DHR-2012.12.31 - DSP 11-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 1-8089
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
Danaher Corporation & Subsidiaries Savings Plan
 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Danaher Corporation
2200 Pennsylvania Avenue, N.W., Suite 800W
Washington, D.C. 20037-1701
202-828-0850





DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2012 AND 2011
AND FOR THE YEAR ENDED DECEMBER 31, 2012,
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 2012
AND FOR THE YEAR ENDED DECEMBER 31, 2012, AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM





DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
INDEX
FORM 11-K
 
 
Page
FINANCIAL STATEMENTS:
 
SUPPLEMENTAL SCHEDULES:
 




Report of Independent Registered Public Accounting Firm
Plan Administrator
Danaher Corporation & Subsidiaries Savings Plan
We have audited the accompanying statements of net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended December 31, 2012. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Danaher Corporation & Subsidiaries Savings Plan at December 31, 2012 and 2011, and the changes in its net assets available for benefits for the year ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2012 and delinquent participant contributions for the year then ended are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
 
/s/ Ernst & Young LLP
McLean, VA
June 24, 2013

1



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2012 AND 2011
($ in millions)
 
 
 
2012
 
2011
ASSETS
 
 
 
 
Investments, at fair value
 
$
2,549.5

 
$
2,238.2

Receivables:
 
 
 
 
Participant contributions
 

 
0.2

Employer contributions
 
4.6

 
4.7

Notes receivable from participants
 
34.8

 
33.8

Pending trades
 
1.6

 

Total receivables
 
41.0

 
38.7

Total assets
 
2,590.5

 
2,276.9

LIABILITIES
 
 
 
 
Administrative expenses payable
 

 
0.1

Total liabilities
 

 
0.1

NET ASSETS REFLECTING INVESTMENTS AT FAIR VALUE
 
2,590.5

 
2,276.8

ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACTS
 
(8.1
)
 
(7.7
)
NET ASSETS AVAILABLE FOR BENEFITS
 
$
2,582.4

 
$
2,269.1

See the accompanying notes to the financial statements.


2



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2012
($ in millions)
 
ADDITIONS
 
Contributions:
 
Participant
$
115.2

Rollovers
19.0

Employer
80.9

Total contributions
215.1

Interest and dividend income
74.7

Net realized and unrealized appreciation in fair value of investments
205.9

Total additions
495.7

DEDUCTIONS
 
Benefit payments
229.6

Administrative expenses
0.4

Total deductions
230.0

NET INCREASE PRIOR TO PLAN TRANSFERS
265.7

NET TRANSFERS INTO PLAN
47.6

NET INCREASE IN ASSETS AVAILABLE FOR BENEFITS
313.3

NET ASSETS AVAILABLE FOR BENEFITS:
 
Beginning of year
2,269.1

End of year
$
2,582.4

See the accompanying notes to the financial statements.


3



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2012 AND 2011 AND FOR THE YEAR ENDED DECEMBER 31, 2012
 
NOTE 1. DESCRIPTION OF THE PLAN
General
The Danaher Corporation & Subsidiaries Savings Plan (the "Plan") is a defined contribution plan established for eligible full-time and part-time non-union employees of Danaher Corporation & subsidiaries (the "Company"), effective November 30, 2002. Danaher Corporation is the plan sponsor (the "Plan Sponsor"). Prior to November 30, 2002, these employees participated in the Danaher Corporation & Subsidiaries Retirement and Savings Plan. Plan participants should refer to the formal legal documents of the Plan and the Summary Plan Description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below. The Plan is administered through the trustee and record-keeper, Fidelity Management Trust Company ("Fidelity" or the "Plan Administrator").
On December 31, 2012, the X-Rite, Incorporated Retirement Savings Plan merged into the Plan.
On November 30, 2012, the Chemtreat, Inc. Employee Stock Ownership Plan merged into the Plan.
The merger of these plans during 2012 resulted in assets transferred in of $47.6 million.
On December 30, 2011, the Esko-Graphics, Inc. 401(k) Retirement Plan merged into the Plan.
On October 3, 2011, the Keithley Instruments, Inc. Retirement and Savings Trust and Plan merged into the Plan.
On August 15, 2011, the ESG 401(k) Plan for Employees of Adcon International, Inc. merged into the Plan.
On January 3, 2011, the Genetix USA Inc. 401(k) Plan and the Instrumentarium Dental Inc. Safe Harbor 401(k) Plan merged into the Plan.
The merger of these plans during 2011 resulted in assets transferred in of $76.8 million.
These plan mergers occurred subsequent to and as a result of Danaher Corporation’s acquisition of the above mentioned companies.
Effective December 30, 2011, assets related to a certain group of employees were transferred to the Beckman Coulter Puerto Rico, Inc. Savings Plan. This was done so that Puerto Rican participants would have favorable tax treatment on their future distributions from the plan. The transfer of these assets reduced Plan assets by $1.0 million.
Effective July 12, 2013, the Beckman Coulter, Inc. Savings Plan; the Beckman Coulter, Inc. Retirement Account Plan I and the Beckman Coulter, Inc. Retirement Account Plan II will merge into the Plan.  This is will result in an increase in net assets of approximately $1.3 billion.
Contributions
Eligible employees may contribute up to 75% of their compensation (subject to annual maximums). Employees are eligible for Company contributions upon completion of one year of service. Employee contributions and the earnings or losses thereon are fully vested at all times.
Effective January 1, 2011, the Company’s matching contributions are considered “safe harbor” The percentage for the safe harbor matching contributions has been established in the Plan document. The Company matching contribution is 100% of the first 3% of eligible compensation contributed by the participant plus 50% of the next 2% of eligible compensation contributed. Effective January 1, 2011, employees are immediately 100% vested in all safe harbor contributions.
The percentage for the Company’s retirement contributions are determined at the discretion of the Plan Sponsor. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2012, the retirement contribution was 2% of eligible compensation. The portion of the retirement contribution that is calculated on eligible compensation above the Social Security wage base in effect at the beginning of the Plan year, is calculated and deposited into eligible employee accounts subsequent to the Plan year end. Employees become fully vested with respect to the retirement contribution and any other employer contributions made prior to January 1, 2011 upon completion of three years of service, attainment of age sixty-five, death or complete disability.

