Danaher 2011 Annual Report Download - page 28

Table of Contents

The performance of the financial markets and interest rates impact our defined benefit pension plan expenses and funding obligations. Significant changes in
market interest rates, decreases in the fair value of plan assets, investment losses on plan assets and changes in discount rates may increase our funding
obligations and adversely impact our financial statements.


In 2010, Danaher and Cooper Industries plc formed a joint venture named Apex Tool Group LLC. Each company contributed its respective tools business to,
and received a 50% interest in, the joint venture. Our joint venture partner may at any time have economic, business or legal interests or goals that are
inconsistent with our goals or the goals of the joint venture. Since we do not control the joint venture, we may not be able to direct the management and
operations of the joint venture in the manner that we believe is most appropriate. In addition, the joint venture agreement gives each party veto rights with
respect to certain fundamental corporate actions, and as a result we cannot assure you that we could effect certain fundamental corporate actions that we believe
would be in Danaher’s best interests. Any of these circumstances and any conflict that may arise between the parties could adversely impact our financial
statements.

None

Our corporate headquarters are located in Washington, D.C. in a facility that we lease. At December 31, 2011, we had approximately 241 significant
manufacturing and distribution facilities worldwide. 123 of these facilities are located in the United States in over 40 states and 118 are located outside the
United States in over 50 other countries, primarily in Europe and to a lesser extent in Asia, the rest of North America, Latin America and Australia. These
facilities cover approximately 22.8 million square feet, of which approximately 13.4 million square feet are owned and approximately 9.4 million square feet
are leased. Particularly outside the United States, facilities often serve more than one business segment and may be used for multiple purposes, such as
administration, sales, manufacturing, warehousing and/or distribution. The number of significant facilities by business segment is:
• Test & Measurement, 39;
• Environmental, 41;
• Life Sciences & Diagnostics, 79;
• Dental, 23; and
• Industrial Technologies, 59.
We consider our facilities suitable and adequate for the purposes for which they are used and do not anticipate difficulty in renewing existing leases as they
expire or in finding alternative facilities. We believe our properties and equipment have been well-maintained. Please refer to Note 13 in the Consolidated
Financial Statements included in this Annual Report for additional information with respect to our lease commitments.

None

Not applicable
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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