Danaher 2011 Annual Report Download - page 79

Table of Contents
The key components of income from discontinued operations for the years ended December 31 were as follows ($ in millions):
  
Net sales $ 385.8 $652.6 $668.3
Operating expenses (328.3) (535.9) (565.5)
Allocated interest expense (2.0) (3.6) (4.0)
Earnings before income taxes 55.5 113.1 98.8
Income tax expense (20.2) (38.3) (34.1)
Earnings from discontinued operations 35.3 74.8 64.7
Gain on PSA sale, net of $126 million of related income taxes 201.7 — —
Earnings from discontinued operations, net of income taxes $237.0 $74.8 $ 64.7
As of December 31, 2011 and 2010, the aggregate components of assets and liabilities classified as discontinued operations and included in other assets and
other liabilities consisted of the following ($ in millions):
 
Accounts receivable, net $ 82.7 $143.6
Inventories 10.5 59.5
Prepaid expenses and other 9.3 21.6
Property, plant & equipment, net 31.5 62.5
Goodwill and other intangibles, net 104.0 381.4
Total assets $238.0 $668.6
Accounts payable $32.7 $ 91.0
Accrued expenses and other 47.8 84.4
Total liabilities $ 80.5 $ 175.4
Classification of assets and liabilities in the balance sheet:
Current assets $238.0 $ 530.9
Non-current assets — 137.7
Total assets $238.0 $668.6
Current liabilities $ 80.5 $ 167.3
Non-current liabilities — 8.1
Total liabilities $ 80.5 $ 175.4
During 2009, the Company divested of five businesses or product lines for approximately $10 million of net cash proceeds. The divested businesses and
product lines were part of the Industrial Technologies and former Tools and Components segments. The Company recorded no significant gain or loss, either
individually or in the aggregate, associated with these divestitures. The businesses divested by the Company have not been treated as discontinued operations
in the accompanying financial statements as the impact of these businesses to the Company’s results of operations, financial position, cash flows and segment
information was not significant.
 
On July 4, 2010, the Company entered into a joint venture with Cooper Industries, plc (“Cooper”), combining certain of the Company’s hand tools business
with Cooper’s Tools business to form a new entity called Apex Tool Group, LLC (“Apex”). The 2009 sales, on a combined basis, of the two tools businesses
contributed to Apex were approximately $1.2 billion. Each of Cooper and the Company owns a 50% interest in Apex and has an equal number of
representatives on Apex’s Board of Directors. Neither joint venture partner controls the significant operating and
77
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.