Danaher's management believes that this non-GAAP measure provides useful information to investors by reflecting an additional way of viewing aspects of Danaher's operations that, when reconciled to GAAP operating cash flow, helps our investors to better understand the strength of Danaher's earnings as well as Danaher's ability to generate cash without external financings, strengthen its balance sheet, invest in the business and grow the business through acquisitions and other strategic opportunities. A limitation of Danaher's free cash flow measure is that it does not take into account the Company's debt service requirements and other non-discretionary expenditures.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
($ and shares in millions, except per share data)Three Months EndedYear EndedDecember 31,
16,090.5Cost of sales
2,545.32,327.19,414.38,176.6Operating costs and other:Selling, general and administrative expenses
(1,406.5)(1,287.7)(5,181.2)(4,607.7)Research and development expenses
(294.6)(282.1)(1,137.9)(1,018.5)Earnings from unconsolidated joint venture
863.1779.23,165.12,617.2Non-operating income (expense):Loss on early extinguishment of debt
1.00.33.25.1Earnings from continuing operations before income taxes
|SOURCE Danaher Corporation|
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