Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 14, 2016 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | false | |
Document period end date | Sep. 30, 2016 | |
Document fiscal year focus | 2,016 | |
Document fiscal period focus | Q3 | |
Trading symbol | dhr | |
Entity registrant name | DANAHER CORP /DE/ | |
Entity central index key | 313,616 | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Entity common stock, shares outstanding | 691,702,118 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) shares in Millions, $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and equivalents | $ 971.4 | $ 790.8 |
Trade accounts receivable, net | 3,081.8 | 2,985.1 |
Inventories: | ||
Finished goods | 950.8 | 854.6 |
Work in process | 261.9 | 242.8 |
Raw materials | 499.5 | 475.7 |
Total inventories | 1,712.2 | 1,573.1 |
Prepaid expenses and other current assets | 727.8 | 889.5 |
Assets of discontinued operations, current | 0 | 1,598.2 |
Total current assets | 6,493.2 | 7,836.7 |
Property, plant and equipment, net of accumulated depreciation of $1,987.5 and $1,687.0, respectively | 2,255.1 | 2,302.7 |
Other long-term assets | 660.4 | 845.3 |
Goodwill | 21,580.9 | 21,014.9 |
Other intangible assets, net | 10,307.9 | 10,545.3 |
Assets of discontinued operations, noncurrent | 0 | 5,677.3 |
Total assets | 41,297.5 | 48,222.2 |
Current liabilities: | ||
Notes payable and current portion of long-term debt | 809.1 | 845.2 |
Trade accounts payable | 1,354.5 | 1,391.9 |
Accrued expenses and other liabilities | 2,599.8 | 2,609.4 |
Liabilities of discontinued operations, current | 0 | 1,323.9 |
Total current liabilities | 4,763.4 | 6,170.4 |
Other long-term liabilities | 5,766.6 | 5,750 |
Long-term debt | 7,503.1 | 12,025.2 |
Liabilities of discontinued operations, noncurrent | 0 | 512.6 |
Stockholders' Equity: | ||
Common stock - $0.01 par value, 2.0 billion shares authorized; 807.1 and 801.6 issued; 691.6 and 686.8 outstanding, respectively | 8.1 | 8 |
Additional paid-in capital | 5,262.7 | 4,981.2 |
Retained earnings | 20,043.1 | 21,012.3 |
Accumulated other comprehensive income (loss) | (2,122.3) | (2,311.2) |
Total Danaher stockholders' equity | 23,191.6 | 23,690.3 |
Noncontrolling interests | 72.8 | 73.7 |
Total stockholders' equity | 23,264.4 | 23,764 |
Total liabilities and stockholders' equity | 41,297.5 | 48,222.2 |
Property, plant and equipment, accumulated depreciation | $ 1,987.5 | $ 1,687 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 807.1 | 801.6 |
Common stock, shares outstanding | 691.6 | 686.8 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |||||
Income Statement [Abstract] | ||||||||
Sales | $ 4,132.1 | $ 3,512.2 | $ 12,298.1 | $ 10,110.7 | ||||
Cost of sales | (1,846.1) | (1,618.8) | (5,463.5) | (4,596.8) | ||||
Gross profit | 2,286 | 1,893.4 | 6,834.6 | 5,513.9 | ||||
Operating costs: | ||||||||
Selling, general and administrative expenses | (1,345.8) | (1,201.2) | (4,105.2) | (3,378) | ||||
Research and development expenses | (241.1) | (212.2) | (707.1) | (625.3) | ||||
Operating profit | 699.1 | 480 | 2,022.3 | 1,510.6 | ||||
Nonoperating income (expense): | ||||||||
Other income | 0 | 12.4 | 223.4 | 12.4 | ||||
Loss on early extinguishment of borrowings | (178.8) | 0 | (178.8) | 0 | ||||
Interest expense | (43.7) | (39.1) | (152.1) | (89.1) | ||||
Interest income | 0.1 | 0.6 | 0.1 | 4.6 | ||||
Earnings from continuing operations before income taxes | 476.7 | 453.9 | 1,914.9 | 1,438.5 | ||||
Income taxes | (74.1) | (74) | (508.5) | (212.8) | ||||
Net earnings from continuing operations | 402.6 | 379.9 | 1,406.4 | 1,225.7 | ||||
Earnings (loss) from discontinued operations, net of income taxes | (11) | 1,023.4 | 400.3 | 1,443.1 | ||||
Net earnings | $ 391.6 | $ 1,403.3 | $ 1,806.7 | $ 2,668.8 | ||||
Net earnings per share: | ||||||||
Net earnings per share from continuing operations, basic (in dollars per share) | $ 0.58 | $ 0.55 | $ 2.04 | $ 1.75 | ||||
Net earnings per share from continuing operations, diluted (in dollars per share) | 0.57 | 0.54 | 2.01 | 1.72 | ||||
Net earnings per share from discontinued operations, basic (in dollars per share) | (0.02) | 1.49 | 0.58 | 2.06 | ||||
Net earnings per share from discontinued operations, diluted (in dollars per share) | (0.02) | 1.46 | 0.57 | 2.03 | ||||
Net earnings per share, basic (dollars per share) | 0.57 | [1] | 2.04 | 2.62 | 3.80 | [1] | ||
Net earnings per share, diluted (dollars per share) | $ 0.56 | [1] | $ 2.01 | [1] | $ 2.59 | [1] | $ 3.75 | |
Average common stock and common equivalent shares outstanding: | ||||||||
Basic (shares) | 692.2 | 688.5 | 690.6 | 701.7 | ||||
Diluted (shares) | 701.3 | 698.7 | 699.1 | 712.3 | ||||
[1] | * Net earnings per share amount does not add due to rounding. |
Consolidated Condensed Stateme4
Consolidated Condensed Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 391.6 | $ 1,403.3 | $ 1,806.7 | $ 2,668.8 |
Other comprehensive income (loss), net of income taxes: | ||||
Foreign currency translation adjustments | 275.6 | (158.7) | 314.8 | (793.7) |
Pension and postretirement plan benefit adjustments | 4.7 | 18.7 | 15.8 | 32.8 |
Unrealized gain (loss) on available-for-sale securities adjustments | 8.8 | (26.9) | (121.5) | (4.4) |
Total other comprehensive income (loss), net of income taxes | 289.1 | (166.9) | 209.1 | (765.3) |
Comprehensive income (loss) | $ 680.7 | $ 1,236.4 | $ 2,015.8 | $ 1,903.5 |
Consolidated Condensed Stateme5
Consolidated Condensed Statement Of Stockholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance, shares at Dec. 31, 2015 | 801.6 | |||||
Beginning balance, amount 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] | ||||||
Net earnings for the period | 1,806.7 | 1,806.7 | ||||
Other comprehensive income (loss) | 209.1 | 209.1 | ||||
Dividends declared | (307) | |||||
Common stock-based award activity, shares | 5.3 | |||||
Common stock-based award activity, amount | $ 0.1 | 273.2 | ||||
Common stock issued in connection with LYONs’ conversions, including tax benefit of $2.7, shares | 0.2 | |||||
Common stock issued in connection with LYONs’ conversions, including tax benefit of $2.7, amount | $ 0 | 8.3 | ||||
Distribution of Fortive Corporation | (2,468.9) | (20.2) | ||||
Change in noncontrolling interests | (0.9) | |||||
Ending balance, shares at Sep. 30, 2016 | 807.1 | |||||
Ending balance, amount at Sep. 30, 2016 | 23,264.4 | $ 8.1 | $ 5,262.7 | $ 20,043.1 | $ (2,122.3) | $ 72.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Debt conversion, converted instrument, tax benefit | $ 2.7 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements Of Cash Flows - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Oct. 02, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,806.7 | $ 2,668.8 |
Less: earnings from discontinued operations, net of income taxes | 400.3 | 1,443.1 |
Net earnings from continuing operations | 1,406.4 | 1,225.7 |
Noncash items: | ||
Depreciation | 395.9 | 349.4 |
Amortization | 426.6 | 259.4 |
Stock-based compensation expense | 96.3 | 76.9 |
Pretax loss on early extinguishment of borrowings | 178.8 | 0 |
Pretax gain on sales of investments | (223.4) | (12.4) |
Change in trade accounts receivable, net | (94.8) | 85.1 |
Change in inventories | (138.5) | (40.8) |
Change in trade accounts payable | (38.1) | (142.2) |
Change in prepaid expenses and other assets | 171.9 | 214.6 |
Change in accrued expenses and other liabilities | 257.4 | (127.2) |
Total operating cash provided by continuing operations | 2,438.5 | 1,888.5 |
Total operating cash provided by discontinued operations | 434.3 | 681.7 |
Net cash provided by operating activities | 2,872.8 | 2,570.2 |
Cash flows from investing activities: | ||
Cash paid for acquisitions | (99.6) | (14,207.1) |
Payments for additions to property, plant and equipment | (422.1) | (351.6) |
Payments for purchases of investments | 0 | (87.1) |
Proceeds from sales of investments | 264.8 | 43 |
All other investing activities | 7.2 | 34.9 |
Total investing cash used in continuing operations | (249.7) | (14,567.9) |
Total investing cash used in discontinued operations | (69.8) | (122.7) |
Net cash used in investing activities | (319.5) | (14,690.6) |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock | 156.6 | 198.1 |
Payment of dividends | (313.3) | (261.6) |
Make-whole premiums to redeem borrowings prior to maturity | (188.1) | 0 |
Net (repayments of) proceeds from borrowings (maturities of 90 days or less) | (2,334.2) | 6,148.4 |
Proceeds from borrowings (maturities longer than 90 days) | 3,240.9 | 4,950.4 |
Repayments of borrowings (maturities longer than 90 days) | (2,354.2) | (2.1) |
All other financing activities | (26.7) | (3.3) |
Total financing cash (used in) provided by continuing operations | (1,819) | 11,029.9 |
Cash distributions to Fortive, net | (485.3) | 0 |
Net cash (used in) provided by financing activities | (2,304.3) | 11,029.9 |
Effect of exchange rate changes on cash and equivalents | (68.4) | (81.6) |
Net change in cash and equivalents | 180.6 | (1,172.1) |
Beginning balance of cash and equivalents | 790.8 | 3,005.6 |
Ending balance of cash and equivalents | 971.4 | 1,833.5 |
Supplemental disclosures: | ||
Cash interest payments | 199.4 | 97.8 |
Cash income tax payments | 330.8 | 325.4 |
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares) | 0 | $ 2,291.7 |
Shares held as Treasury shares | 26 | |
Distribution of noncash net assets to Fortive Corporation | $ (1,983.6) | $ 0 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | GENERAL The consolidated condensed financial statements included herein have been prepared by Danaher Corporation (“Danaher” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated condensed financial statements included herein should be read in conjunction with the financial statements as of and for the year ended December 31, 2015 and the Notes thereto included in the Company’s 2015 Annual Report on Form 10-K. In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2016 and December 31, 2015 , its results of operations for the three and nine month periods ended September 30, 2016 and October 2, 2015 and its cash flows for each of the nine month periods then ended. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. Accumulated Other Comprehensive Income (Loss) —The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Total For the Three Month Period Ended September 30, 2016: Balance, July 1, 2016 $ (1,758.2 ) $ (636.2 ) $ 3.2 $ (2,391.2 ) Other comprehensive income (loss) before reclassifications: Increase 275.6 — 13.9 289.5 Income tax impact — — (5.1 ) (5.1 ) Other comprehensive income (loss) before reclassifications, net of income taxes 275.6 — 8.8 284.4 Amounts reclassified from accumulated other comprehensive income (loss): Increase — 7.2 (a) — 7.2 Income tax impact — (2.5 ) — (2.5 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 4.7 — 4.7 Net current period other comprehensive income (loss), net of income taxes 275.6 4.7 8.8 289.1 Distribution of Fortive Corporation (83.5 ) 63.3 (b) — (20.2 ) Balance, September 30, 2016 $ (1,566.1 ) $ (568.2 ) $ 12.0 $ (2,122.3 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 7 for additional details. (b) This accumulated other comprehensive income (loss) component included an income tax impact of $21 million. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Total For the Three Month Period Ended October 2, 2015: Balance, July 3, 2015 $ (1,456.8 ) $ (713.7 ) $ 138.4 $ (2,032.1 ) Other comprehensive income (loss) before reclassifications: Decrease (increase) (158.7 ) 12.4 (30.6 ) (176.9 ) Income tax impact — (2.8 ) 11.5 8.7 Other comprehensive income (loss) before reclassifications, net of income taxes (158.7 ) 9.6 (19.1 ) (168.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 13.1 (a) (12.4 ) (b) 0.7 Income tax impact — (4.0 ) 4.6 0.6 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 9.1 (7.8 ) 1.3 Net current period other comprehensive income (loss), net of income taxes (158.7 ) 18.7 (26.9 ) (166.9 ) Balance, October 2, 2015 $ (1,615.5 ) $ (695.0 ) $ 111.5 $ (2,199.0 ) For the Nine Month Period Ended September 30, 2016: Balance, December 31, 2015 $ (1,797.4 ) $ (647.3 ) $ 133.5 $ (2,311.2 ) Other comprehensive income (loss) before reclassifications: Increase 314.8 — 28.8 343.6 Income tax impact — — (10.7 ) (10.7 ) Other comprehensive income (loss) before reclassifications, net of income taxes 314.8 — 18.1 332.9 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 23.6 (a) (223.4 ) (b) (199.8 ) Income tax impact — (7.8 ) 83.8 76.0 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 15.8 (139.6 ) (123.8 ) Net current period other comprehensive income (loss), net of income taxes 314.8 15.8 (121.5 ) 209.1 Distribution of Fortive Corporation (83.5 ) 63.3 (c) — (20.2 ) Balance, September 30, 2016 $ (1,566.1 ) $ (568.2 ) $ 12.0 $ (2,122.3 ) For the Nine Month Period Ended October 2, 2015: Balance, December 31, 2014 $ (821.8 ) $ (727.8 ) $ 115.9 $ (1,433.7 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (793.7 ) 12.4 5.4 (775.9 ) Income tax impact — (2.8 ) (2.0 ) (4.8 ) Other comprehensive income (loss) before reclassifications, net of income taxes (793.7 ) 9.6 3.4 (780.7 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 33.8 (a) (12.4 ) (b) 21.4 Income tax impact — (10.6 ) 4.6 (6.0 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 23.2 (7.8 ) 15.4 Net current period other comprehensive income (loss), net of income taxes (793.7 ) 32.8 (4.4 ) (765.3 ) Balance, October 2, 2015 $ (1,615.5 ) $ (695.0 ) $ 111.5 $ (2,199.0 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 7 for additional details. (b) Included in other income in the accompanying Consolidated Condensed Statement of Earnings. Refer to Note 10 for additional details. (c) This accumulated other comprehensive income (loss) component included an income tax impact of $21 million. New Accounting Standards —In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230), which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how cash receipts and cash payments are presented in the statement of cash flows. The ASU is effective for public entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments should be applied retrospectively to all periods presented. The Company adopted this standard in the third quarter of 2016. The adoption of this ASU resulted in the make-whole premiums of $188 million related to the early extinguishment of borrowings in the third quarter of 2016 being reflected as a financing activity and the tax benefit related to these payments being reflected as an operating activity in the accompanying Consolidated Condensed Statement of Cash Flows for the nine month period ended September 30, 2016 . