Company: DHR
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000313616-25-000088
Chunk: 42

Company: DANAHER CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 1
Chunk 42
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 for the issuance of common stock in connection with stock-based compensation, net$(5)$(1)Payment of dividends(194)(177)Net borrowings (maturities longer than 90 days)4 — Net (repayments of) proceeds from borrowings (maturities of 90 days or less)(3)68 Payments for repurchase of common stock (1,078)— All other financing activities21 (23)Total cash used in financing activities$(1,255)$(133)

As of March 28, 2025, the Company held approximately $2.0 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.

Operating cash flows were approximately $1.3 billion for the first three months of 2025, a decrease of $440 million, or 25%, 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 $134 million in net earnings for the first three months of 2025 as compared to the comparable period in 2024.  

•Net earnings for the first three months of 2025 also included $40 million higher year-over-year noncash charges for unrealized investment gains/losses, impairments, depreciation, intangible asset amortization and stock compensation expense, net of a 2025 pretax gain on the sale of a product line and a year-over-year decrease in amortization of an acquisition-related inventory step-up.  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 

30

without immediately impacting cash flows as the cash flow impact from investments occurs when the invested capital is returned to the Company.

•The aggregate of trade accounts receivable, inventories and trade accounts payable used $138 million in operating cash flows during the first three months of 2025, compared to $324 million of operating cash flows provided in the comparable period of 2024.  The amount of cash flow generated