UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ________________________________________________________

FORM 10-Q

 ________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 3, 2020

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-08089

DANAHER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		59-1995548
(State of Incorporation)		(I.R.S. Employer Identification Number)
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

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
5.00% Mandatory Convertible Preferred Stock, Series B, without par value	DHR.PRB	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
1.700% Senior Notes due 2024	DHR 1.7 03/30/24	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
2.100% Senior Notes due 2026	DHR 2.1 09/30/26	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
2.500% Senior Notes due 2030	DHR 2.5 03/30/30	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 (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.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
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 17, 2020 was 709,408,837.

DANAHER CORPORATION

INDEX

FORM 10-Q

		Page
PART I -	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Condensed Balance Sheets	1
	Consolidated Condensed Statements of Earnings	2
	Consolidated Condensed Statements of Comprehensive Income	3
	Consolidated Condensed Statements of Stockholders’ Equity	4
	Consolidated Condensed Statements of Cash Flows	5
	Notes to Consolidated Condensed Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	50
PART II -	OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 6.	Exhibits	54
	Signatures	55

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

($ and shares in millions, except per share amount)

(unaudited)

	July 3, 2020			December 31, 2019
ASSETS
Current assets:
Cash and equivalents	$	5,539.3		$	19,912.3
Trade accounts receivable, less allowance for doubtful accounts of $130.3 and $103.7, respectively	3,378.4			3,191.4
Inventories:
Finished goods	1,406.2			833.5
Work in process	475.4			284.9
Raw materials	711.3			509.9
Total inventories	2,592.9			1,628.3
Prepaid expenses and other current assets	833.2			864.6
Total current assets	12,343.8			25,596.6
Property, plant and equipment, net of accumulated depreciation of $2,880.8 and $2,761.4, respectively	2,972.9			2,302.0
Other long-term assets	2,280.1			1,720.8
Goodwill	33,227.1			22,712.5
Other intangible assets, net	20,444.5			9,749.7
Total assets	$	71,268.4		$	62,081.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current portion of long-term debt	$	17.2		$	212.4
Trade accounts payable	1,598.6			1,514.4
Accrued expenses and other liabilities	3,984.1			3,205.3
Total current liabilities	5,599.9			4,932.1
Other long-term liabilities	7,025.6			5,350.9
Long-term debt	22,370.0			21,516.7
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 as of July 3, 2020 and December 31, 2019; 1.72 million shares of 5.00% Mandatory Convertible Preferred Stock, Series B, issued and outstanding as of July 3, 2020 and no shares issued or outstanding as of December 31, 2019	3,267.7			1,599.6
Common stock - $0.01 par value, 2.0 billion shares authorized; 849.5 million issued and 709.2 million outstanding as of July 3, 2020; 835.5 million issued and 695.5 million outstanding as of December 31, 2019	8.5			8.4
Additional paid-in capital	9,475.1			7,564.6
Retained earnings	25,373.5			24,166.3
Accumulated other comprehensive income (loss)	(1,863.1		)	(3,068.3		)
Total Danaher stockholders’ equity	36,261.7			30,270.6
Noncontrolling interests	11.2			11.3
Total stockholders’ equity	36,272.9			30,281.9
Total liabilities and stockholders’ equity	$	71,268.4		$	62,081.6

See the accompanying Notes to the Consolidated Condensed Financial Statements.

