FINANCING

As of March 31, 2017, the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions):



	March 31, 2017		December 31, 2016
U.S. dollar-denominated commercial paper	$	2,268.4	$	2,733.5
Euro-denominated commercial paper (€3.0 billion and €3.0 billion, respectively)	3,167.9		3,127.6
Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount)	533.3		526.0
0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount)	99.6		98.0
1.65% senior unsecured notes due 2018	498.4		498.1
1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount)	637.5		628.6
2.4% senior unsecured notes due 2020	497.0		496.8
5.0% senior unsecured notes due 2020	402.5		402.6
Zero-coupon Liquid Yield Option Notes (LYONs) due 2021	68.5		68.1
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount)	268.5		255.6
1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount)	848.0		836.5
0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount)	541.0		532.3
2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount)	848.4		836.8
3.35% senior unsecured notes due 2025	495.9		495.8
1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount)	110.6		108.8
4.375% senior unsecured notes due 2045	499.3		499.3
Other	165.5		124.6
Total debt	11,950.3		12,269.0
Less: currently payable	2,221.0		2,594.8
Long-term debt	$	9,729.3	$	9,674.2

For additional details regarding 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, 2016 included in the Company’s 2016 Annual Report on Form 10-K.

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. dollar and euro-denominated commercial paper programs. Credit support for the commercial paper programs is generally provided by the Company’s $4.0 billion unsecured, multi-year revolving credit facility with a syndicate of banks that expires on July 10, 2020 (the “Credit Facility”), which can also be used for working capital and other general corporate purposes. In October 2016, the Company expanded its borrowing capacity by entering into a $3.0 billion 364-day unsecured revolving credit facility with a syndicate of banks that expires on October 23, 2017 (the “364-Day Facility” and together with the Credit Facility, the “Credit Facilities”), to provide additional liquidity support for issuances under the Company’s U.S. dollar and euro-denominated commercial paper programs. The increase in the size of the Company’s commercial paper programs provided necessary capacity for the Company to use proceeds from the issuance of commercial paper to fund the purchase price for the Company’s 2016 acquisition of Cepheid. As of March 31, 2017, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the facility. In addition to the Credit Facilities, the Company has also entered into reimbursement agreements with various commercial banks to support the issuance of letters of credit.

As of March 31, 2017, borrowings outstanding under the Company’s U.S. dollar and euro-denominated commercial paper programs had a weighted average annual interest rate of 0.2% and a weighted average remaining maturity of approximately 26 days.

The Company has classified approximately $4.0 billion of its borrowings outstanding under the commercial paper programs as of March 31, 2017 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, to refinance these borrowings for at least one year from the balance sheet date.

Debt discounts and debt issuance costs totaled $23 million and $25 million as of March 31, 2017 and December 31, 2016, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above.

LYONs Redemption

During the three-month period ended March 31, 2017, holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately two thousand 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 was transferred to additional paid-in capital as a result of the conversions.