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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 28, 2019
OR
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☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 1-8089
DANAHER CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware | | 59-1995548 |
(State of Incorporation) | | (I.R.S. Employer Identification Number) |
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2200 Pennsylvania Avenue, N.W., Suite 800W | | 20037-1701 |
Washington, | DC | |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code: 202-828-0850
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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 |
1.200% Senior Notes due 2027 | DHR 1.2 06/30/27 | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | | ☒ | | Accelerated Filer | | ☐ |
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Non-accelerated Filer | | ☐ | | Smaller Reporting Company | | ☐ |
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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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒
The number of shares of common stock outstanding at July 12, 2019 was 717,367,599.
DANAHER CORPORATION
INDEX
FORM 10-Q
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PART I - | FINANCIAL INFORMATION | |
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PART II - | OTHER INFORMATION | |
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DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ and shares in millions, except per share amount)
(unaudited)
|
| | | | | | | |
| June 28, 2019 | | December 31, 2018 |
ASSETS | | | |
Current assets: | | | |
Cash and equivalents | $ | 5,433.6 |
| | $ | 787.8 |
|
Trade accounts receivable, net | 3,481.6 |
| | 3,489.6 |
|
Inventories: | | | |
Finished goods | 1,099.2 |
| | 1,031.2 |
|
Work in process | 332.4 |
| | 313.9 |
|
Raw materials | 624.3 |
| | 565.0 |
|
Total inventories | 2,055.9 |
| | 1,910.1 |
|
Prepaid expenses and other current assets | 632.6 |
| | 906.3 |
|
Total current assets | 11,603.7 |
| | 7,093.8 |
|
Property, plant and equipment, net of accumulated depreciation of $2,999.2 and $2,828.3, respectively | 2,541.6 |
| | 2,511.2 |
|
Other long-term assets | 1,678.1 |
| | 648.4 |
|
Goodwill | 26,074.5 |
| | 25,906.0 |
|
Other intangible assets, net | 11,424.1 |
| | 11,673.1 |
|
Total assets | $ | 53,322.0 |
| | $ | 47,832.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Notes payable and current portion of long-term debt | $ | 153.7 |
| | $ | 51.8 |
|
Trade accounts payable | 1,664.1 |
| | 1,712.8 |
|
Accrued expenses and other liabilities | 3,190.2 |
| | 3,076.9 |
|
Total current liabilities | 5,008.0 |
| | 4,841.5 |
|
Other long-term liabilities | 5,956.4 |
| | 5,075.8 |
|
Long-term debt | 10,144.4 |
| | 9,688.5 |
|
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 June 28, 2019; no shares issued or outstanding at December 31, 2018 | 1,599.6 |
| | — |
|
Common stock - $0.01 par value, 2.0 billion shares authorized; 834.0 million issued and 717.3 million outstanding at June 28, 2019; 817.9 million issued and 701.5 million outstanding at December 31, 2018 | 8.3 |
| | 8.2 |
|
Additional paid-in capital | 7,482.6 |
| | 5,834.3 |
|
Retained earnings | 25,955.0 |
| | 25,163.0 |
|
