XML 40 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Financing | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Financing | FINANCING The components of the Company’s debt as of December 31 were as follows ($ in millions):
| 2020 |  | 2019
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 |  |  | — |
Other | 31 |  |  | 75 |
Total debt | 21,204 |  |  | 21,729 |
Less: currently payable | 11 |  |  | 212 |
Long-term debt | $ | 21,193 |  |  | $ | 21,517 |
Debt discounts, premiums and debt issuance and other related costs totaled $132 million and $112 million as of December 31, 2020 and 2019, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of debt table above. Commercial Paper Programs and Credit Facilities In 2015, the Company entered into a $4.0 billion unsecured multi-year revolving credit facility with a syndicate of banks that was scheduled to expire on July 10, 2020 (the “Superseded Credit Facility”). In 2019, the Company replaced the Superseded Credit Facility with a $5.0 billion unsecured revolving credit facility with a syndicate of banks that expires on August 27, 2024, subject to a one-year extension option at the request of the Company with the consent of the lenders (the “Five-Year Facility”). The Five-Year Facility also contains an expansion option permitting Danaher to request up to five increases of up to an aggregate additional $2.5 billion from lenders that elect to make such increase available, upon the satisfaction of certain conditions. At the same time, the Company entered into a $5.0 billion 364-day unsecured revolving credit facility with a syndicate of banks that was scheduled to expire on August 26, 2020 (the “Superseded 364-Day Facility”). In 2020, the Company replaced the Superseded 364-Day Facility with a $2.5 billion 364-day unsecured revolving credit facility with a syndicate of banks that was scheduled to expire on June 4, 2021 and then terminated such credit facility on December 31, 2020 (the “Terminated 364-Day Credit Facility”). The Company expects to limit borrowings under the Five-Year Facility to amounts that would leave sufficient borrowing capacity under the facilities so that it could borrow, if needed, to repay all of the outstanding commercial paper as it matures. Borrowings under the Five-Year Facility bear interest as follows: (1) Eurocurrency Rate Committed Loans (as defined in the Five-Year Facility) bear interest at a variable rate equal to the London inter-bank offered rate plus a margin of between 58.5 and 100 basis points, depending on Danaher’s long-term debt credit rating; (2) Base Rate Committed Loans and Swing Line Loans (each as defined in the Five-Year Facility) bear interest at a variable rate equal to the highest of (a) the Federal funds rate (as published by the Federal Reserve Bank of New York from time to time) plus 50 basis points; (b) Bank of America’s “prime rate” as publicly announced from time to time and (c) the Eurocurrency Rate (as defined in the Five-Year Facility) plus 100 basis points; and (3) Bid Loans (as defined in the Five-Year Facility) bear interest at the rate bid by the particular lender providing such loan. In addition, Danaher is required to pay a per annum facility fee of between 4 and 12.5 basis points (depending on Danaher’s long-term debt credit rating) based on the aggregate commitments under the Five-Year Facility, regardless of usage. Borrowings under the Superseded and Terminated 364-Day Facility bore interest as follows: (1) Eurodollar Rate Loans (as defined in the 364-Day Facility) bore interest at a variable rate per annum equal to the London inter-bank offered rate plus a margin of between 59.5 and 100.5 basis points for the Superseded 364-Day Facility and 90 and 127.5 basis points for the Terminated 364-Day Facility, depending on Danaher’s long-term debt credit rating; and (2) Base Rate Loans (as defined in the 364-Day Facility) bore interest at a variable rate per annum equal to the highest of (a) the Federal funds rate (as published by the Federal Reserve Bank of New York from time to time) plus 50 basis points, (b) Bank of America’s “prime rate” as publicly announced from time to time and (c) the Eurodollar Rate (as defined in the 364-Day Facility) plus 100 basis points, plus in each case a margin of up to 0.5 basis points for the Superseded 364-Day Facility and between 0 and 