Company: DHR
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0000313616-25-000153
Chunk: 121

Company: DANAHER CORP /DE/
Filing Date: 2025-07-22
Form: 10-Q
Item: Item 8
Chunk 121
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 operating cash flows during the first six months of 2025, compared to $607 million of operating cash flows used in the comparable period of 2024.  The timing of cash income tax payments and customer funding, net of normal operations drove the majority of this change.

Investing Activities

Cash flows relating to investing activities consist primarily of cash used for acquisitions and capital expenditures, including instruments leased to customers, cash used for investments and cash proceeds from divestitures of businesses or assets.

Net cash used in investing activities decreased $181 million in the six-month period ended June 27, 2025 compared to the comparable period of 2024, primarily as a result of a decrease in cash paid for capital expenditures and cash used for purchases of investments.  In addition, during the six-month periods ended June 27, 2025 and June 28, 2024 the Company invested $50 million and $127 million, respectively, in non-marketable equity securities and partnerships. 

Though the relative significance of particular categories of capital investment can change from period to period, capital expenditures are typically made for increasing manufacturing capacity, the manufacture of instruments that are used in OTL arrangements that certain of the Company’s businesses enter into with customers, replacing equipment, purchasing facilities, supporting new product development and improving IT systems.  Capital expenditures decreased $85 million on a year-over-year basis for the six-month period ended June 27, 2025 compared to the comparable period in 2024.  

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 $1.5 billion during the six-month period ended June 27, 2025 compared to approximately $5.8 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 a repayment of long-term borrowings in 2024, partially offset by lower proceeds from the issuance of common stock in connection with stock-based compensation in the 2025 period compared to 2024 and higher dividend payments year-over-year.

For a description of the Company’s outstanding debt as of June 27