4



Benefit Payments
A participant who attains normal retirement age shall be entitled to payment of the balance in his or her account. A participant who remains employed after attainment of normal retirement age shall continue to participate under the same terms and conditions as applied prior to reaching normal retirement age. A participant must begin receiving distributions upon April 1 of the calendar year following the later of the date his or her employment terminates or the calendar year in which he or she reaches the age of seventy and a half.
Upon total and permanent disability, a participant shall be entitled to payment of the balance in his or her account within a reasonable period of time after termination of employment.
The beneficiary or beneficiaries of a deceased participant shall be entitled to payment of the participant’s account balance within a reasonable period of time after the participant’s death.
Upon a participant’s termination of employment for reasons other than as specified above, a participant is entitled to payment of his or her vested account balance.
The Plan Administrator may permit a participant to make a withdrawal from his or her account in the event of a hardship. A hardship withdrawal shall not exceed the amount required to meet the immediate financial need created by the hardship. Participants may also make in-service withdrawals generally from contributions transferred or rolled over into the Plan from other plans.
Notes Receivable from Participants
A participant may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participant’s vested account balance or $50,000. Participants will not be entitled to receive a loan more frequently than annually. The Plan Administrator shall establish the maximum maturity period that will be permitted to prevent the loan from being treated as a distribution. Current procedures require that all loans must be paid back within sixty months. The Plan Administrator may require loan payments to be made through payroll deductions.
Participant Accounts
Each participant account is credited with the participant’s contributions, employer safe harbor contributions, employer retirement contributions, and an allocation of Plan earnings or losses, and is charged with an administrative expense fee. Allocations are based on account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Plan Sponsor, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees. Expenses relating to purchases, sales or transfers of the Plan’s investments are charged to the particular investment fund to which the expenses relate. All other administrative expenses of the Plan are paid by the Plan Sponsor.  
Forfeited Accounts
As of December 31, 2012 and 2011, forfeited non-vested accounts totaled $0.6 million and $1.6 million, respectively. These amounts will be used to reduce future employer contributions and to pay administrative expenses.
Termination of the Plan
Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become nonforfeitable.
 
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

5



Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. 
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Notes Receivable from Participants
Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Interest income on notes receivable from participants of $1.7 million for 2012 is included in interest and dividend income. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2012 or 2011. If a participant ceases to make loan repayments and has reached a distributable event, the loan balance is reduced and a benefit payment is recorded.
Investments
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 5 for discussion of fair value measurements.
The Plan invests in the Fidelity Managed Income Portfolio II ("Fidelity MIP II"), which consists primarily of fully benefit-responsive investment contracts. As required by GAAP, the Statements of Net Assets Available for Benefits present the fair value of the Fidelity MIP II and the adjustment from fair value to contract value. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The contract value of the Fidelity MIP II represents contributions plus earnings, less participant withdrawals and administrative expenses.
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The income of each fund is reinvested in that fund.
Payment of Benefits
Benefits are recorded when paid.
Adoption of New Accounting Pronouncement
In May 2011, Accounting Standards Update ("ASU") No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ("ASU 2011-04") was issued. ASU 2011-04 amendments result in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between GAAP and International Financial Reporting Standards. This guidance became effective and was adopted by the Company on January 1, 2012. The Company's adoption did not have a material impact on the Plan’s net assets available for benefits or its changes in net assets available for benefits.
 
NOTE 3. TAX STATUS OF THE PLAN
The Plan has received a determination letter from the Internal Revenue Service ("IRS") dated October 20, 2009, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code") and, therefore, the related trust is exempt from taxation. Subsequent to the issuance of this determination letter, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.  

6



Accounting standards require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2012 and 2011, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Sponsor believes it is no longer subject to income tax examinations for years prior to 2009.
 
