to, hazardous substances. The Company has recorded a provision for environmental investigation and remediation and environmental-related claims with respect to sites owned or formerly owned by the Company and its subsidiaries and third party sites where the Company has been determined to be a potentially responsible party. The Company generally makes an assessment of the costs involved for its remediation efforts based on environmental studies, as well as its prior experience with similar sites. The ultimate cost of site cleanup is difficult to predict given the uncertainties of the Company’s involvement in certain sites, uncertainties regarding the extent of the required cleanup, the availability of alternative cleanup methods, variations in the interpretation of applicable laws and regulations, the possibility of insurance recoveries with respect to certain sites and the fact that imposition of joint and several liability with right of contribution is possible under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and other environmental laws and regulations. If the Company determines that potential liability for a particular site or with respect to a personal injury claim is known or considered probable and reasonably estimable, the Company accrues the total estimated loss, including investigation and remediation costs, associated with the site or claim. As of December 31, 2015 , the Company had a reserve of $126 million for environmental matters which are known or considered probable and reasonably estimable (of which $82 million are noncurrent), which reflects the Company’s best estimate of the costs to be incurred with respect to such matters. All reserves have been recorded without giving effect to any possible future third party recoveries. While the Company actively pursues insurance recoveries, as well as recoveries from other potentially responsible parties, it does not recognize any insurance recoveries for environmental liability claims until realized or until such time as a sustained pattern of collections is established related to historical matters of a similar nature and magnitude. The Company’s Restated Certificate of Incorporation requires it to indemnify to the full extent authorized or permitted by law any person made, or threatened to be made a party to any action or proceeding by reason of his or her service as a director or officer of the Company, or by reason of serving at the request of the Company as a director or officer of any other entity, subject to limited exceptions. Danaher’s Amended and Restated By-laws provide for similar indemnification rights. In addition, Danaher has executed with each director and executive officer of Danaher Corporation an indemnification agreement which provides for substantially similar indemnification rights and under which Danaher has agreed to pay expenses in advance of the final disposition of any such indemnifiable proceeding. While the Company maintains insurance for this type of liability, a significant deductible applies to this coverage and any such liability could exceed the amount of the insurance coverage. As of December 31, 2015 and 2014 , the Company had approximately $581 million and $433 million , respectively, of guarantees consisting primarily of outstanding standby letters of credit, bank guarantees and performance and bid bonds. These guarantees have been provided in connection with certain arrangements with vendors, customers, financing counterparties and governmental entities to secure the Company’s obligations and/or performance requirements related to specific transactions. The Company believes that if the obligations under these instruments were triggered, it would not have a material effect on its consolidated financial statements. |
Stock Transactions and Stock-Ba
Stock Transactions and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Transactions and Stock-Based Compensation | STOCK TRANSACTIONS AND STOCK-BASED COMPENSATION On July 16, 2013, the Company’s Board of Directors approved a new repurchase program (the “Repurchase Program”) authorizing the repurchase of up to 20 million shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions. There is no expiration date for the Repurchase Program, and the timing and amount of any shares repurchased under the program will be determined by the Company's management based on its evaluation of market conditions and other factors. The Repurchase Program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the Company's equity compensation plans (or any successor plan) and for other corporate purposes. As of December 31, 2015 , 20 million shares remained available for repurchase pursuant to the Repurchase Program. The Company expects to fund any future stock repurchases using the Company's available cash balances or proceeds from the issuance of commercial paper. Except in connection with the disposition of the Company's communications business to NetScout, neither the Company nor any “affiliated purchaser” repurchased any shares of Company common stock during 2015 , 2014 or 2013 . Refer to Note 3 for discussion of the 26 million shares of Danaher common stock tendered to and repurchased by the Company in connection with the disposition of the Company's communications business to NetScout. Stock options, RSUs and PSUs have been issued to directors, officers and other employees under the Company’s 1998 Stock Option Plan and the 2007 Stock Incentive Plan. In addition, in connection with the 2007 Tektronix acquisition and the 2015 Pall Acquisition, the Company assumed certain outstanding stock options, restricted stock and RSUs that had been awarded under the stock compensation plans of the respective, acquired businesses. These plans operate in a similar manner to the Company’s 2007 Stock Incentive Plan and 1998 Stock Option Plan, and no further equity awards will be issued under any of these acquired company stock compensation plans. The 2007 Stock Incentive Plan provides for the grant of stock options, stock appreciation rights, RSUs, restricted stock, PSUs or any other stock-based award. A total of 62 million shares of Danaher common stock have been authorized for issuance under the 2007 Stock Incentive Plan, of which no more than 19 million shares may be granted in any form other than stock options or stock appreciation rights. As of December 31, 2015 , approximately 22 million shares of the Company’s common stock remain available for issuance under the 2007 Stock Incentive Plan. In addition, the Company may grant up to 5 million shares of Danaher common stock under the 2007 Stock Incentive Plan based on the shares that were available for grant under Pall’s shareholder-approved stock compensation plan at the time the Company acquired Pall. Stock options granted under the 2007 Stock Incentive Plan, the 1998 Stock Option Plan and the Tektronix plans generally vest pro rata over a five year period and terminate 10 years from the grant date, though the specific terms of each grant are determined by the Compensation Committee of the Company’s Board (the “Compensation Committee”). The Company’s executive officers and certain other employees have been awarded options with different vesting criteria, and options granted to outside directors are fully vested as of the grant date. Option exercise prices for options granted by the Company under these plans equal the closing price of the Company’s common stock on the NYSE on the date of grant. Option exercise prices for the options outstanding under the Tektronix plans were based on the closing price of Tektronix common stock on the date of grant. In connection with the Company’s assumption of these options, the number of shares underlying each option and exercise price of each option were adjusted to reflect the substitution of the Company’s stock for the Tektronix stock underlying these awards. RSUs issued under the 2007 Stock Incentive Plan provide for the issuance of a share of the Company’s common stock at no cost to the holder. Most RSU awards granted by the Company prior to the third quarter of 2009 were granted subject to performance criteria determined by the Compensation Committee, and RSU awards granted during or after the third quarter of 2009 to members of the Company’s senior management are also subject to performance criteria. The RSUs that have been granted to employees under the 2007 Stock Incentive Plan generally provide for time-based vesting over a five year period, although certain employees have been awarded RSUs with different time-based vesting criteria, and RSUs granted to members of the Company’s senior management are also subject to performance-based vesting criteria. The RSUs that have been granted to directors under the 2007 Stock Incentive Plan vest on the earlier of the first anniversary of the grant date or the date of, and immediately prior to, the next annual meeting of the Company’s shareholders following the grant date, but the underlying shares are not issued until the earlier of the director’s death or the first day of the seventh month following the director’s retirement from the Board. Prior to vesting, RSUs granted under the 2007 Stock Incentive Plan do not have dividend equivalent rights, do not have voting rights and the shares underlying the RSUs are not considered issued and outstanding. In 2015, the Company introduced into its executive equity compensation program PSUs that vest based on the Company’s total shareholder return ranking relative to the S&P 500 Index over a three year performance period. In 2015 one-half of the annual equity awards granted to the Company’s executive officers were granted as stock options, one-quarter were granted as RSUs and one-quarter were granted as PSUs. The PSUs were issued under the Company’s 2007 Stock Incentive Plan. In connection with the NetScout transaction discussed in Note 3, the Company agreed to: (i) allow stock options held by employees of the Company’s communications business that were scheduled to vest between the closing date and August 4, 2015 to vest in accordance with their terms and remain exercisable for up to 90 days following such vesting date, and (ii) allow RSUs held by employees of the Company’s communications business that were scheduled to vest between the closing date and August 4, 2015 to vest in accordance with their terms. All other outstanding, unvested awards held by employees who transferred with the communications business were canceled and replaced by awards issued by NetScout. The related stock compensation expense for these awards in the years ended December 31, 2014 and 2013 of $6 million and $8 million , respectively, has been included in the results of discontinued operations in the accompanying Consolidated Statements of Earnings. The equity compensation awards granted by the Company generally vest only if the employee is employed by the Company (or in the case of directors, the director continues to serve on the Company Board) on the vesting date or in other limited circumstances. To cover the exercise of options and vesting of RSUs and PSUs, the Company generally issues new shares from its authorized but unissued share pool, although it may instead issue treasury shares in certain circumstances. The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the requisite service period (which is generally the vesting period but may be shorter than the vesting period if the employee becomes retirement eligible before the end of the vesting period). The fair value for RSU and restricted stock awards was calculated using the closing price of the Company’s common stock on the date of grant, adjusted for the fact that RSUs do not accrue dividends. The fair value of the PSU awards was calculated using a Monte Carlo pricing model. The fair value of the options granted was calculated using a Black-Scholes Merton option pricing model (“Black-Scholes”). The following summarizes the assumptions used in the Black-Scholes model to value options granted during the years ended December 31: 2015 2014 2013 Risk-free interest rate 1.6 – 2.2% 1.7 – 2.4% 1.0 – 2.3% Weighted average volatility 24.3 % 22.4 % 23.6 % Dividend yield 0.6 % 0.5 % 0.2 % Expected years until exercise 5.5 – 8.0 5.5 – 8.0 6.0 – 8.5 The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate of interest for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument whose maturity period equals or approximates the option’s expected term. Expected volatility is based on implied volatility from traded options on the Company’s stock and historical volatility of the Company’s stock. The dividend yield is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date. To estimate the option exercise timing used in the valuation model, in addition to considering the vesting period and contractual term of the option, the Company analyzes and considers actual historical exercise experience for previously granted options. The Company stratifies its employee population into multiple groups for option valuation and attribution purposes based upon distinctive patterns of forfeiture rates and option holding periods. The amount of stock-based compensation expense recognized during a period is also based on the portion of the awards that are ultimately expected to vest. The Company estimates pre-vesting forfeitures at the time of grant by analyzing historical data and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the total expense recognized over the vesting period will equal the fair value of awards that actually vest. The following summarizes the components of the Company’s continuing operations stock-based compensation expense for the years ended December 31 ($ in millions): 2015 2014 2013 RSUs/PSUs: Pretax compensation expense $ 92.2 $ 71.4 $ 64.6 Income tax benefit (29.6 ) (20.8 ) (19.4 ) RSU/PSU expense, net of income taxes 62.6 50.6 45.2 Stock options: Pretax compensation expense 46.8 44.1 45.0 Income tax benefit (15.0 ) (13.2 ) (13.8 ) Stock option expense, net of income taxes 31.8 30.9 31.2 Total stock-based compensation: Pretax compensation expense 139.0 115.5 109.6 Income tax benefit (44.6 ) (34.0 ) (33.2 ) Total stock-based compensation expense, net of income taxes $ 94.4 $ 81.5 $ 76.4 Stock-based compensation has been recognized as a component of selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings. As of December 31, 2015 , $171 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately two years. As of December 31, 2015 , $130 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of approximately three years. Future compensation amounts will be adjusted for any changes in estimated forfeitures. The following summarizes option activity under the Company’s stock plans (in millions, except weighted exercise price and number of years): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2013 27.4 $ 37.94 Granted 3.8 64.73 Exercised (5.1 ) 31.19 Cancelled/forfeited (1.1 ) 47.35 Outstanding as of December 31, 2013 25.0 42.93 Granted 3.9 77.37 Exercised (3.7 ) 34.98 Cancelled/forfeited (0.9 ) 61.46 Outstanding as of December 31, 2014 24.3 48.92 Granted 3.3 88.13 Exercised (6.2 ) 36.92 Cancelled/forfeited (1.3 ) 68.13 Outstanding as of December 31, 2015 20.1 $ 57.84 6 $ 705.8 Vested and expected to vest as of December 31, 2015 (a) 19.0 $ 56.98 6 $ 681.4 Vested as of December 31, 2015 9.8 $ 42.78 4 $ 492.6 (a) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options. The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2015 . The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. Options outstanding as of December 31, 2015 are summarized below (in millions, except price per share and number of years): Outstanding Exercisable Exercise Price Shares Average Exercise Price Average Remaining Life (in years) Shares Average Exercise Price $26.29 to $37.74 4.1 $ 32.92 3 4.1 $ 32.92 $37.75 to $51.08 4.3 43.92 4 3.6 42.78 $51.09 to $67.16 3.9 55.25 7 1.2 53.42 $67.17 to $82.22 4.4 73.74 8 0.8 71.65 $82.23 to $93.54 3.4 87.87 9 0.1 84.52 The aggregate intrinsic value of options exercised during the years ended December 31, 2015 , 2014 and 2013 was $313 million , $154 million and $165 million , respectively. Exercise of options during the years ended December 31, 2015 , 2014 and 2013 resulted in cash receipts of $223 million , $125 million , and $158 million , respectively. Upon exercise of the award by the employee, the Company derives a tax deduction measured by the excess of the market value over the grant price at the date of exercise. The Company realized a tax benefit of $101 million , $46 million , and $52 million in 2015 , 2014 and 2013 , respectively, related to the exercise of employee stock options. The net income tax benefit in excess of the expense recorded for financial reporting purposes (the “excess tax benefit”) has been recorded as an increase to additional paid-in capital and is reflected as a financing cash inflow in the accompanying Consolidated Statements of Cash Flows. The following summarizes information on unvested RSU and PSU activity (in millions, except weighted average grant-date fair value): Number of RSUs/PSUs Weighted Average Grant-Date Fair Value Unvested as of January 1, 2013 5.6 $ 43.29 Granted 1.5 64.83 Vested (1.4 ) 38.66 Forfeited (0.5 ) 43.90 Unvested as of December 31, 2013 5.2 51.04 Granted 1.6 76.71 Vested (1.5 ) 42.60 Forfeited (0.4 ) 58.82 Unvested as of December 31, 2014 4.9 61.64 Granted 2.2 86.72 Vested (1.6 ) 57.73 Forfeited (0.6 ) 69.54 Unvested as of December 31, 2015 4.9 73.31 The Company realized a tax benefit of $46 million , $36 million and $28 million in the years ended December 31, 2015 , 2014 and 2013 , respectively, related to the vesting of RSUs. The excess tax benefit attributable to RSUs has been recorded as an increase to additional paid-in capital and is reflected as a financing cash inflow in the accompanying Consolidated Statements of Cash Flows. In connection with the exercise of certain stock options and the vesting of RSUs previously issued by the Company, a number of shares sufficient to fund statutory minimum tax withholding requirements has been withheld from the total shares issued or released to the award holder (though under the terms of the applicable plan, the shares are considered to have been issued and are not added back to the pool of shares available for grant). During the year ended December 31, 2015 , 677 thousand shares with an aggregate value of $60 million were withheld to satisfy the requirement. During the year ended December 31, 2014 , 568 thousand shares with an aggregate value of $43 million were withheld to satisfy the requirement. The withholding is treated as a reduction in additional paid-in capital in the accompanying Consolidated Statements of Stockholders’ Equity. |
Net Earnings Per Share From Con
