Company: DHR
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000313616-25-000088
Chunk: 43

Company: DANAHER CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 1
Chunk 43
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 from or used by the aggregate of trade accounts receivable, inventories and trade accounts payable depends upon how effectively the Company manages the cash conversion cycle, which effectively represents the number of days that elapse from the day it pays for the purchase of raw materials and components to the collection of cash from its customers and can be significantly impacted by the timing of collections and payments in a period. 

•The aggregate of prepaid expenses and other assets, deferred income taxes and accrued expenses and other liabilities used $265 million of operating cash flows during the first three months of 2025, compared to $381 million of operating cash flows used in the comparable period of 2024.  The timing of cash payments for customer funding drove the majority of this change.

Investing Activities

Cash flows relating to investing activities consist primarily of cash used for acquisitions and capital expenditures, including instruments leased to customers, cash used for investments and cash proceeds from divestitures of businesses or assets.

Net cash used in investing activities decreased $79 million in the three-month period ended March 28, 2025 compared to the comparable period of 2024, primarily as a result of a decrease in cash paid for capital expenditures, a decrease in cash used for the purchase of investments and proceeds from a product line disposition during 2025.  In addition, during the three-month periods ended March 28, 2025 and March 29, 2024 the Company invested $18 million and $53 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 increasing manufacturing capacity, the manufacture of instruments that are used in OTL arrangements that certain of the Company’s businesses enter into with customers, replacing equipment, purchasing facilities, supporting new product development and improving IT systems.  Capital expenditures decreased $46 million on a year-over-year basis for the three-month period ended March 28, 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 $1.3 billion during the three-month period ended March 28, 2025 compared to $133 million of cash used