NOTE 4. INVESTMENTS
The fair value of investments representing 5% or more of the Plan’s net assets available for benefits as of December 31, 2012 and 2011, are as follows ($ in millions):
 
 
2012
 
2011
Danaher Corporation Stock Fund
 
$
302.0

 
$
277.6

Fidelity Freedom K 2020
 
134.9

 
118.4

Fidelity Institutional Money Market Fund
 
*

 
121.4

Fidelity Managed Income Portfolio II – Class 3 (at contract value) (a)
 
290.4

 
307.8

PIMCO Total Return Fund Institutional Class
 
250.2

 
202.3

Spartan 500 Index Fund Institutional Class
 
158.6

 
133.4

 
*
Less than 5% in period presented.
(a)
The fair value of the Plan’s investment in Fidelity Managed Income Portfolio II – Class 3 was $298.5 million and $315.5 million as of December 31, 2012 and 2011, respectively.
 
During the year ended December 31, 2012, the Plan’s investments, including gains and losses on investments bought and sold as well as held during the year, appreciated in value as follows ($ in millions):
 
Net appreciation in fair value of:
 
Danaher Corporation Stock Fund
$
50.6

Mutual funds
134.9

Common stock
20.4

 
$
205.9

 

7



NOTE 5. FAIR VALUE MEASUREMENTS
Accounting standards establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy included in the accounting standards are described below:
 
Level 1
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
 
Level 2
Inputs to the valuation methodology include:
 
•    Quoted prices for similar assets or liabilities in active markets;
 
 
•    Quoted prices for identical or similar assets or liabilities in inactive markets;
 
 
•    Inputs other than quoted prices that are observable for the asset or liability;
 
 
•    Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.
 
 
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
 
Level 3
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.  
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2012 and 2011.
Money market funds: Valued at quoted prices in an active market, which represent the net asset value ("NAV") of shares held by the Plan at year end.
Mutual funds: Valued at quoted prices in an active market, which represent the NAV of shares held by the Plan at year end.
Danaher Corporation Stock Fund: Consists of shares of the Company’s stock and nominal cash balance and is valued based on the quoted market price of the Company’s common stock and the cost of short-term money market investments, which represents the NAV of share units held by the Plan at year end.
Common/collective trusts: Includes a common/collective trust fund that is designed to deliver safety and stability by preserving principal and accumulating earnings. This fund is primarily invested in fully benefit-responsive investment contracts (see Note 2). Participant-directed redemptions have no restrictions; however, the Plan is required to provide a one year redemption notice to liquidate its entire share in the fund. The fair value of this fund has been estimated based on the fair value of the underlying investment contracts in the fund as reported by the issuer of the fund. The fair value differs from the contract value. As discussed in Note 2, contract value is the relevant measurement attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.
Common stock: Valued at the quoted closing price reported on the active market on which the individual securities are traded.
Other: Other consists of exchange traded funds, partnerships, and government and corporate bonds, which are valued at the quoted closing price reported on the active market on which the individual investments are traded.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 

8



The following table sets forth by level, within the fair value hierarchy, the Plan’s investments measured at fair value as of December 31, 2012 and 2011 ($ in millions):
December 31, 2012:
 
 
Quoted Prices in Active Market (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total
Cash
 
$
0.4

 

 

 
$
0.4

Money market funds
 
127.3

 

 

 
127.3

Mutual funds:
 
 
 
 
 
 
 
 
Balanced funds
 
533.6

 

 

 
533.6

Commodities funds
 
0.2

 

 

 
0.2

Money market funds
 
7.1

 

 

 
7.1

International stock funds
 
189.1

 

 

 
189.1

Sector stock funds
 
0.2

 

 

 
0.2

Taxable bond funds
 
303.2

 

 

 
303.2

U.S. stock funds
 
649.7

 

 

 
649.7

Danaher Corporation Stock Fund
 
302.0

 

 

 
302.0

Common/collective trusts
 

 
$
298.5

 

 
298.5

Common stock
 
134.3

 

 

 
134.3

Real estate investment trusts
 
0.3

 

 

 
0.3

Partnership unit trust funds & joint ventures
 
0.3

 

 

 
0.3

Other
 
3.3

 

 

 
3.3

 
 
$
2,251.0

 
$
298.5

 

 
$
2,549.5

December 31, 2011:
 
 
Quoted Prices in Active Market (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total
Cash
 
$
0.3

 

 

 
$
0.3

Money market funds
 
122.2

 

 

 
122.2

Mutual funds:
 
 
 
 
 
 
 
 
Balanced funds
 
437.4

 

 

 
437.4

Commodities funds
 
0.2

 

 

 
0.2

Money market funds
 
3.9

 

 

 
3.9

International stock funds
 
161.5

 

 

 
161.5

Sector stock funds
 
0.1

 

 

 
0.1

Taxable bond funds
 
234.6

 

 

 
234.6

U.S. stock funds
 
574.0

 

 

 
574.0

Danaher Corporation Stock Fund
 
277.6

 

 

 
277.6

Common/collective trusts
 

 
$
315.5

 

 
315.5

Common stock
 
109.5

 

 

 
109.5

Partnership unit trust funds & joint ventures
 
0.2

 

 

 
0.2

Other
 
1.2

 

 

 
1.2

 
 
$
1,922.7

 
$
315.5

 

 
$
2,238.2

For the years ended December 31, 2012 and 2011, there were no investments transferred between levels.


