Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

$24.99

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.

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Danaher Corp., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net earnings
Earnings from discontinued operations, net of income taxes
Net earnings from continuing operations
Depreciation
Amortization of intangible assets
Amortization of acquisition-related inventory fair value step-up
Stock-based compensation expense
Contract settlement expense
Pretax loss on early extinguishment of borrowings
Investment (gains) losses
Impairment charges
Change in deferred income taxes
Noncash items
Change in trade accounts receivable, net
Change in inventories
Change in trade accounts payable
Change in prepaid expenses and other assets
Change in accrued expenses and other liabilities
Change in operating capital
Net cash provided by operating activities
Cash paid for acquisitions
Payments for additions to property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchases of investments
Proceeds from sales of investments
Proceeds from sale of product lines
All other investing activities
Net cash used in investing activities
Proceeds from the issuance of common stock in connection with stock-based compensation
Proceeds from the public offering of common stock, net of issuance costs
Proceeds from the public offering of preferred stock, net of issuance costs
Payment of dividends
Net proceeds from (repayments of) borrowings, maturities of 90 days or less
Proceeds from borrowings, maturities longer than 90 days
Repayments of borrowings, maturities longer than 90 days
Distribution from discontinued operations
Payments for repurchase of common stock
Make-whole premiums to redeem borrowings prior to maturity
All other financing activities
Net cash provided by (used in) financing activities
Operating cash provided by (used in) discontinued operations
Investing cash used in discontinued operations
Cash distributions to Veralto Corporation, net
Cash provided by (used in) discontinued operations
Effect of exchange rate changes on cash and equivalents
Net change in cash and equivalents
Beginning balance of cash and equivalents
Ending balance of cash and equivalents

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).

Net Earnings and Operations
Net earnings demonstrated a peak in 2022 at $7,209 million, following a significant increase from $3,646 million in 2020. However, a notable decline occurred in subsequent years, dropping to $3,899 million by 2024. Earnings from discontinued operations were volatile, with notable negative impacts in 2021 and 2023. Net earnings from continuing operations closely mirrored the overall net earnings trend, with a peak in 2022 and decreases thereafter.
Depreciation and Amortization
Depreciation expenses increased modestly from $637 million in 2020 to $721 million in 2024, showing stability with minor fluctuations. Amortization of intangible assets showed a steady increase over the years, from $1,138 million in 2020 to $1,631 million in 2024, indicating rising amortization charges possibly due to acquisitions or intangible asset additions.
Stock-Based Compensation and Other Expenses
Stock-based compensation expenses increased notably from 2020 to 2022, peaking at $336 million, followed by a slight decrease to $288 million in 2024. Contract settlement expenses were significant only in 2021. Pretax loss on early extinguishment of borrowings was recorded in 2020 and 2021 but absent in later years. Investment gains and losses shifted from gains in early years to losses in 2022 through 2024, indicating a less favorable investment environment or portfolio performance. Impairment charges appeared for the first time in 2023 and increased markedly in 2024, reflecting asset write-downs.
Deferred Income Taxes and Noncash Items
The change in deferred income taxes showed a decreasing trend, with negative values from 2021 onwards, suggesting deferred tax benefits or adjustments reducing tax liabilities. Noncash items decreased overall from 2020 to 2023 but surged back in 2024, pointing to variability in accounting adjustments or accruals affecting cash flow.
Working Capital Components
Changes in trade accounts receivable and inventories showed negative movements until 2022, then positive adjustments in 2023 and 2024, indicating improved working capital management or changes in sales and inventory policies. Trade accounts payable increased significantly in 2021 but decreased markedly by 2023 before recovering slightly in 2024. Accrued expenses and other liabilities increased through 2022 but then reversed with a large negative movement by 2024. Overall, change in operating capital fluctuated, with negative impacts in 2021 and 2022 and recovery in 2023 and 2024.
Cash Flow from Operating Activities
Net cash provided by operating activities rose from $6,215 million in 2020 to a peak of $8,519 million in 2022, before decreasing to around $6,688 million in 2024. This trend suggests robust operating cash generation with some tightening in recent periods.
Investing Activities
Cash used in investing activities drastically decreased from heavy outflows in 2020 and 2021 (above $12 billion) to lower levels in 2022 and 2024. Cash paid for acquisitions declined sharply from $20,971 million in 2020 to under $600 million by 2024, indicating reduced acquisition activity. Investment purchases and proceeds fluctuated but overall net investing outflows diminished significantly. Payments for property, plant and equipment increased steadily, reflecting ongoing capital expenditure commitments. Proceeds from the sale of product lines and other assets were sporadic, with notable income in 2020.
Financing Activities
Net cash used in financing activities was positive in 2020 and 2021, then turned negative in 2022 and further deteriorated in 2024, reflecting large repurchases of common stock and repayments of long-term borrowings. Dividends paid increased gradually from $615 million in 2020 to $821 million in 2023 before a modest reduction in 2024. Borrowings matured or were repaid actively, contributing to financing cash outflow variability. Issuance proceeds from stock offerings occurred early in the period but were absent in later years.
Discontinued Operations and Other Cash Activities
Cash flows related to discontinued operations showed minimal activity except for a significant distribution and operating cash inflow in 2023. Effects of exchange rate changes on cash were negative overall in recent years. Net changes in cash and equivalents were negative in most years except 2022, where there was an increase, consistent with operating and investing cash flow trends.
Liquidity Position
Ending balances of cash and equivalents declined from $6,035 million at the end of 2020 to $2,078 million in 2024, indicating a reduction in liquidity reserves that aligns with negative net cash flows in financing and investing activities in the later years.