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) , which aims to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification of certain items on the statement of cash flows and accounting for forfeitures. The ASU is effective for public entities for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company will adopt this standard in fiscal year 2017. The ASU will require that the difference between the actual tax benefit realized upon exercise and the tax benefit recorded based on the fair value of the stock award at the time of grant (the “excess tax benefits”) to be reflected as a reduction of the current period provision for income taxes with any shortfall recorded as an increase in the tax provision rather than as a component of changes to additional paid-in capital. The ASU will also require the excess tax benefit realized be reflected as operating cash flow rather than a financing cash flow. Had this ASU been adopted at January 1, 2015, the provision for income taxes from continuing operations would have been reduced and operating cash flow from continuing operations would have been increased by $66 million for the year ended December 31, 2015 and $34 million for the nine months ended September 30, 2016. The actual benefit realized in future periods is inherently uncertain and will vary based on the timing and relative value realized for future share-based transactions. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require, among other items, lessees to recognize a right-of-use asset and a lease liability for most leases. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The accounting applied by a lessor is largely unchanged from that applied under the current standard. The standard must be adopted using a modified retrospective transition approach and provides for certain practical expedients. The ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s consolidated financial statements. 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 Topic 606 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. In July 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. In addition, during March, April and May 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, respectively, which clarified the guidance on certain items such as reporting revenue as a principal versus agent, identifying performance obligations, accounting for intellectual property licenses, assessing collectability and presentation of sales taxes. 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, and expects to adopt this standard in 2018. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS For a description of the Company’s acquisition activity for the year ended December 31, 2015 including the acquisition of Pall Corporation (“Pall”), reference is made to the financial statements as of and for the year ended December 31, 2015 and Note 2 thereto included in the Company’s 2015 Annual Report on Form 10-K. 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 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, 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 2016 and 2015 acquisitions and is also in the process of obtaining valuations of certain 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. During the first nine months of 2016 , the Company acquired five businesses for total consideration of $100 million in cash, net of cash acquired. The businesses acquired complement existing units of the Life Sciences, Dental and Environmental & Applied Solutions segments. The aggregate annual sales of these five 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 $60 million . The Company preliminarily recorded an aggregate of $67 million of goodwill related to these acquisitions. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during the nine month period ended September 30, 2016 ($ in millions): Trade accounts receivable $ 9.3 Inventories 8.9 Property, plant and equipment 5.2 Goodwill 67.2 Other intangible assets, primarily customer relationships, trade names and technology 25.4 Trade accounts payable (3.6 ) Other assets and liabilities, net (12.8 ) Net cash consideration $ 99.6 Pro Forma Financial Information The unaudited pro forma information for the periods set forth below gives effect to the 2016 and 2015 acquisitions as if they had occurred as of January 1, 2015 . 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): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales $ 4,132.1 $ 3,989.2 $ 12,300.3 $ 12,049.3 Net earnings from continuing operations 402.6 437.0 1,406.5 1,261.5 Diluted net earnings per share from continuing operations 0.57 0.63 2.01 1.77 For the three month period ended October 2, 2015 , unaudited pro forma earnings set forth above were adjusted to exclude the $25 million pretax impact of nonrecurring acquisition date fair value adjustments to inventory and $47 million pretax impact of the acquisition-related transaction costs and change in control payments, related to the 2015 acquisition of Pall. In the nine month period ended October 2, 2015 , unaudited pro forma earnings set forth above were adjusted to include the $46 million pretax impact of nonrecurring acquisition date fair value adjustments to inventory and deferred revenue, net of the positive impact of freezing pension benefits, related to the 2015 acquisition of Pall as well as exclude the $47 million pretax impact of the acquisition-related transaction costs and change in control payments, also related to the 2015 acquisition of Pall. Pending Acquisition On September 2, 2016, Danaher Copper Merger Sub, Inc., a California corporation and an indirect, wholly-owned subsidiary of the Company (“Merger Sub”), and Cepheid, a California corporation, entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which the Company agreed to acquire all of the outstanding shares of common stock of Cepheid for $53.00 per share in cash, for a total enterprise value of approximately $4.0 billion , including assumed debt and net of acquired cash (the “Cepheid Acquisition”). Cepheid is a leading global molecular diagnostics company that develops, manufactures and markets accurate and easy to use molecular systems and tests. Cepheid generated revenues of $539 million in 2015. The closing of the acquisition is subject to customary conditions, including approval by Cepheid's shareholders and receipt of applicable regulatory approvals, and is expected to be completed by the end of fiscal year 2016. The Company expects to finance the transaction with available cash and proceeds from the issuance of commercial paper. Upon closing of the acquisition Cepheid will become part of Danaher's Diagnostics segment, joining the Company's Beckman Coulter, Leica Biosystems and Radiometer businesses. As Cepheid is integrated into the Company, the Company expects to realize significant cost synergies through the application of the Danaher Business System and the combined purchasing power of the Company and Cepheid. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Fortive Separation On July 2, 2016 (the “Distribution Date”), Danaher completed the separation (the “Separation”) of its former Test & Measurement segment, Industrial Technologies segment (excluding the product identification businesses) and the retail/commercial petroleum business by distributing to Danaher stockholders on a pro rata basis all of the issued and outstanding common stock of Fortive Corporation (“Fortive”), the entity Danaher incorporated to hold such businesses. To effect the Separation, Danaher distributed to its stockholders one share of Fortive common stock for every two shares of Danaher common stock outstanding as of June 15, 2016, the record date for the distribution. Fractional shares of Fortive common stock that otherwise would have been distributed were aggregated and sold into the public market and the proceeds distributed to Danaher stockholders. In preparation for the Separation, in June 2016 Fortive issued approximately $3.4 billion in debt securities (refer to Note 6). The proceeds from these borrowings were used to fund the approximately $3.0 billion net cash distributions Fortive made to Danaher prior to the Distribution Date. Danaher used a portion of the cash distribution proceeds to repay the $500 million aggregate principal amount of 2.3% senior unsecured notes that matured in June 2016 and to redeem approximately $1.9 billion in aggregate principal amount of outstanding indebtedness in August 2016 (consisting of the Company’s 5.625% senior unsecured notes due 2018, 5.4% senior unsecured notes due 2019 and 3.9% senior unsecured notes due 2021 (collectively the “Redeemed Notes”)). Danaher also paid an aggregate of $188 million in make-whole premiums in connection with the August 2016 redemptions, plus accrued and unpaid interest. The Company intends to use the balance of the cash proceeds it received from Fortive to fund certain of the Company’s regular, quarterly cash dividends to shareholders. The accounting requirements for reporting the Separation of Fortive as a discontinued operation were met when the Separation was completed. Accordingly, the accompanying consolidated condensed financial statements for all periods presented reflect this business as a discontinued operation. The Company allocated a portion of the consolidated interest expense and income to discontinued operations based on the ratio of the discontinued business' net assets to the Company's consolidated net assets. Fortive had revenues of approximately $3.0 billion in 2016 prior to the Separation and approximately $6.1 billion in 2015. As a result of the Separation, the Company incurred $22 million and $48 million in Separation-related costs during the three and nine month periods ended September 30, 2016 , respectively, which are included in earnings (loss) from discontinued operations, net of income taxes in the accompanying Consolidated Condensed Statements of Earnings. These Separation costs primarily relate to professional fees associated with preparation of regulatory filings and Separation activities within finance, tax, legal and information system functions as well as certain investment banking fees and tax liabilities incurred upon the Separation. In connection with the Separation, Danaher and Fortive entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a transition services agreement, an employee matters agreement, a tax matters agreement, an intellectual property matters agreement and a DBS license agreement. These agreements provide for the allocation between Danaher and Fortive of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after Fortive’s separation from Danaher and govern certain relationships between Danaher and Fortive after the Separation. In addition, Danaher is also party to various commercial agreements with Fortive entities. The amount billed for transition services provided under the above agreements as well as sales and purchases to and from Fortive were not material to the Company’s results of operations for the three month period ended September 30, 2016 . Communications Business Split-off In July 2015, the Company consummated the split-off of the majority of its former Test & Measurement segment’s communications business (other than the data communications cable installation business and the communication service provider business of Fluke Networks which were a part of the instruments business of the Company’s former 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 consolidated condensed financial statements for all periods presented reflect this business as a discontinued operation. 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. The communications business had revenues of $346 million in 2015 prior to the disposition and $760 million in 2014. The key components of income from both the Fortive and communications businesses in discontinued operations for the three and nine month periods ended September 30, 2016 and October 2, 2015 were as follows ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales $ — $ 1,524.6 $ 3,029.8 $ 4,948.5 Cost of sales — (781.0 ) (1,566.4 ) (2,465.2 ) Selling, general, and administrative expenses (16.4 ) (327.0 ) (696.0 ) (1,121.1 ) Research and development expenses — (95.8 ) (190.4 ) (366.7 ) Interest expense — (6.3 ) (19.7 ) (16.2 ) Interest income — 0.1 — 0.7 Gain on disposition of communications business before income taxes — 813.3 — 813.3 Earnings (loss) from discontinued operations before income taxes (16.4 ) 1,127.9 557.3 1,793.3 Income taxes 5.4 (104.5 ) (157.0 ) (350.2 ) Earnings (loss) from discontinued operations, net of income taxes $ (11.0 ) $ 1,023.4 $ 400.3 $ 1,443.1 The following table summarizes the major classes of assets and liabilities of the Fortive-related discontinued operations that were included in the Company’s accompanying Consolidated Condensed Balance Sheets as of December 31, 2015 ($ in millions): Assets: Trade accounts receivable, net $ 979.0 Inventories 522.3 Property, plant and equipment, net 522.9 Goodwill 4,055.4 Other intangible assets, net 725.0 Other assets 470.9 Total assets, discontinued operations $ 7,275.5 Liabilities: Trade accounts payable $ 657.1 Accrued expenses and other liabilities 666.8 Other long-term liabilities 512.6 Total liabilities, discontinued operations $ 1,836.5 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following is a rollforward of the Company’s goodwill ($ in millions): Balance, December 31, 2015 $ 21,014.9 Attributable to 2016 acquisitions 67.2 Adjustments due to finalization of purchase price allocations 91.3 Foreign currency translation and other 407.5 Balance, September 30, 2016 $ 21,580.9 The carrying value of goodwill by segment is summarized as follows ($ in millions): September 30, 2016 December 31, 2015 Life Sciences $ 11,689.1 $ 11,308.5 Diagnostics 4,435.2 4,387.4 Dental 3,313.2 3,236.1 Environmental & Applied Solutions 2,143.4 2,082.9 Total $ 21,580.9 $ 21,014.9 The Company has not identified any “triggering” events which indicate a potential impairment of goodwill in 2016 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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 September 30, 2016: Assets: Available-for-sale securities $ 105.8 $ 55.0 $ — $ 160.8 Liabilities: Deferred compensation plans — 51.9 — 51.9 December 31, 2015: Assets: Available-for-sale securities $ 342.3 $ 59.1 $ — $ 401.4 Liabilities: Deferred compensation plans — 55.5 — 55.5 Available-for-sale securities, which are included in other long-term assets in the accompanying Consolidated Condensed Balance Sheets, are either measured at fair value using quoted market prices in an active market or if they 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. 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 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 Condensed Balance Sheets. Participants may choose among alternative earning 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 were as follows ($ in millions): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale securities $ 160.8 $ 160.8 $ 401.4 $ 401.4 Liabilities: Notes payable and current portion of long-term debt 809.1 809.1 845.2 845.2 Long-term debt 7,503.1 8,098.9 12,025.2 12,471.4 As of September 30, 2016 and December 31, 2015 , available-for-sale securities were categorized as Level 1 and Level 2, as indicated above, 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 borrowings with original maturities of one year or less, 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. |
