FINANCING

As of April 3, 2015, the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions):



	April 3, 2015		December 31, 2014
Commercial paper	$	450.0	$	764.6
2.3% senior unsecured notes due 2016	500.0		500.0
5.625% senior unsecured notes due 2018	500.0		500.0
5.4% senior unsecured notes due 2019	750.0		750.0
3.9% senior unsecured notes due 2021	600.0		600.0
4.0% bonds due 2016 (CHF 120.0 million aggregate principal amount)	133.0		129.9
Zero-coupon LYONs due 2021	79.8		110.6
Other	164.7		118.3
Subtotal	3,177.5		3,473.4
Less currently payable	123.7		71.9
Long-term debt	$	3,053.8	$	3,401.5

For a full description of the Company’s debt financing, reference is made to Note 9 of the Company’s financial statements as of and for the year ended December 31, 2014 included in the Company’s 2014 Annual Report on Form 10-K.

During the three months ended April 3, 2015, holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately 1.0 million shares of the Company’s common stock, par value $0.01 per share. The Company’s deferred tax liability associated with the book and tax basis difference in the converted LYONs of approximately $13 million was transferred to additional paid-in capital as a result of the conversions.

The Company satisfies any 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. and Euro commercial paper programs. As of April 3, 2015, borrowings outstanding under the Company’s U.S. commercial paper program had a weighted average annual interest rate of 0.17% and a weighted average remaining maturity of approximately seven days. There was no commercial paper outstanding under the Euro commercial paper program as of April 3, 2015. The Company has classified its borrowings outstanding under the commercial paper program as of April 3, 2015 as long-term debt in the accompanying Consolidated Condensed Balance Sheet as the Company had the intent and ability, as supported by availability under the Credit Facility referenced below, to refinance these borrowings for at least one year from the balance sheet date.

Credit support for the commercial paper program is provided by a $2.5 billion unsecured multi-year revolving credit facility with a syndicate of banks that expires on July 15, 2016 (the “Credit Facility”). The Credit Facility can also be used for working capital and other general corporate purposes. As of April 3, 2015, no borrowings were outstanding under the Credit Facility and the Company was in compliance with all covenants under the facility. In addition to the Credit Facility, the Company has entered into reimbursement agreements with various commercial banks to support the issuance of letters of credit.