Edgar Filing: DANAHER CORP /DE/

Form 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

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

¨	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

AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

Danaher Corporation & Subsidiaries Savings Plan

As of December 31, 2011 and 2010 and for the Year Ended December 31, 2011

With Report of Independent Registered Public Accounting Firm

Danaher Corporation & Subsidiaries Savings Plan

Audited Financial Statements and Supplemental Schedule

As of December 31, 2011 and 2010 and for the Year Ended December 31, 2011

Contents


Report of Independent Registered Public Accounting Firm			1

Audited Financial Statements

Statements of Net Assets Available for Benefits			2
Statement of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4

Supplemental Schedule

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

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 the Danaher Corporation & Subsidiaries Savings Plan as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. 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 the Plan at December 31, 2011 and 2010, and the changes in its net assets available for benefits for the year ended December 31, 2011, 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 schedule of assets (held at end of year) as of December 31, 2011, is presented for purposes of additional analysis and is not a required part of the financial statements but is 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 is the responsibility of the Plan’s management. The 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 26, 2012

Danaher Corporation & Subsidiaries Savings Plan

Statements of Net Assets Available for Benefits

($ in millions)


	December 31
	2011			2010
Assets
Investments, at fair value	$	2,238.2		$	2,192.6

Receivables:
Participant contributions		0.2			1.9
Employer contributions		4.7			5.0
Pending trades		—			0.3
Notes receivable from participants		33.8			32.9

Total receivables		38.7			40.1

Total assets		2,276.9			2,232.7

Liabilities
Administrative expenses payable		0.1			—

Total liabilities		0.1			—


Net assets reflecting investments at fair value		2,276.8			2,232.7
Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(7.7	)		(3.1	)

Net assets available for benefits	$	2,269.1		$	2,229.6

See accompanying notes.

Danaher Corporation & Subsidiaries Savings Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2011

($ in millions)


Additions
Contributions:
Participant	$	110.6
Rollovers		22.2
Employer		75.7

Total contributions		208.5

Interest and dividend income		56.3

Total additions		264.8

Deductions
Benefit payments		207.7
Administrative expenses		0.4
Net realized and unrealized depreciation in fair value of investments		93.0

Total deductions		301.1


Net decrease prior to plan transfers		(36.3	)

Net transfers into plan		75.8

Net increase in assets available for benefits		39.5

Net assets available for benefits:
Beginning of year		2,229.6

End of year	$	2,269.1

See accompanying notes.

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements

December 31, 2011 and 2010

1.	Description of the Plan

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 (the Company), effective November 30, 2002. Danaher Corporation is 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 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).

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.

On December 31, 2010, the Arbor Networks 401(k) Plan merged into the Plan.

On July 1, 2010, the Davis Calibration 401(k) Profit Sharing Plan merged into the Plan.

On January 5, 2010, the Tektronix 401(k) Plan merged into the Plan.

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 million.

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

1.	Description of the Plan (continued)

Effective May 17, 2010, assets related to a certain group of employees were transferred to the Aegean Hong Kong, LLC 401(k) Savings Plan. This was done in anticipation of the subsequent formation of the Apex Tool Group, LLC, which is a joint venture between Danaher Corporation and Cooper Industries, PLC.

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, 2011, 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.

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 70 ¹/2.

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.


5

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

1.	Description of the Plan (continued)

Benefit Payments (continued)

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.

Participant Loans

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 60 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.


6

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

Forfeited Accounts

At December 31, 2011 and 2010, forfeited non-vested accounts totaled $1.6 million and $5.2 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.

2.	Significant Accounting Policies

Basis of Accounting

The accompanying financial statements are prepared on the accrual basis of accounting.

Payment of Benefits

Benefits are recorded when paid.

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 $1.5 million for 2011 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, 2011 or 2010. 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.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.


7

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

2.	Significant Accounting Policies (continued)

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 6 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 the accounting standards related to defined contribution plans, 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.

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.

3.	Tax Status of the Plan

The Plan has received a determination letter from the Internal Revenue Service 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.


8

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

3.	Tax Status of the Plan (continued)

U.S. generally accepted accounting principles 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, 2011 and 2010, 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 2008.

4.	Investments

The fair value of investments representing 5% or more of the Plan’s net assets is as follows ($ in millions):


	December 31
	2011		2010

Danaher Corporation Stock Fund	$	277.6	$	271.4
Fidelity Freedom K 2020		118.4		*
Fidelity Institutional Money Market Fund		121.4		*
Fidelity Magellan Fund – Class K		*		132.1
Fidelity Managed Income Portfolio II – Class 3 (at contract value) (a)		307.8		315.5
Franklin Small Mid-Cap Growth Fund Advisor Class		*		118.4
NT Collective S&P 500 Index Fund – Non Lending		*		165.0
PIMCO Total Return Fund Institutional Class		202.3		196.8
Spartan 500 Index Fund Institutional Class		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 $315.5 million and $318.6 million at December 31, 2011 and 2010, respectively.