Net Earnings Per Share From Continuing Operations | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share From Continuing Operations | NET EARNINGS PER SHARE FROM CONTINUING OPERATIONS Basic net earnings per share (“EPS”) from continuing operations is calculated by dividing net earnings from continuing operations by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS from continuing operations is computed based on the weighted average number of common shares outstanding increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased with the proceeds from the issuance of the potentially dilutive shares. For each of the years ended December 31, 2015 , 2014 and 2013 , 2 million options to purchase shares were not included in the diluted earnings per share calculation as the impact of their inclusion would have been anti-dilutive. Information related to the calculation of net earnings from continuing operations per share of common stock is summarized as follows ($ and shares in millions, except per share amounts): Net Earnings from Continuing Operations (Numerator) Shares (Denominator) Per Share Amount For the Year Ended December 31, 2015: Basic EPS $ 2,598.7 698.1 $ 3.72 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 $ 2,600.9 708.5 $ 3.67 For the Year Ended December 31, 2014: Basic EPS $ 2,543.1 702.2 $ 3.62 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 $ 2,546.4 716.1 $ 3.56 For the Year Ended December 31, 2013: Basic EPS $ 2,590.6 696.0 $ 3.72 Adjustment for interest on convertible debentures 3.3 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 8.7 Incremental shares from assumed conversion of the convertible debentures — 6.3 Diluted EPS $ 2,593.9 711.0 $ 3.65 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company operates and reports its results in five separate business segments consisting of the Test & Measurement, Environmental, Life Sciences & Diagnostics, Dental and Industrial Technologies segments. Operating profit represents total revenues less operating expenses, excluding other expense, interest and income taxes. The identifiable assets by segment are those used in each segment’s operations. Inter-segment amounts are not significant and are eliminated to arrive at consolidated totals. Detailed segment data for the years ended December 31 is as follows ($ in millions): 2015 2014 2013 Sales: Test & Measurement $ 2,654.8 $ 2,702.1 $ 2,582.4 Environmental 3,635.4 3,547.3 3,316.9 Life Sciences & Diagnostics 8,213.1 7,185.7 6,856.4 Dental 2,736.8 2,193.1 2,094.9 Industrial Technologies 3,323.0 3,525.8 3,432.5 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 Operating profit: Test & Measurement $ 614.4 $ 573.2 $ 515.1 Environmental 782.4 705.2 696.5 Life Sciences & Diagnostics 1,088.5 1,105.9 1,009.8 Dental 370.4 304.4 304.9 Industrial Technologies 799.3 801.3 722.9 Other (185.9 ) (143.4 ) (128.7 ) Total $ 3,469.1 $ 3,346.6 $ 3,120.5 Identifiable assets: Test & Measurement $ 3,575.1 $ 3,550.9 $ 3,561.6 Environmental 3,881.7 3,824.9 3,584.5 Life Sciences & Diagnostics 29,448.7 13,743.9 13,614.7 Dental 5,906.9 6,224.3 4,095.1 Industrial Technologies 4,100.2 4,149.0 4,363.6 Other 1,309.6 3,615.2 3,519.3 Discontinued Operations — 1,883.5 1,933.4 Total $ 48,222.2 $ 36,991.7 $ 34,672.2 Depreciation and amortization: Test & Measurement $ 80.2 $ 83.5 $ 90.7 Environmental 89.8 85.7 62.7 Life Sciences & Diagnostics 660.1 539.0 517.3 Dental 132.0 85.0 83.3 Industrial Technologies 81.0 88.8 89.2 Other 8.2 7.5 7.4 Total $ 1,051.3 $ 889.5 $ 850.6 2015 2014 2013 Capital expenditures, gross: Test & Measurement $ 23.8 $ 17.0 $ 25.4 Environmental 90.8 76.1 46.5 Life Sciences & Diagnostics 399.4 391.1 386.7 Dental 53.3 24.4 30.7 Industrial Technologies 63.6 70.6 47.1 Other 2.1 1.4 1.7 Total $ 633.0 $ 580.6 $ 538.1 Operations in Geographical Areas: For the Year Ended December 31 ($ in millions) 2015 2014 2013 Sales: United States $ 9,072.9 $ 8,091.2 $ 7,613.6 China 1,989.7 1,727.5 1,612.7 Germany 1,123.5 1,182.9 1,161.5 All other (each country individually less than 5% of total sales) 8,377.0 8,152.4 7,895.3 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 Long-lived assets: United States $ 21,939.1 $ 16,888.3 $ 15,673.7 Germany 3,159.7 1,875.1 1,939.7 All other (each country individually less than 5% of total long-lived assets) 15,286.7 8,797.0 7,945.1 Total $ 40,385.5 $ 27,560.4 $ 25,558.5 Sales by Major Product Group: For the Year Ended December 31 ($ in millions) 2015 2014 2013 Analytical and physical instrumentation $ 5,760.6 $ 5,778.6 $ 5,443.6 Medical and dental products 10,962.8 9,381.6 8,958.0 Motion and industrial automation controls 1,407.0 1,554.5 1,559.1 Product identification 1,571.6 1,611.2 1,551.5 All other 861.1 828.1 770.9 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 |
Quarterly Data-Unaudited
Quarterly Data-Unaudited | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data-Unaudited | QUARTERLY DATA-UNAUDITED ($ in millions, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2015: Sales $ 4,694.7 $ 4,960.2 $ 5,023.4 $ 5,884.8 Gross profit 2,468.2 2,644.0 2,637.0 3,013.3 Operating profit 755.1 934.4 800.8 978.8 Net earnings from continuing operations 558.0 715.5 590.0 735.2 Net earnings from discontinued operations 11.8 (19.8 ) 813.3 (46.6 ) Net earnings 569.8 695.7 1,403.3 688.6 Net earnings per share from continuing operations: Basic $ 0.79 $ 1.01 $ 0.86 $ 1.07 ** Diluted $ 0.78 $ 0.99 $ 0.85 $ 1.06 ** Net earnings per share from discontinued operations: Basic $ 0.02 $ (0.03 ) $ 1.18 $ (0.07 ) ** Diluted $ 0.02 $ (0.03 ) $ 1.16 $ (0.07 ) ** Net earnings per share: Basic $ 0.81 $ 0.98 $ 2.04 $ 1.00 ** Diluted $ 0.79 * $ 0.97 * $ 2.01 $ 0.99 ** 2014: Sales $ 4,439.2 $ 4,783.5 $ 4,707.1 $ 5,224.2 Gross profit 2,286.7 2,491.1 2,452.3 2,662.5 Operating profit 738.1 875.5 866.2 866.8 Net earnings from continuing operations 544.8 667.4 681.3 649.6 Net earnings from discontinued operations 34.9 9.0 (0.7 ) 12.1 Net earnings 579.7 676.4 680.6 661.7 Net earnings per share from continuing operations: Basic $ 0.78 $ 0.95 $ 0.97 $ 0.92 Diluted $ 0.76 $ 0.94 $ 0.95 $ 0.91 Net earnings per share from discontinued operations: Basic $ 0.05 $ 0.01 $ — $ 0.02 ** Diluted $ 0.05 $ 0.01 $ — $ 0.02 Net earnings per share: Basic $ 0.83 $ 0.96 $ 0.97 $ 0.94 ** Diluted $ 0.81 $ 0.95 $ 0.95 $ 0.92 * Net earnings per share amounts do not add due to rounding. ** Net earnings per share amounts do not cross add to the full year amount due to rounding. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | DANAHER CORPORATION AND SUBSIDIARIES SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS ($ in millions) 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, 2015: Allowances deducted from asset account Allowance for doubtful accounts $ 149.3 $ 57.1 $ (7.2 ) $ 21.1 (b) $ (52.8 ) $ 167.5 Year Ended December 31, 2014: Allowances deducted from asset account Allowance for doubtful accounts $ 147.4 $ 42.8 $ (5.8 ) $ 13.3 (b) $ (48.4 ) $ 149.3 Year Ended December 31, 2013: Allowances deducted from asset account Allowance for doubtful accounts $ 148.1 $ 27.9 $ (1.6 ) $ 4.2 (b) $ (31.2 ) $ 147.4 (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. |
Business And Summary Of Signi29
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Principles | Accounting Principles —The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The consolidated financial statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on the Company’s consolidated results of operations, therefore earnings and earnings per share attributable to noncontrolling interests are not presented separately in the Company’s Consolidated Statements of Earnings. Earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses and were insignificant in all periods presented. |
Use of Estimates | Use of Estimates —The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Company bases these estimates on historical experience, the current economic environment and on various other assumptions that are believed to be reasonable under the circumstances. However, uncertainties associated with these estimates exist and actual results may differ from these estimates. |
Cash and Equivalents | Cash and Equivalents —The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. |
Accounts Receivable and Allowances for Doubtful Accounts | Accounts Receivable and Allowances for Doubtful Accounts —All trade accounts, contract and finance receivables are reported on the accompanying Consolidated Balance Sheets adjusted for any write-offs and net of allowances for doubtful accounts. The allowances for doubtful accounts represent management’s best estimate of the credit losses expected from the Company’s trade accounts, contract and finance receivable portfolios. Determination of the allowances requires management to exercise judgment about the timing, frequency and severity of credit losses that could materially affect the provision for credit losses and, therefore, net earnings. The Company regularly performs detailed reviews of its portfolios to determine if an impairment has occurred and evaluates the collectability of receivables based on a combination of various financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, past payment experience and credit bureau information. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances for doubtful accounts are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional reserves would be required. The Company does not believe that accounts receivable represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas. The Company recorded $57 million , $43 million and $28 million of expense associated with doubtful accounts for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in the Company’s trade accounts receivable and other long-term assets as of December 31, 2015 and 2014 are $315 million and $275 million of net aggregate financing receivables, respectively. All financing receivables are evaluated collectively for impairment due to the homogeneous nature of the portfolio. |
Inventory Valuation | Inventory Valuation —Inventories include the costs of material, labor and overhead. Domestic inventories are stated at the lower of cost or market primarily using the first-in, first-out (“FIFO”) method with certain businesses applying the last-in, first-out method (“LIFO”) to value inventory. Inventories held outside the United States are stated at the lower of cost or market primarily using the FIFO method. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are carried at cost. The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows: 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 Estimated useful lives are periodically reviewed and, when appropriate, changes to estimates are made prospectively. |
Investments | Investments —Investments over which the Company has a significant influence but not a controlling interest, are accounted for using the equity method of accounting. Equity investments are recorded at the amount of the Company’s initial investment and adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. All equity investments are periodically reviewed to determine if declines in fair value below cost basis are other-than-temporary. Significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees are strong indicators of other-than-temporary declines. If the decline in fair value is determined to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. Investments accounted for under the cost method are classified as available-for-sale securities and carried at market value, if readily determinable, or at cost. Gains and losses realized on the sale of these securities are accounted for using average cost. Unrealized gains or losses on securities classified as available-for-sale are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). |
Other Assets | Other Assets —Other assets principally include noncurrent financing receivables, noncurrent deferred tax assets and other investments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments —The Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivable, available-for-sale securities, obligations under trade accounts payable and short and long-term debt. Due to their short-term nature, the carrying values for cash and cash equivalents, trade accounts receivable and trade accounts payable approximate fair value. Refer to Note 7 for the fair values of the Company’s available-for-sale securities and other obligations. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets —Goodwill and other intangible assets result from the Company’s acquisition of existing businesses. In accordance with accounting standards related to business combinations, goodwill is not amortized, however, certain definite-lived identifiable intangible assets, primarily customer relationships and acquired technology, are amortized over their estimated useful lives. Intangible assets with indefinite lives are not amortized. In-process research and development (“IPR&D”) is initially capitalized at fair value and when the IPR&D project is complete, the asset is considered a finite-lived intangible asset and amortized over its estimated useful life. If an IPR&D project is abandoned, an impairment loss equal to the value of the intangible asset is recorded in the period of abandonment. The Company reviews identified intangible assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company also tests intangible assets with indefinite lives at least annually for impairment. Refer to Notes 2 and 6 for additional information about the Company’s goodwill and other intangible assets. |
Revenue Recognition | Revenue Recognition —As described above, the Company derives revenues primarily from the sale of Test & Measurement, Environmental, Life Science & Diagnostic, Dental and Industrial Technologies products and services. For revenue related to a product or service to qualify for recognition, there must be persuasive evidence of an arrangement with a customer, delivery must have occurred or the services must have been rendered, the price to the customer must be fixed and determinable and collectability of the associated fee must be reasonably assured. The Company’s principal terms of sale are FOB Shipping Point, or equivalent, and, as such, the Company primarily records revenue for product sales upon shipment. Sales arrangements entered with delivery terms that are not FOB Shipping Point are not recognized upon shipment and the delivery criteria for revenue recognition is evaluated based on the associated shipping terms and customer obligations. If any significant obligation to the customer with respect to a sales transaction remains to be fulfilled following shipment (typically installation or acceptance by the customer), revenue recognition is deferred until such obligations have been fulfilled. Returns for products sold are estimated and recorded as a reduction of revenue at the time of sale. Customer allowances and rebates, consisting primarily of volume discounts and other short-term incentive programs, are recorded as a reduction of revenue at the time of sale because these allowances reflect a reduction in the purchase price. Product returns, customer allowances and rebates are estimated based on historical experience and known trends. Revenue related to separately priced extended warranty and product maintenance agreements is deferred when appropriate and recognized as revenue over the term of the agreement. Certain of the Company’s revenues relate to operating-type lease (“OTL”) arrangements. Instrument lease revenue for OTL agreements is recognized on a straight-line basis over the life of the lease, and the costs of customer-leased instruments are recorded within property, plant and equipment in the accompanying Consolidated Balance Sheets and depreciated over the instrument’s estimated useful life. The depreciation expense is reflected in cost of sales in the accompanying Consolidated Statements of Earnings. The OTLs are generally not cancellable until after the first two years. Certain of the Company’s lease contracts are customized for larger customers and often result in complex terms and conditions that typically require significant judgment in applying the criteria used to evaluate whether the arrangement should be considered an OTL or a “sales-type” lease. A sales-type lease would result in earlier recognition of instrument revenue as compared to an OTL. Revenues for contractual arrangements consisting of multiple elements (i.e., deliverables) are recognized for the separate elements when the product or services that are part of the multiple element arrangement have value on a stand-alone basis and, in arrangements that include a general right of refund relative to the delivered element, performance of the undelivered element is considered probable and substantially in the Company’s control. Certain customer arrangements include multiple elements, typically hardware, installation, training, consulting, services and/or post contract support (“PCS”). Generally, these elements are delivered within the same reporting period, except PCS or other services, for which revenue is recognized over the service period. The Company allocates revenue to each element in the arrangement using the selling price hierarchy and based on each element’s relative selling price. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”) if available, third party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE or TPE is available. The Company considers relevant internal and external market factors in cases where the Company is required to estimate selling prices. Allocation of the consideration is determined at the arrangements’ inception. |
Shipping and Handling | Shipping and Handling —Shipping and handling costs are included as a component of cost of sales. Revenue derived from shipping and handling costs billed to customers is included in sales. |
Advertising | Advertising —Advertising costs are expensed as incurred. |
Research and Development | Research and Development —The Company conducts research and development activities for the purpose of developing new products, enhancing the functionality, effectiveness, ease of use and reliability of the Company’s existing products and expanding the applications for which uses of the Company’s products are appropriate. Research and development costs are expensed as incurred. |
Income Taxes | Income Taxes —The Company’s income tax expense represents the tax liability for the current year, the tax benefit or expense for the net change in deferred tax liabilities and assets during the year, as well as reserves for unrecognized tax benefits and return to provision adjustments. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted rates expected to be in effect during the year in which the differences reverse. Deferred tax assets generally represent items that can be used as a tax deduction or credit in the Company’s tax return in future years for which the tax benefit has already been reflected on the Company’s Consolidated Statements of Earnings. The Company establishes valuation allowances for its deferred tax assets if it is more likely than not that some or all of the deferred tax asset will not be realized. Deferred tax liabilities generally represent items that have already been taken as a deduction on the Company’s tax return but have not yet been recognized as an expense in the Company’s Consolidated Statements of Earnings. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income tax expense in the period that includes the enactment date. The Company provides for unrecognized tax benefits when, based upon the technical merits, it is “more likely than not” that an uncertain tax position will not be sustained upon examination. Judgment is required in evaluating tax positions and determining income tax provisions. The Company re-evaluates the technical merits of its tax positions and may recognize an uncertain tax benefit in certain circumstances, including when: (1) a tax audit is completed; (2) applicable tax laws change, including a tax case ruling or legislative guidance; or (3) the applicable statute of limitations expires. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions in income tax expense. Refer to Note 12 for additional information. |
Restructuring | Restructuring —The Company periodically initiates restructuring activities to appropriately position the Company’s cost base relative to prevailing economic conditions and associated customer demand as well as in connection with certain acquisitions. Costs associated with restructuring actions can include onetime termination benefits and related charges in addition to facility closure, contract termination and other related activities. The Company records the cost of the restructuring activities when the associated liability is incurred. Refer to Note 14 for additional information. |
Foreign Currency Translation | Foreign Currency Translation —Exchange rate adjustments resulting from foreign currency transactions are recognized in net earnings, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates and income statement accounts are translated at weighted average rates. Net foreign currency transaction gains or losses were not material in any of the years presented. |
