0000313616-19-000174.txt : 20191218 0000313616-19-000174.hdr.sgml : 20191218 20191218082912 ACCESSION NUMBER: 0000313616-19-000174 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20191218 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191218 DATE AS OF CHANGE: 20191218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DANAHER CORP /DE/ CENTRAL INDEX KEY: 0000313616 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 591995548 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08089 FILM NUMBER: 191291360 BUSINESS ADDRESS: STREET 1: 2200 PENNSYLVANIA AVE. N.W. STREET 2: SUITE 800W CITY: WASHINGTON STATE: DC ZIP: 20037-1701 BUSINESS PHONE: 2028280850 MAIL ADDRESS: STREET 1: 2200 PENNSYLVANIA AVE. N.W. STREET 2: SUITE 800W CITY: WASHINGTON STATE: DC ZIP: 20037-1701 FORMER COMPANY: FORMER CONFORMED NAME: DMG INC DATE OF NAME CHANGE: 19850221 8-K 1 dhr-20191218x8k.htm 8-K Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 18, 2019
__________________
danaherlogoa28.jpg
DANAHER CORPORATION
 
(Exact Name of Registrant as Specified in Its Charter)
 
__________________
Delaware
 
001-08089
 
59-1995548
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
2200 Pennsylvania Avenue, NW
 
 
 
20037-1701
Suite 800W
 
 
 
Washington,
DC
 
 
 
(Address of Principal Executive Offices)
 
 
 
(Zip Code)
202-828-0850
(Registrant’s Telephone Number, Including Area Code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
__________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value
DHR
New York Stock Exchange
4.75% Mandatory Convertible Preferred Stock, Series A, without par value
DHR.PRA
New York Stock Exchange
Floating Rate Senior Notes due 2022
DHR F 06/30/22
New York Stock Exchange
1.700% Senior Notes due 2022
DHR 1.7 01/04/22
New York Stock Exchange
2.500% Senior Notes due 2025
DHR 2.5 07/08/25
New York Stock Exchange
0.200% Senior Notes due 2026
DHR 0.2 03/18/26
New York Stock Exchange
1.200% Senior Notes due 2027
DHR 1.2 06/30/27
New York Stock Exchange
0.450% Senior Notes due 2028
DHR 0.45 03/18/28
New York Stock Exchange
0.750% Senior Notes due 2031
DHR 0.75 09/18/31
New York Stock Exchange
1.350% Senior Notes due 2039
DHR 1.35 09/18/39
New York Stock Exchange
1.800% Senior Notes due 2049
DHR 1.8 09/18/49
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 




ITEM 2.01
 
COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
On December 18, 2019, Danaher Corporation (“Danaher”) completed its previously announced split-off exchange offer of all of the shares of common stock of Envista Holdings Corporation (“Envista”) held by Danaher in exchange for shares of Danaher common stock.  Pursuant to the exchange offer, Danaher accepted an aggregate of 22,921,984 shares of Danaher common stock from its stockholders in exchange for 127,868,000 shares of Envista common stock owned by Danaher. As a result, Danaher no longer owns any voting or economic interest in Envista common stock.
ITEM 9.01
 
FINANCIAL STATEMENTS AND EXHIBITS
 
 
 
 
(b)
 
Pro Forma Financial Information
The following unaudited pro forma financial information of Danaher is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference:
•
Unaudited pro forma consolidated condensed balance sheet as of September 27, 2019.
•
Unaudited pro forma consolidated condensed statements of earnings for the nine months ended September 27, 2019 and each of the years ended December 31, 2018, 2017 and 2016.
•
Notes to the unaudited pro forma consolidated condensed financial statements.
(d)
 
Exhibits
 
 
 
Exhibit No.
 
Description
99.1
 
104
 
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
DANAHER CORPORATION
 
 
 
 
Date:
December 18, 2019
By:
/s/ Matthew R. McGrew
 
 
 
Matthew R. McGrew
 
 
 
Executive Vice President and Chief Financial Officer


 EX-99.1 2 dhr-20191218xex991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