Accumulated other comprehensive income (loss) | (2,844.3 | ) | | (2,791.1 | ) |
Total Danaher stockholders’ equity | 32,201.2 |
| | 28,214.4 |
|
Noncontrolling interests | 12.0 |
| | 12.3 |
|
Total stockholders’ equity | 32,213.2 |
| | 28,226.7 |
|
Total liabilities and stockholders’ equity | $ | 53,322.0 |
| | $ | 47,832.5 |
|
See the accompanying Notes to the Consolidated Condensed Financial Statements.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three-Month Period Ended | | Six-Month Period Ended |
| June 28, 2019 | | June 29, 2018 | | June 28, 2019 | | June 29, 2018 |
Sales | $ | 5,156.6 |
| | $ | 4,981.0 |
| | $ | 10,036.5 |
| | $ | 9,676.4 |
|
Cost of sales | (2,279.2 | ) | | (2,163.9 | ) | | (4,441.1 | ) | | (4,215.7 | ) |
Gross profit | 2,877.4 |
| | 2,817.1 |
| | 5,595.4 |
| | 5,460.7 |
|
Operating costs: | | | | | | | |
Selling, general and administrative expenses | (1,671.8 | ) | | (1,637.9 | ) | | (3,355.2 | ) | | (3,239.8 | ) |
Research and development expenses | (321.8 | ) | | (311.7 | ) | | (632.6 | ) | | (610.4 | ) |
Operating profit | 883.8 |
| | 867.5 |
| | 1,607.6 |
| | 1,610.5 |
|
Nonoperating income (expense): | | | | | | | |
Other income, net | 6.3 |
| | 8.3 |
| | 11.5 |
| | 16.1 |
|
Interest expense | (20.6 | ) | | (43.2 | ) | | (43.9 | ) | | (82.3 | ) |
Interest income | 26.2 |
| | 2.5 |
| | 41.9 |
| | 3.9 |
|
Earnings before income taxes | 895.7 |
| | 835.1 |
| | 1,617.1 |
| | 1,548.2 |
|
Income taxes | (164.4 | ) | | (161.3 | ) | | (552.0 | ) | | (307.8 | ) |
Net earnings | 731.3 |
| | 673.8 |
| | 1,065.1 |
| | 1,240.4 |
|
Mandatory convertible preferred stock dividends | (22.7 | ) | | — |
| | (29.2 | ) | | — |
|
Net earnings attributable to common stockholders | $ | 708.6 |
| | $ | 673.8 |
| | $ | 1,035.9 |
| | $ | 1,240.4 |
|
Net earnings per common share: | | | | | | | |
Basic | $ | 0.99 |
| | $ | 0.96 |
| | $ | 1.45 |
| | $ | 1.77 |
|
Diluted | $ | 0.97 |
| | $ | 0.95 |
| | $ | 1.43 |
| | $ | 1.75 |
|
Average common stock and common equivalent shares outstanding: | | | | | | | |
Basic | 717.6 |
| | 700.2 |
| | 712.6 |
| | 699.4 |
|
Diluted | 727.9 |
| | 709.5 |
| | 723.2 |
| | 709.5 |
|
See the accompanying Notes to the Consolidated Condensed Financial Statements.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
($ in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three-Month Period Ended | | Six-Month Period Ended |
| June 28, 2019 | | June 29, 2018 | | June 28, 2019 | | June 29, 2018 |
Net earnings | $ | 731.3 |
| | $ | 673.8 |
| | $ | 1,065.1 |
| | $ | 1,240.4 |
|
Other comprehensive income (loss), net of income taxes: | | | | | | | |
Foreign currency translation adjustments | (46.5 | ) | | (641.1 | ) | | (57.3 | ) | | (347.0 | ) |
Pension and postretirement plan benefit adjustments | 4.6 |
| | 6.7 |
| | 10.0 |
| | 13.8 |
|
Unrealized gain (loss) on available-for-sale securities adjustments | 0.5 |
| | (0.1 | ) | | 0.9 |
| | (0.6 | ) |
Cash flow hedge adjustments | (6.8 | ) | | — |
| | (6.8 | ) | | — |
|
Total other comprehensive income (loss), net of income taxes | (48.2 | ) | | (634.5 | ) | | (53.2 | ) | | (333.8 | ) |
Comprehensive income | $ | 683.1 |
| | $ | 39.3 |
| | $ | 1,011.9 |
| | $ | 906.6 |
|
See the accompanying Notes to the Consolidated Condensed Financial Statements.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