Financing
Financing | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financing | FINANCING As of September 30, 2016 , the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions): September 30, 2016 December 31, 2015 Euro-denominated commercial paper (€1.2 billion and €2.8 billion, respectively) $ 1,372.6 $ 3,096.9 U.S. dollar-denominated commercial paper 123.8 920.0 2.3% senior unsecured notes due 2016 — 500.0 4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount) 126.5 122.6 Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) 561.2 544.8 0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) 102.7 99.7 1.65% senior unsecured notes due 2018 497.9 497.1 5.625% senior unsecured notes due 2018 — 500.0 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) 670.9 651.0 5.4% senior unsecured notes due 2019 — 750.0 2.4% senior unsecured notes due 2020 496.6 495.9 5.0% senior unsecured notes due 2020 406.6 410.7 Zero-coupon Liquid Yield Option Notes (LYONs) due 2021 68.2 72.6 0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) 294.8 — 3.9% senior unsecured notes due 2021 — 600.0 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) 892.8 866.8 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) 558.0 541.6 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) 893.4 867.9 3.35% senior unsecured notes due 2025 495.7 495.3 1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount) 114.0 110.7 4.375% senior unsecured notes due 2045 499.3 499.3 Other 137.2 227.5 Total debt 8,312.2 12,870.4 Less: currently payable 809.1 845.2 Long-term debt $ 7,503.1 $ 12,025.2 For additional details regarding the Company’s debt financing as of December 31, 2015, reference is made to Note 9 of the Company’s financial statements as of and for the year ended December 31, 2015 included in the Company’s 2015 Annual Report on Form 10-K. The Company satisfies any short-term liquidity needs that are not met through operating cash flow and available cash primarily through issuances of commercial paper under its U.S. and Euro commercial paper programs. Credit support for the commercial paper programs is generally provided by the Company’s $4.0 billion unsecured, multi-year revolving credit facility with a syndicate of banks that expires on July 10, 2020 (the “Credit Facility”), which can also be used for working capital and other general corporate purposes. In July 2015 in connection with the financing for the Company’s acquisition of Pall, the Company entered into a $7.0 billion 364-day unsecured revolving credit facility with a syndicate of banks (the “2015 364-Day Facility”) that provided credit support for additional commercial paper borrowings and expired in accordance with its terms on July 8, 2016. There were no amounts outstanding under the 2015 364-Day Facility at any time during the term of the facility. Since the 2015 364-Day Facility provided incremental additional liquidity support for the Company’s commercial paper programs, upon such expiration the capacity under the Company’s U.S. and Euro commercial paper programs effectively decreased. As of September 30, 2016 , borrowings outstanding under the Company’s U.S. and Euro commercial paper programs had a weighted average annual interest rate of (0.1)% and a weighted average remaining maturity of approximately 55 days . The Company classified its borrowings outstanding under the commercial paper programs as of September 30, 2016 as long-term debt in the accompanying Consolidated Condensed Balance Sheet as the Company had the intent and ability, as supported by availability under the Credit Facility, to refinance these borrowings for at least one year from the balance sheet date. As of September 30, 2016 , no borrowings were outstanding under the Credit Facility, and the Company was in compliance with all covenants under the facility. In addition to the Credit Facility, the Company has also entered into reimbursement agreements with various commercial banks to support the issuance of letters of credit. Debt discounts and debt issuance costs totaled $26 million and $9 million as of September 30, 2016 and December 31, 2015 , respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above. 2016 Long-Term Debt Issuances Long-Term Indebtedness Related to Financing for the Pall Acquisition On February 28, 2016, DH Japan Finance S.A., a wholly-owned finance subsidiary of the Company, completed the private placement of ¥30.0 billion aggregate principal amount of 0.352% senior unsecured notes due March 16, 2021 (the “2021 Yen Notes”). The 2021 Yen Notes were issued at 100% of their principal amount. The 2021 Yen Notes are fully and unconditionally guaranteed by the Company. The Company received net proceeds, after offering expenses, of approximately ¥29.9 billion (approximately $262 million based on currency exchange rates as of the date of issuance) and used the net proceeds from the offering to repay a portion of the commercial paper borrowings incurred in connection with the 2015 acquisition of Pall. Interest on the 2021 Yen Notes is payable semi-annually in arrears on March 16 and September 16 of each year, commencing on September 16, 2016. Long-Term Indebtedness Related to the Fortive Separation In June 2016, the Company received net cash distributions of approximately $3.0 billion from Fortive as consideration for the Company’s contribution of assets to Fortive in connection with the Separation. Fortive financed these cash payments through issuance of approximately $3.4 billion of debt, consisting of $500 million aggregate principal amount of borrowings under a three-year, senior unsecured term loan facility with variable interest rates (the “Term Loan Facility”), $393 million of commercial paper borrowings supported by a five-year, $1.5 billion senior unsecured revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan Facility the “Fortive Credit Facilities”), $300 million aggregate principal amount of 1.8% senior unsecured notes due 2019, $750 million aggregate principal amount of 2.35% senior unsecured notes due 2021, $900 million aggregate principal amount of 3.15% senior unsecured notes due 2026 and $550 million aggregate principal amount of 4.3% senior unsecured notes due 2046 (collectively, the “Fortive Debt”). Danaher initially guaranteed the Fortive Debt, and the guarantee terminated effective as of the Distribution Date. As of July 2, 2016 in connection with the Separation, the Fortive Debt was transferred to Fortive and is no longer reflected in the Company’s consolidated condensed financial statements. 2016 Long-Term Debt Repayments The Company used a portion of the proceeds from the Fortive Distribution to repay the $500 million aggregate principal amount of 2.3% senior unsecured notes that matured in June 2016 and to redeem approximately $1.9 billion in aggregate principal amount of outstanding indebtedness in August 2016 (consisting of the Company’s Redeemed Notes). Danaher also paid an aggregate of $188 million in make-whole premiums in connection with the August 2016 redemptions, plus accrued and unpaid interest. The payment of these make-whole premiums, net of certain deferred gains of $9 million , are reflected as a loss on early extinguishment of borrowings in the accompanying Consolidated Condensed Statements of Earnings. The Company intends to use the balance of the cash proceeds it received from Fortive to fund certain of the Company’s regular, quarterly cash dividends to shareholders. The 4.0% senior unsecured bonds due 2016 were repaid upon their maturity in October 2016. LYONs Redemption and Conversion Ratio Pursuant to the terms of the indenture that governs the Company’s LYONs, effective as of the record date of the distribution of the Fortive shares, the conversion ratio of the LYONs was adjusted so that each $1,000 of principal amount at maturity may be converted into 38.1998 shares of Danaher common stock at any time on or before the maturity date of January 22, 2021. During the nine month period ended September 30, 2016 , holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately 229 thousand shares of the Company’s common stock, par value $0.01 per share. The Company’s deferred tax liability associated with the book and tax basis difference in the converted LYONs of $3 million was transferred to additional paid-in capital as a result of the conversions. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Plans | DEFINED BENEFIT PLANS The following sets forth the components of the Company’s net periodic benefit cost of the noncontributory defined benefit pension plans ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 U.S. Pension Benefits: Service cost $ 2.2 $ 2.4 $ 6.8 $ 5.4 Interest cost 22.3 25.3 67.7 73.9 Expected return on plan assets (33.0 ) (34.0 ) (99.6 ) (100.2 ) Amortization of actuarial loss 6.3 7.9 18.3 20.9 Curtailment gain recognized — — (0.7 ) — Net periodic pension cost $ (2.2 ) $ 1.6 $ (7.5 ) $ — Non-U.S. Pension Benefits: Service cost $ 9.0 $ 10.4 $ 26.9 $ 30.6 Interest cost 8.4 7.6 25.8 20.7 Expected return on plan assets (9.9 ) (8.7 ) (30.8 ) (23.2 ) Amortization of actuarial loss 1.9 2.7 8.5 7.8 Amortization of prior service credit (0.1 ) — (0.3 ) (0.1 ) Settlement loss recognized — 1.4 0.1 0.9 Net periodic pension cost $ 9.3 $ 13.4 $ 30.2 $ 36.7 The following sets forth the components of the Company’s continuing operations net periodic benefit cost of the other postretirement employee benefit plans ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Service cost $ 0.2 $ 0.3 $ 0.6 $ 0.9 Interest cost 1.4 1.8 4.2 5.8 Amortization of actuarial (gain) loss (0.1 ) (0.2 ) 0.1 1.2 Amortization of prior service credit (0.8 ) (0.8 ) (2.4 ) (2.4 ) Net periodic benefit cost $ 0.7 $ 1.1 $ 2.5 $ 5.5 Net periodic pension and benefit costs are included in cost of sales and selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings. In addition, there are $3 million and $9 million of net periodic pension and benefit costs in the three and nine month periods ended October 2, 2015 , respectively, which are included in earnings from discontinued operations, net of tax (including $2 million and $6 million of expenses which were reclassified out of accumulated other comprehensive income (loss) in the three and nine month periods ended October 2, 2015 , respectively). 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 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 approximately $25 million when compared to the prior method. Employer Contributions During 2016 , the Company’s cash contribution requirements for its U.S. and non-U.S. defined benefit pension plans are expected to be approximately $40 million and $45 million , respectively. The ultimate amounts to be contributed depend upon, among other things, legal requirements, underlying asset returns, the plan’s funded status, the anticipated tax deductibility of the contribution, local practices, market conditions, interest rates and other factors. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company’s effective tax rate from continuing operations for the three and nine month periods ended September 30, 2016 was 15.5% and 26.6% , respectively, as compared to 16.3% and 14.8% for the three and nine month periods ended October 2, 2015 , respectively. The Company’s effective tax rate for 2016 and 2015 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. A higher tax rate associated with the loss on the early extinguishment of borrowings during the third quarter of 2016 lowered the effective tax rate by 6.0% and 1.0% for the three and nine month periods ended September 30, 2016 , respectively. The gain on the sale of marketable equity securities during the first quarter of 2016 resulted in a 1.4% increase in the reported tax rate on a year-over-year basis for the nine month period ended September 30, 2016 . The Company also incurred $99 million of income tax expense related to repatriation of earnings and legal entity realignments associated with the Separation and other discrete items during the nine month period ended September 30, 2016 , increasing the tax rate by 5.2% for the period. The effective tax rate for the three and nine month periods ended October 2, 2015 was lowered by 0.2% and 1.2% , respectively, from releases of valuation allowances related to foreign operating losses, foreign exchange losses and expiration of statutes of limitations. 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 1.3 billion including interest through September 30, 2016 (approximately $203 million based on the exchange rate as of September 30, 2016 ), 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 the years 2010-2012 totaling approximately DKK 794 million including interest through September 30, 2016 (approximately $120 million based on the exchange rate as of September 30, 2016 ). 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. |