Derivative Financial Instruments | Derivative Financial Instruments —The Company is neither a dealer nor a trader in derivative instruments. The Company has generally accepted the exposure to exchange rate movements without using derivative instruments to manage this risk. The Company will periodically enter into foreign currency forward contracts not exceeding 12 months to mitigate a portion of its foreign currency exchange risk and forward starting swaps to mitigate interest rate risk related to the Company’s debt. When utilized, the derivative instruments are recorded on the balance sheet as either an asset or liability measured at fair value. To the extent the foreign currency forward contract or forward starting swap qualifies as an effective hedge, changes in fair value are recognized in accumulated other comprehensive income (loss) in stockholders’ equity. The Company’s use of foreign currency forward contracts and forward starting swaps during 2015 and as of the year then ended was not significant. Refer to Note 7 for additional information |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation —The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted, including stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”), based on the fair value of the award as of the grant date. Equity-based compensation expense is recognized net of an estimated forfeiture rate on a straight-line basis over the requisite service period of the award, except that in the case of RSUs, compensation expense is recognized using an accelerated attribution method. Refer to Note 17 for additional information on the stock-based compensation plans in which certain employees of the Company participate |
Pension & Postretirement Benefit Plans | Pension and Postretirement Benefit Plans —The Company measures its pension and postretirement plans’ assets and its obligations that determine the respective plan’s funded status as of the end of the Company’s fiscal year, and recognizes an asset for a plan’s overfunded status or a liability for a plan’s underfunded status in its balance sheet. Changes in the funded status of the plans are recognized in the year in which the changes occur and reported in comprehensive income (loss). Refer to Notes 10 and 11 for additional information on the Company’s pension and postretirement plans including a discussion of the actuarial assumptions, the Company’s policy for recognizing the associated gains and losses and the method used to estimate service and interest cost components which was updated to increase the precision with which the Company determines the service and interest cost components of pension and other postretirement benefit expense. |
New Accounting Standards | New Accounting Standards —In December 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has chosen to early adopt this ASU prospectively, and therefore, the 2015 Consolidated Balance Sheet reflects the new disclosure requirements. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified which eliminates the requirement to restate prior period financial statements. The ASU requires disclosure of the nature and amount of measurement-period adjustments as well as information with respect to the portion of the adjustments recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustments to provisional amounts had been recognized as of the acquisition date. The Company has chosen to early adopt this ASU and therefore, disclosures included within these consolidated financial statements have been updated to reflect the new disclosure requirements. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. Disclosures about investments in certain entities that calculate net asset value per share are limited under the new standard to those investments for which the Plan has elected to estimate the fair value using the net asset value practical expedient. The ASU is effective for entities (other than public business entities) for fiscal years beginning after December 15, 2016, with retrospective application to all periods presented, with early adoption permitted. The Company has chosen to early adopt this ASU and therefore, disclosures included within these consolidated financial statements have been updated to reflect the new disclosure requirements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU is effective for annual and interim periods beginning after December 15, 2015 but the Company has chosen to early adopt the standard and has applied the guidance to all 2015 debt issuances. The Company did not retrospectively apply this guidance to debt offerings prior to 2015 as the impact to the consolidated financial statements was not material. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which impacts virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB deferred the effective date of the standard by one year which results in the new standard being effective for the Company at the beginning of its first quarter of fiscal year 2018. The Company is currently assessing the impact that the adoption of the new standard will have on its consolidated financial statements and related disclosures, including possible transition alternatives. |
Business And Summary Of Signi30
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Useful Lives Of Depreciable Assets | The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows: 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 Estimated useful lives are periodically reviewed and, when appropriate, changes to estimates are made prospectively. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) —Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions): Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Total Balance, January 1, 2013 $ 475.3 $ (655.7 ) $ 121.2 $ (59.2 ) Other comprehensive income (loss) before reclassifications: Increase (decrease) (62.1 ) 424.0 276.3 638.2 Income tax impact — (155.5 ) (104.5 ) (260.0 ) Other comprehensive income (loss) before reclassifications, net of income taxes (62.1 ) 268.5 171.8 378.2 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 32.0 (a) (201.5 ) (b) (169.5 ) Income tax impact — (11.5 ) 76.5 65.0 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 20.5 (125.0 ) (104.5 ) Net current period other comprehensive income (loss), net of income taxes (62.1 ) 289.0 46.8 273.7 Balance, December 31, 2013 413.2 (366.7 ) 168.0 214.5 Other comprehensive income (loss) before reclassifications: Increase (decrease) (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: Increase (decrease) (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 ) (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 Statement of Earnings (refer to Note 13 for additional details). |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Schedule of Purchase Price Allocation | The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition ($ in millions): 2015 2014 2013 Trade accounts receivable $ 593.4 $ 196.4 $ 84.8 Inventories 524.9 174.0 10.4 Property, plant and equipment 740.9 91.0 45.7 Goodwill 9,862.2 1,643.6 517.5 Other intangible assets, primarily customer relationships, trade names and technology 5,058.3 1,658.2 334.3 In-process research and development — 56.0 — Trade accounts payable (182.8 ) (54.7 ) (22.5 ) Other assets and liabilities, net (1,827.6 ) (497.6 ) (66.2 ) Assumed debt (417.0 ) (138.5 ) (21.2 ) Attributable to noncontrolling interest — — (0.3 ) Net assets acquired 14,352.3 3,128.4 882.5 Less: noncash consideration (47.3 ) — — Net cash consideration $ 14,305.0 $ 3,128.4 $ 882.5 | |
Fair Values Of The Assets Acquired And Liabilities Assumed | The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the individually significant acquisition in 2015 discussed above, and all of the other 2015 acquisitions as a group ($ in millions): Pall Others Total Trade accounts receivable $ 509.7 $ 83.7 $ 593.4 Inventories 475.5 49.4 524.9 Property, plant and equipment 713.4 27.5 740.9 Goodwill 9,556.2 306.0 9,862.2 Other intangible assets, primarily customer relationships, trade names and technology 4,798.0 260.3 5,058.3 Trade accounts payable (155.8 ) (27.0 ) (182.8 ) Other assets and liabilities, net (1,855.2 ) 27.6 (1,827.6 ) Assumed debt (416.9 ) (0.1 ) (417.0 ) Net assets acquired 13,624.9 727.4 14,352.3 Less: noncash consideration (47.3 ) — (47.3 ) Net cash consideration $ 13,577.6 $ 727.4 $ 14,305.0 | The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the individually significant acquisition in 2014 discussed above, and all of the other 2014 acquisitions as a group ($ in millions): Nobel Biocare Others Total Trade accounts receivable $ 124.9 $ 71.5 $ 196.4 Inventories 69.0 105.0 174.0 Property, plant and equipment 59.4 31.6 91.0 Goodwill 1,013.6 630.0 1,643.6 Other intangible assets, primarily customer relationships, trade names and technology 1,049.3 608.9 1,658.2 In-process research and development — 56.0 56.0 Trade accounts payable (30.8 ) (23.9 ) (54.7 ) Other assets and liabilities, net (291.0 ) (206.6 ) (497.6 ) Assumed debt (132.7 ) (5.8 ) (138.5 ) Net cash consideration $ 1,861.7 $ 1,266.7 $ 3,128.4 |
Results Of Operations If Acquisition Was Consummated | The unaudited pro forma information for the periods set forth below gives effect to the 2015 and 2014 acquisitions as if they had occurred as of January 1, 2014 . The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in millions except per share amounts): 2015 2014 Sales $ 22,491.2 $ 23,310.3 Net earnings from continuing operations 2,741.6 2,571.3 Diluted net earnings per share from continuing operations 3.87 3.60 |
Discontinued Operations, Dana32
Discontinued Operations, Danaher Separation And Other Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Discontinued Operations | The key components of income from discontinued operations for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 Sales $ 345.7 $ 759.8 $ 834.9 Cost of sales (97.7 ) (209.9 ) (219.3 ) Selling, general and administrative expenses (152.1 ) (308.0 ) (315.7 ) Research and development expenses (79.9 ) (157.2 ) (145.5 ) Interest expense (1.8 ) (3.6 ) (4.7 ) Income from discontinued operations before income taxes 14.2 81.1 149.7 Gain on disposition of discontinued operations before income taxes 760.5 — — Earnings from discontinued operations before income taxes 774.7 81.1 149.7 Income taxes (16.0 ) (25.8 ) (45.3 ) Earnings from discontinued operations, net of income taxes $ 758.7 $ 55.3 $ 104.4 The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s accompanying Consolidated Balance Sheet as of December 31, 2014 ($ in millions): Assets: Trade accounts receivable, net $ 188.0 Inventories 48.7 Property, plant and equipment, net 31.1 Goodwill 1,291.0 Other intangible assets, net 309.7 Other assets 15.0 Total assets, discontinued operations $ 1,883.5 Liabilities: Trade accounts payable $ 50.0 Accrued expenses and other liabilities 258.0 Other long-term liabilities 159.6 Total liabilities, discontinued operations $ 467.6 |
Schedule of Sale of Joint Venture | The gain is computed as the difference between the book value of the Company’s investment in Apex at the time of sale and the fair value of the consideration received in exchange, as indicated in the table below ($ in millions): Fair value of consideration received: Cash, including $66.6 of dividends received during 2013 prior to closing of sale $ 758.6 Note receivable 38.5 Total fair value of consideration received 797.1 Less: book value of investment in unconsolidated joint venture 545.6 Less: other related costs and expenses 21.7 Pretax gain on sale of unconsolidated joint venture 229.8 Income tax expense 86.2 After-tax gain on sale of unconsolidated joint venture $ 143.6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory, Net [Abstract] | |
Schedule Of Inventory | The classes of inventory as of December 31 are summarized as follows ($ in millions): 2015 2014 Finished goods $ 1,038.5 $ 903.7 Work in process 319.8 266.4 Raw materials 737.1 612.7 Total $ 2,095.4 $ 1,782.8 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions): 2015 2014 Land and improvements $ 187.7 $ 186.5 Buildings 1,234.9 1,037.3 Machinery and equipment 2,787.4 2,249.3 Customer-leased instruments 1,287.7 1,235.8 Gross property, plant and equipment 5,497.7 4,708.9 Less: accumulated depreciation (2,672.1 ) (2,537.0 ) Property, plant and equipment, net $ 2,825.6 $ 2,171.9 |
Goodwill And Other Intangible35
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward Of Goodwill | The following is a rollforward of the Company’s goodwill by segment ($ in millions): Test & Measurement Environmental Life Sciences & Diagnostics Dental Industrial Technologies Total Balance, January 1, 2014 $ 1,945.9 $ 1,851.4 $ 6,304.8 $ 2,196.6 $ 2,418.5 $ 14,717.2 Attributable to 2014 acquisitions 55.4 163.2 365.9 1,059.1 — 1,643.6 Attributable to 2014 divestitures (see Note 3) — — — — (37.3 ) (37.3 ) Foreign currency translation and other (53.9 ) (77.3 ) (325.5 ) (112.8 ) (80.8 ) (650.3 ) Balance, December 31, 2014 1,947.4 1,937.3 6,345.2 3,142.9 2,300.4 15,673.2 Attributable to 2015 acquisitions 21.3 55.6 9,740.5 7.0 37.8 9,862.2 Adjustments due to finalization of purchase price adjustments 0.5 — (11.5 ) 197.9 — 186.9 Foreign currency translation and other (25.5 ) (83.8 ) (343.8 ) (111.7 ) (87.2 ) (652.0 ) Balance, December 31, 2015 $ 1,943.7 $ 1,909.1 $ 15,730.4 $ 3,236.1 $ 2,251.0 $ 25,070.3 |
Finite Lived Intangible And Indefinite Assets By Major Class | Finite-lived intangible assets are amortized over their legal or estimated useful life. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31 ($ in millions): 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 2,212.2 $ (768.8 ) $ 1,560.7 $ (651.0 ) Customer relationships and other intangibles 6,469.5 (1,463.6 ) 4,024.7 (1,183.7 ) Total finite-lived intangibles 8,681.7 (2,232.4 ) 5,585.4 (1,834.7 ) Indefinite-lived intangibles: Trademarks and trade names 4,821.0 — 3,308.8 — Total intangibles $ 13,502.7 $ (2,232.4 ) $ 8,894.2 $ (1,834.7 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Financial Assets And Liabilities Carried At Fair Value | A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2015: Assets: Available-for-sale securities $ 342.3 $ — $ — $ 342.3 Liabilities: Deferred compensation plans — 77.4 — 77.4 December 31, 2014: Assets: Available-for-sale securities $ 257.5 $ — $ — $ 257.5 Liabilities: Deferred compensation plans — 73.1 — 73.1 |
Carrying Amounts And Fair Values Of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments as of December 31 were as follows ($ in millions): 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale securities $ 342.3 $ 342.3 $ 257.5 $ 257.5 Liabilities: Short-term borrowings 845.2 845.2 71.9 71.9 Long-term borrowings 12,025.2 12,471.4 3,401.5 3,809.1 |
Accrued Expenses And Other Li37
Accrued Expenses And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Liabilities | Accrued expenses and other liabilities as of December 31 were as follows ($ in millions): 2015 2014 Current Noncurrent Current Noncurrent Compensation and benefits $ 968.7 $ 331.9 $ 879.5 $ 328.3 Restructuring 90.9 — 111.6 — Claims, including self-insurance and litigation 117.9 86.3 127.9 86.3 Pension and postretirement benefits 112.9 1,345.4 100.1 1,303.1 Environmental and regulatory compliance 43.2 82.3 40.7 78.3 Taxes, income and other 422.3 4,191.5 589.7 2,557.1 Deferred revenue 633.7 160.4 573.1 151.8 Sales and product allowances 190.3 2.2 188.2 2.4 Warranty 122.1 13.0 124.7 12.9 Other 574.2 49.6 456.0 64.2 Total $ 3,276.2 $ 6,262.6 $ 3,191.5 $ 4,584.4 |
Financing (Tables)
Financing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components Of Debt | The components of the Company’s debt as of December 31 were as follows ($ in millions): 2015 2014 U.S. dollar-denominated commercial paper $ 920.0 $ 450.0 Euro-denominated commercial paper (€2.8 billion and €260.0 million, respectively) 3,096.9 314.6 2.3% senior unsecured notes due 2016 500.0 500.0 4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount) 122.6 129.9 Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) 544.8 — 0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) 99.7 — 1.65% senior unsecured notes due 2018 497.1 — 5.625% senior unsecured notes due 2018 500.0 500.0 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) 651.0 — 5.4% senior unsecured notes due 2019 750.0 750.0 2.4% senior unsecured notes due 2020 495.9 — 5.0% senior unsecured notes due 2020 410.7 — Zero-coupon LYONs due 2021 72.6 110.6 3.9% senior unsecured notes due 2021 600.0 600.0 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) 866.8 — 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) 541.6 — 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) 867.9 — 3.35% senior unsecured notes due 2025 495.3 — 1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount) 110.7 — 4.375% senior unsecured notes due 2045 499.3 — Other 227.5 118.3 Subtotal 12,870.4 3,473.4 Less: currently payable 845.2 71.9 Long-term debt $ 12,025.2 $ 3,401.5 |
Pension Benefit Plans (Tables)
Pension Benefit Plans (Tables) - Pension Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] | |
Funded Status Of Pension Plans | The following sets forth the funded status of the U.S. and non-U.S. plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): U.S. Pension Benefits Non-U.S. Pension Benefits 2015 2014 2015 2014 Change in pension benefit obligation: Benefit obligation at beginning of year $ 2,484.7 $ 2,281.2 $ 1,545.6 $ 1,251.0 Service cost 9.6 6.0 46.8 32.0 Interest cost 101.1 105.9 37.8 44.4 Employee contributions — — 9.3 9.6 Benefits paid and other (192.9 ) (180.7 ) (47.0 ) (48.1 ) Acquisitions 324.9 — 431.4 84.8 Actuarial (gain) loss (112.5 ) 273.8 (59.4 ) 274.4 Amendments, settlements and curtailments (11.0 ) (1.5 ) (86.0 ) 45.3 Foreign exchange rate impact — — (102.3 ) (147.8 ) Benefit obligation at end of year 2,603.9 2,484.7 1,776.2 1,545.6 Change in plan assets: Fair value of plan assets at beginning of year 1,886.3 1,926.3 962.2 834.6 Actual return on plan assets (21.3 ) 90.4 10.6 93.4 Employer contributions 49.4 51.8 53.1 61.6 Employee contributions — — 9.3 9.6 Amendments and settlements — (1.5 ) (61.8 ) 39.1 Benefits paid and other (192.9 ) (180.7 ) (47.0 ) (48.1 ) Acquisitions 171.1 — 355.8 57.0 Foreign exchange rate impact — — (59.6 ) (85.0 ) Fair value of plan assets at end of year 1,892.6 1,886.3 1,222.6 962.2 Funded status $ (711.3 ) $ (598.4 ) $ (553.6 ) $ (583.4 ) |
Weighted Average Assumptions Used To Determine Benefit Obligations And Cost | Weighted average assumptions used to determine net periodic pension cost at date of measurement: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Discount rate 4.0 % 4.8 % 2.3 % 3.6 % Expected long-term return on plan assets 7.5 % 7.5 % 4.0 % 4.8 % Rate of compensation increase N/A N/A 3.0 % 3.1 % Weighted average assumptions used to determine benefit obligations at date of measurement: U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Discount rate 4.4 % 4.0 % 2.6 % 2.3 % Rate of compensation increase 4.0 % N/A 2.9 % 3.0 % |
Components of Net Periodic Pension Cost | Components of net periodic pension cost: U.S. Pension Benefits Non-U.S. Pension Benefits ($ in millions) 2015 2014 2015 2014 Service cost $ 9.6 $ 6.0 $ 46.8 $ 32.0 Interest cost 101.1 105.9 37.8 44.4 Expected return on plan assets (136.0 ) (128.8 ) (43.1 ) (41.5 ) Amortization of prior service credit — — (0.2 ) (0.1 ) Amortization of net loss 28.9 18.4 16.6 6.8 Curtailment and settlement (gains) losses recognized (9.3 ) 0.2 (0.4 ) 0.7 Net periodic pension cost $ (5.7 ) $ 1.7 $ 57.5 $ 42.3 |
