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SUBSEQUENT EVENT | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | SUBSEQUENT EVENTSIn July 2022, the Company and certain of its subsidiaries, as borrowers, entered into a new Five-Year Credit Agreement (the "New Credit Agreement") with the lenders thereto, which provides for a $750.0 million multi-currency unsecured revolving credit facility (the "Revolving Facility") and replaces the Company's prior credit agreement and related revolving credit facility. The New Credit Agreement matures on July 15, 2027. Subject to certain terms and conditions and the agreement of the lenders, the Company may increase the amount available under the Revolving Facility by up to an additional $250.0 million in the aggregate and extend the maturity date for an additional year. Borrowings under the Revolving Facility bear interest at a variable rate based on the Secured Overnight Financing Rate, plus a spread ranging from 0.8% to 1.3%, depending on the leverage ratio or credit rating, as defined in the New Credit Agreement. The Company will also pay a facility fee ranging from 0.09% to 0.20%, depending on the Company's leverage ratio or credit rating, on the entire credit commitment available, whether or not drawn. The New Credit Agreement contains various financial and other covenants, including a maximum leverage ratio, as defined in the New Credit Agreement. As of July 29, 2022, no amounts were outstanding under the Revolving Facility. In July 2022, the Company's Board of Directors approved an additional $1.5 billion of repurchases of the Company's common stock under its share repurchase program, effective July 28, 2022. Repurchases under this program may be made on the open market, including pursuant to a Rule 10b5-1 plan, through accelerated share repurchase transactions or other means, and in privately negotiated transactions. The repurchase program does not have an expiration date.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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