27.5 basis points for the Terminated 364-Day Facility, depending on Danaher’s long-term debt credit rating. In addition, Danaher was required to pay a per annum facility fee of between 3 and 5 basis points for the Superseded 364-Day Facility and 10 and 22.5 basis points for the Terminated 364-Day Facility (depending on Danaher’s long-term debt credit rating), based on the aggregate commitments under the Superseded and Terminated 364-Day Facility, regardless of usage. The Five-Year Facility requires the Company to maintain a consolidated leverage ratio (as defined in the facility) of 0.65 to 1.00 or less. Borrowings under the Five-Year Facility are prepayable at the Company’s option at any time in whole or in part without premium or penalty. As of December 31, 2020, no borrowings were outstanding under the Five-Year Facility and the Company was in compliance with all covenants under the facilities. The nonperformance by any member of the Five-Year Facility syndicates would reduce the maximum capacity of the Five-Year Facility by such member’s commitment amount. The Company’s obligations under the Five-Year Facility are unsecured. The Company has unconditionally and irrevocably guaranteed the obligations of each of its subsidiaries in the event a subsidiary is named a borrower under the Five-Year Facility. The Five-Year Facility contains customary representations, warranties, conditions precedent, events of default, indemnities and affirmative and negative covenants. The Five-Year Facility is available for liquidity support for Danaher’s expanded U.S. dollar and euro commercial paper programs, as discussed below, and for general corporate purposes. Under the Company’s U.S. and euro-denominated commercial paper programs, the Company or a subsidiary of the Company, as applicable, may issue and sell unsecured, short-term promissory notes. The notes are typically issued at a discount from par, generally based on the ratings assigned to the Company by credit rating agencies at the time of the issuance and prevailing market rates measured by reference to LIBOR or EURIBOR. The Five-Year Facility provides liquidity support for issuances under the Company’s commercial paper programs, and can also be used for working capital and other general corporate purposes. The availability of the Five-Year Facility as a standby liquidity facility to repay maturing commercial paper is an important factor in maintaining the existing credit ratings of the Company’s commercial paper programs. As commercial paper obligations mature, the Company may issue additional short-term commercial paper obligations to refinance all or part of these borrowings. As of December 31, 2020, borrowings outstanding under the Company’s euro commercial paper programs had a weighted average annual interest rate of negative 0.05% and a weighted average remaining maturity of approximately 25 days. As of December 31, 2020, the Company has classified approximately $611 million of its borrowings outstanding under the euro-denominated commercial paper programs and $290 million of borrowings outstanding under the 2021 Yen Notes as long-term debt in the accompanying Consolidated Balance Sheet as the Company had the intent and ability, as supported by availability under the Five-Year Facility, to refinance these borrowings for at least one year from the balance sheet date. The Company’s ability to access the commercial paper market, and the related costs of these borrowings, is affected by the strength of the Company’s credit rating and market conditions. Any downgrade in the Company’s credit rating would increase the cost of borrowings under the Company’s commercial paper program and the Five-Year Facility, and could limit or preclude the Company’s ability to issue commercial paper. If the Company’s access to the commercial paper market is adversely affected due to a credit downgrade, change in market conditions or otherwise, the Company expects it would rely on a combination of available cash, operating cash flow and the Five-Year Facility to provide short-term funding. In such event, the cost of borrowings under the Five-Year Facility could be higher than the cost of commercial paper borrowings. 