On December 18, 2019, Danaher Corporation (the “Company” or “Danaher”) completed the previously announced split-off of Envista Holdings Corporation (“Envista”), pursuant to which the Company accepted 22,921,984 shares of common stock, par value $0.01 per share, of Danaher (“Danaher Common Stock”) from its stockholders in exchange for the remaining 127,868,000 shares of common stock, par value $0.01 per share, of Envista (“Envista Common Stock”), or approximately 80.6% of the outstanding shares of Envista Common Stock, that it owned (the “Exchange Offer”). The accompanying unaudited pro forma consolidated condensed financial statements are presented to show the pro forma effects of the Exchange Offer on the Company’s consolidated financial statements. All pro forma adjustments are directly attributable to the Exchange Offer and factually supportable, and the pro forma adjustments to the statement of earnings are expected to have a continuing impact.
The following unaudited pro forma consolidated condensed balance sheet of Danaher as of September 27, 2019 is presented as if the Exchange Offer and related events, as described in the notes to the unaudited pro forma consolidated condensed financial statements, had occurred at September 27, 2019, Danaher’s latest balance sheet date. The unaudited pro forma consolidated condensed statements of earnings for the nine-month period ended September 27, 2019 and for each of the years ended December 31, 2018, 2017 and 2016 are presented as if the Exchange Offer had occurred on January 1, 2016. The unaudited pro forma consolidated condensed financial statements are based on the historical financial statements of Danaher and Envista prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for each period presented and, in the opinion of the Company’s management, all adjustments and disclosures necessary for a fair presentation of the pro forma data have been made.
The unaudited pro forma consolidated condensed financial statements do not purport to represent what the actual results of operations or financial position of Danaher would have been had the Exchange Offer occurred on the dates assumed, nor are they necessarily indicative of the results that may be obtained in the future. The unaudited pro forma consolidated condensed financial statements and the notes thereto are based upon and should be read together with Danaher’s unaudited consolidated condensed financial statements and the notes thereto as of and for the nine-month period ended September 27, 2019 and Management’s Discussion and Analysis included in Danaher’s quarterly report on Form 10-Q and Danaher’s audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2018, and Management’s Discussion and Analysis included in Danaher’s Annual Report on Form 10-K for the year ended December 31, 2018.

1


DANAHER CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET
($ and shares in millions, except per share amounts)
 
As of September 27, 2019
 
Danaher
 
Deconsolidation
 
Effects of the
 
Danaher
 
Historical
 
Envista (a)
 
Adjustments
 
Exchange (b)
 
Pro Forma
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
14,252.1

 
$
(193.2
)
 
$
—

 
$
—

 
$
14,058.9

Trade accounts receivable, net
3,467.1

 
(456.4
)
 
—

 
—

 
3,010.7

Inventories:
 
 
 
 
 
 
 
 
 
Finished goods
1,085.2

 
(176.5
)
 
—

 
—

 
908.7

Work in process
335.0

 
(31.7
)
 
—

 
—

 
303.3

Raw materials
603.5

 
(70.2
)
 
—

 
—

 
533.3

Total inventories
2,023.7

 
(278.4
)
 
—

 
—

 
1,745.3

Prepaid expenses and other current assets
610.8

 
(50.5
)
 
—

 
—

 
560.3

Investment in Envista
—

 
—

 
2,829.9

(c)
(2,829.9
)
 
—

Total current assets
20,353.7

 
(978.5
)
 
2,829.9

 
(2,829.9
)
 
19,375.2

Property, plant and equipment, net of accumulated depreciation
2,519.6

 
(283.1
)
 
—

 
—

 
2,236.5

Other long-term assets
1,787.1

 
(282.5
)
 
—

 
—

 
1,504.6

Goodwill
25,724.8

 
(3,283.2
)
 
—

 
—

 
22,441.6

Other intangible assets, net
11,145.9

 
(1,291.1
)
 
—

 
—

 
9,854.8

Total assets
$
61,531.1

 
$
(6,118.4
)
 
$
2,829.9

 
$
(2,829.9
)
 
$
55,412.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Notes payable and current portion of long-term debt
$
1,068.6

 
$
(7.5
)
 
$
(144.5
)
(c)
$
—

 
$
916.6

Trade accounts payable
1,606.8

 
(181.4
)
 
—

 
—

 
1,425.4

Accrued expenses and other liabilities
3,258.6

 
(571.8
)
 
144.5

(c)
12.4

 
2,843.7

Total current liabilities
5,934.0

 
(760.7
)
 
—

 
12.4

 
5,185.7

Other long-term liabilities
5,865.3

 
(539.2
)
 
—

 
—

 
5,326.1

Long-term debt
16,536.2

 
(1,304.5
)
 
