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Financing (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Components Of Debt
The components of the Company’s debt as of December 31 were as follows ($ in millions):
20202019
Euro-denominated commercial paper (€500 million and €4.6 billion, respectively)
$611 $5,146 
Zero-coupon LYONs due 2021
24 34 
0.352% senior unsecured notes due 2021 (¥30.0 billion aggregate principal amount) (the “2021 Yen Notes”)
290 276 
1.7% senior unsecured notes due 2022 (€800 million aggregate principal amount) (the “2022 Euronotes”)
— 895 
Floating rate senior unsecured notes due 2022 (€250 million aggregate principal amount) (the “Floating Rate 2022 Euronotes”)
305 280 
2.05% senior unsecured notes due 2022 (the “2022 Biopharma Notes”)
698 697 
0.5% senior unsecured bonds due 2023 (CHF 540 million aggregate principal amount) (the “2023 CHF Bonds”)
611 559 
1.7% senior unsecured notes due 2024 (€900 million aggregate principal amount) (the “2024 Euronotes”)
1,096 — 
2.2% senior unsecured notes due 2024 (the “2024 Biopharma Notes”)
697 696 
2.5% senior unsecured notes due 2025 (€800 million aggregate principal amount) (the “2025 Euronotes”)
975 894 
3.35% senior unsecured notes due 2025 (the “2025 U.S. Notes”)
498 497 
0.2% senior unsecured notes due 2026 (€1.3 billion aggregate principal amount) (the “2026 Biopharma Euronotes”)
1,520 1,392 
2.1% senior unsecured notes due 2026 (€800 million aggregate principal amount) (the “2026 Euronotes”)
975 — 
0.3% senior unsecured notes due 2027 (¥30.8 billion aggregate principal amount) (the “2027 Yen Notes”)
297 283 
1.2% senior unsecured notes due 2027 (€600 million aggregate principal amount) (the “2027 Euronotes”)
729 668 
0.45% senior unsecured notes due 2028 (€1.3 billion aggregate principal amount) (the “2028 Biopharma Euronotes”)
1,518 1,390 
1.125% senior unsecured bonds due 2028 (CHF 210 million aggregate principal amount) (the “2028 CHF Bonds”)
241 221 
2.6% senior unsecured notes due 2029 (the “2029 Biopharma Notes”)
795 795 
2.5% senior unsecured notes due 2030 (€800 million aggregate principal amount) (the “2030 Euronotes”)
978 — 
0.75% senior unsecured notes due 2031 (€1.8 billion aggregate principal amount) (the “2031 Biopharma Euronotes”)
2,127 1,949 
0.65% senior unsecured notes due 2032 (¥53.2 billion aggregate principal amount) (the “2032 Yen Notes”)
514 488 
1.35% senior unsecured notes due 2039 (€1.3 billion aggregate principal amount) (the “2039 Biopharma Euronotes”)
1,511 1,384 
3.25% senior unsecured notes due 2039 (the “2039 Biopharma Notes”)
889 890 
4.375% senior unsecured notes due 2045 (the “2045 U.S. Notes”)
499 499 
1.8% senior unsecured notes due 2049 (€750 million aggregate principal amount) (the “2049 Biopharma Euronotes”)
907 831 
3.4% senior unsecured notes due 2049 (the “2049 Biopharma Notes”)
889 890 
2.6% senior unsecured notes due 2050 (the “2050 U.S. Notes”)
979 — 
Other31 75 
Total debt21,204 21,729 
Less: currently payable11 212 
Long-term debt$21,193 $21,517 
The following summarizes the key terms of the offerings in aggregate (€ and $ in millions):
Issue DateAggregate Principal AmountStated Annual Interest RateIssue Price (as % of Principal Amount)Maturity DateInterest Payment Dates (in arrears)
2024 Euronotes
March 30, 2020
€750 1.7 %99.931 %
March 30, 2024
March 30
2024 Euronotes
April 8, 2020
€150 1.7 %100.298 %
March 30, 2024
March 30
2026 Euronotes
March 30, 2020
€500 2.1 %99.717 %
September 30, 2026
September 30
2026 Euronotes
April 8, 2020
€300 2.1 %100.842 %
September 30, 2026
