Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 28, 2019 | Jul. 12, 2019 | |
Document Information [Line Items] | ||
Document type | 10-Q | |
Document quarterly report | true | |
Document period end date | Jun. 28, 2019 | |
Document transition report | false | |
Entity file number | 1-8089 | |
Entity registrant name | DANAHER CORP /DE/ | |
Amendment flag | false | |
Document fiscal year focus | 2019 | |
Document fiscal period focus | Q2 | |
Current fiscal year end date | --12-31 | |
Entity central index key | 0000313616 | |
Entity incorporation, state code | DE | |
Entity tax identification number | 59-1995548 | |
Entity address, address line one | 2200 Pennsylvania Avenue, N.W., Suite 800W | |
Entity address, city | Washington, | |
Entity address, state | DC | |
Entity address, postal zip code | 20037-1701 | |
City area code | 202 | |
Local phone number | 828-0850 | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity small business | false | |
Entity emerging growth company | false | |
Entity shell company | false | |
Entity common stock, shares outstanding | 717,367,599 | |
New York Stock Exchange | Senior notes | Floating rate senior unsecured notes due 2022 | ||
Document Information [Line Items] | ||
Title of 12(b) security | Floating Rate Senior Notes due 2022 | |
Trading symbol | DHR F 06/30/22 | |
Security exchange name | NYSE | |
New York Stock Exchange | Senior notes | 1.7% senior unsecured notes due 2022 | ||
Document Information [Line Items] | ||
Title of 12(b) security | 1.700% Senior Notes due 2022 | |
Trading symbol | DHR 1.7 01/04/22 | |
Security exchange name | NYSE | |
New York Stock Exchange | Senior notes | 2.5% senior unsecured notes due 2025 | ||
Document Information [Line Items] | ||
Title of 12(b) security | 2.500% Senior Notes due 2025 | |
Trading symbol | DHR 2.5 07/08/25 | |
Security exchange name | NYSE | |
New York Stock Exchange | Senior notes | 1.2% senior unsecured notes due 2027 | ||
Document Information [Line Items] | ||
Title of 12(b) security | 1.200% Senior Notes due 2027 | |
Trading symbol | DHR 1.2 06/30/27 | |
Security exchange name | NYSE | |
New York Stock Exchange | Common stock | ||
Document Information [Line Items] | ||
Title of 12(b) security | Common stock, $0.01 par value | |
Trading symbol | DHR | |
Security exchange name | NYSE | |
New York Stock Exchange | Preferred stock | ||
Document Information [Line Items] | ||
Title of 12(b) security | 4.75% Mandatory Convertible Preferred Stock, Series A, without par value | |
Trading symbol | DHR.PRA | |
Security exchange name | NYSE |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Jun. 28, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and equivalents | $ 5,433.6 | $ 787.8 |
Trade accounts receivable, net | 3,481.6 | 3,489.6 |
Inventories: | ||
Finished goods | 1,099.2 | 1,031.2 |
Work in process | 332.4 | 313.9 |
Raw materials | 624.3 | 565 |
Total inventories | 2,055.9 | 1,910.1 |
Prepaid expenses and other current assets | 632.6 | 906.3 |
Total current assets | 11,603.7 | 7,093.8 |
Property, plant and equipment, net of accumulated depreciation of $2,999.2 and $2,828.3, respectively | 2,541.6 | 2,511.2 |
Other long-term assets | 1,678.1 | 648.4 |
Goodwill | 26,074.5 | 25,906 |
Other intangible assets, net | 11,424.1 | 11,673.1 |
Total assets | 53,322 | 47,832.5 |
Current liabilities: | ||
Notes payable and current portion of long-term debt | 153.7 | 51.8 |
Trade accounts payable | 1,664.1 | 1,712.8 |
Accrued expenses and other liabilities | 3,190.2 | 3,076.9 |
Total current liabilities | 5,008 | 4,841.5 |
Other long-term liabilities | 5,956.4 | 5,075.8 |
Long-term debt | 10,144.4 | 9,688.5 |
Stockholders’ equity: | ||
Preferred stock, without par value, 15.0 million shares authorized; 1.65 million shares of 4.75% Mandatory Convertible Preferred Stock, Series A, issued and outstanding at June 28, 2019; no shares issued or outstanding at December 31, 2018 | 1,599.6 | 0 |
Common stock - $0.01 par value, 2.0 billion shares authorized; 834.0 million issued and 717.3 million outstanding at June 28, 2019; 817.9 million issued and 701.5 million outstanding at December 31, 2018 | 8.3 | 8.2 |
Additional paid-in capital | 7,482.6 | 5,834.3 |
Retained earnings | 25,955 | 25,163 |
Accumulated other comprehensive income (loss) | (2,844.3) | (2,791.1) |
Total Danaher stockholders’ equity | 32,201.2 | 28,214.4 |
Noncontrolling interests | 12 | 12.3 |
Total stockholders’ equity | 32,213.2 | 28,226.7 |
Total liabilities and stockholders’ equity | $ 53,322 | $ 47,832.5 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Jun. 28, 2019 | Dec. 31, 2018 |
Property, plant and equipment, net of accumulated depreciation | $ 2,999.2 | $ 2,828.3 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 834,000 | 817,900 |
Common stock, shares outstanding | 717,300 | 701,500 |
Convertible preferred stock | ||
Preferred stock, dividend rate, percent | 4.75% | |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 15,000 | 0 |
Preferred stock, shares issued | 1,650 | 0 |
Preferred stock, shares outstanding | 1,650 | 0 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Income Statement [Abstract] | ||||
Sales | $ 5,156.6 | $ 4,981 | $ 10,036.5 | $ 9,676.4 |
Cost of sales | (2,279.2) | (2,163.9) | (4,441.1) | (4,215.7) |
Gross profit | 2,877.4 | 2,817.1 | 5,595.4 | 5,460.7 |
Operating costs: | ||||
Selling, general and administrative expenses | (1,671.8) | (1,637.9) | (3,355.2) | (3,239.8) |
Research and development expenses | (321.8) | (311.7) | (632.6) | (610.4) |
Operating profit | 883.8 | 867.5 | 1,607.6 | 1,610.5 |
Nonoperating income (expense): | ||||
Other income, net | 6.3 | 8.3 | 11.5 | 16.1 |
Interest expense | (20.6) | (43.2) | (43.9) | (82.3) |
Interest income | 26.2 | 2.5 | 41.9 | 3.9 |
Earnings before income taxes | 895.7 | 835.1 | 1,617.1 | 1,548.2 |
Income taxes | (164.4) | (161.3) | (552) | (307.8) |
Net earnings | 731.3 | 673.8 | 1,065.1 | 1,240.4 |
Mandatory convertible preferred stock dividends | (22.7) | 0 | (29.2) | 0 |
Net earnings attributable to common stockholders | $ 708.6 | $ 673.8 | $ 1,035.9 | $ 1,240.4 |
Net earnings per common share: | ||||
Basic | $ 0.99 | $ 0.96 | $ 1.45 | $ 1.77 |
Diluted | $ 0.97 | $ 0.95 | $ 1.43 | $ 1.75 |
Average common stock and common equivalent shares outstanding: | ||||
Basic | 717.6 | 700.2 | 712.6 | 699.4 |
Diluted | 727.9 | 709.5 | 723.2 | 709.5 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 731.3 | $ 673.8 | $ 1,065.1 | $ 1,240.4 |
Other comprehensive income (loss), net of income taxes: | ||||
Foreign currency translation adjustments | (46.5) | (641.1) | (57.3) | (347) |
Pension and postretirement plan benefit adjustments | 4.6 | 6.7 | 10 | 13.8 |
Unrealized gain (loss) on available-for-sale securities adjustments | 0.5 | (0.1) | 0.9 | (0.6) |
Cash flow hedge adjustments | (6.8) | 0 | (6.8) | 0 |
Total other comprehensive income (loss), net of income taxes | (48.2) | (634.5) | (53.2) | (333.8) |
Comprehensive income | $ 683.1 | $ 39.3 | $ 1,011.9 | $ 906.6 |
Consolidated Condensed Statem_3
Consolidated Condensed Statement Of Stockholders' Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of accounting standards | $ 154.5 | $ (151.2) | |||||
Balance, beginning of period at Dec. 31, 2017 | $ 0 | $ 8.1 | $ 5,538.2 | 22,806.1 | (1,994.2) | $ 9.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock | 0 | 0 | 0 | ||||
Common stock-based award activity | 0.1 | 127.9 | |||||
Common stock issued in connection with acquisitions | 23.9 | ||||||
Common stock issued in connection with LYONs’ conversions | 16.1 | ||||||
Net earnings | $ 1,240.4 | 1,240.4 | |||||
Dividends declared | (223.8) | ||||||
Mandatory convertible preferred stock cumulative dividends | 0 | ||||||
Other comprehensive income (loss) | (333.8) | (333.8) | |||||
Change in noncontrolling interests | 2.5 | ||||||
Balance, end of period at Jun. 29, 2018 | 27,224.4 | 0 | 8.2 | 5,706.1 | 23,977.2 | (2,479.2) | 12.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of accounting standards | 0 | 0 | |||||
Balance, beginning of period at Mar. 30, 2018 | 0 | 8.1 | 5,611.1 | 23,415.4 | (1,844.7) | 11.9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock | 0 | 0 | 0 | ||||
Common stock-based award activity | 0.1 | 66.9 | |||||
Common stock issued in connection with acquisitions | 23.9 | ||||||
Common stock issued in connection with LYONs’ conversions | 4.2 | ||||||
Net earnings | 673.8 | 673.8 | |||||
Dividends declared | (112) | ||||||
Mandatory convertible preferred stock cumulative dividends | 0 | ||||||
Other comprehensive income (loss) | (634.5) | (634.5) | |||||
Change in noncontrolling interests | 0.2 | ||||||
Balance, end of period at Jun. 29, 2018 | 27,224.4 | 0 | 8.2 | 5,706.1 | 23,977.2 | (2,479.2) | 12.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of accounting standards | 0 | 0 | |||||
Balance, beginning of period at Dec. 31, 2018 | 28,226.7 | 0 | 8.2 | 5,834.3 | 25,163 | (2,791.1) | 12.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock | 1,599.6 | 0.1 | 1,443.1 | ||||
Common stock-based award activity | 0 | 175.6 | |||||
Common stock issued in connection with acquisitions | 0 | ||||||
Common stock issued in connection with LYONs’ conversions | 29.6 | ||||||
Net earnings | 1,065.1 | 1,065.1 | |||||
Dividends declared | (243.9) | ||||||
Mandatory convertible preferred stock cumulative dividends | (29.2) | ||||||
Other comprehensive income (loss) | (53.2) | (53.2) | |||||
Change in noncontrolling interests | (0.3) | ||||||
Balance, end of period at Jun. 28, 2019 | 32,213.2 | 1,599.6 | 8.3 | 7,482.6 | 25,955 | (2,844.3) | 12 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of accounting standards | 0 | 0 | |||||
Balance, beginning of period at Mar. 29, 2019 | 1,599.6 | 8.3 | 7,376.3 | 25,368.5 | (2,796.1) | 12.1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock | 0 | 0 | 0 | ||||
Common stock-based award activity | 0 | 93.5 | |||||
Common stock issued in connection with acquisitions | 0 | ||||||
Common stock issued in connection with LYONs’ conversions | 12.8 | ||||||
Net earnings | 731.3 | 731.3 | |||||
Dividends declared | (122.1) | ||||||
Mandatory convertible preferred stock cumulative dividends | (22.7) | ||||||
Other comprehensive income (loss) | (48.2) | (48.2) | |||||
Change in noncontrolling interests | (0.1) | ||||||
Balance, end of period at Jun. 28, 2019 | $ 32,213.2 | $ 1,599.6 | $ 8.3 | $ 7,482.6 | $ 25,955 | $ (2,844.3) | $ 12 |
Consolidated Condensed Statem_4
Consolidated Condensed Statement Of Stockholders' Equity Consolidated Condensed Statement Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Debt conversion, converted instrument, tax benefit | $ 3.5 | $ 1.1 | $ 8.2 | $ 4.2 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jun. 29, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,065.1 | $ 1,240.4 |
Noncash items: | ||
Depreciation | 300.5 | 302 |
Amortization | 358.7 | 353.4 |
Stock-based compensation expense | 85.4 | 73.4 |
Change in trade accounts receivable, net | 7.4 | 159.6 |
Change in inventories | (171.5) | (197.1) |
Change in trade accounts payable | (47) | 87 |
Change in prepaid expenses and other assets | 211.9 | 186.2 |
Change in accrued expenses and other liabilities | 64.3 | (340) |
Net operating cash provided by operating activities | 1,874.8 | 1,864.9 |
Cash flows from investing activities: | ||
Cash paid for acquisitions | (326.6) | (2,067.8) |
Payments for additions to property, plant and equipment | (336.5) | (291.7) |
Proceeds from sales of property, plant and equipment | 12.1 | 1.4 |
Payments for purchases of investments | (92.3) | 0 |
Proceeds from sale of investments | 0 | 22.1 |
All other investing activities | 15.9 | (29.3) |
Net operating cash used in investing activities | (727.4) | (2,365.3) |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock in connection with stock-based compensation | 83 | 49.7 |
Proceeds from the public offering of common stock, net of issuance costs | 1,443.2 | 0 |
Proceeds from the public offering of preferred stock, net of issuance costs | 1,599.6 | 0 |
Payment of dividends | (233.9) | (209.3) |
Net repayments of borrowings (maturities of 90 days or less) | 599.6 | 1,030.1 |
Net repayments of borrowings (maturities longer than 90 days) | (3.9) | (3.9) |
All other financing activities | (4.8) | (16.2) |
Net operating cash provided by (used in) financing activities | 3,482.8 | 850.4 |
Effect of exchange rate changes on cash and equivalents | 15.6 | (76.3) |
Net change in cash and equivalents | 4,645.8 | 273.7 |
Beginning balance of cash and equivalents | 787.8 | 630.3 |
Ending balance of cash and equivalents | 5,433.6 | 904 |
Supplemental disclosures: | ||
Cash interest payments | 49.2 | 65.4 |
Cash income tax payments | $ 196.1 | $ 310.4 |
General
General | 6 Months Ended |
Jun. 28, 2019 | |
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 (“SEC”). In this quarterly report, the terms “Danaher” or the “Company” refer to Danaher Corporation, Danaher Corporation and its consolidated subsidiaries or the consolidated subsidiaries of Danaher Corporation, as the context requires. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to SEC 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, 2018 and the Notes thereto included in the Company’s 2018 Annual Report on Form 10-K filed on February 21, 2019 (the “2018 Annual Report” or “2018 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 June 28, 2019 and December 31, 2018 , its results of operations for the three and six -month periods ended June 28, 2019 and June 29, 2018 and its cash flows for each of the six -month periods then ended. Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with terms greater than 12 months and also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The accounting applied by a lessor is largely unchanged from that applied under the prior standard. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842”. On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases (“ASC 840”). The standard had a material impact on the Company’s Consolidated Condensed Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to include leases with a term of 12 months or less in the recognized ROU assets and lease liabilities. As a result of the cumulative impact of adopting ASC 842, the Company recorded operating lease ROU assets of $971 million and operating lease liabilities of $1,012 million as of January 1, 2019, primarily related to real estate and automobile leases, based on the present value of the future lease payments on the date of adoption. Refer to Note 5 for the additional disclosures required by ASC 842. The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, costs which will be incurred in exiting a lease and the amount of any asset or liability recognized on business combinations relating to favorable or unfavorable lease terms. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has lease agreements which require payments for lease and non-lease components and has elected to account for these as a single lease component. The Company leases Life Sciences, Diagnostics, and Environmental & Applied Solutions equipment to customers in both operating-type lease (“OTL”) and sales-type lease (“STL”) arrangements. Equipment lease revenue for OTL agreements is recognized on a straight-line basis over the life of the lease, and the costs of customer-leased equipment is recorded within property, plant and equipment, net in the accompanying Consolidated Condensed Balance Sheets and depreciated over the equipment’s estimated useful life. Depreciation expense associated with the leased equipment under OTL arrangements is reflected in cost of sales in the accompanying Consolidated Condensed Statements of Earnings. The OTLs are generally not cancellable until after an initial term and may or may not require the customer to purchase a minimum number of consumables or tests throughout the contract term. Certain of the Company’s lease contracts are customized for larger customers and often result in complex terms and conditions that typically require significant judgment in applying the criteria used to evaluate whether the arrangement should be considered an OTL or an STL. An STL results in earlier recognition of equipment revenue as compared to an OTL. Some of the Company’s leases include a purchase option for the customer to purchase the leased asset at the end of the lease arrangement for a purchase price equal to the asset’s fair market value at the time of the purchase. The Company manages its risk on the unguaranteed residual asset for leased equipment through the pricing and term of the leases. In certain geographies, equipment coming off OTL and STL arrangements after the initial lease term may be leased to other customers or used for spare parts. For lease arrangements with lease and non-lease components where the Company is the lessor, the Company allocates the contract’s transaction price to the lease and non-lease components on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers; however, when prices in standalone sales are not available the Company may use third-party pricing for similar products or services or estimate the standalone selling price. Allocation of the transaction price is determined at the inception of the lease arrangement. The Company’s leases primarily consist of leases with fixed lease payments. For those leases with variable lease payments, the variable lease payment is typically based upon use of the leased equipment or the purchase of consumables used with the leased equipment. