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Inventory Accounting Policy

Inventories include the costs of material, labor and overhead. Domestic inventories are stated at the lower of cost or market primarily using the first-in, first-out ("FIFO") method with certain businesses applying the last-in, first-out method ("LIFO") to value inventory. Inventories held outside the United States are stated at the lower of cost or market primarily using the FIFO method.

Source: Danaher Corp., Annual Report

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Inventory Disclosure

Danaher Corp., Statement of Financial Position, Inventory

USD $ in thousands

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Finished goods
Work in process
Raw materials
Inventories

Source: Based on data from Danaher Corp. Annual Reports

Item Description The company
Finished goods Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Danaher Corp.'s finished goods declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.
Work in process Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Danaher Corp.'s work in process declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.
Raw materials Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product. Danaher Corp.'s raw materials declined from 2015 to 2016 but then slightly increased from 2016 to 2017.
Inventories Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Danaher Corp.'s inventories declined from 2015 to 2016 but then slightly increased from 2016 to 2017.

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Adjustment to Inventory: from LIFO to FIFO

Adjusting LIFO Inventory to FIFO (Current) Cost

USD $ in thousands

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Adjustment to Inventories
Inventories at LIFO (as reported)
Add: Inventory LIFO reserve
Inventories at FIFO (adjusted)
Adjustment to Current Assets
Current assets (as reported)
Add: Inventory LIFO reserve
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Add: Inventory LIFO reserve
Total assets (adjusted)
Adjustment to Total Danaher Stockholders' Equity
Total Danaher stockholders' equity (as reported)
Add: Inventory LIFO reserve
Total Danaher stockholders' equity (adjusted)
Adjustment to Net Earnings
Net earnings (as reported)
Add: Increase (decrease) in inventory LIFO reserve
Net earnings (adjusted)

Danaher Corp.'s inventory value on Dec 31, 2017 would be $1,840,800  (in thousands) if the FIFO inventory method was used instead of LIFO. Danaher Corp.'s inventories, valued on a LIFO basis, on Dec 31, 2017 were $1,840,800 . Danaher Corp.'s inventories would have been $– higher than reported on Dec 31, 2017 if the FIFO method had been used instead.

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Adjusted Ratios: LIFO vs. FIFO (Summary)

Danaher Corp., adjusted ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Current Ratio
Reported current ratio (LIFO)
Adjusted current ratio (FIFO)
Net Profit Margin
Reported net profit margin (LIFO) % % % % %
Adjusted net profit margin (FIFO) % % % % %
Total Asset Turnover
Reported total asset turnover (LIFO)
Adjusted total asset turnover (FIFO)
Financial Leverage
Reported financial leverage (LIFO)
Adjusted financial leverage (FIFO)
Return on Equity (ROE)
Reported ROE (LIFO) % % % % %
Adjusted ROE (FIFO) % % % % %
Return on Assets (ROA)
Reported ROA (LIFO) % % % % %
Adjusted ROA (FIFO) % % % % %
Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Danaher Corp.'s adjusted current ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Danaher Corp.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Danaher Corp.'s adjusted total asset turnover deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Danaher Corp.'s adjusted financial leverage declined from 2015 to 2016 and from 2016 to 2017.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Danaher Corp.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Danaher Corp.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Current Ratio

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Current assets (USD $ in thousands)
Current liabilities (USD $ in thousands)
Current ratio1
Adjusted: from LIFO to FIFO
Adjusted current assets (USD $ in thousands)
Current liabilities (USD $ in thousands)
Adjusted current ratio2

2017 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Danaher Corp.'s adjusted current ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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Adjusted Net Profit Margin

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings (USD $ in thousands)
Sales (USD $ in thousands)
Net profit margin1 % % % % %
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in thousands)
Sales (USD $ in thousands)
Adjusted net profit margin2 % % % % %

2017 Calculations

1 Net profit margin = 100 × Net earnings ÷ Sales
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Danaher Corp.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Total Asset Turnover

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Sales (USD $ in thousands)
Total assets (USD $ in thousands)
Total asset turnover1
Adjusted: from LIFO to FIFO
Sales (USD $ in thousands)
Adjusted total assets (USD $ in thousands)
Adjusted total asset turnover2

2017 Calculations

1 Total asset turnover = Sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Sales ÷ Adjusted total assets
= ÷ =

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Danaher Corp.'s adjusted total asset turnover deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

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Adjusted Financial Leverage

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Total assets (USD $ in thousands)
Total Danaher stockholders' equity (USD $ in thousands)
Financial leverage1
Adjusted: from LIFO to FIFO
Adjusted total assets (USD $ in thousands)
Adjusted total Danaher stockholders' equity (USD $ in thousands)
Adjusted financial leverage2

2017 Calculations

1 Financial leverage = Total assets ÷ Total Danaher stockholders' equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Danaher stockholders' equity
= ÷ =

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Danaher Corp.'s adjusted financial leverage declined from 2015 to 2016 and from 2016 to 2017.

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Adjusted Return on Equity (ROE)

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings (USD $ in thousands)
Total Danaher stockholders' equity (USD $ in thousands)
ROE1 % % % % %
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in thousands)
Adjusted total Danaher stockholders' equity (USD $ in thousands)
Adjusted ROE2 % % % % %

2017 Calculations

1 ROE = 100 × Net earnings ÷ Total Danaher stockholders' equity
= 100 × ÷ = %

2 Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total Danaher stockholders' equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Danaher Corp.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017.

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Adjusted Return on Assets (ROA)

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings (USD $ in thousands)
Total assets (USD $ in thousands)
ROA1 % % % % %
Adjusted: from LIFO to FIFO
Adjusted net earnings (USD $ in thousands)
Adjusted total assets (USD $ in thousands)
Adjusted ROA2 % % % % %

2017 Calculations

1 ROA = 100 × Net earnings ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Danaher Corp.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017.

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