Financing (Tables)

12 Months Ended

Dec. 31, 2019

The following summarizes the key terms of the offering (€ in millions):



	Aggregate Principal Amount		Stated Annual Interest Rate		Issue Price (as % of Principal Amount)		Maturity Date	Interest Payment Dates (in arrears)
2026 Biopharma Euronotes	€	1,250.0	0.200	%	99.833	%	March 18, 2026	March 18
2028 Biopharma Euronotes	€	1,250.0	0.450	%	99.751	%	March 18, 2028	March 18
2031 Biopharma Euronotes	€	1,750.0	0.750	%	99.920	%	September 18, 2031	September 18
2039 Biopharma Euronotes	€	1,250.0	1.350	%	99.461	%	September 18, 2039	September 18
2049 Biopharma Euronotes	€	750.0	1.800	%	99.564	%	September 18, 2049	September 18

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



	2019		2018
U.S. dollar-denominated commercial paper	$	—	$	72.8
Euro-denominated commercial paper (€4.6 billion and €2.1 billion, respectively)	5,146.2		2,377.5
1.0% senior unsecured notes due 2019 (€600.0 million aggregate principal amount) (the “2019 Euronotes”)	—		687.0
2.4% senior unsecured notes due 2020 (the “2020 U.S. Notes”)	—		498.5
5.0% senior unsecured notes due 2020 (the “2020 Assumed Pall Notes”)	—		386.7
Zero-coupon LYONs due 2021	33.6		56.2
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”)	275.8		273.2
1.7% senior unsecured notes due 2022 (€800.0 million aggregate principal amount) (the “2022 Euronotes”)	894.8		913.2
Floating rate senior unsecured notes due 2022 (€250.0 million aggregate principal amount) (the “Floating Rate 2022 Euronotes”)	279.8		285.7
2.05% senior unsecured notes due 2022 (the “2022 Biopharma Notes”)	696.9		—
0.5% senior unsecured bonds due 2023 (CHF 540.0 million aggregate principal amount) (the “2023 CHF Bonds”)	558.9		550.7
2.2% senior unsecured notes due 2024 (the “2024 Biopharma Notes”)	696.2		—
2.5% senior unsecured notes due 2025 (€800.0 million aggregate principal amount) (the “2025 Euronotes”)	893.7		912.6
3.35% senior unsecured notes due 2025 (the “2025 U.S. Notes”)	497.3		496.8
0.2% senior unsecured notes due 2026 (€1.3 billion aggregate principal amount) (the “2026 Biopharma Euronotes”)	1,392.3		—
0.3% senior unsecured notes due 2027 (¥30.8 billion aggregate principal amount) (the “2027 Yen Notes”)	282.5		279.9
1.2% senior unsecured notes due 2027 (€600.0 million aggregate principal amount) (the “2027 Euronotes”)	668.0		682.0
0.45% senior unsecured notes due 2028 (€1.3 billion aggregate principal amount) (the “2028 Biopharma Euronotes”)	1,390.1		—
1.125% senior unsecured bonds due 2028 (CHF 210.0 million aggregate principal amount) (the “2028 CHF Bonds”)	221.0		218.1
2.6% senior unsecured notes due 2029 (the “2029 Biopharma Notes”)	794.8		—
0.75% senior unsecured notes due 2031 (€1.8 billion aggregate principal amount) (the “2031 Biopharma Euronotes”)	1,948.7		—
0.65% senior unsecured notes due 2032 (¥53.2 billion aggregate principal amount) (the “2032 Yen Notes”)	487.8		483.4
1.35% senior unsecured notes due 2039 (€1.3 billion aggregate principal amount) (the “2039 Biopharma Euronotes”)	1,383.6		—
3.25% senior unsecured notes due 2039 (the “2039 Biopharma Notes”)	890.3		—
4.375% senior unsecured notes due 2045 (the “2045 U.S. Notes”)	499.4		499.3
1.8% senior unsecured notes due 2049 (€750.0 million aggregate principal amount) (the “2049 Biopharma Euronotes”)	830.9		—
3.4% senior unsecured notes due 2049 (the “2049 Biopharma Notes”)	890.2		—
Other	76.3		66.7
Total debt	21,729.1		9,740.3
Less: currently payable	212.4		51.8
Long-term debt	$	21,516.7	$	9,688.5

The following summarizes the key terms of the offering ($ in millions):



	Aggregate Principal Amount		Stated Annual Interest Rate		Issue Price (as % of Principal Amount)		Maturity Date	Interest Payment Dates (in arrears)
2022 Biopharma Notes	$	700.0	2.050	%	99.994	%	November 15, 2022	May 15 and November 15
2024 Biopharma Notes	$	700.0	2.200	%	99.952	%	November 15, 2024	May 15 and November 15
2029 Biopharma Notes	$	800.0	2.600	%	99.903	%	November 15, 2029	May 15 and November 15
2039 Biopharma Notes	$	900.0	3.250	%	99.809	%	November 15, 2039	May 15 and November 15
2049 Biopharma Notes	$	900.0	3.400	%	99.756	%	November 15, 2049	May 15 and November 15