1

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
	July 3, 2020			June 28, 2019				July 3, 2020				June 28, 2019
Sales	$	5,297.4		$	4,444.5			$	9,640.5			$	8,664.7
Cost of sales	(2,444.8		)	(1,960.7		)		(4,345.1		)		(3,826.0		)
Gross profit	2,852.6			2,483.8				5,295.4				4,838.7
Operating costs:
Selling, general and administrative expenses	(1,685.4		)	(1,390.0		)		(3,143.7		)		(2,757.7		)
Research and development expenses	(322.6		)	(282.1		)		(609.6		)		(549.6		)
Operating profit	844.6			811.7				1,542.1				1,531.4
Nonoperating income (expense):
Other (expense) income, net	(0.7		)	5.0				(2.2		)		10.1
Gain on sale of product lines	454.6			—				454.6				—
Interest expense	(78.6		)	(19.7		)		(126.0		)		(40.2		)
Interest income	1.0			26.2				63.5				41.9
Earnings from continuing operations before income taxes	1,220.9			823.2				1,932.0				1,543.2
Income taxes	(293.6		)	(146.8		)		(409.6		)		(534.5		)
Net earnings from continuing operations	927.3			676.4				1,522.4				1,008.7
Earnings from discontinued operations, net of income taxes	—			54.9				—				56.4
Net earnings	927.3			731.3				1,522.4				1,065.1
Mandatory convertible preferred stock dividends	(34.6		)	(22.7		)		(54.2		)		(29.2		)
Net earnings attributable to common stockholders	$	892.7		$	708.6			$	1,468.2			$	1,035.9
Net earnings per common share from continuing operations:
Basic	$	1.27		$	0.91			$	2.09		(b)	$	1.37
Diluted	$	1.24		$	0.90			$	2.06		(b)	$	1.36
Net earnings per common share from discontinued operations:
Basic	$	—		$	0.08			$	—			$	0.08
Diluted	$	—		$	0.08			$	—			$	0.08
Net earnings per common share:
Basic	$	1.27		$	0.99			$	2.09		(b)	$	1.45
Diluted	$	1.24		$	0.97		(a)	$	2.06		(b)	$	1.43		(a)
Average common stock and common equivalent shares outstanding:
Basic	705.1			717.6				701.1				712.6
Diluted	718.2			727.9				713.1				723.2

^(a) Net earnings per common share does not add due to rounding.

^(b) Net earnings per common share amounts for the relevant three-month periods do not add to the six-month period amounts due to rounding.

See the accompanying Notes to the Consolidated Condensed Financial Statements.

2

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions)

(unaudited)

	Three-Month Period Ended						Six-Month Period Ended
	July 3, 2020			June 28, 2019			July 3, 2020		June 28, 2019
Net earnings	$	927.3		$	731.3		$	1,522.4	$	1,065.1
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	1,076.7			(46.5		)	922.8		(57.3		)
Pension and postretirement plan benefit adjustments	7.9			4.6			16.1		10.0
Unrealized gain on available-for-sale securities adjustments	0.4			0.5			1.0		0.9
Cash flow hedge adjustments	(156.8		)	(6.8		)	265.3		(6.8		)
Total other comprehensive income (loss), net of income taxes	928.2			(48.2		)	1,205.2		(53.2		)
Comprehensive income	$	1,855.5		$	683.1		$	2,727.6	$	1,011.9

See the accompanying Notes to the Consolidated Condensed Financial Statements.

3

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

($ in millions)

(unaudited)