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The ASU was effective for public entities for fiscal years beginning after December 15, 2018. In January 2019, the Company entered into approximately $1.9 billion of cross-currency swap derivative contracts to hedge its net investment in foreign operations against adverse changes in the exchange rates between the U.S. dollar and the Danish kroner, Japanese yen, euro and Swiss franc. In June 2019, the Company entered into interest rate swap agreements with a notional amount of $850 million which represents a portion of the amount of U.S. dollar-denominated bonds (with terms ranging from 10 to 30 years) the Company anticipates issuing to finance a portion of the acquisition of the Biopharma Business of General Electric Company (“GE”) Life Sciences (the “GE Biopharma Business” or “GE Biopharma”). These contracts effectively fix the interest rate for a portion of the Company’s anticipated U.S. denominated debt issuance equal to the notional amount of the swaps to the rate specified in the interest rate swap agreements . Refer to Note 9 for additional disclosures about the Company’s hedging activities. Except for the above accounting policy for leases that was updated as a result of adopting ASC 842, there have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2018 that have a material impact on the Company’s Consolidated Condensed Financial Statements and the related Notes. Accounting Standards Not Yet Adopted 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 rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses , Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief which provided additional implementation guidance on the previously issued ASU. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements. Currently, the Company believes that the most notable impact of this ASU will relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and the recognition of credit losses. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The ASU expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). 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 financial statements. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715, Compensation—Retirement Benefits , to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The ASU is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements. Accumulated Other Comprehensive Income (Loss) —Accumulated other comprehensive income (loss) refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any tax impacts. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Cash Flow Hedge Adjustments Total For the Three-Month Period Ended June 28, 2019: Balance, March 29, 2019 $ (2,108.9 ) $ (685.7 ) $ (1.5 ) $ — $ (2,796.1 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (51.9 ) — 0.7 (8.9 ) (60.1 ) Income tax impact 5.4 — (0.2 ) 2.1 7.3 Other comprehensive income (loss) before reclassifications, net of income taxes (46.5 ) — 0.5 (6.8 ) (52.8 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 6.1 (a) — — 6.1 Income tax impact — (1.5 ) — — (1.5 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 4.6 — — 4.6 Net current period other comprehensive income (loss), net of income taxes (46.5 ) 4.6 0.5 (6.8 ) (48.2 ) Balance, June 28, 2019 $ (2,155.4 ) $ (681.1 ) $ (1.0 ) $ (6.8 ) $ (2,844.3 ) For the Three-Month Period Ended June 29, 2018: Balance, March 30, 2018 $ (1,171.8 ) $ (671.3 ) $ (1.6 ) $ — $ (1,844.7 ) Other comprehensive income (loss) before reclassifications: Decrease (641.1 ) — (0.1 ) — (641.2 ) Income tax impact — — — — — Other comprehensive income (loss) before reclassifications, net of income taxes (641.1 ) — (0.1 ) — (641.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 8.8 (a) — — 8.8 Income tax impact — (2.1 ) — — (2.1 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 6.7 — — 6.7 Net current period other comprehensive income (loss), net of income taxes (641.1 ) 6.7 (0.1 ) — (634.5 ) Balance, June 29, 2018 $ (1,812.9 ) $ (664.6 ) $ (1.7 ) $ — $ (2,479.2 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Cash Flow Hedge Adjustments Total For the Six-Month Period Ended June 28, 2019: Balance, December 31, 2018 $ (2,098.1 ) $ (691.1 ) $ (1.9 ) $ — $ (2,791.1 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (59.2 ) — 1.2 (8.9 ) (66.9 ) Income tax impact 1.9 — (0.3 ) 2.1 3.7 Other comprehensive income (loss) before reclassifications, net of income taxes (57.3 ) — 0.9 (6.8 ) (63.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 13.2 (a) — — 13.2 Income tax impact — (3.2 ) — — (3.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 10.0 — — 10.0 Net current period other comprehensive income (loss), net of income taxes (57.3 ) 10.0 0.9 (6.8 ) (53.2 ) Balance, June 28, 2019 $ (2,155.4 ) $ (681.1 ) $ (1.0 ) $ (6.8 ) $ (2,844.3 ) For the Six-Month Period Ended June 29, 2018: Balance, December 31, 2017 $ (1,422.1 ) $ (571.2 ) $ (0.9 ) $ — $ (1,994.2 ) Adoption of accounting standards (43.8 ) (107.2 ) (0.2 ) — (151.2 ) Balance, January 1, 2018 (1,465.9 ) (678.4 ) (1.1 ) — (2,145.4 ) Other comprehensive income (loss) before reclassifications: Decrease (347.0 ) — (0.8 ) — (347.8 ) Income tax impact — — 0.2 — 0.2 Other comprehensive income (loss) before reclassifications, net of income taxes (347.0 ) — (0.6 ) — (347.6 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 18.1 (a) — — 18.1 Income tax impact — (4.3 ) — — (4.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 13.8 — — 13.8 Net current period other comprehensive income (loss), net of income taxes (347.0 ) 13.8 (0.6 ) — (333.8 ) Balance, June 29, 2018 $ (1,812.9 ) $ (664.6 ) $ (1.7 ) $ — $ (2,479.2 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and six -month periods ended June 28, 2019 and June 29, 2018 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Life Sciences Diagnostics Dental Environmental & Applied Solutions Total Three-Month Period Ended June 28, 2019: Geographical region: North America $ 653.6 $ 601.0 $ 340.2 $ 488.3 $ 2,083.1 Western Europe 459.3 281.7 156.1 261.6 1,158.7 Other developed markets 137.6 95.2 45.0 31.3 309.1 High-growth markets 462.1 640.4 170.8 332.4 1,605.7 Total $ 1,712.6 $ 1,618.3 $ 712.1 $ 1,113.6 $ 5,156.6 Revenue type: Recurring $ 1,111.9 $ 1,380.6 $ 522.1 $ 592.8 $ 3,607.4 Nonrecurring 600.7 237.7 190.0 520.8 1,549.2 Total $ 1,712.6 $ 1,618.3 $ 712.1 $ 1,113.6 $ 5,156.6 Three-Month Period Ended June 29, 2018: Geographical region: North America $ 578.0 $ 578.7 $ 346.1 $ 450.7 $ 1,953.5 Western Europe 449.5 288.7 170.5 263.2 1,171.9 Other developed markets 138.5 91.3 47.1 32.3 309.2 High-growth markets 439.2 592.2 169.7 345.3 1,546.4 Total $ 1,605.2 $ 1,550.9 $ 733.4 $ 1,091.5 $ 4,981.0 Revenue type: Recurring $ 1,056.0 $ 1,311.0 $ 547.3 $ 574.6 $ 3,488.9 Nonrecurring 549.2 239.9 186.1 516.9 1,492.1 Total $ 1,605.2 $ 1,550.9 $ 733.4 $ 1,091.5 $ 4,981.0 Life Sciences Diagnostics Dental Environmental & Applied Solutions Total Six-Month Period Ended June 28, 2019: Geographical region: North America $ 1,240.9 $ 1,233.4 $ 638.7 $ 937.5 $ 4,050.5 Western Europe 919.6 570.6 316.2 521.3 2,327.7 Other developed markets 286.9 187.2 85.4 60.2 619.7 High-growth markets 892.1 1,163.9 331.5 651.1 3,038.6 Total $ 3,339.5 $ 3,155.1 $ 1,371.8 $ 2,170.1 $ 10,036.5 Revenue type: Recurring $ 2,180.1 $ 2,704.7 $ 1,009.9 $ 1,175.0 $ 7,069.7 Nonrecurring 1,159.4 450.4 361.9 995.1 2,966.8 Total $ 3,339.5 $ 3,155.1 $ 1,371.8 $ 2,170.1 $ 10,036.5 Six-Month Period Ended June 29, 2018: Geographical region: North America $ 1,058.4 $ 1,186.1 $ 637.4 $ 869.0 $ 3,750.9 Western Europe 899.4 599.1 346.1 528.0 2,372.6 Other developed markets 283.4 183.5 91.0 63.9 621.8 High-growth markets 840.0 1,101.9 331.5 657.7 2,931.1 Total $ 3,081.2 $ 3,070.6 $ 1,406.0 $ 2,118.6 $ 9,676.4 Revenue type: Recurring $ 2,026.4 $ 2,619.5 $ 1,035.3 $ 1,131.6 $ 6,812.8 Nonrecurring 1,054.8 451.1 370.7 987.0 2,863.6 Total $ 3,081.2 $ 3,070.6 $ 1,406.0 $ 2,118.6 $ 9,676.4 The Company sells equipment to customers as well as consumables, spare parts, software licenses and services, some of which customers purchase on a recurring basis. In most of the Company’s businesses, consumables are typically critical to the use of the equipment and are typically used on a one-time or limited basis, requiring frequent replacement in the customer’s operating cycle. Examples of these consumables include reagents used in diagnostic tests, filters used in filtration, separation and purification processes and cartridges for marking and coding equipment. Additionally, some of the Company’s consumables are used on a standalone basis, such as dental implants and water treatment solutions. The Company separates its goods and services between those sold on a recurring basis and those sold on a nonrecurring basis. Recurring revenue includes revenue from consumables, services, spare parts, software licenses recognized over time, software-as-a-service, sales-and-usage based royalties and OTLs. Nonrecurring revenue includes sales from equipment, software licenses recognized at a point in time and STLs. OTLs and STLs are included in the above revenue amounts. For the three-month periods ended June 28, 2019 and June 29, 2018 , revenue accounted for under ASC 842 and ASC 840 was $106 million and $96 million , respectively. For the six -month periods ended June 28, 2019 and June 29, 2018 , revenue accounted for under ASC 842 and ASC 840 was $213 million and $193 million , respectively. Remaining performance obligations related to Topic 606, Revenue from Contracts with Customers (“ASC 606”) represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year which are fully or partially unsatisfied at the end of the period. As of June 28, 2019 , the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2.0 billion . The Company expects to recognize revenue on approximately 40% of the remaining performance obligations over the next 12 months, 25% over the subsequent 12 months, and the remainder thereafter. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Consolidated Condensed Balance Sheets. Most of the Company’s long-term contracts are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring subsequent to revenue recognition resulting in contract assets. Contract assets are generally classified as other current assets in the Consolidated Condensed Balance Sheets. The balance of contract assets as of June 28, 2019 and December 31, 2018 were $85 million and $82 million , respectively. The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Condensed Balance Sheets based on the timing of when the Company expects to recognize revenue. As of June 28, 2019 and December 31, 2018 , contract liabilities were $822 million and $799 million , respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Revenue recognized during the six -month periods ended June 28, 2019 and June 29, 2018 that was included in the contract liability balance on December 31, 2018 and at the date of adoption of ASC 606 on January 1, 2018 was $442 million and $424 million , respectively. Contract assets and liabilities are reported on the accompanying Consolidated Condensed Balance Sheets on a contract-by-contract basis. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS For a description of the Company’s acquisition activity for the year ended December 31, 2018 , reference is made to the financial statements as of and for the year ended December 31, 2018 and Note 3 thereto included in the Company’s 2018 Annual Report. 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 its 2018 and 2019 acquisitions and is also in the process of obtaining valuations of 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 six -month period ended June 28, 2019 , the Company acquired three businesses for total consideration of $327 million in cash, net of cash acquired. The businesses acquired complement existing units of the Life Sciences segment. The aggregate annual sales of these businesses at the time of their acquisition, based on the companies’ revenues for their last completed fiscal year prior to the acquisition, were $68 million . The Company preliminarily recorded an aggregate of $210 million of goodwill related to these acquisitions. The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisitions consummated during the six -month period ended June 28, 2019 ($ in millions): Trade accounts receivable $ 8.6 Inventories 8.8 Property, plant and equipment 3.9 Goodwill 210.3 Other intangible assets, primarily customer relationships, trade names and technology 115.2 Trade accounts payable (2.8 ) Other assets and liabilities, net (17.4 ) Net cash consideration $ 326.6 Pro Forma Financial Information The unaudited pro forma information for the periods set forth below gives effect to the 2019 and 2018 acquisitions as if they had occurred as of January 1, 2018 . 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 Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 5,157.5 $ 5,020.4 $ 10,043.3 $ 9,810.4 Net earnings attributable to common stockholders 707.7 679.2 1,031.6 1,230.6 Diluted net earnings per share 0.97 0.96 1.43 1.74 In the three-month period ended June 29, 2018 , unaudited pro forma earnings set forth above were adjusted to exclude the $1 million pretax impact of nonrecurring acquisition date fair value adjustments to inventory related to the 2018 acquisition of Integrated DNA Technologies, Inc. (“IDT”). In addition, acquisition-related transaction costs of $15 million associated with the IDT acquisition were excluded from pro forma earnings in 2018 . Pending Acquisition On February 25, 2019, the Company entered into an Equity and Asset Purchase Agreement (the “GE Biopharma Purchase Agreement”) with GE to acquire the GE Biopharma Business for a cash purchase price of approximately $21.0 billion , subject to certain adjustments, and the assumption of approximately $0.4 billion of pension liabilities (the “GE Biopharma Acquisition”). The GE Biopharma Business is a leading provider of instruments, consumables and software that support the research, discovery, process development and manufacturing workflows of biopharmaceutical drugs. Based on unaudited preliminary financial measures provided by GE, the GE Biopharma Business generated revenues of approximately $3.0 billion in 2018 . The Company expects to include the GE Biopharma Business within the Life Sciences segment. The GE Biopharma Acquisition is expected to provide additional sales and earnings growth opportunities for the Company’s Life Sciences segment by expanding the business’ geographic and product line diversity, including new product and service offerings that complement the Company’s current biologics workflow solutions. The transaction is expected to be completed in the fourth quarter of 2019, subject to customary conditions, including receipt of applicable regulatory approvals. The Company expects to finance the GE Biopharma Acquisition with approximately $3.0 billion of proceeds from the March 1, 2019 underwritten public offerings of its Common Stock and Mandatory Convertible Preferred Stock (“MCPS”), proceeds from the issuance of debt or other borrowings and available cash on hand. Refer to Note 14 for additional information related to the March 1, 2019 public offerings. |
Dental Initial Public Offering
Dental Initial Public Offering | 6 Months Ended |