Stock Transactions And Stock-Ba
Stock Transactions And Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Stock Transactions And Stock-Based Compensation | STOCK TRANSACTIONS AND STOCK-BASED COMPENSATION Neither the Company nor any “affiliated purchaser” repurchased any shares of Company common stock during the three and nine month periods ended September 30, 2016 . On July 16, 2013, the Company’s Board of Directors approved a 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. As of September 30, 2016 , 20 million shares remained available for repurchase pursuant to the Repurchase Program. For a full description of the Company’s stock-based compensation programs, reference is made to Note 17 of the Company’s financial statements as of and for the year ended December 31, 2015 included in the Company’s 2015 Annual Report on Form 10-K. As of September 30, 2016 , approximately 28 million shares of the Company’s common stock were reserved for issuance under the 2007 Stock Incentive Plan, as adjusted pursuant to the anti-dilution provisions of the plan to account for the Separation. In connection with the Separation and pursuant to the anti-dilution provisions of the 2007 Stock Incentive Plan, the Company also made certain adjustments to the exercise price and the number of shares underlying stock-based compensation awards with the intention of preserving the intrinsic value of the awards prior to the Separation. Accordingly, the number of shares underlying each stock-based award outstanding as of the date of the Separation was multiplied by a factor of 1.32 and the related exercise price for stock options was divided by a factor of 1.32 which resulted in no increase in the intrinsic value of awards outstanding. The stock-based compensation awards continue to vest over their original vesting period. These adjustments to the Company’s stock-based compensation awards did not result in additional compensation expense. The following summarizes the assumptions used in the Black-Scholes Merton option pricing model (“Black-Scholes”) to value options granted during the nine month period ended September 30, 2016 : Risk-free interest rate 1.2% - 1.6% Weighted average volatility 24.6 % Dividend yield 0.6 % Expected years until exercise 5.5 - 8.0 The following summarizes the components of the Company’s stock-based compensation expense ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Restricted stock units (“RSUs”)/performance stock units (“PSUs”): Pretax compensation expense $ 21.1 $ 23.4 $ 65.0 $ 49.8 Income tax benefit (6.2 ) (8.6 ) (19.1 ) (17.1 ) RSU/PSU expense, net of income taxes 14.9 14.8 45.9 32.7 Stock options: Pretax compensation expense 10.3 9.9 31.3 27.1 Income tax benefit (3.2 ) (3.1 ) (9.7 ) (8.5 ) Stock option expense, net of income taxes 7.1 6.8 21.6 18.6 Total stock-based compensation: Pretax compensation expense 31.4 33.3 96.3 76.9 Income tax benefit (9.4 ) (11.7 ) (28.8 ) (25.6 ) Total stock-based compensation expense, net of income taxes $ 22.0 $ 21.6 $ 67.5 $ 51.3 Stock-based compensation has been recognized as a component of selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings. As of September 30, 2016 , $133 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 September 30, 2016 , $112 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 December 31, 2015 (a) 24.9 $ 43.75 Granted 5.2 66.55 Exercised (4.9 ) 32.54 Cancelled/forfeited (1.4 ) 68.60 Adjustment due to Fortive Separation (b) (5.2 ) 50.44 Outstanding as of September 30, 2016 18.6 $ 49.31 6 $ 542.4 Vested and expected to vest as of September 30, 2016 (c) 18.0 $ 48.81 6 $ 533.7 Vested as of September 30, 2016 9.0 $ 36.69 4 $ 376.9 (a) The outstanding options (except those options canceled as part of the Separation as noted below) as of December 31, 2015 have been adjusted by a factor of 1.32 , as noted above, due to the Separation. (b) The “Adjustment due to Fortive Separation” reflects the cancellation of options which were outstanding as of July 2, 2016 and held by Fortive employees, which have been converted to Fortive options as part of the Separation. (c) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options. 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 the third quarter of 2016 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 September 30, 2016 . The amount of aggregate intrinsic value will change based on the price of the Company’s common stock. The aggregate intrinsic value of options exercised during the nine month periods ended September 30, 2016 and October 2, 2015 was $181 million and $245 million , respectively. Exercise of options during the first nine months of 2016 and 2015 resulted in cash receipts of $146 million and $169 million , respectively. The Company realized a tax benefit of $7 million and $57 million in the three and nine month periods ended September 30, 2016 , 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 Condensed 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 December 31, 2015 (a) 6.1 $ 53.93 Granted 1.8 65.33 Vested (1.7 ) 49.29 Forfeited (0.7 ) 46.31 Adjustment due to Fortive Separation (b) (1.2 ) 58.24 Unvested as of September 30, 2016 4.3 60.69 (a) The unvested RSUs and PSUs (except those RSUs and PSUs canceled as part of the Separation as noted below) as of December 31, 2015 have been adjusted by a factor of 1.32 , as noted above, due to the Separation. (b) The “Adjustment due to Fortive Separation” reflects the cancellation of RSUs and PSUs which were outstanding as of July 2, 2016 and held by Fortive employees which have been converted to Fortive RSUs and PSUs as part of the Separation. The Company realized a tax benefit of $10 million and $34 million in the three and nine month periods ended September 30, 2016 , 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 Condensed Statement 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 first nine months of 2016 , 600 thousand shares with an aggregate value of $44 million were withheld to satisfy the requirement. The withholding is treated as a reduction in additional paid-in capital in the accompanying Consolidated Condensed Statement of Stockholders’ Equity. |
Nonoperating Income (Expense)
Nonoperating Income (Expense) | 9 Months Ended |
Sep. 30, 2016 | |
Component of Operating Income [Abstract] | |
Nonoperating Income (Expense) | NONOPERATING INCOME (EXPENSE) The Company received $265 million of cash proceeds from the sale of marketable equity securities during the first quarter of 2016. The Company recorded a pretax gain related to this sale of $223 million ( $140 million after-tax or $0.20 per diluted share) during the nine month period ended September 30, 2016 . During the three and nine month periods ended October 2, 2015 , the Company received $43 million of cash proceeds from the sales of marketable equity securities. The Company recorded a pretax gain related to these sales of $12 million ( $8 million after-tax or $0.01 per diluted share) for the three and nine month periods. Refer to Note 6 for information related to the $188 million of make-whole premiums associated with the early extinguishment of the Company’s Redeemed Notes. The Company recorded a loss on extinguishment of these borrowings, net of certain deferred gains, of $179 million ( $112 million after-tax or $0.16 per diluted share) in the three and nine month periods ended September 30, 2016 . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES For a description of the Company’s litigation and contingencies, reference is made to Note 16 of the Company’s financial statements as of and for the year ended December 31, 2015 included in the Company’s 2015 Annual Report on Form 10-K. In connection with the Separation and in accordance with the separation and distribution and related agreements Danaher and Fortive entered into, the Company agreed to indemnify Fortive and its affiliates against certain damages and expenses that might occur in the future. These indemnification obligations cover a variety of liabilities, including, but not limited to, employee, tax and environmental matters. The Company’s estimate of these indemnification obligations has been accrued for in the accompanying Consolidated Condensed Balance Sheet as of September 30, 2016 . As of September 30, 2016 , the Company had approximately $4.8 billion of aggregate purchase price commitments for acquisitions subject to executed purchase agreements and expected to close in the fourth quarter of 2016, including the pending acquisition of Cepheid, and anticipates financing these obligations with available cash and proceeds from the issuance of commercial paper. The Company generally accrues estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, December 31, 2015 $ 73.8 Accruals for warranties issued during the period 44.8 Settlements made (45.5 ) Additions due to acquisitions 0.1 Effect of foreign currency translation 1.4 Balance, September 30, 2016 $ 74.6 |
Net Earnings Per Share From Con
Net Earnings Per Share From Continuing Operations | 9 Months Ended |
Sep. 30, 2016 | |
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 the three and nine month periods ended September 30, 2016 there were no anti-dilutive options to purchase shares excluded from the diluted EPS from continuing operations calculation. However, for the three and nine month periods ended October 2, 2015 , approximately 2 million and 3 million options to purchase shares, respectively, were not included in the diluted EPS from continuing operations calculation as the impact of their inclusion would have been anti-dilutive. Information related to the calculation of net earnings per share from continuing operations of common stock is summarized as follows ($ and shares in millions, except per share amounts): Net Earnings from Continuing Operations Shares Per Share Amount For the Three Month Period Ended September 30, 2016: Basic EPS $ 402.6 692.2 $ 0.58 Adjustment for interest on convertible debentures 0.5 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 6.2 Incremental shares from assumed conversion of the convertible debentures — 2.9 Diluted EPS $ 403.1 701.3 $ 0.57 For the Three Month Period Ended October 2, 2015: Basic EPS $ 379.9 688.5 $ 0.55 Adjustment for interest on convertible debentures 0.5 — 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 — 2.5 Diluted EPS $ 380.4 698.7 $ 0.54 For the Nine Month Period Ended September 30, 2016: Basic EPS $ 1,406.4 690.6 $ 2.04 Adjustment for interest on convertible debentures 1.4 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 6.0 Incremental shares from assumed conversion of the convertible debentures — 2.5 Diluted EPS $ 1,407.8 699.1 $ 2.01 For the Nine Month Period Ended October 2, 2015: Basic EPS $ 1,225.7 701.7 $ 1.75 Adjustment for interest on convertible debentures 1.7 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 7.9 Incremental shares from assumed conversion of the convertible debentures — 2.7 Diluted EPS $ 1,227.4 712.3 $ 1.72 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Before the Separation, the Company operated and reported its results in five separate business segments consisting of the Test & Measurement, Environmental, Life Sciences & Diagnostics, Dental and Industrial Technologies segments. The Company reevaluated its business segments after the Separation, and the Company now operates and reports its results in four separate business segments consisting of the Life Sciences, Diagnostics, Dental and Environmental & Applied Solutions segments. When determining the reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. 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. Segment results are shown below ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales: Life Sciences $ 1,325.4 $ 804.5 $ 3,911.8 $ 1,940.5 Diagnostics 1,212.7 1,175.8 3,606.5 3,545.0 Dental 675.6 652.2 2,046.1 2,002.2 Environmental & Applied Solutions 918.4 879.7 2,733.7 2,623.0 Total $ 4,132.1 $ 3,512.2 $ 12,298.1 $ 10,110.7 Operating Profit: Life Sciences $ 204.7 $ 51.5 $ 574.1 $ 196.6 Diagnostics 193.9 159.2 606.3 510.3 Dental 101.3 96.8 305.6 254.2 Environmental & Applied Solutions 223.4 215.6 640.1 661.6 Other (24.2 ) (43.1 ) (103.8 ) (112.1 ) Total $ 699.1 $ 480.0 $ 2,022.3 $ 1,510.6 As of September 30, 2016 , there were material changes in total assets by segment since December 31, 2015 due to the Fortive Separation. Segment identifiable assets are shown below ($ in millions): September 30, 2016 December 31, 2015 Life Sciences $ 19,764.4 $ 19,658.4 Diagnostics 9,928.2 9,950.7 Dental 5,924.6 5,906.9 Environmental & Applied Solutions 4,171.7 4,168.8 Other 1,508.6 1,261.9 Discontinued operations — 7,275.5 Total $ 41,297.5 $ 48,222.2 |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Standards | New Accounting Standards —In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Statement of Cash Flows (Topic 230), which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how cash receipts and cash payments are presented in the statement of cash flows. The ASU is effective for public entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments should be applied retrospectively to all periods presented. The Company adopted this standard in the third quarter of 2016. The adoption of this ASU resulted in the make-whole premiums of $188 million related to the early extinguishment of borrowings in the third quarter of 2016 being reflected as a financing activity and the tax benefit related to these payments being reflected as an operating activity in the accompanying Consolidated Condensed Statement of Cash Flows for the nine month period ended September 30, 2016 . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) , which aims to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification of certain items on the statement of cash flows and accounting for forfeitures. The ASU is effective for public entities for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company will adopt this standard in fiscal year 2017. The ASU will require that the difference between the actual tax benefit realized upon exercise and the tax benefit recorded based on the fair value of the stock award at the time of grant (the “excess tax benefits”) to be reflected as a reduction of the current period provision for income taxes with any shortfall recorded as an increase in the tax provision rather than as a component of changes to additional paid-in capital. The ASU will also require the excess tax benefit realized be reflected as operating cash flow rather than a financing cash flow. Had this ASU been adopted at January 1, 2015, the provision for income taxes from continuing operations would have been reduced and operating cash flow from continuing operations would have been increased by $66 million for the year ended December 31, 2015 and $34 million for the nine months ended September 30, 2016. The actual benefit realized in future periods is inherently uncertain and will vary based on the timing and relative value realized for future share-based transactions. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require, among other items, lessees to recognize a right-of-use asset and a lease liability for most leases. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The accounting applied by a lessor is largely unchanged from that applied under the current standard. The standard must be adopted using a modified retrospective transition approach and provides for certain practical expedients. The ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s consolidated financial statements. 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 Topic 606 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. In July 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. In addition, during March, April and May 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, respectively, which clarified the guidance on certain items such as reporting revenue as a principal versus agent, identifying performance obligations, accounting for intellectual property licenses, assessing collectability and presentation of sales taxes. 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, and expects to adopt this standard in 2018. |
General (Tables)
General (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) —The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Total For the Three Month Period Ended September 30, 2016: Balance, July 1, 2016 $ (1,758.2 ) $ (636.2 ) $ 3.2 $ (2,391.2 ) Other comprehensive income (loss) before reclassifications: Increase 275.6 — 13.9 289.5 Income tax impact — — (5.1 ) (5.1 ) Other comprehensive income (loss) before reclassifications, net of income taxes 275.6 — 8.8 284.4 Amounts reclassified from accumulated other comprehensive income (loss): Increase — 7.2 (a) — 7.2 Income tax impact — (2.5 ) — (2.5 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 4.7 — 4.7 Net current period other comprehensive income (loss), net of income taxes 275.6 4.7 8.8 289.1 Distribution of Fortive Corporation (83.5 ) 63.3 (b) — (20.2 ) Balance, September 30, 2016 $ (1,566.1 ) $ (568.2 ) $ 12.0 $ (2,122.3 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 7 for additional details. (b) This accumulated other comprehensive income (loss) component included an income tax impact of $21 million. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Total For the Three Month Period Ended October 2, 2015: Balance, July 3, 2015 $ (1,456.8 ) $ (713.7 ) $ 138.4 $ (2,032.1 ) Other comprehensive income (loss) before reclassifications: Decrease (increase) (158.7 ) 12.4 (30.6 ) (176.9 ) Income tax impact — (2.8 ) 11.5 8.7 Other comprehensive income (loss) before reclassifications, net of income taxes (158.7 ) 9.6 (19.1 ) (168.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 13.1 (a) (12.4 ) (b) 0.7 Income tax impact — (4.0 ) 4.6 0.6 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 9.1 (7.8 ) 1.3 Net current period other comprehensive income (loss), net of income taxes (158.7 ) 18.7 (26.9 ) (166.9 ) Balance, October 2, 2015 $ (1,615.5 ) $ (695.0 ) $ 111.5 $ (2,199.0 ) For the Nine Month Period Ended September 30, 2016: Balance, December 31, 2015 $ (1,797.4 ) $ (647.3 ) $ 133.5 $ (2,311.2 ) Other comprehensive income (loss) before reclassifications: Increase 314.8 — 28.8 343.6 Income tax impact — — (10.7 ) (10.7 ) Other comprehensive income (loss) before reclassifications, net of income taxes 314.8 — 18.1 332.9 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 23.6 (a) (223.4 ) (b) (199.8 ) Income tax impact — (7.8 ) 83.8 76.0 Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 15.8 (139.6 ) (123.8 ) Net current period other comprehensive income (loss), net of income taxes 314.8 15.8 (121.5 ) 209.1 Distribution of Fortive Corporation (83.5 ) 63.3 (c) — (20.2 ) Balance, September 30, 2016 $ (1,566.1 ) $ (568.2 ) $ 12.0 $ (2,122.3 ) For the Nine Month Period Ended October 2, 2015: Balance, December 31, 2014 $ (821.8 ) $ (727.8 ) $ 115.9 $ (1,433.7 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (793.7 ) 12.4 5.4 (775.9 ) Income tax impact — (2.8 ) (2.0 ) (4.8 ) Other comprehensive income (loss) before reclassifications, net of income taxes (793.7 ) 9.6 3.4 (780.7 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 33.8 (a) (12.4 ) (b) 21.4 Income tax impact — (10.6 ) 4.6 (6.0 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 23.2 (7.8 ) 15.4 Net current period other comprehensive income (loss), net of income taxes (793.7 ) 32.8 (4.4 ) (765.3 ) Balance, October 2, 2015 $ (1,615.5 ) $ (695.0 ) $ 111.5 $ (2,199.0 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 7 for additional details. (b) Included in other income in the accompanying Consolidated Condensed Statement of Earnings. Refer to Note 10 for additional details. (c) This accumulated other comprehensive income (loss) component included an income tax impact of $21 million. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Fair Values Of The Assets Acquired And Liabilities | The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during the nine month period ended September 30, 2016 ($ in millions): Trade accounts receivable $ 9.3 Inventories 8.9 Property, plant and equipment 5.2 Goodwill 67.2 Other intangible assets, primarily customer relationships, trade names and technology 25.4 Trade accounts payable (3.6 ) Other assets and liabilities, net (12.8 ) Net cash consideration $ 99.6 |
Results Of Operations If Acquisition Was Consummated | 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): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales $ 4,132.1 $ 3,989.2 $ 12,300.3 $ 12,049.3 Net earnings from continuing operations 402.6 437.0 1,406.5 1,261.5 Diluted net earnings per share from continuing operations 0.57 0.63 2.01 1.77 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Disposal Group Including Discontinued Operations | The key components of income from both the Fortive and communications businesses in discontinued operations for the three and nine month periods ended September 30, 2016 and October 2, 2015 were as follows ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales $ — $ 1,524.6 $ 3,029.8 $ 4,948.5 Cost of sales — (781.0 ) (1,566.4 ) (2,465.2 ) Selling, general, and administrative expenses (16.4 ) (327.0 ) (696.0 ) (1,121.1 ) Research and development expenses — (95.8 ) (190.4 ) (366.7 ) Interest expense — (6.3 ) (19.7 ) (16.2 ) Interest income — 0.1 — 0.7 Gain on disposition of communications business before income taxes — 813.3 — 813.3 Earnings (loss) from discontinued operations before income taxes (16.4 ) 1,127.9 557.3 1,793.3 Income taxes 5.4 (104.5 ) (157.0 ) (350.2 ) Earnings (loss) from discontinued operations, net of income taxes $ (11.0 ) $ 1,023.4 $ 400.3 $ 1,443.1 The following table summarizes the major classes of assets and liabilities of the Fortive-related discontinued operations that were included in the Company’s accompanying Consolidated Condensed Balance Sheets as of December 31, 2015 ($ in millions): Assets: Trade accounts receivable, net $ 979.0 Inventories 522.3 Property, plant and equipment, net 522.9 Goodwill 4,055.4 Other intangible assets, net 725.0 Other assets 470.9 Total assets, discontinued operations $ 7,275.5 Liabilities: Trade accounts payable $ 657.1 Accrued expenses and other liabilities 666.8 Other long-term liabilities 512.6 Total liabilities, discontinued operations $ 1,836.5 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward Of Goodwill | The following is a rollforward of the Company’s goodwill ($ in millions): Balance, December 31, 2015 $ 21,014.9 Attributable to 2016 acquisitions 67.2 Adjustments due to finalization of purchase price allocations 91.3 Foreign currency translation and other 407.5 Balance, September 30, 2016 $ 21,580.9 The carrying value of goodwill by segment is summarized as follows ($ in millions): September 30, 2016 December 31, 2015 Life Sciences $ 11,689.1 $ 11,308.5 Diagnostics 4,435.2 4,387.4 Dental 3,313.2 3,236.1 Environmental & Applied Solutions 2,143.4 2,082.9 Total $ 21,580.9 $ 21,014.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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 September 30, 2016: Assets: Available-for-sale securities $ 105.8 $ 55.0 $ — $ 160.8 Liabilities: Deferred compensation plans — 51.9 — 51.9 December 31, 2015: Assets: Available-for-sale securities $ 342.3 $ 59.1 $ — $ 401.4 Liabilities: Deferred compensation plans — 55.5 — 55.5 |
Carrying Amounts And Fair Values Of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments were as follows ($ in millions): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale securities $ 160.8 $ 160.8 $ 401.4 $ 401.4 Liabilities: Notes payable and current portion of long-term debt 809.1 809.1 845.2 845.2 Long-term debt 7,503.1 8,098.9 12,025.2 12,471.4 |
Financing (Tables)
Financing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components Of Debt | The components of the Company’s debt were as follows ($ in millions): September 30, 2016 December 31, 2015 Euro-denominated commercial paper (€1.2 billion and €2.8 billion, respectively) $ 1,372.6 $ 3,096.9 U.S. dollar-denominated commercial paper 123.8 920.0 2.3% senior unsecured notes due 2016 — 500.0 4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount) 126.5 122.6 Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) 561.2 544.8 0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) 102.7 99.7 1.65% senior unsecured notes due 2018 497.9 497.1 5.625% senior unsecured notes due 2018 — 500.0 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) 670.9 651.0 5.4% senior unsecured notes due 2019 — 750.0 2.4% senior unsecured notes due 2020 496.6 495.9 5.0% senior unsecured notes due 2020 406.6 410.7 Zero-coupon Liquid Yield Option Notes (LYONs) due 2021 68.2 72.6 0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) 294.8 — 3.9% senior unsecured notes due 2021 — 600.0 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) 892.8 866.8 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) 558.0 541.6 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) 893.4 867.9 3.35% senior unsecured notes due 2025 495.7 495.3 1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount) 114.0 110.7 4.375% senior unsecured notes due 2045 499.3 499.3 Other 137.2 227.5 Total debt 8,312.2 12,870.4 Less: currently payable 809.1 845.2 Long-term debt $ 7,503.1 $ 12,025.2 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Defined benefit pension plans | |
Defined Benefit Plan Disclosure | |
Schedule of Net Benefit Costs | The following sets forth the components of the Company’s net periodic benefit cost of the noncontributory defined benefit pension plans ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 U.S. Pension Benefits: Service cost $ 2.2 $ 2.4 $ 6.8 $ 5.4 Interest cost 22.3 25.3 67.7 73.9 Expected return on plan assets (33.0 ) (34.0 ) (99.6 ) (100.2 ) Amortization of actuarial loss 6.3 7.9 18.3 20.9 Curtailment gain recognized — — (0.7 ) — Net periodic pension cost $ (2.2 ) $ 1.6 $ (7.5 ) $ — Non-U.S. Pension Benefits: Service cost $ 9.0 $ 10.4 $ 26.9 $ 30.6 Interest cost 8.4 7.6 25.8 20.7 Expected return on plan assets (9.9 ) (8.7 ) (30.8 ) (23.2 ) Amortization of actuarial loss 1.9 2.7 8.5 7.8 Amortization of prior service credit (0.1 ) — (0.3 ) (0.1 ) Settlement loss recognized — 1.4 0.1 0.9 Net periodic pension cost $ 9.3 $ 13.4 $ 30.2 $ 36.7 |
Other postretirement benefit plans | |
Defined Benefit Plan Disclosure | |
Schedule of Net Benefit Costs | The following sets forth the components of the Company’s continuing operations net periodic benefit cost of the other postretirement employee benefit plans ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Service cost $ 0.2 $ 0.3 $ 0.6 $ 0.9 Interest cost 1.4 1.8 4.2 5.8 Amortization of actuarial (gain) loss (0.1 ) (0.2 ) 0.1 1.2 Amortization of prior service credit (0.8 ) (0.8 ) (2.4 ) (2.4 ) Net periodic benefit cost $ 0.7 $ 1.1 $ 2.5 $ 5.5 |
Stock Transactions And Stock-28
Stock Transactions And Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Merton option pricing model (“Black-Scholes”) to value options granted during the nine month period ended September 30, 2016 : Risk-free interest rate 1.2% - 1.6% Weighted average volatility 24.6 % Dividend yield 0.6 % Expected years until exercise 5.5 - 8.0 |