2020 Financing Activity The Company continues to monitor the impact of the COVID-19 pandemic on the Company’s liquidity and capital resources and take actions intended to mitigate adverse impacts. Historically, the Company has generally relied on borrowings under its commercial paper program to address liquidity requirements that exceed the capacity provided by its operating cash flows and cash on hand, while also accessing the capital markets from time to time to secure financing for more significant acquisitions. The COVID-19 pandemic adversely affected the availability of new borrowings in the commercial paper markets at times during 2020. Therefore, in the first half of 2020, the Company engaged in the following financing transactions: •The Company borrowed $2.5 billion under the Five-Year Facility and $2.5 billion under the Superseded 364-Day Facility for general corporate purposes (including payment of a portion of the purchase price for the Cytiva Acquisition and repayment of certain commercial paper obligations as they matured). The Company replaced the Superseded 364-Day Facility with a new $2.5 billion 364-Day Facility, which was terminated on December 31, 2020. All amounts borrowed under the credit facilities referenced above were repaid in 2020. •The Company issued approximately €2.5 billion (approximately $2.7 billion based on currency exchange rates as of the respective dates of the pricing of the notes) aggregate principal amount of euro-denominated senior unsecured notes, the proceeds of which have been and are being used for general corporate purposes (including repayment of the borrowings under the Superseded 364-Day Facility and the Five-Year Facility, and repayment of certain commercial paper obligations as they matured). •The Company completed the 2020 Common Stock Offering and 2020 MCPS Offering and received net proceeds of approximately $1.73 billion and $1.67 billion, respectively, which have been and will be used for general corporate purposes. In addition, during the fourth quarter of 2020, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes, the proceeds of which have been and will be used for general corporate purposes, including the redemption of the €800 million aggregate principal amount of 1.7% senior unsecured notes due 2022. These borrowings were redeemed in the fourth quarter of 2020 at a redemption price equal to the outstanding principal amount and a make-whole premium as specified in the applicable indenture, plus accrued and unpaid interest. The Company recorded a loss on early extinguishment of these borrowings, net of certain deferred gains, related to the payment of the make-whole premiums in connection with the redemption of $26 million ($20 million after-tax or $0.03 per diluted common share). 2020 Debt Issuances As discussed above, in 2020, Danaher Corporation completed underwritten public offerings of senior unsecured Euronotes due 2024, 2026 and 2030 (collectively the “Euronotes”) and U.S. dollar-denominated senior unsecured notes due 2050. The following summarizes the key terms of the offerings in aggregate (€ and $ in millions):
| Issue Date |  | Aggregate Principal Amount |  | Stated Annual Interest Rate |  | Issue Price (as % of Principal Amount) |  | Maturity Date |  | Interest 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. Notes | October 6, 2020 |  | $ | 1,000 |  |  | 2.6 | % |  | 98.970 | % |  | October 1, 2050 |  | April 1 and October 1
The Company received net proceeds from the notes issued on March 30, 2020, after underwriting discounts and commissions and offering expenses, of approximately €1.7 billion (approximately $1.9 billion based on currency exchange rates as of the date of the pricing of the notes). The Company received net proceeds from the notes issued on April 8, 2020, after underwriting discounts and commissions and offering expenses, of €754 million ($816 million based on currency exchange rates as of the date of the pricing of the notes). The Company received net proceeds from the notes issued on October 6, 2020, after underwriting discounts and commissions and offering expenses, of $980 million. Covenants and Redemption Provisions Applicable to Notes With respect to the 2027 and 2032 Yen Notes; the 2024, 2025, 2026, 2027 and 2030 Euronotes; the 2025, 2045 and 2050 U.S. Notes; the 2022, 2024, 2029, 2039 and 2049 Biopharma Notes; and the 2026, 2028, 2031, 2039 and 2049 Biopharma Euronotes, at any time prior to the applicable maturity date, the