Danaher 2011 Annual Report Download - page 105

Table of Contents
The following table summarizes information on unvested RSUs and restricted shares activity during the three years ended December 31, 2011:




Unvested at January 1, 2009 4,128 30.29
Granted 1,914 28.60
Vested (296) 31.42
Forfeited (166) 34.21
Unvested at December 31, 2009 5,580 29.53
Granted 1,759 38.17
Vested (1,877) 25.19
Forfeited (309) 34.37
Unvested at December 31, 2010 5,153 33.77
Granted 1,628 49.96
Vested (405) 35.81
Forfeited (397) 38.59
Unvested at December 31, 2011 5,979 $37.72
The Company realized a tax benefit of approximately $7 million, $27 million and $4 million in the years ended December 31, 2011, 2010 and 2009,
respectively, related to the vesting of RSUs. The excess tax benefits attributable to RSUs and restricted stock have been recorded as an increase to additional
paid-in capital. In connection with the vesting of certain RSUs 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, 2011, approximately 147 thousand shares with an aggregate value of approximately $7 million were withheld to satisfy the requirement.
During the year ended December 31, 2010, approximately 765 thousand shares with an aggregate value of approximately $29 million were withheld to satisfy
the requirement. The withholding is treated as a reduction in additional paid-in capital in the accompanying Consolidated Statement of Stockholders’ Equity.
 
During 2011, the Company recorded pre-tax restructuring and other related charges totaling $179 million. These costs were incurred to position the Company
to provide superior products and services to its customers in a cost efficient manner, and in light of the uncertain macro-economic environment. Substantially
all restructuring activities initiated in 2011 were completed by December 31, 2011. The Company expects substantially all cash payments associated with
remaining termination benefits will be paid during 2012.
The Company did not incur significant restructuring and other related charges during the year ended December 31, 2010.
During 2009, the Company recorded pre-tax restructuring and other related charges totaling $239 million. Of the total 2009 restructuring costs incurred, $192
million was incurred pursuant to plans approved by the Company in April and August of 2009 and $46 million was incurred in connection with the
Company’s normal on-going restructuring actions. Substantially all planned restructuring activities related to the 2009 plans were completed during 2009
resulting in approximately $204 million of employee severance and related charges and $35 million of facility exit and other related charges.
The nature of the restructuring and related activities initiated in both 2011 and 2009 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.
In conjunction with the closing of facilities, certain inventory was written off as unusable in future operating locations. This inventory consisted primarily of
component parts and raw materials, which were either redundant to inventory at the facilities being merged or were not economically feasible to relocate since
the inventory was
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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