($ in millions)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Three-Month Period Ended | | Six-Month Period Ended |
| June 28, 2019 | | June 29, 2018 | | June 28, 2019 | | June 29, 2018 |
Preferred stock | | | | | | | |
Balance, beginning of period | $ | 1,599.6 |
| | $ | — |
| | $ | — |
| | $ | — |
|
Issuance of Mandatory Convertible Preferred Stock | — |
| | — |
| | 1,599.6 |
| | — |
|
Balance, end of period | $ | 1,599.6 |
| | $ | — |
| | $ | 1,599.6 |
| | $ | — |
|
Common stock | | | | | | | |
Balance, beginning of period | $ | 8.3 |
| | $ | 8.1 |
| | $ | 8.2 |
| | $ | 8.1 |
|
Common stock-based award activity | — |
| | 0.1 |
| | — |
| | 0.1 |
|
Issuance of common stock | — |
| | — |
| | 0.1 |
| | — |
|
Balance, end of period | $ | 8.3 |
| | $ | 8.2 |
| | $ | 8.3 |
| | $ | 8.2 |
|
Additional paid-in capital | | | | | | | |
Balance, beginning of period | $ | 7,376.3 |
| | $ | 5,611.1 |
| | $ | 5,834.3 |
| | $ | 5,538.2 |
|
Common stock-based award activity | 93.5 |
| | 66.9 |
| | 175.6 |
| | 127.9 |
|
Common stock issued in connection with acquisitions | — |
| | 23.9 |
| | — |
| | 23.9 |
|
Common stock issued in connection with LYONs’ conversions, including tax benefit of $3.5, $1.1, $8.2 and $4.2, respectively | 12.8 |
| | 4.2 |
| | 29.6 |
| | 16.1 |
|
Issuance of common stock | — |
| | — |
| | 1,443.1 |
| | — |
|
Balance, end of period | $ | 7,482.6 |
| | $ | 5,706.1 |
| | $ | 7,482.6 |
| | $ | 5,706.1 |
|
Retained earnings | | | | | | | |
Balance, beginning of period | $ | 25,368.5 |
| | $ | 23,415.4 |
| | $ | 25,163.0 |
| | $ | 22,806.1 |
|
Adoption of accounting standards | — |
| | — |
| | — |
| | 154.5 |
|
Net earnings | 731.3 |
| | 673.8 |
| | 1,065.1 |
| | 1,240.4 |
|
Dividends declared | (122.1 | ) | | (112.0 | ) | | (243.9 | ) | | (223.8 | ) |
Mandatory Convertible Preferred Stock cumulative dividends | (22.7 | ) | | — |
| | (29.2 | ) | | — |
|
Balance, end of period | $ | 25,955.0 |
| | $ | 23,977.2 |
| | $ | 25,955.0 |
| | $ | 23,977.2 |
|
Accumulated other comprehensive income (loss) | | | | | | | |
Balance, beginning of period | $ | (2,796.1 | ) | | $ | (1,844.7 | ) | | $ | (2,791.1 | ) | | $ | (1,994.2 | ) |
Adoption of accounting standards | — |
| | — |
| | — |
| | (151.2 | ) |
Other comprehensive income (loss) | (48.2 | ) | | (634.5 | ) | | (53.2 | ) | | (333.8 | ) |
Balance, end of period | $ | (2,844.3 | ) | | $ | (2,479.2 | ) | | $ | (2,844.3 | ) | | $ | (2,479.2 | ) |
Noncontrolling interests | | | | | | | |
Balance, beginning of period | $ | 12.1 |
| | $ | 11.9 |
| | $ | 12.3 |
| | $ | 9.6 |
|
Change in noncontrolling interests | (0.1 | ) | | 0.2 |
| | (0.3 | ) | | 2.5 |
|
Balance, end of period | $ | 12.0 |
| | $ | 12.1 |
| | $ | 12.0 |
| | $ | 12.1 |
|
Total stockholders’ equity, end of period | $ | 32,213.2 |
| | $ | 27,224.4 |
| | $ | 32,213.2 |
| | $ | 27,224.4 |
|
See the accompanying Notes to the Consolidated Condensed Financial Statements.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
|
| | | | | | | |
| Six-Month Period Ended |
| June 28, 2019 | | June 29, 2018 |
Cash flows from operating activities: | | | |
Net earnings | $ | 1,065.1 |
| | $ | 1,240.4 |
|
Noncash items: | | | |
Depreciation | 300.5 |
| | 302.0 |
|
Amortization | 358.7 |
| | 353.4 |
|
Stock-based compensation expense | 85.4 |
