Company: DHR
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000313616-25-000182
Chunk: 131

Company: DANAHER CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 131
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 property, plant and equipment(785)(876)Proceeds from sales of property, plant and equipment10 12 Payments for purchases of investments(79)(188)Proceeds from sales of investments12 251 Proceeds from sale of product line9 — All other investing activities21 39 Total cash used in investing activities$(812)$(1,287)Proceeds from the issuance of common stock in connection with stock-based compensation, net$39 $143 Payment of dividends(652)(573)Net proceeds from borrowings (maturities of 90 days or less)22 1 Borrowings (maturities longer than 90 days)4 — Repayments of borrowings (maturities longer than 90 days)(500)(974)Payments for repurchase of common stock (3,088)(5,170)All other financing activities(108)(120)Total cash used in financing activities$(4,283)$(6,693)

As of September 26, 2025, the Company held approximately $1.5 billion of cash and cash equivalents.

38

Operating Activities

Cash flows from operating activities can fluctuate significantly from period-to-period as working capital needs and the timing of payments for income taxes, restructuring activities and productivity improvement initiatives and other items impact reported cash flows.

Operating cash flows were approximately $4.3 billion for the first nine months of 2025, a decrease of $370 million, or 8%, as compared to the comparable period of 2024.  The year-over-year change in operating cash flows from 2024 to 2025 was primarily attributable to the following factors:

•2025 operating cash flows reflected a decrease of $396 million in net earnings for the first nine months of 2025 as compared to the comparable period in 2024.  

•Net earnings for the first nine months of 2025 also included $519 million higher year-over-year noncash charges primarily for impairments, as well as for unrealized investment gains/losses, intangible asset amortization, depreciation and stock compensation expense, net of a year-over-year decrease in amortization of an acquisition-related inventory step-up and a 2025 pretax gain on the sale of a product line.  Depreciation expense relates to the Company’s manufacturing and operating facilities as well as instrumentation leased to customers under OTL arrangements.  Depreciation, amortization, impairments and stock compensation are noncash expenses that decrease earnings without