9



NOTE 6. PARTY-IN-INTEREST TRANSACTIONS
Certain Plan investments are held in shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these qualify as party-in-interest transactions. Additionally, as of December 31, 2012 and 2011, the Plan invested in 5.4 million and 5.8 million shares, respectively, of Danaher Corporation common stock as part of the Danaher Corporation Stock Fund. During the year ended December 31, 2012, the Plan received $702,796 of dividends on shares of Danaher Corporation common stock. Therefore, these transactions qualify as party-in-interest.
 
NOTE 7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The accompanying financial statements present fully benefit-responsive investment contracts at contract value. The Form 5500 requires fully benefit-responsive contracts to be reported at fair value. Therefore, the adjustment from contract value to fair value for fully benefit-responsive investment contracts represents a reconciling item.
The participant loan balance shown in the accompanying financial statements includes loans with no post-default payments. A deemed distribution occurs when a participant loan goes into default but the participant is not eligible for a Plan distribution. The Form 5500 excludes the value of any outstanding loans that were deemed distributions in the current or prior years unless repayment was initiated. Therefore, the value of loans with no post-default payments represents a reconciling item.
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2012 and 2011, to the Form 5500:
 
 
 
2012
 
2011
Net assets available for benefits per the financial statements
 
$
2,582,361,203

 
$
2,269,103,163

Less loans with no post-default payment activity that are deemed distributions
 
(742,120
)
 
(515,677
)
Plus adjustment from contract value to fair value for fully benefit-responsive investment contracts
 
8,094,969

 
7,664,930

Net assets available for benefits per the Form 5500
 
$
2,589,714,052

 
$
2,276,252,416


The following is a reconciliation of total additions and benefits paid to participants per the financial statements to total income and benefits paid in the Form 5500 for the year ended December 31, 2012:
 
Total additions per the financial statements
$
495,700,723

Add adjustment from fair value to contract value for fully benefit-responsive investment contracts as of December 31, 2012
8,094,969

Less adjustment from fair value to contract value for fully benefit-responsive investment contracts as of December 31, 2011
(7,664,930
)
Less interest payments on loans deemed distributed that have had no post-default payment activity
(319,853
)
Total income per the Form 5500
$
495,810,909

 
 
Benefits paid to participants per the financial statements
$
229,593,670

Less loan defaults previously deemed distributed that reached a distributable event
(107,030
)
Less corrective distributions
(38,495
)
Benefits paid to participants per the Form 5500
$
229,448,145



10



SUPPLEMENTAL SCHEDULES


11



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4a —
SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
FOR THE YEAR ENDED DECEMBER 31, 2012


 
Total that Constitute Nonexempt Prohibited Transactions
 
 
Participant Contributions Transferred Late to Plan

Check Here if Late Participant Loan Repayments are Included: o
 
Contributions Not Corrected
 
Contributions Corrected Outside VFCP
 
Contributions Pending Correction in VFCP
 
Total Fully Corrected Under VFCP and PTE 2002-51
$
46,304

 

 

 

 
$
46,304




12



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
Money Market Fund
 
 
 
 
 
 
 
 
*
 
Fidelity Institutional Money Market Fund
 
126,257,317

 
shares
 
**
 
$
126,257,317

 
 
JP Morgan U.S. Government Money Market Institutional Shares
 
879,076

 
shares
 
**
 
1,005,155

 
 
 
 
 
 
 
 
 
 
127,262,472

Common/Collective Trust
 
 
 
 
 
 
 
 
*
 
Fidelity Managed Income Portfolio II – Class 3 (at FMV)
 
290,395,302

 
units
 
**
 
298,490,271

Unitized Stock Fund
 
 
 
 
 
 
 
 
*
 
Danaher Corporation Stock Fund
 
5,358,983

 
units
 
**
 
301,964,978

Registered Investment Companies
 
 
 
 
 
 
 
 
 
 
American Beacon Small Cap Value Institutional Class
 
3,673,152

 
units
 
**
 
78,238,132

 
 
American Funds The Growth Fund of America Class R6
 
2,495,626

 
units
 
**
 
85,699,781

 
 