—

 
—

 
15,231.7

Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Preferred stock, without par value, 15.0 million shares authorized; 1.65 million shares of 4.75% Mandatory Convertible Preferred Stock, Series A, issued and outstanding at September 27, 2019
1,599.6

 
—

 
—

 
—

 
1,599.6

Common stock - $0.01 par value, 2.0 billion shares authorized; 835.0 million issued and 718.2 million outstanding at September 27, 2019
8.3

 
(1.6
)
 
1.6

(c)
—

 
8.3

Additional paid-in capital
7,501.5

 
(3,613.6
)
 
3,613.6

(c)
—

 
7,501.5

Retained earnings
26,481.2

 
(37.0
)
 
37.0

(c)
(2,955.9
)
 
23,525.3

Accumulated other comprehensive income (loss)
(3,088.3
)
 
140.9

 
(140.9
)
(c)
113.6

 
(2,974.7
)
Total Danaher stockholders’ equity
32,502.3

 
(3,511.3
)
 
3,511.3

 
(2,842.3
)
 
29,660.0

Noncontrolling interests
693.3

 
(2.7
)
 
(681.4
)
(c)
—

 
9.2

Total stockholders’ equity
33,195.6

 
(3,514.0
)
 
2,829.9

 
(2,842.3
)
 
29,669.2

Total liabilities and stockholders’ equity
$
61,531.1

 
$
(6,118.4
)
 
$
2,829.9

 
$
(2,829.9
)
 
$
55,412.7

See the accompanying Notes to the Unaudited Pro Forma Consolidated Condensed Financial Statements.


2


DANAHER CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
($ and shares in millions, except per share amounts)
 
Nine-Month Period Ended September 27, 2019
 
Danaher
 
Deconsolidation
 
Effects of the
 
Danaher
 
Historical
 
Envista (a)
 
Adjustments
 
Exchange (b)
 
Pro Forma
Sales
$
15,073.8

 
$
(2,031.1
)
 
$
—

 
$
—

 
$
13,042.7

Cost of sales
(6,670.0
)
 
907.4

 
—

 
—

 
(5,762.6
)
Gross profit
8,403.8

 
(1,123.7
)
 
—

 
—

 
7,280.1

Operating costs:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(5,009.9
)
 
804.9

 
64.8

(f)(g)(h)
—

 
(4,140.2
)
Research and development expenses
(951.5
)
 
119.3

 
—

 
—

 
(832.2
)
Operating profit
2,442.4

 
(199.5
)
 
64.8

 
—

 
2,307.7

Nonoperating income (expense):
 
 
 
 
 
 
 
 
 
Other income, net
15.9

 
(1.6
)
 
—

 
—

 
14.3

Interest expense
(70.2
)
 
0.2

 
5.8

(d)
—

 
(64.2
)
Interest income
72.0

 
—

 
—

 
—

 
72.0

Earnings from continuing operations before income taxes
2,460.1

 
(200.9
)
 
70.6

 
—

 
2,329.8

Income taxes
(721.1
)
 
39.4

 
(8.7
)
(e)
—

 
(690.4
)
Net earnings from continuing operations
$
1,739.0

 
$
(161.5
)
 
$
61.9

 
$
—

 
$
1,639.4

Net earnings per common share from continuing operations (1):
 
 
 
 
 
 
 
 
Basic
$
2.36

 
 
 
 
 
 
 
$
2.23

Diluted
$
2.32

 
 
 
 
 
 
 
$
2.20

Average common stock and common equivalent shares outstanding:
 
 
 
 
 
 
Basic
714.7

 
 
 
 
 
 
 
714.7

Diluted
725.2

 
 
 
 
 
 
 
725.2

_________________
(1)
Net earnings per common share from continuing operations is calculated as net earnings from continuing operations less the mandatory convertible preferred stock dividends of $48.8 million. For diluted net earnings per common share from continuing operations, the interest on the Company’s convertible liquid yield option notes (“LYONs”) of $1.4 million for the nine-month period ended September 27, 2019 is added back to net earnings from continuing operations.
See the accompanying Notes to the Unaudited Pro Forma Consolidated Condensed Financial Statements.