| | 73.4 |
|
Change in trade accounts receivable, net | 7.4 |
| | 159.6 |
|
Change in inventories | (171.5 | ) | | (197.1 | ) |
Change in trade accounts payable | (47.0 | ) | | 87.0 |
|
Change in prepaid expenses and other assets | 211.9 |
| | 186.2 |
|
Change in accrued expenses and other liabilities | 64.3 |
| | (340.0 | ) |
Net operating cash provided by operating activities | 1,874.8 |
| | 1,864.9 |
|
Cash flows from investing activities: | | | |
Cash paid for acquisitions | (326.6 | ) | | (2,067.8 | ) |
Payments for additions to property, plant and equipment | (336.5 | ) | | (291.7 | ) |
Proceeds from sales of property, plant and equipment | 12.1 |
| | 1.4 |
|
Payments for purchases of investments | (92.3 | ) | | — |
|
Proceeds from sale of investments | — |
| | 22.1 |
|
All other investing activities | 15.9 |
| | (29.3 | ) |
Net operating cash used in investing activities | (727.4 | ) | | (2,365.3 | ) |
Cash flows from financing activities: | | | |
Proceeds from the issuance of common stock in connection with stock-based compensation | 83.0 |
| | 49.7 |
|
Proceeds from the public offering of common stock, net of issuance costs | 1,443.2 |
| | — |
|
Proceeds from the public offering of preferred stock, net of issuance costs | 1,599.6 |
| | — |
|
Payment of dividends | (233.9 | ) | | (209.3 | ) |
Net proceeds from borrowings (maturities of 90 days or less) | 599.6 |
| | 1,030.1 |
|
Net repayments of borrowings (maturities longer than 90 days) | (3.9 | ) | | (3.9 | ) |
All other financing activities | (4.8 | ) | | (16.2 | ) |
Net operating cash provided by financing activities | 3,482.8 |
| | 850.4 |
|
Effect of exchange rate changes on cash and equivalents | 15.6 |
| | (76.3 | ) |
Net change in cash and equivalents | 4,645.8 |
| | 273.7 |
|
Beginning balance of cash and equivalents | 787.8 |
| | 630.3 |
|
Ending balance of cash and equivalents | $ | 5,433.6 |
| | $ | 904.0 |
|
| | | |
Supplemental disclosures: | | | |
Cash interest payments | $ | 49.2 |
| | $ | 65.4 |
|
Cash income tax payments | 196.1 |
| | 310.4 |
|
See the accompanying Notes to the Consolidated Condensed Financial Statements.
DANAHER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(unaudited)
NOTE 1. GENERAL
The Consolidated Condensed Financial Statements included herein have been prepared by Danaher Corporation (“Danaher” or the “Company”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In this quarterly report, the terms “Danaher” or the “Company” refer to Danaher Corporation, Danaher Corporation and its consolidated subsidiaries or the consolidated subsidiaries of Danaher Corporation, as the context requires. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The Consolidated Condensed Financial Statements included herein should be read in conjunction with the financial statements as of and for the year ended December 31, 2018 and the Notes thereto included in the Company’s 2018 Annual Report on Form 10-K filed on February 21, 2019 (the “2018 Annual Report” or “2018 Annual Report on Form 10-K”).
In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of June 28, 2019 and December 31, 2018, its results of operations for the three and six-month periods ended June 28, 2019 and June 29, 2018 and its cash flows for each of the six-month periods then ended.