Dodge & Cox International Stock Fund
 
1,105,294

 
units
 
**
 
38,287,388

*
 
Fidelity® Diversified International Fund - Class K
 
3,190,642

 
units
 
**
 
95,368,288

*
 
Fidelity® Equity-Income Fund - Class K
 
2,267,489

 
units
 
**
 
106,662,681

*
 
Fidelity Freedom K® Income Fund
 
1,082,622

 
units
 
**
 
12,645,027

*
 
Fidelity Freedom K® 2005 Fund
 
1,495,760

 
units
 
**
 
18,891,446

*
 
Fidelity Freedom K® 2010 Fund
 
3,148,693

 
units
 
**
 
40,555,168

*
 
Fidelity Freedom K® 2015 Fund
 
4,233,406

 
units
 
**
 
54,864,948

*
 
Fidelity Freedom K® 2020 Fund
 
10,072,904

 
units
 
**
 
134,876,191

*
 
Fidelity Freedom K® 2025 Fund
 
5,247,524

 
units
 
**
 
71,261,381

*
 
Fidelity Freedom K® 2030 Fund
 
6,595,507

 
units
 
**
 
90,490,359

*
 
Fidelity Freedom K® 2035 Fund
 
2,362,468

 
units
 
**
 
32,767,424

*
 
Fidelity Freedom K® 2040 Fund
 
3,735,558

 
units
 
**
 
51,961,610

*
 
Fidelity Freedom K® 2045 Fund
 
1,079,209

 
units
 
**
 
15,206,056

*
 
Fidelity Freedom K® 2050 Fund
 
627,999

 
units
 
**
 
8,867,341

*
 
Fidelity Freedom K® 2055 Fund
 
89,484

 
units
 
**
 
890,367

*
 
Fidelity® Low-Priced Stock Fund - Class K
 
2,657,864

 
units
 
**
 
104,905,891

 
 
Franklin Small-Mid Cap Growth Fund Class Advisor
 
3,133,376

 
units
 
**
 
110,545,501

 
 
PIMCO Total Return Fund Institutional Class
 
22,264,120

 
units
 
**
 
250,248,709

*
 
Spartan® Extended Market Index Fund - Fidelity Advantage Class
 
102,212

 
units
 
**
 
4,079,265

*
 
Spartan® 500 Index Fund - Institutional Class
 
3,140,599

 
units
 
**
 
158,568,840

 
 
Templeton World Fund Class Advisor
 
3,357,129

 
units
 
**
 
52,740,500

 
 
Vanguard Total Bond Market Index Fund Institutional Shares
 
576,928

 
units
 
**
 
6,398,128

 
 
Vanguard Total International Stock Index Fund Signal Shares
 
85,242

 
units
 
**
 
2,561,509

 
 
Vanguard Inflation-Protected Securities Fund Institutional Shares
 
3,902,783

 
units
 
**
 
45,350,342

 
 
 
 
 
 
 
 
 
 
1,672,932,273

Common Stock
 
 
 
 
 
 
 
 
 
 
Accenture PLC
 
6,341

 
shares
 
**
 
421,564

 
 
Akamai Technologies
 
1,922

 
shares
 
**
 
78,588


13



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012
(CONTINUED)

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
 
 
Alexion Pharmaceutical
 
12,682

 
shares
 
**
 
1,189,382

 
 
Allergan Inc.
 
11,337

 
shares
 
**
 
1,039,661

 
 
Alliance Data Systems Corp
 
3,170

 
shares
 
**
 
458,840

 
 
Altera Corporation
 
576

 
shares
 
**
 
19,848

 
 
Amazon Com Inc.
 
22,386

 
shares
 
**
 
5,620,438

 
 
American Express
 
24,019

 
shares
 
**
 
1,380,242

 
 
American Tower Corp
 
39,391

 
shares
 
**
 
3,042,938

 
 
Ameriprise Financial Inc.
 
4,804

 
shares
 
**
 
300,781

 
 
Ametek Inc.
 
384

 
shares
 
**
 
14,434

 
 
Amgen Inc.
 
1,633

 
shares
 
**
 
140,948

 
 
Amphenol Corp
 
1,729

 
shares
 
**
 
111,860

 
 
Anheuser-Busch Inbev
 
2,882

 
shares
 
**
 
251,873

 
 
Apple Inc.
 
21,233

 
shares
 
**
 
11,314,680

 
 
Autodesk Inc.
 
13,931

 
shares
 
**
 
492,329

 
 
Baidu Inc.
 
16,813

 
shares
 
**
 
1,685,753

 
 
Baxter International Inc.
 
8,070

 
shares
 
**
 
537,827

 
 
Biogen Idec Inc.
 
12,682

 
shares
 
**
 
1,859,575

 
 
Boeing Company
 
12,490

 
shares
 
**
 
940,985

 
 
Broadcom Corp
 
46,789

 
shares
 
**
 
1,553,446

 
 
C H Robinson Worldwide Inc.
 
96

 
shares
 
**
 
6,072

 
 
Cameron International Corp
 
15,276

 
shares
 
**
 
862,256

 
 
Cardinal Health Inc.
 
961

 
shares
 
**
 
39,554

 
 
Carnival Corporation Paired Certificate
 
39,007

 
shares
 
**
 
1,433,897

 
 
Celgene Corp
 
16,909

 
shares
 
**
 
1,330,749

 
 
Cerner Corp
 
1,537

 
shares
 
**
 
119,317

 
 
Chipotle Mexican Grill
 
2,402

 
shares
 
**
 
714,277

 
 
Citigroup Inc.
 
384

 
shares
 
**
 
15,199

 
 
Citrix Systems Inc.
 
192

 
shares
 
**
 
12,631

 
 
Coach Inc.
 
6,245

 
shares
 
**
 
346,564

 
 
Coca Cola Company
 
576

 
shares
 
**
 
20,891

 
 
Cognizant Tech Solutions Corp
 
6,245

 
shares
 
**
 
462,314

 
 
Concho Resources Inc.
 
