FINANCING

As of April 1, 2016, the Company was in compliance with all of its debt covenants. The components of the Company’s debt were as follows ($ in millions):



	April 1, 2016		December 31, 2015
U.S. dollar-denominated commercial paper	$	394.8	$	920.0
Euro-denominated commercial paper (€2.4 billion and €2.8 billion, respectively)	2,702.0		3,096.9
2.3% senior unsecured notes due 2016	500.0		500.0
4.0% senior unsecured bonds due 2016 (CHF 120.0 million aggregate principal amount)	128.2		122.6
Floating rate senior unsecured notes due 2017 (€500.0 million aggregate principal amount)	571.4		544.8
0.0% senior unsecured bonds due 2017 (CHF 100.0 million aggregate principal amount)	104.3		99.7
1.65% senior unsecured notes due 2018	497.3		497.1
5.625% senior unsecured notes due 2018	500.0		500.0
1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount)	682.6		651.0
5.4% senior unsecured notes due 2019	750.0		750.0
2.4% senior unsecured notes due 2020	496.1		495.9
5.0% senior unsecured notes due 2020	410.7		410.7
Zero-coupon Liquid Yield Option Notes (LYONs) due 2021	72.6		72.6
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount)	267.7		—
3.9% senior unsecured notes due 2021	600.0		600.0
1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount)	908.9		866.8
0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount)	566.0		541.6
2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount)	910.1		867.9
3.35% senior unsecured notes due 2025	495.4		495.3
1.125% senior unsecured bonds due 2028 (CHF 110.0 million aggregate principal amount)	115.7		110.7
4.375% senior unsecured notes due 2045	499.3		499.3
Other	218.6		227.5
Subtotal	12,391.7		12,870.4
Less: currently payable	197.0		845.2
Long-term debt	$	12,194.7	$	12,025.2

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, 2015 included in the Company’s 2015 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. and Euro commercial paper programs. Credit support for the commercial paper programs is 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 “5-Year Credit Facility”) and its 364-day unsecured revolving credit facility with a syndicate of banks that expires on July 8, 2016 (the “364-Day Facility” and together with the 5-Year Credit Facility, the “Credit Facilities”), which can also be used for working capital and other general corporate purposes.

Effective April 1, 2016, the Company reduced the commitment amount under its 364-Day Facility from $2.0 billion to $1.0 billion, as permitted by the facility. Since the 364-Day Facility provides a portion of the liquidity support for the commercial paper programs, the capacity under the Company’s U.S. and Euro commercial paper programs effectively decreased by the same amount. As of April 1, 2016, borrowings outstanding under the Company’s U.S. and Euro commercial paper programs had a weighted average annual interest rate of 0.1% and a weighted average remaining maturity of approximately 36 days.

The Company classified its borrowings outstanding under the commercial paper programs as of April 1, 2016, as well as its 2.3% senior unsecured notes due 2016 and the 4.0% senior unsecured bonds due 2016, 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 Facilities referenced above, to refinance these borrowings for at least one year from the balance sheet date.

As of April 1, 2016, no borrowings were outstanding under either of the Credit Facilities, and the Company was in compliance with all covenants under each 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.

Debt discounts and debt issuance costs totaled $9 million as of April 1, 2016 and December 31, 2015 and have been netted against the aggregate principal amounts of the related debt in the components of debt table above.

2016 Long-Term Debt Issuance

On February 28, 2016, DH Japan Finance S.A., a wholly-owned finance subsidiary of the Company, completed the private placement of ¥30.0 billion aggregate principal amount of 0.352% senior unsecured notes due March 16, 2021 (the “2021 Yen Notes”). The 2021 Yen Notes were issued at 100% of their principal amount.

The 2021 Yen Notes are fully and unconditionally guaranteed by the Company. The Company received net proceeds, after offering expenses, of approximately ¥29.9 billion (approximately $262 million based on currency exchange rates as of the date of issuance) and used the net proceeds from the offering to repay a portion of the commercial paper borrowings incurred in connection with the 2015 acquisition of Pall. Interest on the 2021 Yen Notes is payable quarterly in arrears on March 16 and September 16 of each year, commencing on September 16, 2016.

LYONs Redemption

During the three month period ended April 1, 2016, holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately 13 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 of approximately $0.2 million was transferred to additional paid-in capital as a result of the conversions.