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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

			Effective						September 30, 2020												December 31, 2019
In millions			Interest Rate						Book Value						Fair Value 1						Book Value						Fair Value 1
Senior Credit and 364 Day Facility:
U.S. dollar-denominated Term Loans, net of unamortized debt issuance costs of $1.3 and $1.1			2.3		%				754.7						754.7						684.7						684.7
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $1.1 and $0.9			1.5		%				—						—						231.5						231.5
Floating Senior Notes, due 2021, net of unamortized debt       issuance costs of $0 and $2.0			—		%				—						—						498.0						500.0
4.375% Senior Notes, due 2023, net of unamortized      discount and debt issuance costs of $0.7 and $0.9			4.5		%				249.3						263.9						249.1						263.9
4.15% Senior Notes, due 2024, net of unamortized debt       issuance costs of $4.7 and $5.7			4.6		%				745.3						810.4						744.3						805.5
3.20% Senior Notes, due 2025, net of unamortized debt      discount and debt issuance costs of $4.6 and $0			3.4		%				495.4						523.8						—						—
3.45% Senior Notes, due 2026, net of unamortized debt      issuance costs of $1.3 and $1.5			3.5		%				748.7						793.7						748.5						759.1
4.70% Senior Notes, due 2028, net of unamortized debt      issuance costs of $8.5 and $9.2			5.0		%				1,241.5						1,448.2						1,240.8						1,378.3
Other Borrowings									19.8						19.8						32.4						32.4
Total									4,254.7						4,614.5						4,429.3						4,655.4
Less - current portion									454.8												95.7
Long-term portion									$	3,799.9											$	4,333.6

1. See Note 14 for information on the fair value measurement of the Company's long-term debt.

Schedule of Debt

Interest Coverage Ratio 1						3.0x
Leverage Ratio 2						3.25x

1. The interest coverage ratio is defined as EBITDA, as defined in the Senior Credit Facility, 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 Senior Credit Facility, for the four quarters then ended. The Leverage Ratio temporarily increases for four quarters following major acquisitions. Subsequent to the GE Transportation acquisition, the leverage ratio was temporarily increased to 3.5x for the first and second quarters of 2020.

Schedule of Line of Credit Facilities

The following table presents availability under the Revolving Facilities:

(in millions)						Revolving Credit Facility						364 Day Revolver
Maximum Availability						$	1,200.0					$	144.0
Outstanding Borrowings						—						—
Letters of Credit Under Revolving Facility						19.5						—
Current Availability						$	1,180.5					$	144.0

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