3


DANAHER CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
($ and shares in millions, except per share amounts)
 
Year Ended December 31, 2018
 
Danaher
 
Deconsolidation
 
Effects of the
 
Danaher
 
Historical
 
Envista (a)
 
Adjustments
 
Exchange (b)
 
Pro Forma
Sales
$
19,893.0

 
$
(2,844.5
)
 
$
—

 
$
—

 
$
17,048.5

Cost of sales
(8,785.9
)
 
1,242.7

 
—

 
—

 
(7,543.2
)
Gross profit
11,107.1

 
(1,601.8
)
 
—

 
—

 
9,505.3

Operating costs:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(6,472.1
)
 
1,131.4

 
(50.3
)
(f)(g)(h)
—

 
(5,391.0
)
Research and development expenses
(1,231.2
)
 
172.0

 
—

 
—

 
(1,059.2
)
Operating profit
3,403.8

 
(298.4
)
 
(50.3
)
 
—

 
3,055.1

Nonoperating income (expense):
 
 
 
 
 
 
 
 
 
Other income, net
37.2

 
(2.7
)
 
—

 
—

 
34.5

Interest expense
(157.4
)
 
—

 
20.5

(d)
—

 
(136.9
)
Interest income
9.2

 
—

 
—

 
—

 
9.2

Earnings from continuing operations before income taxes
3,292.8

 
(301.1
)
 
(29.8
)
 
—

 
2,961.9

Income taxes
(641.9
)
 
70.4

 
15.9

(e)
—

 
(555.6
)
Net earnings from continuing operations
$
2,650.9

 
$
(230.7
)
 
$
(13.9
)
 
$
—

 
$
2,406.3

Net earnings per common share from continuing operations (1):
 
 
 
 
 
 
 
 
Basic
$
3.78

 
 
 
 
 
 
 
$
3.43

Diluted
$
3.74

 
 
 
 
 
 
 
$
3.39

Average common stock and common equivalent shares outstanding:
 
 
 
 
 
 
Basic
700.6

 
 
 
 
 
 
 
700.6

Diluted
710.2

 
 
 
 
 
 
 
710.2

_________________
(1)
Net earnings per common share from continuing operations is calculated as net earnings from continuing operations plus the interest on the Company’s convertible LYONs of $2.2 million for the year ended December 31, 2018.
See the accompanying Notes to the Unaudited Pro Forma Consolidated Condensed Financial Statements.


4


DANAHER CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
($ and shares in millions, except per share amounts)
 
Year Ended December 31, 2017
 
Danaher
 
Deconsolidation
 
Effects of the
 
Danaher
 
Historical
 
Envista (a)
 
Adjustments
 
Exchange (b)
 
Pro Forma
Sales
$
18,329.7

 
$
(2,810.9
)
 
$
—

 
$
—

 
$
15,518.8

Cost of sales
(8,137.2
)
 
1,189.7

 
—

 
—

 
(6,947.5
)
Gross profit
10,192.5

 
(1,621.2
)
 
—

 
—

 
8,571.3

Operating costs:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(6,073.3
)
 
1,062.2

 
(31.5
)
(h)
—

 
(5,042.6
)
Research and development expenses
(1,128.8
)
 
172.4

 
—

 
—

 
(956.4
)
Operating profit
2,990.4

 
(386.6
)
 
(31.5
)
 
—

 
2,572.3

Nonoperating income (expense):
 
 
 
 
 
 
 
 
 
Other income, net
103.6

 
(0.1
)
 
—

 
—

 
103.5

Interest expense
(162.7
)
 
—

 
22.6

(d)
—

 
(140.1
)
Interest income
7.5

 
—

 
—

 
—

 
7.5

Earnings from continuing operations before income taxes
2,938.8

 
(386.7
)
 
(8.9
)
 
—

 
2,543.2

Income taxes
(469.0
)
 
85.6

 
12.4

(e)
—

 
(371.0
)
Net earnings from continuing operations
$
2,469.8

 
$
(301.1
)
 
$
3.5

 
$
—

 
$
2,172.2

Net earnings per common share from continuing operations (1):
 
 
 
 
 
 
 
 
Basic
$
3.55

 
 
 
 
 
 
 
$
3.12

Diluted
$
3.50

 
 
 
 
 
 
 
$
3.08

Average common stock and common equivalent shares outstanding:
 
 
 
 
 
 
Basic
695.8

 
 
 
 
 


 
695.8

Diluted
706.1

 
 
 
 
 


 
706.1

_________________
(1)
Net earnings per common share from continuing operations is calculated as net earnings from continuing operations plus the interest on the Company’s convertible LYONs of $2.1 million for the year ended December 31, 2017.
See the accompanying Notes to the Unaudited Pro Forma Consolidated Condensed Financial Statements.