Jun. 28, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dental Initial Public Offering | ENVISTA INITIAL PUBLIC OFFERING In July 2018, the Company announced its intention to spin-off its Dental business into a separate publicly-traded company, Envista Holdings Corporation (“Envista”). On February 25, 2019, in connection with the announcement of the GE Biopharma Acquisition, the Company also announced a modification of its plans with respect to Envista , specifically that it now intends to conduct an initial public offering of Envista shares (the “Envista IPO”) in the second half of 2019, subject to the satisfaction of certain conditions, including obtaining final approval from the Danaher Board of Directors, favorable rulings from the Internal Revenue Service (“IRS”) and other regulatory approvals. All assets, liabilities, revenues and expenses of Envista are included in continuing operations of the Company in these Consolidated Condensed Financial Statements. Subsequent to the anticipated Envista IPO, the Company currently intends to distribute to our shareholders all or a portion of the Company’s remaining equity interest in Envista, which may include the spin-off of Envista shares effected as a dividend to all of the Company’s shareholders, the split-off of Envista shares in exchange for Danaher shares or other securities, or any combination thereof in one transaction or in a series of transactions (collectively, “the Distribution”). While the Company currently intends to effect the Distribution, the Company has no obligation to pursue or consummate any further dispositions of Danaher’s ownership in Envista, including through the Distribution, by any specified date or at all. If pursued, the Distribution may be subject to various conditions, including receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions, and the receipt of an opinion of counsel to the effect that the separation of Envista in connection with the IPO, together with such Distribution, will be tax-free to the Company and the Company’s shareholders for U.S. federal income tax purposes. The conditions to the Distribution may not be satisfied; the Company may decide not to consummate the |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 28, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company has operating leases for office space, warehouses, distribution centers, research and development facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for up to 30 years , and some leases include options to terminate the leases within 30 days . In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance leases were not material as of June 28, 2019 and for both the three and six -month periods then ended. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Condensed Balance Sheets. The components of operating lease expense were as follows ($ in millions) : Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 28, 2019 Fixed operating lease expense (a) $ 56.0 $ 119.4 Variable operating lease expense 12.9 24.9 Total operating lease expense $ 68.9 $ 144.3 (a) Includes short-term leases and sublease income, both of which were immaterial. Supplemental cash flow information related to the Company’s operating leases for the six -month period ended June 28, 2019 was as follows ($ in millions): Cash paid for amounts included in the measurement of operating lease liabilities $ 119.8 ROU assets obtained in exchange for operating lease obligations 66.3 The following table presents the lease balances within the Consolidated Condensed Balance Sheet, weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases as of June 28, 2019 ($ in millions): Lease Assets and Liabilities Classification Assets: Operating lease ROU assets Other long-term assets $ 924.9 Liabilities: Current: Operating lease liabilities Accrued expenses and other liabilities $ 185.2 Long-term: Operating lease liabilities Other long-term liabilities 780.1 Total operating lease liabilities $ 965.3 Weighted average remaining lease term 7 years Weighted average discount rate 3.1 % The following table presents the maturity of the Company’s operating lease liabilities as of June 28, 2019 ($ in millions): Remainder of 2019 $ 110.9 2020 190.9 2021 156.1 2022 131.7 2023 112.9 Thereafter 387.2 Total operating lease payments 1,089.7 Less: imputed interest 124.4 Total operating lease liabilities $ 965.3 As of June 28, 2019 , the Company had no additional significant operating or finance leases that had not yet commenced. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL The following is a rollforward of the Company’s goodwill ($ in millions): Balance, December 31, 2018 $ 25,906.0 Attributable to 2019 acquisitions 210.3 Adjustments due to finalization of purchase price allocations (6.9 ) Foreign currency translation and other (34.9 ) Balance, June 28, 2019 $ 26,074.5 The carrying value of goodwill by segment is summarized as follows ($ in millions): June 28, 2019 December 31, 2018 Life Sciences $ 13,488.0 $ 13,311.0 Diagnostics 6,919.1 6,925.6 Dental 3,321.9 3,325.5 Environmental & Applied Solutions 2,345.5 2,343.9 Total $ 26,074.5 $ 25,906.0 The Company has not identified any “triggering” events which indicate an impairment of goodwill in the six -month period ended June 28, 2019 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 28, 2019 | |
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 June 28, 2019: Assets: Available-for-sale debt securities $ — $ 36.4 $ — $ 36.4 Investment in equity securities — — 241.2 241.2 Cross-currency swap derivative contracts — 0.3 — 0.3 Liabilities: Cross-currency swap derivative contracts — 5.0 — 5.0 Interest rate swap derivative contracts — 8.9 — 8.9 Deferred compensation plans — 69.3 — 69.3 December 31, 2018: Assets: Available-for-sale debt securities $ — $ 38.3 $ — $ 38.3 Investment in equity securities — — 148.9 148.9 Liabilities: Deferred compensation plans — 60.9 — 60.9 Available-for-sale debt securities , which are included in other long-term assets in the accompanying Consolidated Condensed Balance Sheets, are measured at fair value using 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. As of June 28, 2019 , available-for-sale debt securities primarily include U.S. Treasury Notes and corporate debt securities, which are valued based on instruments with similar terms traded on an active market. The Company’s investments in equity securities are classified as Level 3 in the fair value hierarchy because the Company estimates the fair value based on the measurement alternative and adjusts for impairments and observable price changes with a same or similar security from the same issuer within net earnings (the “Fair Value Alternative”). The investments in equity securities includes investments that the Company has made as a limited partner in a partnership for which the underlying investments are recorded on a fair value basis. The cross-currency swap derivative contracts are used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Danish kroner, Japanese yen, euro and Swiss franc. The cross-currency swap derivative contracts are classified as Level 2 in the fair value hierarchy as they are measured using the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs. Refer to Note 9 for additional information. In June 2019, the Company entered into interest rate swap agreements with a notional amount of $850 million which represents a portion of the amount of U.S. dollar-denominated bonds (with terms ranging from 10 to 30 years) the Company anticipates issuing to finance a portion of the GE Biopharma Acquisition. These contracts effectively fix the interest rate for a portion of the Company’s anticipated U.S. denominated debt issuance equal to the notional amount of the swaps to the rate specified in the interest rate swap agreements . The interest rate swap derivative contracts are classified as Level 2 in the fair value hierarchy as they are measured using the income approach, based on the relevant interest rate yield curves. Refer to Note 9 for additional information. The Company has established nonqualified contribution and deferred compensation programs that permit the Company to make tax-deferred contributions to officers and certain other employees, and also permit directors, officers and certain other employees to voluntarily defer taxation on a portion of their compensation. All amounts contributed or 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. Non-director 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. 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. Amounts voluntarily deferred by directors and amounts unilaterally contributed to participant accounts by the Company are deemed invested in the Company’s common stock and future distributions of such contributions (as well as future distributions of any voluntary deferrals allocated at any time to the Danaher common stock investment option) will be made solely in shares of Company common stock, and therefore are not reflected in the above amounts. Fair Value of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments were as follows ($ in millions): June 28, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale debt securities $ 36.4 $ 36.4 $ 38.3 $ 38.3 Investment in equity securities 241.2 241.2 148.9 148.9 Cross-currency swap derivative contracts 0.3 0.3 — — Liabilities: Cross-currency swap derivative contracts 5.0 5.0 — — Interest rate swap derivative contracts 8.9 8.9 — — Notes payable and current portion of long-term debt 153.7 153.7 51.8 51.8 Long-term debt 10,144.4 10,580.3 9,688.5 9,990.6 As of June 28, 2019 and December 31, 2018 , investments in non-marketable equity securities were categorized as Level 3, available-for-sale debt securities, cross-currency swap derivative contracts and interest rate swap derivative contracts were categorized as Level 2 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 | 6 Months Ended |
Jun. 28, 2019 | |
Debt Disclosure [Abstract] | |
Financing | FINANCING As of June 28, 2019 , the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions): June 28, 2019 December 31, 2018 U.S. dollar-denominated commercial paper $ — $ 72.8 Euro-denominated commercial paper (€2.7 billion and €2.1 billion, respectively) 3,047.4 2,377.5 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) (the “2019 Euronotes”) 682.1 687.0 2.4% senior unsecured notes due 2020 499.0 498.5 5.0% senior unsecured notes due 2020 (the “2020 Assumed Pall Notes”) 382.8 386.7 Zero-coupon LYONs due 2021 35.3 56.2 0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”) 277.8 273.2 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) (the “2022 Euronotes”) 906.4 913.2 Floating rate senior unsecured notes due 2022 (€250.0 million aggregate principal amount) (the “Floating Rate 2022 Euronotes”) 283.5 285.7 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) (the “2023 CHF Bonds”) 554.1 550.7 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) (the “2025 Euronotes”) 905.6 912.6 3.35% senior unsecured notes due 2025 497.0 496.8 0.3% senior unsecured notes due 2027 (¥30.8 billion aggregate principal amount) (the “2027 Yen Notes”) 284.7 279.9 1.2% senior unsecured notes due 2027 (€600.0 million aggregate principal amount) (the “2027 Euronotes”) 676.8 682.0 1.125% senior unsecured bonds due 2028 (CHF 210.0 million aggregate principal amount) (the “2028 CHF Bonds”) 219.3 218.1 0.65% senior unsecured notes due 2032 (¥53.2 billion aggregate principal amount) (the “2032 Yen Notes”) 491.5 483.4 4.375% senior unsecured notes due 2045 499.4 499.3 Other 55.4 66.7 Total debt 10,298.1 9,740.3 Less: currently payable 153.7 51.8 Long-term debt $ 10,144.4 $ 9,688.5 For additional details regarding the Company’s debt financing, refer to Note 10 of the Company’s financial statements as of and for the year ended December 31, 2018 included in the Company’s 2018 Annual Report. 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. dollar and euro-denominated 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 described below. As of June 28, 2019 , no borrowings were outstanding under the Credit Facility and the Company was in compliance with all covenants thereunder. 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. As of June 28, 2019 , borrowings outstanding under the Company’s euro-denominated commercial paper program had a weighted average annual interest rate of negative 0.2% and a weighted average remaining maturity of approximately 43 days. There were no borrowings outstanding under the Company’s U.S. dollar-denominated commercial paper program as of June 28, 2019 . The Company repaid the €600 million aggregate principal amount of the 2019 Euronotes and accrued interest upon their maturity on July 8, 2019 using proceeds from the issuance of euro-denominated commercial paper. The Company has classified the 2019 Euronotes, the 2020 Assumed Pall Notes and approximately $2.9 billion of its borrowings outstanding under the euro-denominated commercial paper program as of June 28, 2019 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. Debt discounts, premiums and debt issuance costs totaled $16 million and $19 million as of June 28, 2019 and December 31, 2018 , respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above. Guarantors of Debt The Company has guaranteed long-term debt and commercial paper issued by certain of its wholly-owned subsidiaries. The 2019 Euronotes, 2022 Euronotes, Floating Rate 2022 Euronotes, 2025 Euronotes and 2027 Euronotes were issued by DH Europe Finance S.a.r.l., formerly known as DH Europe Finance S.A. (“Danaher International”). The 2023 CHF Bonds and 2028 CHF Bonds were issued by DH Switzerland Finance S.A. (“Danaher Switzerland”). The 2021 Yen Notes, 2027 Yen Notes and 2032 Yen Notes were issued by DH Japan Finance S.A. (“Danaher Japan”). Each of Danaher International, Danaher Switzerland and Danaher Japan are wholly-owned finance subsidiaries of Danaher Corporation. In addition, on May 31, 2019, the Company organized DH Europe Finance II S.a.r.l. (“Danaher International II”), which it expects may in the future issue long-term debt and commercial paper. All of the outstanding and future securities issued by each of these entities, as well as the 2020 Assumed Pall Notes, are or will be fully and unconditionally guaranteed by the Company and these guarantees rank on parity with the Company’s unsecured and unsubordinated indebtedness. LYONs Redemption During the six -month period ended June 28, 2019 , holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately 854 thousand shares of the Company’s common stock, par value $0.01 per share. The Company’s deferred tax liability of $8 million associated with the book and tax basis difference in the converted LYONs was transferred to additional paid-in capital as a result of the conversions. |
Hedging Transactions And Deriva
Hedging Transactions And Derivative Financial Instruments (Notes) | 6 Months Ended |
Jun. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS The Company uses cross-currency swap derivative contracts to partially hedge its net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Danish kroner, Japanese yen, euro and Swiss franc. The cross-currency swap derivative contracts are agreements to exchange fixed-rate payments in one currency for fixed-rate payments in another currency. In January 2019, the Company entered into cross-currency swap derivative contracts with respect to approximately $1.9 billion of its U.S. dollar-denominated bonds and approximately $1.0 billion of these derivative contracts remain outstanding as of June 28, 2019 . These contracts effectively convert these U.S. dollar-denominated bonds to obligations denominated in Danish kroner, Japanese yen, euro and Swiss franc, and partially offset the impact of changes in currency rates on foreign currency denominated net investments. The changes in the spot rate of these instruments are recorded in accumulated other comprehensive income (loss) in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in accumulated other comprehensive income (loss) in the Company’s Consolidated Condensed Statements of Stockholders’ Equity. Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change. The interest income or expense from these swaps are recorded in interest expense in the Company’s Consolidated Condensed Statements of Earnings consistent with the classification of interest expense attributable to the underlying debt. These instruments mature on dates ranging from June 2019 to September 2028. The Company has also issued foreign currency denominated long-term debt as partial hedges of its net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the euro, Japanese yen and Swiss franc. These foreign currency denominated long-term debt issuances are designated and qualify as nonderivative hedging instruments. Accordingly, the foreign currency translation of these debt instruments is recorded in accumulated other comprehensive income (loss) in stockholders’ equity in the accompanying Consolidated Condensed Balance Sheets, offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in accumulated other comprehensive income (loss). Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) into earnings during the period of change. These instruments mature on dates ranging from September 2025 to May 2032. The Company has used interest rate swap agreements to hedge the variability in cash flows due to changes in benchmark interest rates related to a portion of the U.S. debt the Company anticipates issuing to fund the GE Biopharma Acquisition. The interest rate swap agreements are agreements in which the Company agrees to pay a fixed interest rate based on the rate specified in the agreement in exchange for receiving a floating interest rate from a third-party bank based upon a specified benchmark interest rate. In June 2019, the Company entered into interest rate swap agreements with a notional amount of $850 million . These contracts effectively fix the interest rate for a portion of the Company’s anticipated U.S. denominated debt issuance equal to the notional amount of the swaps to the rate specified in the interest rate swap agreements . The changes in the fair value of these instruments are recorded in accumulated other comprehensive income (loss) in stockholders’ equity and are subsequently reclassified to interest expense over the life of the related debt. The following table summarizes the notional values as of June 28, 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the three and six-month periods then ended ($ in millions): Notional Amount Gain (Loss) Recognized in OCI For the Three-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (19.5 ) Foreign currency denominated debt 8,329.2 (129.5 ) Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (157.9 ) For the Six-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (4.7 ) Foreign currency denominated debt 8,329.2 8.3 Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (5.3 ) Gains or losses related to the foreign currency contracts and foreign currency denominated debt are classified as foreign currency translation adjustments in the schedule of changes in OCI in Note 1 , as these items are attributable to the Company’s hedges of its net investment in foreign operations. Gains or losses related to the interest rate swaps are classified as cash flow hedge adjustments in the schedule of changes in OCI in Note 1 . The Company did not reclassify any deferred gains or losses related to net investment hedges or cash flow hedges from accumulated other comprehensive income (loss) to earnings during the three or six -month periods ended June 28, 2019 . In addition, the Company did not have any ineffectiveness related to net investment hedges or interest rate swaps during the three or six -month periods ended June 28, 2019 . The cash inflows and outflows associated with the Company’s derivative contracts designated as net investment hedges are classified in all other investing activities in the accompanying Consolidated Condensed Statement of Cash Flows. The cash inflows and outflows associated with the Company’s derivative contracts designated as cash flow hedges are classified in cash flows from operating activities in the accompanying Consolidated Condensed Statement of Cash Flows. The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of June 28, 2019 in the Company’s Consolidated Condensed Balance Sheet as follows ($ in millions): Derivative assets: Prepaid expenses and other current assets $ 0.3 Derivative liabilities: Accrued expenses and other liabilities 13.9 Nonderivative hedging instruments: Long-term debt 8,329.2 Amounts related to the Company’s derivatives expected to be reclassified from accumulated other comprehensive income (loss) to net earnings during the next 12 months are not significant. |