Components Of Stock-Based Compensation Program | The following summarizes the components of the Company’s stock-based compensation expense ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Restricted stock units (“RSUs”)/performance stock units (“PSUs”): Pretax compensation expense $ 21.1 $ 23.4 $ 65.0 $ 49.8 Income tax benefit (6.2 ) (8.6 ) (19.1 ) (17.1 ) RSU/PSU expense, net of income taxes 14.9 14.8 45.9 32.7 Stock options: Pretax compensation expense 10.3 9.9 31.3 27.1 Income tax benefit (3.2 ) (3.1 ) (9.7 ) (8.5 ) Stock option expense, net of income taxes 7.1 6.8 21.6 18.6 Total stock-based compensation: Pretax compensation expense 31.4 33.3 96.3 76.9 Income tax benefit (9.4 ) (11.7 ) (28.8 ) (25.6 ) Total stock-based compensation expense, net of income taxes $ 22.0 $ 21.6 $ 67.5 $ 51.3 |
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 December 31, 2015 (a) 24.9 $ 43.75 Granted 5.2 66.55 Exercised (4.9 ) 32.54 Cancelled/forfeited (1.4 ) 68.60 Adjustment due to Fortive Separation (b) (5.2 ) 50.44 Outstanding as of September 30, 2016 18.6 $ 49.31 6 $ 542.4 Vested and expected to vest as of September 30, 2016 (c) 18.0 $ 48.81 6 $ 533.7 Vested as of September 30, 2016 9.0 $ 36.69 4 $ 376.9 (a) The outstanding options (except those options canceled as part of the Separation as noted below) as of December 31, 2015 have been adjusted by a factor of 1.32 , as noted above, due to the Separation. (b) The “Adjustment due to Fortive Separation” reflects the cancellation of options which were outstanding as of July 2, 2016 and held by Fortive employees, which have been converted to Fortive options as part of the Separation. (c) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options. |
RSU and PSU 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 December 31, 2015 (a) 6.1 $ 53.93 Granted 1.8 65.33 Vested (1.7 ) 49.29 Forfeited (0.7 ) 46.31 Adjustment due to Fortive Separation (b) (1.2 ) 58.24 Unvested as of September 30, 2016 4.3 60.69 (a) The unvested RSUs and PSUs (except those RSUs and PSUs canceled as part of the Separation as noted below) as of December 31, 2015 have been adjusted by a factor of 1.32 , as noted above, due to the Separation. (b) The “Adjustment due to Fortive Separation” reflects the cancellation of RSUs and PSUs which were outstanding as of July 2, 2016 and held by Fortive employees which have been converted to Fortive RSUs and PSUs as part of the Separation. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Warranty Accrual | The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, December 31, 2015 $ 73.8 Accruals for warranties issued during the period 44.8 Settlements made (45.5 ) Additions due to acquisitions 0.1 Effect of foreign currency translation 1.4 Balance, September 30, 2016 $ 74.6 |
Net Earnings Per Share From C30
Net Earnings Per Share From Continuing Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Components Of Basic And Diluted Earnings Per Share | Information related to the calculation of net earnings per share from continuing operations of common stock is summarized as follows ($ and shares in millions, except per share amounts): Net Earnings from Continuing Operations Shares Per Share Amount For the Three Month Period Ended September 30, 2016: Basic EPS $ 402.6 692.2 $ 0.58 Adjustment for interest on convertible debentures 0.5 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 6.2 Incremental shares from assumed conversion of the convertible debentures — 2.9 Diluted EPS $ 403.1 701.3 $ 0.57 For the Three Month Period Ended October 2, 2015: Basic EPS $ 379.9 688.5 $ 0.55 Adjustment for interest on convertible debentures 0.5 — 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 — 2.5 Diluted EPS $ 380.4 698.7 $ 0.54 For the Nine Month Period Ended September 30, 2016: Basic EPS $ 1,406.4 690.6 $ 2.04 Adjustment for interest on convertible debentures 1.4 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 6.0 Incremental shares from assumed conversion of the convertible debentures — 2.5 Diluted EPS $ 1,407.8 699.1 $ 2.01 For the Nine Month Period Ended October 2, 2015: Basic EPS $ 1,225.7 701.7 $ 1.75 Adjustment for interest on convertible debentures 1.7 — Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs — 7.9 Incremental shares from assumed conversion of the convertible debentures — 2.7 Diluted EPS $ 1,227.4 712.3 $ 1.72 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Results | Segment results are shown below ($ in millions): Three Month Period Ended Nine Month Period Ended September 30, 2016 October 2, 2015 September 30, 2016 October 2, 2015 Sales: Life Sciences $ 1,325.4 $ 804.5 $ 3,911.8 $ 1,940.5 Diagnostics 1,212.7 1,175.8 3,606.5 3,545.0 Dental 675.6 652.2 2,046.1 2,002.2 Environmental & Applied Solutions 918.4 879.7 2,733.7 2,623.0 Total $ 4,132.1 $ 3,512.2 $ 12,298.1 $ 10,110.7 Operating Profit: Life Sciences $ 204.7 $ 51.5 $ 574.1 $ 196.6 Diagnostics 193.9 159.2 606.3 510.3 Dental 101.3 96.8 305.6 254.2 Environmental & Applied Solutions 223.4 215.6 640.1 661.6 Other (24.2 ) (43.1 ) (103.8 ) (112.1 ) Total $ 699.1 $ 480.0 $ 2,022.3 $ 1,510.6 As of September 30, 2016 , there were material changes in total assets by segment since December 31, 2015 due to the Fortive Separation. Segment identifiable assets are shown below ($ in millions): September 30, 2016 December 31, 2015 Life Sciences $ 19,764.4 $ 19,658.4 Diagnostics 9,928.2 9,950.7 Dental 5,924.6 5,906.9 Environmental & Applied Solutions 4,171.7 4,168.8 Other 1,508.6 1,261.9 Discontinued operations — 7,275.5 Total $ 41,297.5 $ 48,222.2 |
General New Accounting Standard
General New Accounting Standards (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Oct. 02, 2015 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
New accounting pronouncement, effect of adoption, compensation-stock compensation | $ 34 | $ 66 | |||
Make-whole premiums to redeem borrowings prior to maturity | $ (188) | $ (188) | $ (188.1) | $ 0 |
General (Components of Accumula
General (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (2,391.2) | $ (2,032.1) | $ (2,311.2) | $ (1,433.7) |
Increase (decrease) | 289.5 | (176.9) | 343.6 | (775.9) |
Income tax impact | (5.1) | 8.7 | (10.7) | (4.8) |
Other comprehensive income (loss) before reclassifications, net of income taxes | 284.4 | (168.2) | 332.9 | (780.7) |
Increase (decrease) | 7.2 | 0.7 | (199.8) | 21.4 |
Income tax impact | (2.5) | 0.6 | 76 | (6) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 4.7 | 1.3 | (123.8) | 15.4 |
Total other comprehensive income (loss), net of income taxes | 289.1 | (166.9) | 209.1 | (765.3) |
Distribution of Fortive Corporation | (20.2) | (20.2) | ||
Ending balance | (2,122.3) | (2,199) | (2,122.3) | (2,199) |
Distribution of Fortive Corporation, income tax impact | 21 | 21 | ||
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (1,758.2) | (1,456.8) | (1,797.4) | (821.8) |
Increase (decrease) | 275.6 | (158.7) | 314.8 | (793.7) |
Income tax impact | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications, net of income taxes | 275.6 | (158.7) | 314.8 | (793.7) |
Increase (decrease) | 0 | 0 | 0 | 0 |
Income tax impact | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of income taxes | 275.6 | (158.7) | 314.8 | (793.7) |
Distribution of Fortive Corporation | (83.5) | (83.5) | ||
Ending balance | (1,566.1) | (1,615.5) | (1,566.1) | (1,615.5) |
Pension and postretirement plan benefit adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (636.2) | (713.7) | (647.3) | (727.8) |
Increase (decrease) | 0 | 12.4 | 0 | 12.4 |
Income tax impact | 0 | (2.8) | 0 | (2.8) |
Other comprehensive income (loss) before reclassifications, net of income taxes | 0 | 9.6 | 0 | 9.6 |
Increase (decrease) | 7.2 | 13.1 | 23.6 | 33.8 |
Income tax impact | (2.5) | (4) | (7.8) | (10.6) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 4.7 | 9.1 | 15.8 | 23.2 |
Total other comprehensive income (loss), net of income taxes | 4.7 | 18.7 | 15.8 | 32.8 |
Distribution of Fortive Corporation | 63.3 | 63.3 | ||
Ending balance | (568.2) | (695) | (568.2) | (695) |
Unrealized Gain (Loss) on Available-For-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 3.2 | 138.4 | 133.5 | 115.9 |
Increase (decrease) | 13.9 | (30.6) | 28.8 | 5.4 |
Income tax impact | (5.1) | 11.5 | (10.7) | (2) |
Other comprehensive income (loss) before reclassifications, net of income taxes | 8.8 | (19.1) | 18.1 | 3.4 |
Increase (decrease) | 0 | (12.4) | (223.4) | (12.4) |
Income tax impact | 0 | 4.6 | 83.8 | 4.6 |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 0 | (7.8) | (139.6) | (7.8) |
Total other comprehensive income (loss), net of income taxes | 8.8 | (26.9) | (121.5) | (4.4) |
Distribution of Fortive Corporation | 0 | 0 | ||
Ending balance | $ 12 | $ 111.5 | $ 12 | $ 111.5 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Millions | Sep. 02, 2016USD ($)$ / shares | Oct. 02, 2015USD ($) | Sep. 30, 2016USD ($)Businesses | Oct. 02, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Cash paid for acquisitions | $ 99.6 | $ 14,207.1 | ||
Goodwill | $ 67.2 | |||
Others | ||||
Business Acquisition [Line Items] | ||||
Businesses acquired | Businesses | 5 | |||
Cash paid for acquisitions | $ 99.6 | |||
Aggregate annual sales of additional businesses for last annual period prior to acquisition | 60 | |||
Goodwill | $ 67.2 | |||
Pall Corporation | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 47 | 47 | ||
Pending acquisition, Cepheid | ||||
Business Acquisition [Line Items] | ||||
Aggregate annual sales of additional businesses for last annual period prior to acquisition | $ 539 | |||
Business acquisition, share price | $ / shares | $ 53 | |||
Business combination, consideration transferred | $ 4,000 | |||
Fair value adjustment to inventory | Pall Corporation | ||||
Business Acquisition [Line Items] | ||||
Fair value adjustments to inventory | $ 25 | $ 46 |
Acquisitions (Fair Values Of Th
Acquisitions (Fair Values Of The Assets Acquired And Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Oct. 02, 2015 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 67.2 | |
Net cash consideration | 99.6 | $ 14,207.1 |
Others | ||
Business Acquisition [Line Items] | ||
Trade accounts receivable | 9.3 | |
Inventories | 8.9 | |
Property, plant and equipment | 5.2 | |
Goodwill | 67.2 | |
Other intangible assets, primarily customer relationships, trade names and technology | 25.4 | |
Trade accounts payable | (3.6) | |
Other assets and liabilities, net | (12.8) | |
Net cash consideration | $ 99.6 |
Acquisitions (Results Of Operat
Acquisitions (Results Of Operations If Acquisition Was Consummated) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Business Combinations [Abstract] | ||||
Sales | $ 4,132.1 | $ 3,989.2 | $ 12,300.3 | $ 12,049.3 |
Net earnings from continuing operations | $ 402.6 | $ 437 | $ 1,406.5 | $ 1,261.5 |
Diluted net earnings per share from continuing operations | $ 0.57 | $ 0.63 | $ 2.01 | $ 1.77 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jul. 31, 2015USD ($)shares | Sep. 30, 2016USD ($) | Oct. 02, 2015USD ($) | Jul. 01, 2016USD ($) | Jul. 14, 2015USD ($) | Sep. 30, 2016USD ($) | Oct. 02, 2015USD ($)shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Jun. 15, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Separation, Fortive shares distributed per Danaher share, ratio | 0.5 | |||||||||||
Long-term debt | $ 8,312.2 | $ 8,312.2 | $ 12,870.4 | |||||||||
Extinguishment of debt, amount | $ 1,900 | |||||||||||
Make-whole premiums to redeem borrowings prior to maturity | $ (188) | (188) | (188.1) | $ 0 | ||||||||
Discontinued operations, sales | 0 | $ 1,524.6 | 3,029.8 | $ 4,948.5 | ||||||||
Shares held as Treasury shares | shares | 26 | |||||||||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares) | 0 | $ (2,291.7) | ||||||||||
Fortive | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Long-term debt | $ 3,400 | |||||||||||
Separation, Fortive's cash payments to Danaher prior to distribution date | 3,000 | |||||||||||
Discontinued operations, sales | $ 3,000 | 6,100 | ||||||||||
Separation-related expenses | 22 | 48 | ||||||||||
Discontinued operations | Communications business | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Discontinued operations, sales | $ 346 | $ 760 | ||||||||||
Shares held as Treasury shares | shares | 26 | |||||||||||
Shares redeemed through the distribution of the communications business (26.0 shares held as Treasury shares) | $ (2,300) | |||||||||||
Disposition of communications business, aggregate consideration number of Netscout shares received | shares | 62.5 | |||||||||||
Disposition of communications business, percentage of investment ownership | 60.00% | |||||||||||
Aggregate after-tax gain on disposition | $ 767 | |||||||||||
After-tax gain on sale upon closing of transaction, per diluted share | $ / shares | $ 1.08 | |||||||||||
Senior notes | 2.3% senior unsecured notes due 2016 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Long-term debt | $ 0 | $ 0 | $ 500 | |||||||||
Debt Instrument, face value | $ 500 | |||||||||||
Interest rate of debt instrument | 2.30% | 2.30% | 2.30% | |||||||||
Senior notes | 5.625% senior unsecured notes due 2018 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Long-term debt | $ 0 | $ 0 | 500 | |||||||||
Interest rate of debt instrument | 5.625% | 5.625% | ||||||||||
Senior notes | 5.4% senior unsecured notes due 2019 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Long-term debt | $ 0 | $ 0 | 750 | |||||||||
Interest rate of debt instrument | 5.40% | 5.40% | ||||||||||
Senior notes | 3.9% senior unsecured notes due 2021 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Long-term debt | $ 0 | $ 0 | $ 600 | |||||||||
Interest rate of debt instrument | 3.90% | 3.90% |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income Related To Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Sales | $ 0 | $ 1,524.6 | $ 3,029.8 | $ 4,948.5 |
Cost of sales | 0 | (781) | (1,566.4) | (2,465.2) |
Selling, general, and administrative expenses | (16.4) | (327) | (696) | (1,121.1) |
