Financing

3 Months Ended

Apr. 01, 2022

Debt Disclosure [Abstract]

Financing

FINANCING

As of April 1, 2022, the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions):

Description and Aggregate Principal Amount	April 1, 2022		December 31, 2021
U.S. dollar-denominated commercial paper	$	1,450	$	1,440
Euro-denominated commercial paper (€1.2 billion)	1,326		1,366
Floating rate senior unsecured notes due 6/30/2022 (€250 million) (the “Floating Rate 2022 Euronotes”)	276		284
2.05% senior unsecured notes due 11/15/2022 (the “2022 Biopharma Notes”)	699		699
0.5% senior unsecured bonds due 12/08/2023 (CHF 540 million) (the “2023 CHF Bonds”)	584		592
1.7% senior unsecured notes due 3/30/2024 (€900 million) (the “2024 Euronotes”)	992		1,021
2.2% senior unsecured notes due 11/15/2024 (the “2024 Biopharma Notes”)	698		698
3.35% senior unsecured notes due 9/15/2025 (the “2025 U.S. Notes”)	498		498
0.2% senior unsecured notes due 3/18/2026 (€1.3 billion) (the “2026 Biopharma Euronotes”)	1,375		1,416
2.1% senior unsecured notes due 9/30/2026 (€800 million) (the “2026 Euronotes”)	881		907
0.3% senior unsecured notes due 5/11/2027 (¥30.8 billion) (the “2027 Yen Notes”)	251		267
1.2% senior unsecured notes due 6/30/2027 (€600 million) (the “2027 Euronotes”)	661		680
0.45% senior unsecured notes due 3/18/2028 (€1.3 billion) (the “2028 Biopharma Euronotes”)	1,373		1,413
1.125% senior unsecured bonds due 12/08/2028 (CHF 210 million) (the “2028 CHF Bonds”)	230		233
2.6% senior unsecured notes due 11/15/2029 (the “2029 Biopharma Notes”)	795		795
2.5% senior unsecured notes due 3/30/2030 (€800 million) (the “2030 Euronotes”)	884		910
0.75% senior unsecured notes due 9/18/2031 (€1.8 billion) (the “2031 Biopharma Euronotes”)	1,922		1,980
0.65% senior unsecured notes due 5/11/2032 (¥53.2 billion) (the “2032 Yen Notes”)	433		461
1.35% senior unsecured notes due 9/18/2039 (€1.3 billion) (the “2039 Biopharma Euronotes”)	1,365		1,406
3.25% senior unsecured notes due 11/15/2039 (the “2039 Biopharma Notes”)	890		890
4.375% senior unsecured notes due 9/15/2045 (the “2045 U.S. Notes”)	499		499
1.8% senior unsecured notes due 9/18/2049 (€750 million) (the “2049 Biopharma Euronotes”)	819		844
3.4% senior unsecured notes due 11/15/2049 (the “2049 Biopharma Notes”)	889		889
2.6% senior unsecured notes due 10/01/2050 (the “2050 U.S. Notes”)	980		980
2.8% senior unsecured notes due 12/10/2051 (the “2051 U.S. Notes”)	984		983
Other	24		25
Total debt	21,778		22,176
Less: currently payable	(10)		(8)
Long-term debt	$	21,768	$	22,168

For additional details regarding the Company’s debt financing, refer to Note 14 of the Company’s financial statements as of and for the year ended December 31, 2021 included in the Company’s 2021 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 27, 2024 (the “Five-Year Facility”), is available for direct borrowings and provides credit support for the commercial paper programs. For a description of the Five-Year Facility, refer to the Company’s 2021 Annual Report. On February 21, 2022, the Company and the syndicate of banks amended the Five-Year Facility to replace references to the London Interbank Offered Rate with references to the Sterling Overnight Index Average Reference Rate, the Tokyo Interbank Offer Rate or the Euro Interbank Offer Rate depending on the applicable currency of the borrowing.

As of April 1, 2022, borrowings outstanding under the Company’s U.S. dollar and euro-denominated commercial paper program had a weighted average annual interest rate of 0.2% and a weighted average remaining maturity of approximately 13 days.

Debt discounts, premiums and debt issuance costs totaled $127 million and $130 million as of April 1, 2022 and December 31, 2021, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above.

Guarantors of Debt

The Company has guaranteed long-term debt issued by certain of its wholly-owned subsidiaries. The Floating Rate 2022 Euronotes and 2027 Euronotes were issued by DH Europe Finance S.A. (“Danaher International”). The 2022 Biopharma Notes, 2024 Biopharma Notes, 2026 Biopharma Euronotes, 2028 Biopharma Euronotes, 2029 Biopharma Notes, 2031 Biopharma Euronotes, 2039 Biopharma Euronotes, 2039 Biopharma Notes, 2049 Biopharma Euronotes and 2049 Biopharma Notes were issued by DH Europe Finance II S.a.r.l. (“Danaher International II”). The 2023 CHF Bonds and 2028 CHF Bonds were issued by DH Switzerland Finance S.A. (“Danaher Switzerland”). The 2027 Yen Notes and 2032 Yen Notes were issued by DH Japan Finance S.A. (“Danaher Japan”). Each of Danaher International, Danaher International II, Danaher Switzerland and Danaher Japan are wholly-owned finance subsidiaries of Danaher Corporation. All of the outstanding and future securities issued by each of these entities are or will be fully and unconditionally guaranteed by the Company and these guarantees rank on parity with the Company’s unsecured and unsubordinated indebtedness.