Fair Values Of Pension Plan Assets | The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2015 , by asset category were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and equivalents $ 24.7 $ — $ — $ 24.7 Equity securities: Common stock 263.7 24.5 — 288.2 Preferred stock 2.6 — — 2.6 Fixed income securities: Corporate bonds — 119.6 — 119.6 Government issued — 80.5 — 80.5 Mutual funds 357.4 196.6 — 554.0 Insurance contracts — 119.9 — 119.9 Total $ 648.4 $ 541.1 $ — $ 1,189.5 Investments measured at NAV (a) : Mutual funds 548.4 Common collective trusts 742.5 Venture capital, partnerships and other private investments 634.8 Total assets at fair value $ 3,115.2 (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. The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2014 , by asset category were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and equivalents $ 44.6 $ — $ — $ 44.6 Common stock 174.5 24.8 — 199.3 Fixed income securities: Corporate bonds — 133.5 — 133.5 Government issued — 58.3 — 58.3 Mutual funds 391.0 189.5 — 580.5 Insurance contracts — 109.2 — 109.2 Total $ 610.1 $ 515.3 $ — $ 1,125.4 Investments measured at NAV (a) : Mutual funds 375.1 Common collective trusts 852.9 Venture capital, partnerships and other private investments 495.1 Total assets at fair value $ 2,848.5 (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. |
Benefit Payments That Reflect Expected Future Service | The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions): U.S. Pension Plans Non-U.S. Pension Plans All Pension Plans 2016 $ 168.9 $ 53.2 $ 222.1 2017 176.5 57.4 233.9 2018 179.2 60.0 239.2 2019 179.0 59.3 238.3 2020 181.1 60.3 241.4 2021 – 2025 889.8 353.8 1,243.6 |
Other Postretirement Employee40
Other Postretirement Employee Benefit Plans (Tables) - Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items] | |
Funded Status Of Pension Plans | The following sets forth the funded status of the domestic plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions): 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 221.4 $ 194.8 Service cost 1.1 1.1 Interest cost 8.4 10.3 Amendments, curtailments and other (3.6 ) (1.0 ) Actuarial (gain) loss (22.7 ) 33.2 Acquisitions 5.0 — Retiree contributions 3.6 3.7 Benefits paid (19.8 ) (20.7 ) Benefit obligation at end of year 193.4 221.4 Change in plan assets: Fair value of plan assets — — Funded status $ (193.4 ) $ (221.4 ) |
Weighted Average Assumptions Used To Determine Benefit Obligations And Cost | Weighted average assumptions used to determine benefit obligations at date of measurement: 2015 2014 Discount rate 4.2 % 4.0 % Medical trend rate – initial 6.8 % 7.1 % Medical trend rate – grading period 22 years 14 years Medical trend rate – ultimate 4.5 % 4.5 % |
Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | Effect of a one-percentage-point change in assumed health care cost trend rates: ($ in millions) 1% Increase 1% Decrease Effect on the total of service and interest cost components $ 0.5 $ (0.4 ) Effect on postretirement medical benefit obligation 6.6 (5.8 ) |
Components of Net Periodic Pension Cost | Components of net periodic benefit cost: ($ in millions) 2015 2014 Service cost $ 1.1 $ 1.1 Interest cost 8.4 10.3 Amortization of net loss 1.0 1.4 Amortization of prior service credit (3.1 ) (4.1 ) Net periodic benefit cost $ 7.4 $ 8.7 |
Benefit Payments That Reflect Expected Future Service | The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid in the periods indicated ($ in millions): 2016 $ 17.9 2017 17.8 2018 17.6 2019 17.2 2020 16.5 2021 – 2025 71.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Earnings From Continuing Operations Before Income Taxes | Earnings from continuing operations before income taxes for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 United States $ 1,419.9 $ 1,346.5 $ 1,565.7 International 1,904.1 2,054.2 1,850.6 Total $ 3,324.0 $ 3,400.7 $ 3,416.3 |
Schedule Of Provision For Income Taxes | The provision for income taxes from continuing operations for the years ended December 31 were as follows ($ in millions): 2015 2014 2013 Current: Federal U.S. $ 468.6 $ 253.1 $ 235.4 Non-U.S. 368.3 370.9 246.4 State and local 39.7 33.8 67.6 Deferred: Federal U.S. (70.4 ) 220.0 258.3 Non-U.S. (102.2 ) (59.2 ) 13.8 State and local 21.3 39.0 4.2 Income tax provision $ 725.3 $ 857.6 $ 825.7 |
Schedule Of Deferred Income Tax | Deferred income tax assets and liabilities, including those related to discontinued operations, as of December 31 were as follows ($ in millions): 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 27.7 $ 37.2 Inventories 107.1 94.4 Pension and postretirement benefits 415.7 363.0 Environmental and regulatory compliance 31.7 27.2 Other accruals and prepayments 405.2 331.0 Stock-based compensation expense 128.8 128.9 Tax credit and loss carryforwards 1,075.4 870.1 Valuation allowances (215.0 ) (330.5 ) Total deferred tax asset 1,976.6 1,521.3 Deferred tax liabilities: Property, plant and equipment (194.1 ) (169.3 ) Insurance, including self-insurance (1,107.3 ) (870.5 ) Basis difference in LYONs (9.1 ) (18.3 ) Goodwill and other intangibles (3,704.8 ) (2,225.4 ) Unrealized gains on marketable securities (68.0 ) (72.9 ) Total deferred tax liability (5,083.3 ) (3,356.4 ) Net deferred tax liability $ (3,106.7 ) $ (1,835.1 ) |
Reconciliation Of The Statutory Federal Income Tax Rate To The Effective Tax Rate | The effective income tax rate from continuing operations for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows: Percentage of Pretax Earnings 2015 2014 2013 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) 1.1 1.4 1.3 Foreign income taxed at lower rate than U.S. statutory rate (11.6 ) (13.8 ) (10.2 ) Resolution and expiration of statutes of limitation of uncertain tax positions (0.8 ) 1.7 (2.5 ) Foreign exchange losses (2.8 ) — — Research credits, uncertain tax positions and other 0.9 0.9 0.6 Effective income tax rate 21.8 % 25.2 % 24.2 % |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties related to both continuing and discontinued operations, is as follows ($ in millions): 2015 2014 2013 Unrecognized tax benefits, beginning of year $ 728.5 $ 689.0 $ 613.2 Additions based on tax positions related to the current year 73.3 91.5 47.8 Additions for tax positions of prior years 135.3 172.5 166.9 Reductions for tax positions of prior years (10.0 ) (43.7 ) (57.4 ) Acquisitions and other 140.6 36.6 18.2 Lapse of statute of limitations (26.3 ) (36.3 ) (96.1 ) Settlements (18.9 ) (149.7 ) (3.8 ) Effect of foreign currency translation (32.3 ) (31.4 ) 0.2 Unrecognized tax benefits, end of year $ 990.2 $ 728.5 $ 689.0 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other income for the years ended December 31 consists of the following ($ in millions): 2015 2014 2013 Gain on sale of marketable equity securities $ 12.4 $ 122.6 $ 201.5 Gain on sale of unconsolidated joint venture — — 229.8 Gain on sale of a product line — 33.9 — Total $ 12.4 $ 156.5 $ 431.3 |
Restructuring And Other Relat43
Restructuring And Other Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring and other related charges recorded for the years ended December 31 by segment were as follows ($ in millions): 2015 2014 2013 Test & Measurement $ 7.4 $ 10.7 $ 8.3 Environmental 13.9 27.9 7.4 Life Sciences & Diagnostics 61.2 50.2 36.1 Dental 25.3 21.4 13.3 Industrial Technologies 14.0 20.2 35.6 Total $ 121.8 $ 130.4 $ 100.7 The table below summarizes the Company’s accrual balance and utilization by type of restructuring cost associated with the 2015 and 2014 actions ($ in millions): Balance as of January 1, 2014 Costs Incurred Paid/ Settled Balance as of December 31, 2014 Costs Incurred Paid/ Settled Balance as of December 31, 2015 Employee severance and related $ 70.7 $ 103.3 $ (77.9 ) $ 96.1 $ 92.3 $ (112.4 ) $ 76.0 Facility exit and related 14.9 27.1 (26.5 ) 15.5 29.5 (30.1 ) 14.9 Total $ 85.6 $ 130.4 $ (104.4 ) $ 111.6 $ 121.8 $ (142.5 ) $ 90.9 |
Schedule of Restructuring Reserve by Type of Cost | These charges are reflected in the following captions in the accompanying Consolidated Statements of Earnings ($ in millions): 2015 2014 2013 Cost of sales $ 37.8 $ 38.1 $ 26.0 Selling, general and administrative expenses 84.0 92.3 74.7 Total $ 121.8 $ 130.4 $ 100.7 |
Leases And Commitments (Tables)
Leases And Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Warranty Accrual | The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, January 1, 2014 $ 140.1 Accruals for warranties issued during the year 136.1 Settlements made (138.1 ) Additions due to acquisitions 4.6 Effect of foreign currency translation (5.1 ) Balance, December 31, 2014 137.6 Accruals for warranties issued during the year 116.9 Settlements made (123.8 ) Additions due to acquisitions 7.6 Effect of foreign currency translation (3.2 ) Balance, December 31, 2015 $ 135.1 |
Stock Transactions and Stock-45
Stock Transactions and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Assumptions Used In The Black-Scholes Model To Value Options Granted | The following summarizes the assumptions used in the Black-Scholes model to value options granted during the years ended December 31: 2015 2014 2013 Risk-free interest rate 1.6 – 2.2% 1.7 – 2.4% 1.0 – 2.3% Weighted average volatility 24.3 % 22.4 % 23.6 % Dividend yield 0.6 % 0.5 % 0.2 % Expected years until exercise 5.5 – 8.0 5.5 – 8.0 6.0 – 8.5 |
Components Of Share-Based Compensation Program | The following summarizes the components of the Company’s continuing operations stock-based compensation expense for the years ended December 31 ($ in millions): 2015 2014 2013 RSUs/PSUs: Pretax compensation expense $ 92.2 $ 71.4 $ 64.6 Income tax benefit (29.6 ) (20.8 ) (19.4 ) RSU/PSU expense, net of income taxes 62.6 50.6 45.2 Stock options: Pretax compensation expense 46.8 44.1 45.0 Income tax benefit (15.0 ) (13.2 ) (13.8 ) Stock option expense, net of income taxes 31.8 30.9 31.2 Total stock-based compensation: Pretax compensation expense 139.0 115.5 109.6 Income tax benefit (44.6 ) (34.0 ) (33.2 ) Total stock-based compensation expense, net of income taxes $ 94.4 $ 81.5 $ 76.4 |
Option Activity Under The Company's Stock Plans | . The following summarizes option activity under the Company’s stock plans (in millions, except weighted exercise price and number of years): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2013 27.4 $ 37.94 Granted 3.8 64.73 Exercised (5.1 ) 31.19 Cancelled/forfeited (1.1 ) 47.35 Outstanding as of December 31, 2013 25.0 42.93 Granted 3.9 77.37 Exercised (3.7 ) 34.98 Cancelled/forfeited (0.9 ) 61.46 Outstanding as of December 31, 2014 24.3 48.92 Granted 3.3 88.13 Exercised (6.2 ) 36.92 Cancelled/forfeited (1.3 ) 68.13 Outstanding as of December 31, 2015 20.1 $ 57.84 6 $ 705.8 Vested and expected to vest as of December 31, 2015 (a) 19.0 $ 56.98 6 $ 681.4 Vested as of December 31, 2015 9.8 $ 42.78 4 $ 492.6 (a) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options. |
Summary Of Options Outstanding | Options outstanding as of December 31, 2015 are summarized below (in millions, except price per share and number of years): Outstanding Exercisable Exercise Price Shares Average Exercise Price Average Remaining Life (in years) Shares Average Exercise Price $26.29 to $37.74 4.1 $ 32.92 3 4.1 $ 32.92 $37.75 to $51.08 4.3 43.92 4 3.6 42.78 $51.09 to $67.16 3.9 55.25 7 1.2 53.42 $67.17 to $82.22 4.4 73.74 8 0.8 71.65 $82.23 to $93.54 3.4 87.87 9 0.1 84.52 |
RSU And Restricted Stock Activity | The following summarizes information on unvested RSU and PSU activity (in millions, except weighted average grant-date fair value): Number of RSUs/PSUs Weighted Average Grant-Date Fair Value Unvested as of January 1, 2013 5.6 $ 43.29 Granted 1.5 64.83 Vested (1.4 ) 38.66 Forfeited (0.5 ) 43.90 Unvested as of December 31, 2013 5.2 51.04 Granted 1.6 76.71 Vested (1.5 ) 42.60 Forfeited (0.4 ) 58.82 Unvested as of December 31, 2014 4.9 61.64 Granted 2.2 86.72 Vested (1.6 ) 57.73 Forfeited (0.6 ) 69.54 Unvested as of December 31, 2015 4.9 73.31 |
Net Earnings Per Share From C46
Net Earnings Per Share From Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Components Of Basic And Diluted Earnings Per Share | Information related to the calculation of net earnings from continuing operations per share of common stock is summarized as follows ($ and shares in millions, except per share amounts): Net Earnings from Continuing Operations (Numerator) Shares (Denominator) Per Share Amount For the Year Ended December 31, 2015: Basic EPS $ 2,598.7 698.1 $ 3.72 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 $ 2,600.9 708.5 $ 3.67 For the Year Ended December 31, 2014: Basic EPS $ 2,543.1 702.2 $ 3.62 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 $ 2,546.4 716.1 $ 3.56 For the Year Ended December 31, 2013: Basic EPS $ 2,590.6 696.0 $ 3.72 Adjustment for interest on convertible debentures 3.3 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 8.7 Incremental shares from assumed conversion of the convertible debentures — 6.3 Diluted EPS $ 2,593.9 711.0 $ 3.65 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Results | Detailed segment data for the years ended December 31 is as follows ($ in millions): 2015 2014 2013 Sales: Test & Measurement $ 2,654.8 $ 2,702.1 $ 2,582.4 Environmental 3,635.4 3,547.3 3,316.9 Life Sciences & Diagnostics 8,213.1 7,185.7 6,856.4 Dental 2,736.8 2,193.1 2,094.9 Industrial Technologies 3,323.0 3,525.8 3,432.5 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 Operating profit: Test & Measurement $ 614.4 $ 573.2 $ 515.1 Environmental 782.4 705.2 696.5 Life Sciences & Diagnostics 1,088.5 1,105.9 1,009.8 Dental 370.4 304.4 304.9 Industrial Technologies 799.3 801.3 722.9 Other (185.9 ) (143.4 ) (128.7 ) Total $ 3,469.1 $ 3,346.6 $ 3,120.5 Identifiable assets: Test & Measurement $ 3,575.1 $ 3,550.9 $ 3,561.6 Environmental 3,881.7 3,824.9 3,584.5 Life Sciences & Diagnostics 29,448.7 13,743.9 13,614.7 Dental 5,906.9 6,224.3 4,095.1 Industrial Technologies 4,100.2 4,149.0 4,363.6 Other 1,309.6 3,615.2 3,519.3 Discontinued Operations — 1,883.5 1,933.4 Total $ 48,222.2 $ 36,991.7 $ 34,672.2 Depreciation and amortization: Test & Measurement $ 80.2 $ 83.5 $ 90.7 Environmental 89.8 85.7 62.7 Life Sciences & Diagnostics 660.1 539.0 517.3 Dental 132.0 85.0 83.3 Industrial Technologies 81.0 88.8 89.2 Other 8.2 7.5 7.4 Total $ 1,051.3 $ 889.5 $ 850.6 2015 2014 2013 Capital expenditures, gross: Test & Measurement $ 23.8 $ 17.0 $ 25.4 Environmental 90.8 76.1 46.5 Life Sciences & Diagnostics 399.4 391.1 386.7 Dental 53.3 24.4 30.7 Industrial Technologies 63.6 70.6 47.1 Other 2.1 1.4 1.7 Total $ 633.0 $ 580.6 $ 538.1 |
Schedule Of Operations In Geographical Areas | Operations in Geographical Areas: For the Year Ended December 31 ($ in millions) 2015 2014 2013 Sales: United States $ 9,072.9 $ 8,091.2 $ 7,613.6 China 1,989.7 1,727.5 1,612.7 Germany 1,123.5 1,182.9 1,161.5 All other (each country individually less than 5% of total sales) 8,377.0 8,152.4 7,895.3 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 Long-lived assets: United States $ 21,939.1 $ 16,888.3 $ 15,673.7 Germany 3,159.7 1,875.1 1,939.7 All other (each country individually less than 5% of total long-lived assets) 15,286.7 8,797.0 7,945.1 Total $ 40,385.5 $ 27,560.4 $ 25,558.5 |
Sales By Major Product Group | Sales by Major Product Group: For the Year Ended December 31 ($ in millions) 2015 2014 2013 Analytical and physical instrumentation $ 5,760.6 $ 5,778.6 $ 5,443.6 Medical and dental products 10,962.8 9,381.6 8,958.0 Motion and industrial automation controls 1,407.0 1,554.5 1,559.1 Product identification 1,571.6 1,611.2 1,551.5 All other 861.1 828.1 770.9 Total $ 20,563.1 $ 19,154.0 $ 18,283.1 |
Quarterly Data-Unaudited (Table
Quarterly Data-Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Data | ($ in millions, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2015: Sales $ 4,694.7 $ 4,960.2 $ 5,023.4 $ 5,884.8 Gross profit 2,468.2 2,644.0 2,637.0 3,013.3 Operating profit 755.1 934.4 800.8 978.8 Net earnings from continuing operations 558.0 715.5 590.0 735.2 Net earnings from discontinued operations 11.8 (19.8 ) 813.3 (46.6 ) Net earnings 569.8 695.7 1,403.3 688.6 Net earnings per share from continuing operations: Basic $ 0.79 $ 1.01 $ 0.86 $ 1.07 ** Diluted $ 0.78 $ 0.99 $ 0.85 $ 1.06 ** Net earnings per share from discontinued operations: Basic $ 0.02 $ (0.03 ) $ 1.18 $ (0.07 ) ** Diluted $ 0.02 $ (0.03 ) $ 1.16 $ (0.07 ) ** Net earnings per share: Basic $ 0.81 $ 0.98 $ 2.04 $ 1.00 ** Diluted $ 0.79 * $ 0.97 * $ 2.01 $ 0.99 ** 2014: Sales $ 4,439.2 $ 4,783.5 $ 4,707.1 $ 5,224.2 Gross profit 2,286.7 2,491.1 2,452.3 2,662.5 Operating profit 738.1 875.5 866.2 866.8 Net earnings from continuing operations 544.8 667.4 681.3 649.6 Net earnings from discontinued operations 34.9 9.0 (0.7 ) 12.1 Net earnings 579.7 676.4 680.6 661.7 Net earnings per share from continuing operations: Basic $ 0.78 $ 0.95 $ 0.97 $ 0.92 Diluted $ 0.76 $ 0.94 $ 0.95 $ 0.91 Net earnings per share from discontinued operations: Basic $ 0.05 $ 0.01 $ — $ 0.02 ** Diluted $ 0.05 $ 0.01 $ — $ 0.02 Net earnings per share: Basic $ 0.83 $ 0.96 $ 0.97 $ 0.94 ** Diluted $ 0.81 $ 0.95 $ 0.95 $ 0.92 * Net earnings per share amounts do not add due to rounding. ** Net earnings per share amounts do not cross add to the full year amount due to rounding. |
Schedule II - Valuation And Q49
Schedule II - Valuation And Qualifying Accounts Schedule II - Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS ($ in millions) 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, 2015: Allowances deducted from asset account Allowance for doubtful accounts $ 149.3 $ 57.1 $ (7.2 ) $ 21.1 (b) $ (52.8 ) $ 167.5 Year Ended December 31, 2014: Allowances deducted from asset account Allowance for doubtful accounts $ 147.4 $ 42.8 $ (5.8 ) $ 13.3 (b) $ (48.4 ) $ 149.3 Year Ended December 31, 2013: Allowances deducted from asset account Allowance for doubtful accounts $ 148.1 $ 27.9 $ (1.6 ) $ 4.2 (b) $ (31.2 ) $ 147.4 (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. |
Business And Summary Of Signi50
Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Number of segments | Reporting_Unit | 5 | ||
Charges associated with doubtful accounts | $ 57 | $ 43 | $ 28 |
Net aggregate financing receivables | $ 315 | $ 275 | |
Foreign exchange forward | |||
Derivative, term of contract | 12 months | ||
Operating-type lease arrangements | |||
Noncancellation period (in years) | 2 years |
Business And Summary Of Signi51
Business And Summary Of Significant Accounting Policies (Useful Lives Of Depreciable Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 30 years |
Leased assets and leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | Amortized over the lesser of the economic life of the asset or the term of the lease |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 10 years |
Customer-leased instruments | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 5 years |
Customer-leased instruments | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life (in years) | 7 years |
Business And Summary Of Signi52
Business And Summary Of Significant Accounting Policies (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at beginning of year | $ (1,433.7) | $ 214.5 | $ (59.2) |
Increase (decrease) | (865.1) | (1,747.7) | 638.2 |
Income tax impact | (27.6) | 160.3 | (260) |
Other comprehensive income (loss), before reclassifications, net of income taxes | (892.7) | (1,587.4) | 378.2 |
Increase (decrease) | 21.1 | (99.1) | (169.5) |
Income tax impact | (5.9) | 38.3 | 65 |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 15.2 | (60.8) | (104.5) |
Net current period other comprehensive income (loss), net of income taxes | (877.5) | (1,648.2) | 273.7 |
Balance at end of year | (2,311.2) | (1,433.7) | 214.5 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at beginning of year | (821.8) | 413.2 | 475.3 |
Increase (decrease) | (975.6) | (1,235) | (62.1) |
Income tax impact | 0 | 0 | 0 |
Other comprehensive income (loss), before reclassifications, net of income taxes | (975.6) | (1,235) | (62.1) |
Increase (decrease) | 0 | 0 | 0 |