5


DANAHER CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
($ and shares in millions, except per share amounts)
 
Year Ended December 31, 2016
 
Danaher
 
Deconsolidation
 
Effects of the
 
Danaher
 
Historical
 
Envista (a)
 
Adjustments
 
Exchange (b)
 
Pro Forma
Sales
$
16,882.4

 
$
(2,785.4
)
 
$
—

 
$
—

 
$
14,097.0

Cost of sales
(7,547.8
)
 
1,184.3

 
—

 
—

 
(6,363.5
)
Gross profit
9,334.6

 
(1,601.1
)
 
—

 
—

 
7,733.5

Operating costs:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(5,624.3
)
 
1,055.5

 
(31.5
)
(h)
—

 
(4,600.3
)
Research and development expenses
(975.1
)
 
142.8

 
—

 
—

 
(832.3
)
Operating profit
2,735.2

 
(402.8
)
 
(31.5
)
 
—

 
2,300.9

Nonoperating income (expense):
 
 
 
 
 
 
 
 
 
Other income, net
239.1

 
1.1

 
—

 
—

 
240.2

Loss on early extinguishment of borrowings
(178.8
)
 
—

 
—

 
—

 
(178.8
)
Interest expense
(184.4
)
 
—

 
25.0

(d)
—

 
(159.4
)
Interest income
0.2

 
—

 
—

 
—

 
0.2

Earnings from continuing operations before income taxes
2,611.3

 
(401.7
)
 
(6.5
)
 
—

 
2,203.1

Income taxes
(457.9
)
 
129.7

 
(11.4
)
(e)
—

 
(339.6
)
Net earnings from continuing operations
$
2,153.4

 
$
(272.0
)
 
$
(17.9
)
 
$
—

 
$
1,863.5

Net earnings per common share from continuing operations (1):
 
 
 
 
 
 
 
 
Basic
$
3.12

 
 
 
 
 
 
 
$
2.70

Diluted
$
3.08

 
 
 
 
 
 
 
$
2.67

Average common stock and common equivalent shares outstanding:
 
 
 
 
 
 
Basic
691.2

 
 
 
 
 
 
 
691.2

Diluted
699.8

 
 
 
 
 
 
 
699.8

_________________
(1)
Net earnings per common share from continuing operations is calculated as net earnings from continuing operations plus the interest on the Company’s convertible LYONs of $1.8 million for the year ended December 31, 2016.
See the accompanying Notes to the Unaudited Pro Forma Consolidated Condensed Financial Statements.


6


DANAHER CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

The unaudited pro forma consolidated condensed balance sheet as of September 27, 2019 and the unaudited pro forma consolidated condensed statements of earnings for the nine-month period ended September 27, 2019 and for the years ended December 31, 2018, 2017, and 2016 include the following pro forma adjustments:
Deconsolidation of Envista
(a)
Represents the operations, assets, liabilities and equity of Envista derived from the historical consolidated and combined financial statements of Envista prepared on a “carve-out” basis of accounting for the period prior to September 19, 2019, the date on which Danaher and Envista entered into the Separation Agreement and various other agreements to effect the separation of Envista’s businesses from Danaher (the “Separation”).
Prior to the completion of Envista’s initial public offering (“IPO”) on September 20, 2019, Envista was a wholly owned subsidiary of Danaher. Following the IPO, Danaher beneficially owned 127,868,000 shares of Envista Common Stock in the aggregate, representing approximately 80.6% of the outstanding shares of Envista Common Stock. Pursuant to the Exchange Offer, Danaher divested its remaining interest in Envista.
Following the completion of the Exchange Offer, Envista’s historical results are shown, in Danaher’s consolidated financial statements, as discontinued operations and, in subsequent periods, Danaher’s consolidated financial statements will no longer reflect the assets, liabilities, results of operations or cash flows attributable to Envista. The deconsolidation adjustments reflect the reversal of the historical assets and liabilities and results of operations of Envista that will no longer be reflected in Danaher’s continuing operations financial statements and the reversal of consolidation entries and intercompany eliminations between Envista and Danaher to present Envista as an unconsolidated entity. The pro forma income tax adjustments reflect the tax impact from the deconsolidation of Envista to present Danaher’s pro forma income taxes for its continuing operations. The pro forma income tax is calculated using Danaher’s historical effective rate for its continuing operations and Danaher’s actual effective tax rate in future periods may differ from the historical effective tax rate.
Exchange Offer of Envista Common Stock
(b)
These unaudited pro forma consolidated condensed financial statements are presented based on a final exchange ratio of 5.5784 shares of Envista Common Stock for each share of Danaher Common Stock accepted in the Exchange Offer. The final calculated per-share value of Danaher Common Stock and the final calculated per-share value of Envista Common Stock, in each case determined in accordance with the terms of the Exchange Offer, would have resulted in an exchange ratio of more than the upper limit of 5.5784. Accordingly, the final exchange ratio has been set at 5.5784 shares of Envista Common Stock for each share of Danaher Common Stock accepted in the Exchange Offer.
The Exchange Offer was fully subscribed, with 22,921,984 shares of Danaher Common Stock being exchanged for the 127,868,000 shares of Envista Common Stock that were owned by Danaher in the aggregate.
Shares of Envista Common Stock owned by Danaher (prior to the completion of the Exchange Offer)
127,868,000