3,363

 
shares
 
**
 
270,823

 
 
Costco Wholesale Corp
 
1,729

 
shares
 
**
 
170,764

 
 
Covidien PLC
 
5,668

 
shares
 
**
 
327,210

 
 
CVS Caremark Corporation
 
9,127

 
shares
 
**
 
441,183

 
 
Discovery Communications
 
20,080

 
shares
 
**
 
1,174,358

 
 
Dollar Tree Inc.
 
3,363

 
shares
 
**
 
136,353

 
 
eBay Inc.
 
48,614

 
shares
 
**
 
2,479,644

 
 
Ecolab Inc.
 
13,643

 
shares
 
**
 
980,654

 
 
Edwards Lifesciences Corporation
 
4,035

 
shares
 
**
 
363,756


14



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012
(CONTINUED)

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
 
 
EMC Corporation
 
55,435

 
shares
 
**
 
1,402,151

 
 
EOG Resources Inc.
 
8,359

 
shares
 
**
 
1,009,366

 
 
EQT Corporation
 
7,974

 
shares
 
**
 
470,199

 
 
Expedia Inc.
 
2,210

 
shares
 
**
 
135,753

 
 
Express Scripts Inc.
 
17,390

 
shares
 
**
 
938,795

 
 
F5 Networks Inc.
 
96

 
shares
 
**
 
9,331

 
 
Facebook Inc.
 
31,513

 
shares
 
**
 
838,964

 
 
Fastenal Company
 
30,936

 
shares
 
**
 
1,444,036

 
 
FedEx Corporation
 
17,101

 
shares
 
**
 
1,568,131

 
 
Fiserv Inc.
 
5,188

 
shares
 
**
 
409,906

 
 
FMC Technologies Inc.
 
4,516

 
shares
 
**
 
193,350

 
 
Fossil Incorporated
 
14,219

 
shares
 
**
 
1,323,457

 
 
Franklin Resources Inc.
 
17,390

 
shares
 
**
 
2,185,306

 
 
Gilead Sciences Inc.
 
25,460

 
shares
 
**
 
1,869,546

 
 
Goldman Sachs Group Inc.
 
2,402

 
shares
 
**
 
306,304

 
 
Google Inc.
 
8,935

 
shares
 
**
 
6,336,568

 
 
Green Mountain Coffee Roasters
 
2,306

 
shares
 
**
 
95,343

 
 
Harley Davidson Inc.
 
13,835

 
shares
 
**
 
675,517

 
 
Henry Schein Inc.
 
961

 
shares
 
**
 
77,282

 
 
Home Depot Inc.
 
12,970

 
shares
 
**
 
801,995

 
 
Honeywell International Inc.
 
15,468

 
shares
 
**
 
981,506

 
 
Hunt J B Transport Services Inc.
 
3,074

 
shares
 
**
 
183,525

 
 
IHS Inc.
 
6,245

 
shares
 
**
 
599,353

 
 
IntercontinentalExchange Inc.
 
4,323

 
shares
 
**
 
535,139

 
 
Intuit Inc.
 
5,957

 
shares
 
**
 
354,329

 
 
Intuitive Surgical Inc.
 
144

 
shares
 
**
 
70,650

 
 
Invesco Ltd
 
51,016

 
shares
 
**
 
1,330,660

 
 
JP Morgan Chase & Co
 
4,708

 
shares
 
**
 
206,943

 
 
Juniper Networks Inc.
 
24,691

 
shares
 
**
 
485,552

 
 
Kansas City Southern
 
9,896

 
shares
 
**
 
825,882

 
 
Las Vegas Sands Corp
 
27,670

 
shares
 
**
 
1,276,899

 
 
Lennar Corporation
 
288

 
shares
 
**
 
11,143

 
 
Liberty Interactive Corp
 
18,927

 
shares
 
**
 
372,383

 
 
Limited Brands Inc.
 
13,258

 
shares
 
**
 
623,777

 
 
LinkedIn Corp
 
5,284

 
shares
 
**
 
606,567

 
 
M&T Bank Corp
 
288

 
shares
 
**
 
28,374

 
 
Marriott International Inc.
 
15,756

 
shares
 
**
 
587,086

 
 
Marsh & McLennan Co Inc.
 
6,917

 
shares
 
**
 
238,381

 
 
MasterCard Inc.
 
8,070

 
shares
 
**
 
3,963,754

 
 
McGraw Hill Companies
 
192

 
shares
 
**
 
10,502


15



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012
(CONTINUED)

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
 
 
McKesson Corp
 
21,040

 
shares
 
**
 
2,039,553

 
 
Michael Kors Holdings Ltd
 
14,892

 
shares
 
**
 
759,724

 
 
Monsanto Co
 
11,721

 
shares
 
**
 
1,109,121

 
 
Monster Beverage Corp
 
5,957

 
shares
 
**
 
314,906

 
 
Morgan Stanley
 
1,441

 
shares
 
**
 
27,547

 
 
National Oilwell Varco Inc.
 
288

 
shares
 
**
 
19,695

 
 
Nike Inc.
 