Company may redeem the applicable series of notes in whole or in part, by paying the principal amount accrued and unpaid interest and, until the par call date specified in the applicable indenture or comparable governing document, the “make-whole” premium specified therein (and in the case of the Yen Notes, net of certain swap-related gains or losses as applicable). With respect to each of the 2023 and 2028 CHF Bonds, at any time after 85% or more of the applicable bonds have been redeemed or purchased and canceled, the Company may redeem some or all of the remaining bonds for their principal amount plus accrued and unpaid interest. With respect to the 2021, 2027 and 2032 Yen Notes; Floating Rate 2022, 2024, 2025, 2026, 2027 and 2030 Euronotes; the 2023 and 2028 CHF Bonds; and the 2026, 2028, 2031, 2039 and 2049 Biopharma Euronotes, the Company may redeem such notes and bonds upon the occurrence of specified, adverse changes in tax laws, or interpretations under such laws, at a redemption price equal to the principal amount of the bonds to be redeemed. If a change of control triggering event occurs with respect to any of the 2021, 2027 and 2032 Yen Notes; the 2022, Floating Rate 2022, 2024, 2025, 2026, 2027 and 2030 Euronotes; the 2025, 2045 and 2050 U.S. Notes; the 2023 and 2028 CHF Bonds; the 2022, 2024, 2029, 2039 and 2049 Biopharma Notes; or the 2026, 2028, 2031, 2039 and 2049 Biopharma Euronotes, each holder of such notes may require the Company to repurchase some or all of such notes and bonds at a purchase price equal to 101% (100% in the case of the 2027 and 2032 Yen Notes) of the principal amount of the notes and bonds, plus accrued and unpaid interest (and in the case of the Yen Notes, certain swap-related losses as applicable). A change of control triggering event means the occurrence of both a change of control and a rating event, each as defined in the applicable indenture or comparable governing document. Except in connection with a change of control triggering event, the Company does not have any credit rating downgrade triggers that would accelerate the maturity of a material amount of outstanding debt. Each holder of the 2027 and 2032 Yen Notes may also require the Company to repurchase some or all of its notes at a purchase price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest and certain swap-related losses as applicable, in certain circumstances whereby such holder comes into violation of economic sanctions laws as a result of holding such notes. The respective indentures or comparable governing documents under which the above-described notes and bonds were issued contain customary covenants including, for example, limits on the incurrence of secured debt and sale-leaseback transactions. None of these covenants are considered restrictive to the Company’s operations and as of December 31, 2020, the Company was in compliance with all of its debt covenants. Long-Term Indebtedness The following summarizes the key terms for the Company’s long-term debt as of December 31, 2020:
| Outstanding Balance as of December 31, 2020 |  | Stated Annual Interest Rate |  | Issue Price (as % of Principal Amount) |  | Issue Date |  | Maturity Date |  |  |  | Interest Payment Dates (in arrears) |
2021 LYONs | $ | 24 |  |  | see below |  | N/A |  | January 22, 2001 |  | January 22, 2021 |  |  |  | January 22 and July 22 |
2021 Yen Notes (4) | 290 |  | 0.352 | % |  | 100 | % |  | February 28, 2016 |  | March 16, 2021 |  |  |  | March 16 and September 16 |
Floating Rate 2022 Euronotes (5) | 305 |  | 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) | 698 |  | 2.05 | % |  | 99.994 | % |  | November 7, 2019 |  | November 15, 2022 |  |  |  | May 15 and November 15 |
2023 CHF Bonds (2) | 611 |  | 0.5 | % |  | 100.924 | % |  | December 8, 2015 |  | December 8, 2023 |  |  |  | December 8 |
2024 Euronotes | 913 |  | 1.7 | % |  | 99.931 | % |  | March 30, 2020 |  | March 30, 2024 |  |  |  | March 30 |
2024 Euronotes | 183 |  | 1.7 | % |  | 100.298 | % |  | April 8, 2020 |  | March 30, 2024 |  |  |  | March 30 |
2024 Biopharma Notes (8) | 697 |  | 2.2 | % |  | 99.952 | % |  | November 7, 2019 |  | November 15, 2024 |  |  |  | May 15 and November 15 |
2025 Euronotes (1) | 975 |  | 2.5 | % |  | 99.878 | % |  | July 8, 2015 |  | July 8, 2025 |  |  |  | July 8 |
