Danaher Corporation provided supplemental financial information in their balance sheet as of September 30, 2005 and December 31, 2004. Their debt to total capital ratio decreased from 22.6% to 17.4% between those periods as total debt decreased while total stockholders' equity increased. Their net debt to total capital ratio also slightly decreased from 12.4% to 12.9% as total debt decreased by a greater amount than the decrease in cash and cash equivalents. The ratios are used to evaluate the company's leverage over time and ability to access additional borrowing capacity.
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Danaher Corporation Supplemental Financial Information Debt Ratios
1. DANAHER CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION
September 30, 2005
Debt to Total Capital and Net Debt to Total Capital Ratios ($
in 000's): Balance As Of
September 30,
2005 December 31, 2004
Notes Payable and Current Portion of
Long-term Debt $118,806 $424,763
Long-term Debt 935,651 925,535
Total debt 1,054,457 1,350,298
Total Stockholders' Equity 4,994,148 4,619,682
Total Capital $6,048,605 $ 5,969,980
Debt to Total Capital Ratio 17.4% 22.6%
Total Debt $1,054,457 $1,350,298
Less: Cash and Cash Equivalents (275,621) (609,115)
Net Debt 778,836 741,183
Total Capital $6,048,605 $ 5,969,980
Net Debt to Total Capital Ratio 12.9% 12.4 %
NOTE: Debt to Total Capital is defined as the ratio of Total Debt (including notes payable, current
portion of long-term debt and long-term debt) to Total Capital (the sum of Total Debt and
Stockholders’ Equity). Net Debt to Total Capital is defined as t e ratio of Total Debt less Cash and
h
Cash Equivalents to Total Capital. Management believes these ratios provide useful information to
investors regarding the Company's debt leverage in relation to the size of its available capital base
and existing cash resources. Management uses these ratios to evaluate the Company’s leverage over
time to help determine the ability of the Company to access additional borrowing capacity. These
ratios do not however necessarily indicate the ability of the Company to satisfy the debt service
requirements in existing or future debt agreements. These ratios should be considered in addition to,
and not in lieu of, other measures of liquidity including working capital prepared in accordance with
GAAP.
This information is presented for reference only.