Financing (Tables)

12 Months Ended

Dec. 31, 2017

The following summarizes the key terms for the Company’s long-term debt as of December 31, 2017:



	Outstanding Balance as of December 31, 2017		Stated Annual Interest Rate		Issue Price (as % of Principal Amount)		Issue Date	Maturity Date	Interest Payment Dates (in arrears)
2018 U.S. Notes ⁽³⁾	$	499.2	1.65	%	99.866	%	September 15, 2015	September 15, 2018	March 15 and September 15
2019 Euronotes ⁽¹⁾	718.4		1.0	%	99.696	%	July 8, 2015	July 8, 2019	July 8
2020 U.S. Notes ⁽³⁾	497.7		2.4	%	99.757	%	September 15, 2015	September 15, 2020	March 15 and September 15
2020 Assumed Pall Notes ⁽⁵⁾	394.6		5.0	%	not applicable		not applicable	June 15, 2020	June 15 and December 15
2021 LYONs	69.1		see below		not applicable		January 22, 2001	January 22, 2021	January 22 and July 22
2021 Yen Notes ⁽⁴⁾	265.5		0.352	%	100	%	February 28, 2016	March 16, 2021	September 16
2022 Euronotes ⁽¹⁾	955.6		1.7	%	99.651	%	July 8, 2015	January 4, 2022	January 4
Floating Rate 2022 Euronotes ⁽⁶⁾	299.1		three-month EURIBOR + 0.3%		100.147	%	June 30, 2017	June 30, 2022	March 30, June 30, September 30 and December 31
2023 CHF Bonds⁽²⁾	555.5		0.5	%	100.924	%	December 8, 2015	December 8, 2023	December 8
2025 Euronotes ⁽¹⁾	955.6		2.5	%	99.878	%	July 8, 2015	July 8, 2025	July 8
2025 U.S. Notes ⁽³⁾	496.3		3.35	%	99.857	%	September 15, 2015	September 15, 2025	March 15 and September 15
2027 Yen Notes ⁽⁷⁾	272.2		0.3	%	100	%	May 11, 2017	May 11, 2027	May 11 and November 11
2027 Euronotes ⁽⁶⁾	714.1		1.2	%	99.682	%	June 30, 2017	June 30, 2027	June 30
2028 CHF Bonds⁽²⁾	220.3		1.125	%	102.870	%	December 8, 2015 and December 8, 2017	December 8, 2028	December 8
2032 Yen Notes ⁽⁷⁾	470.2		0.65	%	100	%	May 11, 2017	May 11, 2032	May 11 and November 11
2045 U.S. Notes ⁽³⁾	499.3		4.375	%	99.784	%	September 15, 2015	September 15, 2045	March 15 and September 15
U.S. dollar and euro-denominated commercial paper	2,430.8		various		various		various	various	various
Other	208.6		various		various		various	various	various
Total debt	$	10,522.1


⁽¹⁾	The net proceeds, after underwriting discounts and commissions and offering expenses, of approximately €2.2 billion (approximately $2.4 billion based on currency exchange rates as of the date of issuance) from these notes were used to pay a portion of the purchase price for the Pall Acquisition.


⁽²⁾	The net proceeds, including the related premium, and after underwriting discounts and commissions and offering expenses, of CHF 758 million ($739 million based on currency exchange rates as of date of pricing) from these bonds were used to repay a portion of the commercial paper issued to finance the Pall Acquisition and the 2017 CHF Bonds.


⁽³⁾	The net proceeds, after underwriting discounts and commissions and offering expenses, of approximately $2.0 billion from these notes were used to repay a portion of the commercial paper issued to finance the Pall Acquisition.


⁽⁴⁾	The net proceeds, after offering expenses, of approximately ¥29.9 billion ($262 million based on currency exchange rates as of the date of issuance) from these notes were used to repay a portion of the commercial paper borrowings issued to finance the Pall Acquisition.

⁽⁵⁾

In connection with the Pall Acquisition, the Company acquired senior unsecured notes previously issued by Pall with an aggregate principal amount of $375 million. In accordance with accounting for business combinations, the Assumed Pall Notes were recorded at their fair value of $417 million on the date of acquisition and for accounting purposes, interest charges on these notes recorded in the Company’s Consolidated Statement of Earnings reflect an effective interest rate of approximately 2.9% per year.


⁽⁶⁾	The net proceeds at issuance, after offering expenses, of €843 million ($940 million based on currency exchange rates as of the date of pricing) from these notes were used to partially repay commercial paper borrowings.


⁽⁷⁾	The net proceeds at issuance, after offering expenses, of approximately ¥83.6 billion ($744 million based on currency exchange rates as of the date of pricing) from these notes were used to partially repay commercial paper borrowings.

The components of the Company’s debt as of December 31 were as follows ($ in millions):



	2017		2016
U.S. dollar-denominated commercial paper	$	436.9	$	2,733.5
Euro-denominated commercial paper (€1.7 billion and €3.0 billion, respectively)	1,993.9		3,127.6
Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount) (the “2017 Euronotes”)	—		526.0
0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount) (the “2017 CHF Bonds”)	—		98.0
1.65% senior unsecured notes due 2018 (the “2018 U.S. Notes”)	499.2		498.1
1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) (the “2019 Euronotes”)	718.4		628.6
2.4% senior unsecured notes due 2020 (the “2020 U.S. Notes”)	497.7		496.8
5.0% senior unsecured notes due 2020 (the “2020 Assumed Pall Notes”)	394.6		402.6
Zero-coupon LYONs due 2021	69.1		68.1
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”)	265.5		255.6
1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) (the “2022 Euronotes”)	955.6		836.5
Floating rate senior unsecured notes due 2022 (€250.0 million aggregate principal amount) (the "Floating Rate 2022 Euronotes")	299.1		—
0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) (the “2023 CHF Bonds”)	555.5		532.3
2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) (the “2025 Euronotes”)	955.6		836.8
3.35% senior unsecured notes due 2025 (the “2025 U.S. Notes”)	496.3		495.8
0.3% senior unsecured notes due 2027 (¥30.8 billion aggregate principal amount) (the “2027 Yen Notes”)	272.2		—
1.2% senior unsecured notes due 2027 (€600.0 million aggregate principal amount) (the “2027 Euronotes”)	714.1		—
1.125% senior unsecured bonds due 2028 (CHF 210.0 million and CHF 110.0 million, respectively, aggregate principal amount) (the “2028 CHF Bonds”)	220.3		108.8
0.65% senior unsecured notes due 2032 (¥53.2 billion aggregate principal amount) (the “2032 Yen Notes”)	470.2		—
4.375% senior unsecured notes due 2045 (the “2045 U.S. Notes”)	499.3		499.3
Other	208.6		124.6
Total debt	10,522.1		12,269.0
Less: currently payable	194.7		2,594.8
Long-term debt	$	10,327.4	$	9,674.2

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The Company’s minimum principal payments for the next five years are as follows ($ in millions):



2018	$	194.7
2019	1,214.0
2020	3,321.1
2021	332.9
2022	1,258.1
Thereafter	4,201.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details