Accounting Standards Recently Adopted
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with terms greater than 12 months and also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The accounting applied by a lessor is largely unchanged from that applied under the prior standard. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842”.
On January 1, 2019, the Company adopted ASC 842 using the modified retrospective method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 840, Leases (“ASC 840”). The standard had a material impact on the Company’s Consolidated Condensed Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. For leases that commenced before the effective date of ASC 842, the Company elected the permitted practical expedients to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to include leases with a term of 12 months or less in the recognized ROU assets and lease liabilities.
As a result of the cumulative impact of adopting ASC 842, the Company recorded operating lease ROU assets of $971 million and operating lease liabilities of $1,012 million as of January 1, 2019, primarily related to real estate and automobile leases, based on the present value of the future lease payments on the date of adoption. Refer to Note 5 for the additional disclosures required by ASC 842.
The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, costs which will be incurred in exiting a lease and the amount of any asset or liability recognized on business combinations relating to favorable or unfavorable lease terms. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has lease agreements which require payments for lease and non-lease components and has elected to account for these as a single lease component.
The Company leases Life Sciences, Diagnostics, and Environmental & Applied Solutions equipment to customers in both operating-type lease (“OTL”) and sales-type lease (“STL”) arrangements. Equipment lease revenue for OTL agreements is recognized on a straight-line basis over the life of the lease, and the costs of customer-leased equipment is recorded within property, plant and equipment, net in the accompanying Consolidated Condensed Balance Sheets and depreciated over the equipment’s estimated useful life. Depreciation expense associated with the leased equipment under OTL arrangements is reflected in cost of sales in the accompanying Consolidated Condensed Statements of Earnings. The OTLs are generally not cancellable until after an initial term and may or may not require the customer to purchase a minimum number of consumables or tests throughout the contract term. Certain of the Company’s lease contracts are customized for larger customers and often result in complex terms and conditions that typically require significant judgment in applying the criteria used to evaluate whether the arrangement should be considered an OTL or an STL. An STL results in earlier recognition of equipment revenue as compared to an OTL. Some of the Company’s leases include a purchase option for the customer to purchase the leased asset at the end of the lease arrangement for a purchase price equal to the asset’s fair market value at the time of the purchase. The Company manages its risk on the unguaranteed residual asset for leased equipment through the pricing and term of the leases. In certain geographies, equipment coming off OTL and STL arrangements after the initial lease term may be leased to other customers or used for spare parts.
For lease arrangements with lease and non-lease components where the Company is the lessor, the Company allocates the contract’s transaction price to the lease and non-lease components on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers; however, when prices in standalone sales are not available the Company may use third-party pricing for similar products or services or estimate the standalone selling price. Allocation of the transaction price is determined at the inception of the lease arrangement. The Company’s leases primarily consist of leases with fixed lease payments. For those leases with variable lease payments, the variable lease payment is typically based upon use of the leased equipment or the purchase of consumables used with the leased equipment.
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The ASU was effective for public entities for fiscal years beginning after December 15, 2018. In January 2019, the Company entered into approximately $1.9 billion of cross-currency swap derivative contracts to hedge its net investment in foreign operations against adverse changes in the exchange rates between the U.S. dollar and the Danish kroner, Japanese yen, euro and Swiss franc. In June 2019, the Company entered into interest rate swap agreements with a notional amount of $850 million which represents a portion of the amount of U.S. dollar-denominated bonds (with terms ranging from 10 to 30 years) the Company anticipates issuing to finance a portion of the acquisition of the Biopharma Business of General Electric Company (“GE”) Life Sciences (the “GE Biopharma Business” or “GE Biopharma”). These contracts effectively fix the interest rate for a portion of the Company’s anticipated U.S. denominated debt issuance equal to the notional amount of the swaps to the rate specified in the interest rate swap agreements. Refer to Note 9 for additional disclosures about the Company’s hedging activities.