9

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

4.	Investments (continued)

During the year ended December 31, 2011, the Plan’s investments (including gains and losses on investments bought and sold as well as held during the year) depreciated in fair value by $93 million as follows ($ in millions):


	Year Ended December 31, 2011

Danaher Corporation stock fund	$	0.9
Mutual funds		(104.3	)
Common/collective trust		6.9
Common stock		3.5

	$	(93.0	)

5.	New Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements, (ASU 2010-06). ASU 2010-06 amended ASC 820 to clarify certain existing fair value disclosures and require a number of additional disclosures. The requirement to present changes in Level 3 measurements on a gross basis is effective for reporting periods beginning after December 15, 2010. Since ASU 2010-06 only affects fair value measurement disclosures, adoption of ASU 2010-06 did not have an effect on the Plan’s net assets available for benefits or its changes in net assets available for benefits.

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 amendments result in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (IFRSs). The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. The Plan is currently evaluating the impact of adopting ASU 2011-04 on the Plan’s financial statements.


10

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

6.	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.


11

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

6.	Fair Value Measurements (continued)

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 at December 31, 2011 and 2010.

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 previously 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.


12

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

6.	Fair Value Measurements (continued)

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2011 and 2010:

December 31, 2011

Level 1

Level 2

Level 3

Total

($ in millions)

Cash

4.2

—

4.2

Money market trust

122.2

—

122.2

Mutual funds:

Blended funds

1,294.2

—

1,294.2

International funds

113.3

—

113.3

Danaher Corporation stock fund

277.6

—

277.6

Common/collective trust

—

315.5

—

315.5

Common stock

110.4

—

110.4

Other

0.8

—

0.8

Total investments at fair value

1,922.7

315.5

—

2,238.2

December 31, 2010


	Level 1		Level 2		Level 3		Total

Money market trust	$	101.3	$	—	$	—	$	101.3
Mutual funds:
Blended funds		1,132.5		—		—		1,132.5
International funds		136.7		—		—		136.7
Danaher Corporation stock fund		271.4		—		—		271.4
Common/collective trust		—		550.7		—		550.7

Total investments at fair value	$	1,641.9	$	550.7	$	—	$	2,192.6

For the year ended December 31, 2011, there were no investments transferred between Levels.


13

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

7.	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, 2011 and 2010, the Plan invested in 5.8 million and 5.7 million shares, respectively, of Danaher Corporation common stock as part of the Danaher Corporation Stock Fund. During the year ended December 31, 2011, the Plan received $491,062 of dividends on shares of Danaher Corporation common stock. Therefore, these transactions qualify as party-in-interest.

8.	Differences Between Financial Statements and 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 to the Form 5500:


	December 31
	2011			2010

Net assets available for benefits per the financial statements	$	2,269,103,163		$	2,229,557,518
Loans with no post-default payment activity that are deemed distributions		(515,677	)		(508,352	)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		7,664,930			3,146,236

Net assets available for benefits per the Form 5500	$	2,276,252,416		$	2,232,195,402


14

Danaher Corporation & Subsidiaries Savings Plan

Notes to Financial Statements (continued)

8.	Differences Between Financial Statements and Form 5500 (continued)

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, 2011:


Total additions per the financial statements	$	264,756,142
Add: Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2011		7,664,930
Less: Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2010		(3,146,236	)
Less: Net realized and unrealized depreciation in fair value of investments		(92,960,312	)

Total income per the Form 5500	$	176,314,524


Benefits paid to participants per the financial statements	$	207,655,546
Loan defaults previously deemed distributed that reached a distributable event		(22,357	)
Corrective distributions		(33,338	)

Benefits paid to participants per the Form 5500	$	207,599,851


15

Supplemental Schedule

Danaher Corporation & Subsidiaries Savings Plan

EIN: 59-1995548, Plan No. 004

Schedule H, Line 4i—

Schedule of Assets (Held At End of Year)

December 31, 2011

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Money Market Fund

*Fidelity Institutional Money Market Fund

121,418,810

JP Morgan Us Government Money Market Institutional Shares

879,076

752,878

122,171,688

Common/Collective Trust

*Fidelity Managed Income Portfolio II Class 3 (at FMV)