Income tax impact | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 0 | 0 | 0 |
Net current period other comprehensive income (loss), net of income taxes | (975.6) | (1,235) | (62.1) |
Balance at end of year | (1,797.4) | (821.8) | 413.2 |
Pension and postretirement plan benefit adjustments | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at beginning of year | (727.8) | (366.7) | (655.7) |
Increase (decrease) | 69.8 | (552) | 424 |
Income tax impact | (12.3) | 175.1 | (155.5) |
Other comprehensive income (loss), before reclassifications, net of income taxes | 57.5 | (376.9) | 268.5 |
Increase (decrease) | 33.5 | 23.5 | 32 |
Income tax impact | (10.5) | (7.7) | (11.5) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 23 | 15.8 | 20.5 |
Net current period other comprehensive income (loss), net of income taxes | 80.5 | (361.1) | 289 |
Balance at end of year | (647.3) | (727.8) | (366.7) |
Unrealized gain (loss) on available-for-sale securities | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at beginning of year | 115.9 | 168 | 121.2 |
Increase (decrease) | 40.7 | 39.3 | 276.3 |
Income tax impact | (15.3) | (14.8) | (104.5) |
Other comprehensive income (loss), before reclassifications, net of income taxes | 25.4 | 24.5 | 171.8 |
Increase (decrease) | (12.4) | (122.6) | (201.5) |
Income tax impact | 4.6 | 46 | 76.5 |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | (7.8) | (76.6) | (125) |
Net current period other comprehensive income (loss), net of income taxes | 17.6 | (52.1) | 46.8 |
Balance at end of year | $ 133.5 | $ 115.9 | $ 168 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, € in Millions, SFr in Millions, $ in Millions | Dec. 31, 2015CHF (SFr) | Dec. 08, 2015USD ($) | Sep. 15, 2015USD ($) | Aug. 31, 2015USD ($)$ / shares | Jul. 08, 2015USD ($) | Jul. 08, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Reporting_UnitBusiness | Jul. 31, 2015USD ($) | Dec. 31, 2014USD ($)Business | Dec. 31, 2013USD ($)Business | Dec. 31, 2013EUR (€)Business |
Business Acquisition [Line Items] | ||||||||||||||
Assumed debt | $ 138.5 | $ 138.5 | $ 417 | $ 138.5 | $ 21.2 | |||||||||
Goodwill | 9,862.2 | 1,643.6 | 517.5 | |||||||||||
Net cash consideration | $ 14,305 | 3,128.4 | 882.5 | |||||||||||
Number of segments | Reporting_Unit | 5 | |||||||||||||
Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, share price | $ / shares | $ 127.20 | |||||||||||||
Business combination, consideration transferred | $ 13,600 | |||||||||||||
Assumed debt | 417 | $ 416.9 | ||||||||||||
Cash acquired from acquisition | 1,200 | |||||||||||||
Revenue reported by acquired entity for last annual period | $ 2,800 | |||||||||||||
Goodwill | 9,600 | 9,556.2 | ||||||||||||
Payments to acquire businesses, gross | 2,500 | |||||||||||||
Net cash consideration | 13,577.6 | |||||||||||||
Transaction costs | 47 | |||||||||||||
Nobel Biocare | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Assumed debt | 132.7 | 132.7 | 132.7 | |||||||||||
Revenue reported by acquired entity for last annual period | 780 | € 567 | ||||||||||||
Goodwill | 1,000 | 1,013.6 | ||||||||||||
Net cash consideration | 1,900 | SFr 1,900 | ||||||||||||
Transaction costs | 12 | 12 | 12 | |||||||||||
Others | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Assumed debt | $ 5.8 | $ 5.8 | 0.1 | 5.8 | ||||||||||
Revenue reported by acquired entity for last annual period | 375 | 420 | 300 | |||||||||||
Goodwill | $ 306 | $ 630 | $ 518 | |||||||||||
Number of businesses acquired | Business | 11 | 16 | 12 | 12 | ||||||||||
Net cash consideration | $ 727.4 | $ 1,300 | $ 883 | |||||||||||
Commercial paper | Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds from debt | $ 8,100 | |||||||||||||
Euro-denominated senior unsecured notes | Senior notes | Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds from debt | $ 3,000 | € 2,700 | ||||||||||||
U.S. dollar-denominated senior unsecured notes | Senior notes | Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds from debt | $ 2,000 | |||||||||||||
Swiss franc-denominated senior unsecured bonds | Bonds | Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net proceeds from debt | SFr 755 | $ 732 | ||||||||||||
Fair value adjustment to inventory | Pall Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 91 | |||||||||||||
Fair value adjustment to inventory | Nobel Biocare | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 20 | $ 5 |
Acquisitions (Schedule of Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Trade accounts receivable | $ 593.4 | $ 196.4 | $ 84.8 |
Inventories | 524.9 | 174 | 10.4 |
Property, plant and equipment | 740.9 | 91 | 45.7 |
Goodwill | 9,862.2 | 1,643.6 | 517.5 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,058.3 | 1,658.2 | 334.3 |
In-process research and development | 0 | 56 | 0 |
Trade accounts payable | (182.8) | (54.7) | (22.5) |
Other assets and liabilities, net | (1,827.6) | (497.6) | (66.2) |
Assumed debt | (417) | (138.5) | (21.2) |
Attributable to noncontrolling interest | 0 | 0 | (0.3) |
Net assets acquired | 14,352.3 | 3,128.4 | 882.5 |
Less: non-cash consideration | (47.3) | 0 | 0 |
Net cash consideration | $ 14,305 | $ 3,128.4 | $ 882.5 |
Acquisitions (Fair Values Of Th
Acquisitions (Fair Values Of The Assets Acquired And Liabilities) (Details) $ in Millions, SFr in Billions | Aug. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | $ 196.4 | $ 196.4 | $ 593.4 | $ 196.4 | $ 84.8 | ||
Inventories | 174 | 174 | 524.9 | 174 | 10.4 | ||
Property, plant and equipment | 91 | 91 | 740.9 | 91 | 45.7 | ||
Goodwill | 9,862.2 | 1,643.6 | 517.5 | ||||
Other intangible assets, primarily customer relationships, trade names and technology | 1,658.2 | 1,658.2 | 5,058.3 | 1,658.2 | |||
In-process research and development | 56 | 56 | 0 | 56 | 0 | ||
Trade accounts payable | (54.7) | (54.7) | (182.8) | (54.7) | (22.5) | ||
Other assets and liabilities, net | (497.6) | (497.6) | (1,827.6) | (497.6) | (66.2) | ||
Assumed debt | (138.5) | (138.5) | (417) | (138.5) | (21.2) | ||
Net assets acquired | 3,128.4 | 3,128.4 | 14,352.3 | 3,128.4 | 882.5 | ||
Less: non-cash consideration | (47.3) | 0 | 0 | ||||
Net cash consideration | 14,305 | 3,128.4 | 882.5 | ||||
Pall Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | 509.7 | ||||||
Inventories | 475.5 | ||||||
Property, plant and equipment | 713.4 | ||||||
Goodwill | $ 9,600 | 9,556.2 | |||||
Other intangible assets, primarily customer relationships, trade names and technology | 4,798 | ||||||
Trade accounts payable | (155.8) | ||||||
Other assets and liabilities, net | (1,855.2) | ||||||
Assumed debt | $ (417) | (416.9) | |||||
Net assets acquired | 13,624.9 | ||||||
Less: non-cash consideration | (47.3) | ||||||
Net cash consideration | 13,577.6 | ||||||
Others | |||||||
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | 71.5 | 71.5 | 83.7 | 71.5 | |||
Inventories | 105 | 105 | 49.4 | 105 | |||
Property, plant and equipment | 31.6 | 31.6 | 27.5 | 31.6 | |||
Goodwill | 306 | 630 | 518 | ||||
Other intangible assets, primarily customer relationships, trade names and technology | 608.9 | 608.9 | 260.3 | 608.9 | |||
In-process research and development | 56 | 56 | 56 | ||||
Trade accounts payable | (23.9) | (23.9) | (27) | (23.9) | |||
Other assets and liabilities, net | (206.6) | (206.6) | 27.6 | (206.6) | |||
Assumed debt | (5.8) | (5.8) | (0.1) | (5.8) | |||
Net assets acquired | 1,266.7 | 1,266.7 | 727.4 | 1,266.7 | |||
Less: non-cash consideration | 0 | ||||||
Net cash consideration | $ 727.4 | 1,300 | $ 883 | ||||
Nobel Biocare | |||||||
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | 124.9 | 124.9 | 124.9 | ||||
Inventories | 69 | 69 | 69 | ||||
Property, plant and equipment | 59.4 | 59.4 | 59.4 | ||||
Goodwill | 1,000 | 1,013.6 | |||||
Other intangible assets, primarily customer relationships, trade names and technology | 1,049.3 | 1,049.3 | 1,049.3 | ||||
In-process research and development | 0 | 0 | 0 | ||||
Trade accounts payable | (30.8) | (30.8) | (30.8) | ||||
Other assets and liabilities, net | (291) | (291) | (291) | ||||
Assumed debt | (132.7) | (132.7) | (132.7) | ||||
Net assets acquired | 1,861.7 | $ 1,861.7 | $ 1,861.7 | ||||
Net cash consideration | $ 1,900 | SFr 1.9 |
Acquisitions (Results Of Operat
Acquisitions (Results Of Operations If Acquisition Was Consummated) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Sales | $ 22,491.2 | $ 23,310.3 |
Net earnings from continuing operations | $ 2,741.6 | $ 2,571.3 |
Diluted net earnings per share from continuing operations (in dollars per share) | $ 3.87 | $ 3.60 |
Discontinued Operations, Dana57
Discontinued Operations, Danaher Separation And Other Dispositions (Discontinued Operations) (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Dec. 31, 2015 | Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Shares held as Treasury shares | 26 | |||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | $ 2,291.7 | $ 0 | $ 0 | |||
Sales | 345.7 | 759.8 | $ 834.9 | |||
Communications business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Shares held as Treasury shares | 26 | |||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares), value | $ 2,300 | |||||
Consideration of shares, number of shares received | 62.5 | |||||
Disposition of communications business, percentage of investment ownership | 60.00% | |||||
Aggregate after-tax gain on disposition | $ 47 | $ 767 | ||||
After-tax gain on disposition upon closing of transaction, per diluted share | $ 1.08 | |||||
Sales | $ 346 | $ 760 | ||||
Transition services agreement period, maximum | 12 months |
Discontinued Operations, Dana58
Discontinued Operations, Danaher Separation And Other Dispositions Discontinued Operations, Danaher Separation And Other Dispositions (Danaher Separation) (Narrative) (Details) (Details) $ in Billions | May. 13, 2015 | Dec. 31, 2015USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | ||
Separation, number of independent publicly traded companies | 2 | |
Separation, revenues of New Danaher | $ 16.5 | |
Separation, revenues of Fortive | $ 6 | |
Separation, pro rata distribution to Danaher shareholders of outstanding shares of Fortive, percentage | 100.00% |
Discontinued Operations, Dana59
Discontinued Operations, Danaher Separation And Other Dispositions Discontinued Operations, Danaher Separation And Other Dispositions (Other Dispositions) (Narrative) (Details) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 04, 2010 | Aug. 31, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Mar. 29, 2013 | Aug. 31, 2014 | Sep. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Sales | $ 5,884.8 | $ 5,023.4 | $ 4,960.2 | $ 4,694.7 | $ 5,224.2 | $ 4,707.1 | $ 4,783.5 | $ 4,439.2 | $ 20,563.1 | $ 19,154 | $ 18,283.1 | |||||||
Gain on sale of a product line | 0 | 33.9 | 0 | |||||||||||||||
Note receivable | $ 315 | $ 275 | 315 | 275 | ||||||||||||||
Pretax gain on sale of unconsolidated joint venture | $ 0 | 0 | 229.8 | |||||||||||||||
Apex | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Ownership in limited liability company | 50.00% | |||||||||||||||||
Proceeds from sale of equity method investments | $ 1,600 | |||||||||||||||||
Total fair value of consideration received | 797.1 | |||||||||||||||||
Cash received from sale of sale of investment | 758.6 | $ 758.6 | ||||||||||||||||
Dividends received prior to the closing of the sale | 66.6 | |||||||||||||||||
Note receivable | 38.5 | $ 38.5 | ||||||||||||||||
Pretax gain on sale of unconsolidated joint venture | 229.8 | $ 230 | ||||||||||||||||
After-tax gain on sale of unconsolidated joint venture | $ 143.6 | $ 144 | ||||||||||||||||
Realized gain on disposal, per diluted share | $ 0.20 | |||||||||||||||||
EVS hybrid | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Proceeds from sale of business | $ 87 | |||||||||||||||||
Sales | $ 60 | $ 100 | ||||||||||||||||
Gain on sale of a product line | $ 34 | $ 34 | ||||||||||||||||
After tax gain on disposal net of tax | $ 26 | |||||||||||||||||
After-tax gain on disposition upon closing of transaction, per diluted share | $ 0.04 |
Discontinued Operations, Dana60
Discontinued Operations, Danaher Separation And Other Dispositions (Components Of Income Related To Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Sales | $ 345.7 | $ 759.8 | $ 834.9 | ||||||||
Cost of sales | (97.7) | (209.9) | (219.3) | ||||||||
Selling, general and administrative expenses | (152.1) | (308) | (315.7) | ||||||||
Research and development expenses | (79.9) | (157.2) | (145.5) | ||||||||
Interest expense | (1.8) | (3.6) | (4.7) | ||||||||
Income from discontinued operations before income taxes | 14.2 | 81.1 | 149.7 | ||||||||
Gain on disposition of discontinued operations before income taxes | 760.5 | 0 | 0 | ||||||||
Earnings from discontinued operations before income taxes | 774.7 | 81.1 | 149.7 | ||||||||
Income taxes | (16) | (25.8) | (45.3) | ||||||||
Earnings from discontinued operations, net of income taxes | $ (46.6) | $ 813.3 | $ (19.8) | $ 11.8 | $ 12.1 | $ (0.7) | $ 9 | $ 34.9 | $ 758.7 | $ 55.3 | $ 104.4 |
Discontinued Operations, Dana61
Discontinued Operations, Danaher Separation And Other Dispositions Discontinued Operations, Danaher Separation And Other Dispositions (Summary Of Major Classes Of Assets And Liabilities Of Discontinued Operations) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Assets: | |
Trade accounts receivable, net | $ 188 |
Inventories | 48.7 |
Property, plant and equipment, net | 31.1 |
Goodwill | 1,291 |
Other intangible assets, net | 309.7 |
Other assets | 15 |
Total assets, discontinued operations | 1,883.5 |
Liabilities: | |
Trade accounts payable | 50 |
Accrued expenses and other liabilities | 258 |
Other long-term liabilities | 159.6 |
Total liabilities, discontinued operations | $ 467.6 |
Discontinued Operations, Dana62
Discontinued Operations, Danaher Separation And Other Dispositions (Sale of Joint Venture) (Table) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2013 | Feb. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Note receivable | $ 315 | $ 275 | ||||
Pretax gain on sale of unconsolidated joint venture | $ 0 | $ 0 | $ 229.8 | |||
Apex | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash, including $66.6 of dividends received during 2013 prior to the closing of the sale | $ 758.6 | $ 758.6 | ||||
Note receivable | 38.5 | 38.5 | ||||
Total fair value of consideration received | 797.1 | |||||
Less: book value of investment in unconsolidated joint venture | 545.6 | |||||
Less: other related costs and expenses | 21.7 | |||||
Pretax gain on sale of unconsolidated joint venture | 229.8 | $ 230 | ||||
Income tax expense | 86.2 | |||||
After-tax gain on sale of unconsolidated joint venture | $ 143.6 | $ 144 | ||||
Dividends received prior to the closing of the sale | $ 66.6 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Finished goods | $ 1,038.5 | $ 903.7 |
Work in process | 319.8 | 266.4 |
Raw materials | 737.1 | 612.7 |
Total | $ 2,095.4 | $ 1,782.8 |
Property, Plant And Equipment64
Property, Plant And Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 5,497.7 | $ 4,708.9 |
Less: accumulated depreciation | (2,672.1) | (2,537) |
Property, plant and equipment, net | 2,825.6 | 2,171.9 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 187.7 | 186.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 1,234.9 | 1,037.3 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 2,787.4 | 2,249.3 |
Customer-leased instruments | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 1,287.7 | $ 1,235.8 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reporting_Unit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Goodwill [Line Items] | |||
Reporting units for goodwill impairment testing | Reporting_Unit | 23 | ||
Goodwill | $ 25,070.3 | $ 15,673.2 | $ 14,717.2 |
Impairment loss | $ 0 | 0 | 0 |
Finite-lived intangible assets, weighted-average life (in years) | 14 years | ||
Total intangible amortization expense | $ 478 | $ 352 | $ 339 |
Future amortization expense, year one | 644 | ||
Future amortization expense, year two | 606 | ||
Future amortization expense, year three | 600 | ||
Future amortization expense, year four | 592 | ||
Future amortization expense, year five | 581 | ||
Minimum | |||
Goodwill [Line Items] | |||
Goodwill | 7 | ||
Maximum | |||
Goodwill [Line Items] | |||
Goodwill | $ 9,400 |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Rollforward Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Balance at beginning of year | $ 15,673.2 | $ 14,717.2 | |
Attributable to acquisitions | 9,862.2 | 1,643.6 | $ 517.5 |
Attributable to divestitures (see Note 3) | (37.3) | ||
Adjustments due to finalization of purchase price adjustments | 186.9 | ||
Foreign currency translation and other | (652) | (650.3) | |
Balance at end of year | 25,070.3 | 15,673.2 | 14,717.2 |
Operating segments | Test & Measurement | |||
Goodwill [Roll Forward] | |||
Balance at beginning of year | 1,947.4 | 1,945.9 | |
Attributable to acquisitions | 21.3 | 55.4 | |
Attributable to divestitures (see Note 3) | 0 | ||
Adjustments due to finalization of purchase price adjustments | 0.5 | ||
Foreign currency translation and other | (25.5) | (53.9) | |
Balance at end of year | 1,943.7 | 1,947.4 | 1,945.9 |
Operating segments | Environmental | |||
Goodwill [Roll Forward] | |||
Balance at beginning of year | 1,937.3 | 1,851.4 | |
Attributable to acquisitions | 55.6 | 163.2 | |
Attributable to divestitures (see Note 3) | 0 | ||
Adjustments due to finalization of purchase price adjustments | 0 | ||
Foreign currency translation and other | (83.8) | (77.3) | |
Balance at end of year | 1,909.1 | 1,937.3 | 1,851.4 |
Operating segments | Life Sciences & Diagnostics | |||
Goodwill [Roll Forward] | |||
Balance at beginning of year | 6,345.2 | 6,304.8 | |
Attributable to acquisitions | 9,740.5 | 365.9 | |
Attributable to divestitures (see Note 3) | 0 | ||
Adjustments due to finalization of purchase price adjustments | (11.5) | ||
Foreign currency translation and other | (343.8) | (325.5) | |
Balance at end of year | 15,730.4 | 6,345.2 | 6,304.8 |
Operating segments | Dental | |||
Goodwill [Roll Forward] | |||
Balance at beginning of year | 3,142.9 | 2,196.6 | |
Attributable to acquisitions | 7 | 1,059.1 | |
Attributable to divestitures (see Note 3) | 0 | ||
Adjustments due to finalization of purchase price adjustments | 197.9 | ||
Foreign currency translation and other | (111.7) | (112.8) | |
Balance at end of year | 3,236.1 | 3,142.9 | 2,196.6 |
Operating segments | Industrial Technologies | |||
Goodwill [Roll Forward] | |||
Balance at beginning of year | 2,300.4 | 2,418.5 | |
Attributable to acquisitions | 37.8 | 0 | |
Attributable to divestitures (see Note 3) | (37.3) | ||
Adjustments due to finalization of purchase price adjustments | 0 | ||
Foreign currency translation and other | (87.2) | (80.8) | |
Balance at end of year | $ 2,251 | $ 2,300.4 | $ 2,418.5 |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Finite Lived Intangible And Indefinite Assets By Major Class) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangibles, gross carrying amount | $ 8,681.7 | $ 5,585.4 |
Finite-lived intangibles, accumulated amortization | (2,232.4) | (1,834.7) |
Total intangibles | 13,502.7 | 8,894.2 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Indefinite-lived intangibles, gross carrying amount | 4,821 | 3,308.8 |
Patents and technology | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangibles, gross carrying amount | 2,212.2 | 1,560.7 |
Finite-lived intangibles, accumulated amortization | (768.8) | (651) |
Customer relationships and other intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangibles, gross carrying amount | 6,469.5 | 4,024.7 |
Finite-lived intangibles, accumulated amortization | $ (1,463.6) | $ (1,183.7) |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Carried At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Available-for-sale securities | $ 342.3 | $ 257.5 |
Liabilities: | ||