Except for the above accounting policy for leases that was updated as a result of adopting ASC 842, there have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2018 that have a material impact on the Company’s Consolidated Condensed Financial Statements and the related Notes.
Accounting Standards Not Yet Adopted
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief which provided additional implementation guidance on the previously issued ASU. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements. Currently, the Company believes that the most notable impact of this ASU will relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and the recognition of credit losses.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The ASU expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). The ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements.
In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715, Compensation—Retirement Benefits, to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The ASU is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company’s financial statements.
Accumulated Other Comprehensive Income (Loss)—Accumulated other comprehensive income (loss) refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any tax impacts.
|
| | | | | | | | | | | | | | | | | | | |
| Foreign Currency Translation Adjustments | | Pension & Postretirement Plan Benefit Adjustments | | Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments | | Cash Flow Hedge Adjustments | | Total |
For the Three-Month Period Ended June 28, 2019: | | | | | | | | | |
Balance, March 29, 2019 | $ | (2,108.9 | ) | | $ | (685.7 | ) | | $ | (1.5 | ) | | $ | — |
| | $ | (2,796.1 | ) |
Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
(Decrease) increase | (51.9 | ) | | — |
| | 0.7 |
| | (8.9 | ) | | (60.1 | ) |
Income tax impact | 5.4 |
| | — |
| | (0.2 | ) | | 2.1 |
| | 7.3 |
|
Other comprehensive income (loss) before reclassifications, net of income taxes | (46.5 | ) | | — |
| | 0.5 |
| | (6.8 | ) | | (52.8 | ) |
Amounts reclassified from accumulated other comprehensive income (loss): | | | | | | | | | |
Increase | — |
| | 6.1 |
| (a) | — |
| | — |
| | 6.1 |
|
Income tax impact | — |
| | (1.5 | ) | | — |
| | — |
| | (1.5 | ) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | — |
| | 4.6 |
| | — |
| | — |
| | 4.6 |
|
Net current period other comprehensive income (loss), net of income taxes | (46.5 | ) | | 4.6 |
| | 0.5 |
| | (6.8 | ) | | (48.2 | ) |
Balance, June 28, 2019 | $ | (2,155.4 | ) | | $ | (681.1 | ) | | $ | (1.0 | ) | | $ | (6.8 | ) | | $ | (2,844.3 | ) |
For the Three-Month Period Ended June 29, 2018: | | | | | | | | | |
Balance, March 30, 2018 | $ | (1,171.8 | ) | | $ | (671.3 | ) | | $ | (1.6 | ) | | $ | — |
| | $ | (1,844.7 | ) |
Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
Decrease | (641.1 | ) | | — |
| | (0.1 | ) | | — |
| | (641.2 | ) |
Income tax impact | — |
| | — |
| | — |
| | — |
| | — |
|
Other comprehensive income (loss) before reclassifications, net of income taxes | (641.1 | ) | | — |
| | (0.1 | ) | | — |
| | (641.2 | ) |
Amounts reclassified from accumulated other comprehensive income (loss): | | | | | | | | | |
Increase | — |
| | 8.8 |
| (a) | — |
| | — |
| | 8.8 |
|
Income tax impact | — |
| | (2.1 | ) | | — |
| | — |
| | (2.1 | ) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | — |
| | 6.7 |
| | — |
| | — |
| | 6.7 |
|
Net current period other comprehensive income (loss), net of income taxes | (641.1 | ) | | 6.7 |
| | (0.1 | ) | | — |
| | (634.5 | ) |
Balance, June 29, 2018 | $ | (1,812.9 | ) | | $ | (664.6 | ) | | $ | (1.7 | ) | | $ | — |
| | $ | (2,479.2 | ) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details.