Exchange ratio
5.5784

Total shares of Danaher Common Stock accepted
22,921,984

The shares of Danaher Common Stock acquired by Danaher in the Exchange Offer were recorded in retained earnings as an acquisition of treasury stock at a cost equal to the market value of the shares of Danaher Common Stock accepted in the Exchange Offer at its expiration. The difference between the net book value of Envista attributable to Danaher and the market value of the shares of Danaher Common Stock acquired at that date were recognized by Danaher as a gain on disposal of discontinued operations, net of any direct and incremental expenses of the Exchange Offer on the disposal of its Envista Common Stock. As U.S. GAAP does not allow the common stock and common equivalent shares outstanding in prior periods to be restated as a result of the Exchange Offer, Danaher has not reduced the average common stock and common equivalent shares outstanding in the calculation of net earnings per common share from continuing operations in the pro forma periods for the 22.9 million common shares received in the Exchange Offer.

7


For the purposes of these pro forma financial statements, the 22,921,984 shares of Danaher Common Stock acquired in the Exchange Offer have been reflected as treasury stock within retained earnings on the unaudited pro forma consolidated condensed balance sheet. This transaction results in a pro forma gain to Danaher estimated to be approximately $500.0 million calculated as follows ($ in millions, except per share data):
Estimated fair value of Danaher Common Stock tendered (22,921,984 shares acquired at the Danaher closing price of $150.77 per share as of December 17, 2019)
$
3,455.9

Less: Danaher’s investment in Envista
(2,829.9
)
Less: Reclassification of accumulated other comprehensive income related to Danaher’s investment in Envista
(113.6
)
Less: Estimated transaction costs
(12.4
)
Pro forma net gain on Exchange Offer of Envista Common Stock
$
500.0

The pro forma net gain, which is reflected in discontinued operations in Danaher’s consolidated statement of earnings, has not been reflected in the unaudited pro forma consolidated condensed statements of earnings. The calculation of the pro forma net gain includes transaction costs of $12.4 million related to investment banker fees, legal fees, accounting fees and other costs related to the Exchange Offer. As a result of the Exchange Offer, the results of Envista will be presented as pro forma net earnings from discontinued operations and are not included in the pro forma net earnings from continuing operations. In addition to the reporting of Envista as a discontinued operation, discontinued operations for the years ended December 31, 2017 and 2016 will also include the results of Fortive Corporation which was previously spun-off from Danaher prior to the Exchange Offer and reported as a discontinued operation. The resulting pro forma net earnings per common share, which consists of pro forma net earnings from continuing operations and pro forma net earnings from discontinued operations, is as follows:
 
Nine-Month Period Ended
 
Year Ended December 31,
 
 
Sep 27, 2019
 
2018
 
2017
 
2016
 
Pro forma net earnings per common share from continuing operations:
 
 
 
 
 
 
 
 
Basic
$
2.23

 
$
3.43

 
$
3.12

 
$
2.70

 
Diluted
$
2.20

 
$
3.39

 
$
3.08

 
$
2.67

 
Pro forma net earnings per common share from discontinued operations:
 
 
 
 
 
 
 
 
Basic
$
0.13

 
$
0.35

 
$
0.46

 
$
1.00

 
Diluted
$
0.13

 
$
0.34

 
$
0.45

 
$
0.99

 
Pro forma net earnings per common share:
 
