Danaher 2011 Annual Report Download - page 106

Table of Contents
purchased to operate on equipment and tooling which was not being relocated. In addition, asset impairment charges have been recorded to reduce the carrying
amounts of the long-lived assets that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of
the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.
Restructuring and other related charges recorded for the year ended December 31 by segment, for years when charges were significant, are summarized in the
table below ($ in millions):
  
Test & Measurement $ 18.8 $67.7
Environmental 7.5 31.7
Life Sciences & Diagnostics 100.9 16.7
Dental 28.3 43.8
Industrial Technologies 23.8 52.7
Businesses contributed to Apex joint venture — 17.1
Attributable to discontinued operations (see Note 3) — 8.8
$179.3 $238.5
The table below summarizes the accrual balance and utilization by type of restructuring cost associated with the 2011 actions ($ in millions):







Restructuring Charges:
Employee severance and related $159.9 $(43.2) $116.7
Facility exit and related 19.4 (11.9) 7.5
Total restructuring $ 179.3 $(55.1) $124.2
The remaining December 31, 2010 accrual balance of $12 million associated with 2009 actions was paid during 2011.
The restructuring and other related charges incurred during 2011 include cash charges of $173 million and $6 million of non-cash charges. The restructuring
and other related charges incurred during 2009 include cash charges of $228 million and $10 million of non-cash charges. These charges are reflected in the
following captions in the accompanying Consolidated Statements of Earnings ($ in millions):
  
Cost of sales $67.9 $116.7
Selling, general and administrative expenses 111.4 113.0
Attributable to discontinued operations — 8.8
$179.3 $ 238.5
 
During the third quarter of 2009, Ormco Corporation, a wholly-owned subsidiary of the Company, settled certain litigation pending between Ormco and Align
Technology, Inc. (“Align”). Among other provisions, as part of the settlement, Align paid $13 million in cash to Ormco and issued to the Company
approximately 8 million shares of Align common stock, which following issuance represented an approximately ten percent ownership interest in Align. The
Company recorded a pre-tax gain of $85 million ($53 million after tax or $0.08 per share) related to the settlement representing the cash received and the value
of the shares received on the respective dates the shares were issued to the Company, net of $13 million of related legal and direct settlement costs incurred.
This gain is reflected as other income in the accompanying Consolidated Statements of Earnings. The shares received in connection with the settlement have
been classified as available-for-sale securities. Any gains or losses resulting from changes in the fair value of the securities are reflected as unrealized gains or
losses in other comprehensive income and classified as a component of stockholders’ equity until such gains or losses are realized.
104
Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.