307,807,522

units

315,472,452

Unitized Stock Fund

*Danaher Corporation Stock Fund

5,842,133

units

277,573,287

Registered Investment Companies

American Beacon Small Cap Value Institutional Class

3,799,144

units

72,221,718

American Funds The Growth Fund of America Class R6

2,554,368

units

73,361,463

Dodge & Cox International Stock

1,037,110

units

30,325,110

*Fidelity Diversified International Fund Class K

3,254,644

units

82,928,338

*Fidelity Equity Income Fund Class K

2,229,187

units

92,043,118

*Fidelity Freedom K Income

1,112,654

units

12,572,996

*Fidelity Freedom K 2005

1,661,727

units

19,907,492

*Fidelity Freedom K 2010

3,699,164

units

44,759,879

*Fidelity Freedom K 2015

4,051,134

units

49,140,260

*Fidelity Freedom K 2020

9,524,976

units

118,395,449

*Fidelity Freedom K 2025

3,750,881

units

46,660,954

*Fidelity Freedom K 2030

5,680,111

units

71,228,590

*Fidelity Freedom K 2035

1,685,253

units

21,116,222

*Fidelity Freedom K 2040

3,175,175

units

39,911,944

*Fidelity Freedom K 2045

652,700

units

8,263,187

*Fidelity Freedom K 2050

425,253

units

5,379,457

*Fidelity Freedom K 2055

2,579

units

22,720

*Fidelity Low-Priced Stock Fund Class K

2,531,985

units

90,391,878

Franklin Small Mid-Cap Growth AD

3,194,765

units

111,625,103

PIMCO Total Return Fund Institutional Class

18,607,119

units

202,259,387

*Spartan 500 Index – Extended Market Index Advantage

10,190

units

361,339

*Spartan 500 Index Fund Institutional Class

2,998,384

units

133,428,090

Templeton World Fund Advisor Class

3,476,140

units

47,727,409

Vanguard Total Bond Marked Index Fund- Signal

73,725

units

810,971

Vanguard Intl Stock Index Fund Signal Shares

17,088

units

447,693

Vanguard Inflation-Protected Securities

2,733,027

units

30,855,872

1,406,146,639

Common Stock

Accenture Plc Cl A

12,335

656,598

Air Products & Chemicals Inc

5,546

472,465

Alexion Pharmaceutical

6,407

458,072

Allergan Inc

10,805

948,046

Altera Corporation

7,745

287,351

Amazon Com Inc

24,096

4,171,102

American Express

30,599

1,443,341

American Tower Corp

40,448

2,427,265

Ameriprise Financial Inc

10,327

512,636

Apple Inc

21,897

8,868,368

Autodesk Inc

13,674

414,726

Baidu Inc Adr

21,515

2,505,819

Danaher Corporation & Subsidiaries Savings Plan

EIN: 59-1995548, Plan No. 004

Schedule H, Line 4i—

Schedule of Assets (Held At End of Year)

December 31, 2011

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Baker Hughes Inc

8,510

413,939

Baxter International Inc

7,650

378,506

Bed, Bath & Beyond

13,004

753,868

Biogen Idec Inc

10,518

1,157,540

Blackrock Inc

478

85,217

Boeing Company

12,526

918,808

Broadcom Corp-Cl A

39,778

1,167,892

Cameron International Corp

16,160

794,908

Cardinal Health Inc

20,750

842,647

Carnival Corporation Paired Certificate

28,686

936,321

Caterpillar Inc Del

4,399

398,510

Cbre Group Inc

1,530

23,286

Celgene Corp

22,280

1,506,107

Chipotle Mexican Grill

2,104

710,491

CME Group Inc

287

69,900

Coach Inc

10,614

647,874

Coca Cola Company

287

20,072

Concho Resources Inc

8,893

833,695

Covidien Plc

2,869

129,117

Cummins Inc

1,721

151,498

Deere & Company

1,721

133,133

Devon Energy Corporation

287

17,786

Discovery Communications-C

21,610

814,710

Disney (Walt) Co

16,542

620,341

Dollar Tree Inc

1,052

87,418

eBay Inc

37,962

1,151,373

Ecolab Inc

2,677

154,780

Edwards Lifesciences Corporation

478

33,802

EMC Corporation

47,332

1,019,540

Emerson Electric Co

6,407

298,484

EOG Resources Inc

11,666

1,149,194

EQT Corporation

6,885

377,213

Expeditors International of Washington Inc

10,805

442,580

Express Scripts Inc

27,634

1,234,984

Fastenal Company

40,065

1,747,243

FedEx Corporation

20,941

1,748,782

Fiserv Inc

1,434

84,252

FMC Technologies Inc

13,004

679,223

Fossil Incorporated

7,650

607,078

Franklin Resources Inc

18,837

1,809,514

General Electric Co

6,980

125,018

Gilead Sciences Inc

2,773

113,499

Goldman Sachs Group Inc

191

17,294

Google Inc Cl A

9,945

6,423,205

Groupon Inc

8,510

175,567

Halliburton Co

1,912

65,998

Hansen Natural Corp

2,295

211,452

Home Depot Inc

3,347

140,697

Honeywell International Inc

13,674

743,171

Intercontinentalexchange Inc

6,885

829,952

International Business Machines

861

158,245

Intuit Inc

5,929

311,780

Invesco Ltd

51,540

1,035,433

Danaher Corporation & Subsidiaries Savings Plan

EIN: 59-1995548, Plan No. 004

Schedule H, Line 4i—

Schedule of Assets (Held At End of Year)