14,603

 
shares
 
**
 
753,341

 
 
Northern Trust Corp
 
10,568

 
shares
 
**
 
529,967

 
 
O'Reilly Automotive Inc.
 
10,280

 
shares
 
**
 
919,003

 
 
Occidental Petroleum
 
96

 
shares
 
**
 
7,358

 
 
Omnicom Group
 
5,476

 
shares
 
**
 
273,524

 
 
Oracle Corp
 
288

 
shares
 
**
 
9,601

 
 
Perrigo Company
 
288

 
shares
 
**
 
29,976

 
 
Petsmart Inc.
 
961

 
shares
 
**
 
65,641

 
 
Pioneer Natural Resources Co
 
7,302

 
shares
 
**
 
778,087

 
 
Praxair Inc.
 
20,752

 
shares
 
**
 
2,270,742

 
 
Precision Castparts Corp
 
12,586

 
shares
 
**
 
2,383,392

 
 
Priceline Com Inc.
 
5,765

 
shares
 
**
 
3,579,984

 
 
Prudential Financial Inc.
 
96

 
shares
 
**
 
5,122

 
 
PVH Corp
 
11,049

 
shares
 
**
 
1,226,192

 
 
Qualcomm Inc.
 
44,963

 
shares
 
**
 
2,787,892

 
 
Ralph Lauren Corp
 
7,110

 
shares
 
**
 
1,065,589

 
 
Range Resources Corp
 
8,166

 
shares
 
**
 
512,961

 
 
Red Hat Inc.
 
12,778

 
shares
 
**
 
676,547

 
 
Regeneron Pharmaceutical
 
4,131

 
shares
 
**
 
706,546

 
 
Roper Industries Inc.
 
5,476

 
shares
 
**
 
610,338

 
 
Ross Stores Inc.
 
5,092

 
shares
 
**
 
275,659

 
 
Salesforce Com Inc.
 
9,031

 
shares
 
**
 
1,517,728

 
 
Schlumberger Ltd
 
28,727

 
shares
 
**
 
1,989,941

 
 
Sherwin-Williams Company
 
10,953

 
shares
 
**
 
1,684,287

 
 
Starbucks Corporation
 
45,540

 
shares
 
**
 
2,441,201

 
 
Starwood Hotels & Resorts Worldwide Inc.
 
24,307

 
shares
 
**
 
1,393,888

 
 
State Street Corporation
 
5,957

 
shares
 
**
 
279,950

 
 
Stryker Corp
 
7,110

 
shares
 
**
 
389,645

 
 
TD Ameritrade Holding Corporation
 
11,145

 
shares
 
**
 
187,294

 
 
Tencent Holdings Ltd
 
40,448

 
shares
 
**
 
1,299,065

 
 
Thermo Fisher Scientific Inc.
 
14,027

 
shares
 
**
 
894,408

 
 
Tiffany & Company
 
96

 
shares
 
**
 
5,508

 
 
Tim Hortons Inc.
 
192

 
shares
 
**
 
9,448

 
 
Trimble Navigation Ltd
 
480

 
shares
 
**
 
28,709


16



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012
(CONTINUED)

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
 
 
Union Pacific Corp
 
19,888

 
shares
 
**
 
2,499,615

 
 
United Continental Holdings Inc.
 
13,835

 
shares
 
**
 
323,374

 
 
United Technologies
 
1,633

 
shares
 
**
 
133,910

 
 
UnitedHealth Group Inc.
 
13,835

 
shares
 
**
 
750,206

 
 
US Bancorp
 
18,639

 
shares
 
**
 
595,162

 
 
Valeant Pharmaceuticals International
 
865

 
shares
 
**
 
51,668

 
 
Verisk Analytics Inc.
 
288

 
shares
 
**
 
14,696

 
 
Visa Inc.
 
13,258

 
shares
 
**
 
2,009,182

 
 
W W Grainger Inc.
 
2,594

 
shares
 
**
 
524,817

 
 
Disney (Walt) Co
 
16,333

 
shares
 
**
 
812,998

 
 
Whole Foods Market Inc.
 
9,511

 
shares
 
**
 
868,454

 
 
Wynn Resorts Ltd
 
96

 
shares
 
**
 
10,805

 
 
Xilinx Inc.
 
12,874

 
shares
 
**
 
462,059

 
 
Yum Brands Inc.
 
12,298

 
shares
 
**
 
816,350

 
 
3M Company
 
2,690

 
shares
 
**
 
249,714

 
 
 
 
 
 
 
 
 
 
125,530,253

Partnership Unit Trust Fund & Joint Ventures
 
 
 
 
 
 
 
 
 
 
Breitburn Energy Partners LP
 
210

 
units
 
**
 
3,884

 
 
Buckeye Partners LP
 
50

 
units
 
**
 
2,271

 
 
Calumet Specialty Products Partners LP
 
723

 
units
 
**
 
21,965

 
 
Capital Product Partners LP
 
150

 
units
 
**
 
987

 
 
Cedar Fair LP
 
3

 
units
 
**
 
91

 
 
Cheniere Energy Partners LP
 
300

 
units
 
**
 
6,378

 
 