2025 U.S. Notes (3) | 498 |  | 3.35 | % |  | 99.857 | % |  | September 15, 2015 |  | September 15, 2025 |  |  |  | March 15 and September 15 |
2026 Biopharma Euronotes (7) | 1,520 |  | 0.2 | % |  | 99.833 | % |  | September 18, 2019 |  | March 18, 2026 |  |  |  | March 18 |
2026 Euronotes | 607 |  | 2.1 | % |  | 99.717 | % |  | March 30, 2020 |  | September 30, 2026 |  |  |  | September 30 |
2026 Euronotes | 368 |  | 2.1 | % |  | 100.842 | % |  | April 8, 2020 |  | September 30, 2026 |  |  |  | September 30 |
2027 Yen Notes (6) | 297 |  | 0.3 | % |  | 100 | % |  | May 11, 2017 |  | May 11, 2027 |  |  |  | May 11 and November 11 |
2027 Euronotes (5) | 729 |  | 1.2 | % |  | 99.682 | % |  | June 30, 2017 |  | June 30, 2027 |  |  |  | June 30 |
2028 Biopharma Euronotes (7) | 1,518 |  | 0.45 | % |  | 99.751 | % |  | September 18, 2019 |  | March 18, 2028 |  |  |  | March 18 |
2028 CHF Bonds (2) | 241 |  | 1.125 | % |  | 102.870 | % |  | December 8, 2015 and December 8, 2017 |  | December 8, 2028 |  |  |  | December 8 |
2029 Biopharma Notes (8) | 795 |  | 2.6 | % |  | 99.903 | % |  | November 7, 2019 |  | November 15, 2029 |  |  |  | May 15 and November 15 |
2030 Euronotes | 606 |  | 2.5 | % |  | 99.642 | % |  | March 30, 2020 |  | March 30, 2030 |  |  |  | March 30 |
2030 Euronotes | 372 |  | 2.5 | % |  | 102.166 | % |  | April 8, 2020 |  | March 30, 2030 |  |  |  | March 30 |
2031 Biopharma Euronotes (7) | 2,127 |  | 0.75 | % |  | 99.920 | % |  | September 18, 2019 |  | September 18, 2031 |  |  |  | September 18 |
2032 Yen Notes (6) | 514 |  | 0.65 | % |  | 100 | % |  | May 11, 2017 |  | May 11, 2032 |  |  |  | May 11 and November 11 |
2039 Biopharma Euronotes (7) | 1,511 |  | 1.35 | % |  | 99.461 | % |  | September 18, 2019 |  | September 18, 2039 |  |  |  | September 18 |
2039 Biopharma Notes (8) | 889 |  | 3.25 | % |  | 99.809 | % |  | November 7, 2019 |  | November 15, 2039 |  |  |  | May 15 and November 15 |
2045 U.S. Notes (3) | 499 |  | 4.375 | % |  | 99.784 | % |  | September 15, 2015 |  | September 15, 2045 |  |  |  | March 15 and September 15 |
2049 Biopharma Euronotes (7) | 907 |  | 1.8 | % |  | 99.564 | % |  | September 18, 2019 |  | September 18, 2049 |  |  |  | September 18 |
2049 Biopharma Notes (8) | 889 |  | 3.4 | % |  | 99.756 | % |  | November 7, 2019 |  | November 15, 2049 |  |  |  | May 15 and November 15 |
2050 U.S. Notes | 979 |  | 2.6 | % |  | 98.970 | % |  | October 6, 2020 |  | October 1, 2050 |  |  |  | April 1 and October 1 |
Euro-denominated commercial paper | 611 |  | various |  | various |  | various |  | various |  |  |  | various |
Other | 31 |  | various |  | various |  | various |  | various |  |  |  | various |
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. LYONs In 2001, the Company issued $830 million (value at maturity) in LYONs. The net proceeds to the Company were $505 million, of which approximately $100 million was used to pay down debt and the balance was used for general corporate purposes, including acquisitions. The LYONs originally carry a yield to maturity of 2.375% (with contingent interest payable as described below). Pursuant to the terms of the indenture that governs the Company’s LYONs, each $1,000 of principal amount at maturity could be converted into 38.1998 shares of Danaher common stock at any time on or before the maturity date of January 22, 2021. During the year ended December 31, 2020, holders of certain of the Company’s LYONs converted such LYONs into an aggregate of approximately 367 thousand shares of the Company’s common stock, par value $0.01 per share. The Company’s deferred tax liability of $43 million associated with the book and tax basis difference in the converted LYONs was transferred to additional paid-in capital. As of December 31, 2020, an aggregate of approximately 24 million shares of the Company’s common stock had been issued upon conversion of LYONs. As of December 31, 2020, the accreted value of the outstanding LYONs was lower than the traded market value of the underlying common stock issuable upon conversion. Under the terms of the LYONs, the Company paid contingent interest to the holders of LYONs during any six-month period from January 23 to July 22 and from July 23 to January 22 if the average market price of a LYON for a specified measurement period equaled 120% or more of the sum of the issue price and accrued original