The following summarizes the key terms for the Company’s long-term debt as of December 31, 2019:



	Outstanding Balance as of December 31, 2019		Stated Annual Interest Rate		Issue Price (as % of Principal Amount)		Issue Date	Maturity Date	Interest Payment Dates (in arrears)
2021 LYONs	$	33.6	see below		not applicable		January 22, 2001	January 22, 2021	January 22 and July 22
2021 Yen Notes ⁽⁴⁾	275.8		0.352	%	100	%	February 28, 2016	March 16, 2021	March 16 and September 16
2022 Euronotes ⁽¹⁾	894.8		1.7	%	99.651	%	July 8, 2015	January 4, 2022	January 4
Floating Rate 2022 Euronotes ⁽⁵⁾	279.8		three-month EURIBOR + 0.3%		100.147	%	June 30, 2017	June 30, 2022	March 30, June 30, September 30 and December 31
2022 Biopharma Notes ⁽⁸⁾	696.9		2.05	%	99.994	%	November 7, 2019	November 15, 2022	May 15 and November 15
2023 CHF Bonds⁽²⁾	558.9		0.5	%	100.924	%	December 8, 2015	December 8, 2023	December 8
2024 Biopharma Notes ⁽⁸⁾	696.2		2.2	%	99.952	%	November 7, 2019	November 15, 2024	May 15 and November 15
2025 Euronotes ⁽¹⁾	893.7		2.5	%	99.878	%	July 8, 2015	July 8, 2025	July 8
2025 U.S. Notes ⁽³⁾	497.3		3.35	%	99.857	%	September 15, 2015	September 15, 2025	March 15 and September 15
2026 Biopharma Euronotes ⁽⁷⁾	1,392.3		0.2	%	99.833	%	September 18, 2019	March 18, 2026	March 18
2027 Yen Notes ⁽⁶⁾	282.5		0.3	%	100	%	May 11, 2017	May 11, 2027	May 11 and November 11
2027 Euronotes ⁽⁵⁾	668.0		1.2	%	99.682	%	June 30, 2017	June 30, 2027	June 30
2028 Biopharma Euronotes ⁽⁷⁾	1,390.1		0.45	%	99.751	%	September 18, 2019	March 18, 2028	March 18
2028 CHF Bonds⁽²⁾	221.0		1.125	%	102.870	%	December 8, 2015 and December 8, 2017	December 8, 2028	December 8
2029 Biopharma Notes ⁽⁸⁾	794.8		2.6	%	99.903	%	November 7, 2019	November 15, 2029	May 15 and November 15
2031 Biopharma Euronotes ⁽⁷⁾	1,948.7		0.75	%	99.920	%	September 18, 2019	September 18, 2031	September 18
2032 Yen Notes ⁽⁶⁾	487.8		0.65	%	100	%	May 11, 2017	May 11, 2032	May 11 and November 11
2039 Biopharma Euronotes ⁽⁷⁾	1,383.6		1.35	%	99.461	%	September 18, 2019	September 18, 2031	September 18
2039 Biopharma Notes ⁽⁸⁾	890.3		3.25	%	99.809	%	November 7, 2019	November 15, 2039	May 15 and November 15
2045 U.S. Notes ⁽³⁾	499.4		4.375	%	99.784	%	September 15, 2015	September 15, 2045	March 15 and September 15
2049 Biopharma Euronotes ⁽⁷⁾	830.9		1.8	%	99.564	%	September 18, 2019	September 18, 2031	September 18
2049 Biopharma Notes ⁽⁸⁾	890.2		3.4	%	99.756	%	November 7, 2019	November 15, 2049	May 15 and November 15
U.S. dollar and euro-denominated commercial paper	5,146.2		various		various		various	various	various
Other	76.3		various		various		various	various	various
Total debt	$	21,729.1


⁽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 and the 2019 Euronotes were used to pay a portion of the purchase price for the acquisition of Pall Corporation in 2015 (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 CHF 100 million aggregate principal amount of the 0.0% senior unsecured bonds that matured in December 2017.


⁽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⁾	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.


⁽⁶⁾	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.

⁽⁷⁾ The net proceeds at issuance, after offering expenses, of approximately €6.2 billion ($6.8 billion based on currency exchange rates as of the date of pricing) from these notes are intended to be used to finance the GE Biopharma Acquisition.

⁽⁸⁾ The net proceeds at issuance, after offering expenses, of approximately $4.0 billion from these notes are intended to be used to finance the GE Biopharma Acquisition.

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):



2020	$	212.4
2021	298.2
2022	1,875.3
2023	547.7
2024	5,689.6
Thereafter	13,105.9

- 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