Danaher 2014 Annual Report Download - page 135

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Exhibit 12.1
Danaher Corporation
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratio data)
Year Ended December 31
2010
2011
2012
2013
2014
Fixed Charges:
Gross Interest Expense $ 117.1
$ 141.6
$ 157.5
$ 145.9
$ 122.7
Interest Element of Rental Expense 15.2
19.9
22.3
19.4
18.8
Interest on Unrecognized Tax Benefits —
—
—
—
—
Total Fixed Charges $ 132.3
$ 161.5
$ 179.8
$ 165.3
$ 141.5
Earnings Available for Fixed Charges:
Earnings From Continuing Operations (Excluding Earnings from
Equity Investees) Before Income Taxes Plus Distributed Income of
Equity Investees $ 1,915.8
$ 2,429.4
$ 2,985.4
$ 3,566.0
$ 3,481.8
Add Fixed Charges 132.3
161.5
179.8
165.3
141.5
Interest on Unrecognized Tax Benefits —
—
—
—
—
Total Earnings Available for Fixed Charges $ 2,048.1
$ 2,590.9
$ 3,165.2
$ 3,731.3
$ 3,623.3
Ratio of Earnings to Fixed Charges 15.5
16.0
17.6
22.6
25.6
NOTE: These ratios include Danaher Corporation and its consolidated subsidiaries. The ratio of earnings to fixed charges was computed by dividing
earnings by fixed charges for the periods indicated, where “earnings” consist of (1) earnings from continuing operations (excluding earnings from equity
investees) before income taxes plus distributed income of equity investees; plus (2) fixed charges, and “fixed charges” consist of (A) interest, whether
expensed or capitalized, on all indebtedness, (B) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (C) an interest
component representing the estimated portion of rental expense that management believes is attributable to interest. Interest on unrecognized tax benefits is
included in the tax provision in the Company's Consolidated Statements of Earnings and is excluded from the computation of fixed charges.
Source: DANAHER CORP /DE/, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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