Defined Benefit Plans
Defined Benefit Plans | 6 Months Ended |
Jun. 28, 2019 | |
Retirement Benefits [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 Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 U.S. pension benefits: Service cost $ (1.6 ) $ (2.1 ) $ (3.2 ) $ (4.2 ) Interest cost (22.2 ) (20.2 ) (44.5 ) (40.4 ) Expected return on plan assets 31.6 33.1 63.2 66.2 Amortization of actuarial loss (6.2 ) (7.8 ) (12.5 ) (15.6 ) Amortization of prior service cost (0.3 ) (0.2 ) (0.5 ) (0.5 ) Net periodic pension benefit $ 1.3 $ 2.8 $ 2.5 $ 5.5 Non-U.S. pension benefits: Service cost $ (8.1 ) $ (8.9 ) $ (16.2 ) $ (17.6 ) Interest cost (6.6 ) (6.6 ) (13.3 ) (13.3 ) Expected return on plan assets 10.9 11.9 21.8 24.0 Amortization of actuarial gain (loss) 0.1 (1.5 ) 0.2 (3.0 ) Amortization of prior service (cost) credit (1.2 ) 0.1 (2.4 ) 0.2 Curtailment gain recognized 1.1 — 1.1 — Settlement loss recognized (0.1 ) — (0.1 ) (0.4 ) Net periodic pension cost $ (3.9 ) $ (5.0 ) $ (8.9 ) $ (10.1 ) The following sets forth the components of the Company’s net periodic benefit cost of the other postretirement employee benefit plans ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Service cost $ (0.1 ) $ (0.2 ) $ (0.2 ) $ (0.3 ) Interest cost (1.3 ) (1.1 ) (2.5 ) (2.3 ) Amortization of prior service credit 0.5 0.6 1.0 1.2 Net periodic cost $ (0.9 ) $ (0.7 ) $ (1.7 ) $ (1.4 ) The net periodic benefit cost of the noncontributory defined benefit pension plans and other postretirement employee benefit plans incurred during the three and six -month periods ended June 28, 2019 and June 29, 2018 are reflected in the following captions in the accompanying Consolidated Condensed Statements of Earnings ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Service cost: Cost of sales $ (2.2 ) $ (3.3 ) $ (4.2 ) $ (5.4 ) Selling, general and administrative expenses (7.6 ) (7.9 ) (15.4 ) (16.7 ) Total service cost (9.8 ) (11.2 ) (19.6 ) (22.1 ) Other n et periodic benefit costs: Other income, net 6.3 8.3 11.5 16.1 Total $ (3.5 ) $ (2.9 ) $ (8.1 ) $ (6.0 ) Employer Contributions During 2019 , the Company’s cash contribution requirements for its U.S. and non-U.S. defined benefit pension plans are forecasted to be approximately $10 million and $50 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 | 6 Months Ended |
Jun. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table summarizes the Company’s effective tax rate: Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Effective tax rate 18.4 % 19.3 % 34.1 % 19.9 % The effective tax rate for the three-month period ended June 28, 2019 differs from the U.S. federal statutory rate of 21.0% principally due to the impact of earnings outside the United States which generally are taxed at rates lower than the U.S. federal rate. The effective tax rate for the three-month period ended June 28, 2019 also includes net discrete tax benefits of $15 million ( $0.02 per diluted share) from the release of reserves for uncertain tax positions due to the expiration of statutes of limitation, benefits from changes in tax law in a certain foreign jurisdiction and excess tax benefits from stock-based compensation, partially offset by charges from audit settlements . These discrete tax benefits decreased the reported tax rate by 1.7% . The effective tax rate for the six -month period ended June 28, 2019 differs from the U.S. federal statutory rate of 21.0% principally due to the impact of net discrete charges of $227 million ( $0.31 per diluted share) related primarily to changes in estimates associated with prior period uncertain tax positions and audit settlements, net of the release of reserves for uncertain tax positions due to the expiration of statutes of limitation, release of valuation allowances associated with certain foreign tax credits, tax benefits resulting from changes in tax law and excess tax benefits from stock-based compensation. These discrete income tax charges increased the reported tax rate by 14.0% . These charges were partially offset by benefits from the impact of earnings outside the United States which generally are taxed at rates lower than the U.S. federal rate. The Company’s effective tax rates for both the three and six -month periods ended June 29, 2018 were slightly lower than the U.S. federal statutory rate of 21.0% due principally to the impact of the Company’s earnings outside the United States which overall are taxed at rates lower than the U.S. federal rate. The effective tax rate for the three and six-month periods ended June 29, 2018 reflects a U.S. corporate income tax rate of 21.0% from the enactment of the Tax Cuts and Jobs Act (“TCJA”), partially offset by a new minimum tax on certain non-U.S. earnings as a result of the TCJA. The effective tax rate for the three and six -month periods ended June 29, 2018 also includes net tax benefits of $9 million ( $0.01 per diluted share) for release of reserves upon the expiration of statutes of limitation and excess tax benefits from stock-based compensation which were partially offset by increases in estimates associated with prior period uncertain tax positions and other matters. In the fourth quarter of 2018 and in the first quarter of 2019, the IRS proposed significant adjustments to the Company’s taxable income for the years 2012 through 2015 with respect to the deferral of tax on certain premium income related to the Company’s self-insurance programs. For income tax purposes, the recognition of premium income has been deferred in accordance with U.S. tax laws related to insurance. The IRS is challenging the deferral of premiums for certain types of insurance policies. The proposed adjustments would increase the Company’s taxable income over the 2012-2015 period by approximately $2.7 billion . Management believes the positions the Company has taken in its U.S. tax returns are in accordance with the relevant tax laws, intends to vigorously defend these positions and is currently considering all of its alternatives. Due to the enactment of the TCJA in 2017 and the resulting reduction in the U.S. corporate tax rate for years after 2017, the Company revalued its deferred tax liabilities related to the temporary differences associated with this deferred premium income from 35.0% to 21.0% . If the Company is not successful in defending these assessments, the taxes owed to the IRS may be computed under the previous 35.0% statutory tax rate and the Company may be required to revalue the related deferred tax liabilities from 21.0% to 35.0% , which in addition to any interest due on the amounts assessed, would require a charge to future earnings. The ultimate resolution of this matter is uncertain, could take many years and could result in a material adverse impact to the Company’s Consolidated Condensed Financial Statements, including its cash flows and effective tax rate. 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 1.7 billion including interest through June 28, 2019 (approximately $262 million based on the exchange rate as of June 28, 2019 ), imposing withholding tax relating to interest accrued in Denmark on borrowings from certain of the Company’s subsidiaries for the years 2004-2009. The Company appealed these assessments to the Danish National Tax Tribunal in 2014, which appeal has been pending awaiting the outcome of other cases brought to the Court of Justice of the European Union (“CJEU”). The Company is currently in discussions with SKAT and anticipates receiving an assessment for similar withholding tax matters for the years 2010-2012 and 2013-2015 totaling approximately DKK 1.0 billion and DKK 720 million , respectively, including interest through June 28, 2019 (approximately $155 million and $110 million , respectively, based on the exchange rate as of June 28, 2019 ). In February 2019, the CJEU decided several other cases related to Danish withholding tax on dividends and interest. In these cases, the CJEU ruled that the exemption of interest payments from withholding taxes provided in the applicable European Union (“EU”) directive should be denied where taxpayers use the directive for abusive or fraudulent purposes, and that it is up to the national courts to make this determination. Management believes the positions the Company has taken in Denmark are in accordance with the relevant tax laws and is vigorously defending its positions. The Company intends on pursuing this matter through the Danish High Court should the appeal to the Danish National Tax Tribunal be unsuccessful. The Company will continue to monitor decisions of both the Danish courts and the CJEU and evaluate the impact of these court rulings on the Company’s tax positions in Denmark. The ultimate resolution of this matter is uncertain, could take many years, and could result in a material adverse impact to the Company’s Consolidated Condensed Financial Statements, including its effective tax rate. |
Nonoperating Income (Expense)
Nonoperating Income (Expense) | 6 Months Ended |
Jun. 28, 2019 | |
Other Income and Expenses [Abstract] | |
Nonoperating Income (Expense) | NONOPERATING INCOME (EXPENSE) The Company disaggregates the service cost component of net periodic benefit costs of the noncontributory defined benefit pension plans and other postretirement employee benefit plans and presents the other components of net periodic benefit cost in other income, net. These other components include the assumed rate of return on plan assets partially offset by amortization of actuarial losses and interest and aggregated to a gain of $6 million and $12 million for the three and six -month periods ended June 28, 2019 , respectively, compared to a gain of $8 million and $16 million for the three and six -month periods ended June 29, 2018 , respectively. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES For a description of the Company’s litigation and contingencies, refer to Note 17 of the Company’s financial statements as of and for the year ended December 31, 2018 included in the Company’s 2018 Annual Report. The Company reviews the adequacy of its legal reserves on a quarterly basis and establishes reserves for loss contingencies that are both probable and reasonably estimable. During the six -month period ended June 28, 2019 , the Company recorded a provision of $36 million ( $29 million after-tax or $0.04 per diluted share) for costs and estimated liabilities related to a legal contingency . The Company generally accrues estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly and appropriately maintained. Warranty periods depend on the nature of the product and range from the date of such sale up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor and in certain instances estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, December 31, 2018 $ 77.4 Accruals for warranties issued during the period 35.3 Settlements made (30.3 ) Effect of foreign currency translation 0.1 Balance, June 28, 2019 $ 82.5 |
Stock Transactions And Stock-Ba
Stock Transactions And Stock-Based Compensation | 6 Months Ended |
Jun. 28, 2019 | |
Share-based Payment Arrangement [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 six -month period ended June 28, 2019 . 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 June 28, 2019 , 20 million shares remained available for repurchase pursuant to the Repurchase Program. The following table summarizes the Company’s share activity (shares in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Preferred stock - shares issued: Balance, beginning of period 1.7 — — — Issuance of Mandatory Convertible Preferred Stock — — 1.7 — Balance, end of period 1.7 — 1.7 — Common stock - shares issued: Balance, beginning of period 832.5 814.8 817.9 812.5 Common stock-based award activity 1.1 0.9 3.1 2.8 Common stock issued in connection with acquisitions — 0.2 — 0.2 Common stock issued in connection with LYONs’ conversions 0.4 0.1 0.9 0.5 Issuance of common stock — — 12.1 — Balance, end of period 834.0 816.0 834.0 816.0 On March 1, 2019, the Company completed the underwritten public offering of 12.1 million shares of Danaher common stock at a price to the public of $123.00 per share (the “Common Stock Offering”), resulting in net proceeds of approximately $1.4 billion , after deducting expenses and the underwriters’ discount of $45 million . Simultaneously, the Company completed the underwritten public offering of 1.65 million shares of its 4.75% MCPS, Series A, without par value and with a liquidation preference of $1,000 per share (the “MCPS Offering”), resulting in net proceeds of approximately $1.6 billion , after deducting expenses and the underwriters’ discount of $50 million . The Company intends to use the net proceeds from the Common Stock Offering and the MCPS Offering to fund a portion of the cash consideration payable for, and certain costs associated with, the GE Biopharma Acquisition. Pending completion of the GE Biopharma Acquisition, the Company has invested the net proceeds in short-term bank deposits and/or interest-bearing, investment-grade securities. As a result of the dividend paid to shareholders of the Company’s common stock in April 2019, the Company triggered an anti-dilution adjustment pursuant to the terms of the MCPS and after giving affect to this adjustment, each share of MCPS will mandatorily convert on the mandatory conversion date, which is expected to be April 15, 2022, into between 6.6373 and 8.1306 shares of the Company’s common stock, subject to further anti-dilution adjustments. The number of shares of the Company’s common stock issuable upon conversion will be determined based on the average volume-weighted average price per share of the Company’s common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately before April 15, 2022. Subject to certain exceptions, at any time prior to April 15, 2022, holders may elect to convert each share of the MCPS into 6.6373 shares of common stock, subject to further anti-dilution adjustments. In the event of a fundamental change, the MCPS will convert at the fundamental change rates specified in the certificate of designations, and the holders of MCPS would be entitled to a fundamental change make-whole dividend. Holders of MCPS will be entitled to receive, when and if declared by the Company’s Board of Directors, cumulative dividends at the annual rate of 4.75% of the liquidation preference of $1,000 per share (equivalent to $47.50 annually per share), payable in cash or, subject to certain limitations, by delivery of shares of the Company’s common stock or any combination of cash and shares of the Company’s common stock, at the Company’s election. If declared, dividends on the MCPS will be payable quarterly on January 15, April 15, July 15 and October 15 of each year (commencing on July 15, 2019 to, and including, April 15, 2022), to the holders of record of the MCPS as they appear on the Company’s stock register at the close of business on the immediately preceding December 31, March 31, June 30 and September 30, respectively. If the GE Biopharma Acquisition has not closed on or before 5:00 p.m. (New York City time) on August 25, 2020, the GE Biopharma Purchase Agreement is terminated or the Company’s Board of Directors, in its good faith judgment, determines that the GE Biopharma Acquisition will not occur, the Company has the option to redeem the shares of MCPS, in whole but not in part, subject to certain terms and conditions. For a full description of the Company’s stock-based compensation programs, refer to Note 18 of the Company’s financial statements as of and for the year ended December 31, 2018 included in the Company’s 2018 Annual Report. As of June 28, 2019 , approximately 47 million shares of the Company’s common stock were reserved for issuance under the 2007 Omnibus Incentive Plan. The following summarizes the components of the Company’s stock-based compensation expense ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Restricted stock units (“RSUs”)/performance stock units (“PSUs”): Pretax compensation expense $ 27.9 $ 24.7 $ 52.2 $ 45.6 Income tax benefit (5.8 ) (5.2 ) (10.9 ) (9.6 ) RSU/PSU expense, net of income taxes 22.1 19.5 41.3 36.0 Stock options: Pretax compensation expense 18.3 15.4 33.2 27.8 Income tax benefit (3.8 ) (3.3 ) (7.0 ) (5.9 ) Stock option expense, net of income taxes 14.5 12.1 26.2 21.9 Total stock-based compensation: Pretax compensation expense 46.2 40.1 85.4 73.4 Income tax benefit (9.6 ) (8.5 ) (17.9 ) (15.5 ) Total stock-based compensation expense, net of income taxes $ 36.6 $ 31.6 $ 67.5 $ 57.9 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 June 28, 2019 , $219 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately three years . As of June 28, 2019 , $194 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of approximately three years . Future compensation amounts will be adjusted for any changes in estimated forfeitures. |
