Company: DHR
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000313616-25-000182
Chunk: 60

Company: DANAHER CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 1
Chunk 60
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 a result of a decrease in cash paid for acquisitions, purchases of investments and capital expenditures, partially offset by lower proceeds from the sales of investments.  In addition, during the nine-month periods ended September 26, 2025 and September 27, 2024 the Company invested $79 million and $188 million, respectively, in non-marketable equity securities and partnerships. 

Though the relative significance of particular categories of capital investment can change from period to period, capital expenditures are typically made for the manufacture of instruments that are used in OTL arrangements that certain of the Company’s businesses enter into with customers, increasing manufacturing capacity, replacing equipment, purchasing facilities, supporting new product development and improving IT systems.  Capital expenditures decreased $91 million on a year-over-year basis for the nine-month period ended September 26, 2025 compared to the comparable period in 2024.  

Financing Activities and Indebtedness

Cash flows relating to financing activities can consist 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 and payments of cash dividends to shareholders.  Financing activities used cash of approximately $4.3 billion during the nine-month period ended September 26, 2025 compared to approximately $6.7 billion of cash used in the comparable period of 2024.  The year-over-year decrease in cash used in financing activities was primarily due to lower repurchases of the Company’s common stock in the 2025 period compared to 2024 and lower repayments of long-term borrowings in 2025 compared to 2024, partially offset by lower proceeds from the issuance of common stock in connection with stock-based compensation and higher dividend payments year-over-year.

39

On October 10, 2025, DH Switzerland Finance S.a.r.l., a wholly-owned finance subsidiary of the Company, completed an underwritten offering of Swiss franc-denominated bonds and received net proceeds from the issuance, after underwriting discounts and commissions and offering expenses, of approximately CHF 1.2 billion (approximately $1.6 billion based on currency exchange rates as of the date of the pricing of the Swiss Bonds).  For a description of the Company’s outstanding debt as of September 26, 2025, long-term debt repayments, the Swiss Bond issuance and the Company’s commercial paper programs and credit facility, refer to Note 10 to the accompanying Consolidated Cond