Danaher 2009 Annual Report Download - page 86

Table of Contents
The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans at December 31, 2009, by asset category are as follows ($ in
millions):









 
Cash $ 16.31 $ — $ — $ 16.31
Equity Securities:
Common stock 323.12 — 6.38 329.50
Preferred stock 9.51 — — 9.51
Fixed Income Securities:
Corporate bonds 107.71 — — 107.71
Government issued 53.05 — — 53.05
Mutual Funds 267.93 12.50 — 280.43
Common/Collective Trusts — 317.45 — 317.45
Venture capital and partnerships — — 52.16 52.16
Real estate — — 100.20 100.20
Insurance contracts — 24.80 — 24.80
 $ 777.63 $ 354.75 $ 158.74 $1,291.1
Common stock, preferred stock, corporate bonds, U.S. government securities and mutual funds are valued at the closing price reported on the active market
on which the individual securities are traded.
Common/collective trusts are valued based on the plan’s interest, represented by investment units, in the underlying investments held within the trust that are
traded in an active market by the trustee.
Venture capital and partnership investments are valued based on the information provided by the asset fund managers (“Fund Managers”) which reflects the
plan’s share of the fair value of the net assets of the investment. The investments are valued using a combination of discounted cash flows, earnings and
market multiples and through reference to the quoted market prices of the underlying investments held by the venture or partnership where available. Valuation
adjustments reflect changes in operating results, financial condition, or prospects of the applicable portfolio company.
Real estate investments are valued periodically using discounted cash flow models which consider long-term lease estimates, future rental receipts and
estimated residual values. The fund managers for the for real estate investments supplement real estate valuations by third-party appraisals on either a
quarterly or an annual basis.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
Furthermore, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different
methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting
date.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2010 Powered by Morningstar® Document Research℠
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