Net Earnings Per Share
Net Earnings Per Share | 6 Months Ended |
Jun. 28, 2019 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | NET EARNINGS PER SHARE Basic net earnings per share (“EPS”) is calculated by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS is computed based on the weighted average number of common shares outstanding increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased with the proceeds from the issuance of the potentially dilutive shares. For both the three and six -month periods ended June 28, 2019 and the three-month period ended June 29, 2018 , no options to purchase shares were excluded from the diluted EPS calculation. For the six -month period ended June 29, 2018 , approximately two million options to purchase shares were not included in the diluted EPS calculation as the impact of their inclusion would have been anti-dilutive. The impact of the MCPS calculated under the if-converted method was anti-dilutive, and as such 11.9 million and 8.1 million shares underlying the MCPS were excluded from the diluted EPS calculation for the three and six -month periods ended June 28, 2019 , respectively. Information related to the calculation of net earnings per share is summarized as follows ($ and shares in millions, except per share amounts): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Numerator: Net earnings $ 731.3 $ 673.8 $ 1,065.1 $ 1,240.4 Adjustment for interest on convertible debentures 0.5 0.5 1.0 1.1 MCPS dividends (22.7 ) — (29.2 ) — Net earnings attributable to common stockholders after assumed conversions for diluted EPS $ 709.1 $ 674.3 $ 1,036.9 $ 1,241.5 Denominator: Weighted average common shares outstanding used in basic EPS 717.6 700.2 712.6 699.4 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs 8.8 6.9 8.8 7.6 Assumed conversion of the convertible debentures 1.5 2.4 1.8 2.5 Weighted average common shares outstanding used in diluted EPS 727.9 709.5 723.2 709.5 Basic EPS $ 0.99 $ 0.96 $ 1.45 $ 1.77 Diluted EPS $ 0.97 $ 0.95 $ 1.43 $ 1.75 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 28, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company 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. Operating profit represents total revenues less operating expenses, excluding nonoperating income and expense, interest and income taxes. Operating profit amounts in the Other segment consist of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance. Intersegment amounts are not significant and are eliminated to arrive at consolidated totals. Segment results are shown below ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales: Life Sciences $ 1,712.6 $ 1,605.2 $ 3,339.5 $ 3,081.2 Diagnostics 1,618.3 1,550.9 3,155.1 3,070.6 Dental 712.1 733.4 1,371.8 1,406.0 Environmental & Applied Solutions 1,113.6 1,091.5 2,170.1 2,118.6 Total $ 5,156.6 $ 4,981.0 $ 10,036.5 $ 9,676.4 Operating profit: Life Sciences $ 344.0 $ 291.5 $ 653.0 $ 562.8 Diagnostics 282.9 274.3 516.0 522.3 Dental 79.5 104.8 127.7 155.7 Environmental & Applied Solutions 260.2 251.0 504.8 478.2 Other (82.8 ) (54.1 ) (193.9 ) (108.5 ) Total $ 883.8 $ 867.5 $ 1,607.6 $ 1,610.5 Segment identifiable assets are shown below ($ in millions): June 28, 2019 December 31, 2018 Life Sciences $ 22,492.2 $ 22,122.4 Diagnostics 14,307.9 14,031.1 Dental 6,043.9 5,897.3 Environmental & Applied Solutions 4,804.2 4,637.3 Other 5,673.8 1,144.4 Total $ 53,322.0 $ 47,832.5 |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New accounting standards | Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with terms greater than 12 months and also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The accounting applied by a lessor is largely unchanged from that applied under the prior standard. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842”. On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases (“ASC 840”). The standard had a material impact on the Company’s Consolidated Condensed Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to include leases with a term of 12 months or less in the recognized ROU assets and lease liabilities. As a result of the cumulative impact of adopting ASC 842, the Company recorded operating lease ROU assets of $971 million and operating lease liabilities of $1,012 million as of January 1, 2019, primarily related to real estate and automobile leases, based on the present value of the future lease payments on the date of adoption. Refer to Note 5 for the additional disclosures required by ASC 842. The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, costs which will be incurred in exiting a lease and the amount of any asset or liability recognized on business combinations relating to favorable or unfavorable lease terms. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has lease agreements which require payments for lease and non-lease components and has elected to account for these as a single lease component. The Company leases Life Sciences, Diagnostics, and Environmental & Applied Solutions equipment to customers in both operating-type lease (“OTL”) and sales-type lease (“STL”) arrangements. Equipment lease revenue for OTL agreements is recognized on a straight-line basis over the life of the lease, and the costs of customer-leased equipment is recorded within property, plant and equipment, net in the accompanying Consolidated Condensed Balance Sheets and depreciated over the equipment’s estimated useful life. Depreciation expense associated with the leased equipment under OTL arrangements is reflected in cost of sales in the accompanying Consolidated Condensed Statements of Earnings. The OTLs are generally not cancellable until after an initial term and may or may not require the customer to purchase a minimum number of consumables or tests throughout the contract term. Certain of the Company’s lease contracts are customized for larger customers and often result in complex terms and conditions that typically require significant judgment in applying the criteria used to evaluate whether the arrangement should be considered an OTL or an STL. An STL results in earlier recognition of equipment revenue as compared to an OTL. Some of the Company’s leases include a purchase option for the customer to purchase the leased asset at the end of the lease arrangement for a purchase price equal to the asset’s fair market value at the time of the purchase. The Company manages its risk on the unguaranteed residual asset for leased equipment through the pricing and term of the leases. In certain geographies, equipment coming off OTL and STL arrangements after the initial lease term may be leased to other customers or used for spare parts. For lease arrangements with lease and non-lease components where the Company is the lessor, the Company allocates the contract’s transaction price to the lease and non-lease components on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers; however, when prices in standalone sales are not available the Company may use third-party pricing for similar products or services or estimate the standalone selling price. Allocation of the transaction price is determined at the inception of the lease arrangement. The Company’s leases primarily consist of leases with fixed lease payments. For those leases with variable lease payments, the variable lease payment is typically based upon use of the leased equipment or the purchase of consumables used with the leased equipment. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The ASU was effective for public entities for fiscal years beginning after December 15, 2018. In January 2019, the Company entered into approximately $1.9 billion of cross-currency swap derivative contracts to hedge its net investment in foreign operations against adverse changes in the exchange rates between the U.S. dollar and the Danish kroner, Japanese yen, euro and Swiss franc. In June 2019, the Company entered into interest rate swap agreements with a notional amount of $850 million which represents a portion of the amount of U.S. dollar-denominated bonds (with terms ranging from 10 to 30 years) the Company anticipates issuing to finance a portion of the acquisition of the Biopharma Business of General Electric Company (“GE”) Life Sciences (the “GE Biopharma Business” or “GE Biopharma”). These contracts effectively fix the interest rate for a portion of the Company’s anticipated U.S. denominated debt issuance equal to the notional amount of the swaps to the rate specified in the interest rate swap agreements . Refer to Note 9 for additional disclosures about the Company’s hedging activities. Except for the above accounting policy for leases that was updated as a result of adopting ASC 842, there have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2018 that have a material impact on the Company’s Consolidated Condensed Financial Statements and the related Notes. Accounting Standards Not Yet Adopted 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 rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses , Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief which provided additional implementation guidance on the previously issued ASU. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements. Currently, the Company believes that the most notable impact of this ASU will relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and the recognition of credit losses. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The ASU expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). 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 financial statements. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715, Compensation—Retirement Benefits , to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The ASU is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements. |
General (Tables)
General (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any tax impacts. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Cash Flow Hedge Adjustments Total For the Three-Month Period Ended June 28, 2019: Balance, March 29, 2019 $ (2,108.9 ) $ (685.7 ) $ (1.5 ) $ — $ (2,796.1 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (51.9 ) — 0.7 (8.9 ) (60.1 ) Income tax impact 5.4 — (0.2 ) 2.1 7.3 Other comprehensive income (loss) before reclassifications, net of income taxes (46.5 ) — 0.5 (6.8 ) (52.8 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 6.1 (a) — — 6.1 Income tax impact — (1.5 ) — — (1.5 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 4.6 — — 4.6 Net current period other comprehensive income (loss), net of income taxes (46.5 ) 4.6 0.5 (6.8 ) (48.2 ) Balance, June 28, 2019 $ (2,155.4 ) $ (681.1 ) $ (1.0 ) $ (6.8 ) $ (2,844.3 ) For the Three-Month Period Ended June 29, 2018: Balance, March 30, 2018 $ (1,171.8 ) $ (671.3 ) $ (1.6 ) $ — $ (1,844.7 ) Other comprehensive income (loss) before reclassifications: Decrease (641.1 ) — (0.1 ) — (641.2 ) Income tax impact — — — — — Other comprehensive income (loss) before reclassifications, net of income taxes (641.1 ) — (0.1 ) — (641.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 8.8 (a) — — 8.8 Income tax impact — (2.1 ) — — (2.1 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 6.7 — — 6.7 Net current period other comprehensive income (loss), net of income taxes (641.1 ) 6.7 (0.1 ) — (634.5 ) Balance, June 29, 2018 $ (1,812.9 ) $ (664.6 ) $ (1.7 ) $ — $ (2,479.2 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details. Foreign Currency Translation Adjustments Pension & Postretirement Plan Benefit Adjustments Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments Cash Flow Hedge Adjustments Total For the Six-Month Period Ended June 28, 2019: Balance, December 31, 2018 $ (2,098.1 ) $ (691.1 ) $ (1.9 ) $ — $ (2,791.1 ) Other comprehensive income (loss) before reclassifications: (Decrease) increase (59.2 ) — 1.2 (8.9 ) (66.9 ) Income tax impact 1.9 — (0.3 ) 2.1 3.7 Other comprehensive income (loss) before reclassifications, net of income taxes (57.3 ) — 0.9 (6.8 ) (63.2 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 13.2 (a) — — 13.2 Income tax impact — (3.2 ) — — (3.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 10.0 — — 10.0 Net current period other comprehensive income (loss), net of income taxes (57.3 ) 10.0 0.9 (6.8 ) (53.2 ) Balance, June 28, 2019 $ (2,155.4 ) $ (681.1 ) $ (1.0 ) $ (6.8 ) $ (2,844.3 ) For the Six-Month Period Ended June 29, 2018: Balance, December 31, 2017 $ (1,422.1 ) $ (571.2 ) $ (0.9 ) $ — $ (1,994.2 ) Adoption of accounting standards (43.8 ) (107.2 ) (0.2 ) — (151.2 ) Balance, January 1, 2018 (1,465.9 ) (678.4 ) (1.1 ) — (2,145.4 ) Other comprehensive income (loss) before reclassifications: Decrease (347.0 ) — (0.8 ) — (347.8 ) Income tax impact — — 0.2 — 0.2 Other comprehensive income (loss) before reclassifications, net of income taxes (347.0 ) — (0.6 ) — (347.6 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 18.1 (a) — — 18.1 Income tax impact — (4.3 ) — — (4.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 13.8 — — 13.8 Net current period other comprehensive income (loss), net of income taxes (347.0 ) 13.8 (0.6 ) — (333.8 ) Balance, June 29, 2018 $ (1,812.9 ) $ (664.6 ) $ (1.7 ) $ — $ (2,479.2 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and six -month periods ended June 28, 2019 and June 29, 2018 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue. Life Sciences Diagnostics Dental Environmental & Applied Solutions Total Three-Month Period Ended June 28, 2019: Geographical region: North America $ 653.6 $ 601.0 $ 340.2 $ 488.3 $ 2,083.1 Western Europe 459.3 281.7 156.1 261.6 1,158.7 Other developed markets 137.6 95.2 45.0 31.3 309.1 High-growth markets 462.1 640.4 170.8 332.4 1,605.7 Total $ 1,712.6 $ 1,618.3 $ 712.1 $ 1,113.6 $ 5,156.6 Revenue type: Recurring $ 1,111.9 $ 1,380.6 $ 522.1 $ 592.8 $ 3,607.4 Nonrecurring 600.7 237.7 190.0 520.8 1,549.2 Total $ 1,712.6 $ 1,618.3 $ 712.1 $ 1,113.6 $ 5,156.6 Three-Month Period Ended June 29, 2018: Geographical region: North America $ 578.0 $ 578.7 $ 346.1 $ 450.7 $ 1,953.5 Western Europe 449.5 288.7 170.5 263.2 1,171.9 Other developed markets 138.5 91.3 47.1 32.3 309.2 High-growth markets 439.2 592.2 169.7 345.3 1,546.4 Total $ 1,605.2 $ 1,550.9 $ 733.4 $ 1,091.5 $ 4,981.0 Revenue type: Recurring $ 1,056.0 $ 1,311.0 $ 547.3 $ 574.6 $ 3,488.9 Nonrecurring 549.2 239.9 186.1 516.9 1,492.1 Total $ 1,605.2 $ 1,550.9 $ 733.4 $ 1,091.5 $ 4,981.0 Life Sciences Diagnostics Dental Environmental & Applied Solutions Total Six-Month Period Ended June 28, 2019: Geographical region: North America $ 1,240.9 $ 1,233.4 $ 638.7 $ 937.5 $ 4,050.5 Western Europe 919.6 570.6 316.2 521.3 2,327.7 Other developed markets 286.9 187.2 85.4 60.2 619.7 High-growth markets 892.1 1,163.9 331.5 651.1 3,038.6 Total $ 3,339.5 $ 3,155.1 $ 1,371.8 $ 2,170.1 $ 10,036.5 Revenue type: Recurring $ 2,180.1 $ 2,704.7 $ 1,009.9 $ 1,175.0 $ 7,069.7 Nonrecurring 1,159.4 450.4 361.9 995.1 2,966.8 Total $ 3,339.5 $ 3,155.1 $ 1,371.8 $ 2,170.1 $ 10,036.5 Six-Month Period Ended June 29, 2018: Geographical region: North America $ 1,058.4 $ 1,186.1 $ 637.4 $ 869.0 $ 3,750.9 Western Europe 899.4 599.1 346.1 528.0 2,372.6 Other developed markets 283.4 183.5 91.0 63.9 621.8 High-growth markets 840.0 1,101.9 331.5 657.7 2,931.1 Total $ 3,081.2 $ 3,070.6 $ 1,406.0 $ 2,118.6 $ 9,676.4 Revenue type: Recurring $ 2,026.4 $ 2,619.5 $ 1,035.3 $ 1,131.6 $ 6,812.8 Nonrecurring 1,054.8 451.1 370.7 987.0 2,863.6 Total $ 3,081.2 $ 3,070.6 $ 1,406.0 $ 2,118.6 $ 9,676.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Business Combinations [Abstract] | |