Deferred compensation plans | 77.4 | 73.1 |
Quoted Prices in Active Market (Level 1) | ||
Assets: | ||
Available-for-sale securities | 342.3 | 257.5 |
Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Deferred compensation plans | $ 77.4 | $ 73.1 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts And Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Available-for-sale securities | $ 342.3 | $ 257.5 |
Carrying Amount | ||
Assets: | ||
Available-for-sale securities | 342.3 | 257.5 |
Liabilities: | ||
Short-term borrowings | 845.2 | 71.9 |
Long-term borrowings | 12,025.2 | 3,401.5 |
Fair Value | ||
Assets: | ||
Available-for-sale securities | 342.3 | 257.5 |
Liabilities: | ||
Short-term borrowings | 845.2 | 71.9 |
Long-term borrowings | $ 12,471.4 | $ 3,809.1 |
Accrued Expenses And Other Li70
Accrued Expenses And Other Liabilities (Accrued Expenses And Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current | ||
Compensation and benefits | $ 968.7 | $ 879.5 |
Restructuring | 90.9 | 111.6 |
Claims, including self-insurance and litigation | 117.9 | 127.9 |
Pension and postretirement benefits | 112.9 | 100.1 |
Environmental and regulatory compliance | 43.2 | 40.7 |
Taxes, income and other | 422.3 | 589.7 |
Deferred revenue | 633.7 | 573.1 |
Sales and product allowances | 190.3 | 188.2 |
Warranty | 122.1 | 124.7 |
Other | 574.2 | 456 |
Total current | 3,276.2 | 3,191.5 |
Noncurrent | ||
Compensation and benefits | 331.9 | 328.3 |
Restructuring | 0 | 0 |
Claims, including self-insurance and litigation | 86.3 | 86.3 |
Pension and postretirement benefits | 1,345.4 | 1,303.1 |
Environmental and regulatory compliance | 82.3 | 78.3 |
Taxes, income and other | 4,191.5 | 2,557.1 |
Deferred revenue | 160.4 | 151.8 |
Sales and product allowances | 2.2 | 2.4 |
Warranty | 13 | 12.9 |
Other | 49.6 | 64.2 |
Total noncurrent | $ 6,262.6 | $ 4,584.4 |
Financing Financing (Financing
Financing Financing (Financing For The Pall Acquisition) (Narrative) (Details) (Details) - Pall Corporation SFr in Millions, $ in Millions, € in Billions | Dec. 31, 2015CHF (SFr) | Dec. 08, 2015USD ($) | Sep. 15, 2015USD ($) | Aug. 31, 2015USD ($) | Jul. 08, 2015USD ($) | Jul. 08, 2015EUR (€) |
Business combination, consideration transferred | $ 13,600 | |||||
Payments to acquire businesses, gross | 2,500 | |||||
Commercial paper | ||||||
Net proceeds from debt | $ 8,100 | |||||
Euro-denominated senior unsecured notes | Senior notes | ||||||
Net proceeds from debt | $ 3,000 | € 2.7 | ||||
U.S. dollar-denominated senior unsecured notes | Senior notes | ||||||
Net proceeds from debt | $ 2,000 | |||||
Swiss franc-denominated senior unsecured bonds | Bonds | ||||||
Net proceeds from debt | SFr 755 | $ 732 |
Financing Financing (Commercial
Financing Financing (Commercial Paper Program And Credit Facility) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jul. 10, 2015 | Dec. 28, 2015 | Oct. 15, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||||
Long-term debt | $ 12,870.4 | $ 3,473.4 | |||
Revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 11,000 | ||||
Consolidated leverage ratio | 0.65 | ||||
Long-term line of credit | $ 0 | ||||
Revolving credit facility | Federal funds rate | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Revolving credit facility | LIBOR-based rate | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Revolving credit facility | Long-term debt | Superseded credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | 2,500 | ||||
Revolving credit facility | Long-term debt | 5-Year Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 4,000 | ||||
Debt instrument, extension option, term | 1 year | ||||
Revolving credit facility | Short-term debt | 364-Day Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 7,000 | $ 2,000 | $ 4,000 | ||
Debt instrument, extension option, term | 1 year | ||||
Commercial paper | |||||
Line of Credit Facility [Line Items] | |||||
Commercial paper program, maximum borrowing capacity | $ 11,000 | ||||
Long-term debt weighted average interest rate | 0.20% | ||||
Long-term debt weighted average maturity | 38 days | ||||
Long-term debt | $ 4,000 |
Financing (Long-Term Indebtedne
Financing (Long-Term Indebtedness Related to Pall Acquisition) (Narrative) (Details) € in Millions, SFr in Millions, $ in Millions | Dec. 31, 2015CHF (SFr) | Dec. 08, 2015USD ($) | Sep. 15, 2015USD ($) | Jul. 08, 2015USD ($) | Jul. 08, 2015EUR (€) | Dec. 31, 2015EUR (€) | Dec. 08, 2015CHF (SFr) |
Senior notes | Floating rate senior unsecured notes due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 500 | ||||||
Senior notes | 1.0% senior unsecured notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 600 | ||||||
Interest rate of debt instrument | 1.00% | 1.00% | |||||
Senior notes | 1.7% senior unsecured notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 800 | ||||||
Interest rate of debt instrument | 1.70% | 1.70% | |||||
Senior notes | 2.5% senior unsecured notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 800 | ||||||
Interest rate of debt instrument | 2.50% | 2.50% | |||||
Senior notes | 1.65% senior unsecured notes due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of debt instrument | 1.65% | 1.65% | |||||
Senior notes | 2.4% senior unsecured notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of debt instrument | 2.40% | 2.40% | |||||
Senior notes | 3.35% senior unsecured notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of debt instrument | 3.35% | 3.35% | |||||
Senior notes | 4.375% senior unsecured notes due 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of debt instrument | 4.375% | 4.375% | |||||
Senior notes | 5.0% senior unsecured notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate of debt instrument | 5.00% | 5.00% | |||||
Bonds | 0.0% bonds due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 100 | ||||||
Interest rate of debt instrument | 0.00% | 0.00% | |||||
Bonds | 0.5% bonds due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 540 | ||||||
Interest rate of debt instrument | 0.50% | 0.50% | |||||
Bonds | 1.125% bonds due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 110 | ||||||
Interest rate of debt instrument | 1.125% | 1.125% | |||||
Pall Corporation | Senior notes | Floating rate senior unsecured notes due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 500 | ||||||
Debt instrument, redemption price, percentage | 100.00% | 100.00% | |||||
Basis spread percentage to determine floating interest rate | 0.45% | 0.45% | |||||
Pall Corporation | Senior notes | 1.0% senior unsecured notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 600 | ||||||
Debt instrument, redemption price, percentage | 99.696% | 99.696% | |||||
Interest rate of debt instrument | 1.00% | ||||||
Pall Corporation | Senior notes | 1.7% senior unsecured notes due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 800 | ||||||
Debt instrument, redemption price, percentage | 99.651% | 99.651% | |||||
Interest rate of debt instrument | 1.70% | ||||||
Pall Corporation | Senior notes | 2.5% senior unsecured notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | € 800 | ||||||
Debt instrument, redemption price, percentage | 99.878% | 99.878% | |||||
Interest rate of debt instrument | 2.50% | ||||||
Pall Corporation | Senior notes | Euro-denominated senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from debt | $ 3,000 | € 2,700 | |||||
Pall Corporation | Senior notes | 1.65% senior unsecured notes due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ | $ 500 | ||||||
Debt instrument, redemption price, percentage | 99.866% | ||||||
Interest rate of debt instrument | 1.65% | ||||||
Pall Corporation | Senior notes | 2.4% senior unsecured notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ | $ 500 | ||||||
Debt instrument, redemption price, percentage | 99.757% | ||||||
Interest rate of debt instrument | 2.40% | ||||||
Pall Corporation | Senior notes | 3.35% senior unsecured notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ | $ 500 | ||||||
Debt instrument, redemption price, percentage | 99.857% | ||||||
Interest rate of debt instrument | 3.35% | ||||||
Pall Corporation | Senior notes | 4.375% senior unsecured notes due 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ | $ 500 | ||||||
Debt instrument, redemption price, percentage | 99.784% | ||||||
Interest rate of debt instrument | 4.375% | ||||||
Pall Corporation | Senior notes | U.S. dollar-denominated senior unsecured notes | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from debt | $ | $ 2,000 | ||||||
Pall Corporation | Senior notes | 5.0% senior unsecured notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ | $ 375 | ||||||
Interest rate of debt instrument | 5.00% | ||||||
Interest rate, effective percentage | 2.90% | ||||||
Long-term borrowings, fair value | $ | $ 417 | ||||||
Pall Corporation | Bonds | 0.0% bonds due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 100 | ||||||
Debt instrument, redemption price, percentage | 100.14% | ||||||
Interest rate of debt instrument | 0.00% | ||||||
Pall Corporation | Bonds | 0.5% bonds due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 540 | ||||||
Debt instrument, redemption price, percentage | 100.924% | ||||||
Interest rate of debt instrument | 0.50% | ||||||
Pall Corporation | Bonds | 1.125% bonds due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | SFr | SFr 110 | ||||||
Debt instrument, redemption price, percentage | 101.303% | ||||||
Interest rate of debt instrument | 1.125% | ||||||
Pall Corporation | Bonds | Swiss franc-denominated senior unsecured bonds | |||||||
Debt Instrument [Line Items] | |||||||
Net proceeds from debt | SFr 755 | $ 732 |
Financing Financing (Other Long
Financing Financing (Other Long-Term Indebtedness) (Narrative) (Details) shares in Millions, SFr in Millions, $ in Millions | Dec. 31, 2015CHF (SFr)shares | Jun. 30, 2011 | Mar. 31, 2009USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2001USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||
Proceeds from borrowings (maturities longer than 90 days) | $ 5,682.9 | $ 0 | $ 0 | ||||||||
Debt issuance cost | $ 9 | ||||||||||
Senior notes | 2.3% senior unsecured notes due 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 2.30% | 2.30% | |||||||||
Debt instrument, redemption price, percentage | 99.84% | ||||||||||
Senior notes | 5.625% senior unsecured notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 5.625% | 5.625% | |||||||||
Debt instrument, redemption price, percentage | 99.39% | ||||||||||
Net proceeds from debt | $ 493 | ||||||||||
Senior notes | 5.4% senior unsecured notes due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 5.40% | 5.40% | |||||||||
Debt instrument, redemption price, percentage | 99.93% | ||||||||||
Net proceeds from debt | $ 745 | ||||||||||
Senior notes | 3.9% senior unsecured notes due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 3.90% | 3.90% | |||||||||
Debt instrument, redemption price, percentage | 99.975% | ||||||||||
Bonds | 4.0% bonds due 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 4.00% | 4.00% | |||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||||
Debt instrument, face amount | SFr | SFr 120 | ||||||||||
Long-term borrowings, fair value | SFr 127 | $ 133 | |||||||||
Interest rate, effective percentage | 0.20% | 0.20% | |||||||||
Convertible debt | Zero-coupon LYONS due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 0.00% | 2.375% | 0.00% | ||||||||
Debt instrument, face amount | $ 830 | ||||||||||
Proceeds from borrowings (maturities longer than 90 days) | 505 | ||||||||||
Repayments of long-term lines of credit | $ 100 | ||||||||||
Debt instrument, convertible, conversion ratio | 0.0290704 | ||||||||||
Debt conversion, converted instrument, shares issued | shares | 21 | 24 | |||||||||
Average market price percentage for measurement period resulting in payment of contingent interest to debt instrument holders | 120.00% | ||||||||||
Debt instrument percentage | 0.0315% | ||||||||||
Debt Instrument, periodic payment, interest | $ 1 | $ 2 | $ 1 |
Financing Financing (Covenants
Financing Financing (Covenants and Redemption Provisions Applicable to the Notes) (Narrative) (Details) | Dec. 31, 2015 | Dec. 31, 2015 |
Bonds | Swiss franc-denominated senior unsecured bonds | ||
Debt Instrument [Line Items] | ||
Debt instrument, percentage of principal amount redeemed, threshold | 85.00% | |
Bonds | 4.0% bonds due 2016 | ||
Debt Instrument [Line Items] | ||
Debt instrument, redemption price, percentage | 100.00% | |
Senior notes | ||
Debt Instrument [Line Items] | ||
Percentage of notes' principal in addition to accrued interest that redemption price must equal or be greater than if a credit downgrade or change in control occurs | 101.00% |
Financing Financing (Other) (Na
Financing Financing (Other) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Long-term debt, maturities, repayments of principal in next twelve months | $ 845 | ||
Long-term debt, maturities, repayments of principal in year two | 646 | ||
Long-term debt, maturities, repayments of principal in year three | 1,000 | ||
Long-term debt, maturities, repayments of principal in year four | 1,400 | ||
Long-term debt, maturities, repayments of principal in year five | 4,900 | ||
Long-term debt, maturities, repayments of principal after year five | 4,100 | ||
Interest paid | $ 126 | $ 118 | $ 151 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Details) € in Millions, SFr in Millions, $ in Millions | Dec. 31, 2015CHF (SFr) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2001USD ($) |
Debt Instrument [Line Items] | ||||||
Subtotal | $ 12,870.4 | $ 3,473.4 | ||||
Debt, current | 845.2 | 71.9 | ||||
Long-term debt, excluding current maturities | 12,025.2 | 3,401.5 | ||||
Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | 4,000 | |||||
US Dollar-Denominated Commercial Paper | Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | 920 | 450 | ||||
Euro denominated commercial paper | Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | 3,096.9 | € 2,800 | 314.6 | € 260 | ||
2.3% senior unsecured notes due 2016 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 500 | 500 | ||||
Interest rate of debt instrument | 2.30% | 2.30% | 2.30% | |||
4.0% bonds due 2016 | Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 122.6 | 129.9 | ||||
Interest rate of debt instrument | 4.00% | 4.00% | 4.00% | |||
Debt instrument, face amount | SFr | SFr 120 | |||||
Floating rate senior unsecured notes due 2017 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 544.8 | 0 | ||||
Debt instrument, face amount | € | € 500 | |||||
0.0% bonds due 2017 | Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 99.7 | 0 | ||||
Interest rate of debt instrument | 0.00% | 0.00% | 0.00% | |||
Debt instrument, face amount | SFr | SFr 100 | |||||
1.65% senior unsecured notes due 2018 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 497.1 | 0 | ||||
Interest rate of debt instrument | 1.65% | 1.65% | 1.65% | |||
5.625% senior unsecured notes due 2018 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 500 | 500 | ||||
Interest rate of debt instrument | 5.625% | 5.625% | 5.625% | |||
1.0% senior unsecured notes due 2019 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 651 | 0 | ||||
Interest rate of debt instrument | 1.00% | 1.00% | 1.00% | |||
Debt instrument, face amount | € | € 600 | |||||
5.4% senior unsecured notes due 2019 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 750 | 750 | ||||
Interest rate of debt instrument | 5.40% | 5.40% | 5.40% | |||
2.4% senior unsecured notes due 2020 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 495.9 | 0 | ||||
Interest rate of debt instrument | 2.40% | 2.40% | 2.40% | |||
5.0% senior unsecured notes due 2020 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 410.7 | 0 | ||||
Interest rate of debt instrument | 5.00% | 5.00% | 5.00% | |||
Zero-coupon LYONS due 2021 | Convertible debt | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 72.6 | 110.6 | ||||
Interest rate of debt instrument | 0.00% | 0.00% | 0.00% | 2.375% | ||
Debt instrument, face amount | $ 830 | |||||
3.9% senior unsecured notes due 2021 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 600 | 600 | ||||
Interest rate of debt instrument | 3.90% | 3.90% | 3.90% | |||
1.7% senior unsecured notes due 2022 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 866.8 | 0 | ||||
Interest rate of debt instrument | 1.70% | 1.70% | 1.70% | |||
Debt instrument, face amount | € | € 800 | |||||
0.5% bonds due 2023 | Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 541.6 | 0 | ||||
Interest rate of debt instrument | 0.50% | 0.50% | 0.50% | |||
Debt instrument, face amount | SFr | SFr 540 | |||||
2.5% senior unsecured notes due 2025 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 867.9 | 0 | ||||
Interest rate of debt instrument | 2.50% | 2.50% | 2.50% | |||
Debt instrument, face amount | € | € 800 | |||||
3.35% senior unsecured notes due 2025 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 495.3 | 0 | ||||
Interest rate of debt instrument | 3.35% | 3.35% | 3.35% | |||
1.125% bonds due 2028 | Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 110.7 | 0 | ||||
Interest rate of debt instrument | 1.125% | 1.125% | 1.125% | |||
Debt instrument, face amount | SFr | SFr 110 | |||||
4.375% senior unsecured notes due 2045 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 499.3 | 0 | ||||
Interest rate of debt instrument | 4.375% | 4.375% | 4.375% | |||
Other | ||||||
Debt Instrument [Line Items] | ||||||
Subtotal | $ 227.5 | $ 118.3 |
Pension Benefit Plans (Narrativ
Pension Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Effect of settlements and curtailments on accumulated benefit obligation | $ 11 | |||
Effect of settlements and curtailments on accumulated benefit obligation, net of tax | 9 | |||
Expense for all defined benefit and defined contributions pension plans | 232 | $ 201 | $ 185 | |
Pension Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized net prior service credits, before tax | (2) | |||
Unrecognized net prior service credits, net of tax | (2) | |||
Unrecognized actuarial losses, before tax | (998) | |||
Unrecognized actuarial losses, net of tax | (654) | |||
Future amortization of prior service cost (credit) | 0.3 | |||
Future amortization of prior service cost (credit), net of tax | 0 | |||
Future amortization of gain (loss) | 37 | |||
Future amortization of gain (loss), net of tax | 25 | |||
U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | $ 5.7 | $ (1.7) | ||
Long-term rate of return on asset assumptions | 7.50% | 7.50% | 7.50% | |
Percentage of plan assets in equity portfolios, minimum | 60.00% | |||
Percentage of plan assets in equity portfolios, maximum | 70.00% | |||
Employer contributions | $ 49.4 | $ 51.8 | ||
Expected employer contributions within the next year | 40 | |||
Non-U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | $ (57.5) | $ (42.3) | ||
Long-term rate of return on asset assumptions | 4.00% | 4.80% | ||
Weighted average rate of return assumption | 4.00% | 4.80% | ||
Employer contributions | $ 53.1 | $ 61.6 | ||
Expected employer contributions within the next year | $ 55 | |||
Minimum | Non-U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term rate of return on asset assumptions | 1.10% | 1.30% | ||
Maximum | Non-U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term rate of return on asset assumptions | 6.00% | 7.10% | ||
Scenario, Forecast [Member] | U.S. Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term rate of return on asset assumptions | 7.00% | |||
Scenario, Forecast [Member] | Change in accounting estimate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | $ 25 |
Pension Benefit Plans (Funded S
Pension Benefit Plans (Funded Status Of Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | $ 2,848.5 | |
Fair value of plan assets at end of year | 3,115.2 | $ 2,848.5 |
U.S. Pension Benefits | ||
Change in benefit obligation: | ||
Benefit obligation at beginning of year | 2,484.7 | 2,281.2 |
Service cost | 9.6 | 6 |
Interest cost | 101.1 | 105.9 |
Employee contributions | 0 | 0 |
Benefits paid and other | (192.9) | (180.7) |
Acquisitions | 324.9 | 0 |
Actuarial (gain) loss | (112.5) | 273.8 |
Amendments, settlements and curtailments | (11) | (1.5) |
Foreign exchange rate impact | 0 | 0 |
Benefit obligation at end of year | 2,603.9 | 2,484.7 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 1,886.3 | 1,926.3 |
Actual return on plan assets | (21.3) | 90.4 |
Employer contributions | 49.4 | 51.8 |
Employee contributions | 0 | 0 |
Amendments and settlements | 0 | (1.5) |
Benefits paid and other | (192.9) | (180.7) |
Acquisitions | 171.1 | 0 |
Foreign exchange rate impact | 0 | 0 |
Fair value of plan assets at end of year | 1,892.6 | 1,886.3 |
Funded status | (711.3) | (598.4) |
Non-U.S. Pension Benefits | ||
Change in benefit obligation: | ||
Benefit obligation at beginning of year | 1,545.6 | 1,251 |
Service cost | 46.8 | 32 |
Interest cost | 37.8 | 44.4 |
Employee contributions | 9.3 | 9.6 |
Benefits paid and other | (47) | (48.1) |
Acquisitions | 431.4 | 84.8 |
Actuarial (gain) loss | (59.4) | 274.4 |
Amendments, settlements and curtailments | (86) | 45.3 |
Foreign exchange rate impact | (102.3) | (147.8) |
Benefit obligation at end of year | 1,776.2 | 1,545.6 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 962.2 | 834.6 |
Actual return on plan assets | 10.6 | 93.4 |
Employer contributions | 53.1 | 61.6 |
Employee contributions | 9.3 | 9.6 |
Amendments and settlements | (61.8) | 39.1 |
Benefits paid and other | (47) | (48.1) |
Acquisitions | 355.8 | 57 |
Foreign exchange rate impact | (59.6) | (85) |
Fair value of plan assets at end of year | 1,222.6 | 962.2 |
Funded status | $ (553.6) | $ (583.4) |
Pension Benefit Plans (Weighted
Pension Benefit Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.40% | 4.00% |
Rate of compensation increase | 4.00% | |
Non-U.S. Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.60% | 2.30% |
Rate of compensation increase | 2.90% | 3.00% |
Pension Benefit Plans (Componen
Pension Benefit Plans (Components Of Net Periodic Pension Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 9.6 | $ 6 |
Interest cost | 101.1 | 105.9 |
Expected return on plan assets | (136) | (128.8) |
Amortization of prior service credit | 0 | 0 |
Amortization of net loss | 28.9 | 18.4 |
Curtailment and settlement (gains) losses recognized | (9.3) | 0.2 |
Net periodic pension cost | (5.7) | 1.7 |
Non-U.S. Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 46.8 | 32 |
Interest cost | 37.8 | 44.4 |
Expected return on plan assets | (43.1) | (41.5) |
Amortization of prior service credit | (0.2) | (0.1) |
Amortization of net loss | 16.6 | 6.8 |
Curtailment and settlement (gains) losses recognized | (0.4) | 0.7 |
Net periodic pension cost | $ 57.5 | $ 42.3 |
Pension Benefit Plans (Weight82
Pension Benefit Plans (Weighted Average Assumptions Used To Determine Net Periodic Pension Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 4.80% | |
Expected long-term return on plan assets | 7.50% | 7.50% | 7.50% |
Non-U.S. Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.30% | 3.60% | |
Expected long-term return on plan assets | 4.00% | 4.80% | |
Rate of compensation increase | 3.00% | 3.10% |
Pension Benefit Plans (Fair Val
Pension Benefit Plans (Fair Values Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 3,115.2 | $ 2,848.5 |
Quoted Prices in Active Market (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 648.4 | 610.1 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 541.1 | 515.3 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.7 | 44.6 |
Cash and equivalents | Quoted Prices in Active Market (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.7 | 44.6 |
Common Stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 288.2 | 199.3 |
Common Stock | Quoted Prices in Active Market (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 263.7 | 174.5 |
Common Stock | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24.5 | 24.8 |
Preferred stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.6 | |
Preferred stock | Quoted Prices in Active Market (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.6 | |
Corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 119.6 | 133.5 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 119.6 | 133.5 |
Government issued | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 80.5 | 58.3 |
Government issued | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 80.5 | 58.3 |
Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 554 | 580.5 |
Mutual funds | Quoted Prices in Active Market (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 357.4 | 391 |
Mutual funds | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 196.6 | 189.5 |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 119.9 | 109.2 |
Insurance contracts | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 119.9 | 109.2 |
Total plan assets, excluding NAV assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,189.5 | 1,125.4 |
NAV assets, mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 548.4 | 375.1 |
NAV assets, common collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 742.5 | 852.9 |
NAV assets, venture capital,partnerships and other private investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 634.8 | $ 495.1 |
Pension Benefit Plans (Benefit
Pension Benefit Plans (Benefit Payments That Reflect Expected Future Service) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 222.1 |
2,017 | 233.9 |
2,018 | 239.2 |
2,019 | 238.3 |
2,020 | 241.4 |
2021 - 2025 | 1,243.6 |
U.S. Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 168.9 |
2,017 | 176.5 |
2,018 | 179.2 |
2,019 | 179 |
2,020 | 181.1 |
2021 - 2025 | 889.8 |
Non-U.S. Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 53.2 |
2,017 | 57.4 |
2,018 | 60 |
2,019 | 59.3 |
2,020 | 60.3 |
2021 - 2025 | $ 353.8 |
Other Postretirement Employee85
Other Postretirement Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and postretirement benefits | $ 1,345.4 | $ 1,303.1 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and postretirement benefits | $ 175 | $ 202 |
Medical trend rate - initial | 6.80% | 7.10% |
Medical trend rate - ultimate | 4.50% | 4.50% |
Unrecognized net prior service credits, before tax | $ 27 | |
Unrecognized net prior service credits, net of tax | 17 | |
Unrecognized actuarial losses, before tax | 19 | |
Unrecognized actuarial losses, net of tax | 12 | |
Future amortization of prior service cost (credit) | 3 | |
Future amortization of prior service cost (credit), net of tax | 2 | |
Future amortization of gain (loss) | 0.2 | |
Future amortization of gain (loss), net of tax | $ 0.1 |
Other Postretirement Employee86
Other Postretirement Employee Benefit Plans (Funded Status Of The Domestic Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | ||
Fair value of plan assets | $ 3,115.2 | $ 2,848.5 |
Other Postretirement Benefits | ||
Change in benefit obligation: | ||
Benefit obligation at beginning of year | 221.4 | 194.8 |
Service cost | 1.1 | 1.1 |
Interest cost | 8.4 | 10.3 |
Amendments, curtailments and other | (3.6) | (1) |
Actuarial (gain) loss | (22.7) | 33.2 |
Acquisitions | 5 | 0 |
Retiree contributions | 3.6 | 3.7 |
Benefits paid | (19.8) | (20.7) |
Benefit obligation at end of year | 193.4 | 221.4 |
Change in plan assets: | ||
Fair value of plan assets | 0 | 0 |
Funded status | $ (193.4) | $ (221.4) |
Other Postretirement Employee87
Other Postretirement Employee Benefit Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details) - Other Postretirement Benefits | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 4.00% |
Medical trend rate - initial | 6.80% | 7.10% |
Medical trend rate - grading period | 22 years | 14 years |
Medical trend rate - ultimate | 4.50% | 4.50% |
Other Postretirement Employee88
Other Postretirement Employee Benefit Plans (Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on the total of service and interest cost components, 1% increase | $ 0.5 |
Effect on the total of service and interest cost components, 1% decrease | (0.4) |
Effect on postretirement medical benefit obligation, 1% increase | 6.6 |
Effect on postretirement medical benefit obligation, 1% decrease | $ (5.8) |
Other Postretirement Employee89
Other Postretirement Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - Other Postretirement Benefits - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1.1 | $ 1.1 |
Interest cost | 8.4 | 10.3 |
Amortization of net loss | 1 | 1.4 |
Amortization of prior service credit | (3.1) | (4.1) |
Net periodic pension cost | $ 7.4 | $ 8.7 |
Other Postretirement Employee90
Other Postretirement Employee Benefit Plans (Benefit Payments That Reflect Expected Future Service) (Details) - Other Postretirement Benefits $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 17.9 |
2,017 | 17.8 |
2,018 | 17.6 |
2,019 | 17.2 |
2,020 | 16.5 |
2021 - 2025 | $ 71.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands, € in Millions, DKK in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 10, 2013DKK | Dec. 31, 2014EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012DKK | Dec. 31, 2012USD ($) |
Income tax provision | $ 725,300 | $ 857,600 | $ 825,700 | ||||||
Net deferred tax liabilities | $ 3,106,700 | $ 1,835,100 | 3,106,700 | $ 1,835,100 | |||||
Valuation allowance, deferred tax asset, change in amount | $ 115,000 | ||||||||
Effective income tax rate | 21.80% | 25.20% | 24.20% | ||||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | ||||||
Income tax payments | $ 584,000 | $ 569,000 | $ 529,000 | ||||||
Tax deductions attributable to stock-based compensation | 147,000 | 82,000 | 80,000 | ||||||
Excess tax benefit from share-based compensation, financing activities | 88,000 | 50,000 | 49,000 | ||||||
Deferred tax assets, valuation allowances | 215,000 | 330,500 | 215,000 | 330,500 | |||||
Gross unrecognized tax benefits | 990,200 | 728,490 | 990,200 | 728,490 | 689,000 | $ 613,200 | |||
Unrecognized tax benefits, net of offsetting indirect tax benefits | 687,000 | 687,000 | |||||||
Unrecognized tax benefits, indirect tax benefits | 172,000 | 172,000 | |||||||
Potential interest and penalties | 131,000 | 131,000 | |||||||
Recognized potential interest and penalties | 39,000 | 44,000 | 43,000 | ||||||
Unrecognized tax benefits, period increase (decrease) | 900,000 | ||||||||
Estimated reduction in unrecognized tax benefits within twelve months | 125,000 | 125,000 | |||||||
Cash and equivalents | 790,800 | 3,005,600 | 790,800 | $ 3,005,600 | $ 3,115,200 | $ 1,678,700 | |||
Undistributed earnings of foreign subsidiaries | 23,500,000 | $ 23,500,000 | |||||||
Net discrete tax benefits basis points | (1.40%) | 1.70% | (0.20%) | ||||||
International | |||||||||
Cash and equivalents | 755,000 | $ 755,000 | |||||||
Entity | United States | |||||||||
Net deferred tax liabilities | 2,700,000 | 1,800,000 | 2,700,000 | $ 1,800,000 | |||||
Entity | International | |||||||||
Net deferred tax liabilities | 367,000 | 76,000 | 367,000 | 76,000 | |||||
Foreign tax authority | Denmark, Kroner | |||||||||
Income tax examination, amount of tax assessments | DKK | DKK 1,200 | ||||||||
Income tax examination, amount of potential additional tax assessments | DKK | DKK 700 | ||||||||
Foreign tax authority | USD | |||||||||
Income tax examination, amount of tax assessments | 180,000 | ||||||||
Income tax examination, amount of potential additional tax assessments | 102,000 | ||||||||
Tax adjustments, settlements, and unusual provisions | 60,000 | ||||||||
Foreign tax authority | Euro | |||||||||
Tax adjustments, settlements, and unusual provisions | € | € 49 | ||||||||
Discontinued operations | |||||||||
Income tax provision | 16,000 | 26,000 | $ 45,000 | ||||||
Net deferred tax liabilities | $ 59,000 | 59,000 | |||||||
Continuing operations | |||||||||
Income tax provision | 725,300 | $ 857,600 | $ 825,700 | ||||||
Net operating loss carryforwards | 509,000 | 509,000 | |||||||
Operating loss carryforwards, valuation allowances | 172,000 | 172,000 | |||||||
Gross unrecognized tax benefits | 990,000 | 990,000 | |||||||
Unrecognized tax benefits, net of offsetting indirect tax benefits | 905,000 | 905,000 | |||||||
Unrecognized tax benefits, indirect tax benefits | 233,000 | 233,000 | |||||||
Potential interest and penalties | 148,000 | 148,000 | |||||||
Continuing operations | General business and foreign tax credit | |||||||||
Tax credit carryforwards | 369,000 | 369,000 | |||||||
Tax credit carryforward, valuation allowance | 25,000 | 25,000 | |||||||
Deferred tax asset, other | Continuing operations | |||||||||
Deferred tax assets, valuation allowances | $ 18,000 | $ 18,000 |
Income Taxes (Earnings From Con
Income Taxes (Earnings From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings from continuing operations before income taxes | $ 3,324 | $ 3,400.7 | $ 3,416.3 |
Continuing operations | |||
Earnings from continuing operations before income taxes | 3,324 | 3,400.7 | 3,416.3 |
Continuing operations | United States | |||
Earnings from continuing operations before income taxes | 1,419.9 | 1,346.5 | 1,565.7 |
Continuing operations | International | |||
Earnings from continuing operations before income taxes | $ 1,904.1 | $ 2,054.2 | $ 1,850.6 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax provision | $ 725.3 | $ 857.6 | $ 825.7 |
Continuing operations | |||
Federal U.S., current | 468.6 | 253.1 | 235.4 |
Non-U.S., current | 368.3 | 370.9 | 246.4 |
State and local, current | 39.7 | 33.8 | 67.6 |
Federal U.S., deferred | (70.4) | 220 | 258.3 |
Non-U.S., deferred | (102.2) | (59.2) | 13.8 |
State and local, deferred | 21.3 | 39 | 4.2 |
Income tax provision | $ 725.3 | $ 857.6 | $ 825.7 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 27.7 | $ 37.2 |
Inventories | 107.1 | 94.4 |
Pension and postretirement benefits | 415.7 | 363 |
Environmental and regulatory compliance | 31.7 | 27.2 |
Other accruals and prepayments | 405.2 | 331 |
Stock-based compensation expense | 128.8 | 128.9 |
Tax credit and loss carryforwards | 1,075.4 | 870.1 |
Valuation allowances | (215) | (330.5) |
Total deferred tax asset | 1,976.6 | 1,521.3 |
Deferred tax liabilities: | ||
Property, plant and equipment | (194.1) | (169.3) |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | (1,107.3) | (870.5) |
Basis difference in LYONs | (9.1) | (18.3) |
Goodwill and other intangibles | (3,704.8) | (2,225.4) |
Unrealized gains on marketable securities | (68) | (72.9) |
Total deferred tax liability | (5,083.3) | (3,356.4) |
Net deferred tax liability | $ (3,106.7) | $ (1,835.1) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate To The Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in tax rate resulting from: | |||
State income taxes (net of federal income tax benefit) | 1.10% | 1.40% | 1.30% |
Foreign income taxed at lower rate than U.S. statutory rate | (11.60%) | (13.80%) | (10.20%) |
Resolution and expiration of statutes of limitation of uncertain tax positions | (0.80%) | 1.70% | (2.50%) |
Foreign exchange losses | (2.80%) | 0.00% | 0.00% |
Research credits, uncertain tax positions and other | 0.90% | 0.90% | 0.60% |
Effective income tax rate | 21.80% | 25.20% | 24.20% |
Income Taxes (Reconciliation 96
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning of year | $ 728,490 | $ 689,000 | $ 613,200 |
Additions based on tax positions related to the current year | 73,300 | 91,500 | 47,800 |
Additions for tax positions of prior years | 135,300 | 172,500 | 166,900 |
Reductions for tax positions of prior years | (10,000) | (43,700) | (57,400) |
Acquisitions and other | 140,600 | 36,600 | 18,200 |
Lapse of statute of limitations | (26,300) | (36,300) | (96,100) |
Settlements | (18,900) | (149,700) | (3,800) |
Effect of foreign currency translation | (32,300) | (31,400) | 200 |
Unrecognized tax benefits, end of year | $ 990,200 | $ 728,490 | $ 689,000 |
Other Income (Narrative) (Detai
Other Income (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 28, 2013 | Dec. 31, 2013 | Mar. 29, 2013 | Sep. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from sale of marketable equity securities | $ 43 | $ 167 | |||||
Gain on sale of marketable equity securities | 12.4 | 122.6 | $ 201.5 | ||||
Marketable securities, after tax realized gain (loss) | $ 8 | $ 77 | |||||
Marketable securities, after-tax gain, per diluted share | $ 0.01 | $ 0.11 | |||||
Gain on sale of a product line | $ 0 | $ 33.9 | 0 | ||||
Gain on sale of unconsolidated joint venture | $ 0 | 0 | $ 229.8 | ||||
Align Technology, Inc. | |||||||
Proceeds from sale of marketable equity securities | $ 251 | ||||||
Gain on sale of marketable equity securities | 202 | ||||||
Marketable securities, after tax realized gain (loss) | $ 125 | ||||||
Marketable securities, after-tax gain, per diluted share | $ 0.18 | ||||||
Marketable securities, number of shares sold | 5 | ||||||
Marketable securities, number of shares received in a legal settlement | 8 | ||||||
Apex | |||||||
Gain on sale of unconsolidated joint venture | $ 229.8 | $ 230 | |||||
EVS hybrid | |||||||
Gain on sale of a product line | $ 34 | $ 34 |
Other Income (Schedule Of Other
Other Income (Schedule Of Other Non-Operating Income Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Gain on sale of marketable equity securities | $ 12.4 | $ 122.6 | $ 201.5 |
Gain on sale of unconsolidated joint venture | 0 | 0 | 229.8 |
Gain on sale of a product line | 0 | 33.9 | 0 |
Total | $ 12.4 | $ 156.5 | $ 431.3 |
Restructuring And Other Relat99
Restructuring And Other Related Charges (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring and other related charges | $ 121.8 | $ 130.4 | $ 100.7 |
Severance costs | 92 | 103 | 76 |
Other restructuring costs | 18 | 27 | 25 |
Cash charges | |||
Restructuring and other related charges | 106 | 119 | 95 |
Noncash charges | |||
Restructuring and other related charges | 16 | 11 | 6 |
Operating segments | Environmental | |||
Restructuring and other related charges | 13.9 | $ 27.9 | $ 7.4 |
Operating segments | Trade names | Environmental | |||
Impairment of a trade name | $ 12 |
Restructuring And Other Rela100
Restructuring And Other Related Charges (Schedule Of Restructuring And Other Related Charges By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | $ 121.8 | $ 130.4 | $ 100.7 |
Operating segments | Test & Measurement | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 7.4 | 10.7 | 8.3 |
Operating segments | Environmental | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 13.9 | 27.9 | 7.4 |
Operating segments | Life Sciences & Diagnostics | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 61.2 | 50.2 | 36.1 |
Operating segments | Dental | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | 25.3 | 21.4 | 13.3 |
Operating segments | Industrial Technologies | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other related charges | $ 14 | $ 20.2 | $ 35.6 |
Restructuring And Other Rela101
Restructuring And Other Related Charges (Schedule Of Restructuring And Related Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of year | $ 111.6 | $ 85.6 |
Costs incurred | 121.8 | 130.4 |
Paid/settled | (142.5) | (104.4) |
Balance at end of year | 90.9 | 111.6 |
Employee severance and related | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of year | 96.1 | 70.7 |
Costs incurred | 92.3 | 103.3 |
Paid/settled | (112.4) | (77.9) |
Balance at end of year | 76 | 96.1 |
Facility exit and related | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance at beginning of year | 15.5 | 14.9 |
Costs incurred | 29.5 | 27.1 |
Paid/settled | (30.1) | (26.5) |
Balance at end of year | $ 14.9 | $ 15.5 |
Restructuring And Other Rela102
Restructuring And Other Related Charges (Schedule Of Restructuring Reserve By Type Of Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Costs incurred | $ 121.8 | $ 130.4 | |
Restructuring and other related charges | 121.8 | 130.4 | $ 100.7 |
Cost of sales | |||
Costs incurred | 37.8 | 38.1 | 26 |
Selling, general and administrative expenses | |||
Costs incurred | $ 84 | $ 92.3 | $ 74.7 |
Leases And Commitments (Narrati
Leases And Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Future minimum rental payments for operating leases, due within a year | $ 205 | ||
Future minimum rental payments for operating leases, due in two years | 165 | ||
Future minimum rental payments for operating leases, due in three years | 125 | ||
Future minimum rental payments for operating leases, due in four years | 97 | ||
Future minimum rental payments for operating leases, due in five years | 74 | ||
Future minimum rental payments for operating leases, due thereafter | 112 | ||
Rent expense for operating leases | $ 261 | $ 226 | $ 243 |
Maximum | |||
Lessee leasing arrangements, operating leases, term of contract (in years) | 20 years | ||
Minimum | |||
Warranty period terms minimum | 90 days |
Leases And Commitments (Warrant
Leases And Commitments (Warranty Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at beginning of year | $ 137.6 | $ 140.1 |
Accruals for warranties issued during the year | 116.9 | 136.1 |
Settlements made | (123.8) | (138.1) |
Additions due to acquisitions | 7.6 | 4.6 |
Effect of foreign currency translation | (3.2) | (5.1) |
Balance at end of year | $ 135.1 | $ 137.6 |
Litigation And Contingencies (N
Litigation And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingency [Abstract] | ||
Reserve for environmental matters | $ 126 | |
Reserve for environmental matters, noncurrent | 82 | |
Guarantees | $ 581 | $ 433 |
Stock Transactions and Stock106
Stock Transactions and Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 16, 2013 | |
Repurchase of common stock authorized, shares | 20,000 | ||||
Stock repurchase program, remaining number of shares authorized to be repurchased, shares | 20,000 | ||||
Shares held as Treasury shares | 26,000 | ||||
Total number of authorized shares to be issued under the 2007 Stock Incentive Plan, shares | 62,000 | ||||
Maximum number of authorized shares grantable in any form other than stock options or stock appreciation rights, shares | 19,000 | ||||
Stock compensation expense | $ 139 | $ 115.5 | $ 109.6 | ||
Common shares reserved for issuance under the 2007 Stock Incentive Plan, shares | 22,000 | ||||
Aggregate intrinsic value of options exercised | $ 313 | 154 | 165 | ||
Cash receipts due to exercise of options | 223 | 125 | 158 | ||
Adjustments to additional paid-in capital, income tax benefit from share-based compensation | $ 147 | $ 82 | 80 | ||
Total Number Of Shares Withheld Sufficient To Fund Minimum Tax Withholding Requirements Related To Exercising Of Stock Options And Vesting Of RSUs | 677 | 568 | |||
Total Value Of Shares Withheld Sufficient To Fund Minimum Tax Withholding Requirements Related To Exercising Of Stock Options And Vesting Of RSUs | $ 60 | $ 43 | |||
RSUs/PSUs: | |||||
Vesting period of restricted shares issued under the Tektronix Plans (in years) | 5 years | ||||
Stock compensation expense | $ 92.2 | 71.4 | 64.6 | ||
Total unrecognized compensation cost | $ 171 | ||||
Weighted average period for cost to be recognized (in years) | 2 years | ||||
Adjustments to additional paid-in capital, income tax benefit from share-based compensation | $ 46 | 36 | 28 | ||
Share-based compensation arrangement by share-based payment award, percentage of awards granted | 25.00% | ||||
PSUs | |||||
Vesting period of restricted shares issued under the Tektronix Plans (in years) | 3 years | ||||
Share-based compensation arrangement by share-based payment award, percentage of awards granted | 25.00% | ||||
Stock options | |||||
Vesting period of restricted shares issued under the Tektronix Plans (in years) | 5 years | ||||
Stock option term (in years) | 10 years | ||||
Stock compensation expense | $ 46.8 | 44.1 | 45 | ||
Total unrecognized compensation cost | $ 130 | ||||
Weighted average period for cost to be recognized (in years) | 3 years | ||||
Adjustments to additional paid-in capital, income tax benefit from share-based compensation | $ 101 | 46 | 52 | ||
Share-based compensation arrangement by share-based payment award, percentage of awards granted | 50.00% | ||||
Communications business | |||||
Shares held as Treasury shares | 26,000 | ||||
Communications business | Discontinued operations | |||||
Shares held as Treasury shares | 26,000 | ||||
Stock compensation expense | $ 6 | $ 8 | |||
Communications business | Discontinued operations | Stock options | |||||
Expiration period after vesting date | 90 days | ||||
Pall Corporation | |||||
Total number of authorized shares to be issued under the 2007 Stock Incentive Plan, shares | 5,000 |
Stock Transactions and Stock107
Stock Transactions and Stock-Based Compensation (Assumptions Used In The Black-Scholes Model To Value Options Granted) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average volatility | 24.30% | 22.40% | 23.60% |
Dividend yield | 0.60% | 0.50% | 0.20% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.60% | 1.70% | 1.00% |
Expected years until exercise | 5 years 6 months | 5 years 6 months | 6 years |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.20% | 2.40% | 2.30% |
Expected years until exercise | 8 years | 8 years | 8 years 6 months |
Stock Transactions and Stock108
Stock Transactions and Stock-Based Compensation (Components Of Share-Based Compensation Program) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pretax compensation expense | $ 139 | $ 115.5 | $ 109.6 |
Income tax benefit | (44.6) | (34) | (33.2) |
Total stock-based compensation expense, net of income taxes | 94.4 | 81.5 | 76.4 |
RSUs/PSUs: | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pretax compensation expense | 92.2 | 71.4 | 64.6 |
Income tax benefit | (29.6) | (20.8) | (19.4) |
Total stock-based compensation expense, net of income taxes | 62.6 | 50.6 | 45.2 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Pretax compensation expense | 46.8 | 44.1 | 45 |
Income tax benefit | (15) | (13.2) | (13.8) |
Total stock-based compensation expense, net of income taxes | $ 31.8 | $ 30.9 | $ 31.2 |
Stock Transactions and Stock109
Stock Transactions and Stock-Based Compensation (Option Activity Under The Company's Stock Plans) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, options | 24.3 | 25 | 27.4 |
Granted, options | 3.3 | 3.9 | 3.8 |
Exercised, options | (6.2) | (3.7) | (5.1) |
Cancelled/forfeited, options | (1.3) | (0.9) | (1.1) |
Outstanding at end of year, options | 20.1 | 24.3 | 25 |
Weighted Average Exercise Price, Outstanding [Roll Forward] | |||
Outstanding as of beginning of year | $ 48.92 | $ 42.93 | $ 37.94 |
Granted | 88.13 | 77.37 | 64.73 |
Exercised | 36.92 | 34.98 | 31.19 |
Cancelled/forfeited | 68.13 | 61.46 | 47.35 |
Outstanding as of end of year | $ 57.84 | $ 48.92 | $ 42.93 |
Vested and expected to vest as of December 31, 2015, shares | 19 | ||
Vested as of December 31, 2015, shares | 9.8 | ||
Vested and expected to vest as of December 31, 2015, weighted average exercise price | $ 56.98 | ||
Vested as of December 31, 2015, weighted average exercise price | $ 42.78 | ||
Outstanding as of December 31, 2015, weighted average remaining contractual term (in years) | 6 years | ||
Vested and expected to vest as of December 31, 2015, weighted average remaining contractual term (in years) | 6 years | ||
Vested as of December 31, 2015, weighted average remaining contractual term (in years) | 4 years | ||
Outstanding as of December 31, 2015, aggregate intrinsic value | $ 705.8 | ||
Vested and expected to vest as of December 31, 2015, aggregate intrinsic value | 681.4 | ||
Vested as of December 31, 2015, aggregate intrinsic value | $ 492.6 |
Stock Transactions and Stock110
Stock Transactions and Stock-Based Compensation (Summary of Options Outstanding) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
$26.29 to $37.74 | |
Options, exercise price, lower range limit | $ 26.29 |
Options, exercise price, upper range limit | $ 37.74 |
Outstanding, shares (in millions) | shares | 4.1 |
Outstanding, average exercise price | $ 32.92 |
Outstanding, average remaining life (in years) | 3 years |
Exercisable, shares (in millions) | shares | 4.1 |
Exercisable, average exercise price | $ 32.92 |
$37.75 to $51.08 | |
Options, exercise price, lower range limit | 37.75 |
Options, exercise price, upper range limit | $ 51.08 |
Outstanding, shares (in millions) | shares | 4.3 |
Outstanding, average exercise price | $ 43.92 |
Outstanding, average remaining life (in years) | 4 years |
Exercisable, shares (in millions) | shares | 3.6 |
Exercisable, average exercise price | $ 42.78 |
$51.09 to $67.16 | |
Options, exercise price, lower range limit | 51.09 |
Options, exercise price, upper range limit | $ 67.16 |
Outstanding, shares (in millions) | shares | 3.9 |
Outstanding, average exercise price | $ 55.25 |
Outstanding, average remaining life (in years) | 7 years |
Exercisable, shares (in millions) | shares | 1.2 |
Exercisable, average exercise price | $ 53.42 |
$67.17 to $82.22 | |
Options, exercise price, lower range limit | 67.17 |
Options, exercise price, upper range limit | $ 82.22 |
Outstanding, shares (in millions) | shares | 4.4 |
Outstanding, average exercise price | $ 73.74 |
Outstanding, average remaining life (in years) | 8 years |
Exercisable, shares (in millions) | shares | 0.8 |
Exercisable, average exercise price | $ 71.65 |
$82.23 to $93.54 | |
Options, exercise price, lower range limit | 82.23 |
Options, exercise price, upper range limit | $ 93.54 |
Outstanding, shares (in millions) | shares | 3.4 |
Outstanding, average exercise price | $ 87.87 |
Outstanding, average remaining life (in years) | 9 years |
Exercisable, shares (in millions) | shares | 0.1 |
Exercisable, average exercise price | $ 84.52 |
Stock Transactions and Stock111
Stock Transactions and Stock-Based Compensation (RSU And PSU) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested at beginning of year, number of RSUs/PSUs | 4.9 | 5.2 | 5.6 |
Granted, number of RSUs/PSUs | 2.2 | 1.6 | 1.5 |
Vested, number of RSUs/PSUs | (1.6) | (1.5) | (1.4) |
Forfeited, number of RSUs/PSUs | (0.6) | (0.4) | (0.5) |
Unvested at end of year, number of RSUs/PSUs | 4.9 | 4.9 | 5.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Unvested at beginning of year, weighted average grant-date fair value | $ 61.64 | $ 51.04 | $ 43.29 |
Granted, weighted average grant-date fair value | 86.72 | 76.71 | 64.83 |
Vested, weighted average grant-date fair value | 57.73 | 42.60 | 38.66 |
Forfeited, weighted average grant-date fair value | 69.54 | 58.82 | 43.90 |
Unvested at end of year, weighted average grant-date fair value | $ 73.31 | $ 61.64 | $ 51.04 |
Net Earnings Per Share From 112
Net Earnings Per Share From Continuing Operations (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Options excluded from diluted earnings per share calculation (anti-dilutive) | 2 | 2 | 2 |
Net Earnings Per Share From 113
Net Earnings Per Share From Continuing Operations (Components Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net earnings from continuing operations | $ 735.2 | $ 590 | $ 715.5 | $ 558 | $ 649.6 | $ 681.3 | $ 667.4 | $ 544.8 | $ 2,598.7 | $ 2,543.1 | $ 2,590.6 |
Adjustment for interest on convertible debentures, net earnings from continuing operations (numerator) | 2.2 | 3.3 | 3.3 | ||||||||
Diluted EPS, net earnings from continuing operations (numerator) | $ 2,600.9 | $ 2,546.4 | $ 2,593.9 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Basic EPS, shares (denominator) | 698.1 | 702.2 | 696 | ||||||||
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs, shares (denominator) | 7.7 | 9.1 | 8.7 | ||||||||
Incremental shares from assumed conversion of the convertible debentures, shares (denominator) | 2.7 | 4.8 | 6.3 | ||||||||
Diluted EPS, shares (denominator) | 708.5 | 716.1 | 711 | ||||||||
Basic EPS | $ 1.07 | $ 0.86 | $ 1.01 | $ 0.79 | $ 0.92 | $ 0.97 | $ 0.95 | $ 0.78 | $ 3.72 | $ 3.62 | $ 3.72 |
Diluted EPS | $ 1.06 | $ 0.85 | $ 0.99 | $ 0.78 | $ 0.91 | $ 0.95 | $ 0.94 | $ 0.76 | $ 3.67 | $ 3.56 | $ 3.65 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015Reporting_Unit | |
Segment Reporting [Abstract] | |
Number of segments | 5 |
Segment Information (Segment Re
Segment Information (Segment Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 5,884.8 | $ 5,023.4 | $ 4,960.2 | $ 4,694.7 | $ 5,224.2 | $ 4,707.1 | $ 4,783.5 | $ 4,439.2 | $ 20,563.1 | $ 19,154 | $ 18,283.1 |
Operating profit | 978.8 | $ 800.8 | $ 934.4 | $ 755.1 | 866.8 | $ 866.2 | $ 875.5 | $ 738.1 | 3,469.1 | 3,346.6 | 3,120.5 |
Identifiable assets | 48,222.2 | 36,991.7 | 48,222.2 | 36,991.7 | 34,672.2 | ||||||
Depreciation and amortization | 1,051.3 | 889.5 | 850.6 | ||||||||
Capital expenditures, gross | 633 | 580.6 | 538.1 | ||||||||
Discontinued operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 0 | 1,883.5 | 0 | 1,883.5 | 1,933.4 | ||||||
Operating segments | Test & Measurement | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 2,654.8 | 2,702.1 | 2,582.4 | ||||||||
Operating profit | 614.4 | 573.2 | 515.1 | ||||||||
Depreciation and amortization | 80.2 | 83.5 | 90.7 | ||||||||
Capital expenditures, gross | 23.8 | 17 | 25.4 | ||||||||
Operating segments | Test & Measurement | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 3,575.1 | 3,550.9 | 3,575.1 | 3,550.9 | 3,561.6 | ||||||
Operating segments | Environmental | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 3,635.4 | 3,547.3 | 3,316.9 | ||||||||
Operating profit | 782.4 | 705.2 | 696.5 | ||||||||
Depreciation and amortization | 89.8 | 85.7 | 62.7 | ||||||||
Capital expenditures, gross | 90.8 | 76.1 | 46.5 | ||||||||
Operating segments | Environmental | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 3,881.7 | 3,824.9 | 3,881.7 | 3,824.9 | 3,584.5 | ||||||
Operating segments | Life Sciences & Diagnostics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 8,213.1 | 7,185.7 | 6,856.4 | ||||||||
Operating profit | 1,088.5 | 1,105.9 | 1,009.8 | ||||||||
Depreciation and amortization | 660.1 | 539 | 517.3 | ||||||||
Capital expenditures, gross | 399.4 | 391.1 | 386.7 | ||||||||
Operating segments | Life Sciences & Diagnostics | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 29,448.7 | 13,743.9 | 29,448.7 | 13,743.9 | 13,614.7 | ||||||
Operating segments | Dental | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 2,736.8 | 2,193.1 | 2,094.9 | ||||||||
Operating profit | 370.4 | 304.4 | 304.9 | ||||||||
Depreciation and amortization | 132 | 85 | 83.3 | ||||||||
Capital expenditures, gross | 53.3 | 24.4 | 30.7 | ||||||||
Operating segments | Dental | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 5,906.9 | 6,224.3 | 5,906.9 | 6,224.3 | 4,095.1 | ||||||
Operating segments | Industrial Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 3,323 | 3,525.8 | 3,432.5 | ||||||||
Operating profit | 799.3 | 801.3 | 722.9 | ||||||||
Depreciation and amortization | 81 | 88.8 | 89.2 | ||||||||
Capital expenditures, gross | 63.6 | 70.6 | 47.1 | ||||||||
Operating segments | Industrial Technologies | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 4,100.2 | 4,149 | 4,100.2 | 4,149 | 4,363.6 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | (185.9) | (143.4) | (128.7) | ||||||||
Depreciation and amortization | 8.2 | 7.5 | 7.4 | ||||||||
Capital expenditures, gross | 2.1 | 1.4 | 1.7 | ||||||||
Other | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 1,309.6 | $ 3,615.2 | $ 1,309.6 | $ 3,615.2 | $ 3,519.3 |
Segment Information (Schedule O
Segment Information (Schedule Of Operations In Geographical Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $ 5,884.8 | $ 5,023.4 | $ 4,960.2 | $ 4,694.7 | $ 5,224.2 | $ 4,707.1 | $ 4,783.5 | $ 4,439.2 | $ 20,563.1 | $ 19,154 | $ 18,283.1 |
Long-lived assets | 40,385.5 | 27,560.4 | $ 40,385.5 | $ 27,560.4 | $ 25,558.5 | ||||||
Reportable geographical components | Total Sales | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk percentage | 5.00% | 5.00% | 5.00% | ||||||||
Reportable geographical components | Total long-lived assets | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk percentage | 5.00% | 5.00% | 5.00% | ||||||||
Reportable geographical components | United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | $ 9,072.9 | $ 8,091.2 | $ 7,613.6 | ||||||||
Long-lived assets | 21,939.1 | 16,888.3 | 21,939.1 | 16,888.3 | 15,673.7 | ||||||
Reportable geographical components | China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 1,989.7 | 1,727.5 | 1,612.7 | ||||||||
Reportable geographical components | Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 1,123.5 | 1,182.9 | 1,161.5 | ||||||||
Long-lived assets | 3,159.7 | 1,875.1 | 3,159.7 | 1,875.1 | 1,939.7 | ||||||
Reportable geographical components | All other (each country individually less than 5% of total) | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Sales | 8,377 | 8,152.4 | 7,895.3 | ||||||||
Long-lived assets | $ 15,286.7 | $ 8,797 | $ 15,286.7 | $ 8,797 | $ 7,945.1 |
Segment Information (Sales By M
Segment Information (Sales By Major Product Group) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales | $ 5,884.8 | $ 5,023.4 | $ 4,960.2 | $ 4,694.7 | $ 5,224.2 | $ 4,707.1 | $ 4,783.5 | $ 4,439.2 | $ 20,563.1 | $ 19,154 | $ 18,283.1 |
Analytical and physical instrumentation | |||||||||||
Sales | 5,760.6 | 5,778.6 | 5,443.6 | ||||||||
Medical and dental products | |||||||||||
Sales | 10,962.8 | 9,381.6 | 8,958 | ||||||||
Motion and industrial automation controls | |||||||||||
Sales | 1,407 | 1,554.5 | 1,559.1 | ||||||||
Product identification | |||||||||||
Sales | 1,571.6 | 1,611.2 | 1,551.5 | ||||||||
All other | |||||||||||
Sales | $ 861.1 | $ 828.1 | $ 770.9 |
Quarterly Data-Unaudited (Sched
Quarterly Data-Unaudited (Schedule Of Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 5,884.8 | $ 5,023.4 | $ 4,960.2 | $ 4,694.7 | $ 5,224.2 | $ 4,707.1 | $ 4,783.5 | $ 4,439.2 | $ 20,563.1 | $ 19,154 | $ 18,283.1 |
Gross profit | 3,013.3 | 2,637 | 2,644 | 2,468.2 | 2,662.5 | 2,452.3 | 2,491.1 | 2,286.7 | 10,762.5 | 9,892.6 | 9,342 |
Operating profit | 978.8 | 800.8 | 934.4 | 755.1 | 866.8 | 866.2 | 875.5 | 738.1 | 3,469.1 | 3,346.6 | 3,120.5 |
Net earnings from continuing operations | 735.2 | 590 | 715.5 | 558 | 649.6 | 681.3 | 667.4 | 544.8 | 2,598.7 | 2,543.1 | 2,590.6 |
Earnings from discontinued operations, net of income taxes | (46.6) | 813.3 | (19.8) | 11.8 | 12.1 | (0.7) | 9 | 34.9 | 758.7 | 55.3 | 104.4 |
Net earnings | $ 688.6 | $ 1,403.3 | $ 695.7 | $ 569.8 | $ 661.7 | $ 680.6 | $ 676.4 | $ 579.7 | $ 3,357.4 | $ 2,598.4 | $ 2,695 |
Net earnings per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 1.07 | $ 0.86 | $ 1.01 | $ 0.79 | $ 0.92 | $ 0.97 | $ 0.95 | $ 0.78 | $ 3.72 | $ 3.62 | $ 3.72 |
Diluted (in dollars per share) | 1.06 | 0.85 | 0.99 | 0.78 | 0.91 | 0.95 | 0.94 | 0.76 | 3.67 | 3.56 | 3.65 |
Net earnings per share from discontinued operations: | |||||||||||
Basic (in dollars per share) | (0.07) | 1.18 | (0.03) | 0.02 | 0.02 | 0 | 0.01 | 0.05 | 1.09 | 0.08 | 0.15 |
Diluted (in dollars per share) | (0.07) | 1.16 | (0.03) | 0.02 | 0.02 | 0 | 0.01 | 0.05 | 1.07 | 0.08 | 0.15 |
Net earnings per share: | |||||||||||
Basic (in dollars per share) | 1 | 2.04 | 0.98 | 0.81 | 0.94 | 0.97 | 0.96 | 0.83 | 4.81 | 3.70 | 3.87 |
Diluted (in dollars per share) | $ 0.99 | $ 2.01 | $ 0.97 | $ 0.79 | $ 0.92 | $ 0.95 | $ 0.95 | $ 0.81 | $ 4.74 | $ 3.63 | $ 3.80 |
Schedule II - Valuation and 119
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 149.3 | $ 147.4 | $ 148.1 |
Charged to costs & expenses | 57.1 | 42.8 | 27.9 |
Impact of currency | (7.2) | (5.8) | (1.6) |
Charged to other accounts | 21.1 | 13.3 | 4.2 |
Write-offs, write-downs & deductions | (52.8) | (48.4) | (31.2) |
Balance at end of period | $ 167.5 | $ 149.3 | $ 147.4 |