Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Danaher Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	40,497)	41,608)	39,752)	41,184)	35,420)
Patents and technology	14,781)	15,175)	13,508)	14,377)	12,526)
Customer relationships, trade names and other intangibles	9,972)	10,131)	10,183)	9,547)	9,355)
Finite-lived intangibles, gross carrying amount	24,753)	25,306)	23,691)	23,924)	21,881)
Accumulated amortization	(9,422)	(8,135)	(7,236)	(6,029)	(4,774)
Finite-lived intangibles, net	15,331)	17,171)	16,455)	17,895)	17,107)
Trademarks and trade names	3,237)	3,575)	3,845)	4,948)	4,175)
Indefinite-lived intangibles	3,237)	3,575)	3,845)	4,948)	4,175)
Intangibles	18,568)	20,746)	20,300)	22,843)	21,282)
Goodwill and other intangible assets	59,065)	62,354)	60,052)	64,027)	56,702)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Danaher Corp. goodwill increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Intangibles	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Danaher Corp. intangibles increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Danaher Corp. goodwill and other intangible assets increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Danaher Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	77,542)	84,488)	84,350)	83,184)	76,161)
Less: Goodwill	40,497)	41,608)	39,752)	41,184)	35,420)
Total assets (adjusted)	37,045)	42,880)	44,598)	42,000)	40,741)
Adjustment to Total Danaher Stockholders’ Equity
Total Danaher stockholders’ equity (as reported)	49,543)	53,486)	50,082)	45,167)	39,766)
Less: Goodwill	40,497)	41,608)	39,752)	41,184)	35,420)
Total Danaher stockholders’ equity (adjusted)	9,046)	11,878)	10,330)	3,983)	4,346)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Danaher Corp., Financial Data: Reported vs. Adjusted

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Danaher Corp., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.31	0.28	0.37	0.35	0.29
Adjusted total asset turnover	0.64	0.56	0.71	0.70	0.55
Financial Leverage
Reported financial leverage	1.57	1.58	1.68	1.84	1.92
Adjusted financial leverage	4.10	3.61	4.32	10.54	9.37
Return on Equity (ROE)
Reported ROE	7.87%	8.91%	14.39%	14.24%	9.17%
Adjusted ROE	43.10%	40.11%	69.79%	161.51%	83.89%
Return on Assets (ROA)
Reported ROA	5.03%	5.64%	8.55%	7.73%	4.79%
Adjusted ROA	10.53%	11.11%	16.16%	15.32%	8.95%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Danaher Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
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. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Danaher Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Danaher Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Danaher Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Sales	23,875)	23,890)	31,471)	29,453)	22,284)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Activity Ratio
Total asset turnover¹	0.31	0.28	0.37	0.35	0.29
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Sales	23,875)	23,890)	31,471)	29,453)	22,284)
Adjusted total assets	37,045)	42,880)	44,598)	42,000)	40,741)
Activity Ratio
Adjusted total asset turnover²	0.64	0.56	0.71	0.70	0.55

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Sales ÷ Total assets
= 23,875 ÷ 77,542 = 0.31

² Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 23,875 ÷ 37,045 = 0.64

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Danaher Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Total Danaher stockholders’ equity	49,543)	53,486)	50,082)	45,167)	39,766)
Solvency Ratio
Financial leverage¹	1.57	1.58	1.68	1.84	1.92
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	37,045)	42,880)	44,598)	42,000)	40,741)
Adjusted total Danaher stockholders’ equity	9,046)	11,878)	10,330)	3,983)	4,346)
Solvency Ratio
Adjusted financial leverage²	4.10	3.61	4.32	10.54	9.37

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 77,542 ÷ 49,543 = 1.57

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Danaher stockholders’ equity
= 37,045 ÷ 9,046 = 4.10

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Solvency 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. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Total Danaher stockholders’ equity	49,543)	53,486)	50,082)	45,167)	39,766)
Profitability Ratio
ROE¹	7.87%	8.91%	14.39%	14.24%	9.17%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Adjusted total Danaher stockholders’ equity	9,046)	11,878)	10,330)	3,983)	4,346)
Profitability Ratio
Adjusted ROE²	43.10%	40.11%	69.79%	161.51%	83.89%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net earnings ÷ Total Danaher stockholders’ equity
= 100 × 3,899 ÷ 49,543 = 7.87%

² Adjusted ROE = 100 × Net earnings ÷ Adjusted total Danaher stockholders’ equity
= 100 × 3,899 ÷ 9,046 = 43.10%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Danaher Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Total assets	77,542)	84,488)	84,350)	83,184)	76,161)
Profitability Ratio
ROA¹	5.03%	5.64%	8.55%	7.73%	4.79%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Adjusted total assets	37,045)	42,880)	44,598)	42,000)	40,741)
Profitability Ratio
Adjusted ROA²	10.53%	11.11%	16.16%	15.32%	8.95%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × 3,899 ÷ 77,542 = 5.03%

² Adjusted ROA = 100 × Net earnings ÷ Adjusted total assets
= 100 × 3,899 ÷ 37,045 = 10.53%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Danaher Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Danaher Corp. (NYSE:DHR)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Danaher Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Danaher Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)