Fair Values Of The Assets Acquired And Liabilities Assumed | The following summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisitions consummated during the six -month period ended June 28, 2019 ($ in millions): Trade accounts receivable $ 8.6 Inventories 8.8 Property, plant and equipment 3.9 Goodwill 210.3 Other intangible assets, primarily customer relationships, trade names and technology 115.2 Trade accounts payable (2.8 ) Other assets and liabilities, net (17.4 ) Net cash consideration $ 326.6 |
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 Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 5,157.5 $ 5,020.4 $ 10,043.3 $ 9,810.4 Net earnings attributable to common stockholders 707.7 679.2 1,031.6 1,230.6 Diluted net earnings per share 0.97 0.96 1.43 1.74 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Leases [Abstract] | |
Lessee, Lease Costs | The components of operating lease expense were as follows ($ in millions) : Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 28, 2019 Fixed operating lease expense (a) $ 56.0 $ 119.4 Variable operating lease expense 12.9 24.9 Total operating lease expense $ 68.9 $ 144.3 (a) Includes short-term leases and sublease income, both of which were immaterial. Supplemental cash flow information related to the Company’s operating leases for the six -month period ended June 28, 2019 was as follows ($ in millions): Cash paid for amounts included in the measurement of operating lease liabilities $ 119.8 ROU assets obtained in exchange for operating lease obligations 66.3 |
Lessee, Assets and Liabilities | The following table presents the lease balances within the Consolidated Condensed Balance Sheet, weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases as of June 28, 2019 ($ in millions): Lease Assets and Liabilities Classification Assets: Operating lease ROU assets Other long-term assets $ 924.9 Liabilities: Current: Operating lease liabilities Accrued expenses and other liabilities $ 185.2 Long-term: Operating lease liabilities Other long-term liabilities 780.1 Total operating lease liabilities $ 965.3 Weighted average remaining lease term 7 years Weighted average discount rate 3.1 % |
Lessee, Operating Lease, Liability, Maturity | The following table presents the maturity of the Company’s operating lease liabilities as of June 28, 2019 ($ in millions): Remainder of 2019 $ 110.9 2020 190.9 2021 156.1 2022 131.7 2023 112.9 Thereafter 387.2 Total operating lease payments 1,089.7 Less: imputed interest 124.4 Total operating lease liabilities $ 965.3 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward Of Goodwill | The following is a rollforward of the Company’s goodwill ($ in millions): Balance, December 31, 2018 $ 25,906.0 Attributable to 2019 acquisitions 210.3 Adjustments due to finalization of purchase price allocations (6.9 ) Foreign currency translation and other (34.9 ) Balance, June 28, 2019 $ 26,074.5 The carrying value of goodwill by segment is summarized as follows ($ in millions): June 28, 2019 December 31, 2018 Life Sciences $ 13,488.0 $ 13,311.0 Diagnostics 6,919.1 6,925.6 Dental 3,321.9 3,325.5 Environmental & Applied Solutions 2,345.5 2,343.9 Total $ 26,074.5 $ 25,906.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
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 June 28, 2019: Assets: Available-for-sale debt securities $ — $ 36.4 $ — $ 36.4 Investment in equity securities — — 241.2 241.2 Cross-currency swap derivative contracts — 0.3 — 0.3 Liabilities: Cross-currency swap derivative contracts — 5.0 — 5.0 Interest rate swap derivative contracts — 8.9 — 8.9 Deferred compensation plans — 69.3 — 69.3 December 31, 2018: Assets: Available-for-sale debt securities $ — $ 38.3 $ — $ 38.3 Investment in equity securities — — 148.9 148.9 Liabilities: Deferred compensation plans — 60.9 — 60.9 |
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): June 28, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Available-for-sale debt securities $ 36.4 $ 36.4 $ 38.3 $ 38.3 Investment in equity securities 241.2 241.2 148.9 148.9 Cross-currency swap derivative contracts 0.3 0.3 — — Liabilities: Cross-currency swap derivative contracts 5.0 5.0 — — Interest rate swap derivative contracts 8.9 8.9 — — Notes payable and current portion of long-term debt 153.7 153.7 51.8 51.8 Long-term debt 10,144.4 10,580.3 9,688.5 9,990.6 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Debt Disclosure [Abstract] | |
Components Of Debt | The components of the Company’s debt were as follows ($ in millions): June 28, 2019 December 31, 2018 U.S. dollar-denominated commercial paper $ — $ 72.8 Euro-denominated commercial paper (€2.7 billion and €2.1 billion, respectively) 3,047.4 2,377.5 1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) (the “2019 Euronotes”) 682.1 687.0 2.4% senior unsecured notes due 2020 499.0 498.5 5.0% senior unsecured notes due 2020 (the “2020 Assumed Pall Notes”) 382.8 386.7 Zero-coupon LYONs due 2021 35.3 56.2 0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”) 277.8 273.2 1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) (the “2022 Euronotes”) 906.4 913.2 Floating rate senior unsecured notes due 2022 (€250.0 million aggregate principal amount) (the “Floating Rate 2022 Euronotes”) 283.5 285.7 0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) (the “2023 CHF Bonds”) 554.1 550.7 2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) (the “2025 Euronotes”) 905.6 912.6 3.35% senior unsecured notes due 2025 497.0 496.8 0.3% senior unsecured notes due 2027 (¥30.8 billion aggregate principal amount) (the “2027 Yen Notes”) 284.7 279.9 1.2% senior unsecured notes due 2027 (€600.0 million aggregate principal amount) (the “2027 Euronotes”) 676.8 682.0 1.125% senior unsecured bonds due 2028 (CHF 210.0 million aggregate principal amount) (the “2028 CHF Bonds”) 219.3 218.1 0.65% senior unsecured notes due 2032 (¥53.2 billion aggregate principal amount) (the “2032 Yen Notes”) 491.5 483.4 4.375% senior unsecured notes due 2045 499.4 499.3 Other 55.4 66.7 Total debt 10,298.1 9,740.3 Less: currently payable 153.7 51.8 Long-term debt $ 10,144.4 $ 9,688.5 |
Hedging Transactions And Deri_2
Hedging Transactions And Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the notional values as of June 28, 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the three and six-month periods then ended ($ in millions): Notional Amount Gain (Loss) Recognized in OCI For the Three-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (19.5 ) Foreign currency denominated debt 8,329.2 (129.5 ) Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (157.9 ) For the Six-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (4.7 ) Foreign currency denominated debt 8,329.2 8.3 Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (5.3 ) |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the notional values as of June 28, 2019 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the three and six-month periods then ended ($ in millions): Notional Amount Gain (Loss) Recognized in OCI For the Three-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (19.5 ) Foreign currency denominated debt 8,329.2 (129.5 ) Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (157.9 ) For the Six-Month Period Ended June 28, 2019: Foreign currency contracts $ 1,000.0 $ (4.7 ) Foreign currency denominated debt 8,329.2 8.3 Interest rate swaps 850.0 (8.9 ) Total $ 10,179.2 $ (5.3 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as of June 28, 2019 in the Company’s Consolidated Condensed Balance Sheet as follows ($ in millions): Derivative assets: Prepaid expenses and other current assets $ 0.3 Derivative liabilities: Accrued expenses and other liabilities 13.9 Nonderivative hedging instruments: Long-term debt 8,329.2 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic benefit cost of the noncontributory defined benefit pension plans and other postretirement employee benefit plans incurred during the three and six -month periods ended June 28, 2019 and June 29, 2018 are reflected in the following captions in the accompanying Consolidated Condensed Statements of Earnings ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Service cost: Cost of sales $ (2.2 ) $ (3.3 ) $ (4.2 ) $ (5.4 ) Selling, general and administrative expenses (7.6 ) (7.9 ) (15.4 ) (16.7 ) Total service cost (9.8 ) (11.2 ) (19.6 ) (22.1 ) Other n et periodic benefit costs: Other income, net 6.3 8.3 11.5 16.1 Total $ (3.5 ) $ (2.9 ) $ (8.1 ) $ (6.0 ) |
Defined benefit pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
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 Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 U.S. pension benefits: Service cost $ (1.6 ) $ (2.1 ) $ (3.2 ) $ (4.2 ) Interest cost (22.2 ) (20.2 ) (44.5 ) (40.4 ) Expected return on plan assets 31.6 33.1 63.2 66.2 Amortization of actuarial loss (6.2 ) (7.8 ) (12.5 ) (15.6 ) Amortization of prior service cost (0.3 ) (0.2 ) (0.5 ) (0.5 ) Net periodic pension benefit $ 1.3 $ 2.8 $ 2.5 $ 5.5 Non-U.S. pension benefits: Service cost $ (8.1 ) $ (8.9 ) $ (16.2 ) $ (17.6 ) Interest cost (6.6 ) (6.6 ) (13.3 ) (13.3 ) Expected return on plan assets 10.9 11.9 21.8 24.0 Amortization of actuarial gain (loss) 0.1 (1.5 ) 0.2 (3.0 ) Amortization of prior service (cost) credit (1.2 ) 0.1 (2.4 ) 0.2 Curtailment gain recognized 1.1 — 1.1 — Settlement loss recognized (0.1 ) — (0.1 ) (0.4 ) Net periodic pension cost $ (3.9 ) $ (5.0 ) $ (8.9 ) $ (10.1 ) |
Other postretirement benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The following sets forth the components of the Company’s net periodic benefit cost of the other postretirement employee benefit plans ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Service cost $ (0.1 ) $ (0.2 ) $ (0.2 ) $ (0.3 ) Interest cost (1.3 ) (1.1 ) (2.5 ) (2.3 ) Amortization of prior service credit 0.5 0.6 1.0 1.2 Net periodic cost $ (0.9 ) $ (0.7 ) $ (1.7 ) $ (1.4 ) |
Income Taxes (Table) (Tables)
Income Taxes (Table) (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary Of Effective Income Tax Rate | The following table summarizes the Company’s effective tax rate: Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Effective tax rate 18.4 % 19.3 % 34.1 % 19.9 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Warranty Accrual | The following is a rollforward of the Company’s accrued warranty liability ($ in millions): Balance, December 31, 2018 $ 77.4 Accruals for warranties issued during the period 35.3 Settlements made (30.3 ) Effect of foreign currency translation 0.1 Balance, June 28, 2019 $ 82.5 |
Stock Transactions And Stock-_2
Stock Transactions And Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Activity | The following table summarizes the Company’s share activity (shares in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Preferred stock - shares issued: Balance, beginning of period 1.7 — — — Issuance of Mandatory Convertible Preferred Stock — — 1.7 — Balance, end of period 1.7 — 1.7 — Common stock - shares issued: Balance, beginning of period 832.5 814.8 817.9 812.5 Common stock-based award activity 1.1 0.9 3.1 2.8 Common stock issued in connection with acquisitions — 0.2 — 0.2 Common stock issued in connection with LYONs’ conversions 0.4 0.1 0.9 0.5 Issuance of common stock — — 12.1 — Balance, end of period 834.0 816.0 834.0 816.0 |
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 Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Restricted stock units (“RSUs”)/performance stock units (“PSUs”): Pretax compensation expense $ 27.9 $ 24.7 $ 52.2 $ 45.6 Income tax benefit (5.8 ) (5.2 ) (10.9 ) (9.6 ) RSU/PSU expense, net of income taxes 22.1 19.5 41.3 36.0 Stock options: Pretax compensation expense 18.3 15.4 33.2 27.8 Income tax benefit (3.8 ) (3.3 ) (7.0 ) (5.9 ) Stock option expense, net of income taxes 14.5 12.1 26.2 21.9 Total stock-based compensation: Pretax compensation expense 46.2 40.1 85.4 73.4 Income tax benefit (9.6 ) (8.5 ) (17.9 ) (15.5 ) Total stock-based compensation expense, net of income taxes $ 36.6 $ 31.6 $ 67.5 $ 57.9 |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Earnings Per Share [Abstract] | |
Components Of Basic And Diluted Earnings Per Share | Information related to the calculation of net earnings per share is summarized as follows ($ and shares in millions, except per share amounts): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Numerator: Net earnings $ 731.3 $ 673.8 $ 1,065.1 $ 1,240.4 Adjustment for interest on convertible debentures 0.5 0.5 1.0 1.1 MCPS dividends (22.7 ) — (29.2 ) — Net earnings attributable to common stockholders after assumed conversions for diluted EPS $ 709.1 $ 674.3 $ 1,036.9 $ 1,241.5 Denominator: Weighted average common shares outstanding used in basic EPS 717.6 700.2 712.6 699.4 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs 8.8 6.9 8.8 7.6 Assumed conversion of the convertible debentures 1.5 2.4 1.8 2.5 Weighted average common shares outstanding used in diluted EPS 727.9 709.5 723.2 709.5 Basic EPS $ 0.99 $ 0.96 $ 1.45 $ 1.77 Diluted EPS $ 0.97 $ 0.95 $ 1.43 $ 1.75 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Segment Reporting [Abstract] | |
Segment Results | Segment results are shown below ($ in millions): Three-Month Period Ended Six-Month Period Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales: Life Sciences $ 1,712.6 $ 1,605.2 $ 3,339.5 $ 3,081.2 Diagnostics 1,618.3 1,550.9 3,155.1 3,070.6 Dental 712.1 733.4 1,371.8 1,406.0 Environmental & Applied Solutions 1,113.6 1,091.5 2,170.1 2,118.6 Total $ 5,156.6 $ 4,981.0 $ 10,036.5 $ 9,676.4 Operating profit: Life Sciences $ 344.0 $ 291.5 $ 653.0 $ 562.8 Diagnostics 282.9 274.3 516.0 522.3 Dental 79.5 104.8 127.7 155.7 Environmental & Applied Solutions 260.2 251.0 504.8 478.2 Other (82.8 ) (54.1 ) (193.9 ) (108.5 ) Total $ 883.8 $ 867.5 $ 1,607.6 $ 1,610.5 Segment identifiable assets are shown below ($ in millions): June 28, 2019 December 31, 2018 Life Sciences $ 22,492.2 $ 22,122.4 Diagnostics 14,307.9 14,031.1 Dental 6,043.9 5,897.3 Environmental & Applied Solutions 4,804.2 4,637.3 Other 5,673.8 1,144.4 Total $ 53,322.0 $ 47,832.5 |
General (Narrative) (Details)
General (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jun. 28, 2019 | Jan. 31, 2019 | Jan. 01, 2019 | |
Operating lease ROU assets | $ 924.9 | $ 971 | |
Total operating lease liabilities | 965.3 | $ 1,012 | |
Derivative, notional amount | 10,179.2 | ||
Net investment hedging | Foreign currency contracts | |||
Derivative, notional amount | 1,000 | $ 1,900 | |
Cash flow hedging | Interest rate swap agreements | |||
Derivative, notional amount | $ 850 | ||
Minimum | Cash flow hedging | Interest rate swap agreements | |||
Derivative, term of contract | 10 years | ||
Maximum | Cash flow hedging | Interest rate swap agreements | |||
Derivative, term of contract | 30 years |
General (Components of Accumula
General (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | $ (2,791.1) | ||||
Total other comprehensive income (loss), net of income taxes | $ (48.2) | $ (634.5) | (53.2) | $ (333.8) | |
Ending balance | (2,844.3) | (2,844.3) | |||
Foreign Currency Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | $ (1,422.1) | (2,108.9) | (1,171.8) | (2,098.1) | (1,422.1) |
Adoption of accounting standards | (43.8) | ||||
Increase (decrease) | (51.9) | (641.1) | (59.2) | (347) | |
Income tax impact | 5.4 | 0 | 1.9 | 0 | |
Other comprehensive income (loss) before reclassifications, net of income taxes | (46.5) | (641.1) | (57.3) | (347) | |
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 | (46.5) | (641.1) | (57.3) | (347) | |
Ending balance | (1,465.9) | (2,155.4) | (1,812.9) | (2,155.4) | (1,812.9) |
Pension & Postretirement Plan Benefit Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (571.2) | (685.7) | (671.3) | (691.1) | (571.2) |
Adoption of accounting standards | (107.2) | ||||
Increase (decrease) | 0 | 0 | 0 | 0 | |
Income tax impact | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) before reclassifications, net of income taxes | 0 | 0 | 0 | 0 | |
Increase (decrease) | 6.1 | 8.8 | 13.2 | 18.1 | |
Income tax impact | (1.5) | (2.1) | (3.2) | (4.3) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 4.6 | 6.7 | 10 | 13.8 | |
Total other comprehensive income (loss), net of income taxes | 4.6 | 6.7 | 10 | 13.8 | |
Ending balance | (678.4) | (681.1) | (664.6) | (681.1) | (664.6) |
Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (0.9) | (1.5) | (1.6) | (1.9) | (0.9) |
Adoption of accounting standards | (0.2) | ||||
Increase (decrease) | 0.7 | (0.1) | 1.2 | (0.8) | |
Income tax impact | (0.2) | 0 | (0.3) | 0.2 | |
Other comprehensive income (loss) before reclassifications, net of income taxes | 0.5 | (0.1) | 0.9 | (0.6) | |
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 | 0.5 | (0.1) | 0.9 | (0.6) | |
Ending balance | (1.1) | (1) | (1.7) | (1) | (1.7) |
Cash Flow Hedge Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 0 | 0 |
Adoption of accounting standards | 0 | ||||
Increase (decrease) | (8.9) | 0 | (8.9) | 0 | |
Income tax impact | 2.1 | 0 | 2.1 | 0 | |
Other comprehensive income (loss) before reclassifications, net of income taxes | (6.8) | 0 | (6.8) | 0 | |