	Three-Month Period Ended						Six-Month Period Ended
	July 3, 2020			June 28, 2019			July 3, 2020			June 28, 2019
Preferred stock:
Balance, beginning of period	$	1,599.6		$	1,599.6		$	1,599.6		$	—
Issuance of Mandatory Convertible Preferred Stock	1,668.1			—			1,668.1			1,599.6
Balance, end of period	$	3,267.7		$	1,599.6		$	3,267.7		$	1,599.6
Common stock:
Balance, beginning of period	$	8.4		$	8.3		$	8.4		$	8.2
Issuance of common stock	0.1			—			0.1			0.1
Balance, end of period	$	8.5		$	8.3		$	8.5		$	8.3
Additional paid-in capital:
Balance, beginning of period	$	7,629.8		$	7,376.3		$	7,564.6		$	5,834.3
Common stock-based award activity	106.8			93.5			171.3			175.6
Common stock issued in connection with LYONs’ conversions, including tax benefit of $3.0, $3.5, $3.0 and $8.2, respectively	10.1			12.8			10.8			29.6
Issuance of common stock	1,728.4			—			1,728.4			1,443.1
Balance, end of period	$	9,475.1		$	7,482.6		$	9,475.1		$	7,482.6
Retained earnings:
Balance, beginning of period	$	24,608.6		$	25,368.5		$	24,166.3		$	25,163.0
Adoption of accounting standards	—			—			(7.6		)	—
Net earnings	927.3			731.3			1,522.4			1,065.1
Dividends declared for common stock	(127.8		)	(122.1		)	(253.4		)	(243.9		)
Mandatory Convertible Preferred Stock cumulative dividends	(34.6		)	(22.7		)	(54.2		)	(29.2		)
Balance, end of period	$	25,373.5		$	25,955.0		$	25,373.5		$	25,955.0
Accumulated other comprehensive income (loss):
Balance, beginning of period	$	(2,791.3	)	$	(2,796.1	)	$	(3,068.3	)	$	(2,791.1	)
Other comprehensive income (loss)	928.2			(48.2		)	1,205.2			(53.2		)
Balance, end of period	$	(1,863.1	)	$	(2,844.3	)	$	(1,863.1	)	$	(2,844.3	)
Noncontrolling interests:
Balance, beginning of period	$	11.3		$	12.1		$	11.3		$	12.3
Change in noncontrolling interests	(0.1		)	(0.1		)	(0.1		)	(0.3		)
Balance, end of period	$	11.2		$	12.0		$	11.2		$	12.0
Total stockholders’ equity, end of period	$	36,272.9		$	32,213.2		$	36,272.9		$	32,213.2

See the accompanying Notes to the Consolidated Condensed Financial Statements.

4

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)

(unaudited)

	Six-Month Period Ended
	July 3, 2020			June 28, 2019
Cash flows from operating activities:
Net earnings	$	1,522.4		$	1,065.1
Less: earnings from discontinued operations, net of income taxes	—			56.4
Net earnings from continuing operations	1,522.4			1,008.7
Noncash items:
Depreciation	304.4			280.7
Amortization	470.5			313.7
Stock-based compensation expense	91.8			76.5
Pretax gain on sale of product lines	(454.6		)	—
Change in trade accounts receivable, net	274.3			20.4
Change in inventories	(70.4		)	(169.8		)
Change in trade accounts payable	(160.3		)	(22.6		)
Change in prepaid expenses and other assets	62.2			223.8
Change in accrued expenses and other liabilities	230.7			37.7
Total operating cash provided by continuing operations	2,271.0			1,769.1
Total operating cash (used in) provided by discontinued operations	(7.0		)	105.7
Net operating cash provided by operating activities	2,264.0			1,874.8
Cash flows from investing activities:
Cash paid for acquisitions	(20,735.6		)	(326.6		)
Payments for additions to property, plant and equipment	(287.9		)	(294.4		)
Proceeds from sales of property, plant and equipment	0.8			11.7
Payments for purchases of investments	(127.8		)	(92.3		)
Proceeds from sale of product lines	809.8			—
All other investing activities	11.4			16.1
Total investing cash used in continuing operations	(20,329.3		)	(685.5		)
Total investing cash used in discontinued operations	—			(41.9		)
Net operating cash used in investing activities	(20,329.3		)	(727.4		)
Cash flows from financing activities:
Proceeds from the issuance of common stock in connection with stock-based compensation	69.1			83.0
Proceeds from the sale of common stock, net of issuance costs	1,728.5			1,443.2
Proceeds from the sale of preferred stock, net of issuance costs	1,668.1			1,599.6
Payment of dividends	(283.1		)	(233.9		)
Net (repayments of) proceeds from borrowings (maturities of 90 days or less)	(3,377.1		)	599.6
Net proceeds from borrowings (maturities longer than 90 days)	7,691.3			—
Net repayments of borrowings (maturities longer than 90 days)	(3,750.0		)	(3.9		)
All other financing activities	(1.3		)	(4.8		)
Net operating cash provided by financing activities	3,745.5			3,482.8
Effect of exchange rate changes on cash and equivalents	(53.2		)	15.6
Net change in cash and equivalents	(14,373.0		)	4,645.8
Beginning balance of cash and equivalents	19,912.3			787.8
Ending balance of cash and equivalents	$	5,539.3		$	5,433.6
Supplemental disclosures:
Cash interest payments	$	117.7		$	49.2
Cash income tax payments	333.1			196.1

See the accompanying Notes to the Consolidated Condensed Financial Statements.

5

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, (unless otherwise indicated or the context otherwise requires) 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, 2019 and the Notes thereto included in the Company’s 2019 Annual Report on Form 10-K filed on February 21, 2020 (the “2019 Annual Report”).

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 July 3, 2020 and December 31, 2019, its results of operations for the three and six-month periods ended July 3, 2020 and June 28, 2019 and its cash flows for each of the six-month periods then ended.

Accounting Standards Recently Adopted—In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. On January 1, 2020, the Company adopted the ASU and the ASU did not have a significant impact on the Company’s Consolidated Condensed Financial Statements. Refer to Note 6 for the Company’s fair value measurement disclosures.

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, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which provided additional implementation guidance on the previously issued ASU. On January 1, 2020, the Company adopted the ASU using the modified retrospective transition method. The Company recorded a net decrease to beginning retained earnings of $8 million as of January 1, 2020 due to the cumulative impact of adopting Topic 326. The impact to retained earnings was primarily the result of an increase in the Company’s allowance for doubtful accounts as a result of Topic 326’s requirement 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. As a result of the adoption of the ASU, the Company’s allowance for doubtful accounts as of July 3, 2020 reflects the Company’s best estimate of the expected future losses for its accounts receivables based on the current economic conditions; however, as a result of the uncertainty caused by the coronavirus (COVID-19) pandemic and other factors, these estimates may change and future actual losses may differ from the Company’s estimates. The Company will continue to monitor economic conditions and will revise the estimates of the expected future losses for accounts receivable as necessary.

Accounting Standards Not Yet Adopted—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.

Operating Leases—As of July 3, 2020 and December 31, 2019, operating lease right-of-use assets where the Company was the lessee were $870 million and $764 million, respectively, and are included within other long-term assets in the accompanying Consolidated Condensed Balance Sheets.  The associated operating lease liabilities were $894 million and $797 million as of

6

July 3, 2020 and December 31, 2019, respectively, and are included in accrued expenses and other liabilities and other long-term liabilities.

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 income 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 July 3, 2020:
Balance, April 3, 2020	$	(2,327.2	)	$	(773.3	)		$	(0.1	)	$	309.3			$	(2,791.3	)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	1,070.6			—				0.5			(354.3		)		716.8
Income tax impact	6.1			—				(0.1		)	74.4				80.4
Other comprehensive income (loss) before reclassifications, net of income taxes	1,076.7			—				0.4			(279.9		)		797.2
Amounts reclassified from accumulated other comprehensive income (loss):
Increase	—			10.4			(a)	—			155.8			(b)	166.2
Income tax impact	—			(2.5		)		—			(32.7		)		(35.2		)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	—			7.9				—			123.1				131.0
Net current period other comprehensive income (loss), net of income taxes	1,076.7			7.9				0.4			(156.8		)		928.2
Balance, July 3, 2020	$	(1,250.5	)	$	(765.4	)		$	0.3		$	152.5			$	(1,863.1	)
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	)

^(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Refer to Notes 9 and 11 for additional details.

^(b) Reflects reclassification to earnings related to hedges of certain long-term debt (refer to Note 8 for additional details).

7

	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 July 3, 2020:
Balance, December 31, 2019	$	(2,173.3	)	$	(781.5	)		$	(0.7	)	$	(112.8	)		$	(3,068.3	)
Other comprehensive income (loss) before reclassifications:
Increase	939.1			—				1.2			296.5				1,236.8
Income tax impact	(16.3		)	—				(0.2		)	(44.5		)		(61.0		)
Other comprehensive income (loss) before reclassifications, net of income taxes	922.8			—				1.0			252.0				1,175.8
Amounts reclassified from accumulated other comprehensive income (loss):
Increase	—			21.2			(a)	—			17.0			(b)	38.2
Income tax impact	—			(5.1		)		—			(3.7		)