September 30
2030 Euronotes
March 30, 2020
€500 2.5 %99.642 %
March 30, 2030
March 30
2030 Euronotes
April 8, 2020
€300 2.5 %102.166 %
March 30, 2030
March 30
2050 U.S. NotesOctober 6, 2020$1,000 2.6 %98.970 %October 1, 2050April 1 and October 1
The following summarizes the key terms for the Company’s long-term debt as of December 31, 2020:
Outstanding Balance as of December 31, 2020Stated Annual Interest RateIssue Price (as % of Principal Amount)Issue DateMaturity DateInterest Payment Dates (in arrears)
2021 LYONs$24 see belowN/AJanuary 22, 2001January 22, 2021January 22 and July 22
2021 Yen Notes (4)
2900.352 %100 %February 28, 2016March 16, 2021March 16 and September 16
Floating Rate 2022 Euronotes (5)
305
three-month EURIBOR + 0.3%
100.147 %June 30, 2017June 30, 2022March 30, June 30, September 30 and December 31
2022 Biopharma Notes (8)
6982.05 %99.994 %November 7, 2019November 15, 2022May 15 and November 15
2023 CHF Bonds (2)
6110.5 %100.924 %December 8, 2015December 8, 2023December 8
2024 Euronotes 9131.7 %99.931 %March 30, 2020March 30, 2024March 30
2024 Euronotes 1831.7 %100.298 %April 8, 2020March 30, 2024March 30
2024 Biopharma Notes (8)
6972.2 %99.952 %November 7, 2019November 15, 2024May 15 and November 15
2025 Euronotes (1)
9752.5 %99.878 %July 8, 2015July 8, 2025July 8
2025 U.S. Notes (3)
4983.35 %99.857 %September 15, 2015September 15, 2025March 15 and September 15
2026 Biopharma Euronotes (7)
1,5200.2 %99.833 %September 18, 2019March 18, 2026March 18
2026 Euronotes 6072.1 %99.717 %March 30, 2020September 30, 2026September 30
2026 Euronotes 3682.1 %100.842 %April 8, 2020September 30, 2026September 30
2027 Yen Notes (6)
2970.3 %100 %May 11, 2017May 11, 2027May 11 and November 11
2027 Euronotes (5)
7291.2 %99.682 %June 30, 2017June 30, 2027June 30
2028 Biopharma Euronotes (7)
1,5180.45 %99.751 %September 18, 2019March 18, 2028March 18
2028 CHF Bonds (2)
2411.125 %102.870 %December 8, 2015 and December 8, 2017December 8, 2028December 8
2029 Biopharma Notes (8)
7952.6 %99.903 %November 7, 2019November 15, 2029May 15 and November 15
2030 Euronotes6062.5 %99.642 %March 30, 2020March 30, 2030March 30
2030 Euronotes 3722.5 %102.166 %April 8, 2020March 30, 2030March 30
2031 Biopharma Euronotes (7)
2,1270.75 %99.920 %September 18, 2019September 18, 2031September 18
2032 Yen Notes (6)
5140.65 %100 %May 11, 2017May 11, 2032May 11 and November 11
2039 Biopharma Euronotes (7)
1,5111.35 %99.461 %September 18, 2019September 18, 2039September 18
2039 Biopharma Notes (8)
8893.25 %99.809 %November 7, 2019November 15, 2039May 15 and November 15
2045 U.S. Notes (3)
4994.375 %99.784 %September 15, 2015September 15, 2045March 15 and September 15
2049 Biopharma Euronotes (7)
9071.8 %99.564 %September 18, 2019September 18, 2049September 18
2049 Biopharma Notes (8)
8893.4 %99.756 %November 7, 2019November 15, 2049May 15 and November 15
2050 U.S. Notes 9792.6 %98.970 %October 6, 2020October 1, 2050April 1 and October 1
Euro-denominated commercial paper611variousvariousvariousvariousvarious
Other31variousvariousvariousvariousvarious
Total debt$21,204 
(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 were used to finance the Cytiva Acquisition.
(8)    The net proceeds at issuance, after offering expenses, of approximately $4.0 billion from these notes were used to finance the Cytiva Acquisition.
Schedule of Future Minimum Lease Payments for Capital Leases
The Company’s minimum principal payments for the next five years are as follows ($ in millions):
2021$11 
20221,014 
2023597 
20242,688 
20251,468 
Thereafter15,426