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 | (6.8) | 0 | (6.8) | 0 | |
Ending balance | 0 | (6.8) | 0 | (6.8) | 0 |
Accumulated other comprehensive income (loss) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | (1,994.2) | (2,796.1) | (1,844.7) | (2,791.1) | (1,994.2) |
Adoption of accounting standards | (151.2) | ||||
Increase (decrease) | (60.1) | (641.2) | (66.9) | (347.8) | |
Income tax impact | 7.3 | 0 | 3.7 | 0.2 | |
Other comprehensive income (loss) before reclassifications, net of income taxes | (52.8) | (641.2) | (63.2) | (347.6) | |
Increase (decrease) | 6.1 | 8.8 | 13.2 | 18.1 | |
Income tax impact | (1.5) | (2.1) | (3.2) | (4.3) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | 4.6 | 6.7 | 10 | 13.8 | |
Total other comprehensive income (loss), net of income taxes | (48.2) | (634.5) | (53.2) | (333.8) | |
Ending balance | $ (2,145.4) | $ (2,844.3) | $ (2,479.2) | $ (2,844.3) | $ (2,479.2) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||||||
Revenue, OTLs and STLs | $ 106 | $ 96 | $ 213 | $ 193 | ||
Revenue, remaining performance obligation | $ 2,000 | 2,000 | 2,000 | |||
Revenue, remaining performance obligation, expected satisfaction in next 12 months, percent | 40.00% | |||||
Revenue, remaining performance obligation, expected satisfaction in subsequent 12 months, percent | 25.00% | |||||
Contract with customer, asset, net | $ 85 | 85 | 85 | $ 82 | ||
Contract with customer, liability | $ 822 | $ 822 | 822 | $ 799 | ||
Contract with customer, liability, revenue recognized | $ 442 | $ 424 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Geographical Region) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 5,156.6 | $ 4,981 | $ 10,036.5 | $ 9,676.4 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 2,083.1 | 1,953.5 | 4,050.5 | 3,750.9 |
Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,158.7 | 1,171.9 | 2,327.7 | 2,372.6 |
Other developed markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 309.1 | 309.2 | 619.7 | 621.8 |
High-growth markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,605.7 | 1,546.4 | 3,038.6 | 2,931.1 |
Operating segments | Life Sciences | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,712.6 | 1,605.2 | 3,339.5 | 3,081.2 |
Operating segments | Life Sciences | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 653.6 | 578 | 1,240.9 | 1,058.4 |
Operating segments | Life Sciences | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 459.3 | 449.5 | 919.6 | 899.4 |
Operating segments | Life Sciences | Other developed markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 137.6 | 138.5 | 286.9 | 283.4 |
Operating segments | Life Sciences | High-growth markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 462.1 | 439.2 | 892.1 | 840 |
Operating segments | Diagnostics | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,618.3 | 1,550.9 | 3,155.1 | 3,070.6 |
Operating segments | Diagnostics | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 601 | 578.7 | 1,233.4 | 1,186.1 |
Operating segments | Diagnostics | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 281.7 | 288.7 | 570.6 | 599.1 |
Operating segments | Diagnostics | Other developed markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 95.2 | 91.3 | 187.2 | 183.5 |
Operating segments | Diagnostics | High-growth markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 640.4 | 592.2 | 1,163.9 | 1,101.9 |
Operating segments | Dental | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 712.1 | 733.4 | 1,371.8 | 1,406 |
Operating segments | Dental | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 340.2 | 346.1 | 638.7 | 637.4 |
Operating segments | Dental | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 156.1 | 170.5 | 316.2 | 346.1 |
Operating segments | Dental | Other developed markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 45 | 47.1 | 85.4 | 91 |
Operating segments | Dental | High-growth markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 170.8 | 169.7 | 331.5 | 331.5 |
Operating segments | Environmental & Applied Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,113.6 | 1,091.5 | 2,170.1 | 2,118.6 |
Operating segments | Environmental & Applied Solutions | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 488.3 | 450.7 | 937.5 | 869 |
Operating segments | Environmental & Applied Solutions | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 261.6 | 263.2 | 521.3 | 528 |
Operating segments | Environmental & Applied Solutions | Other developed markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 31.3 | 32.3 | 60.2 | 63.9 |
Operating segments | Environmental & Applied Solutions | High-growth markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 332.4 | $ 345.3 | $ 651.1 | $ 657.7 |
Revenue (Disaggregation of Re_2
Revenue (Disaggregation of Revenue by Revenue Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 5,156.6 | $ 4,981 | $ 10,036.5 | $ 9,676.4 |
Recurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 3,607.4 | 3,488.9 | 7,069.7 | 6,812.8 |
Nonrecurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,549.2 | 1,492.1 | 2,966.8 | 2,863.6 |
Operating segments | Life Sciences | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,712.6 | 1,605.2 | 3,339.5 | 3,081.2 |
Operating segments | Life Sciences | Recurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,111.9 | 1,056 | 2,180.1 | 2,026.4 |
Operating segments | Life Sciences | Nonrecurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 600.7 | 549.2 | 1,159.4 | 1,054.8 |
Operating segments | Diagnostics | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,618.3 | 1,550.9 | 3,155.1 | 3,070.6 |
Operating segments | Diagnostics | Recurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,380.6 | 1,311 | 2,704.7 | 2,619.5 |
Operating segments | Diagnostics | Nonrecurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 237.7 | 239.9 | 450.4 | 451.1 |
Operating segments | Dental | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 712.1 | 733.4 | 1,371.8 | 1,406 |
Operating segments | Dental | Recurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 522.1 | 547.3 | 1,009.9 | 1,035.3 |
Operating segments | Dental | Nonrecurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 190 | 186.1 | 361.9 | 370.7 |
Operating segments | Environmental & Applied Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 1,113.6 | 1,091.5 | 2,170.1 | 2,118.6 |
Operating segments | Environmental & Applied Solutions | Recurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 592.8 | 574.6 | 1,175 | 1,131.6 |
Operating segments | Environmental & Applied Solutions | Nonrecurring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 520.8 | $ 516.9 | $ 995.1 | $ 987 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($)Business | |
Business Combinations [Abstract] | |
Number of businesses acquired | Business | 3 |
Net cash consideration | $ 326.6 |
Revenue reported by acquired entity for last annual period | 68 |
Goodwill | $ 210.3 |
Acquisitions (Pro Forma Financi
Acquisitions (Pro Forma Financial Information) (Narrative) (Details) - IDT - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 29, 2018 | Dec. 31, 2018 | |
Fair value adjustment to inventory | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma earnings, adjustments | $ (1) | |
Acquisition-related transaction costs | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma earnings, adjustments | $ (15) |
Acquisitions (Pending Acquisiti
Acquisitions (Pending Acquisition) (Narrative) (Details) - USD ($) $ in Millions | Mar. 01, 2019 | Feb. 25, 2019 | Jun. 28, 2019 |
Business Acquisition [Line Items] | |||
Pending acquisition, purchase price | $ 326.6 | ||
Pending acquisition, revenue for last annual period | $ 68 | ||
Biopharma Acquisition | |||
Business Acquisition [Line Items] | |||
Pending acquisition, purchase price | $ 21,000 | ||
Pending acquisition, pension liabilities to be assumed | 400 | ||
Pending acquisition, revenue for last annual period | $ 3,000 | ||
Proceeds from issuance of common stock and preferred stock | $ 3,000 |
Acquisitions (Fair Values Of Th
Acquisitions (Fair Values Of The Assets Acquired And Liabilities) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($) | |
Business Combinations [Abstract] | |
Trade accounts receivable | $ 8.6 |
Inventories | 8.8 |
Property, plant and equipment | 3.9 |
Goodwill | 210.3 |
Other intangible assets, primarily customer relationships, trade names and technology | 115.2 |
Trade accounts payable | (2.8) |
Other assets and liabilities, net | (17.4) |
Net cash consideration | $ 326.6 |
Acquisitions (Pro Forma Finan_2
Acquisitions (Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Business Combinations [Abstract] | ||||
Sales | $ 5,157.5 | $ 5,020.4 | $ 10,043.3 | $ 9,810.4 |
Net earnings attributable to common stockholders | $ 707.7 | $ 679.2 | $ 1,031.6 | $ 1,230.6 |
Diluted net earnings per share | $ 0.97 | $ 0.96 | $ 1.43 | $ 1.74 |
Leases (Lease Arrangements) (Na
Leases (Lease Arrangements) (Narrative) (Details) | 6 Months Ended |
Jun. 28, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, option to terminate, term | 30 days |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, renewal term | 30 years |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 28, 2019 | Jun. 28, 2019 | |
Leases [Abstract] | ||
Fixed operating lease expense | $ 56 | $ 119.4 |
Variable operating lease expense | 12.9 | 24.9 |
Total operating lease expense | $ 68.9 | $ 144.3 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 119.8 |
ROU assets obtained in exchange for operating lease obligations | $ 66.3 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Inofrmation) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease ROU assets, other long term assets | $ 924.9 | $ 971 |
Operating lease liabilities, accrued expenses and other liabilities | 185.2 | |
Operating lease liabilities, other long-term liabilities | 780.1 | |
Total operating lease liabilities | $ 965.3 | $ 1,012 |
Weighted average remaining lease term | 7 years | |
Weighted average discount rate | 3.10% |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Jan. 01, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of fiscal year | $ 110.9 | |
Due in year two | 190.9 | |
Due in year three | 156.1 | |
Due in year four | 131.7 | |
Due in year five | 112.9 | |
Due thereafter | 387.2 | |
Total operating lease payments | 1,089.7 | |
Less: imputed interest | 124.4 | |
Total operating lease liabilities | $ 965.3 | $ 1,012 |
Goodwill (Rollforward of Goodwi
Goodwill (Rollforward of Goodwill) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance, December 31, 2018 | $ 25,906 |
Attributable to 2019 acquisitions | 210.3 |
Adjustments due to finalization of purchase price allocations | (6.9) |
Foreign currency translation and other | (34.9) |
Balance, June 28, 2019 | $ 26,074.5 |
Goodwill (Goodwill by Segment)
Goodwill (Goodwill by Segment) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Total goodwill | $ 26,074.5 | $ 25,906 |
Operating segments | Life Sciences | ||
Goodwill [Line Items] | ||
Total goodwill | 13,488 | 13,311 |
Operating segments | Diagnostics | ||
Goodwill [Line Items] | ||
Total goodwill | 6,919.1 | 6,925.6 |
Operating segments | Dental | ||
Goodwill [Line Items] | ||
Total goodwill | 3,321.9 | 3,325.5 |
Operating segments | Environmental & Applied Solutions | ||
Goodwill [Line Items] | ||
Total goodwill | $ 2,345.5 | $ 2,343.9 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Millions | 1 Months Ended |
Jun. 28, 2019USD ($) | |
Derivative, notional amount | $ 10,179.2 |
Interest rate swap agreements | Cash flow hedging | |
Derivative, notional amount | $ 850 |
Interest rate swap agreements | Cash flow hedging | Minimum | |
Derivative, term of contract | 10 years |
Interest rate swap agreements | Cash flow hedging | Maximum | |
Derivative, term of contract | 30 years |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Dec. 31, 2018 |
Assets: | ||
Available-for-sale debt securities | $ 36.4 | $ 38.3 |
Investment in equity securities | 241.2 | 148.9 |
Cross-currency swap derivative contracts | 0.3 | |
Liabilities: | ||
Cross-currency swap derivative contracts | 5 | |
Interest rate swap derivative contracts | 8.9 | |
Deferred compensation plans | 69.3 | 60.9 |
Quoted Prices in Active Market (Level 1) | ||
Assets: | ||
Available-for-sale debt securities | 0 | 0 |
Investment in equity securities | 0 | 0 |
Cross-currency swap derivative contracts | 0 | |
Liabilities: | ||
Cross-currency swap derivative contracts | 0 | |
Interest rate swap derivative contracts | 0 | |
Deferred compensation plans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale debt securities | 36.4 | 38.3 |
Investment in equity securities | 0 | 0 |
Cross-currency swap derivative contracts | 0.3 | |
Liabilities: | ||
Cross-currency swap derivative contracts | 5 | |
Interest rate swap derivative contracts | 8.9 | |
Deferred compensation plans | 69.3 | 60.9 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale debt securities | 0 | 0 |
Investment in equity securities | 241.2 | 148.9 |
Cross-currency swap derivative contracts | 0 | |
Liabilities: | ||
Cross-currency swap derivative contracts | 0 | |
Interest rate swap derivative contracts | 0 | |
Deferred compensation plans | $ 0 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Dec. 31, 2018 |
Assets: | ||
Available-for-sale debt securities | $ 36.4 | $ 38.3 |
Investment in equity securities | 241.2 | 148.9 |
Cross-currency swap derivative contracts | 0.3 | |
Liabilities: | ||
Cross-currency swap derivative contracts | 5 | |
Interest rate swap derivative contracts | 8.9 | |
Carrying Amount | ||
Assets: | ||
Available-for-sale debt securities | 36.4 | 38.3 |
Investment in equity securities | 241.2 | 148.9 |
Cross-currency swap derivative contracts | 0.3 | 0 |
Liabilities: | ||
Cross-currency swap derivative contracts | 5 | 0 |
Interest rate swap derivative contracts | 8.9 | 0 |
Notes payable and current portion of long-term debt | 153.7 | 51.8 |
Long-term debt | 10,144.4 | 9,688.5 |
Fair Value | ||
Assets: | ||
Available-for-sale debt securities | 36.4 | 38.3 |
Investment in equity securities | 241.2 | 148.9 |
Cross-currency swap derivative contracts | 0.3 | 0 |
Liabilities: | ||
Cross-currency swap derivative contracts | 5 | 0 |
Interest rate swap derivative contracts | 8.9 | 0 |
Notes payable and current portion of long-term debt | 153.7 | 51.8 |
Long-term debt | $ 10,580.3 | $ 9,990.6 |
Financing (Narrative) (Details)
Financing (Narrative) (Details) $ / shares in Units, shares in Thousands, € in Millions | Jul. 08, 2019EUR (€) | Jun. 29, 2018 | Jun. 28, 2019USD ($)$ / shares | Jun. 29, 2018USD ($) | Jun. 28, 2019USD ($)$ / sharesshares | Jun. 29, 2018USD ($) | Jun. 28, 2019EUR (€) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 10,298,100,000 | $ 10,298,100,000 | $ 9,740,300,000 | ||||||
Long-term debt excluding currently payable | 10,144,400,000 | 10,144,400,000 | 9,688,500,000 | ||||||
Debt discounts, premiums and debt issuance costs | $ 16,000,000 | $ 16,000,000 | $ 19,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Debt conversion, converted instrument, tax benefit | $ 3,500,000 | $ 1,100,000 | $ 8,200,000 | $ 4,200,000 | |||||
Euro-denominated commercial paper | Commercial paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate of long-term debt, interest rate | (0.20%) | (0.20%) | (0.20%) | ||||||
Weighted average maturity of long-term debt, at point in time | 43 days | ||||||||
Long-term debt | $ 3,047,400,000 | $ 3,047,400,000 | € 2,700 | $ 2,377,500,000 | € 2,100 | ||||
Long-term debt excluding currently payable | 2,900,000,000 | 2,900,000,000 | |||||||
U.S. dollar-denominated commercial paper | Commercial paper | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 0 | 0 | 72,800,000 | ||||||
1.0% senior unsecured notes due 2019 | Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 682,100,000 | 682,100,000 | 687,000,000 | ||||||
1.0% senior unsecured notes due 2019 | Senior notes | Subsequent event | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of debt | € | € 600 | ||||||||
Zero-coupon LYONs due 2021 | Convertible debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 35,300,000 | $ 35,300,000 | $ 56,200,000 | ||||||
Shares issued under debt conversion, shares | shares | 854 | ||||||||
Debt conversion, converted instrument, tax benefit | $ 8,000,000 | ||||||||
Revolving credit facility | Credit facility | Long-term debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit | 4,000,000,000 | 4,000,000,000 | |||||||
Line of credit facility, amount outstanding | $ 0 | $ 0 |
Financing (Components Of Debt)
Financing (Components Of Debt) (Details) € in Millions, SFr in Millions, ¥ in Billions | Jun. 28, 2019USD ($) | Jun. 28, 2019CHF (SFr) | Jun. 28, 2019JPY (¥) | Jun. 28, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2018JPY (¥) | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 10,298,100,000 | $ 9,740,300,000 | ||||||
Less: currently payable | 153,700,000 | 51,800,000 | ||||||
Long-term debt excluding currently payable | 10,144,400,000 | 9,688,500,000 | ||||||
Other | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 55,400,000 | 66,700,000 | ||||||