Copano Energy LLC (acquired by Kinder Morgan)
 
137

 
units
 
**
 
4,341

 
 
CVR Partners LP
 
313

 
units
 
**
 
7,905

 
 
Energy Transfer Partners LP
 
372

 
units
 
**
 
15,958

 
 
Enterprise Products Partners LP
 
700

 
units
 
**
 
35,079

 
 
Ferrell Gas Partners LP
 
1,800

 
units
 
**
 
30,330

 
 
Genesis Energy LP
 
91

 
units
 
**
 
3,251

 
 
Holly Energy Partners LP
 
156

 
units
 
**
 
10,255

 
 
Kinder Morgan Energy Partners LP
 
512

 
units
 
**
 
40,870

 
 
KKR Financial Holdings LLC
 
1,045

 
units
 
**
 
11,032

 
 
Linn Energy LLC
 
440

 
units
 
**
 
15,517

 
 
LRR Energy LP
 
500

 
units
 
**
 
8,595

 
 
Markwest Energy Partners LP
 
400

 
units
 
**
 
20,404

 
 
Natural Resource Partners LP
 
500

 
units
 
**
 
9,270

 
 
Navios Maritime Partners LP
 
207

 
units
 
**
 
2,540

 
 
Nustar Energy LP
 
69

 
units
 
**
 
2,931

 
 
Pioneer Southwest Energy Partners LP
 
500

 
units
 
**
 
11,350

 
 
Plains All American Pipeline LP
 
140

 
units
 
**
 
6,334


17



DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
EIN: 59-1995548, PLAN NO. 004
FORM 5500, SCHEDULE H, LINE 4i —
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2012
(CONTINUED)

(a)
 
(b) Identity of issue, borrower, lessor or similar party
 
(c) Description of
investment including
maturity date, rate of
interest, collateral, par, or
maturity value
 
(d) Cost
 
(e) Current value
 
 
QR Energy LP
 
250

 
units
 
**
 
4,145

 
 
Rentech Nitrogen Partners LP
 
102

 
units
 
**
 
3,854

 
 
Teekay Lng Partners LP
 
279

 
units
 
**
 
10,558

 
 
Vanguard Natural Resources LLC
 
893

 
units
 
**
 
23,217

 
 
 
 
 
 
 
 
 
 
313,312

Real Estate Investment Trust
 
 
 
 
 
 
 
 
 
 
American Capital Agency Corporation
 
1,624

 
units
 
**
 
46,930

 
 
American Capital Mortgage Investment Corp
 
152

 
units
 
**
 
3,583

 
 
American Tower
 
203

 
units
 
**
 
15,650

 
 
Annaly Mortgage Management Inc
 
3,782

 
units
 
**
 
53,105

 
 
Anworth Mortgage Asset Corporation
 
1,000

 
units
 
**
 
5,780

 
 
Armour Residential REIT Inc
 
5,177

 
units
 
**
 
33,495

 
 
Associated Estates Realty Corp
 
101

 
units
 
**
 
1,631

 
 
Capstead Mortgage Corporation
 
500

 
units
 
**
 
5,735

 
 
Chimera Investment Corporation
 
2,300

 
units
 
**
 
6,003

 
 
Coresite Realty Corporation
 
60

 
units
 
**
 
1,660

 
 
CYS Invesments Inc
 
200

 
units
 
**
 
2,365

 
 
Dynex Capital Inc
 
1,000

 
units
 
**
 
9,440

 
 
Hatteras Financial Corporation
 
500

 
units
 
**
 
12,405

 
 
Health Care REIT Inc.
 
6,000

 
units
 
**
 
5,759

 
 
Inland Real Estate Corp
 
1,020

 
units
 
**
 
8,549

 
 
MFA Financial Inc
 
1,000

 
units
 
**
 
8,110

 
 
New York Mortgage Trust Inc
 
1,660

 
units
 
**
 
10,491

 
 
Rayonier Inc
 
101

 
units
 
**
 
5,228

 
 
Senior Housing Properties Trust
 
300

 
units
 
**
 
7,092

 
 
Two Harbors Invesment Corp
 
100

 
units
 
**
 
1,108

 
 
Ventas Inc
 
103

 
units
 
**
 
6,665

 
 
 
 
 
 
 
 
 
 
250,784

Self-Directed Brokerage Account
 
 
 
 
 
 
 
 
 
 
Brokeragelink
 
Combination of common stock, bonds, mutual funds, and ETFs
 
 
 
22,457,940

Participant Loans
 
 
 
 
 
 
 
 
Participant loans
 
Interest rates range from 2.15% to 11.5% with maturity at various dates
 
**
 
34,040,191

 
 
 
 
 
 
 
 
$
2,583,242,474


*
Denotes a party-in-interest to the Plan.
**
Historical cost not required to be presented as all investments are participant-directed.

18



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN
 
 
 
Date: June 24, 2013
 
By:
 
/s/ R. L. King
 
 
 
 
R. L. King
 
 
 
 
Vice President – Benefits



19



EXHIBITS
 
Exhibit
Number
  
Description
 
 
23.1
  
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm



20