Company: DHR
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000313616-25-000088
Chunk: 96

Company: DANAHER CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 96
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 debt, paying dividends and funding restructuring activities, as well as to repurchase common stock when deemed appropriate and manage its capital structure on a short-term and long-term basis.

The Company has relied primarily on borrowings under its commercial paper program to address liquidity requirements that exceed the capacity provided by its operating cash flows and cash on hand, while also accessing the capital markets from time to time including to secure financing for more significant acquisitions.  Subject to any limitations that may result from market disruptions, the Company anticipates following the same approach in the future.

Overview of Cash Flows and Liquidity

Following is an overview of the Company’s cash flows and liquidity ($ in millions):

Three-Month Period EndedMarch 28, 2025March 29, 2024Net cash provided by operating activities$1,299 $1,739 Payments for additions to property, plant and equipment(245)(291)Proceeds from sales of property, plant and equipment6 — Payments for purchases of investments(18)(53)Proceeds from sales of investments5 9 Proceeds from sale of product line9 — All other investing activities1 14 Total cash used in investing activities$(242)$(321)Payments for the issuance of common stock in connection with stock-based compensation, net$(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