Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Danaher Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Earnings from discontinued operations, net of income taxes	—)	(543)	—)	(86)	—)
Net earnings from continuing operations	3,899)	4,221)	7,209)	6,347)	3,646)
Depreciation	721)	675)	738)	718)	637)
Amortization of intangible assets	1,631)	1,491)	1,484)	1,450)	1,138)
Amortization of acquisition-related inventory fair value step-up	25)	8)	—)	59)	457)
Stock-based compensation expense	288)	306)	336)	218)	187)
Contract settlement expense	—)	—)	—)	542)	—)
Pretax loss on early extinguishment of borrowings	—)	—)	—)	96)	26)
Investment (gains) losses	57)	182)	271)	(414)	(455)
Impairment charges	265)	77)	—)	—)	—)
Change in deferred income taxes	(483)	(1,204)	(559)	(229)	518)
Noncash items	2,504)	1,535)	2,270)	2,440)	2,508)
Change in trade accounts receivable, net	331)	322)	(477)	(611)	(264)
Change in inventories	147)	185)	(486)	(502)	(123)
Change in trade accounts payable	19)	(149)	5)	549)	227)
Change in prepaid expenses and other assets	274)	419)	(78)	(4)	102)
Change in accrued expenses and other liabilities	(486)	(43)	76)	139)	119)
Change in operating capital	285)	734)	(960)	(429)	61)
Net cash provided by operating activities	6,688)	6,490)	8,519)	8,358)	6,215)
Cash paid for acquisitions	(558)	(5,610)	(637)	(10,961)	(20,971)
Payments for additions to property, plant and equipment	(1,392)	(1,383)	(1,152)	(1,294)	(791)
Proceeds from sales of property, plant and equipment	13)	12)	9)	13)	2)
Payments for purchases of investments	(331)	(172)	(523)	(934)	(342)
Proceeds from sales of investments	253)	61)	18)	126)	13)
Proceeds from sale of product lines	—)	—)	—)	26)	826)
All other investing activities	34)	44)	51)	37)	24)
Net cash used in investing activities	(1,981)	(7,048)	(2,234)	(12,987)	(21,239)
Proceeds from the issuance of common stock in connection with stock-based compensation	162)	68)	31)	86)	153)
Proceeds from the public offering of common stock, net of issuance costs	—)	—)	—)	—)	1,729)
Proceeds from the public offering of preferred stock, net of issuance costs	—)	—)	—)	—)	1,668)
Payment of dividends	(768)	(821)	(818)	(742)	(615)
Net proceeds from (repayments of) borrowings, maturities of 90 days or less	5)	(1,006)	(723)	2,265)	(4,637)
Proceeds from borrowings, maturities longer than 90 days	—)	—)	—)	984)	8,670)
Repayments of borrowings, maturities longer than 90 days	(1,674)	(620)	(965)	(1,186)	(5,933)
Distribution from discontinued operations	—)	2,600)	—)	—)	—)
Payments for repurchase of common stock	(5,979)	—)	—)	—)	—)
Make-whole premiums to redeem borrowings prior to maturity	—)	—)	—)	(96)	(26)
All other financing activities	(131)	(67)	(95)	(16)	(3)
Net cash provided by (used in) financing activities	(8,385)	154)	(2,570)	1,295)	1,006)
Operating cash provided by (used in) discontinued operations	—)	674)	—)	—)	(7)
Investing cash used in discontinued operations	—)	(33)	—)	—)	—)
Cash distributions to Veralto Corporation, net	—)	(427)	—)	—)	—)
Cash provided by (used in) discontinued operations	—)	214)	—)	—)	(7)
Effect of exchange rate changes on cash and equivalents	(108)	59)	(306)	(115)	148)
Net change in cash and equivalents	(3,786)	(131)	3,409)	(3,449)	(13,877)
Beginning balance of cash and equivalents	5,864)	5,995)	2,586)	6,035)	19,912)
Ending balance of cash and equivalents	2,078)	5,864)	5,995)	2,586)	6,035)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Danaher Corp. net cash provided by operating activities decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Danaher Corp. net cash used in investing activities decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Danaher Corp. net cash provided by (used in) financing activities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Danaher Corp. (NYSE:DHR)

Cash Flow Statement