Commercial paper | U.S. dollar-denominated commercial paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 0 | 72,800,000 | ||||||
Commercial paper | Euro-denominated commercial paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 3,047,400,000 | € 2,700 | 2,377,500,000 | € 2,100 | ||||
Long-term debt excluding currently payable | 2,900,000,000 | |||||||
Senior notes | 1.0% senior unsecured notes due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 682,100,000 | 687,000,000 | ||||||
Interest rate of debt instrument | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Debt instrument, face value | € | € 600 | 600 | ||||||
Senior notes | 2.4% senior unsecured notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 499,000,000 | 498,500,000 | ||||||
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 | $ 382,800,000 | 386,700,000 | ||||||
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 | $ 277,800,000 | 273,200,000 | ||||||
Interest rate of debt instrument | 0.352% | 0.352% | 0.352% | 0.352% | ||||
Debt instrument, face value | ¥ | ¥ 30 | ¥ 30 | ||||||
Senior notes | 1.7% senior unsecured notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 906,400,000 | 913,200,000 | ||||||
Interest rate of debt instrument | 1.70% | 1.70% | 1.70% | 1.70% | ||||
Debt instrument, face value | € | € 800 | 800 | ||||||
Senior notes | Floating rate senior unsecured notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 283,500,000 | 285,700,000 | ||||||
Debt instrument, face value | € | € 250 | 250 | ||||||
Senior notes | 2.5% senior unsecured notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 905,600,000 | 912,600,000 | ||||||
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 | $ 497,000,000 | 496,800,000 | ||||||
Interest rate of debt instrument | 3.35% | 3.35% | 3.35% | 3.35% | ||||
Senior notes | 0.3% senior unsecured notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 284,700,000 | 279,900,000 | ||||||
Interest rate of debt instrument | 0.30% | 0.30% | 0.30% | 0.30% | ||||
Debt instrument, face value | ¥ | ¥ 30.8 | 30.8 | ||||||
Senior notes | 1.2% senior unsecured notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 676,800,000 | 682,000,000 | ||||||
Interest rate of debt instrument | 1.20% | 1.20% | 1.20% | 1.20% | ||||
Debt instrument, face value | € | € 600 | € 600 | ||||||
Senior notes | 0.65% senior unsecured notes due 2032 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 491,500,000 | 483,400,000 | ||||||
Interest rate of debt instrument | 0.65% | 0.65% | 0.65% | 0.65% | ||||
Debt instrument, face value | ¥ | ¥ 53.2 | ¥ 53.2 | ||||||
Senior notes | 4.375% senior unsecured notes due 2045 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 499,400,000 | 499,300,000 | ||||||
Interest rate of debt instrument | 4.375% | 4.375% | 4.375% | 4.375% | ||||
Convertible debt | Zero-coupon LYONs due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 35,300,000 | 56,200,000 | ||||||
Interest rate of debt instrument | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Bonds | 0.5% senior unsecured bonds due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 554,100,000 | 550,700,000 | ||||||
Interest rate of debt instrument | 0.50% | 0.50% | 0.50% | 0.50% | ||||
Debt instrument, face value | SFr | SFr 540 | SFr 540 | ||||||
Bonds | 1.125% senior unsecured bonds due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 219,300,000 | $ 218,100,000 | ||||||
Interest rate of debt instrument | 1.125% | 1.125% | 1.125% | 1.125% | ||||
Debt instrument, face value | SFr | SFr 210 | SFr 210 |
Hedging Transactions And Deri_3
Hedging Transactions And Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Jun. 28, 2019 | Jan. 31, 2019 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 10,179.2 | |
Net investment hedging | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 1,000 | $ 1,900 |
Cash flow hedging | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 850 |
Hedging Transactions And Deri_4
Hedging Transactions And Derivative Financial Instruments (Summary of Notional Values and Pretax Impact in Fair Values of Net Investment Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 28, 2019 | Jun. 28, 2019 | Jan. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | $ 10,179.2 | $ 10,179.2 | |
Gain (Loss) Recognized in OCI | (157.9) | (5.3) | |
Net investment hedging | Foreign currency contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 1,000 | 1,000 | $ 1,900 |
Gain (Loss) Recognized in OCI | (19.5) | (4.7) | |
Net investment hedging | Foreign currency denominated debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 8,329.2 | 8,329.2 | |
Gain (Loss) Recognized in OCI | (129.5) | 8.3 | |
Cash flow hedging | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount | 850 | 850 | |
Gain (Loss) Recognized in OCI | $ (8.9) | $ (8.9) |
Hedging Transactions And Deri_5
Hedging Transactions And Derivative Financial Instruments (Derivative and Nonderivative Debt Instruments) (Details) $ in Millions | Jun. 28, 2019USD ($) |
Prepaid expenses and other current assets | |
Derivatives, Fair Value [Line Items] | |
Derivative assets | $ 0.3 |
Accrued expenses and other liabilities | |
Derivatives, Fair Value [Line Items] | |
Derivative liabilities | 13.9 |
Long-term debt | |
Derivatives, Fair Value [Line Items] | |
Nonderivative hedging instruments | $ 8,329.2 |
Defined Benefit Plans (Narrativ
Defined Benefit Plans (Narrative) (Details) - Defined benefit pension plans $ in Millions | Jun. 28, 2019USD ($) |
Domestic plan | U.S. pension benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions, current fiscal year | $ 10 |
Non-U.S. pension benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future employer contributions, current fiscal year | $ 50 |
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 | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ (9.8) | $ (11.2) | $ (19.6) | $ (22.1) |
Net periodic benefit cost | (3.5) | (2.9) | (8.1) | (6) |
Defined benefit pension plans | Domestic plan | U.S. pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | (1.6) | (2.1) | (3.2) | (4.2) |
Interest cost | (22.2) | (20.2) | (44.5) | (40.4) |
Expected return on plan assets | 31.6 | 33.1 | 63.2 | 66.2 |
Amortization of actuarial gain (loss) | (6.2) | (7.8) | (12.5) | (15.6) |
Amortization of prior service (cost) credit | (0.3) | (0.2) | (0.5) | (0.5) |
Net periodic benefit cost | 1.3 | 2.8 | 2.5 | 5.5 |
Defined benefit pension plans | Non-U.S. pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | (8.1) | (8.9) | (16.2) | (17.6) |
Interest cost | (6.6) | (6.6) | (13.3) | (13.3) |
Expected return on plan assets | 10.9 | 11.9 | 21.8 | 24 |
Amortization of actuarial gain (loss) | 0.1 | (1.5) | 0.2 | (3) |
Amortization of prior service (cost) credit | (1.2) | 0.1 | (2.4) | 0.2 |
Curtailment gain recognized | 1.1 | 0 | 1.1 | 0 |
Settlement loss recognized | (0.1) | 0 | (0.1) | (0.4) |
Net periodic benefit cost | $ (3.9) | $ (5) | $ (8.9) | $ (10.1) |
Defined Benefit Plans (Compon_2
Defined Benefit Plans (Components of Net Periodic Benefit Cost of Other Postretirement Benefit Pension Pans) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ (9.8) | $ (11.2) | $ (19.6) | $ (22.1) |
Net periodic benefit cost | (3.5) | (2.9) | (8.1) | (6) |
Other postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | (0.1) | (0.2) | (0.2) | (0.3) |
Interest cost | (1.3) | (1.1) | (2.5) | (2.3) |
Amortization of prior service (cost) credit | 0.5 | 0.6 | 1 | 1.2 |
Net periodic benefit cost | $ (0.9) | $ (0.7) | $ (1.7) | $ (1.4) |
Defined Benefit Plans (Compon_3
Defined Benefit Plans (Components of Net Periodic Benefit Cost Reflected in the Consolidated Condensed Statement of Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total service cost | $ (9.8) | $ (11.2) | $ (19.6) | $ (22.1) |
Other income, net | 6.3 | 8.3 | 11.5 | 16.1 |
Net periodic benefit cost | (3.5) | (2.9) | (8.1) | (6) |
Cost of sales | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total service cost | (2.2) | (3.3) | (4.2) | (5.4) |
Selling, general and administrative expenses | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total service cost | $ (7.6) | $ (7.9) | $ (15.4) | $ (16.7) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ / shares in Units, kr in Millions, $ in Millions | Dec. 31, 2017 | Jun. 28, 2019USD ($)$ / shares | Jun. 29, 2018USD ($)$ / shares | Jun. 28, 2019USD ($)$ / shares | Jun. 29, 2018USD ($)$ / shares | Dec. 21, 2017 | Dec. 31, 2015USD ($) | Dec. 31, 2015DKK (kr) | Dec. 31, 2012USD ($) | Dec. 31, 2012DKK (kr) | Dec. 31, 2015USD ($) | Dec. 10, 2013USD ($) | Dec. 10, 2013DKK (kr) |
Income Tax Examination [Line Items] | |||||||||||||
Federal statutory income tax rate, percent | 21.00% | 21.00% | 35.00% | ||||||||||
Net discrete tax charges, impact, amount | $ 15 | $ 9 | $ (227) | $ 9 | |||||||||
Net discrete tax charges, impact, per diluted share | $ / shares | $ 0.02 | $ 0.01 | $ (0.31) | $ 0.01 | |||||||||
Net discrete tax charges, impact, percent | 1.70% | (14.00%) | |||||||||||
Income tax examination, proposed adjustments to taxable income | $ 2,700 | ||||||||||||
Foreign tax authority | |||||||||||||
Income Tax Examination [Line Items] | |||||||||||||
Income tax examination, amount of tax assessments | $ 262 | kr 1,700 | |||||||||||
Income tax examination, amount of potential additional tax assessments | $ 110 | kr 720 | $ 155 | kr 1,000 |
Income Taxes (Summary Of Danahe
Income Taxes (Summary Of Danaher's Effective Income Tax Rate) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 18.40% | 19.30% | 34.10% | 19.90% |
Nonoperating Income (Expense) (
Nonoperating Income (Expense) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Other Income and Expenses [Abstract] | ||||
Other income, net | $ 6.3 | $ 8.3 | $ 11.5 | $ 16.1 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($)$ / shares | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency accrual, period increase | $ 36 |
Loss contingency accrual, period increase, after-tax | $ 29 |
Loss contingency accrual, period increase, per diluted share | $ / shares | $ 0.04 |
Commitments And Contingencies_3
Commitments And Contingencies (Warranty Accrual) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2019USD ($) | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |
December 31, 2018 | $ 77.4 |
Accruals for warranties issued during the period | 35.3 |
Settlements made | (30.3) |
Effect of foreign currency translation | 0.1 |
June 28, 2019 | $ 82.5 |
Stock Transactions And Stock-_3
Stock Transactions And Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | Jun. 28, 2019USD ($)shares | Mar. 01, 2019USD ($)$ / sharesshares | Jun. 28, 2019USD ($)shares | Jun. 29, 2018shares | Jun. 28, 2019USD ($)shares | Jun. 29, 2018USD ($)shares | Apr. 15, 2022shares | Jul. 16, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock repurchase program, authorized shares to be repurchased, shares | shares | 20,000,000 | |||||||
Stock repurchase program, remaining number of shares authorized to be repurchased, shares | shares | 20,000,000 | 20,000,000 | 20,000,000 | |||||
Common stock, proceeds from issuance | $ | $ 1,443.2 | $ 0 | ||||||
Preferred stock, proceeds from the issuance | $ | $ 1,599.6 | $ 0 | ||||||
Common shares reserved for issuance under the 2007 Omnibus Incentive Plan, shares | shares | 47,000,000 | 47,000,000 | 47,000,000 | |||||
Restricted stock units (“RSUs”)/performance stock units (“PSUs”) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ | $ 219 | $ 219 | $ 219 | |||||
Weighted average period for cost to be recognized | 3 years | |||||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ | $ 194 | $ 194 | $ 194 | |||||
Weighted average period for cost to be recognized | 3 years | |||||||
Preferred stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of stock | shares | 0 | 0 | 1,700,000 | 0 | ||||
Payments of stock issuance costs | $ | $ 50 | |||||||
Preferred stock, shares issued | shares | 1,650,000 | |||||||
Preferred stock, dividend rate, percent | 4.75% | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 1,000 | |||||||
Preferred stock, proceeds from the issuance | $ | $ 1,600 | |||||||
Convertible preferred stock, threshold consecutive trading days | 20 | |||||||
Preferred stock, annual liquidation preference, per share | $ / shares | $ 47.50 | |||||||
Preferred stock | Scenario, forecast | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Convertible preferred stock, shares issued upon conversion | shares | 6.6373 | |||||||
Preferred stock | Scenario, forecast | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Convertible preferred stock, shares issued upon conversion | shares | 8.1306 | |||||||
Common stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of stock | shares | 12,100,000 | 0 | 0 | 12,100,000 | 0 | |||
Common stock issued, price per share | $ / shares | $ 123 | |||||||
Common stock, proceeds from issuance | $ | $ 1,400 | |||||||
Payments of stock issuance costs | $ | $ 45 |
Stock Transactions And Stock-_4
Stock Transactions And Stock-Based Compensation Summary of Share Activity (Details) - shares shares in Millions | Mar. 01, 2019 | Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 |
Preferred stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 1.7 | 0 | 0 | 0 | |
Issuance of stock | 0 | 0 | 1.7 | 0 | |
Balance, end of period | 1.7 | 0 | 1.7 | 0 | |
Common stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 832.5 | 814.8 | 817.9 | 812.5 | |
Common stock-based award activity | 1.1 | 0.9 | 3.1 | 2.8 | |
Common stock issued in connection with acquisitions | 0 | 0.2 | 0 | 0.2 | |
Common stock issued in connection with LYONs’ conversions | 0.4 | 0.1 | 0.9 | 0.5 | |
Issuance of stock | 12.1 | 0 | 0 | 12.1 | 0 |
Balance, end of period | 834 | 816 | 834 | 816 |
Stock Transactions And Stock-_5
Stock Transactions And Stock-Based Compensation (Components of Stock-Based Compensation Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 46.2 | $ 40.1 | $ 85.4 | $ 73.4 |
Income tax benefit | (9.6) | (8.5) | (17.9) | (15.5) |
Stock-based compensation expense, net of income taxes | 36.6 | 31.6 | 67.5 | 57.9 |
Restricted stock units (“RSUs”)/performance stock units (“PSUs”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 27.9 | 24.7 | 52.2 | 45.6 |
Income tax benefit | (5.8) | (5.2) | (10.9) | (9.6) |
Stock-based compensation expense, net of income taxes | 22.1 | 19.5 | 41.3 | 36 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 18.3 | 15.4 | 33.2 | 27.8 |
Income tax benefit | (3.8) | (3.3) | (7) | (5.9) |
Stock-based compensation expense, net of income taxes | $ 14.5 | $ 12.1 | $ 26.2 | $ 21.9 |
Net Earnings Per Share (Narrati
Net Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 2,000,000 |
Preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 11.9 | 8.1 |
Net Earnings Per Share (Compone
Net Earnings Per Share (Components of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | |
Numerator | ||||
Net earnings | $ 731.3 | $ 673.8 | $ 1,065.1 | $ 1,240.4 |
Adjustment for interest on convertible debentures | 0.5 | 0.5 | 1 | 1.1 |
MCPS dividends | (22.7) | 0 | (29.2) | 0 |
Net earnings attributable to common stockholders after assumed conversions for diluted EPS | $ 709.1 | $ 674.3 | $ 1,036.9 | $ 1,241.5 |
Denominator | ||||
Weighted average common shares outstanding used in basic EPS | 717.6 | 700.2 | 712.6 | 699.4 |
Incremental common shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs | 8.8 | 6.9 | 8.8 | 7.6 |
Incremental common shares from assumed conversion of the convertible debentures | 1.5 | 2.4 | 1.8 | 2.5 |
Weighted average common shares outstanding used in diluted EPS | 727.9 | 709.5 | 723.2 | 709.5 |
Basic EPS | $ 0.99 | $ 0.96 | $ 1.45 | $ 1.77 |
Diluted EPS | $ 0.97 | $ 0.95 | $ 1.43 | $ 1.75 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 28, 2019Business_Segments | |
Segment Reporting [Abstract] | |
Number of segments reported | 4 |
Segment Information (Segment Re
Segment Information (Segment Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2019 | Jun. 29, 2018 | Jun. 28, 2019 | Jun. 29, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 5,156.6 | $ 4,981 | $ 10,036.5 | $ 9,676.4 | |
Operating profit | 883.8 | 867.5 | 1,607.6 | 1,610.5 | |
Identifiable assets | 53,322 | 53,322 | $ 47,832.5 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating profit | (82.8) | (54.1) | (193.9) | (108.5) | |
Identifiable assets | 5,673.8 | 5,673.8 | 1,144.4 | ||
Life Sciences | Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,712.6 | 1,605.2 | 3,339.5 | 3,081.2 | |
Operating profit | 344 | 291.5 | 653 | 562.8 | |
Identifiable assets | 22,492.2 | 22,492.2 | 22,122.4 | ||
Diagnostics | Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,618.3 | 1,550.9 | 3,155.1 | 3,070.6 | |
Operating profit | 282.9 | 274.3 | 516 | 522.3 | |
Identifiable assets | 14,307.9 | 14,307.9 | 14,031.1 | ||
Dental | Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 712.1 | 733.4 | 1,371.8 | 1,406 | |
Operating profit | 79.5 | 104.8 | 127.7 | 155.7 | |
Identifiable assets | 6,043.9 | 6,043.9 | 5,897.3 | ||
Environmental & Applied Solutions | Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,113.6 | 1,091.5 | 2,170.1 | 2,118.6 | |
Operating profit | 260.2 | $ 251 | 504.8 | $ 478.2 | |
Identifiable assets | $ 4,804.2 | $ 4,804.2 | $ 4,637.3 |