issue discount for such LYON. The amount of contingent interest to be paid with respect to any quarterly period equaled the higher of either 0.0315% of the bonds’ average market price during the specified measurement period or the amount of the cash dividend paid on Danaher’s common stock during such quarterly period multiplied by the number of shares issuable upon conversion of a LYON. The Company paid $1 million, $1 million and $2 million of contingent interest on the LYONs for each of the years ended December 31, 2020, 2019 and 2018, respectively. Except for the contingent interest described above, the Company did not pay interest on the LYONs prior to maturity. In 2021, prior to the redemption of the outstanding LYONs on January 22, 2021, holders of $24 million of outstanding LYONs converted such LYONs into approximately 912 thousand shares of the Company’s common stock. As a result of the conversion in the first quarter of 2021, the Company will transfer to additional paid-in capital the deferred tax liability of $10 million associated with the book and tax basis difference in the converted LYONs. The residual LYONS not converted into shares of the Company’s common stock were redeemed at face value. 2019 Long-Term Debt Repayments On October 24, 2019, the Company redeemed the $500 million aggregate principal amount of 2.4% Senior Notes due 2020 and the $375 million aggregate principal amount of 5.0% 2020 Assumed Pall Notes, in each case at a redemption price equal to the outstanding principal amount and a make-whole premium as specified in the applicable indenture, plus accrued and unpaid interest. The aggregate make-whole premiums required in connection with the redemption were $7 million ($5 million after-tax or $0.01 per diluted common share). The payment of the make-whole premiums is reflected as a loss on early extinguishment of borrowings. The Company funded the redemption using a portion of the cash distribution it received in connection with the Envista Disposition. The €600 million aggregate principal amount of the 2019 Euronotes were repaid with accrued interest upon their maturity on July 8, 2019 using proceeds from the issuance of euro-denominated commercial paper. Guarantors of Debt The Company has guaranteed long-term debt and commercial paper issued by certain of its wholly-owned subsidiaries. The Floating Rate 2022 Euronotes, 2025 Euronotes, 2027 Euronotes and euro-denominated commercial paper were issued by DH Europe Finance S.A. (“Danaher International”). The 2022 Biopharma Notes, 2024 Biopharma Notes, 2026 Biopharma Euronotes, 2028 Biopharma Euronotes, 2029 Biopharma Notes, 2031 Biopharma Euronotes, 2039 Biopharma Euronotes, 2039 Biopharma Notes, 2049 Biopharma Euronotes, 2049 Biopharma Notes and euro-denominated commercial paper were issued by DH Europe Finance II S.a.r.l. (“Danaher International II”). The 2023 CHF Bonds and 2028 CHF Bonds were issued by DH Switzerland Finance S.A. (“Danaher Switzerland”). The 2021 Yen Notes, 2027 Yen Notes and 2032 Yen Notes were issued by DH Japan Finance S.A. (“Danaher Japan”). Each of Danaher International, Danaher International II, Danaher Switzerland and Danaher Japan are wholly-owned finance subsidiaries of Danaher Corporation. All of the outstanding and future securities issued by each of these entities are or will be fully and unconditionally guaranteed by the Company and these guarantees rank on parity with the Company’s unsecured and unsubordinated indebtedness. Other The Company’s minimum principal payments for the next five years are as follows ($ in millions):
2021 | $ | 11 |
2022 | 1,014 |
2023 | 597 |
2024 | 2,688 |
2025 | 1,468 |
Thereafter | 15,426 |
The Company made interest payments of $331 million, $129 million and $140 million in 2020, 2019 and 2018, respectively. Interest payments increased in 2020 due primarily to the impact of higher average debt balances as a result of the issuances of debt in 2019 and 2020 (primarily to fund the Cytiva Acquisition) and 2020 borrowings under the Five-Year Facility and the Superseded 364-Day Facility, prior to the subsequent repayment of such credit facility borrowings. Proceeds from these borrowings as well as available cash balances were used to fund the acquisition of Cytiva and for general corporate purposes.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration