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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 October 1, 2021
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
dhr-20211001_g1.jpg
DANAHER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware59-1995548
(State of Incorporation)(I.R.S. Employer Identification Number)
2200 Pennsylvania Avenue, N.W., Suite 800W20037-1701
Washington,DC
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: 202-828-0850
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueDHRNew York Stock Exchange
4.75% Mandatory Convertible Preferred Stock, Series A, without par valueDHR.PRANew York Stock Exchange
5.00% Mandatory Convertible Preferred Stock, Series B, without par valueDHR.PRBNew York Stock Exchange
Floating Rate Senior Notes due 2022DHR/22ANew York Stock Exchange
1.700% Senior Notes due 2024DHR 24New York Stock Exchange
2.500% Senior Notes due 2025DHR/25New York Stock Exchange
0.200% Senior Notes due 2026DHR/26New York Stock Exchange
2.100% Senior Notes due 2026DHR 26New York Stock Exchange
1.200% Senior Notes due 2027DHR/27New York Stock Exchange
0.450% Senior Notes due 2028DHR/28New York Stock Exchange
2.500% Senior Notes due 2030DHR 30New York Stock Exchange
0.750% Senior Notes due 2031DHR/31New York Stock Exchange
1.350% Senior Notes due 2039DHR/39New York Stock Exchange
1.800% Senior Notes due 2049DHR/49New 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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 October 15, 2021 was 714,576,868.



DANAHER CORPORATION
INDEX
FORM 10-Q



DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions, except per share amount)
(unaudited)
October 1, 2021December 31, 2020
ASSETS
Current assets:
Cash and equivalents$2,552 $6,035 
Trade accounts receivable, less allowance for doubtful accounts of $121 and $132, respectively
4,194 4,045 
Inventories:
Finished goods1,367 1,232 
Work in process465 369 
Raw materials905 691 
Total inventories2,737 2,292 
Prepaid expenses and other current assets1,293 1,430 
Total current assets10,776 13,802 
Property, plant and equipment, net of accumulated depreciation of $3,390 and $3,182, respectively
3,640 3,262 
Other long-term assets3,470 2,395 
Goodwill41,237 35,420 
Other intangible assets, net23,375 21,282 
Total assets$82,498 $76,161 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current portion of long-term debt$7 $11 
Trade accounts payable2,133 2,049 
Accrued expenses and other liabilities5,117 5,342 
Total current liabilities7,257 7,402 
Other long-term liabilities8,189 7,789 
Long-term debt23,591 21,193 
Stockholders’ equity:
Preferred stock, no 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 October 1, 2021 and December 31, 2020; 1.72 million shares of 5.00% Mandatory Convertible Preferred Stock, Series B, issued and outstanding as of October 1, 2021 and December 31, 2020
3,268 3,268 
Common stock - $0.01 par value, 2.0 billion shares authorized; 855.2 million issued and 714.5 million outstanding as of October 1, 2021; 851.3 million issued and 711.0 million outstanding as of December 31, 2020
9 9 
Additional paid-in capital10,004 9,698 
Retained earnings31,231 27,159 
Accumulated other comprehensive income (loss)(1,061)(368)
Total Danaher stockholders’ equity43,451 39,766 
Noncontrolling interests10 11 
Total stockholders’ equity43,461 39,777 
Total liabilities and stockholders’ equity$82,498 $76,161 
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 EndedNine-Month Period Ended
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Sales$7,229 $5,884 $21,305 $15,524 
Cost of sales(2,870)(2,658)(8,296)(7,003)
Gross profit4,359 3,226 13,009 8,521 
Operating costs:
Selling, general and administrative expenses(2,062)(1,796)(5,904)(4,939)
Research and development expenses(441)(342)(1,247)(952)
Other operating expenses(547) (547) 
Operating profit1,309 1,088 5,311 2,630 
Nonoperating income (expense):
Other income (expense), net137 7 374 459 
Interest expense(62)(78)(182)(203)
Interest income3 4 10 67 
Earnings from continuing operations before income taxes1,387 1,021 5,513 2,953 
Income taxes(229)(138)(954)(548)
Net earnings from continuing operations1,158 883 4,559 2,405 
Earnings from discontinued operations, net of income taxes  86  
Net earnings 1,158 883 4,645 2,405 
Mandatory convertible preferred stock dividends(41)(41)(123)(95)
Net earnings attributable to common stockholders$1,117 $842 $4,522 $2,310 
Net earnings per common share from continuing operations:
Basic$1.56 $1.18 $6.21 $3.28 (a)
Diluted$1.54 $1.16 $6.10 (a)$3.22 (a)
Net earnings per common share from discontinued operations:
Basic$ $ $0.12 $ 
Diluted$ $ $0.12 $ 
Net earnings per common share:
Basic$1.56 $1.18 $6.33 $3.28 (a)
Diluted$1.54 $1.16 $6.22 (a)$3.22 (a)
Average common stock and common equivalent shares outstanding:
Basic715.1 710.9 714.3 704.4 
Diluted727.0 724.3 736.4 716.8 
(a) Net earnings per common share amounts for the relevant three-month periods do not add to the nine-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 EndedNine-Month Period Ended
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Net earnings$1,158 $883 $4,645 $2,405 
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments(396)923 (909)1,846 
Pension and postretirement plan benefit adjustments12 9 33 25 
Unrealized gain (loss) on available-for-sale securities adjustments  (1)1 
Cash flow hedge adjustments(2)(90)184 175 
Total other comprehensive income (loss), net of income taxes(386)842 (693)2,047 
Comprehensive income $772 $1,725 $3,952 $4,452 
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 EndedNine-Month Period Ended
October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Preferred stock:
Balance, beginning of period$3,268 $3,268 $3,268 $1,600 
Issuance of Mandatory Convertible Preferred Stock    1,668 
Balance, end of period$3,268 $3,268 $3,268 $3,268 
Common stock:
Balance, beginning of period$9 $9 $9 $8 
Issuance of common stock    1 
Balance, end of period$9 $9 $9 $9 
Additional paid-in capital:
Balance, beginning of period$9,890 $9,475 $9,698 $7,565 
Common stock-based award and other activity 91 104 249 275 
Common stock issued in connection with LYONs’ conversions, including tax benefit of $0, $39, $10 and $42, respectively
 39 34 50 
Issuance of common stock    1,728 
Common stock issued in connection with acquisitions23  23  
Balance, end of period$10,004 $9,618 $10,004 $9,618 
Retained earnings:
Balance, beginning of period$30,264 $25,373 $27,159 $24,166 
Adoption of accounting standards   (8)
Net earnings1,158 883 4,645 2,405 
Common stock dividends declared(150)(128)(450)(381)
Mandatory Convertible Preferred Stock dividends declared(41)(41)(123)(95)
Balance, end of period$31,231 $26,087 $31,231 $26,087 
Accumulated other comprehensive income (loss):
Balance, beginning of period$(675)$(1,863)$(368)$(3,068)
Other comprehensive income (loss)(386)842 (693)2,047 
Balance, end of period$(1,061)$(1,021)$(1,061)$(1,021)
Noncontrolling interests:
Balance, beginning of period$10 $11 $11 $11 
Change in noncontrolling interests  (1) 
Balance, end of period$10 $11 $10 $11 
Total stockholders’ equity, end of period$43,461 $37,972 $43,461 $37,972 
See the accompanying Notes to the Consolidated Condensed Financial Statements.
4

DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
 Nine-Month Period Ended
 October 1, 2021October 2, 2020
Cash flows from operating activities:
Net earnings$4,645 $2,405 
Less: earnings from discontinued operations, net of income taxes86  
Net earnings from continuing operations4,559 2,405 
Noncash items:
Depreciation525 465 
Amortization of intangible assets1,056 802 
Amortization of acquisition-related inventory fair value step-up46 417 
Stock-based compensation expense159 137 
Contract settlement expense542  
Pretax gain on sale of product lines and investment (gains) losses(343)(445)
Change in trade accounts receivable, net(152)212 
Change in inventories(438)(243)
Change in trade accounts payable100 (107)
Change in prepaid expenses and other assets102 36 
Change in accrued expenses and other liabilities(131)315 
Total operating cash provided by continuing operations6,025 3,994 
Total operating cash used in discontinued operations (7)
Net cash provided by operating activities6,025 3,987 
Cash flows from investing activities:
Cash paid for acquisitions(10,628)(20,819)
Payments for additions to property, plant and equipment(874)(475)
Proceeds from sales of property, plant and equipment13 1 
Payments for purchases of investments(784)(215)
Proceeds from sales of investments104  
Proceeds from sale of product lines26 826 
All other investing activities35 24 
Total cash used in investing activities for continuing operations(12,108)(20,658)
Cash flows from financing activities:
Proceeds from the issuance of common stock in connection with stock-based compensation63 125 
Proceeds from the sale of common stock, net of issuance costs 1,729 
Proceeds from the sale of preferred stock, net of issuance costs 1,668 
Payment of dividends(551)(445)
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)3,496 (3,339)
Net proceeds from borrowings (maturities longer than 90 days) 7,691 
Net repayments of borrowings (maturities longer than 90 days)(279)(5,000)
All other financing activities(12)(3)
Total cash provided by financing activities for continuing operations2,717 2,426 
Effect of exchange rate changes on cash and equivalents(117)21 
Net change in cash and equivalents(3,483)(14,224)
Beginning balance of cash and equivalents6,035 19,912 
Ending balance of cash and equivalents$2,552 $5,688 
Supplemental disclosures:
Cash interest payments$279 $235 
Cash income tax payments1,086 644 
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, 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, 2020 and the Notes thereto included in the Company’s 2020 Annual Report on Form 10-K filed on February 24, 2021 (the “2020 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 October 1, 2021 and December 31, 2020, its results of operations for the three and nine-month periods ended October 1, 2021 and October 2, 2020 and its cash flows for each of the nine-month periods then ended.
There have been no changes to the Company’s significant accounting policies described in the Company’s 2020 Annual Report that have a material impact on the Company’s Consolidated Condensed Financial Statements and the related Notes. Reclassifications of certain prior year amounts have been made to conform to the current year presentation.
Accounting Standards Not Yet Adopted—In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Management anticipates the adoption of this ASU will not have a significant impact on the Company’s financial statements.
Operating Leases—As of October 1, 2021 and December 31, 2020, operating lease right-of-use assets where the Company was the lessee were $980 million and $942 million, respectively, and are included within other long-term assets in the accompanying Consolidated Condensed Balance Sheets.  The associated operating lease liabilities were $1,028 million and $974 million as of October 1, 2021 and December 31, 2020, respectively, and are included in accrued expenses and other liabilities and other long-term liabilities.

6

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 AdjustmentsPension and Postretirement Plan Benefit AdjustmentsUnrealized Gain (Loss) on Available-For-Sale Securities AdjustmentsCash Flow Hedge AdjustmentsTotal
For the Three-Month Period Ended October 1, 2021:
Balance, July 2, 2021
$232 $(907)$(1)$1 $(675)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)(387)  87 (300)
Income tax impact(9)   (9)
Other comprehensive income (loss) before reclassifications, net of income taxes(396)  87 (309)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) 15 (a) (89)(b)(74)
Income tax impact (3)  (3)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes 12  (89)(77)
Net current period other comprehensive income (loss), net of income taxes(396)12  (2)(386)
Balance, October 1, 2021$(164)$(895)$(1)$(1)$(1,061)
For the Three-Month Period Ended October 2, 2020:
Balance, July 3, 2020$(1,250)$(765)$ $152 $(1,863)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)909   (305)604 
Income tax impact14   48 62 
Other comprehensive income (loss) before reclassifications, net of income taxes923   (257)666 
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) 12 (a) 167 (b)179 
Income tax impact (3)  (3)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes 9  167 176 
Net current period other comprehensive income (loss), net of income taxes923 9  (90)842 
Balance, October 2, 2020
$(327)$(756)$ $62 $(1,021)
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Notes 9 and 12 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 AdjustmentsPension and Postretirement Plan Benefit AdjustmentsUnrealized Gain (Loss) on Available-For-Sale Securities AdjustmentsCash Flow Hedge AdjustmentsTotal
For the Nine-Month Period Ended October 1, 2021:
Balance, December 31, 2020$745 $(928)$ $(185)$(368)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)(885) (1)389 (497)
Income tax impact(24)   (24)
Other comprehensive income (loss) before reclassifications, net of income taxes(909) (1)389 (521)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) 43 (a) (205)(b)(162)
Income tax impact (10)  (10)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes 33  (205)(172)
Net current period other comprehensive income (loss), net of income taxes(909)33 (1)184 (693)
Balance, October 1, 2021$(164)$(895)$(1)$(1)$(1,061)
For the Nine-Month Period Ended October 2, 2020:
Balance, December 31, 2019$(2,173)$(781)$(1)$(113)$(3,068)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)1,848  1 (8)1,841 
Income tax impact(2)  3 1 
Other comprehensive income (loss) before reclassifications, net of income taxes1,846  1 (5)1,842 
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) 34 (a) 184 (b)218 
Income tax impact (9) (4)(13)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes 25  180 205 
Net current period other comprehensive income (loss), net of income taxes1,846 25 1 175 2,047 
Balance, October 2, 2020
$(327)$(756)$ $62 $(1,021)
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Notes 9 and 12 for additional details).
(b) Reflects reclassification to earnings related to hedges of certain long-term debt (refer to Note 8 for additional details).
8

NOTE 2. REVENUE
The following tables present the Company’s revenues disaggregated by geographical region and revenue type for the three and nine-month periods ended October 1, 2021 and October 2, 2020 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenue.
Life SciencesDiagnosticsEnvironmental & Applied SolutionsTotal
For the Three-Month Period Ended October 1, 2021:
Geographical region:
North America