XML 100 R42.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

LONG-TERM DEBT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt consisted of the following:
|  |  | December 31, |  |  |  |  |  |
| Effective |  | 2019 |  |  |  | 2018 |  |
In millions | Interest Rate |  | Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
Senior Credit Facility: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated Term Loans, net of unamortized debt issuance costs of $1.1 and $1.2 | 3.1 | % |  | $ | 684.7 |  |  | $ | 684.7 |  |  | $ | 338.1 |  |  | $ | 338.1 |
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.9 and $1.9 | 3.4 | % |  | 231.5 |  |  | 231.5 |  |  | — |  |  | — |
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $2.0 and $3.2 | 3.9 | % |  | 498.0 |  |  | 500.0 |  |  | 496.8 |  |  | 497.4 |
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.9 and $1.2 | 4.5 | % |  | 249.1 |  |  |  | 263.9 |  |  | 248.8 |  |  |  | 254.2 |
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $5.7 and $7.0 | 4.6 | % |  | 744.3 |  |  | 805.5 |  |  | 743.0 |  |  | 727.4 |
4.70% Senior Notes, due 2028, net of unamortized debt issuance costs of $9.2 and $10.3 | 5.0 | % |  | 1,240.8 |  |  | 1,378.3 |  |  | 1,239.7 |  |  | 1,179.6 |
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.5 and $1.7 | 3.5 | % |  | 748.5 |  |  | 759.1 |  |  | 748.3 |  |  | 675.1 |
Other Borrowings |  |  | 32.4 |  |  | 32.4 |  |  | 42.2 |  |  | 42.2 |
Total |  |  | 4,429.3 |  |  | 4,655.4 |  |  | 3,856.9 |  |  | 3,714.0 |
Less - current portion |  |  | 95.7 |  |  | 95.7 |  |  | 64.1 |  |  | 64.1 |
Long-term portion |  |  | $ | 4,333.6 |  |  | $ | 4,559.7 |  |  | $ | 3,792.8 |  |  | $ | 3,649.9 |
1 See Note 19 for information on the fair value measurement of the Company's long-term debt.
As of December 31, 2019, the annual repayment requirements for debt obligations are as follows: |
In millions |
2020 | $ | 95.7 |
2021 | 809.8 |
2022 | 300.0 |
2023 | 479.0 |
2024 | 755.5 |
Thereafter | 1,989.3 |
Total | $ | 4,429.3 |
The issuance was comprised of the following three series of notes:
Senior Notes (in millions) |  | Par Value |  | Discount at Issuance |  | Net Price at Issuance |  | Issuance Cost |  | Net Proceeds
Floating Senior Notes due 2021 |  | $ | 500.0 |  |  | $ | — |  |  | $ | 500.0 |  |  | $ | 3.5 |  |  | $ | 496.5 |
4.15% Senior Notes due 2024 |  | 750.0 |  |  | 1.5 |  |  | 748.5 |  |  | 7.4 |  |  | 741.1 |
4.70% Senior Notes due 2028 |  | 1,250.0 |  |  | 1.4 |  |  | 1,248.6 |  |  | 10.6 |  |  | 1,238.0 |
Total |  | $ | 2,500.0 |  |  | $ | 2.9 |  |  | $ | 2,497.1 |  |  | $ | 21.5 |  |  | $ | 2,475.6 |
Schedule of Line of Credit Facilities | The following table presents availability under our credit facilities:
(in millions) |  | Multi-currency revolving loan facility
Maximum Availability |  | $ | 1,200.0 |
Outstanding Borrowings |  | 232.0 |
Letters of Credit Under Credit Agreement |  | 30.0 |
Current Availability |  | $ | 938.0 |
Interest Coverage Ratio & Leverage Ratio |
Interest Coverage Ratio 1 |  | 3.0x
Leverage Ratio 2 |  | 3.25x
1. The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement and Term Loan Agreement, to net interest expense for the four quarters then ended. 2. The leverage ratio is defined as net debt as of the last day of such fiscal quarter to EBITDA, as defined in the Amendment Credit Agreement and Term Loan Agreement, for the four quarters then ended.

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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration