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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	4,764)	7,209)	6,433)	3,646)	3,008)
Earnings from discontinued operations, net of income taxes	(543)	—)	(86)	—)	(576)
Net earnings from continuing operations	4,221)	7,209)	6,347)	3,646)	2,432)
Depreciation	675)	738)	718)	637)	564)
Amortization of intangible assets	1,491)	1,484)	1,450)	1,138)	625)
Amortization of acquisition-related inventory fair value step-up	8)	—)	59)	457)	—)
Stock-based compensation expense	306)	336)	218)	187)	159)
Contract settlement expense	—)	—)	542)	—)	—)
Pretax loss on early extinguishment of borrowings	—)	—)	96)	26)	7)
Pretax gain on sale of product lines and investment (gains) losses	182)	271)	(414)	(455)	—)
Change in deferred income taxes	(1,204)	(559)	(229)	518)	(415)
Noncash items	1,458)	2,270)	2,440)	2,508)	940)
Change in trade accounts receivable, net	322)	(477)	(611)	(264)	(156)
Change in inventories	185)	(486)	(502)	(123)	(22)
Change in trade accounts payable	(149)	5)	549)	227)	18)
Change in prepaid expenses and other assets	419)	(78)	(4)	102)	48)
Change in accrued expenses and other liabilities	34)	76)	139)	119)	398)
Change in operating capital	811)	(960)	(429)	61)	285)
Net cash provided by operating activities	6,490)	8,519)	8,358)	6,215)	3,657)
Cash paid for acquisitions	(5,610)	(637)	(10,961)	(20,971)	(331)
Payments for additions to property, plant and equipment	(1,383)	(1,152)	(1,294)	(791)	(636)
Proceeds from sales of property, plant and equipment	12)	9)	13)	2)	13)
Payments for purchases of investments	(172)	(523)	(934)	(342)	(241)
Proceeds from sales of investments	61)	18)	126)	13)	—)
Proceeds from sale of product lines	—)	—)	26)	826)	—)
All other investing activities	44)	51)	37)	24)	29)
Net cash used in investing activities	(7,048)	(2,234)	(12,987)	(21,239)	(1,166)
Proceeds from the issuance of common stock in connection with stock-based compensation	68)	31)	86)	153)	130)
Proceeds from the public offering of common stock, net of issuance costs	—)	—)	—)	1,729)	1,443)
Proceeds from the public offering of preferred stock, net of issuance costs	—)	—)	—)	1,668)	1,600)
Net proceeds from the sale of Envista Holdings Corporation common stock, net of issuance costs	—)	—)	—)	—)	643)
Payment of dividends	(821)	(818)	(742)	(615)	(527)
Net proceeds from (repayments of) borrowings, maturities of 90 days or less	(1,006)	(723)	2,265)	(4,637)	2,802)
Proceeds from borrowings, maturities longer than 90 days	—)	—)	984)	8,670)	12,113)
Repayments of borrowings, maturities longer than 90 days	(620)	(965)	(1,186)	(5,933)	(1,565)
Distribution from discontinued operations	2,600)	—)	—)	—)	—)
Make-whole premiums to redeem borrowings prior to maturity	—)	—)	(96)	(26)	(7)
All other financing activities	(67)	(95)	(16)	(3)	(43)
Net cash provided by (used in) financing activities	154)	(2,570)	1,295)	1,006)	16,590)
Operating cash provided by (used in) discontinued operations	674)	—)	—)	(7)	294)
Investing cash used in discontinued operations	(33)	—)	—)	—)	(72)
Cash distributions to Veralto Corporation, net	(427)	—)	—)	—)	(224)
Cash provided by (used in) discontinued operations	214)	—)	—)	(7)	(2)
Effect of exchange rate changes on cash and equivalents	59)	(306)	(115)	148)	45)
Net change in cash and equivalents	(131)	3,409)	(3,449)	(13,877)	19,125)
Beginning balance of cash and equivalents	5,995)	2,586)	6,035)	19,912)	788)
Ending balance of cash and equivalents	5,864)	5,995)	2,586)	6,035)	19,912)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
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 increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Danaher Corp. (NYSE:DHR)

Cash Flow Statement