Danaher 2009 Annual Report Download - page 81

Table of Contents
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Accrued expenses and other liabilities as of December 31 include the following ($ in thousands):
 
   
Compensation and benefits $ 499,130 $219,797 $ 503,212 $196,336
Restructuring 129,857 — 91,410 —
Claims, including self-insurance and litigation 100,643 80,334 94,770 77,144
Pension and postretirement benefits 60,100 709,000 35,175 833,325
Environmental and regulatory compliance 41,638 72,164 44,571 76,506
Taxes, income and other 161,937 1,181,772 244,407 1,145,737
Sales and product allowances 389,533 36,190 298,990 29,517
Warranty 111,910 13,000 95,910 12,000
Other, individually less than 5% of current or total liabilities 170,539 3,004 161,532 12,734
$1,665,287 $2,315,261 $1,569,977 $2,383,299
Approximately $292 million of accrued expenses and other liabilities were guaranteed by standby letters of credit and performance bonds as of December 31,
2009. Refer to Note 14 for further discussion of the Company’s income tax obligations.
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The components of the Company’s debt as of December 31 were as follows ($ in thousands):
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U.S. dollar-denominated commercial paper $179,996 $623,728
4.5% guaranteed Eurobond Notes due 2013 (€500 million) 715,900 699,400
5.625% notes due 2018 500,000 500,000
5.4% notes due 2019 750,000 —
Zero-coupon Liquid Yield Option Notes due 2021 (LYONs) 634,181 619,757
Other 153,132 176,444
2,933,209 2,619,329
Less – currently payable 44,186 66,159
$2,889,023 $2,553,170
The Company satisfies its short-term liquidity needs primarily through issuances of U.S. dollar and Euro commercial paper. Under the Company’s U.S.
dollar and Euro commercial paper programs, the Company or a subsidiary of the Company, as applicable, may issue and sell unsecured, short-term
promissory notes in aggregate principal amount not to exceed $4.0 billion. Since the Credit Facilities (described below) provide credit support for the program,
the $1.525 billion of availability under the Credit Facilities has the practical effect of reducing from $4.0 billion to $1.525 billion the maximum amount of
commercial paper that the Company can issue under the program. Commercial paper notes are sold at a discount and have a maturity of not more than 90
days from the date of issuance. Borrowings under the program are available for general corporate purposes, including financing acquisitions. The Company
classifies the borrowings under the commercial paper program as long-term borrowings in the accompanying Consolidated Balance Sheet as the Company has
the intent and the ability, as supported by the availability of the Credit Facility, to refinance these borrowings for at least one year from the balance sheet date.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2010 Powered by Morningstar® Document Research℠
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