December 31, 2011

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Johnson Controls Inc

20,845

651,626

Joy Global Inc

6,120

458,797

JP Morgan Chase & Co

5,833

193,943

Juniper Networks Inc

31,937

651,842

Kansas City Southern

3,825

260,127

Las Vegas Sands Corp

29,929

1,278,882

Liberty Interactive Corp

26,487

429,487

Limited Brands Inc

3,060

123,466

LinkedIn Corporation

1,912

120,502

Marriott International Inc New Cl A

32,224

939,982

Marsh & Mclennan Co Inc

6,024

190,483

Mastercard Inc-Cl A

8,319

3,101,499

McDonalds Corp

11,953

1,199,207

Mckesson Corp

26,487

2,063,603

Monsanto Co New

14,343

1,005,024

Nike Inc Class B

13,961

1,345,389

Northern Trust Corp

7,554

299,594

Occidental Petroleum

13,100

1,047,351

Omnicom Group Inc

6,311

591,339

O’Reilly Automotive Inc

5,642

251,504

Peabody Energy

15,108

500,230

Pioneer Natural Resources Co

3,060

273,797

Potash Corp Saskatchewan

765

31,578

Praxair Inc

25,244

2,698,577

Precision Castparts Corporation

11,283

1,859,371

Priceline Company Inc

5,355

2,504,482

Procter & Gamble

287

19,137

Prudential Financial Inc

10,231

512,800

Qualcomm Inc

47,619

2,604,773

Ralph Lauren Corporation

8,128

1,122,284

Range Resources Corporation

8,128

503,435

Roper Industries Inc

4,303

373,797

Salesforce Com Inc

1,530

155,227

Schlumberger Ltd

35,571

2,429,855

Sherwin-Williams Company

1,052

93,897

Shire Plc Adr

191

19,870

Stanley Black & Decker Inc

4,112

277,951

Starbucks Corporation

51,827

2,384,540

Starwood Hotels & Resorts Worldwide Inc

19,889

954,083

State Street Corporation

11,092

447,120

Stryker Corporation

11,857

589,412

TD Ameritrade Holding Corporation

5,259

82,306

Tencent Holdings Ltd

46,185

928,266

Thermo Fisher Scientific Inc

6,502

292,405

Tiffany & Company

3,251

215,419

Union Pacific Corporation

17,403

1,843,676

Unitedhealth Group Inc

15,012

1,097,263

United Technologies

7,172

363,455

US Bancorp

25,626

693,195

Visa Inc-Class A Shrs

15,299

1,553,344

Weight Watchers International Inc

1,817

99,942

Wells Fargo Company

5,068

139,672

Western Union Company

956

17,460

Danaher Corporation & Subsidiaries Savings Plan

EIN: 59-1995548, Plan No. 004

Schedule H, Line 4i—

Schedule of Assets (Held At End of Year)

December 31, 2011

(a)

(b) Identity of issue, borrower, lessor or similar party

(d) Cost

(e) Current value

Whole Foods Market Inc

9,658

671,984

W W Grainger Inc

4,590

859,166

Wynn Resorts Ltd

2,295

253,564

Xilinx Inc

19,985

640,712

Yum Brands Inc

12,431

733,537

3M Company

1,817

148,487

106,862,442

Venture Capital & Partnerships

Capital Product Partners LP

150

units

920

Energy Transfer Partners LP

250

units

11,463

Enterprise Products Partners LP

400

units

18,552

Ferrell Gas Partners LP

900

units

17,073

Holly Energy Partners LP

200

units

10,756

Kinder Morgan Energy Partners LP

352

units

29,864

Markwest Energy Partners LP

400

units

22,024

110,652

Real Estate

Annaly Capital Management Inc

650

units

10,374

Dynex Capital Inc

1,000

units

9,130

19,504

Self-Directed Brokerage Account

Brokeragelink

combination of
common stock,
bonds, mutual
funds, and
ETFs

9,516,401

Participant loans

Participant loans

Interest rates
range from
2.15% to
11.5% with
maturity at
various dates

33,317,330

2,271,190,395

*	Indicates a party-in interest to the Plan.

**	Historical cost not required to be presented as all investments are participant-directed.

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 22, 2012	By:	/s/ R. L. King
		R. L. King
		Vice President – Benefits

EXHIBIT INDEX


Exhibit Number		Description

23.1		Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

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