Danaher 2011 Annual Report Download - page 56

Table of Contents
in the event that additional liquidity is required, particularly in connection with acquisitions, the Company may also borrow under its commercial paper
program or the Credit Facility, enter into new credit facilities and either borrow directly thereunder or use such credit facilities to backstop additional borrowing
capacity under its commercial paper program and/or access the capital markets as needed. We also may from time to time access the capital markets to take
advantage of favorable interest rate environments or other market conditions.
While repatriation of some cash held outside the United States may be restricted by local laws, most of the foreign balances could be repatriated to the United
States but, under current law, could be subject to U.S. federal income taxes, less applicable foreign tax credits. For most of its foreign subsidiaries, the
Company makes an election regarding the amount of earnings intended for indefinite reinvestment, with the balance available to be repatriated to the United
States. A deferred tax liability has been accrued for the funds that are intended to be repatriated to the United States. No provisions for U.S. income taxes have
been made with respect to earnings that are planned to be reinvested indefinitely outside the United States, and the amount of U.S. income taxes that may be
applicable to such earnings is not readily determinable given the various tax planning alternatives the Company could employ if it repatriated these earnings.
The cash that our foreign subsidiaries hold for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions.
As of December 31, 2011 and 2010, the total amount of earnings planned to be reinvested indefinitely outside the United States for which deferred taxes have
not been provided was approximately $7.8 billion and $6.5 billion, respectively. As of December 31, 2011, management believes that is has sufficient
liquidity to satisfy its cash needs, including its cash needs in the United States.
During 2011, the Company contributed approximately $132 million to its U.S. defined benefit pension plan and approximately $45 million to its non-U.S.
defined benefit pension plans. During 2012, the Company’s cash contribution requirements for its U.S. plan are not expected to be significant. The
Company’s cash contribution requirements for its non-U.S. plans are expected to be approximately $50 million, although the ultimate amounts to be
contributed to the U.S. and non-U.S. plans 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 .
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The following table sets forth, by period due or year of expected expiration, as applicable, a summary of the Company’s contractual obligations relating to
continuing operations as of December 31, 2011 under (1) long-term debt obligations, (2) leases, (3) purchase obligations and (4) other long-term liabilities
reflected on the Company’s balance sheet under GAAP. The amounts presented in the table below do not reflect $488 million of gross unrecognized tax
benefits, the timing of which is uncertain. Refer to Note 15 to the Consolidated Financial Statements for additional information on unrecognized tax benefits.
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
  


($ in millions)

Long-Term Debt Obligations (a)(b) $5,256.5 $90.4 $1,429.2 $1,505.4 $2,231.5
Capital Lease Obligations (b) 48.7 8.0 13.2 8.1 19.4
Total Long-Term Debt 5,305.2 98.4 1,442.4 1,513.5 2,250.9
Interest Payments on Long-Term Debt and Capital Lease
Obligations (c) 955.4 151.8 260.9 212.0 330.7
Operating Lease Obligations (d) 780.2 195.3 279.9 170.8 134.2

Purchase Obligations (e) 959.5 859.2 56.4 43.7 0.2
Other Long-Term Liabilities Reflected on the Company’s Balance Sheet Under GAAP
(f) 3, 036.0 — 656.9 626.8 1,752.3
 $11,036.3 $1,304.7 $2,696.5 $2,566.8 $4,468.3
(a) As described in Note 10 to the Consolidated Financial Statements.
(b) Amounts do not include interest payments. Interest on long-term debt and capital lease obligations is reflected in a separate line in the table.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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