Danaher Corp. (DHR)


Statement of Cash Flows
Quarterly Data

Difficulty: Beginner

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s statement of financial position.

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 Statement of Cash Flows (quarterly data)

USD $ in thousands

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3 months ended Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014
Net earnings 333,800  746,800  663,700  673,800  566,600  856,600  572,100  557,300  506,100  747,000  391,600  656,700  758,400  688,600  1,403,300  695,700  569,800  661,700  680,600  676,400  579,700 
(Earnings) loss from discontinued operations, net of income taxes –  –  –  –  –  –  –  –  (22,300) –  11,000  (238,700) (172,600) 46,600  (813,300) 19,800  (11,800) –  –  –  – 
Net earnings from continuing operations 333,800  746,800  663,700  673,800  566,600  856,600  572,100  557,300  483,800  747,000  402,600  418,000  585,800  735,200  590,000  715,500  558,000  661,700  680,600  676,400  579,700 
Depreciation 148,500  152,100  147,400  153,500  148,500  150,500  144,900  142,900  139,500  149,100  134,000  133,400  128,500  157,400  143,100  138,000  135,000  137,600  142,400  140,400  132,200 
Amortization 179,900  178,700  174,100  181,100  172,300  167,600  166,500  160,300  166,100  156,500  143,200  144,200  139,200  157,600  120,700  99,000  100,500  100,200  98,200  95,000  92,500 
Stock-based compensation expense 39,200  39,800  38,200  40,100  33,300  34,600  33,400  37,800  33,600  33,500  31,400  35,300  29,600  37,800  42,700  28,200  30,300  32,200  33,900  26,000  29,000 
Restructuring and impairment charges –  2,100  –  –  –  6,800  –  49,300  –  12,000  –  –  –  –  –  –  –  –  –  –  – 
Pretax loss on early extinguishment of borrowings –  –  –  –  –  –  –  –  –  –  178,800  –  –  –  –  –  –  –  –  –  – 
Pretax gain on sales of investments –  –  –  –  –  (72,800) –  –  –  –  –  –  (223,400) –  (12,400) –  –  (99,100) (38,200) (19,200) – 
Noncash items 367,600  372,700  359,700  374,700  354,100  286,700  344,800  390,300  339,200  351,100  487,400  312,900  73,900  352,800  294,100  265,200  265,800  170,900  236,300  242,200  253,700 
Change in deferred income taxes –  (195,100) –  –  –  (426,900) –  –  –  (383,900) –  –  –  (151,300) –  –  –  177,300  –  –  – 
Change in trade accounts receivable, net 73,800  (186,900) (31,000) (59,400) 219,000  (236,000) 2,500  (96,200) 168,300  (88,300) (33,300) (145,000) 83,500  (101,600) 48,200  (102,900) 104,200  (44,500) 61,000  (152,800) (5,900)
Change in inventories (132,300) 112,100  (58,300) (68,200) (128,900) 70,800  (52,800) 11,500  (56,900) 147,900  (33,600) (19,300) (85,600) 216,200  6,100  8,500  (111,100) 127,600  (18,200) 8,200  (67,000)
Change in trade accounts payable (32,300) 154,300  (15,500) 35,600  51,400  (5,900) 55,600  (13,200) (90,900) 116,200  4,600  73,300  (116,000) 246,500  (67,800) 10,000  (84,800) 181,300  (11,900) 45,800  (96,800)
Change in prepaid expenses and other assets 152,600  (155,900) 59,400  61,200  125,000  (237,900) 56,100  126,800  59,400  (234,300) 67,700  57,100  47,100  (248,500) 64,500  70,500  26,800  (229,600) 22,600  45,200  36,200 
Change in accrued expenses and other liabilities (59,900) 389,600  (58,500) 18,300  (358,300) 527,300  94,100  34,000  (342,700) (6,700) (45,400) 284,400  18,400  271,400  (58,700) 134,500  (229,300) 194,700  45,700  126,700  (188,700)
Change in operating capital 1,900  313,200  (103,900) (12,500) (91,800) 118,300  155,500  62,900  (262,800) (65,200) (40,000) 250,500  (52,600) 384,000  (7,700) 120,600  (294,200) 229,500  99,200  73,100  (322,200)
Net cash provided by operating activities 703,300  1,237,600  919,500  1,036,000  828,900  834,700  1,072,400  1,010,500  560,200  649,000  850,000  981,400  607,100  1,320,700  876,400  1,101,300  529,600  1,239,400  1,016,100  991,700  511,200 
Cash paid for acquisitions (308,200) –  (105,500) (2,067,800) –  (273,800) (18,100) (93,900) –  (4,780,500) (6,900) 2,000  (94,700) (97,900) (13,614,300) (110,200) (482,600) (2,496,000) (28,200) (443,900) (162,800)
Payments for additions to property, plant and equipment (155,700) (214,400) (149,600) (153,800) (137,900) (173,800) (139,300) (147,900) (158,600) (167,500) (148,600) (150,900) (122,600) (194,300) (185,500) (136,200) (117,000) (176,100) (142,800) (147,700) (130,900)
Proceeds from sales of property, plant and equipment 800  4,700  200  1,000  400  300  2,300  29,300  700  2,600  2,000  5,200  –  –  –  –  –  –  –  –  – 
Payments for purchases of investments (43,200) (148,900) –  –  –  –  –  –  –  –  –  –  –  –  –  –  (87,100) –  –  –  – 
Proceeds from sale of investments –  100  –  200  21,900  137,900  –  –  –  –  –  –  264,800  –  43,000  –  –  216,400  12,400  25,000  – 
All other investing activities 7,800  61,100  (31,800) (22,200) (7,100) (6,100) 100  3,300  (5,800) 21,900  –  –  –  31,800  31,600  3,300  3,200  9,600  9,500  2,200  9,000 
Net cash (used in) provided by investing activities (498,500) (297,400) (286,700) (2,242,600) (122,700) (315,500) (155,000) (209,200) (163,700) (4,923,500) (153,500) (143,700) 47,500  (260,400) (13,725,200) (243,100) (683,500) (2,446,100) (149,100) (564,400) (284,700)
Proceeds from the issuance of common stock in connection with stock-based compensation 37,300  18,700  27,600  26,500  23,200  19,800  13,200  15,300  20,500  7,900  11,800  100,900  43,900  50,900  66,600  69,900  61,600  57,900  14,100  30,900  30,000 
Proceeds from the public offering of common stock, net of issuance costs 1,443,200  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  – 
Proceeds from the public offering of preferred stock, net of issuance costs 1,599,600  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  –  – 
Payment of dividends (112,200) (112,200) (111,900) (111,800) (97,500) (97,300) (97,100) (97,300) (86,600) (86,500) (110,500) (110,100) (92,700) (92,500) (95,700) (95,500) (70,400) (70,300) (70,000) (70,000) (17,400)
Payment for purchase of noncontrolling interests –  –  –  –  –  –  –  –  (64,400) –  –  –  –  –  –  –  –  –  –  –  – 
Make-whole premiums to redeem borrowings prior to maturity –  –  –  –  –  –  –  –  –  –  (188,100) –  –  –  –  –  –  –  –  –  – 
Net proceeds from (repayments of) borrowings, maturities of 90 days or less (86,100) (816,400) (148,000) 1,266,700  (236,600) (459,400) (931,600) (1,952,600) (434,900) 4,552,300  (1,156,200) (100,900) (1,077,100) (2,637,200) 6,408,300  (12,400) (247,500) 323,500  2,100  (16,500) 3,100 
Proceeds from borrowings, maturities longer than 90 days –  –  –  –  –  98,100  –  1,684,000  –  –  –  2,978,600  262,300  732,500  4,950,400  –  –  –  –  –  – 
Repayments of borrowings, maturities longer than 90 days –  (3,900) (500,000) (3,900) –  (106,000) –  (562,400) –  (126,400) (1,850,100) (503,800) (300) (33,400) (300) (600) (1,200) (9,800) (1,300) (402,600) (1,000)
All other financing activities (4,000) (1,300) (400) (5,400) (10,800) (9,100) (13,400) (12,000) (25,300) (300) –  –  (26,700) –  –  –  (3,300) (20,900) –  –  – 
Net cash provided by (used in) financing activities 2,877,800  (915,100) (732,700) 1,172,100  (321,700) (553,900) (1,028,900) (925,000) (590,700) 4,347,000  (3,293,100) 2,364,700  (890,600) (1,979,700) 11,329,300  (38,600) (260,800) 280,400  (55,100) (458,200) 14,700 
Operating cash provided by (used in) discontinued operations –  –  –  –  –  –  –  –  –  –  (31,800) 300,400  165,700  (89,100) 76,200  (7,300) (6,000) –  –  –  – 
Investing cash used in discontinued operations –  –  –  –  –  –  –  –  –  –  (100) (30,500) (39,200) –  (27,800) (3,800) (7,200) –  –  –  – 
Cash distributions to Fortive, net –  –  –  –  –  –  –  –  –  –  (485,300) –  –  –  –  –  –  –  –  –  – 
Cash provided by (used in) discontinued operations –  –  –  –  –  –  –  –  –  –  (517,200) 269,900  126,500  (89,100) 48,400  (11,100) (13,200) –  –  –  – 
Effect of exchange rate changes on cash and equivalents 39,600  (13,500) (27,900) (107,200) 30,900  16,400  33,700  46,200  34,400  (80,200) (12,400) (39,000) (17,000) (34,200) (37,400) 22,500  (66,700) (93,400) (107,700) 5,500  (9,900)
Net change in cash and equivalents 3,122,200  11,600  (127,800) (141,700) 415,400  (18,300) (77,800) (77,500) (159,800) (7,700) (3,126,200) 3,433,300  (126,500) (1,042,700) (1,508,500) 831,000  (494,600) (1,019,700) 704,200  (25,400) 231,300 

Based on: 10-Q (filing date: 2019-04-18), 10-K (filing date: 2019-02-21), 10-Q (filing date: 2018-10-18), 10-Q (filing date: 2018-07-19), 10-Q (filing date: 2018-04-19), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-10-19), 10-Q (filing date: 2017-07-20), 10-Q (filing date: 2017-04-20), 10-K (filing date: 2017-02-22), 10-Q (filing date: 2016-10-20), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-21), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-22), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-23), 10-K (filing date: 2015-02-25), 10-Q (filing date: 2014-10-16), 10-Q (filing date: 2014-07-17), 10-Q (filing date: 2014-04-16).

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.’s net cash provided by operating activities increased from Q3 2018 to Q4 2018 but then declined significantly from Q4 2018 to Q1 2019.
Net cash (used in) provided by 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.’s net cash (used in) provided by investing activities declined from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
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.’s net cash provided by (used in) financing activities declined from Q3 2018 to Q4 2018 but then increased from Q4 2018 to Q1 2019 exceeding Q3 2018 level.