Company: DHR
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000313616-25-000182
Chunk: 133

Company: DANAHER CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 133
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4.  

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.

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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 Condensed Financial Statements.  As of September 26, 2025, the Company was in compliance with all of its respective debt covenants. 

Stock Repurchase Program 

For information regarding the Company’s stock repurchase program and repurchases of common stock, refer to Part II—Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds”.

Dividends

Aggregate cash payments for dividends on Company common stock during the nine-month period ended September 26, 2025 were $652 million compared to $573 million for the nine-month period ended September 27, 2024.  The increase in dividend payments on the Company’s common stock compared to the comparable period of 2024 is due to the increases in the quarterly dividend rate for common stock beginning with respect to the dividends paid in the second quarters of each of 202