Financing

9 Months Ended

Sep. 26, 2025

Debt Disclosure [Abstract]

Financing

FINANCING

As of September 26, 2025, the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions):

	Outstanding Amount
Description and Aggregate Principal Amount	September 26, 2025		December 31, 2024
Euro-denominated commercial paper (€933 million and €931 million, respectively)(a)	$	1,092	$	965
3.35% senior unsecured notes due 9/15/2025 ($500 million) (the “2025 U.S. Notes”)(b)	—		500
0.2% senior unsecured notes due 3/18/2026 (€1.3 billion) (the “2026 Biopharma Euronotes”)(c)	1,462		1,293
2.1% senior unsecured notes due 9/30/2026 (€800 million) (the “2026 Euronotes”)(b)	936		828
0.3% senior unsecured notes due 5/11/2027 (¥30.8 billion) (the “2027 Yen Notes”)(d)	206		195
1.2% senior unsecured notes due 6/30/2027 (€600 million) (the “2027 Euronotes”)(e)	701		620
0.45% senior unsecured notes due 3/18/2028 (€1.3 billion) (the “2028 Biopharma Euronotes”)(c)	1,460		1,291
1.125% senior unsecured bonds due 12/08/2028 (CHF 210 million) (the “2028 CHF Bonds”)(f)	265		233
2.6% senior unsecured notes due 11/15/2029 ($800 million) (the “2029 Biopharma Notes”)(c)	798		797
2.5% senior unsecured notes due 3/30/2030 (€800 million) (the “2030 Euronotes”)(b)	936		829
0.75% senior unsecured notes due 9/18/2031 (€1.8 billion) (the “2031 Biopharma Euronotes”)(c)	2,041		1,805
0.65% senior unsecured notes due 5/11/2032 (¥53.2 billion) (the “2032 Yen Notes”)(d)	355		337
1.35% senior unsecured notes due 9/18/2039 (€1.3 billion) (the “2039 Biopharma Euronotes”)(c)	1,450		1,282
3.25% senior unsecured notes due 11/15/2039 ($900 million) (the “2039 Biopharma Notes”)(c)	892		892
4.375% senior unsecured notes due 9/15/2045 ($500 million) (the “2045 U.S. Notes”)(b)	500		499
1.8% senior unsecured notes due 9/18/2049 (€750 million) (the “2049 Biopharma Euronotes”)(c)	870		769
3.4% senior unsecured notes due 11/15/2049 ($900 million) (the “2049 Biopharma Notes”)(c)	891		890
2.6% senior unsecured notes due 10/01/2050 ($1.0 billion) (the “2050 U.S. Notes”)(b)	982		982
2.8% senior unsecured notes due 12/10/2051 ($1.0 billion) (the “2051 U.S. Notes”)(b)	985		985
Other	34		13
Total debt	16,856		16,005
Less: currently payable	(23)		(505)
Long-term debt	$	16,833	$	15,500

(a) Issued by Danaher Corporation or DH Europe Finance II S.a.r.l. (“Danaher International II”).

(b) Issued by Danaher Corporation.

(c) Issued by Danaher International II.

(d) Issued by DH Japan Finance S.a.r.l. (“Danaher Japan”).

(e) Issued by DH Europe Finance S.a.r.l. (“Danaher International”).

(f) Issued by DH Switzerland Finance S.a.r.l. (“Danaher Switzerland”).

Debt discounts, premiums and debt issuance costs totaled $88 million and $96 million as of September 26, 2025 and December 31, 2024, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above. For additional details regarding the Company’s debt financing, refer to Note 13 of the Company’s financial statements as of and for the year ended December 31, 2024 included in the Company’s 2024 Annual Report.

The Company has historically satisfied short-term liquidity needs that are not met through operating cash flow and available cash primarily through issuances of commercial paper under its U.S. dollar and euro-denominated commercial paper programs. The Company’s $5.0 billion unsecured, multi-year revolving credit facility with a syndicate of banks that expires on August 11, 2028 (the “Credit Facility”) is available for direct borrowings and provides credit support for the commercial paper programs. For a description of the Credit Facility, refer to the Company’s 2024 Annual Report. As of September 26, 2025, the Company has classified approximately $2.6 billion of its borrowings outstanding under the euro-denominated commercial paper programs and the 2026 Biopharma Euronotes as long-term debt in the accompanying Consolidated Condensed Balance Sheet (even though such borrowings are scheduled to mature within one year of September 26, 2025) as the Company had the intent and ability, as supported by availability under the Credit Facility, to refinance these borrowings for at least one year from the balance sheet date.

As of September 26, 2025, borrowings outstanding under the Company’s euro-denominated commercial paper program had a weighted average annual interest rate of 2.2% and a weighted average remaining maturity of approximately 27 days. There were no borrowings outstanding under the U.S. dollar-denominated commercial paper program as of September 26, 2025.

Long-Term Debt Repayments

On September 15, 2025, the Company repaid the $500 million aggregate principal amount of the 2025 U.S. Notes upon their maturity using available cash and proceeds from the issuance of commercial paper.

2025 Debt Issuances

On October 10, 2025, Danaher Switzerland, a wholly-owned finance subsidiary of the Company, completed an underwritten offering of Swiss franc-denominated bonds due 2027, 2029, 2033, 2037 and 2045 (collectively the “Swiss Bonds”). The following summarizes the key terms of the offering in aggregate:

	Aggregate Principal Amount (in millions)	Stated Annual Interest Rate		Maturity Date	Interest Payment Dates (in arrears)
2027 CHF Bonds	CHF 250	0.4773	%	April 9, 2027	April 9
2029 CHF Bonds	CHF 325	0.8875	%	October 10, 2029	October 10
2033 CHF Bonds	CHF 325	1.265	%	October 10, 2033	October 10
2037 CHF Bonds	CHF 225	1.6249	%	October 9, 2037	October 9
2045 CHF Bonds	CHF 125	1.94	%	October 10, 2045	October 10
Total Swiss Bonds	CHF 1,250

The Company received net proceeds from the issuance, after underwriting discounts and commissions and offering expenses, of approximately CHF 1.2 billion (approximately $1.6 billion based on currency exchange rates as of the date of the pricing of the Swiss Bonds). The proceeds from the issuance have been and will be used for general corporate purposes, which may include share repurchases, repayment of debt, acquisitions, capital expenditures or other investing activities.

Guarantors of Debt

Danaher Corporation has guaranteed long-term debt and commercial paper issued by certain of its wholly-owned finance subsidiaries: Danaher International, Danaher International II, Danaher Switzerland and Danaher Japan. All of the outstanding and future securities issued by each of these entities are or will be fully and unconditionally guaranteed by Danaher Corporation and these guarantees rank on parity with Danaher Corporation’s unsecured and unsubordinated indebtedness.