|
| | | | | | | | | | | | | | | | | | | |
| Foreign Currency Translation Adjustments | | Pension & Postretirement Plan Benefit Adjustments | | Unrealized Gain (Loss) on Available-For-Sale Securities Adjustments | | Cash Flow Hedge Adjustments | | Total |
For the Six-Month Period Ended June 28, 2019: | | | | | | | | | |
Balance, December 31, 2018 | $ | (2,098.1 | ) | | $ | (691.1 | ) | | $ | (1.9 | ) | | $ | — |
| | $ | (2,791.1 | ) |
Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
(Decrease) increase | (59.2 | ) | | — |
| | 1.2 |
| | (8.9 | ) | | (66.9 | ) |
Income tax impact | 1.9 |
| | — |
| | (0.3 | ) | | 2.1 |
| | 3.7 |
|
Other comprehensive income (loss) before reclassifications, net of income taxes | (57.3 | ) | | — |
| | 0.9 |
| | (6.8 | ) | | (63.2 | ) |
Amounts reclassified from accumulated other comprehensive income (loss): | | | | | | | | | |
Increase | — |
| | 13.2 |
| (a) | — |
| | — |
| | 13.2 |
|
Income tax impact | — |
| | (3.2 | ) | | — |
| | — |
| | (3.2 | ) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | — |
| | 10.0 |
| | — |
| | — |
| | 10.0 |
|
Net current period other comprehensive income (loss), net of income taxes | (57.3 | ) | | 10.0 |
| | 0.9 |
| | (6.8 | ) | | (53.2 | ) |
Balance, June 28, 2019 | $ | (2,155.4 | ) | | $ | (681.1 | ) | | $ | (1.0 | ) | | $ | (6.8 | ) | | $ | (2,844.3 | ) |
For the Six-Month Period Ended June 29, 2018: | | | | | | | | | |
Balance, December 31, 2017 | $ | (1,422.1 | ) | | $ | (571.2 | ) | | $ | (0.9 | ) | | $ | — |
| | $ | (1,994.2 | ) |
Adoption of accounting standards | (43.8 | ) | | (107.2 | ) | | (0.2 | ) | | — |
| | (151.2 | ) |
Balance, January 1, 2018 | (1,465.9 | ) | | (678.4 | ) | | (1.1 | ) | | — |
| | (2,145.4 | ) |
Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
Decrease | (347.0 | ) | | — |
| | (0.8 | ) | | — |
| | (347.8 | ) |
Income tax impact | — |
| | — |
| | 0.2 |
| | — |
| | 0.2 |
|
Other comprehensive income (loss) before reclassifications, net of income taxes | (347.0 | ) | | — |
| | (0.6 | ) | | — |
| | (347.6 | ) |
Amounts reclassified from accumulated other comprehensive income (loss): | | | | | | | | | |
Increase | — |
| | 18.1 |
| (a) | — |
| | — |
| | 18.1 |
|
Income tax impact | — |
| | (4.3 | ) | | — |
| | — |
| | (4.3 | ) |
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes | — |
| | 13.8 |
| | — |
| | — |
| | 13.8 |
|
Net current period other comprehensive income (loss), net of income taxes | (347.0 | ) | | 13.8 |
| | (0.6 | ) | | — |
| | (333.8 | ) |
Balance, June 29, 2018 | $ | (1,812.9 | ) | | $ | (664.6 | ) | | $ | (1.7 | ) | | $ | — |
| | $ | (2,479.2 | ) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Note 10 for additional details.
NOTE 2. REVENUE
The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and six-month periods ended June 28, 2019 and June 29, 2018 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.
|
| | | | | | | | | | | | | | | | | | | |
| Life Sciences | | Diagnostics | | Dental | | Environmental & Applied Solutions | | Total |
Three-Month Period Ended June 28, 2019: | | | | | | | | | |
Geographical region: | | | | | | | | | |
North America | $ | 653.6 |
| | $ | 601.0 |
| | $ | 340.2 |
| | $ | 488.3 |
| | $ | 2,083.1 |
|
Western Europe | 459.3 |
| | 281.7 |
| | 156.1 |
| | 261.6 |
| | 1,158.7 |
|
Other developed markets | |