Danaher 2009 Annual Report Download - page 99

Table of Contents
The following table summarizes information on unvested restricted stock units and restricted shares activity during the three years ended December 31, 2009:




 1,597 $54.14
Forfeited (48) 66.63
Vested —
Granted 532 79.18
 2,081 59.96
Forfeited (110) 71.61
Vested (136) 67.51
Granted 229 75.54
 2,064 60.57
Forfeited (83) 68.41
Vested (148) 62.84
Granted 957 57.20
 2,790 $59.06
The Company recognized a tax benefit of approximately $3.5 million in each of 2009 and 2008, respectively, related to the vesting of restricted stock units,
which has been recorded as an increase to additional paid-in capital. In connection with the vesting of certain restricted stock units and restricted shares
previously issued by the Company, the Company has elected to withhold from the total shares issued or released to the award holder a number of shares
sufficient to fund minimum tax withholding requirements (though under the terms of the applicable plan, the shares are considered to have been issued and are
not added back to the pool of shares available for grant). During the year ended December 31, 2009, approximately 52 thousand shares with an aggregate
value of approximately $3 million were withheld to satisfy the requirement.

During 2009, the Company recorded pre-tax restructuring and other related charges totaling $238.5 million. Of the total 2009 restructuring costs incurred,
$192.3 million ($144.4 million net of tax or $0.43 per diluted share) was incurred pursuant to plans approved by the Company in April and August of 2009
and $46.2 million was incurred in connection with the Company’s normal on-going restructuring actions. The plans approved by the Company in April and
August 2009 reflected management’s assessment that adjustments to the Company’s on-going cost structure were appropriate in light of lower demand in most
of the Company’s end markets resulting from the overall deterioration in global economic conditions that began in the latter half of 2008 and continued through
2009. Substantially all planned restructuring activities related to the 2009 plans were completed during the year resulting in approximately $204 million of
employee severance and related charges and $35 million of facility exit and other related charges.
During the fourth quarter of 2008 the Company recorded pre-tax restructuring and other related charges totaling $82.0 million ($61.5 million net of tax, or
$0.18 per diluted share) associated with restructuring actions initiated and substantially completed during 2008 to better position the Company’s cost base for
future periods. The pre-tax charge recorded during 2008 consisted of approximately $72 million of employee severance and related charges and $10 million of
facility exit and other related charges.
The nature of the restructuring and related activities initiated in both 2009 and 2008 were broadly consistent throughout the Company’s reportable segments
and focused on improvements in operational efficiency through targeted workforce reductions and facility consolidations and closures.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2010 Powered by Morningstar® Document Research℠
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