Company: DHR
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000313616-25-000088
Chunk: 38

Company: DANAHER CORP /DE/
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 1
Chunk 38
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.6 %6.3 %

SG&A expenses as a percentage of sales increased during the three-month period ended March 28, 2025 as compared to the comparable period in 2024, primarily driven by a year-over-year increase in costs incurred for productivity improvement actions, and to a lesser extent, the impact of recent acquisitions, including the associated amortization expenses, net of incremental year-over-year cost savings associated with continuing productivity improvement initiatives and cost structure improvements.

R&D expenses (consisting principally of internal and contract engineering personnel costs) as a percentage of sales increased during the three-month period ended March 28, 2025 as compared to the comparable period of 2024 primarily as a result of increased spending on R&D activities, including the impact of recent acquisitions.

OTHER INCOME (EXPENSE), NET 

For a description of the Company’s other income (expense), net during the three-month periods ended March 28, 2025 and March 29, 2024, refer to Note 7 to the accompanying Consolidated Condensed Financial Statements. 

INTEREST COSTS AND FINANCING 

For a discussion of the Company’s outstanding indebtedness, refer to Note 10 to the accompanying Consolidated Condensed Financial Statements.  

Interest expense of $72 million for the three-month period ended March 28, 2025 was $7 million higher than the comparable period of 2024.

Interest income of $6 million for the three-month period ended March 28, 2025 was $54 million lower than the comparable period of 2024, due primarily to lower average cash balances in 2025 as a result of share repurchases and acquisitions.

INCOME TAXES

The following table summarizes the Company’s effective tax rate: 

Three-Month Period EndedMarch 28, 2025March 29, 2024Effective tax rate15.5 %14.4 %

The Company operates globally, including in certain jurisdictions with lower tax rates than the U.S. federal statutory rate.  Therefore, the impact of Danaher’s global operations and benefits from tax credits and incentives contributes to a lower effective tax rate compared to the U.S. federal statutory tax rate.  For each period presented, the effective tax rate differs from the U.S. federal statutory rate of 21.0% principally due to the impact of the Company’s global operations, research tax credits, foreign-derived intangible income and aggregate net discrete benefits or charges. 

For the three-month period ended March