Research and development expenses | 0 | (95.8) | (190.4) | (366.7) |
Interest expense | 0 | (6.3) | (19.7) | (16.2) |
Interest income | 0 | 0.1 | 0 | 0.7 |
Gain on disposition of discontinued operations before income taxes | 0 | 813.3 | 0 | 813.3 |
Earnings (loss) from discontinued operations before income taxes | (16.4) | 1,127.9 | 557.3 | 1,793.3 |
Income taxes | 5.4 | (104.5) | (157) | (350.2) |
Earnings (loss) from discontinued operations, net of income taxes | $ (11) | $ 1,023.4 | $ 400.3 | $ 1,443.1 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Major Classes Of Assets And Liabilities Of Discontinued Operations) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Assets: | |
Trade accounts receivable, net | $ 979 |
Inventories | 522.3 |
Property, plant and equipment, net | 522.9 |
Goodwill | 4,055.4 |
Other intangible assets, net | 725 |
Other assets | 470.9 |
Total assets, discontinued operations | 7,275.5 |
Liabilities: | |
Trade accounts payable | 657.1 |
Accrued expenses and other liabilities | 666.8 |
Other long-term liabilities | 512.6 |
Total liabilities, discontinued operations | $ 1,836.5 |
Goodwill (Rollforward Of Goodwi
Goodwill (Rollforward Of Goodwill) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 21,014.9 |
Attributable to 2016 acquisitions | 67.2 |
Adjustments due to finalization of purchase price adjustments | 91.3 |
Foreign currency translation and other | 407.5 |
Ending balance | $ 21,580.9 |
Goodwill (Goodwill By Segment)
Goodwill (Goodwill By Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Total goodwill | $ 21,580.9 | $ 21,014.9 |
Operating segments | Life Sciences | ||
Goodwill [Line Items] | ||
Total goodwill | 11,689.1 | 11,308.5 |
Operating segments | Diagnostics | ||
Goodwill [Line Items] | ||
Total goodwill | 4,435.2 | 4,387.4 |
Operating segments | Dental | ||
Goodwill [Line Items] | ||
Total goodwill | 3,313.2 | 3,236.1 |
Operating segments | Environmental & Applied Solutions | ||
Goodwill [Line Items] | ||
Total goodwill | $ 2,143.4 | $ 2,082.9 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And Liabilities Carried At Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Available-for-sale securities | $ 160.8 | $ 401.4 |
Liabilities: | ||
Deferred compensation plans | 51.9 | 55.5 |
Quoted Prices in Active Market (Level 1) | ||
Assets: | ||
Available-for-sale securities | 105.8 | 342.3 |
Liabilities: | ||
Deferred compensation plans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale securities | 55 | 59.1 |
Liabilities: | ||
Deferred compensation plans | 51.9 | 55.5 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale securities | 0 | 0 |
Liabilities: | ||
Deferred compensation plans | $ 0 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts And Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Available-for-sale securities | $ 160.8 | $ 401.4 |
Carrying amount | ||
Assets: | ||
Available-for-sale securities | 160.8 | 401.4 |
Liabilities: | ||
Notes payable and current portion of long-term debt | 809.1 | 845.2 |
Long-term debt | 7,503.1 | 12,025.2 |
Fair value | ||
Assets: | ||
Available-for-sale securities | 160.8 | 401.4 |
Liabilities: | ||
Notes payable and current portion of long-term debt | 809.1 | 845.2 |
Long-term debt | $ 8,098.9 | $ 12,471.4 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Millions, ¥ in Billions | Sep. 30, 2016JPY (¥) | Jul. 01, 2016 | Feb. 28, 2016JPY (¥) | Feb. 28, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($)shares | Oct. 02, 2015USD ($) | Jul. 08, 2016USD ($) | Sep. 30, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Debt Instrument [Line Items] | ||||||||||||
Debt discounts and debt issuance costs | $ 26 | $ 9 | ||||||||||
Extinguishment of debt, amount | $ 1,900 | |||||||||||
Make-whole premiums to redeem borrowings prior to maturity | (188) | $ (188) | $ (188.1) | $ 0 | ||||||||
Extinguishment of debt, net of certain deferred gains | $ 9 | |||||||||||
Long-term debt | $ 8,312.2 | $ 12,870.4 | ||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Debt conversion, converted instrument, tax benefit | $ 2.7 | |||||||||||
Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Separation, Fortive's cash payments to Danaher prior to distribution date | $ 3,000 | |||||||||||
Long-term debt | 3,400 | |||||||||||
Convertible debt | Zero-coupon LYONs due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate of debt instrument | 0.00% | 0.00% | ||||||||||
Long-term debt | $ 68.2 | $ 72.6 | ||||||||||
Interest rate of debt instrument | 0.00% | 0.00% | ||||||||||
Shares issued under debt conversion, shares | shares | 229 | |||||||||||
Debt conversion, converted instrument, tax benefit | $ 3 | |||||||||||
LYONs, conversion ratio | 0.0381998 | |||||||||||
Commercial paper | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Weighted average interest rate of long-term debt, interest rate | (0.10%) | (0.10%) | ||||||||||
Weighted average maturity of long-term debt (in days) | 55 days | |||||||||||
Commercial paper | U.S. dollar-denominated commercial paper | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 123.8 | 920 | ||||||||||
Commercial paper | U.S. dollar-denominated commercial paper | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 393 | |||||||||||
Senior notes | 0.352% senior unsecured notes due 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | ¥ | ¥ 30 | ¥ 30 | ||||||||||
Interest rate of debt instrument | 0.352% | 0.352% | 0.352% | |||||||||
Debt instrument, redemption price, percent | 100.00% | 100.00% | ||||||||||
Proceeds from debt, net of issuance costs | ¥ 29.9 | $ 262 | ||||||||||
Long-term debt | $ 294.8 | 0 | ||||||||||
Interest rate of debt instrument | 0.352% | 0.352% | 0.352% | |||||||||
Senior notes | 1.8% senior unsecured notes due 2019 | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 300 | |||||||||||
Interest rate of debt instrument | 1.80% | |||||||||||
Interest rate of debt instrument | 1.80% | |||||||||||
Senior notes | 2.35% senior unsecured notes due 2021 | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 750 | |||||||||||
Interest rate of debt instrument | 2.35% | |||||||||||
Interest rate of debt instrument | 2.35% | |||||||||||
Senior notes | 3.15% senior unsecured notes due 2026 | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 900 | |||||||||||
Interest rate of debt instrument | 3.15% | |||||||||||
Interest rate of debt instrument | 3.15% | |||||||||||
Senior notes | 4.3% senior unsecured notes due 2046 | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 550 | |||||||||||
Interest rate of debt instrument | 4.30% | |||||||||||
Interest rate of debt instrument | 4.30% | |||||||||||
Senior notes | 2.3% senior unsecured notes due 2016 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 500 | |||||||||||
Interest rate of debt instrument | 2.30% | 2.30% | 2.30% | |||||||||
Long-term debt | $ 0 | $ 500 | ||||||||||
Interest rate of debt instrument | 2.30% | 2.30% | 2.30% | |||||||||
Unsecured debt | Term Loan Facility | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, face value | $ 500 | |||||||||||
Revolving credit facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding under credit facility | $ 0 | |||||||||||
Long-term debt | Revolving credit facility | Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit | $ 4,000 | |||||||||||
Long-term debt | Revolving credit facility | Revolving Credit Facility | Fortive | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit | $ 1,500 | |||||||||||
Short-term debt | Revolving credit facility | 364-Day Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit | $ 7,000 | |||||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 0 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Details) € in Millions, SFr in Millions, $ in Millions, ¥ in Billions | Sep. 30, 2016CHF (SFr) | Sep. 30, 2016JPY (¥) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Feb. 28, 2016JPY (¥) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 8,312.2 | $ 12,870.4 | |||||||
Less: currently payable | 809.1 | 845.2 | |||||||
Long-term debt excluding currently payable | 7,503.1 | 12,025.2 | |||||||
Other | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 137.2 | 227.5 | |||||||
Commercial paper | Euro-denominated commercial paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 1,372.6 | € 1,200 | 3,096.9 | € 2,800 | |||||
Commercial paper | U.S. dollar-denominated commercial paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 123.8 | 920 | |||||||
Senior notes | 2.3% senior unsecured notes due 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | 500 | |||||||
Interest rate of debt instrument | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% | ||||
Debt Instrument, face value | $ 500 | ||||||||
Senior notes | Floating rate senior unsecured notes due 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 561.2 | 544.8 | |||||||
Debt Instrument, face value | € | € 500 | 500 | |||||||
Senior notes | 1.65% senior unsecured notes due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 497.9 | 497.1 | |||||||
Interest rate of debt instrument | 1.65% | 1.65% | 1.65% | 1.65% | |||||
Senior notes | 5.625% senior unsecured notes due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | 500 | |||||||
Interest rate of debt instrument | 5.625% | 5.625% | 5.625% | 5.625% | |||||
Senior notes | 1.0% senior unsecured notes due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 670.9 | 651 | |||||||
Interest rate of debt instrument | 1.00% | 1.00% | 1.00% | 1.00% | |||||
Debt Instrument, face value | € | € 600 | 600 | |||||||
Senior notes | 5.4% senior unsecured notes due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | 750 | |||||||
Interest rate of debt instrument | 5.40% | 5.40% | 5.40% | 5.40% | |||||
Senior notes | 2.4% senior unsecured notes due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 496.6 | 495.9 | |||||||
Interest rate of debt instrument | 2.40% | 2.40% | 2.40% | 2.40% | |||||
Senior notes | 5.0% senior notes due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 406.6 | 410.7 | |||||||
Interest rate of debt instrument | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Senior notes | 0.352% senior unsecured notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 294.8 | 0 | |||||||
Interest rate of debt instrument | 0.352% | 0.352% | 0.352% | 0.352% | 0.352% | ||||
Debt Instrument, face value | ¥ | ¥ 30 | ¥ 30 | |||||||
Senior notes | 3.9% senior unsecured notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 0 | 600 | |||||||
Interest rate of debt instrument | 3.90% | 3.90% | 3.90% | 3.90% | |||||
Senior notes | 1.7% senior unsecured notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 892.8 | 866.8 | |||||||
Interest rate of debt instrument | 1.70% | 1.70% | 1.70% | 1.70% | |||||
Debt Instrument, face value | € | € 800 | 800 | |||||||
Senior notes | 2.5% senior unsecured notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 893.4 | 867.9 | |||||||
Interest rate of debt instrument | 2.50% | 2.50% | 2.50% | 2.50% | |||||
Debt Instrument, face value | € | € 800 | € 800 | |||||||
Senior notes | 3.35% senior unsecured notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 495.7 | 495.3 | |||||||
Interest rate of debt instrument | 3.35% | 3.35% | 3.35% | 3.35% | |||||
Senior notes | 4.375% senior unsecured notes due 2045 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 499.3 | 499.3 | |||||||
Interest rate of debt instrument | 4.375% | 4.375% | 4.375% | 4.375% | |||||
Bonds | 4.0% senior unsecured bonds due 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 126.5 | 122.6 | |||||||
Interest rate of debt instrument | 4.00% | 4.00% | 4.00% | 4.00% | |||||
Debt Instrument, face value | SFr | SFr 120 | SFr 120 | |||||||
Bonds | 0.0% senior unsecured bonds due 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 102.7 | 99.7 | |||||||
Interest rate of debt instrument | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Debt Instrument, face value | SFr | SFr 100 | 100 | |||||||
Bonds | 0.5% senior unsecured bonds due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 558 | 541.6 | |||||||
Interest rate of debt instrument | 0.50% | 0.50% | 0.50% | 0.50% | |||||
Debt Instrument, face value | SFr | SFr 540 | 540 | |||||||
Bonds | 1.125% senior unsecured bonds due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 114 | 110.7 | |||||||
Interest rate of debt instrument | 1.125% | 1.125% | 1.125% | 1.125% | |||||
Debt Instrument, face value | SFr | SFr 110 | SFr 110 | |||||||
Convertible debt | Zero-coupon LYONs due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 68.2 | $ 72.6 | |||||||
Interest rate of debt instrument | 0.00% | 0.00% | 0.00% | 0.00% |
Defined Benefit Plans (Narrativ
Defined Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure | |||||
Reclassification from AOCI, before Tax | $ (7.2) | $ (0.7) | $ 199.8 | $ (21.4) | |
U.S. pension benefits | |||||
Defined Benefit Plan Disclosure | |||||
Net periodic benefit cost | (2.2) | 1.6 | (7.5) | 0 | |
Defined benefit plans, estimated future employer contributions in current fiscal year | 40 | ||||
Non-U.S. pension benefits | |||||
Defined Benefit Plan Disclosure | |||||
Net periodic benefit cost | 9.3 | 13.4 | 30.2 | 36.7 | |
Defined benefit plans, estimated future employer contributions in current fiscal year | 45 | ||||
Change in accounting estimate | Scenario, forecast | |||||
Defined Benefit Plan Disclosure | |||||
Net periodic benefit cost | $ (25) | ||||
Fortive | Non-U.S. pension benefits | |||||
Defined Benefit Plan Disclosure | |||||
Net periodic benefit cost | 3 | 9 | |||
Pension and postretirement plan benefit adjustments | |||||
Defined Benefit Plan Disclosure | |||||
Reclassification from AOCI, before Tax | $ (7.2) | (13.1) | $ (23.6) | (33.8) | |
Pension and postretirement plan benefit adjustments | Fortive | |||||
Defined Benefit Plan Disclosure | |||||
Reclassification from AOCI, before Tax | $ 2 | $ 6 |
Defined Benefit Plans (Componen
Defined Benefit Plans (Components Of Net Periodic Benefit Cost Of Defined Benefit Pension Pans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
