Company: DHR
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000313616-25-000043
Chunk: 300

Company: DANAHER CORP /DE/
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 300
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Overview” and Notes 2 and 3 to the Consolidated Financial Statements.  In addition, in 2024 and 2023, the Company invested $331 million and $172 million, respectively, in non-marketable equity securities and partnerships. 

Capital Expenditures

Though the relative significance of particular categories of capital investment can change from period to period, capital expenditures are typically made for increasing manufacturing capacity, the manufacture of instruments that are used in OTL arrangements, purchases of buildings, replacing equipment, supporting new product development and improving information technology systems.  Capital expenditures totaled approximately $1.4 billion in both 2024 and 2023.  

During 2021, certain agencies of the U.S. government, including the Biomedical Advanced Research and Development Authority (“BARDA”) within the U.S. Department of Health and Human Services, agreed to finance an expansion of production capacity related to chromatography, liquid cell culture media, buffers and cell culture powder media and single-use consumables at certain of the Company’s Biotechnology businesses and the development of diagnostics testing technologies and the expansion of testing production capacity at certain of the Company’s Diagnostics businesses.  The Company’s businesses may enter into similar agreements in the future.  In consideration of this financing, the U.S. government has certain rights, including rights with respect to the allocation of certain of the incremental production capacity associated with such expansion and/or rights in intellectual property produced with its financial assistance.  The amount awarded pursuant to these grants in 2021 totaled $568 million and is being paid over periods ranging from one year to four years.  In 2024 and 2023, the Company recorded amounts related to these grants and other government assistance that offset operating expenses of $43 million and $51 million, respectively, and purchases of property, plant and equipment of $198 million and $136 million, respectively.  Property, plant and equipment purchased using funds provided by governments are recorded net of government assistance. 

Financing Activities

Cash flows from financing activities consist primarily of cash flows associated with the issuance and repayments of commercial paper, issuance and repayment of long-term debt, borrowings under committed credit facilities, issuance and repurchases of common stock, issuance of preferred stock, payments of cash dividends to shareholders and proceeds from the Separation.  Financing activities used cash of approximately $8.4 billion during 2024 compared to $273 million of cash used during 2023.  The year-over-year increase in cash used by financing activities was due primarily to