 
 
 
 
 
 
 
Basic
$
2.36

 
$
3.78

 
$
3.58

 
$
3.69

*
Diluted
$
2.32

*
$
3.74

*
$
3.53

 
$
3.65

*
* Pro forma net earnings per common share amount does not add due to rounding.
Unaudited Pro Forma Consolidated Condensed Balance Sheet
(c)Represents the impact of the Separation and deconsolidation on certain assets and liabilities.
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
(d)
Reflects the allocation of interest expense to Envista based on the ratio of Envista’s net assets to the sum of Danaher’s consolidated net assets and consolidated debt for each period consistent with accounting standards related to the presentation of discontinued operations.
(e)
Represents the tax impact of the deconsolidation adjustments as well as the adjustments needed to reflect pro forma Danaher earnings from continuing operations. In determining the tax rate to apply to the deconsolidation adjustments, Danaher used the applicable statutory rate based on the jurisdiction in which the adjustment relates adjusted to reflect income taxes on deconsolidation activity.

8


(f)
Reflects the removal of approximately $35.2 million and $17.2 million of nonrecurring IPO and Separation-related costs which were incurred and are included in Danaher’s historical results of operations for the nine-month period ended September 27, 2019 and the year ended December 31, 2018, respectively. These costs were primarily related to investment banker fees, legal fees, accounting fees, third-party consulting and contractor fees and other incremental costs directly related to IPO and Separation-related activities that are not expected to have a continuing impact on Danaher’s results of operations following the completion of the Exchange Offer and did not impact Danaher’s historical results of operations for the years ended December 31, 2017 and 2016.
(g)
Represents the elimination of a $36.0 million provision for legal matters that Envista recorded in its 2018 results of operations, but was recorded in Danaher’s 2019 results of operations.
(h)
Reflects the inclusion of $6.4 million of general corporate overhead costs for the nine-month period ended September 27, 2019 and $31.5 million for each of the years ended December 31, 2018, 2017 and 2016, respectively, which were historically allocated to Envista and which will be included in Danaher’s continuing operations as these costs will not be eliminated after the Separation.


9
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Entity Central Index Key 0000313616
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Document and Entity Information Document
Dec. 18, 2019
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Dec. 18, 2019
Entity Registrant Name DANAHER CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 001-08089
Entity Tax Identification Number 59-1995548
Entity Address, Address Line One 2200 Pennsylvania Avenue, NW
Entity Address, Address Line Two Suite 800W
Entity Address, City or Town Washington,
Entity Address, State or Province DC
Entity Address, Postal Zip Code 20037-1701
City Area Code 202
Local Phone Number 828-0850
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value
Trading Symbol DHR
Security Exchange Name NYSE
Preferred Stock [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 4.75% Mandatory Convertible Preferred Stock, Series A, without par value
Trading Symbol DHR.PRA
Security Exchange Name NYSE
Floating Rate Senior Notes Due 2022 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Floating Rate Senior Notes due 2022
Trading Symbol DHR F 06/30/22
Security Exchange Name NYSE
1.7% Senior Notes Due 2022 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.700% Senior Notes due 2022
Trading Symbol DHR 1.7 01/04/22
Security Exchange Name NYSE
2.5% Senior Notes Due 2025 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 2.500% Senior Notes due 2025
Trading Symbol DHR 2.5 07/08/25
Security Exchange Name NYSE
0.2% Senior Notes Due 2026 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 0.200% Senior Notes due 2026
Trading Symbol DHR 0.2 03/18/26
Security Exchange Name NYSE
1.2% Senior Notes Due 2027 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.200% Senior Notes due 2027
Trading Symbol DHR 1.2 06/30/27
Security Exchange Name NYSE
0.45% Senior Notes Due 2028 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 0.450% Senior Notes due 2028
Trading Symbol DHR 0.45 03/18/28
Security Exchange Name NYSE
0.75% Senior Notes Due 2031 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 0.750% Senior Notes due 2031
Trading Symbol DHR 0.75 09/18/31
Security Exchange Name NYSE
1.35% Senior Notes Due 2039 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.350% Senior Notes due 2039
Trading Symbol DHR 1.35 09/18/39
Security Exchange Name NYSE
1.8% Senior Notes Due 2049 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.800% Senior Notes due 2049
Trading Symbol DHR 1.8 09/18/49
Security Exchange Name NYSE

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