U.S. pension benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | $ 2.2 | $ 2.4 | $ 6.8 | $ 5.4 |
Interest cost | 22.3 | 25.3 | 67.7 | 73.9 |
Expected return on plan assets | (33) | (34) | (99.6) | (100.2) |
Amortization of actuarial loss | 6.3 | 7.9 | 18.3 | 20.9 |
Curtailment gain recognized | 0 | 0 | (0.7) | 0 |
Net periodic pension cost | (2.2) | 1.6 | (7.5) | 0 |
Non-U.S. pension benefits | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 9 | 10.4 | 26.9 | 30.6 |
Interest cost | 8.4 | 7.6 | 25.8 | 20.7 |
Expected return on plan assets | (9.9) | (8.7) | (30.8) | (23.2) |
Amortization of actuarial loss | 1.9 | 2.7 | 8.5 | 7.8 |
Amortization of prior service credit | (0.1) | 0 | (0.3) | (0.1) |
Settlement (loss) gain recognized | 0 | 1.4 | 0.1 | 0.9 |
Net periodic pension cost | $ 9.3 | $ 13.4 | $ 30.2 | $ 36.7 |
Defined Benefit Plans (Compon48
Defined Benefit Plans (Components Of Net Periodic Benefit Cost Of Other PostRetirement Benefit Pension Pans) (Details) - Other postretirement benefit plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Defined Benefit Plan Disclosure | ||||
Service cost | $ 0.2 | $ 0.3 | $ 0.6 | $ 0.9 |
Interest cost | 1.4 | 1.8 | 4.2 | 5.8 |
Amortization of actuarial (gain) loss | (0.1) | (0.2) | 0.1 | 1.2 |
Amortization of prior service credit | (0.8) | (0.8) | (2.4) | (2.4) |
Net periodic benefit cost | $ 0.7 | $ 1.1 | $ 2.5 | $ 5.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) DKK in Millions, $ in Millions | Sep. 30, 2016USD ($) | Dec. 10, 2013DKK | Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016USD ($) | Oct. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2012DKK |
Income Tax Examination [Line Items] | ||||||||
Effective income tax rate, percent | 15.50% | 16.30% | 26.60% | 14.80% | ||||
Federal statutory income tax rate, percent | 35.00% | 35.00% | ||||||
Effective income tax rate reconciliation, early extinguishment of borrowings, percent | 6.00% | 1.00% | ||||||
Effective income tax rate reconciliation, gain on sale of marketable equity securities, percent | 1.40% | |||||||
Net discrete tax expense (benefit), amount | $ 99 | |||||||
Effective income tax rate reconciliation, separation and other discrete items, ercent | 5.20% | |||||||
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | (0.20%) | (1.20%) | ||||||
Denmark, kroner | Foreign tax authority | ||||||||
Income Tax Examination [Line Items] | ||||||||
Income tax examination, amount of tax assessments | DKK | DKK 1,300 | |||||||
Income tax examination, amount of potential additional tax assessments | DKK | DKK 794 | |||||||
United States of America, dollars | Foreign tax authority | ||||||||
Income Tax Examination [Line Items] | ||||||||
Income tax examination, amount of tax assessments | $ 203 | |||||||
Income tax examination, amount of potential additional tax assessments | $ 120 |
Stock Transactions And Stock-50
Stock Transactions And Stock-Based Compensation (Narrative) (Details) shares in Thousands, $ in Millions | Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)shares | Oct. 02, 2015USD ($) | Jul. 02, 2016 | Dec. 31, 2015 | Jul. 16, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock repurchase program, authorized shares to be repurchased | shares | 20,000 | ||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | shares | 20,000 | 20,000 | 20,000 | ||||
Common shares reserved for issuance under the 2007 Stock Incentive Plan, shares | shares | 28,000 | 28,000 | 28,000 | ||||
Total number of shares withheld sufficient to fund minimum tax withholding requirements related to exercising of stock options and vesting of RSUs, shares | shares | 600 | ||||||
Total value of shares withheld sufficient to fund minimum tax withholding requirements related to exercising of stock options and vesting of RSUs | $ 44 | ||||||
Separation conversion factor | 1.32 | 1.32 | |||||
Restricted stock units (“RSUs”)/performance stock units (“PSUs”) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 133 | $ 133 | 133 | ||||
Weighted average period for cost to be recognized | 2 years | ||||||
Tax benefit realized related to exercise of options | 10 | 34 | |||||
Separation conversion factor | 1.32 | ||||||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 112 | 112 | 112 | ||||
Weighted average period for cost to be recognized | 3 years | ||||||
Aggregate intrinsic value of options exercised | 181 | $ 245 | |||||
Cash receipts due to exercise of options | 146 | $ 169 | |||||
Tax benefit realized related to exercise of options | $ 7 | $ 57 |
Stock Transactions And Stock-51
Stock Transactions And Stock-Based Compensation (Assumptions Used In The Black-Scholes Model To Value Options Granted) (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average volatility, percent | 24.60% |
Dividend yield, percent | 0.60% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, percent | 1.20% |
Expected years until exercise | 5 years 6 months |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, percent | 1.60% |
Expected years until exercise | 8 years |
Stock Transactions And Stock-52
Stock Transactions And Stock-Based Compensation (Components Of Stock-Based Compensation Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 31.4 | $ 33.3 | $ 96.3 | $ 76.9 |
Income tax benefit | (9.4) | (11.7) | (28.8) | (25.6) |
Stock-based compensation expense, net of income taxes | 22 | 21.6 | 67.5 | 51.3 |
Restricted stock units (“RSUs”)/performance stock units (“PSUs”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 21.1 | 23.4 | 65 | 49.8 |
Income tax benefit | (6.2) | (8.6) | (19.1) | (17.1) |
Stock-based compensation expense, net of income taxes | 14.9 | 14.8 | 45.9 | 32.7 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 10.3 | 9.9 | 31.3 | 27.1 |
Income tax benefit | (3.2) | (3.1) | (9.7) | (8.5) |
Stock-based compensation expense, net of income taxes | $ 7.1 | $ 6.8 | $ 21.6 | $ 18.6 |
Stock Transactions And Stock-53
Stock Transactions And Stock-Based Compensation (Option Activity Under The Company's Stock Plans) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2016USD ($)$ / sharesshares | Jul. 02, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding as of December 31,2015, options | shares | 24.9 | ||
Granted, options | shares | 5.2 | ||
Exercised, options | shares | (4.9) | ||
Cancelled/forfeited, options | shares | (1.4) | ||
Adjustment due to Fortive Separation, options | shares | (5.2) | ||
Outstanding as of September 30, 2016, options | shares | 18.6 | ||
Vested and expected to vest as of September 30, 2016, options | shares | 18 | ||
Vested as of September 30, 2016, options | shares | 9 | ||
Outstanding as of December 31, 2015, weighted average exercise price (dollars per share) | $ / shares | $ 43.75 | ||
Granted, weighted average exercise price (dollars per share) | $ / shares | 66.55 | ||
Exercised, weighted average exercise price (dollars per share) | $ / shares | 32.54 | ||
Cancelled/forfeited, weighted average exercise price (dollars per share) | $ / shares | 68.60 | ||
Adjustment due to Fortive Separation, weighted average exercise price | $ / shares | 50.44 | ||
Outstanding as of September 30, 2016, weighted average exercise price (dollars per share) | $ / shares | 49.31 | ||
Vested and expected to vest as of September 30, 2016, weighted average exercise price (dollars per share) | $ / shares | 48.81 | ||
Vested as of September 30, 2016, weighted average exercise price (dollars per share) | $ / shares | $ 36.69 | ||
Outstanding as of September 30, 2016, weighted average remaining contractual term (in years) | 6 years | ||
Vested and expected to vest as of September 30, 2016, weighted average remaining contractual term (in years) | 6 years | ||
Vested as of September 30, 2016, weighted average remaining contractual term (in years) | 4 years | ||
Outstanding as of September 30, 2016, aggregate intrinsic value | $ | $ 542.4 | ||
Vested and expected to vest as of September 30, 2016, aggregate intrinsic value | $ | 533.7 | ||
Vested as of September 30, 2016, aggregate intrinsic value | $ | $ 376.9 | ||
Separation conversion factor | 1.32 | 1.32 |
Stock Transactions And Stock-54
Stock Transactions And Stock-Based Compensation (RSUs And PSUs Activity) (Details) shares in Millions | 9 Months Ended | ||
Sep. 30, 2016$ / sharesshares | Jul. 02, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Separation conversion factor | 1.32 | 1.32 | |
Restricted stock units (“RSUs”)/performance stock units (“PSUs”) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested at beginning of period, number of RSUs/PSUs | shares | 6.1 | ||
Granted, number of RSUs/PSUs | shares | 1.8 | ||
Vested, number of RSUs/PSUs | shares | (1.7) | ||
Forfeited, number of RSUs/PSUs | shares | (0.7) | ||
Adjustment due to Fortive Separation | shares | (1.2) | ||
Unvested at end of period, number of RSUs/PSUs | shares | 4.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested at beginning of period, weighted average grant-date fair value | $ / shares | $ 53.93 | ||
Granted, weighted average grant-date fair value | $ / shares | 65.33 | ||
Vested, weighted average grant-date fair value | $ / shares | 49.29 | ||
Forfeited, weighted average grant-date fair value | $ / shares | 46.31 | ||
Adjustment due to Fortive Separation, weighted average grant date fair value | $ / shares | 58.24 | ||
Unvested at end of period, weighted average grant-date fair value | $ / shares | $ 60.69 | ||
Separation conversion factor | 1.32 |
Nonoperating Income (Expense) (
Nonoperating Income (Expense) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2016 | Sep. 30, 2016 | Apr. 01, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Component of Operating Income [Abstract] | ||||||
Proceeds from sale of marketable securities | $ 265 | $ 43 | $ 43 | |||
Marketable securities, realized gain | 12 | $ 223 | ||||
Marketable securities, after-tax realized gain | $ 8 | $ 140 | ||||
Marketable securities, after-tax gain, per diluted share | $ 0.01 | $ 0.20 | ||||
Make-whole premiums to redeem borrowings prior to maturity | $ (188) | $ (188) | $ (188.1) | 0 | ||
Pretax loss on early extinguishment of borrowings | 178.8 | $ 0 | 178.8 | $ 0 | ||
Extinguishment of debt, gain (loss), net of tax | $ (112) | $ (112) | ||||
Extinguishment of debt, gain (loss), per share, net of tax | $ (0.16) | $ (0.16) |
Commitments And Contingencies56
Commitments And Contingencies (Narrative) (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Minimum | |
Warranty period, term | 90 days |
Pending acquisitions | |
Aggregate purchase price obligations | $ 4.8 |
Commitments And Contingencies57
Commitments And Contingencies (Warranty Accrual) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
Beginning balance | $ 73.8 |
Accruals for warranties issued during the period | 44.8 |
Settlements made | (45.5) |
Additions due to acquisitions | 0.1 |
Effect of foreign currency translation | 1.4 |
Ending balance | $ 74.6 |
Net Earnings Per Share From C58
Net Earnings Per Share From Continuing Operations (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, shares | 0 | 2 | 0 | 3 |
Net Earnings Per Share From C59
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 | 9 Months Ended | ||
Sep. 30, 2016 | Oct. 02, 2015 | Sep. 30, 2016 | Oct. 02, 2015 | |
Earnings Per Share [Abstract] | ||||
Basis EPS, net earnings from continuing operations (numerator) | $ 402.6 | $ 379.9 | $ 1,406.4 | $ 1,225.7 |
Adjustment for interest on convertible debentures, net earnings from continuing operations (numerator) | 0.5 | 0.5 | 1.4 | 1.7 |
Diluted EPS, net earnings from continuing operations (numerator) | $ 403.1 | $ 380.4 | $ 1,407.8 | $ 1,227.4 |
Basic EPS, shares (denominator) | 692.2 | 688.5 | 690.6 | 701.7 |
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs, Shares (Denominator) | 6.2 | 7.7 | 6 | 7.9 |
Incremental shares from assumed conversion of the convertible debentures, Shares (Denominator) | 2.9 | 2.5 | 2.5 | 2.7 |
Diluted EPS, shares (denominator) | 701.3 | 698.7 | 699.1 | 712.3 |
Basis EPS, per share amount | $ 0.58 | $ 0.55 | $ 2.04 | $ 1.75 |
Diluted EPS, per share amount | $ 0.57 | $ 0.54 | $ 2.01 | $ 1.72 |
Segment Information (Segment Re
Segment Information (Segment Results) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Business_Segments | Oct. 02, 2015USD ($) | Jul. 01, 2016Business_Segments | Sep. 30, 2016USD ($) | Oct. 02, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of segments reported | Business_Segments | 4 | 5 | ||||
Sales | $ 4,132.1 | $ 3,512.2 | $ 12,298.1 | $ 10,110.7 | ||
Operating profit | 699.1 | 480 | 2,022.3 | 1,510.6 | ||
Assets | 41,297.5 | 41,297.5 | $ 48,222.2 | |||
Continuing operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 4,132.1 | 3,512.2 | 12,298.1 | 10,110.7 | ||
Operating profit | 699.1 | 480 | 2,022.3 | 1,510.6 | ||
Continuing operations | Operating segments | Life Sciences | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 1,325.4 | 804.5 | 3,911.8 | 1,940.5 | ||
Operating profit | 204.7 | 51.5 | 574.1 | 196.6 | ||
Assets | 19,764.4 | 19,764.4 | 19,658.4 | |||
Continuing operations | Operating segments | Diagnostics | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 1,212.7 | 1,175.8 | 3,606.5 | 3,545 | ||
Operating profit | 193.9 | 159.2 | 606.3 | 510.3 | ||
Assets | 9,928.2 | 9,928.2 | 9,950.7 | |||
Continuing operations | Operating segments | Dental | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 675.6 | 652.2 | 2,046.1 | 2,002.2 | ||
Operating profit | 101.3 | 96.8 | 305.6 | 254.2 | ||
Assets | 5,924.6 | 5,924.6 | 5,906.9 | |||
Continuing operations | Operating segments | Environmental & Applied Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Sales | 918.4 | 879.7 | 2,733.7 | 2,623 | ||
Operating profit | 223.4 | 215.6 | 640.1 | 661.6 | ||
Assets | 4,171.7 | 4,171.7 | 4,168.8 | |||
Continuing operations | Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating profit | (24.2) | $ (43.1) | (103.8) | $ (112.1) | ||
Assets | 1,508.6 | 1,508.6 | 1,261.9 | |||
Discontinued operations | ||||||
Segment Reporting Information [Line Items] | ||||||
Assets | $ 0 | $ 0 | $ 7,275.5 |