Danaher 2011 Annual Report Download - page 84

Table of Contents
The carrying amounts and fair values of financial instruments at December 31, 2011 and 2010 were as follows ($ in millions):
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Financial Assets:
Available-for-sale securities $287.0 $287.0 $ 257.0 $ 257.0
Liabilities:
Short-term borrowings 98.4 98.4 40.8 40.8
Long-term borrowings 5,206.8 5,790.1 2,783.9 3,372.6
Currency swap agreement 53.9 53.9 — —
The fair values of available-for-sale securities and long-term borrowings were computed based on quoted market prices. The differences between the fair value
and the carrying amounts of long-term borrowings (other than the Company’s Liquid Yield Option Notes due 2021 (the “LYONs”)) are attributable to changes
in interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing. In the case of the LYONs, differences in the fair value from
the carrying value are attributable to changes in the price of the Company’s common stock due to the LYONs conversion features. The available-for-sale
securities represent the Company’s investment in marketable securities that are accounted for at fair value. The currency swap agreement is accounted for at
fair value based on a market quote obtained from the swap counterparties on a quarterly basis. The fair values of short-term borrowings, as well as, cash and
cash equivalents, trade accounts receivable, net, and trade accounts payable approximate the carrying amounts due to the short-term maturities of these
instruments.
Refer to Note 11 for information related to the fair value of the Company sponsored defined benefit pension plan assets.
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Accrued expenses and other liabilities as of December 31 include the following ($ in millions):
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   
Compensation and benefits $773.7 $269.9 $592.2 $ 252.0
Restructuring 124.2 — 12.0 —
Claims, including self-insurance and litigation 128.7 88.8 109.4 81.7
Pension and postretirement benefits 71.8 1,160.3 88.7 612.7
Environmental and regulatory compliance 48.9 92.3 46.0 75.8
Taxes, income and other 234.0 1,841.9 204.8 1,204.9
Deferred revenue 645.0 75.7 482.6 44.8
Sales and product allowances 140.1 1.5 119.8 0.6
Warranty 121.9 15.0 114.2 13.5
Attributable to discontinued operations 80.5 — 167.3 8.1
Other 282.4 53.5 218.1 45.7
$2,651.2 $3,598.9 $2,155.1 $ 2,339.8
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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