Company: DHR
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0000313616-25-000153
Chunk: 53

Company: DANAHER CORP /DE/
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 1
Chunk 53
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)(127)Proceeds from sales of investments10 9 Proceeds from sale of product line9 — All other investing activities14 26 Total cash used in investing activities$(500)$(681)Proceeds from the issuance of common stock in connection with stock-based compensation, net$14 $76 Payment of dividends(423)(377)Net borrowings (maturities longer than 90 days)4 — Net (repayments of) proceeds from borrowings (maturities of 90 days or less)(1)15 Net repayments of borrowings (maturities longer than 90 days)— (974)Payments for repurchase of common stock (1,078)(4,530)All other financing activities(18)(58)Total cash used in financing activities$(1,502)$(5,848)

As of June 27, 2025, the Company held approximately $3.0 billion of cash and cash equivalents.

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.

35

Operating cash flows were approximately $2.6 billion for the first six months of 2025, a decrease of $519 million, or 16%, 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 $486 million in net earnings for the first six months of 2025 as compared to the comparable period in 2024.  

•Net earnings for the first six months of 2025 also included $492 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 a corresponding impact to operating cash flows.  Unrealized investment gains/losses impact net earnings without immediately impacting cash flows as the